ICB: THE TREND SETTER IN THE CAPITAL MARKET

www.icb.gov.bd

BDBL Bhaban

8 Rajuk Avenue (14-17th Level)

Dhaka-1000, Bangladesh.

Tel: PABX 9563455

Fax: 88-02-9563313

E-mail: [email protected] ANN

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15 ANNUAL REPORT 2014-2015

ICB: THE TREND SETTERIN THE CAPITAL MARKET

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ICB: The Trend Setter in the Capital Market

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Volatility is a common phenomenon in the capital market of any country in the world. The presence of stock market volatility, persistence of volatility and risk in the stock market are relevant for Bangladesh as the country wants to achieve higher rates of opportunities, investment and economic growth. Bangladesh has enormous potentiality to attract the domestic and foreign investors' attention for a balanced economic growth. The interest of investors has arisen from the intensification of globalization and the greater integration of the world economies. ICB has been maintaining a highly accommodative, catalystic and holistic approach and policies to become the trend setter which is buttressed by its long experiences in the journey of the capital market development and operations in the country.

Volatility and market efficiency are two important features of capital market which will ultimately determine the effectiveness of the capital market operations and economic development. Stock market, as an important segment of capital market, plays a pivotal role in the development of economy. If investors are not rewarded for taking higher risk by investing in the stock market or if excess volatility weakens investor's confidence, they will not feel motivated to invest their savings in the stock market and it will inevitably take a swipe at the economic boom and growth prospect. ICB has taken the key responsibility to incentivize the emergence of stock markets since it has a strong mission of social capital management in the business arena of the country. Social capital is the output of relationship of trust, social communications and the development of the society of which ICB has 39 years of glorious experience.

Since the establishment of Dhaka Stock Exchange Ltd., the prime bourse of the country, ICB has been playing the key role in increasing the supply and demand of securities which are essential ingredients of capital market. ICB consortium, created comprising all nationalized banks and financial institutions, has paved the way for wadding the gap of equity, promoting entrepreneurship and supply of securities by providing assistance in different firms to bolster capital market. ICB consortium assisted companies dominated the primary role at the beginning of the stock exchange.ICB's pioneering role in stock market operation, broad basing investor's participation through launching of open and

closed-end mutual funds, operations of margin accounts are some of the major initiatives that helped the development of stock exchanges. The forefront role of ICB in establishing the C e n t r a l D e p o s i t o r y B a n g l a d e s h Limited (CDBL), the first Credit Rating Company and the second Stock Exchange (CSE) as the stakeholders helped the stock exchanges in improving the reliability and quality of transactions on the bourses. ICB had also an important role in transferring the old-aged stock exchange from mutualised to demutualised stock exchanges. The new models of financing, trustee and custodian activities and other areas of merchant banking and mutual fund operations have been remarkable in all the way of its journey in the capital market development as the principal institution.

ICB has established itself, internally and externally, as the trend setter which is underpinned by its strong fundamental, continuous innovation and sustainable management. It is widely accepted that economic and technical investments are two common parameters to reckon any organization's success. Accordingly, ICB is pressing ahead towards achieving the welfare based success. While ICB is striving continuously to register high performance, environmental and social goals reside in our paramount focus. Admittedly, this report illustrates the way we maintain a balance among financial, technical, environmental & social aspects of business. We are continuously delivering our commitments for a congenial ambience of investments and business amid formidable and cumbersome socio-economic challenges. Integrity & Ethics, Social Responsibility, Learning & Innovation, Team Work & Empowerment are our core values, where we have leading roles.

As the trend setter ICB also works for stabilizing and growing stock market, mostly in issuing and trading securities which in the sense that it is projected to get the maximum returns on its own investment along with the investors of the capital market without compromising its approach towards risks. ICB has achieved the glory as the unique trend setter in the capital market which maintains a strong and diversified portfolio of listed and non-listed securities to absorb any kind of share market fluctuations. The Corporation's growth legacy, compliance, integrity, solid foundation and financial strength, reputation, innovative culture as well as safety attract the investor's attention for investment under the diversified umbrella of ICB which has inevitably paved the way for outstanding success and we have already established ourselves as an unbeatable trend setter time and again. Therefore, we can say unambiguously, the corporation is the trend setter and this has been proved in the capital market of Bangladesh several times and shall continue in future also.

Letter of Transmittal

Shareholders Ministry of Finance,Government of the People's Republic of BangladeshBangladesh BankBangladesh Securities and Exchange CommissionDhaka Stock Exchange LimitedChittagong Stock Exchange Limited

Dear Sir(s),

Annual Report for the year ended 30 June 2015

We are pleased to enclose herewith a copy of the Annual Report for FY 2014-15 together with the Audited Financial Statements of Investment Corporation of Bangladesh and its three subsidiaries-ICB Capital Management Limited, ICB Securities Trading Company Limited and ICB Asset Management Company Limited for your kind information and record.

Sincerely yours,

Md. FayekuzzamanManaging Director


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EbPwj-kZg evwlK mvaviY mfvi wew Notice of the Thirty-NinthAnnual General Meeting

GZ`&viv wew c`vb Kiv hvQ h, BbfgU Kcvikb Ae evsjv`k (AvBwmwe) Gi mvwbZ kqvigvwjKMYi EbPwj-kZg evwlK mvaviY mfv AvMvgx 26 wWmî 2015 ZvwiL, kwbevi, mKvj 10:30 NwUKvq nvUj c~evbx BUvibvkbvj wjwgUW 1, w`jKzkv ev/G, XvKv-1000 Gi RjmvNi wbgv Kvhvejx mv`bi wbwg AbywZ ne:

Notice is hereby given that the Thirty-Ninth Annual General Meeting of the respected shareholders of the Investment Corporation of Bangladesh (ICB) will be held on Saturday, 26 December 2015 at 10:30 a.m. at the Jalshaghar, Hotel Purbani International Ltd., 1, Dilkhusa Commercial Area, Dhaka.1000 for transaction of the following business:

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1. iKW WU : mvgevi, 30 bfi 2015;

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Notes:

1. Record Date: Monday, 30 November 2015.

2. The instrument appointing a proxy shall be in writing and in the case of an individual shareholder under the hand of the shareholder or his / her attorney authorised in this behalf by a Power of Attorney and in case of an institution under its common seal or under the hand of its attorney authorised in this behalf.

3. A proxy shall not be valid unless it is dated and properly stamped and unless it is lodged with ICB, head office at least 72 (seventy two) hours before the time fixed for the meeting.

4. No person shall be appointed as a proxy, nor shall any person act as such, who is not a shareholder qualified to vote at the general meeting in respect of which the proxy is given.

1. 20 wWmî 2014 ZvwiL AbywZ AvUwkZg evwlK mvaviY mfvi KvhweeiYx AewnZKiY;

2. BbfgU Kcvikb Ae evsjv`k Gi 30 Ryb 2015 ZvwiL mgv A_eQii evwlK cwZe`b I wbixwZ wnmve weePbv Ges Abygv`b;

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`xwcKv fvPvhmwPeZvwiL: 09 bfî 2015|

1. To place the minutes of the Thirty-Eighth Annual General Meeting held on 20 December 2014 for information;

2. To consider and adopt the Annual Report and Audited Accounts of Investment Corporation of Bangladesh for the year ended 30 June 2015;

3. To approve dividend as recommended by the Board; and

4. Any other business with the permission of the Chair.

By Order of the Board of Directors,

Dipika BhattacharjeeSecretary

Dated: 09 November 2015.


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Establishment of ICB 1 October 1976

Investors' Scheme 13 June 1977ICB Chittagong Branch 1 April 1980

First ICB Mutual Fund 25 April 1980

ICB Unit Fund 10 April 1981

ICB Rajshahi Branch 9 February 1984

Second ICB Mutual Fund 17 June 1984

Third ICB Mutual Fund 19 May 1985ICB Khulna Branch 10 September 1985

ICB Sylhet Branch 15 December 1985

Fourth ICB Mutual Fund 6 June 1986

Fifth ICB Mutual Fund 8 June 1987

Sixth ICB Mutual Fund 16 May 1988ICB Barisal Branch 31 May 1988

Nomination as the country's 7 May 1992Nodal DFI in SADF

Purchase of Land (Mirpur) 15 June 1994

Seventh ICB Mutual Fund 30 June 1995

Eighth ICB Mutual Fund 23 July 1996

ICB Bogra Branch 6 October 1996

ICB Local Office, Dhaka 15 April 1997

Purchase of Land with Building (Rajarbag) 11 December 1997

Participation in equity of SARF 16 January 1998

Advance against ICB Unit 12 October 1998Certificates schemeLease Financing Scheme 22 April 1999

"The Investment Corporation of Bangladesh 6 July 2000(Amendment) Act, 2000"Registration of the three Subsidiary Companies with 5 December 2000the Registrar of Joint Stock Companies and Firms

ICB Capital Management Ltd. 1 July 2002

ICB Asset Management Company Ltd. 1 July 2002

ICB Securities Trading Company Ltd. 13 August 2002

Registration as a Trustee with BSEC 20 August 2002

Registration as a Custodian with BSEC 20 August 2002

Bank Guarantee Scheme 21 June 2003

Advance against ICB Mutual Fund/ICB 21 June 2003AMCL Unit certificates scheme

Consumers Credit Scheme 15 February 2004

Venture Capital Financing Scheme 26 April 2007

Purchase of Land (Agargaon) 3 March 2008

Commencement of the operation of 1 June 2009Equity and Entrepreneurship Fund (EEF)

Launching of Tk. 50 Billion Bangladesh Fund 5 May 2011Finalization of ICB's Building Design 12 April 2012

Training Centre 28 June 2013

Preparation of Five Year Business Plan of ICB 16 February 2014Initiation of "ICB Porikroma" (News Letter) 26 March 2014

Approval of Investment Corporation of 28 April 2014Bangladesh Act-2014 in Cabinet

Achivement of AAA rating of 26 June 2014Investment Corporation of Bangladesh

Gazette has been published on Investment 22 September 2014Corporation of Bangladesh Act-2014

Approval of Development Plan of 40 storied ICB Building by RAJUK 30 December 2014

Achivement of AAA rating of Investment 30 June 2015Corporation of Bangladesh

05 Prefatory06 Evaluation Track08 Vision & Mission08 Strategic Objectives10 Core Values and Code of Conduct11 Profile of the Corporation13 Organizational Structure14 Awards and Recognition16 Products and Services of ICB and its Subsidiaries20 Industry Comparison21 Comparative Graphical Performance24 Vertical and Trend Analysis25 Value Addition & Distribution26 Information About 38th AGM

28 Board, Committees& Sr. Management29 Board of Directors30 Changes in the Board of Directors31 Directors Biography38 Executive Committee39 Audit Committee41 Senior Managements' Biography

43Chairman &Managing Directors Statement44 Chairmans Statement48 Managing Directors Statement


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53 Directors Report55 Shareholders Affairs75 Economy Review75 Domestic Economy82 Global Economy89 Global Financial Market97 Domestic Capital Market108 ICBs Role in the Capital Market116 Operational Activities140 Recovery & Rehabilitation Activities142 Activities of the Subsidiary Companies152 Corporate Governance170 Audit Committees Report173 Risk Management and Internal Control187 Green Financing189 Sustainability Development Reporting193 Human Resource Embodiment207 Information Technology and Management

212 Financials213 General Disclosure of Financial Data214 Compliance Status on Accounting Policies215 Segmental Analysis219 Financial Results and Ratios220 Auditors Reports223 Consolidated Financial Statements228 Solo Financial Statements234 Liquidity Statement235 Notes to the Financial Statements264 Break-up of Provision Made282 Schedules of Fixed Assets284 Clarification on the Auditors' Opinion286 Schedules354 Financial Statements of Subsidiaries

371 Supplementary Information371 Acknowledgement372 General Information373 ICB At a Glance375 Offices of ICB376 List of Tables & Figures379 Proxy Form & Attendance Slip

Evaluation Track


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Items Page No.Corporate Objectives, Values & Structure

Vision/Mission 08Overall Strategic Objectives 08Core Values and Code of Conduct/Ethical Principles 10Profile of the Corporation 11Directors profiles and their representation on Board of 13, 29-36other companies & Organization Chart

Management Report and analysis includingDirectors Report/Chairmans Statement/MDs Statement

A general review of the performance of the Corporation 44Description of the performance of the various activities/products/segments 44, 116-139of the Corporation and Group during the period under reviewA Brief Summary of the Business Risks facing the organization and steps 45, 173taken to effectively manage such risksA General Review of Future Prospects/ Outlook 45, 50Social Corporate Responsibility (CSR) Initiatives 46, 49, 155Environment related Initiatives 46Information on contribution of the Organization to its responsibilities 45, 50, 197, 199towards the staff (including health & safety)Information on Corporations contribution to the national exchequer & to the economy 50

Disclosure of Accounting Policies and General DisclosureDisclosure of accounting policies relevant to assets, liabilities, Income 235and expenditure in line with best reporting standardsAny Specific accounting Policies 214Impairment of Assets 281-282Changes in accounting policies/changes in accounting estimates -

Segment InformationComprehensive segment related information bifurcating segment revenue, 213-219segment results and segment capital employedAvailability of information regarding different segments and units of the entity as well as non-segmental entities/units

Segment analysis ofSegment Revenue, Segment Results, Turnover, Operating profit Carrying amountof Net Segment assets

Financial StatementDisclosures of all contingencies and commitments 224, 229Comprehensive related party disclosures 280Disclosures of Remuneration & Facilities provided to Directors & CEO 272, 273Statement of Financial Position/Balance Sheet and relevant schedules 228Statement of Changes in Equity/Reserves & Surplus Schedule 232Disclosure of Types of Share Capital 234Statement of Cash Flow 233Consolidated Financial Statement (CFS) 223Extent of compliance with the core IAS/IFRS or equivalent National Standards 243Disclosures/Contents of Notes to Accounts 235

Evaluation Track


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Items Page No.Information about Corporate GovernanceBoard of Directors, Chairman and Managing Director 152Vision, Mission and Strategy 08Audit Committee (Composition, Role, Meetings, Attendance, etc.),Internal Control & Risk Management 154, 171Ethics and Compliance 153Remuneration and other Committees of Board 153Human Capital 193Communication to Shareholders & Stakeholders 155Environmental and Social Obligations 155Management Review and Responsibility 155Other Investor Friendly Information 54, 155, 202, 374Stakeholders InformationDistribution of shareholders (Number of shares as well as category wise, e.g. Sponsors, etc) 53Shares held by Directors/Executives and relatives of Directors/Executives 159Redressal of investors compliance 156Graphical /Pictorial DataEarnings per Share 21Net Assets 21Stock Performance 22Shareholders Funds 21Return on Shareholders Fund 23Consolidated Horizontal/Vertical Analysis including followingOperating Performance (Income Statement)Total Revenue, Operating Profit, Profit before Tax, Profit after Tax, EPS 24Statement of Financial Position (Balance Sheet)Shareholders Fund, Properties, Plants & Equipments, Net Current Assets, Long Term Liabilities/Current Liabilities 24Profitability/Dividends/Performance and Liquidity RatiosGross Profit Ratio 217-219Earnings before Interest, Depreciation and TaxPrice Earning RatioCurrent RatiosReturn on Capital EmployedDebt Equity RatioStatement of Value Added and its DistributionGovernment as Taxes 25Shareholders as dividendEmployees as bonus/remunerationRetained by the entityMarket share information of Corporations products/servicesEconomic value addedAdditional DisclosuresSustainability Development Reporting 189Human Resource Accounting 193Information & Communication Technology & Management 97, 108, 207

Our VisionWe will continue to be the leading,

responsible and environment friendly financial institution operating in such a

way that our fellow competitors and the stakeholders acknowledge, admire

and emulate us as a successful and model organization in this sector.

Our MissionOur mission is to transform our Corporation into a responsible

institution, a financial architect, an innovative solution provider and

performance leader.

Being a responsible institution created by law, we will act in accordance with the mandates of our Act for fostering

rapid growth of Bangladesh economy.

Being a financial architect, we will strive to establish a benchmark of

values, attitudes, behavior and commitments with earnest endeavors

in generating optimum profits and growth for our shareholders by

efficient use of resources.

Being an innovative solution provider, we put emphasis on formulating total

solutions to foster mobilization of domestic and NRB savings into

potential investments.

Being a performance leader, we must lead by example. We operate in the

interest of our customers, so that they can depend and have the trust on us. As employees of a leading institution, we are committed to do everything in

our power for lasting success as we move forward.

Priority Strategy Focus on the fulfillment of the country's priorities and objectives and delivery

of a beneficial outcome in the public interest. Contribute within the area of professional competence to the economic

growth of the country, develop the capital market, mobilize savings, encourage and broaden the base of investments and provide for matters ancillary thereto.

Financial Strategy Maximize the present value of the stakeholders' wealth in an innovative and

improved manner in terms of accountability, propriety, regularity and value for money.

Retain a trade-off between opportunities and responsibilities so as to stay ahead of competition and provide superior returns on equity by virtue of sustained growth.

Incorporate, analyze and apply knowledge continuously to provide superior financial decisions.

Focus on core competence in financial services.

Business Strategy Diverse revenue streams through introducing multiple products. Strive for new business model commensurate with the Government's

economic policy relating to capital market development. Recover outstanding loans, margin loans & other loans and advances and thus

increase existing liquidity position. Also mobilise untapped savings for productive investment.

Promote and establish subsidiary companies for business expansion. Encourage and motivate the EEF Project owners to make EEF Project a successful

venture by generating profit and dividend and buy-back the shares on time.

Customer Strategy Provide real-time data and ledger balances of the stocks and funds position

enabling customers to know their latest positions. Allow customers to sophisticated information systems. Provide available system at their finger-tips to take appropriate investment

decisions. Enhance customer retention through quality research and service and educate

them of the 'Do's and Don'ts for the sake of their safety.

ICT Strategy Efficiently deploy advanced technology and create a wide, multi-modal

network to serve customers at one stop. Deploy all resources and energies to tackle potential risks regarding IT System

breakdown, or any other debacles.

HR Strategy Conducive working environment for employees. Attract exceptionally talented, well-educated, highly adaptive and efficient

people.

Risk Strategy Insulate the Corporation as far as possible from the risks associated with the

business by creating an environment that help mitigating the risk.

Governance Strategy Promote, maintain and uphold internationally accepted Corporate Governance

and sustainable business practices. Sufficient disclosures to investors, shareholders and other stakeholders.


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Code of Conduct andEthical PrincipleThe Board of Directors of ICB upholds the principle of integrity and follows the rules of governance and business activities.

Managements of ICB place the integrity of the investment policy and the interest of the shareholders above their own personal interest.

Employees of ICB act in an ethical manner with integrity, competence, diligence & respect to the public, prospective clients, colleagues and other participants in the business arena.

The Corporation takes reasonable care and exercises independent judgment with trust in conducting investment analysis, making investment recommendations and taking investment actions.

Being a reputed institution in the capital market, ICB plays an honest and ethical role in the market to protect the interest of investors.

Investment Corporation of Bangladesh:

a) maintains knowledge of all applicable laws, rules and regulations and complies with them;

b) manages all conflicts of interest in an ethical way with transparency;

c) does not engage in any professional conduct involving dishonesty, fraud, deceit or misrepresentation or commit any act that reflects adversely on their honesty, trustworthiness or professional competence;

d) strives to improve the professional competence and high morale and ethical standard of its employees by providing with relevant training by professionals of reputed institutions; and

e) develops and maintains integrity plan as per national integrity policy.

Core Values

Passion to do the best

Customer Focus

Manpower Empowerment

Innovative Solution Provider

Financial Architect

Continuous Improvement

High Morale and Ethical Standards

Compliance Culture


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BackgroundIn the backdrop of rapid functional change in economic policy, the Investment Corporation of Bangladesh (ICB) was established on 1 October 1976 under "The Investment Corporation of Bangladesh Ordinance, 1976" (No. XL of 1976). The establishment of ICB was a major step in a series of measures undertaken by the government to accelerate the pace of industrialisation and to develop a well-organised and vibrant capital market, particularly the securities market in Bangladesh. ICB provides institutional support to meet the equity gap of the companies. In view of the national policy of accelerating the rate of savings and investment to foster self-reliant economy, ICB assumes an indispensable and pivotal role. Through the enactment of the Investment Corporation of Bangladesh (Amendment) Act, 2000 (No. 24 of 2000), reforms in operational strategies and business policies have been implemented by establishing and operating subsidiary companies under ICB. At present the Corporation is being operated under the "Investment Corporation of Bangladesh Act, 2014.

Objectives To encourage and broaden the base of investments To develop the capital market To mobilize savings and To provide for matters ancillary thereto

Business Policy To act on commercial consideration with due

regard to the interest of industry, commerce, depositors, investors and to the public in general

To provide financial assistance to projects considering their technical, economic and commercial viability

To arrange equity support and loans for projects singly or through consortium of financial institutions including banks

To encourage and develop entrepreneurship in the country

To diversify investments

To inspire small and medium savers for investment in securities

To create employment opportunities To encourage and broaden the base of investment

in agro and information & communication technology (ICT) sectors.


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evsK MvivwU c`vb Uvw I KvvwWqvb wnme `vwqZ cvjb h_ D`vM cwZwZ Kvvwbi A_vqb AskMnY wewbqvMKvix`i wewbqvM mwKZ civgk c`vb miKvii cuywR cZvnvi Kvhg AskMnY evRvi Pvwn`v DchvMx bZzb eemv Dveb cuywRevRvi msv Abvb AvbylwK Kvhg fvi KvwcUvj A_vqb gvRvi, GKzBwRkb Ges AvmU cybMVb Kvhg

mnvqZv c`vb BKzBwU G GUvcbiwkc dv (BBGd) Ges wewfb

mgq miKvi KZK NvwlZ wekl Znwej eevcbv

nvws Kvvwb wnme mvewmwWqvwi Kvvwbmg~ni Kvhg Zveavb

ivgvwjKvbvaxb cwZvbi kqvi AdjvW cwqvq AskMnY

Functions

Direct purchase and sale of shares and debentures including placement and equity participation

Providing lease finance singly and through syndication Managing existing investment accounts Managing existing mutual funds and unit fund Managing proprietary investment portfolios and

take part in buying & selling of securities

Providing advance against ICB unit, Bangladesh Fund, Mutual fund certificates and ICB AMCL Unit Fund certificates

Providing bank guarantee Acting as trustee and custodian Participating in financing of joint-venture companies Providing investment counseling to investors Participating in government divestment program Introducing new business suited to market demand Dealing in other matters related to capital market Venture Capital Financing Take part in merger, acquisition & asset

reconstruction activities Managing Equity and Entrepreneurship Fund

(EEF) & other special schemes assigned by the Government of Bangladesh

Supervising the activities of the subsidiary companies as holding company

Take part in offloading shares of state owned enterprises

Affiliations/Membership in National Bodies:ICB is an affiliations/member of the under noted organizations: Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI) Bangladesh Association of Publicly Listed Companies Bangladesh Institute of Bank Management (BIBM) The Institute of Bankers, Bangladesh (IBB) Consultative Committee of Public Enterprise Bangladesh German Chamber of Commerce & Industry (BGCCI) Bangladesh Money Market Dealer Association (BAMDA) Dhaka Chamber of Commerce & Industry (DCCI) British Council

Table-01: Shareholding position as on 30 June 2015

Sl. Shareholders No. of No. of Percentage ofNo. shareholders shares shareholding1. Government of the Peoples Republic of Bangladesh 1 170859380 27.002. Development financial institution 1 162196110 25.633. State owned commercial banks 4 143819220 22.734. State owned Insurance corporations 2 78187860 12.365. Denationalised private commercial banks 2 57586290 9.106. Private commercial banks 6 462303 0.077. Mutual Funds 11 6226843 0.988. Other institutions 243 2700686 0.439. General public 4359 10773808 1.70

Total 4629 632812500 100.00


13O

rgan

izatio

nal S

truc

ture

Inves

tors

Dept

t.Ba

nker

to th

e Issu

e Dep

tt.

Inte

rnal

Con

trol &

Com

plia

nce

Div.

Publ

ic Re

latio

ns D

eptt.

Secr

etar

y's D

eptt.

Audi

t Dep

tt.

Orga

niza

tion

& M

etho

ds D

eptt.

Insp

ectio

n & Co

mpl

iance

Dep

tt.

Chai

rman

's Se

cret

aria

t Pens

ion

& W

elfa

re D

eptt.

Adm

inist

ratio

n Di

v.

Disc

iplin

e, G

rieva

nce

& Ap

peal

Dep

tt.Hu

man

Res

ourc

e M

anag

emen

t Dep

tt.Est

ablis

hmen

t Div.

Real

Esta

te D

eptt.

Proc

urem

ent &

Com

mon

Serv

ice D

eptt.

Lega

l Affa

irs D

iv.

Law

Dep

tt.Do

cum

enta

tion D

eptt.

Trus

tee

Div.

Custo

dian D

eptt.

Trus

tee D

eptt.

GM

Acc

ount

s &

Fin

ance

Acco

unts

Div.

Cent

ral A

ccou

nts D

eptt.

Loan

Acc

ount

s Dep

tt.

Finan

ce D

iv.

Fund

Man

agem

ent D

eptt.

Budg

et &

Risk

Man

agem

ent D

eptt.

GM (A

ccou

nts &

Fina

nce)

Secr

etar

iat

GM (I

CT &

Dep

osito

ry) S

ecre

taria

t

GM

ICT

& D

epos

itory

Hard

war

e &

Com

mun

icatio

n Di

v.

Hard

war

e &

Com

mun

icatio

n De

ptt.

Syst

em A

nalys

is De

ptt.

Softw

are

Div.

Prog

ram

min

g Dep

tt.Da

ta A

dmin

. & M

IS D

eptt.

Depo

sitor

y Div.

Shar

es D

eptt.

Secu

ritie

s Rec

oncil

iatio

n De

ptt.

Mut

ual F

unds

Div.

Unit

Fund

Dep

tt.M

utua

l Fun

ds D

eptt.

GM (O

pera

tions

) Sec

reta

riat

GM

Ope

ratio

ns

Plan

ning

& R

esea

rch

Div.

Plan

ning

& R

esea

rch

Dept

t.Bu

sines

s Dev

elop

men

t Dep

tt.

Portf

olio

Man

agem

ent D

eptt.

Stoc

k Mar

ket A

nalys

is De

ptt.

Portf

olio

Man

agem

ent D

iv.

Leas

ing D

eptt.

Leas

ing D

iv.M

erch

andi

sing D

iv.

Impl

emen

tatio

n &

Reco

very

Div.

Impl

emen

tatio

n D

eptt.

Reco

very

Dep

tt.

Cred

it Di

v.

Lien &

Gen

eral

Cred

it De

ptt.

Appr

aisal

Dept

t.

GM (E

EF) S

ecre

taria

tGM

EEF

EEF (

Agro

) Dep

tt.EE

F (No

n Ag

ro) D

eptt.

EEF A

ppra

isal D

iv.

EEF R

ecov

ery D

eptt.

EEF I

mplem

enta

tion D

eptt.

EEF L

egal

Affai

rs De

ptt.

EEF R

ecov

ery &

Lega

l Affa

irs D

iv.

EEF A

dmin

istra

tion

Dep

tt.EE

F Aud

it &

Acco

unts

Dep

tt.

EEF A

dmin

istra

tion

Div.

ICB

Capi

tal M

anag

emen

t Ltd

.IC

B As

set M

anag

emen

t Co.

Ltd.

ICB

Secu

ritie

s Tra

ding

Co.

Ltd.

ICB

Asse

t Rec

onst

ruct

ion

Ltd.

(Pro

pose

d)

GM (B

ranc

h &

Subs

idia

ry) S

ecre

taria

tGM

Bra

nch

& Su

bsid

iary

Rajsh

ahi B

ranc

hKh

ulna

Bra

nch

Sylh

et B

ranc

hBa

risal

Bra

nch

Bogr

a Br

anch

Loca

l Offi

ceCh

ittag

ong B

ranc

hBr

anch

Affa

irs D

iv.

Bran

ch A

ffairs

Dep

tt. - 2

Bran

ch A

ffairs

Dep

tt. - 1

Subs

idiary

Affai

rs De

ptt. -

2Su

bsidi

ary Af

fairs

Deptt

. - 1

Subs

idia

ry A

ffairs

Div.

Boar

d of

Dire

ctor

s

Secr

etar

y's

Div

isio

n

GM (A

d.) S

ecre

taria

t

Man

agin

g Dire

ctor

's Se

cret

aria

t

GM

Adm

in

Man

agin

g D

irect

or

Orga

niza

tiona

l Stru

ctur

e


14Aw

ards

& R

ecog

nitio

n

Best Presented Annual ReportAwards & SAARC Anniversary Awards

for Corporate GovernanceDisclosures-2012 Presented by SAFA

Best PresentedAnnual Report Awards &

SAARC Anniversary Awardsfor Corporate Governance

Disclosures-2013 Presented by SAFA

Awards & Recognition

SAFA Best PresentedAccounts Award-2008among the Public Sector Entities

The majestic 5 continentsAward for best investmentbank Bangladesh-2013From Paris based OMAC

ICAB Award-2010in the Public Sector Entities

14th ICAB National Award for BestPresented Annual Report-2013

in the Public Sector Entities13th ICAB National Awardfor Best Presented Annual Reports 2012




ICMAB Best Corporate Award-2014Non Bank Financial Institutions

ICMAB BestCorporateAward-2008among the Non-BankingFinancial Institutions

ICMAB Award ofExcellence-2014in Special Category

ICMAB Award-2013in the Public Sector Entities

ICMAB Award-2012in the Public Sector Entities

* World Finance banking award 2013- Best Investment Bank for the contribution

in capital market development- Best Private Bank for the contribution in

private sector development


15Aw

ards

& R

ecog

nitio

n

The Chairman and the Managing Director of ICB are accepting the "ICMAB Best Corporate Award-2014" in Non Bank Financial nstitutions from the Honorable Finance Minister Abul Maal A. Muhith.

The Honorable Finance Minister Abul Maal A. Muhith is giving the "14th ICAB National Award forBest Presented Annual Report-2013" in the Public Sector Entities to the Managing Director of ICB.


16Pr

oduc

ts &

Ser

vice

s of

ICB

and

its S

ubsid

iarie

s

i) Investment Corporation of Bangladesh (Holding Company)

Activities in Capital Market Segment: Advance against equity, Private equity, Placement

of Shares; Advance against Unit, Mutual Fund & Bangladesh

Fund certificates; Managing Margin Loan Accounts, Unit and

Mutual Funds; Agent for Divestment of Govt. Shares; Mergers & Acquisition function; Trustee & Custodian activities; Portfolio Management; Investing in Preference Shares; Investing in Secondary Market; Stock Market Operations; Debenture Financing; and Lease Financing.

Activities in Money Market Segment: Dealing in Money market Instruments:

Subordinated Bond, Zero Coupon Bond, Term Deposit Receipt;

Fixed Deposit Receipts; Issuing Bank Guarantee; Corporate Financial Advice.

Acting on behalf of Government: Equity and Entrepreneurship Fund/Venture

Capital Financing; Agent for Divestment of Govt. Shares.

Description of Products & Services of ICB:

Advance against Equity, Private Equity, Placement of Shares;

As part of business diversification and encouraging rapid industrialization of the country, the scheme for advance against equity, private equity participation & placement of shares etc. have been introduced since inception of the Corporation. ICB invests in different companies through equity participation either singly or under consortium arrangements of different banks and financial institutions.

Advance against ICB Unit Fund, BangladeshFund Certificates etc;

Advance against ICB Unit certificate scheme was introduced in 1998 for the ICB Unit holders to meet

their emergency fund requirements. Presently ICB provides advance against the certificates of ICB Unit Fund, Bangladesh Fund, ICB AMCL Pension holders Unit Fund and ICB AMCL Unit Fund. One can borrow maximum 80.0 percent of initial surrender value by depositing his/her unit certificates under lien arrangement from any of the ICB offices and authorized banks.

Managing Margin Loan Accounts, Unit and Mutual Funds;

Investment account holders can avail margin loan facilities to purchase securities from both primary and secondary markets as per SEC margin rules. Margin loan is provided for purchasing securities with sound fundamentals and good prospects so as to reduce risk of investment to protect the interest of the investors.

ICB Unit FundIt is an open-end mutual fund scheme launched in April 1981, through which the small and medium savers get opportunity to invest their savings in a balanced and relatively low risk portfolio. ICB has so far declared attractive dividends on units every year ranging from the lowest Tk. 11.5 to the highest Tk. 42.50 per unit. Investments in units enjoy tax benefits, amount being applicable as per law.

ICB Mutual FundsICB has so far floated eight closed-end mutual funds. The First ICB Mutual Fund was floated on 25 April 1980, while the Eighth ICB Mutual Fund was floated on 23 July 1996. The aggregate size of these funds is Tk. 17.75 crore. As on 30 June 2015, 18517 certificate holders owned these funds. ICB Mutual Funds have declared lucrative dividend ranging from 120% to 1000% for the year ended 30 June 2015. Investors show overwhelming interest in all the ICB Mutual Funds. New mutual funds are now being floated through "ICB Asset Management Company Ltd."- a subsidiary of ICB after corporate restructuring.

Mergers & Acquisition;Companies willing to expand their business through mergers or acquisitions or to divest projects that no longer fit into present scale of operation contact the Corporation. ICB provides professional advisory services in respect of shaping up the cost and

Products & Services ofICB and its Subsidiaries


17Pr

oduc

ts &

Ser

vice

s of

ICB

and

its S

ubsid

iarie

s

financial structures to ensure best possible operational results.

Trustee & Custodian Activities;ICB is acting as trustee to the debenture issues and securitized bonds. Up to 30 June 2015 ICB has acted as trustee to the debenture issues of 17 companies involving Tk. 184.15 crore and issues of 19 bonds of 16 companies involving Tk. 2369.36 crore. ICB has also undertaken the responsibilities of trustee to 26 closed-end mutual funds involving Tk. 2525.75 crore and 6 open-end mutual funds involving Tk. 180.00 crore upto 30 June 2015.

Portfolio Management:Being the largest institutional investor, ICB contributes significantly to the development of the country's capital market through active portfolio management which is one of the important functions of ICB. There are altogether eleven portfolios which are being managed by ICB- eight of them are mutual funds, two are ICBs own portfolio and the rest one is unit fund portfolio.

Investment in Preference Shares;Diversified instruments are the strength of ICB's investment strategy. Investment in preference shares signifies this attitude.

Investment in Secondary Market;To strength the role of ICB for stabilizing the capital market, the increased investment has been made in the secondary market in line with the market demand.

Stock Market Operations;ICB is playing unparallel role with both the primary and secondary market which ultimately makes the capital market vibrant. Merchant banking operations such as issue management, fund management, brokerage services, etc. are being provided uniquely.

Debenture FinancingICB made finance in the mode of debenture in the potential industries.

Lease FinancingICB provides lease finance mainly for procurement of capital machinery, equipment and transport to the prospective companies. The period of lease, rentals, charges and other terms and conditions are determined on the basis of assets and assistance provided as per requirement of the lessee.

Dealing in Money Market Instruments: Subordinated Bond, Zero Coupon Bond, Term Deposit Receipt (TDR);

ICB also participates in money market activities by investing in subordinated bond, zero coupon bond and by accepting TDR with a comparatively

attractive rate. These services have enriched the diversified arena in our portfolio. ICB receives deposit in the form of TDR from institutions/ individuals by offering attractive and negotiable interest rates and invest these funds in profitable securities.

Fixed Deposit Receipt (FDR);Providing a tailored solution is the essence of our services. ICB recognizes that a customized solution like FDR is vital for the success of the business. Whether it is a Project Finance or Term Loan, ICB offers the right solution from where applicants find top-class skills and in-depth knowledge of market trends from our specialists - altogether a gratifying experience.

Issuing Bank Guarantee;ICB has introduced the Bank Guarantee scheme in 2002-03. ICB provides (i) Bid bond guarantee for enabling the business people to participate in any tender or bidding; (ii) Performance bond guarantee for helping the business community to continue their business smoothly by fulfilling their obligations promised by them to their clients; (iii) Customs guarantee for solving different disagreements between the customs authority and the business classes at the initial stage. The limit of guarantee is issued against at least 20.00 per cent cash and 80.00 per cent easily en-cashable securities or against 100.00 per cent cash margin.

Corporate Financial Advice;ICB and its subsidiary company ICB Capital management Limited provide professional & financial advices on corporate restructuring & reengineering to companies of Govt. enterprise those who are intently to offload shares in the Capital market.

Agent for Divestment of Govt. Shares;ICB is actively associated with divestment process of Government shares through the Stock Market, ICB has been entrusted with the responsibility to offloading Government owned shares of different listed Companies by selling through stock market.

Managing Equity and Entrepreneurship Fund/Venture Capital Financing

With a view to encouraging the investment in promising Agro-based and Information & Communication Technology (ICT) based projects, Government of Bangladesh had set up an Equity Development Fund (EDF) in the budget 2000-01.The objective of the fund is to develop Equity and Entrepreneurship, especially in the rural areas of the country. ICB along with Bangladesh Bank have taken a series of measures to manage the fund effectively. Fund is allocated for two sectors named EEF (Agro) and EEF (IT).


18Pr

oduc

ts &

Ser

vice

s of

ICB

and

its S

ubsid

iarie

s

Description of the Products and Services of Subsidiaries

a) ICB Capital Management Ltd (ICML).

Issue Management ICML offers specialized services related to issue management to State Owned Enterprises, Local Statutory bodies and Corporate sector. It has been rendering Issue Management, Consultancy and Corporate Advisory Services as a Capital Market Intermediary. Since inception, ICML has assisted seventeen (17) fundamentally strong based companies to float their securities in the capital market & established itself as a trusted brand in managing issue.

Underwriting ICML renders underwriting support singly or through consortium to viable and prospective companies seeking long term fund from the capital market. It helps companies to float equity and debt instruments in the secondary market by giving commitment to take up unsubscribed portion of the issues.

Portfolio Management ICML has been playing dynamic role in managing own portfolio by investing in securities both in primary and secondary markets. Being a subsidiary of ICB and a leading merchant banking institution, ICML contributes significantly to the development of the capital market through active portfolio management.

Managing Investors' Accounts (Investors' Scheme)

One of the foremost activities of ICML is the Investors Scheme which includes both discretionary and non-discretionary services. This Scheme is an opportunity for the general investors as it shaped the secondary capital market by significant demand of securities. Topnotch Customer service is an integral part and driven value of ICML.

Trustee and CustodianICML has engaged itself as Trustee and Custodian of

the largest ever mutual fund i.e. 'Bangladesh Fund' of Tk. 5000.00 crore. It is an open-end mutual fund which acted as savor of crash of country's capital market in 2010-2011.

Lien Bank and Consultancy Services of Equity and Entrepreneurship Fund (EEF)

Equity and Entrepreneurship Fund (EEF) was created by the Government of Peoples' Republic of Bangladesh in FY 2000-2001 with a view to encouraging small & medium entrepreneurs to invest in the risky but promising sectors viz. software industry and food processing & agro-based industry. Among other activities, ICML appraises its projects and provides consultancy services.

b) ICB Asset Management Co. Ltd (IAMCL).

Unit Fund Management The ICB Asset Management Company Limited (ICB AMCL) is managing the following 5 (Five) Unit Funds (open-end mutual Funds) as on June 30, 2015:

ICB AMCL Unit Fund, ICB AMCL Pension Holder's Unit Fund, Bangladesh Fund, ICB AMCL Converted First Unit Fund, ICB AMCL Islamic Unit Fund (Converted Fund).

Mutual Fund Management ICB Asset Management Company Ltd. is managing the following 10 (Ten) closed-end mutual funds as on June 30, 2015:

ICB AMCL First NRB Mutual Fund, ICB AMCL Second NRB Mutual Fund, Prime Finance First Mutual Fund, ICB AMCL Second Mutual Fund, ICB Employees Provident Mutual Fund One:

Scheme One Prime Bank 1st ICB AMCL Mutual Fund, Phoenix Finance 1st Mutual Fund, ICB AMCL Third NRB Mutual Fund, IFIL Islamic Mutual Fund-1, ICB AMCL Sonali Bank Limited 1st Mutual Fund.

a) ICB Capital Management Ltd.Issue Management;Underwriting;Portfolio Management;Investors Scheme;Project Appraisal;Trustee & Custodian;Lien Facility;Bankers to the Issue;

c) ICB Securities Trading Co. Ltd.Brokerage Services;Full Service as a DepositoryParticipant (DP) with CDBL;Loan Account Management;Own Portfolio Management;

b) ICB Asset Management Co. Ltd.Open ended Mutual FundManagement;Close ended Mutual FundManagement;Portfolio Management;

ii) SUBSIDIARY COMPANIES OF ICB


19Pr

oduc

ts &

Ser

vice

s of

ICB

and

its S

ubsid

iarie

s

c) ICB Securities Trading Co. Ltd (ISTCL).

Brokerage Services Trade Execution for both Individual and

Institutional Clients in Dhaka Stock Exchange Ltd., Chittagong Stock Exchange Ltd. and "Over-the-Counter market"

Custodial Services provided for Clients for Safe Custody of Securities

Act as Selling Agent for the companies listed directly under "Direct Listing Regulations 2006" of Dhaka Stock Exchange Limited.

Offload Shares of the Government in state Owned Enterprises (SOEs)

Depository Participant (DP) Services BO (Beneficiary Owners) Account opening and

maintenance Client Custodian Services BO ISIN balance enquiry Dematerialization and Re-materialization Pledging, Un-pledging and Confiscation Corporate events announcement enquiry Settlement, Transfers and Transmission of

Securities Other Services as a Full Depository Participant

(DP)


20In

dust

ry C

ompa

rison

of s

ome

Key

Indi

cato

rs

Industry Comparison of some Key Indicators: ICB vis--vis other listed Banks & Non-Banking Financial Institutions

Earnings Per Share of Listed Banks & Non-Banking Financial Institutions of Bangladesh (2014 & 2014-15)

12.00

10.00

8.00

6.00

4.00

2.00

0.00

-2.00

-4.00EPS

(BD

T)

EPS of Listed Banks & Non-Banking Financial Institutions ofBangladesh including ICB (2014 & 2014-15)

EPS of Listed BanksEPS of Non-Banking Financial Institutions including ICBEPS of ICB

BanksNon-Banking Financial InstitutionsICB (Proposed)

0.00

10.00

20.00

30.00

40.00

50.00

60.00

Div

iden

d %

Dividend Performance of Listed Banks & Non-Banking FinancialInstitutions of Bangladesh (2014 & 2014-15)

Dividend Performance of Listed Mutual Funds in Bangladesh (2014 & 2014-15)

ICB Managed MFICBs Subsidiary Managed MFOthers

Div

iden

d %

0.00

200.00

400.00

600.00

800.00

1000.00

1200.00

2013-14

2014-15

2012-13 Tk. 50.32

Tk. 41.22

Tk. 61.13

2013-14

2014-15

2012-13 Tk. 7128.96 cr.

Tk. 8456.27 cr.

Tk. 10132.68 cr.

2013-14

2014-15

2012-13 Tk. 315.39 cr.

Tk. 405.51 cr.

Tk. 515.82 cr.

2013-14

2014-15

2012-13 Tk. 168.75

Tk. 189.84

Tk. 221.48

2013-14

2014-15

2012-13 Tk. 2563.89 cr.

Tk. 2608.15 cr.

Tk. 3856.61 cr.


21G

raph

ical

Pre

sent

atio

n of

Per

form

ance

Comparative Graphical Performancefrom 2012-13 to 2014-15

Net Profit After Tax

Earning per Share

Tk. 406.73 Crore Tk. 1044.19 Crore

Tk. 632.81 Crore

Tk. 3856.61 Crore

Tk. 221.48 Crore

35%

Tk. 7.10

Tk. 61.13

Tk. 10132.68 crore

Tk. 515.82 crore

Book Value per Share

Total Asset

Distribution of Value Addition

Total Income

Paid up Capital

Shareholders Equity

Dividend Payout

2013-14

2014-15

2012-13 40%

45%

35%**Proposed

Dividend per Share

2013-14

2014-15

2012-13 Tk. 247.91 cr.

Tk. 318.10 cr.

Tk. 406.73 cr.

2013-14

2014-15

2012-13 Tk. 421.88 cr.

Tk. 421.88 cr.

Tk. 632.81 cr.

2013-14

2014-15

2012-13

Tk. 1044.19 cr.

Tk. 945.57 cr.

Tk. 788.91 cr.

2013-14

2014-15

2012-13

Tk. 7.10

Tk. 5.99

Tk. 5.87


22Ca

pita

l Mar

ket P

artic

ipat

ion

Comparative Capital Market Participationfrom 2012-13 to 2014-15

DSE

Transaction of ICB and its subsidiaries on the stock exchanges

ICB & its Subsidiary managed Mutual FundsMutual Funds managed by other Asset Managers

Portfolio Value at market price

Asset Management Trustee to Mutual Funds

Investment Made Share Price of ICB

CSE

ICB & Its Subsidiary Other Trustees

Portfolio Value at cost

0

40

80

120

160

200

240

280

320

360

400

2011-12

Am

ount

in T

aka

2012-13

389.60

337.70

199.13

123.55

252.70 233.43

130.10125.60109.20103.10

182.00188.93

136.23

199.13179.65

117.60

2013-14 2014-15

open TK. 109.20, High Tk. 130.10, Low Tk. 103.10, Close Tk. 125.60

Tk. 10934.65 crore Tk. 1045.91 crore

Tk. 6630.33 crore

Tk. 2232.73 crore

Tk. 6052.28 crore

48% 75%

Portfolio, Investment & Share Prices

2014-15

2013-14

2012-13

Tk. 10934.65 cr.

Tk. 12723.51 cr.

Tk. 8848.13 cr.

2014-15

2013-14

2012-13

Tk. 6052.28 cr.

Tk. 4485.54 cr.

Tk. 3320.16 cr.

2014-15

2013-14

2012-13

Tk. 6630.33 cr.

Tk. 5092.53 cr.

Tk. 3583.53 cr.

2014-15

2013-14

2012-13

Tk. 2232.73 cr.

Tk. 1923.67 cr.

Tk. 1935.72 cr.

2014-15

2013-14

2012-13

Tk. 1045.91 cr.

Tk. 777.39 cr.

Tk. 1461.42 cr.

(Tk.

4777

.79

Cr.)

48%

(Tk.

5224

.56

Cr.)

52%

(Tk. 121

61.1

7Cr

.)75

%(Tk.

3963

.90Cr.

) 25%


23Ra

tio A

naly

sis

Comparative Ratio Analysisfrom 2012-13 to 2014-15

Dividend Yield

Debt Equity Ratio

Price Earning Ratio

Dividend Payout Ratio

Number of Shareholders

Current Ratio

Capital Adequacy Ratio

Return on Investment

Value Addition per Employee

2.79%

22.84%

17.70 times

49.33%

4629 Tk. 81.23 lac

10.45%

36.35%

1.42:1

2014-15

2013-14

2012-13

1.42:1

1.26:1

1.20:1

2014-15

2013-14

2012-13

2.79%

2.38%

2.23%

2014-15

2013-14

2012-13

4629

3303

2895

2014-15

2013-14

2012-13

Tk. 81.23 lac.

Tk. 70.64 lac

Tk. 59.28 lac

Return on Equity (%)

10.55%

2014-15

2013-14

2012-13

10.55%

11.97%

11.74%

2014-15

2013-14

2012-13

49.33%

61.14%

68.07%

2014-15

2013-14

2012-13

17.70

25.67

30.57

2014-15

2013-14

2012-13

10.45%

8.75%

8.01%

2014-15

2013-14

2012-13

22.84%

36.76%

46.52%

2014-15

2013-14

2012-13

36.35%

29.68%

32.65%


24Co

nsol

idat

ed V

ertic

al &

Tre

nd A

naly

sis

Consolidated Vertical & Trend Analysis

Some Important Items from Statement of Financial Position (Balance Sheet)(Tk. In Crore)

30-Jun-15 30-Jun-14 30-Jun-13 Change(%)Particulars Amount Percentage Amount Percentage Amount Percentage Between Between

of of of 30.06.15 & 30.06.14 &Total Amount Total Amount Total Amount 30.06.14 30.06.13

Property & Assets:Cash & Bank Balance 1044.33 9.33 990.23 10.57 1104.00 14.17 5.46 (10.31)Marketable Securities-at Market Price 7007.48 62.60 5396.36 57.58 3813.15 48.93 29.86 41.52 Total Loans and Advances 1891.21 16.89 1797.40 19.18 1745.51 22.40 5.22 2.97

Total Assets 11193.98 100.00 9372.18 100.00 7792.86 100.00 19.44 20.27 Liabilities :

Government Loan 158.00 1.41 143.26 1.53 2.45 0.03 10.29 5747.35 Borrowing from different Banks 680.00 6.07 895.00 9.55 980.00 12.58 (24.02) (8.67)Deposits 5019.67 44.84 4352.63 46.44 3488.11 44.76 15.32 24.78

Total Liabilities 6814.98 60.88 6275.54 66.96 5228.97 67.10 8.60 20.01 Capital/Shareholders' Equity:

Paid-up Capital 632.81 5.65 421.87 4.50 421.87 5.41 50.00 0.00 Reserves 2171.99 19.40 2035.09 21.71 1464.09 18.79 6.73 39.00 Retained Earnings 730.44 6.53 639.68 6.83 677.92 8.70 14.19 (5.64)

Total Capital/Shareholders' Equity 4379.00 39.12 3096.64 33.04 2563.89 32.90 41.41 20.78Total Liabilities and Shareholders' 11193.98 100.00 9372.18 100.00 7792.86 100.00 19.44 20.27Equity

(Tk. In Crore) 30-Jun-15 30-Jun-14 30-Jun-13 Change(%)Particulars Amount Percentage Amount Percentage Amount Percentage Between Between

of of of 30.06.15 & 30.06.14 &Total Amount Total Amount Total Amount 30.06.14 30.06.13

Operating Income: Interest Income 220.03 19.32 260.53 24.58 313.32 33.27 (15.55) (16.85)Interest Paid on Deposits, 479.69 42.13 473.18 44.65 441.36 46.87 1.38 7.21 Borrowings, etc.Net Interest Income (259.67) (22.81) (212.65) (20.07) (128.04) (13.60) 22.11 66.08Dividend 259.33 22.78 190.20 17.95 81.18 8.62 36.35 134.29Capital Gain 497.86 43.73 472.09 44.55 374.68 39.79 5.46 26.00

Total Operating Income 658.66 57.85 582.25 54.94 492.19 52.27 13.12 18.30Total Operating Expenses 117.52 10.32 81.42 7.68 74.11 7.87 44.34 9.86Operating Profit 541.14 47.53 500.83 47.26 418.08 44.40 8.05 19.79Total Provision 37.34 3.28 64.90 6.12 32.98 3.50 (42.47) 96.79Profit Before Tax 504.03 44.27 440.28 41.54 393.18 41.76 14.48 11.98Profit After Tax 439.36 38.59 368.17 34.74 328.86 34.92 19.34 11.95Total Revenue 1138.59 100.00 1059.79 100.00 941.63 100.00 7.44 12.55

Some Important Items from Operating Performance (Comprehensive Income Statement)


25St

atem

ent o

f Val

ue A

dditi

on a

nd D

istrib

utio

n

Statement of Value Addition and Distributionfor the year ended June 30, 2015

Particulars

Value added

Operating Revenue

Cost of borrowing

Other Income

Provisions

Operating expenses excluding staff costs and depreciation

Total value added by the Corporation

Distribution of value addition

To Employees

as remuneration

as benevolent fund

To Government

as taxes

To Shareholders

as dividend (cash )

Retained in the business

as different reserves & retained profit

as depreciation

Total Distribution

Number of Employees

Value added per employee

ICB Consolidated

10,441,118,476

(4,731,970,248)

5,709,148,228

831,600

5,709,979,828

(278,442,537)

(273,291,937)

5,158,245,354

599,629,988

518,283,942

81,346,046

553,676,228

2,214,843,750

1,790,095,388

1,771,112,528

18,982,860

5,158,245,354

635

8,123,221

100.00

11.625

10.05

1.58

10.734

42.938

34.70

34.34

0.37

100.00

9,412,178,718

(4,722,763,211)4,689,415,507

43,618,574

4,733,034,081

(519,038,032)

(158,904,685)

4,055,091,365

346,738,136

296,738,136

50,000,000

560,793,439

1,898,437,500

1,249,122,290

1,232,643,266

16,479,023

4,055,091,365

574

7,064,619

100.00

8.55

7.32

1.23

13.83

46.82

30.80

30.40

0.41

100.00

11,383,585,322

(4,796,970,379)

6,586,614,943

2,348,213

6,588,963,156

(373,442,537)

(409,145,201)

5,806,375,418

791,770,077

710,424,031

81,346,046

646,730,352

2,214,843,750

2,153,031,240

2,097,404,955

55,626,285

5,806,375,418

907

6,401,737

100.00

13.64

12.24

1.40

11.14

38.15

37.08

36.12

0.96

100.00

10,554,270,761

(4,731,798,106)

5,822,472,655

43,618,574

5,866,091,229

(649,038,032)

(281,255,164)

4,935,798,034

532,941,239

482,941,239

50,000,000

721,104,814

1,898,437,500

1,783,314,481

1,733,300,295

50,014,186

4,935,798,034

872

5,660,319

100.00

10.80

9.78

1.01

14.61

38.46

36.13

35.12

1.01

100.00

30-June-15Taka

% 30-June-14Taka

% 30-June-15Taka

% 30-June-14Taka

%


26In

form

atio

n ab

out 3

8th

AGM

BbfgU Kcvikb Ae evsjv`k (AvBwmwe) Gi kqvigvwjKMYi AvUwkZg evwlK mvaviY mfv 20 wWm^i 2014, kwbevi, mKvj 10:30 NwUKvq nvUj c~evbx BUvibvkbvj wjwgUW, 1, w`jKzkv ev/G, XvKv-1000 Gi RjmvNi AbywZ nq| mfvq megvU 109 Rb kqvigvwjK DcwZ wQjb| mfvq AvBwmwei evwlK cwZe`b I wnmve weePbvi Rb DcvwcZ nq Ges Zv Abygvw`Z nq|

The Thirty Eighth Annual General Meeting of the shareholders of Investment Corporation of Bangladesh (ICB) was held on Saturday, the 20 December 2014 at 10:30 a.m. at the "Jalshaghor" of Hotel Purbani International Limited, 1, Dilkusha C/A, Dhaka-1000. In all 109 shareholders attended the meeting. Annual Report and Accounts of ICB were placed for consideration and it received approval in the meeting.

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Information about38th AGM

Pictorial view of theThirty EighthAnnual General Meeting

Pictorial view of Thirty EighthAnnual General Meeting


27Pi

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iew

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hirt

y Ei

ghth

Ann

ual G

ener

al M

eetin

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28IC

B Bo

ard

ICB Board


29Bo

ard

of D

irect

ors

as o

n 30

June

201

5

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Board of Directors as on 30 June 2015

ChairmanDr. Mojib Uddin AhmedProfessor, Department of Tourism and Hospitality Management , University of Dhaka

Managing DirectorMd. Fayekuzzaman

Directors

Kazi Shofiqul AzamAdditional Secretary(Wing-2: World Bank)Economic Relations Division, Ministry of FinanceGovernment of the People's Republic of Bangladesh

Gokul Chand DasAdditional Secretary Bank and Financial Institutions Division, Ministry of FinanceGovernment of the People's Republic of Bangladesh

S.M. MoniruzzamanExecutive DirectorBangladesh Bank

Dr. Md. Zillur RahmanManaging Director Bangladesh Development Bank Ltd.

Pradip Kumar DuttaManaging Director & CEOSonali Bank Ltd.

Syed Abdul HamidManaging Director & CEOAgrani Bank Ltd.

Md. Abdus SalamManaging Director & CEOJanata Bank Ltd.

Md. Rezaul KarimManaging Director Sadharan Bima Corporation

SecretaryDipika Bhattacharjee Deputy General Manager


30Ch

ange

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d of

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ctor

s

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The following changes took place in the Board of Directors of ICB during FY 2014-2015:

1. Mr. Kazi Shofiqul Azam, Additional Secretary, Wing-2: World Bank, Economic Relations Division, Ministry of Finance, Government of the People's Republic of Bangladesh and the member of the Board of Directors of ICB joined as the acting Chairman of ICB on 29 September 2014 in place of Dr. S.M. Mahfuzur Rahman, Professor, Department of International Business, Dhaka University. Thereafter, Dr. Mojib Uddin Ahmed, Professor, Department of Tourism and Hospitality Management, Dhaka University, joined ICB on 10 November 2014 as the Chairman of the Board of Directors of ICB in place of Mr. Kazi Shofiqul Azam.

2. Md. Abdus Salam, Managing Director and CEO, Janata Bank Limited joined on 28 October 2014 as a member of the Board of Directors of ICB in place of S. M. Aminur Rahman, Managing Director and CEO, Janata Bank Limited.

cwiPvjbv evW-Gi i`e`j Changes in the Board of Directors


31Di

rect

ors'

Biog

raph

y

Directors' Biography as on 30 June 2015

Appointed Chairman of Investment Corporation of Bangladesh on 10 November 2014. He is the Chairman of Tourism and Hospitality Management Department of the University of Dhaka. Mr. Mojib Uddin Ahmed completed his Masters in Accountancy from the University of Glasgow, Scotland, UK and Masters of Accounting Science from the University of Illinois, USA. He obtained Ph.D.in Finance from the Old Dominian University, Virginia; USA.The honourable professor started his teaching career in 1983 as a Lecturer of the Department of Accounting in the University of Dhaka.He has been teaching different courses in home and abroad including USA as Visiting Faculty. He also participated eighteen international conferences in USA, Canada, Spain, Thailand, Hong Kong over the years. In the Faculty of Buisness Studies of Dhaka University, he is the only extraordinary person who achieved both Commonwealth and Fullbright Scholarships. Besides, he was awarded 'Dean's Research Awards' by the University of Dhaka in 2003 and 2004 for remarkable academic contributions.Over the Thirty Two years, he was instrumental in achieving self complacency in teaching profession with strong focus on the areas of Financial Accounting, Corporate Finance, Investment management, Portfolio & Security Analysis, Cost and Management Accounting. His fifteen distinguished academic research articles related with Secondary Capital Market and Corporate Finance have already been published in various renowned national and international journals.

Appointed Managing Director of Investment Corporation of Bangladesh on 11 July 2010. He joined ICB in 1985 as Senior Principal Officer. Mr. Fayekuzzaman has 30 years experience in Banks and Financial Institutions. He did his B.Com. (Hons) and M.Com. in Management and Post Graduation studies in Investment Planning, Appraisal and Management of Development Finance Institution from Bradford University, U.K. He attended Cambridge Leadership Program organized by the University of Cambridge in the United Kingdom and Leadership Essential Program arranged by the Colombia University, U.S.A. He is now serving as the Chairman of ICB Capital Management Ltd. and also the Director of Standard Bank Ltd., BDBL, IIDFC, CDBL, CRISL, CRAB, BICM, IBB, GlaxoSmithKline Bangladesh Ltd., ACI Ltd., Renata Ltd., BATBC, Linde Bangladesh Ltd., NTC Ltd., APEX Tannery Ltd. and APEX Footwear Ltd. He served as Management Counselor of Bangladesh Management Development Center (BMDC) now Bangladesh Instutitute of Management (BIM) prior to taking up his responsibilities in ICB. He is the former Deputy Managing Director of Agrani Bank Ltd. Mr. Fayekuzzaman was the first CEO of ICB Capital Management Ltd. He has served as the Project Director and played a pivotal role in restructuring ICB under the Capital Market Development Programme initiated by GoB and ADB. He also played a very important role in regaining investors' confidence and stabilizing share market after its debacle in 2010-11. He worked as Chairman of Demutualization Committee of DSEL, Convenor of several committees constituted by the Government/BSEC. Besides, he has attended a series of seminars, training, and workshops at home and abroad.

Md. FayekuzzamanManaging Director

Professor Mojib Uddin Ahmed, Ph.D. Chairman


32Di

rect

ors'

Biog

raph

y

Appointed Director of Investment Corporation of Bangladesh on 27 July 2010. He also worked as Chairman (In Charge) from 29 September 2014 to 09 November 2014. Presently, he is the Additional Secretary (Wing-2: World Bank) in Economic Relations Division of Ministry of Finance of the Government of the People's Republic of Bangladesh. He is also the Director of the Board of Directors of Infrastructure Investment Facilitation Company (IIFC). He did his B.Com. (Hon's) and M.Com. in Finance and Diploma in Course Design and Instructional Technique. Formerly, he was the Joint Secretary of Budget-1 and Budget-2 of Finance Division of Ministry of Finance; the Deputy Secretary of Budget-4 of Finance Division; the Additional Controller General of Accounts of Bangladesh. He is also former Director of Padma Oil Co. Ltd., Meghna Petroleum Co. Ltd., Bangaldesh Petroleum Institute and Teletalk Bangladesh Ltd. Besides, he was a Member of Advisory Committee, BCSIR, Senate Member of D.U. and J.U. and Member of University Grant Commission and Director of Sugar and Food Industries Corporation.

Kazi Shofiqul AzamDirector

Appointed Director of Investment Corporation of Bangladesh on 25 January 2011. Presently he is the Additional Secretary of Bank and Financial Institutions Division under the Ministry of Finance of the Government of the People's Republic of Bangladesh. In addition, he is the Director of Probasi Kallyan Bank, Bangladesh Film Development Corporation, Bangladesh Insurance Training Academy. Formerly, he was the Joint Secretary of Bank and Financial Institutions Division under the Ministry of Finance of the Government of the People's Republic of Bangladesh. He is also the former Additional Project Director of Enterprise Growth and Bank Modernization Project under the Ministry of Finance. He did his B.Sc. (Hon's) and M.Sc. in Chemistry.

Gokul Chand DasDirector


33Di

rect

ors'

Biog

raph

y

Appointed Director of Investment Corporation of Bangladesh on 28 June 2012. Mr. Moniruzzaman has been serving as Executive Director of Bangladesh Bank since 2011. He is a seasoned banker with 31 years experience in the Central Banking. He did his B.A. (Hon's) and M.A. in Economics from the University of Rajshahi. He is also an M.A. in Economics from Eastern Michigan University, U.S.A and a Diplomaed Associate of IBB. Formerly, he was the General Manager of Agricultural Credit and Special Programs Department, Foreign Exchange Investment Department, Department of Currency Management and Payment Systems of Bangladesh Bank. He was Deputy General Manager of Banking Regulations and Policy Department of Bangladesh Bank. He participated in different training programs, workshops and seminars in home and abroad.

S. M. MoniruzzamanDirector

Appointed Director of Investment Corporation of Bangladesh on 13 February 2011. He obtained Ph.D. in Credit Management from IBS of Rajshahi University in 1999. Md. Zillur Rahman did his graduation in Management in 1975 and Post Graduation in Management in 1976 from the University of Dhaka. Presently, he is the Managing Director of Bangladesh Development Bank Ltd., He is the Member of the Governing Board of Bangladesh Institute of Bank Management and the Institute of Bankers, Bangladesh. Formerly, he was the Deputy Managing Director of Janata Bank Ltd., and Rupali Bank Ltd. He is also the former General Manager of Rupali Bank Ltd. He attended a number of seminars, workshops, training etc for his professional and Institutional development.

Dr. Md. Zillur RahmanDirector


34Di

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ors'

Biog

raph

y

Elected Director of Investment Corporation of Bangladesh since 17 June 2012. He did his M.Sc. in Applied Chemistry from University of Dhaka in 1974. He obtained Diploma in Banking from the Institute of Bankers, Bangladesh. As a prudent banker he has 38 years of banking experience. He started his banking career with Sonali Bank in 1977. He was appointed Managing Director and CEO of Sonali Bank Limited on 17 June 2012. He is also the Vice-Chairman of IBB; the Director of Sonali Exchange Co. Inc. New York, USA; Sonali Bank (UK) Ltd. London, UK; PDBL; Sonali Investment Ltd.; CDBL and IIDFC. He is also a Member of the Governing Board of Bangladesh Institute of Bank Management and Executive Committee, Bangladesh Foreign Exchange Dealers Association. He is life Member of SOFEN and the Advisor of Chakrabak, a Monthly Magazine. Earlier, he was the Managing Director of Rajshahi Krishi Unnayan Bank and General Manager of Bangladesh Krishi Bank. He attended a number of seminars, workshops and training at home and abroad including the prestigious and world famous Institution UC Berckeley, California, USA.

Pradip Kumar DuttaDirector

Elected Director of Investment Corporation of Bangladesh since 13 April 2010. Syed Abdul Hamid is the Managing Director and CEO of Agrani Bank Ltd. He is the Chairman of Agrani SME Financing Co. Ltd; the Director of Agrani Equity and Investment Ltd; Agrani Exchange House Pte. Ltd., Singapore; Agrani Remittance House Sdn, Bhd, Malaysia. He is also the Member of the Governing Board of Bangladesh Institute of Bank Management and the Council of IBB. Currently, he is the Chairman of one subsidiary and Director of other five subsidiary companies of ABL at home and abroad. He did B.Com. (Hon's) in Management and M.Com. in Marketing from University of Dhaka. He qualified as a Chartered Accountant in 1984 from the Institute of Chartered Accountants of Bangladesh.

Syed Abdul HamidDirector


35Di

rect

ors'

Biog

raph

y

Elected Director of Investment Corporation of Bangladesh since 28 October 2014. He did his B.Com. (Hons.) and M.Com.in Accounting from the University of Dhaka.He is a Fellow of Chartered Accountant (FCA) from the Institute of Chartered Accountants of Bangladesh. Mr. Salam started his Banking career in 1983 as Principal Officer of Bangladesh Krishi Bank. He has been serving as the CEO and Managing Director of Janata Bank Limited since 28 October 2014. Formerly he was the Managing Director of Bangladesh Krishi Bank. Prior to taking up the position of CEO and MD of Janata Bank Limited, he served as Deputy Managing Director in Agrani Bank Limited and Janata Bank Limited. He also served as the General Manager in Sonali Bank limited and Karmasangsthan Bank. Because of his prudent and judicial steps Bangladesh Krishi Bank, for the first time, acted as 'Banker to the Issue'. He also took some pragmetic steps for introducing Mobile Banking and On-line Banking in the same Bank. He has some notable and mentionable works for the advancement of the preparation of the Asset Liability Management Manual, Risk Management Manual and implementation of Foreign Remittance Distribution System in Sonali Bank Limited. He contributed his efforts in introducing On-line Banking in Agrani Bank Limited in 2011. While he was on deputation in Bangladesh Computer Council in 1990; he developed an Accounting System for this institution. He attended various workshops, seminars and received different training in home and abroad. He travelled USA, France, Germany, Italy UAE, KSA, India and Turkey.

Md. Abdus SalamDirector

Elected Director of Investment Corporation of Bangladesh since 22 April 2009. He has been serving as Managing Director of Sadharan Bima Corporation (SBC) since 2010. He is the Director of National Tea Co. Ltd; National Housing and Investment Ltd; IDLC Finance Ltd; Central Depository Bangladesh Ltd; Bangladesh Insurance Academy; Chairman of SBC Securities and Investment Ltd; Member of The Central Rating Committee. He is also the Vice-Chairman of The Asian Re-Insurance Corpration, Thailand. He is a seasoned Insurer with over 33 years experience in the Non-Life Insurance Industries of Bangladesh. Prior to taking up his responsibilities as the Managing Director of SBC, he was Acting Managing Director and General Manager (Finance & Accounts Division, Export Credit Guarantee Department) of SBC. Mr. Rezaul Karim has participated in senior executive training programmes in home and aboard. He holds B.Com. (Hons) and M.Com. degrees in Management from the University of Dhaka.

Md. Rezaul KarimDirector


36Di

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ors'

Biog

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y

Dipika Bhattacharjee- the Deputy General Manager of Investment Corporation of Bangladesh has been assigned as Company Secretary. She joined ICB in 1987 as a Senior Officer. Dipika Bhattacharjee completed her Graduation and Post Graduation degrees in the Discipline of Finance from the University of Dhaka.

Dipika BhattacharjeeCompany Secretary


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Committees and Management


38Ex

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Com

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Composition of the Executive Committee:

Dr. Mojib Uddin Ahmed ChairmanProfessor, Department of Tourism and Hospitality ManagementUniversity of Dhaka & Chairman, Board of Directors, ICB

Kazi Shofiqul Azam MemberAdditional Secretary (Wing-2: World Bank)Economic Relations DivisionMinistry of FinanceGovernment of the People's Republic of Bangladesh.

Pradip Kumar Dutta MemberManaging Director & CEOSonali Bank Limited

Md. Abdus Salam MemberManaging Director & CEOJanata Bank Limited

Md. Fayekuzzaman MemberManaging DirectorInvestment Corporation of Bangladesh.

Executive Committee as on 30 June 2015


39Au

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omm

ittee

Composition of Audit Committee:

Syed Abdul Hamid, FCA ChairmanManaging Director & CEOAgrani Bank Limited

Gokul Chand Das MemberAdditional SecretaryBank & Financial Institutions DivisionMinistry of FinanceGovernment of the People's Republic of Bangladesh.

S. M. Moniruzzaman MemberExecutive DirectorBangladesh Bank

Dr. Md. Zillur Rahman MemberManaging DirectorBangladesh Development Bank Limited

Md. Rezaul Karim MemberManaging DirectorSadharan Bima Corporation

Audit Committee as on 30 June 2015

Senior Management Team

The Honorable Chairman Dr. Mojib Uddin Ahmed (3rd from right side) with Managing Director Mr. Md. Fayekuzzaman (3rd from left side), Mr. Md. Iftikhar-uz-Zaman (Deputy Managing Director), Mr. Md. Abul Hossain (General Manager, ICT & Depository and EEF), Mr. Nasir Uddin Ahmed (General Manager, Administration and Accounts & Finance), Mr. Mohammed Ismail Hossain (General Manager, Operations, Branch & Subsidiary Affairs).


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Senior Managements' Biographyas on 30 June 2015

Mr. Md. Iftikhar-uz-Zaman was appointed as the Deputy Managing Director of Investment Corporation of Bangladesh (ICB) on15 January 2015. He joined at ICB in 1983 as Senior Officer. He completed his B.A. (Hon's) and M.A. in Statistics from the University of Rajshahi. Presently, he has been executing his responsibilities as the Chairman of ICB Asset Management Company Limited. Besides, he has been contributing his professional expertise as the Chairman of Wata Chemicals Limited. Apart from that he is now serving as the Director of Aramit Ltd., the ACME Laboratories Limited, Navana Engineers Limited, Energypac Power Generation Limited, and Standard Bank Securitise Limited. He is the former Deputy Managing Director of Janata Bank Limited and he joined that very institution on 28 August 2012. He was the CEO of ICB Capital Management Limited and also the General Manager of ICB in EEF Division. During his 28 years long career with ICB, he was assigned in different important departments. He attended a number of training programmes on Capital Market issues both in home and abroad. He attended distinctive training named "Capital Market Development" held in Mumbai, India.

Md. Iftikhar-uz-ZamanDeputy Managing Director


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42Se

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' Bio

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Other Current ResponsibilitiesChairman, Aziz Pipes Ltd. ICB Securities Trading Company Ltd.Director, Islami Bank Bangladesh Ltd., Nitol Insurance Company Ltd., Alltex Industries Ltd., Aramit Ltd, Key & Que (Bangladesh) Ltd.

Past ResponsibilitiesChairman, ICB Asset Management Company LimitedSystem Manager (Computer Division), ICB

EducationB.Sc (Hons), M.Sc in

ICB: THE TREND SETTER IN THE CAPITAL MARKET

Documents

Transcript of ICB: THE TREND SETTER IN THE CAPITAL MARKET