Annual Report 2022
Uploaded by
Elham Mohammad Kashem (193011094)Annual Report 2022
Uploaded by
Elham Mohammad Kashem (193011094)
Make Banking Rewarding
Through Sustainability
In the light of Sustainable Development Agenda-2030 awareness of sustainability is steadily growing
all over the world. Devastating phenomena like war, pandemics, poverty as well as climate change
are threatening humanity, calling for more sustainable solutions. As a bank, we believe that, together
with our stakeholders, we should enable to move to a sustainable future. Jamuna Bank Limited (JBL)
has been working with its stakeholders to recognize Social, Environmental and Economic issues
and contributing to reduce the negative impact through its innovative products and services as well
as advanced technologies and the bank has been meeting its stakeholders’ needs and expectations.
As one of the leading Banks, we acknowledge our responsibilities towards the society as a whole in
which we live. Our aim is to take a leadership position in the Sustainable Banking that integrates
economic, environmental, social and governance criteria and sets sustainability benefits as well
as to set target to contribute to achieve the SDGs as key objectives. Our sustainability strategic
objectives ensure that our business activities add value not only to the bottom line, but also to people
and the communities. Jamuna Bank has been playing pioneer role in the CSR activities since its
inception through Jamuna Bank Foundation. Jamuna Bank Foundation conducts multidimensional
CSR activities regularly. In recognition, UK-based “The Global Economics” awarded Jamuna Bank
Ltd. with the “Best CSR Bank” award for 02 (two) consecutive times 2021 & 2022.
In one word, we at JBL, understand “Sustainable Banking’ creates long-term resilient and
sustainable economic, social, and environmental values having a green, responsible, and inclusive
strategy through transparent and efficient utilization of our resources. Sustainability has three
pillars representing the environment, social responsibility and the economy are also informally
represents people, planet, purpose, and profit. These are the factors that we keep in mind while
investing our resources.
Jamuna Bank in charge
of managing the toll
collection of Padma Jamuna Bank
Bridge, the largest
communications
family is proud
infrastructure in to be associated
Bangladesh. with the toll
The dream Padma Bridge is visible today. Through
this bridge, not only the economy of the Southwest
will improve, jobs will be created and the economy as
collection of
a whole will grow. The Padma multi-purpose bridge
is estimated to increase the country’s Annual GDP
by 1.23 percent. However, the World Bank cancelled
Padma Bridge,
the loan agreement for establishing Padma multi-
purpose Bridge in 2012 citing corruption, and later the largest
the Asian Development Bank also withdrew. Later, the
Government promised to implement the Padma Bridge
project with its own fund. Jamuna Bank was on the side communications
infrastructure in
of this bold decision of the Government. Jamuna Bank
provided various credit facilities for total BDT 5,358.20
million during 2013-14 for construction of “Zajira
Bangladesh.
approach road & selected bridge end facilities (Padma
Bridge approach)” to Abdul Monem Ltd. in the name of
“Abdul Monem Ltd. & HCM Engineering SDNBHD Joint
venture (AML-HCM JV)”. Today, Jamuna Bank Ltd. is
in charge of money management of the toll of Padma
Bridge, the largest communications infrastructure in
Bangladesh. Jamuna Bank Ltd signed an agreement
with the Bangladesh Bridge Authority in this regard.
2
Annual Report 2022
Moreover, two large digital
displays on both sides of
“Padma Multipurpose Bridge”
have been installed by the
Bank with a view to displaying
different development activities
of the Government; which
ultimately indicates active
participation of Jamuna Bank
in line with the vision of
Government in establishing the
SMART Bangladesh.
Jamuna Bank Limited 3
Highlights
Value Delivered to Customers
Superior • Making Banking Enjoyable
Customer • Innovative Banking Solution
Experience • Investing in Technology
• Allocating resources towards
Capacity Building and financial
literacy program for our customers.
Digital Enablement Service Excellence Efficient Processes
BDT 282.64 billion BDT 180.49 billion BDT 225.07 billion
TOTAL ASSETS LOANS AND ADVANCES CUSTOMER DEPOSITS
NETWORK & DISTRIBUTION CUSTOMER BASE JAMUNA BANK DIGITAL
CHANNEL BANKING SERVICE
1,097,933
167 Branches Deposit A/C
106 sub-branches
49,239
42 Agent Outlets
Loan A/C
343 Owned ATM Booth
Value to Investors
Returns 2022 2021
Market Price (BDT) 21.30 23.40
Market Capitalization (BDT mn) 15,958.51 17,531.88 Delivering
Earnings per Share (BDT) 2.11 3.31 sustainable returns
Price Earnings (Times) 10.09 7.08 to shareholders
Net Book Value per Share (BDT) 26.36 28.52
Operating Profit
Price to Book Value (Times) 0.808 0.824
Dividend 17.5% C & 8.5% S 17.5% C BDT 5,709.32 mn
Dividend Yield (%) 8.2% 7.4%
ROA 0.58% 0.98%
ROE 7.69% 10.88%
Capital 2022 2021
Total Capital (mn) 31,021.39 31,637.23
Tier I Capital (mn) 20,845.52 20,188.04
Capital Adequacy Ratio 16.75% 16.42%
Credit Rating
Top-notch credit ratings
Long Term: AA1 and
Short Term: ST-1
Value Delivered To Employees
Life Long Learning
Fair Remuneration Opportunities
Employee Demographics
No. of Training Programmes
Male
Female
3093
689
A bright and 109
happy team that
Total Employee 3782
is inspired and Training Investment
Below 30 675
30-50 2876
motivated to reach BDT 4.42 mn
Over 50 231
higher
Year 2022 Year 2021 Man-Hour
Investment for
Employees (mn)
4406.06 3439.57 37060
Career Development
Opportunities
An Inclusive Work Environment Safe Work Spaces
Value Delivered to our Communities
Contributed Contributed Contributed Contributed Total
BDT 5,234.02 mn BDT 340.20 mn BDT 140.00 mn BDT 1,59,000+ pcs
to National Exchequer as CSR during the year to Prime Minister’s Relief of blankets to PM’s Relief
in 2022 2022 and Welfare Fund in 2022 and Welfare Fund and
(BDT 22,734.65 mn over among the distressed
the last 5 years) people of the country.
Established 04 nos.
Kidney Dialysis
375 students Organized 21 free Organized 48 Free Centers
are enjoying stipend Medical Camp across the Mobile medical camps at (a) Shantinagar, Dhaka,
facility country in 2022. Patient at different slum areas (b) Laksham, Cumilla, (c)
treated 70,200 and of Dhaka City in the year Rupgonj, Narayongonj
2022. Patient treated and (d) Munshigonj
6,428 14,146
people were selected for and Provided 18,922+
free eye operation dialysis services to kidney
patients since inception
Organized Free Plastic
Surgery Camp for the Established 157 Holy
Establishment of 13 nos. Established 14 nos.
burnt patient and the Quran Learning
people suffering from
sewing training Center Computer training
for underprivileged center across the Center
cleft lips and palate. 634 women and distributed Country
across the Country
patients were treated free sewing machines
of cost and 250 patients
were registered for
plastic surgery in 2022.
You are Our Inspiration
Two honorable sponsors and former Chairmen of the
Board of Directors of Jamuna Bank Limited are now
engaged with two important Ministries of the Government
of the People’s Republic of Bangladesh and are contributing
towards the growth of the Country.
Mr. Md. Tazul Islam, MP Mr. Golam Dastagir Gazi, Bir Protik, MP
Honorable Minister Honorable Minister
Ministry of Local Government Ministry of Textiles and Jute
Rural Development & Co-operatives
We wish you both a long life and good health.
Mr. Md. Tazul Islam, MP
Honorable Minister, Ministry of Local Government Rural Development & Co-operatives
Government of the People’s Republic of Bangladesh
Mr. Md. Tazul Islam, MP, Minister of Local Government, from Bangladesh Awami league. After the last general
Rural Development and Cooperatives was born in 1955 election, the Hon’ble Prime Minister appointed him as the
at Pomgaon village of Monohorgonj upazila of Cumilla Minister for Local Government, Rural Development and
district to an aristocratic Muslim family. He is the son Cooperatives in the newly formed cabinet.
of Alhaj Zulfiqar Ali and Mrs Anwara Begum. He has
obtained his undergraduate and postgraduate degrees During his previous parliamentary term, he was the
from Chittagong University. He obtained an MBA Degree Chairman of the Parliamentary Committee of the Ministry
in Marketing from Southern University, another MBA in of Power, Energy and Mineral Resources and also a
International Finance from The International Business member of the Parliamentary Committee of the Ministry
School of Scandinavia and Diploma in Accounting and of Finance, Ministry of Home Affairs and Ministry of
Finance from London. Planning. He has lead Bangladesh at various events at UN,
Asian Development Bank and JICA.
He has established many industries, Bank insurance to
create various opportunity for the people and country in He is the sponsor shareholder of Jamuna Bank Ltd. and
his entire life. He also established a daily newspaper for served as the Chairman of the Board of Directors from
providing trustworthy information to the people. He was April 28, 2008 to April, 26, 2009. He has traveled many
directly involved in politics from his student life to uphold countries of the world including United States, France,
the livelihood, eradicate poverty and contribute in nation United Kingdom, Italy, Germany, Switzerland, Japan and
building . China for public and private needs.
He was elected from Laksam-Monohorgonj constituency
as a member of parliament in 1996, 2008, 2014 and 2018
Mr. Golam Dastagir Gazi, Bir Protik, MP
Honorable Minister, Ministry of Textiles and Jute
Government of the People’s Republic of Bangladesh
Golam Dastagir Gazi, Bir Protik, MP son of Late Golam After 2008, he was elected with the same seat in the Tenth
Kibria Gazi and Late Samsunnesa Begum was born in Jatiya Sangsad of 2014 and was also elected in the eleventh
the year 1948 in a well-respected Muslim family. He Jatiya Sangsad elections which held on 30 December 2018.
completed his B.Sc Degree from Jagannath College of Golam Dastagir Gazi is the Member of Parliament in the
Dhaka in 1968. As an activist of Chattra League, he was Narayanganj-1 constituency for the three terms drawn.
active on the highway in the six-point movement and the He served as a member of the Standing Committee on
mass uprising of the 1969. In this continuation, he made a the Finance Ministry of the 9th Parliament, the Standing
heroic contribution by participating in the liberation war. Committee on the Ministry of Liberation Affairs in the 10th
Parliament and the Parliamentary Standing Committee
As a grassroots leader, Golam Dastagir Gazi worked on Government Accounting in the same Parliament.
to organize the Awami League, and still continues
to do so. He participated heroically in Sector 2 in He is the founder Chairman of Gazi Group. He also served
the liberation War. As a fighter of the famous Crack as Director of Federation of Bangladesh Chamber of
Platoon, he bravely participated in various front wars. Commerce and Industry (FBCCI) and as Vice President
In recognition of his heroic contribution to the War of of Bangladesh Cricket Board and also it’s Director for
Liberation, the Government of the People’s Republic of several times. As a keen lover of sports he is associated
Bangladesh honored him with a heroic title, ‘Bir Protik’. with a number of sports bodies & clubs of national
level and patronizes games and sports in all respect.
In 1974, he was elected as the organizing secretary of
Bangladesh Muktijoddha Sangsad. In the first election Golam Dastagir Gazi was awarded the highest state
of Dhaka City Corporation in 1977, Golam Dastagir Gazi award ‘Swadhinata Padak-2020’ (Independence Award)
was elected as Awami League’s backed commissioner in recognition of his outstanding contributions to the
from Kakrail, Siddheshwari, Mailbag, Mouchak, Independence and Liberation War. He also awarded the
Eskaton and Moghbazar areas. Golam Dastagir Gazi, title of ‘Atish Dipankar’ gold medal for his role in social
who has passed many ups and downs in political life, work. At the individual level, he was awarded tenth highest
started working for the Rupganj area of Narayanganj. taxpayer in the tax year 2012-13, the third highest taxpayer
in the tax year 2013-14, the eight highest taxpayer in the tax
He participated in the ninth parliamentary election year 2014-15, the third highest taxpayer in the tax year 2015-
of 2008, he was elected a Member of Parliament with 16, and the second highest taxpayer in the senior citizen
a huge vote from Narayanganj-1 (Rupganj) area. After category in the tax year 2016-17, the first highest taxpayer
becoming a Member of Parliament, a large number of in the tax year 2017-18 and the first highest taxpayer in
development activities were conducted in the area by his business category in the year 2021-2022 in Bangladesh.
leadership. Beyond being a successful businessman and
politician, he is widely known as a social worker and a He is the sponsor shareholder of Jamuna Bank Ltd. and
prominent sports sponsor and sports fan in Bangladesh. served as the Chairman of the Board of Directors from
April 27, 2004 to May, 09, 2005.
Contents
DIRECTORS’ INTEGRATED RISK
REPORT REPORT MANAGEMENT
92-190 208-247 348-401
THE STRATEGIC REPORT Report of the Audit Committee of the Board 127
Letter of Transmittal 12 Statement of Board of Directors on the Internal Control System
AGM Notice 13 of the Bank 131
Vision, Mission and Core Values 16 Managing Director’s and CFO’s Declaration on Integrity of
Financial Statements 132
Strategic Approach & Objectives 18
Corporate Governance Compliance Statement 158
Our Code of Conduct & Ethical Guidelines 19
Bangladesh Bank Guidelines for Corporate Governance: Our
Profile of Jamuna Bank Limited 20
Compliance Status 159
Group Corporate Structure 27
Corporate Governance Code Compliance Certificate 165
Corporate Organogram 28
Corporate Governance Compliance Checklist 166
Product and Services 30
Compliance Checklist in Line with the Companies Act, 1994
Jamuna Chronicles 40 (Amended up to 2020) 179
Awards & Recognitions 42 Report of The Shariah Supervisory Committee 180
Directors’ Profile 47 Annexure-I Related Party Transactions 182
AMD & DMD’s Profile 59 Annexure-II Meeting Attendance & Remuneration Paid to
Senior Management Team (SMT) 61 Directors 183
Divisional Heads 62 Annexure-III Dividend Distribution Policy 187
Message from the Chairman 66
Managing Director & CEO’s Review 70 ENGAGEMENT HIGHLIGHTS 2022 191
INFORMATION FOR STAKEHOLDERS 76 INTEGRATED REPORT 208
Five Years Performance 77 Our Approach to Integrated Report 209
Graphical Presentation of Five Years Performance 81 PESTEL Analysis 213
Market Price Information-2022 85 Competitive Intensity and Tactical Responses 219
Shareholding Structure 86 SWOT Analysis 221
Horizontal Analysis 87 Strategic Focus 223
Vertical Analysis 89 Stakeholder Engagement 226
DuPont analysis 90 Our Capitals 232
Credit Rating 91 Financial Capital 232
Human Capital 234
DIRECTORS’ REPORT 92 Manufactured Capital 236
Global Economic Outlook 93 Intellectual Capital 238
Bangladesh Economic Overview 97 Social and Relationship Capital 241
Bangladesh’s Banking Sector 104 Natural Capital 244
Segment-Wise Performance 106 Our Business Model 246
Jamuna Bank’s performance Report 109
Risks and Concerns 112 MANAGEMENT DISCUSSION AND ANALYSIS 248
History of Raising Capital 113 Management Committees 249
Internal Control & Compliance Statement 115 Comparative Analysis of Financial Performance 254
Regarding Minority Shareholders 115 Business Review 264
Going Concern 116 Review of JBL Subsidiaries 336
Pattern of Shareholding/Ownership Composition 118
RISK MANAGEMENT REPORT 348
CORPORATE GOVERNANCE REPORT 124 Report of the Board Risk Management Committee (BRMC) 349
Directors’ Responsibility Statement 125 Report on Risk Management 353
10
Annual Report 2022
SUMMARY
SUSTAINABILITY CORPORATE
REPORT GOVERNANCE FINANCIAL
402-483 124-190 485-623
Disclosure on Risk Based Capital under BASEL III 377 FINANCIAL STATEMENTS OF JBCML 582
Statement of Non-Performing loan (NPL) Management 399 Auditor’s Report 583
Statement of Financial Position 585
SUSTAINABILITY REPORT 402 Statement of Profit or Loss and Other Comprehensive Income586
About Sustainability Reporting 403 Statement of Changes in Equity 587
Sustainability Highlights 406 Statement of Cash Flows 588
List of Material Topics 407 Notes to the Financial Statements 589
Economic Performance 408
Environment Related Initiative 422 FINANCIAL STATEMENTS OF JBSL 607
Social Initiative 429 Auditor’s Report 608
Statement of Financial Position 610
CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES OF Statement of Comprehensive Income 611
THE BANK 435 Statement of Changes in Equity 612
Statement of Cash Flows 613
FINANCIAL STATEMENTS OF JAMUNA BANK LTD. (JBL) 484 Notes to the Financial Statements 614
Independent Auditor’s Report 485
Consolidated Balance Sheet 489 OTHER INFORMATION 624
Consolidated Profit and Loss Account 491 Branch Directory 625
Consolidated Cash Flow Statement 492 Standard Disclosure Index-2022 637
Consolidated Statement of Changes in Equity 493 Glossary 641
Balance Sheet (Solo) 494 Proxy Form 643
Profit and Loss Account (Solo) 496 Note 644
Cash Flow Statement (Solo) 497
Statement of Changes in Equity (Solo) 498
Liquidity Statement 499
Notes to the Financial Statements 500
Schedule of Fixed/Leased Assets 560
Jamuna Bank Limited 11
Letter of Transmittal
All Shareholders of Jamuna Bank Limited
Bangladesh Bank
Bangladesh Securities and Exchange Commission (BSEC)
Registrar of Joint stock Companies & Firms
Dhaka Stock Exchange Limited (DSE)
Chittagong Stock Exchange PLC (CSE)
Subject: The Annual report of Jamuna Bank Limited (JBL) for the year ended 31 December 2022.
Dear Sir,
We are pleased to present before you the Bank’s (JBL) Annual Report 2022 along with the Audited Financial Statements
(Consolidated and Separate) for the year ended 31 December 2022 and as on that date.
Financial Statements of ‘The Bank’ comprise those of JBL main operation (both Conventional & Islamic)
and Off-shore Banking Unit (presented separately) whereas consolidated Financial Statements comprise Financial
Statements of ‘The Bank’ and those of its subsidiaries [Jamuna Bank Capital Management Limited (JBCML) and Jamuna
Bank Securities Limited (JBSL)] presented separately. Analyses in this report, unless explicitly mentioned otherwise, are
based on the financials of ‘The Bank’ not the consolidated financials. Up-to-date information regarding branch network
& management has been presented in this report.
Best Regards
Yours Sincerely,
Sd/-
M. A. Rouf
Company Secretary
12
Annual Report 2022
Jamuna Bank Limited
Head Office: Jamuna Bank Tower, Plot-14, Block-C, Bir Uttam A.K Khandakar Road, Gulshan-1, Dhaka,
Phone 16742 | +8809610005678; Fax: 09610472124 Website: jamunabankbd.com, SWIFT:JAMUBDDH
Notice of The 22nd Annual General Meeting
Notice is hereby given to all Members of Jamuna Bank Limited that the 22nd Annual General Meeting (AGM) of the members of
the Company will be held on Wednesday, the 21st June 2023 at 11:00 AM (Bangladesh Time) by using digital platform (through
the link https://jamunabank.bdvirtualagm.com) to transact the following businesses and to adopt necessary resolutions:
Agenda:
(A) Ordinary Business:
1. To receive, consider and adopt the Audited Financial Statements for the year ended on 31st December 2022 together
with Directors’ Report and Auditors’ Report thereon.
2. To declare the dividend for the year ended on 31st December 2022 as recommended by the Board of Directors.
3. To elect/re-elect Directors/Independent Directors of the Bank.
4. To appoint External Auditor(s) of the Company for the year 2023 until the next Annual General Meeting and fix their
remuneration.
5. To appoint Corporate Governance Compliance Auditor(s) for the year 2023 and fix their remuneration.
(B) Special Business:
(1) To increase Authorized Capital:
The Authorized Capital of the Company be increased from Tk.1000,00,00,000 (Taka One Thousand Crore) only
to Tk.1500,00,00,000 (Taka One Thousand Five Hundred Crore) only as well as amend in the relevant clauses of the
Memorandum and Articles of Association of the Bank by adopting the following special resolution:
(i) Resolved that the existing ‘Clause-V’ of the Memorandum of Association of the Company be and is hereby amended as under:
Existing Proposed
The authorized share capital of the company shall be Tk.10,00,00,00,000 The authorized share capital of the company shall be
(Taka One Thousand Crore) only divided into 1,00,00,00,000 (One Tk.15,00,00,00,000 (Taka One thousand five hundred Crore) only
Hundred Crore) Ordinary Shares of Tk.10/- (Taka Ten)- each with the divided into 1,50,00,00,000 (One hundred fifty Crore) Ordinary
rights and privileges and conditions attached thereto as are provided Shares of Tk.10/- (Taka Ten)- each with the rights and privileges
by the Articles of Association of the company for the time being with and conditions attached thereto as are provided by the Articles of
power to increase and reduce the capital of the company in accordance Association of the company for the time being with power to increase
with the Articles of Association of the company and the law for the time and reduce the capital of the company in accordance with the Articles
being in force. of Association of the company and the law for the time being in force.
(ii) Resolved that the existing first paragraph of ‘Article-4’ of the Articles of Association of the Company be and is hereby amended
as under:
Existing Proposed
The authorized Share Capital of the company shall comprise of The authorized Share Capital of the company shall comprise of
Tk.10,00,00,00,000 (Taka One Thousand Crore) only divided into Tk.15,00,00,00,000 (Taka One Thousand five hundred Crore) only
1,00,00,00,000 (One Hundred Crore) Ordinary Shares of Tk 10/- (Taka dividedinto1,50,00,00,000(OneHundredFiftyCrore)OrdinarySharesof
Ten) each. Tk 10/- (Taka Ten) each.
(2) To change the registered name of the Bank:
To adopt the change of registered name of the Bank to ‘Jamuna Bank PLC’ from ‘Jamuna Bank Limited’ in accordance
with the Companies Act, 1994 (2nd Amendment 2020) and to amend in the relevant clauses of the Memorandum and
Articles of Association of the Bank by adopting the following special resolution:
“Resolved that the proposal of changing of registered name of the Bank to ‘Jamuna Bank PLC’ from ‘Jamuna Bank Limited’ in
accordance with the Companies Act, 1994 (2nd Amendment 2020) and amendment in the relevant clauses of the Memorandum
and Articles of Associations of the Bank be and is hereby approved subject to approval of regulatory authorities. Accordingly, the
old name of the Bank will be replaced by the new name in all the statutory/title documents, licenses and other relevant documents”.
All the honorable members/shareholders of Jamuna Bank Limited are requested to kindly make it convenient to attend
the meeting virtually in time.
May 23, 2023 By order of the Board of Directors
Dhaka, Bangladesh Sd/-
M. A. Rouf
Company Secretary
Notes:
• The Board of Directors recommended @17.50% Cash (i.e. Tk. 1.75 per share of Tk. 10.00 each) & 8.50% Stock dividend
for all shareholders of the Bank for the year ended on December 31, 2022.
• The ‘Record Date’ in lieu of Book Closure was Monday, May 22, 2023. The Shareholders whose names appeared in the
Members Register of the Company under CDS on Record Date (May 22, 2023) will be eligible to attend the 22nd AGM
and would be qualified to receive Dividend.
Jamuna Bank Limited 13
• A member entitled to attend and vote at the AGM may appoint a proxy to attend the meeting and take part in the
proceedings thereof on his/her behalf. The scanned copy of “Proxy Form”, duly signed and affixed with BDT 20
revenue stamp must be sent through email to Bank’s Share Office at [email protected]/deposited at
the Registered Office of the Bank no later than 72 hours before commencement of the AGM.
• The shareholders will join the virtual AGM through the link https://jamunabank.bdvirtualagm.com, which will be
conducted via live webcast by using digital platform. In order to login into the system, the shareholders need to put
their 16-digit Beneficial Owner (BO) Number and other credentials as a proof of their identity. The shareholders will
be able to submit their questions/comments electronically before 24(twenty-four) hours of commencement of the
AGM through above link and also during the Annual General Meeting. Link of the meeting and login details will be
notified to the respective Member’s email address and by SMS. Full login/participation process for the Digital Platform
meeting will also be available in the Bank’s website: www.jamunabankbd.com.
• The Online (real time) or e-voting option will be opened before 24 hours prior to start of general meeting and shall
remain open up to the closure of general meeting.
• Members whose email addresses have been updated/changed in the meantime, are requested to email us at quzi.
[email protected] mentioning their full name, BO ID, email address and mobile number to get the digital
platform meeting invitation.
• Pursuant to the Bangladesh Securities & Exchange Commission Notification No. BSEC/CMRRCD/2006-158/ 208/
Admin/81 dated 20 June 2018, we have already sent the Annual Report-2022 of the Bank, Proxy Form and Notice of the
22nd AGM in soft form to the e-mail of the shareholders available in their Beneficial Owners (BO) accounts maintained
with the Depository. Shareholders may also collect the printed copy of the Annual Report-2022 from the registered
address of the Bank. Soft copy of the Annual Report-2022, Notice of 22nd AGM and Proxy Form will also be available
at the website of the Bank i.e. www.jamunabankbd.com.
• Members are requested to update their 12 digit Taxpayer’s Identification Number (e-TIN) through their respective
Depository Participants (DPs). In default, the tax from cash dividend of individual taxpayer will be deducted @ 15%
instead of @10%.
• Concerned Depository participants (DP)/Merchant Banks are requested to provide us with a list of their margin loan
holders who hold Jamuna Bank shares, as on record date with the details of Shareholders’ name, BO ID, shareholding
position, cash dividend receivable, tax rate etc. (in MS Excel format), within June 15, 2023, along with the name of the
contact person to the Share Department of the company and also soft copy of the same [email protected].
bd or [email protected] for facilitating payment of Cash Dividend. The DP/ Stock Brokers are
requested to provide us with their Bank Account name & number, routing number etc. for receiving the dividends of
their margin loan holders.
• As per Bangladesh Securities and Exchange Commission’s Circular No.SEC/CMRRCD/2009-193/154 dated October 24,
2013, “no benefit in cash or kind, other than in the form of Dividend (i.e. No Food/Box/Gift Coupon etc.)” to be
distributed at the AGM.
To get the link of the AGM scan the QR code
14
Annual Report 2022
Jamuna Bank Limited 15
Vision, Mission and Core Values
To become a leading
banking institution and
play a significant role in the
development of the country.
VISION
CORE VALUES
MISSION
The Bank is committed to satisfy
diverse needs of its customers through
an array of products at a competitive
price by using appropriate technology
and providing timely service so that
sustainable growth, reasonable return
and contribution to the development
of the country can be ensured with a
motivated and professional work-force.
16
Annual Report 2022
The following core values are the foundation of our culture, our brand and our
business strategy. These Core Values embody who we are as a Company, guide our
decisions and inspire us to go forward.
INTEGRITY AND HONESTY RELATIONSHIPS RESPECT
We continue to be responsible, We seek to establish mutually We consistently seek to treat others as
ethical, sincere and transparent in beneficial, caring relationships based we want to be treated.
our thoughts and actions. on trust and the desire for mutual
success.
LOYALTY HARD WORK TEAMWORK
We are a family that cares for each Customer satisfaction pervades all We work as a team to meet our
other. our activities. We appreciate that common goals.
Customer’s satisfaction is
critical for our success.
COMMUNITY CONFIDENTIALITY INNOVATION
We embed ourselves in our As a bank company, our very existence Stimulating innovation to strengthen
communities and we take their needs depends on our ability to protect our business. The origin and
very seriously. We recognize our and guard our customers’ sensitive objectivity of change management is
responsibility to be active participants information. There is zero tolerance to achieve perfection and we believe
in our local communities. for any breach of confidentiality. change is always constant.
ACCOUNTABILITY PURSUE EXCELLENCE MAXIMIZATION OF
SHAREHOLDERS VALUE
We accept our individual and team We will build excellence by
responsibilities and we meet our challenging ourselves with courage Creation and Maximization of values
commitments. We take responsibility and confidence. We strive to inspire in for our shareholders.
for our performance in all our a fun environment where innovation
decisions and actions. thrives, mentoring is essential, and
our journey is celebrated. We strive
to provide a legendary experience
through our unrivaled service.
Jamuna Bank Limited 17
Strategic Approach & Objectives
Delivering customers’ desired products
Intensifying recovery of classified as well
and services to create true customers’
as written off loans.
value.
Adopting new technology to enhance
Bringing unbanked people into our
reach, improve efficiencies, fight financial
delivery channels.
crimes and enhance service excellence.
Focusing on export of both traditional and
Strengthening Risk Management
non-traditional items and remittance to
techniques and ensuring compliance
ensure a comfortable position of foreign
culture.
exchange all the time.
Ensuring organizational efficiency by
continuous improvement of human capital
Establishing the brand image as a growth
and motivation level, dissemination of
supportive and pro-customers’ bank.
information and thereby ensuring a very
congenial environment.
Doing businesses that have higher risk Hiring and retaining quality people with a
adjusted return. focus on reducing gender disparity.
Maximizing shareholders’ value at all Restructuring existing products and
times alongside ensuring a sustainable introducing new products to meet the
growth of the organization. demand of time and the target group.
Remaining aware and conscious about
Focusing on maintenance of assets quality
the environment and support the
rather than its aggressive expansion.
maintenance of a ‘green’ environments.
Pursuing CSR activities for our continued
Changing the deposit mix thereby support to future generation, distressed
reducing the cost of deposits. people and for advancement of under
privileged people of the country.
18
Annual Report 2022
Our Code of Conduct & Ethical Guidelines
SERVING CUSTOMERS
• We are fair and well-committed in serving the customers.
• We are keeping customers fully informed with all of our banking and financial product.
• We strictly adhere to the principle of integrity in all course of banking operations.
• We provide clear, understandable and accurate information to our customers within
the frame of mutual trust in all our services and operations, and perform our customer
services timely and completely;
• We maintain strict secrecy of customers’ accounts at all times unless asked by any
competent court or any other lawful authority;
• We understand and honor customer needs, as well as serve them impartially, promptly
and honestly.
SERVING STAKEHOLDERS
• We provide fair treatment to all stakeholders.
• We provide adequate disclosure of corporate and operational information results to
shareholders for taking suitable investment decision.
• We make utmost endeavor to maximize profit and increase payout ratio for the
stakeholders and giving best effort to maximize profit and manage the same ethically
and properly.
• Stable Dividend Policy.
• Equal treatment to all shareholders irrespective of their individual size of shareholding
• Maintenance of fairness and accuracy of financial reporting and records.
• Restrictions on insider trading
DEALING WITH OUR REGULATORS
• We strictly comply with applicable laws and regulations.
• We have a culture of timely compliance of regulatory requirements.
DEALING WITH OUR EMPLOYEES
• We are concerned about our employees and provide competitive compensation packages
to them.
• We ensure work under highly motivated team spirit and fellowship bond.
• Our employees follow Bank’s Code of Conduct.
• We abstain ourselves from any discrimination of ethnical origin, religion, financial and
social status, or gender in provision of their services;
• We take care of our employees health and safety.
• We maintain zero tolerance for any act of dishonesty.
• We are an equal employment opportunity provider.
DEALING WITH THE SOCIETY
• In all of our activities, we do not only target profitability, but also take pains in supporting
and sponsoring social and cultural events and activities in the light of the principles of
supervision of public benefits and respect to environment;
• We do not encourage projects which are not environment friendly.
• We extend financial assistance to poor, helpless and distressed people as well as provide
donation/sponsorships to sports, culture, health-care and community development
ventures.
Jamuna Bank Limited 19
Profile of Jamuna Bank Limited
Jamuna Bank Limited was incorporated as a public company in Bangladesh under Companies Act 1994 with the registered
office of the company at Jamuna Bank Tower, Plot-14, Block-C, Bir Uttam A.K Khandakar Road, Gulshan-1, Dhaka. The
Bank commenced its banking business with one branch from June 03, 2001 under the license issued by Bangladesh Bank:
Name of the Company Jamuna Bank Limited
Location of Headquarter/ Registered Address Jamuna Bank Tower, Plot-14, Block-C, Bir Uttam A.K Khandakar
Road, Gulshan-1, Dhaka, Bangladesh
Nature of Ownership & Legal Form Public Company Limited by Shares
Certificate of incorporation received April 02, 2001
Certificate of commencement of business April 02, 2001
Company Registration Number C-42780(2139)/2001
Bangladesh Bank License Number BRPD(P)744(81)/2001-1358, dated: 24.04.2001
Inauguration of Bank June 03, 2001
First Branch opening at Mohakhali, Dhaka June 03, 2001
Date of obtaining primary dealer license December 11, 2003
Initial Public Offering December 12, 2005
Listed with Dhaka Stock Exchange Limited April 12, 2006
Listed with Chittagong Stock Exchange PLC April 17, 2006
Obtained Off-Shore Banking License December 22, 2009
Issuance of Right Shares February 07, 2011
Number of Sponsors 20
Number of Directors 20 (including 4 independent directors)
Location of Operations/Market Served Bangladesh. Other markets are served through liaisons.
Number of branches 167
Number of SME centers 08
Number of Islami Banking Branches 02
Number of Sub-branches 106
Agent Banking Outlets 42
Number of ATMs 343
Off-shore Banking unit 01
Al-Ihsan Islami Banking Service Centers 167
Chairman of the Board of Directors : Mr. Md. Saidul Islam
Managing Director & CEO: Mr. Mirza Elias Uddin Ahmed
Chief Financial Officer: Mr. Uttam Kumar Saha FCA, FCS
Company Secretary: Mr. M. A. Rouf
Head of ICC: Mr. Mohammed Aminul Islam Mintu FCCA, ACA
COMPANY COMMUNICATION
Telephone +8809610005678
Hotline 16742
SWIFT JAMUBDDH
e-Mail [email protected]
Web www.jamunabankbd.com
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Annual Report 2022
Description of the organization’s activities
Jamuna Bank Limited (JBL) provides all types of support to trade, commerce, industry and overall business of the country.
JBL’s finances are also available for the entrepreneurs to set up promising new ventures and BMRE of existing industrial
units. Jamuna Bank Ltd. (JBL), the only Bengali named 3rd generation Private Commercial Bank, was established by a
group of local entrepreneurs who are well reputed in the field of trade, commerce, industry and business of the country.
The Bank offers both conventional and Islamic banking through designated branches. The Bank is being managed and
operated by a group of highly educated and professional team with diversified experience in finance and banking. The
Management of the bank constantly focuses on understanding and anticipating customers’ needs. Since the need of
customers is changing day by day with the changes of time, the bank endeavors its best to device strategies and introduce
new products to cope with the change. Jamuna Bank Ltd. has already achieved tremendous progress within its past 22
years of operation. The bank has already built up reputation as one of quality service providers of the country.
Bank’s Network in 8th Divisional Headquarters
Dhaka Division 82
Chattogram Division 32
Sylhet Division 5
Khulna Division 10
Rajshahi Division 17
Rangpur Division 12
Barishal Division 3
Mymensingh Division 6
167
Correspondent Banking Network
Region No. of RMA
Asia 594
Africa 11
Europe 188
North America 39
South America 7
Australia 28
Jamuna Bank Limited 21
Remittance Partner around the World:
Jamuna Bank are doing business with different renowned Money Transfer Companies/Exchange houses across the Globe such i.e.
NAME OF EXCHANGE HOUSE
Money Gram Payment System Inc (Global) Cash Plus co. (PTY) Limited, Seychelles
Western Union Money Transfer (Global) Redha Al Ansari Exchange, UAE
Ria Financial Services (Global) Worldwide West 2 East Services, (UK) (Global)
Placid NK Corporation - USA (Global) UAE Exchange Center, Kuwait
Mastercard Transaction Services US LLC (Global) NEC Money Transfer, UK, Europe
Instant Cash FZE (Global) Transfast Financial Services, SA-Spain, Europe
Al-Zaman Exchange, Qatar Terra Payment Services, Mauritius (Global)
Al Bader Exchange, UAE National Exchange Company S.R.L, Italy
Progoti Exchange Company, UAE Sunman Global Express Corp, USA
Al-Ansari Exchange (Global) KMB International Money Transfer, UK
Valutrans SPA Money Transfer, Italy & Germany EzRemit Money Transfer, Bahrain
Aftab Currency Exchange LTD, Europe
Scale of Organization
Total Assets Net Revenue
BDT 282.64 billion BDT 12.82 billion
Total number of employees
3782
Male Female
3093 689
Any significant variations in employment number No significant variation in 2022
% of employees covered by collective bargaining agreements No employees are covered under collective bargaining agreements
Total Capitalization Consolidated (Tk. in million) Solo (Bank) (Tk. in million)
Tier-I Capital (A) 20,755.93 20,845.52
Tier-II Capital (B) 10,242.31 10,175.87
Total Eligible Capital (A+B) 30,998.24 31,021.39
22
Annual Report 2022
SUBSIDIARIES
Jamuna Bank has two fully-owned subsidiaries
Jamuna Bank Capital Management Jamuna Bank Securities Limited
Limited (Merchant Bank) (Brokerage House)
• Chairman: Md. Sirajul Islam Varosha • Chairman: Md. Ismail Hossain Siraji
• Chief Executive Officer: Tanveer Reza • Chief Executive Officer: Mohammed Mozammel
• Address: Hadi Mansion (3rd Floor), 2 Dilkusha Hoque
C/A, Dhaka • Address: Chinishilpa Bhaban (2nd Floor), 3
Dilkusha C/A, Dhaka-1000
Jamuna Bank Capital Management Limited (JBCML)
Jamuna Bank Capital Management Limited (JBCML), a fully owned subsidiary of Jamuna Bank Limited, is a renowned
Investment Bank in Bangladesh with a paid-up capital of BDT 1,000.00 million. The Company was incorporated on 23rd
December, 2009 and received full-fledged Merchant Banking Registration Certificate from BSEC on 29th November, 2010.
JBCML has been carrying out the business as a full-fledged merchant banking activities since 2011 having expertise in
Portfolio Management, Issue Management, Underwriting of Public Issue of Shares, Corporate Advisory, Securities Laws,
Compliance Issues etc.
The Authorized Capital and Paid up capital of the company is Tk.300.00 crore (Taka three hundred crore) and Tk.100.00
crore (Taka one hundred crore) respectively.
Jamuna Bank Securities Limited (JBSL):
Jamuna Bank Securities Limited (JBSL) is a full-fledged Stock Dealer & Stock Broker licensed under the Bangladesh
Securities and Exchange Commission. It is operating both of the Stock Exchanges of Bangladesh named Dhaka Stock
Exchange Limited (DSE) [TREC No. DSE-255] and Chittagong Stock Exchange PLC (CSE) [TREC No. CSE-147]. JBSL is one
of the subsidiary companies of Jamuna Bank Limited.
The main objective of JBSL is to provide stock broking services to its individual or institutional clients by way of taking
buy/sale order from the clients and try to fill them at the best possible prices. As a dealer JBSL do buy/sale of securities
for its own account as a part of its own business.
The Authorized Capital and Paid up capital of the company is Tk.100.00 crore (Taka one hundred crore) and Tk.40.00
crore (Taka forty crore) respectively.
OTHER CONCERN
Jamuna Bank Foundation (JBF)
Jamuna Bank Foundation (JBF) is a non-profit & charitable
organization which has been serving since 2007 with the
objective of administering CSR activities of the Bank in a
planned and integrated way. Since its inception, JBF has
been contributing to the underprivileged segment of the
society with variety of CSR activities across the Country in Jamuna Bank Foundation
a more systematic, structured and sustainable manner. In
recognition, UK-based “The Global Economics” awarded • Chairman: Al-Haj Nur Mohammed
Jamuna Bank Ltd. with the “Best CSR Bank” award for 02 (two) • Address: House# 113 (3rd Floor), Road# 9/A (new),
consecutive times 2021 & 2022. “The Global Economics” also Dhanmondi, Dhaka
awarded Al-Haj Nur Mohammed, Chairman, Jamuna Bank
Foundation as “Best CSR Personality” for his outstanding
contributions towards Corporate Social Responsibility (CSR)
for the year 2022.
Jamuna Bank Limited 23
BOARD OF DIRECTORS
Chairman Mr. Md. Saidul Islam
Directors Engr. A. K. M. Mosharraf Hussain
Engr. Md. Atiqur Rahman
Mr. Gazi Golam Ashria
Mr. Fazlur Rahman
Al-Haj Nur Mohammed
Mr. Robin Razon Sakhawat
Mr. Redwan-ul Karim Ansari
Mr. Md. Belal Hossain
Mr. Md. Mahmudul Hoque
Mr. Shaheen Mahmud
Mr. Md. Sirajul Islam Varosha
Mr. Kanutosh Majumder
Mr. Md. Ismail Hossain Siraji
Mr. Gazi Golam Murtoza
Mr. Md. Hasan
Independent Directors Mr. Md. Abdur Rahman Sarker
Mr. Md. Humayun Kabir Khan
Mr. Md. Abdul Jabber Chowdhury
Mr. M. Murshidul Huq Khan
Managing Director & CEO Mr. Mirza Elias Uddin Ahmed
24
Annual Report 2022
COMMITTEES OF THE BOARD OF DIRECTORS
Executive Committee Engr. A. K. M. Mosharraf Hussain, Director Chairman
Engr. Md. Atiqur Rahman, Director Member
Al-Haj Nur Mohammed, Director Member
Mr. Md. Mahmudul Hoque, Director Member
Mr. Shaheen Mahmud, Director Member
Mr. Md. Sirajul Islam Varosha, Director Member
Mr. Kanutosh Majumder, Director Member
Audit Committee Mr. Md. Abdur Rahman Sarker, Independent Director Chairman
Mr. Gazi Golam Ashria, Director Member
Mr. Robin Razon Sakhawat, Director Member
Mr. Md. Ismail Hossain Siraji, Director Member
Mr. Md. Abdul Jabber Chowdhury, Independent Director Member
Risk Management Committee Mr. Md. Hasan, Director Chairman
Mr. Md. Saidul Islam, Chairman (Board) Member
Mr. Redwan-ul Karim Ansari, Director Member
Mr. Md. Belal Hossain, Director Member
Mr. Gazi Golam Murtoza, Director Member
SHARI’AH SUPERVISORY COMMITTEE
SHARI’AH SUPERVISORY Dr. Saikh Muhammad Mahadi Hasan Chairman
COMMITTEE Mr. Mawlana Abdur Razzak Member
Hafez Mawlana Mufti Ruhul Amin Member
Hafez Mawlana Prof. Dr. Shahidul Islam Barakati Member
Dr. Ahmadullah Trishali Member
Dr. Md. Anwar Hosain Molla Member
Mr. Mirza Elias Uddin Ahmed Ex-Officio Member
OUTSIDE SERVICE FIRMS
Auditors Credit Rating Agency Legal Advisors
M/s. Shafiq Basak & Co., Credit Rating Agency of Bangladesh Ltd. Habibul Islam Bhuiyan
Chartered Accountants (CRAB) Senior Advocate
Shatabdi Centre (6th & 8th Floor) D H Tower, 6 Panthapath, Bhuiyan Islam & Zaidi
292, Inner, Toyenbee Circular Road Level 15, Dhaka 1215 House # 29, Road # 9/A, Dhanmondi R/A
Fakirapool, Motijheel, Dhaka Dhaka-1209
MEMBERSHIP
1. Dhaka Stock Exchange Limited 17. Bangladesh-Malaysia Chamber of Commerce & Industry
2. Chittagong Stock Exchange PLC (BMCCI)
3. Association of Bankers Bangladesh 18. Bangladesh-Thai Chamber of Commerce & Industry
4. Dhaka Chamber of Commerce & Industry (DCCI) (BTCCI)
5. Institute of Bankers Bangladesh (IBB) 19. Bankers Almanac
6. Primary Dealers Bangladesh Ltd.(PDBL) 20. Canada Chamber of Commerce & Industry (Cancham)
7. Bangladesh Association of Banks (BAB) 21. Dutch-Bangla Chamber of Commerce & Industry (DBCCI)
8. Bangladesh Association of Publicly Listed Companies 22. French-Bangladesh Chamber of Commerce & Industry
9. Bangladesh Institute of Bank Management (BIBM) (CCIFB)
10. Bangladesh Money Market Dealer’s Association (BAMDA) 23. India-Bangladesh Chamber of Commerce & Industry
11. Bangladesh Foreign Exchange Dealers Association (IBCCI)
(BAFEDA) 24. Japan-Bangladesh Chamber of Commerce & Industry
12. Central Shariah Board for Islamic Banks Of Bangladesh (JBCCI)
13. American Chamber of Commerce In Bangladesh 25. Korea-Bangladesh Chamber of Commerce & Industry
(Amcham) (KBCCI)
14. Bangladesh Garment Manufacturers & Exports 26. Swift Member & User Group of Bangladesh
Association 27. Turkey-Bangladesh Chamber of Commerce & Industry
15. Bangladesh German Chamber of Commerce & Industry (TBCCI)
16. Bangladesh-China Chamber of Commerce & Industry 28. Kurmitola Golf Club, Dhaka Cantonment
(BBCCI)
Jamuna Bank Limited 25
26
Annual Report 2022
Group Corporate Structure
Jamuna Bank Limited
Subsidiary
Main Operations Other Concern
Companies
Conventional Jamuna Bank Jamuna Bank
Banking Securities Ltd. Foundation
Jamuna Bank Capital
Islami Banking
Management Ltd.
Off-Shore
Branchless
Banking
Banking
Alternative
Delivery Channel
Agent
Banking
Jamuna Bank Limited 27
Corporate Organogram
Board of Directors
Audit Committee Executive Committee Risk Management
Committee
Managing Director &CEO
Audit Inspection
Department
Company
Secretary
Share Division Board
Secretariate
SEVP DMD & CBO
Corporate
CAD Banking Division
Monitoring International
Division Division
Retail Banking
Division
Law & Recovery
Division
TFPC
Marketing &
Development Division
Offshore
Banking Unit
NRB Banking & Foreign
Remittance Division
Agent Banking
Division
PR & Brand
ICCD HRD Treasury Front Office
Communication Division
28
Annual Report 2022
Shariah Supervisory
Committe
HOCRC MANCOM ERMC ALCO SMT
DMD & CITO SEVP & CRO CFO
ICT Division CRM FAD
ML & TFPD & SME Banking
GCSD
CAMLCO Division
Treasury Risk Management
BOD
Back Office Division
Card Division Sustainable CMOD
Finance Unit
ADC Division Agricultural Unit
MIS Division Islami Banking
Division
Sustainable
JBTA MD s Secretariate
Finance Committee
Sustainable
Finance Unit
Jamuna Bank Limited 29
Product and Services
We offer a wide range of products and services that help our valued clients achieve their goal. Jamuna Bank has many
years of experience across the full range of banking products and services. We are working with our respected clients to
provide the right mix of products and guidance to help their business flourish.
Conventional Deposit Product
Transactional Accounts • Mudaraba Education Deposit Scheme
• Current Deposit (CD) Account • Mudaraba Hajj Deposit Scheme
• Short Notice Deposit (SND) Account • Mudaraba Marriage Deposit Scheme
• Savings Bank (SB) Account • Mudaraba Millionaire Deposit Scheme
• Special Savings Bank Account • Mudaraba Monthly Benefit Deposit Scheme
• Resident Foreign Currency Deposit (RFCD) Accounts • Mudaraba Rural Deposit Scheme
• Mudaraba Pension Deposit scheme
Fixed Deposit Receipts • Mudaraba Car Deposit scheme and
• Double Growth Deposit Scheme • Other Mudaraba Deposit Schemes.
• Triple Growth Deposit Scheme
• Monthly Benefit Scheme (MBS) Deposit Schemes for NRB
• NRB Monthly Savings Scheme
Deposit Schemes • NRB Monthly Benefit Scheme
• Lakhpati Deposit Scheme • NRB Double Growth Benefit Scheme(DBS)
• Millionaire Deposit Scheme • NRB Triple Growth Benefit Scheme (TBS)
• Kotipati Deposit Scheme • NRB Kotipoti Deposit Scheme
• Monthly Benefit Scheme • NRB Millionaire Deposit Scheme
• Marriage Scheme • NRB Monthly pension Deposit Scheme
• Pension Deposit Scheme • NRB Pension Term Deposit Scheme
• Educational Scheme • NRB Home travel Deposit Scheme
• Rural Deposit Scheme • NRB Property Deposit Scheme(Land/Apartment)
• NRB Wage Earners Deposit Scheme
Others • NRB Home Car Deposit Scheme
• Grihini Savings Account • NRB Education Saving Scheme
• Student Savings Account • NRB Student deposit Scheme
• JBL School Account • NRB Women/ Housewife Deposit Scheme
• Senior Citizen Savings Account • NRB Future Plan Deposit Scheme
• NRB Advance Earning Deposit Scheme
Islami Banking Mode
• Al-wadee`ah Current Deposit Investment Facilities for NRB
• Mudaraba Short Notice Deposit • US Dollar Premium Bond.
• Mudaraba Savings Deposit • US Dollar Investment Bond.
• Mudaraba Term Deposit Receipt • Government Treasury Bond (5, 10, 15, 20 Years).
• Treasury Bills (91, 181, 365 Days).
Major Scheme Deposits • Wage-Earners Development Bond.
• Mudaraba Monthly Savings Deposit Scheme • Non Resident Investors Taka A/C (NITA) –Share
• Mudaraba Crorepoti Deposit Scheme Investment.
• Mudaraba Lakhopoti Deposit Scheme
For more information
• Mudaraba Double/Triple Growth Deposit Scheme
please visit www.jamunabankbd.com
Annual Report 2022
Corporate Loan Products Islami Banking Investment ProductS
JBL Corporate Banking offers a wide range of financial • Bai-Muazzal
solutions through both Conventional and Islamic Banking • Bai-Muazzal-SME
products that include- • Quard
9 Short Term Finance • Quard (PO) under SME
• CC (Hypo) • Hire Purchase under Shirkatul Melk (HPSM)
• CC (Pledge) • Murabaha Import Bill (MIB)
• SOD (General) • Murabaha Import Bill (EDF)-USD
• SOD (FDR) • Murabaha Post Import (MPI)
• SOD (Financial Obligation) • Murabaha Post Import –TR (MPI-TR)
• SOD (Special Scheme) • Local Documentary Bill Purchased (LDBP)
• SOD (Share) • Foreign Documentary Bill Purchased (FDBP)
• Time Loan
For more information
9 Term Finance please visit www.jamunabankbd.com
• Term Loan
• Real Estate Finance
• Lease Finance
9 Work Order Finance
• Bid-Bond
• SOD (Pay Order)
• Performance Guarantee (PG)
• Advance Payment Guarantee (APG)
• SOD (Work Order)
• Security Bond (Payment Guarantee)
• Guarantee against Counter Guarantee of Other
Bank/NBFI (Foreign or Local)
Import Finance/Trade Finance
9 Post Import Finance
• Loan against Trust Receipt
• Time Loan
• LIM
9 Export Finance
• Back-to-Back Letter of Credit
• Packing Credit
• Overdraft
• Foreign Documentary Bill Purchase (FDBP)
• Local Documentary Bill Purchase (LDBP)
9 Structured Finance
• Loan Syndication
• Project Finance
Jamuna Bank Limited 31
Retail Loan Product
• Jamuna Homes • Doctors Loan
• Auto Loan • Education Loan
• Personal Loan • Moto Cycle Loan for Female Students
• Any Purpose Loan • Overseas Job Loan
• Salary Loan • Secured Over Draft (SOD)
Jamuna Homes Auto Loan
Purpose: Construction/Purchase of Flat/Apartment/ Purpose:
House Apartment Renovation / Extension / Completion • To procure brand new/reconditioned Personal
Taking Over & Renovation / Construction. Transport, of age not more than 5 years.
Minimum Income: Minimum Income: Tk.25,000.00 to • The Vehicle should have maximum 10(ten) seats.
Tk.40,000.00 depending on the type of profession of the • Model year is in the limit of 5 year.
applicant. Minimum Income: Net Income should be at least Tk.
Loan Size: Minimum 5.00 Lac, Maximum Tk. 120.00 40,000/- per month. The customer must have sufficient
Lac. net cash flow to repay the loan instalments regularly.
Loan to price: Regulated by Bangladesh Bank from Loan Size: Minimum 5.00 Lac Maximum Tk. 40.00 Lac.
time to time. Maximum 70:30. Maximum Term of Loan: 5 years.
Maximum Term of Loan: 20 years.
Personal Loan Any Purpose Loan
Purpose: Any lawful purpose. Purpose: For construction & renovation of residential
Minimum Income: Net Income should be at least Tk. house/building and purchase of Flat/Apartment & any
40,000/- per month lawful purpose.
Loan Size: Minimum 2.00 lac and Maximum Tk. 20.00 Minimum Income: Net Income should be at least Tk.
Lac. 40,000/- per month.
Maximum Term of Loan: 5 years. Loan Size: Minimum 2.00 Lac and Maximum Tk. 50.00
Lac.
Maximum Term of Loan: 10 years.
For more information
please visit www.jamunabankbd.com
Annual Report 2022
Education Loan Doctors Loan
Pre-qualification: The applicant must have (a) Chatro- Purpose:
Bondhu Account (EL-19) or (b) Overseas Student File or Educational Expenses, Office Equipment, Medical
(c) Overseas Scholarship/University Acceptance. Equipments Purchase, Professional Equipment
Purchase, Commercial/Office/Chamber Space
Parents/Guardians/Guarantors Qualification:
Purchase/, Renovation/Decoration, Office Decoration,
Guarantor having sufficient net cash flow to deposit
Equipments, Electronics items purchase.
instalments regularly. Parent/Guardian/Guarantor who
Nationality & Age Limit:
are eligible shall be referred to as Guarantor.
• Bangladeshi by birth.
Purpose: Student supposed to bear (1) Tuition Fees • Minimum age 25 years / Maximum age 60 years.
(2) Living Cost (3) Other Educational Expenses (4) • Loan tenor shall not exceed 65 years of age.
Consultants Fee (5) Visa Processing fees (6) Traveling Minimum Income:
Cost (7) Document/Other verification Fees (8) Purchase Net Income should be at least Tk. 30,000/- per month.
of Educational Equipments/Gadget (9) any other cost Loan Size:
not stated above but acceptable to the bank. Minimum 2.00 lac and Maximum Tk. 50.00 lac.
Minimum Income: Gross Monthly Income of the Maximum Term of Loan: 5 years
Customer/Guarantor should be at least Tk. 30,000/- per Rate of Interest: As determined by the bank from to
month. The Customer/Guarantor must have sufficient time.
net cash flow to repay the loan instalments.
Loan Size: Minimum 1.00 Lac Maximum Tk. 10.00 Lac
Maximum Term of Loan: 4 years
Salary Loan
Purpose: Any lawful purpose.
Minimum Income: Net Income should be at least Tk.
15,000/- per month.
Loan Size: Minimum 1.00 lac and Maximum Tk. 8.00 lac
Or 12 times of gross salary, which ever is lower.
Maximum Term of Loan: 5 years.
For more information
please visit www.jamunabankbd.com
Jamuna Bank Limited 33
SME Financing
• Jamuna Swabolombi (Term Loan) New Products
• Jamuna Sommriddhi (Term Loan backed by 25% • Jamuna Distributor Finance
Cash Collateral) • Jamuna Factoring
• Jamuna Chalantika [Composite of Term & CC (Hypo) • Jamuna Utshob
Loan] • Jamuna Suchona
• Jamuna Nari Uddogh (Special product for women • Jamuna Griho
entrepreneur) • Jamuna Bahon
• Jamuna Shachhondo (Term Loan & SOD) • Jamuna Kutir
• SOD (General) under SME (Over draft) • Jamuna Swapno
• Jamuna Jantrik (Lease Finance) • Jamuna Payment Guarantee under SME
• Jamuna Bonik (LC & LTR)
• Jamuna NGO Shohojogi (Term Loan to NGOs)
• Jamuna Green (Funded & Non Funded facility)
• Bai-Muazzal for Jamuna Swabolombi (Term
Investment)
• Bai-Muzzal for Jamuna Sommriddhi (Term
Investment)
• Bai Muazzal Commercial (SME) (Continuous
Investment)
Jamuna Swabolombi Jamuna Sommriddhi
Sector Sector
• Small & Medium Enterprise • Small & Medium Enterprise
Purpose Purpose
• Any justifiable business purpose. • Any justifiable business purpose.
Key Features Key Features
• Loan Amount : Max. Tk.25.00 lac • Loan Amount : Max. Tk.100.00 lac
• Tenure : Max. 36 months • Tenure : Max. 48 months
• Convenient EMI • Convenient EMI
• Fast and quality service • Fast and quality service
• No hidden charges • No hidden charges
• Collateral free loan. • 25% cash collateral of the loan amount to be required
Eligibility as security.
• Having business experience at least 2 years in the Eligibility
same line • Having business experience at least 2 years in the
• Age limit : 25 years to 65 years same line.
• All relevant documents of the business • Age limit : 25 years to 65 years
• All relevant document of the business
Annual Report 2022
Jamuna Jantrik Jamuna Nari Uddog
Sector: Micro, Small & Medium Enterprise Sector: Micro, Small & Medium Enterprise
Purpose: To purchase capital machineries Purpose: Any justifiable business purpose.
Key Features Key Features
• Loan Amount : Max. Tk.200.00 lac • Loan Amount : Max. Tk.50.00 lac
• Tenure : Max. 60 months • Tenure : Max. 48 months
• Convenient EMI • Convenient EMI
• Equity ratio : 70 : 30 • Fast and quality service
• Fast and quality service • No hidden charges
• No hidden charges • Personal Guarantee as security
• Personal Guarantee Eligibility
Eligibility • Having business experience at least 2 years in the
• Having business experience at least 2 years in the same line.
same line • Age limit : 25 years to 60 years
• Age limit : 25 years to 65 years • All relevant documents of the business
• All relevant documents of the business
Jamuna Chalantika Jamuna NGO Shohojogi
Sector: Micro, Small & Medium Enterprise Sector: Small & Medium sized NGOs
Purpose: Working Capital requirement & other business Purpose: To refinance in the profitable cottage, micro &
needs small enterprise.
Key Features Key Features
• Loan Amount : Max. Tk.500.00 lac • Loan Amount : Max. Tk.500.00 lac
• Mode of Loan : CC (Hypo) & Term loan • Tenure : Max. 60 months
• Tenure : For CC (Hypo) : 12 months (renewable), • Convenient EMI
Term loan : Max. 60 months • Fast and quality service.
• Convenient EMI • No hidden charges.
• Fast and quality service • Collateral security to be required.
• No hidden charges Eligibility
• Collateral security to be required. • At least 8 years experience with satisfactory track
Eligibility record.
• Having business experience at least 2 years in the • The NGO must be enlisted with NGO affairs bureau
same line. and related with other government organizations.
• Age limit : 25 years to 65 years • Satisfactory credit rating
• All relevant documents of the business • All relevant documents of the concerned NGO
Jamuna Bank Limited 35
Jamuna Green Jamuna Shachchondo
Sector: Small & Medium Enterprise Sector: Micro, Small & Medium Enterprise
Purpose: To facilitate establishment of eco friendly Purpose: Any justifiable business purpose.
projects. Key Features
Key Features • Loan Amount : Max. Tk.50.00 lac
• Loan Amount: Max. 300.00 lac. • Mode of Loan : SOD (FO) & Term loan
• Tenure: Max. 60 months. • Tenure : For SOD : 12 months (renewable) & Term
• Interest Rate: Competitive interest rate. loan : 48 months
• Fast and quality service. • Convenient EMI
• No hidden charges. • Fast and quality service
Eligibility • No hidden charges
• Having business for at least 2 years in the same line. • 25% cash collateral of loan amount to be required.
• Age Limit: 20 years to 60 years. Eligibility
• Having business experience at least 2 years in the
same line
• Age limit : 25 years to 65 years
• All relevant documents of the business
SME New Products:
Jamuna-Distributor finance under SME Jamuna Factoring [Accounts Receivables
Finance] under SME
Sector: Micro & Small Enterprise
Purpose: To purchase goods favoring distributors from Sector: Micro & Small Enterprise
reputed companies. Purpose: To meet up short term cash requirement of the
Key Features business.
• Loan Amount : Max. Tk.500.00 lac Key Features
• Mode of Loan : Revolving Short term loan • Loan Amount : Max. Tk.500.00 lac
• Tenure : 12 months (renewable) • Tenure : 12 months (renewable)
• Fast and quality service • Fast and quality service
• No hidden charges • No hidden charges
• 25% cash collateral to be required up to loan amount • Personal guarantee.
of Tk.100.00 lac. • Assignment of bills/receivables from buyer.
Eligibility Eligibility
• Having business experience at least 2 years in the • Having business experience at least 2 years in the
same line same line
• Age limit : 25 years to 65 years • Age limit : 25 years to 65 years
• All relevant documents of the business • All relevant documents of the business
Annual Report 2022
Jamuna Utshob Jamuna Shuchona
Sector: Micro, Small & Medium Enterprise Sector: Micro, Small & Medium Enterprise (Trading &
Service related business)
Purpose: To meet up additional/seasonal working capital
requirement. Purpose: To meet up working capital requirement.
Key Features Key Features
• Loan Amount : Max. Tk.200.00 lac • Loan Amount : Max. Tk.500.00 lac
• Tenure : 11 months (case to case) For Limit : 12 • Mode of Loan : OD (General) & Term loan
months (renewable) • Tenure : For OD : 12 months (renewable), Term loan
• Fast and quality service : Max. 60 months
• No hidden charges. • Fast and quality service
• Personal guarantee. • No hidden charges
• 25% cash collateral to be required for amount up to • Collateral security to be required.
Tk.50.00 lac (Case to case).
Eligibility
Eligibility • Having business experience at least 2 years in the
• Having business experience at least 2 years in the same line
same line • Age limit : 25 years to 65 years
• Age limit : 25 years to 65 years • All relevant documents of the business.
• All relevant documents of the business
Jamuna Griho Jamuna Bahon
Sector: Micro & Small Enterprise Sector: Micro, Small & Medium Enterprise
Purpose: To build up semi-pucca building / renovation to Purpose: To purchase new/recondition vehicle for
the owner of land wherein garments worker or labor for commercial /business/official use.
other manufacturing industries will be tenant.
Key Features
Key Features • Loan Amount : Max. Tk.100.00 lac
• Loan Amount : Max. Tk.100.00 lac • Tenure : Max. 60 months
• Mode of Loan : Term loan • Equity ratio : 60 : 40
• Tenure : Max. 60 months • Convenient EMI
• Maximum 6 months grace period • No hidden charges
• Convenient EMI • Personal Guarantee
• No hidden charges • Registration of vehicle in favor of the Bank.
• Collateral security to be required.
Eligibility
Eligibility • Having business experience at least 2 years in the
• Having business experience at least 2 years in the same line
same line • Age limit : 25 years to 65 years
• Age limit : 25 years to 65 years • All relevant documents of the business
• All relevant document of the business
Jamuna Bank Limited 37
Jamuna Kutir Jamuna Swapno
Sector: Only for Cottage industries Sector: Only for Micro Enterprise
Purpose: Any justifiable business purpose Purpose: Any justifiable business purpose
Key Features: Key Features
• Loan Amount : Max. Tk.15.00 lac • Loan Amount : Max. Tk.15.00 lac
• Tenure : Max. 36 months • Tenure : Max. 36 months
• Convenient EMI • Fast and quality service
• Fast and quality service • Convenient EMI
• No hidden charges • No hidden charges
• Personal guarantee. • Personal guarantee
Eligibility: Eligibility:
• Having business experience at least 2 years in the • Having business experience at least 2 years in the
same line same line
• Age limit : 25 years to 65 years • Age limit : 25 years to 65 years
• All relevant documents of the business • All relevant document of the business
Jamuna Payment Guarantee under SME • Minimum margin
Sector: Micro, Small & Medium Enterprise • No hidden charges
Purpose: To issue payment guarantee on behalf of the • Personal guarantee
borrowers. Eligibility
Key Features: • Having business experience at least 2 years in the
• Guarntee Amount : Max. Tk.200.00 lac same line
• Tenure : Max. 12 months • Age limit : 25 years to 65 years
• Fast and quality service • All relevant documents of the business
Agriculture Loan
Crop Loan Pisciculture Loan Livestock Loan Agricultural & Irrigation
equipments Loan
Nursery & Horticulture Crop Warehouse & Loan for Poverty alleviation Other term loan activities
Loan Marketing Loan activities
Annual Report 2022
Jamuna Bank Card
• VISA Electron Payroll Debit Card New Product
• VISA Debit Card • Pre-paid card for youngsters, freelancer &
• VISA Local Classic Credit Travelers. To apply online visit https://onlinecard.
• VISA Local Gold Credit Card jamunabankbd.com/
• VISA Duel Currency Gold Credit Card • Introduced ‘Green PIN’ (paperless PIN generation
• RFCD Credit Card solution).
• Exporter Retention Quota (ERQ) Credit Card • Introduced Credit card transaction E-alert (Email
• VISA Platinum Credit Card alert).
• VISA Signature Credit Card • Introduced an online credit card proposal data entry
• VISA Co-Branded Platinum Credit Card (Only for system.
Gulshan Club members) • Introduced a Credit Card proposal tracking system.
• VISA Signature Credit Card
• VISA Prepaid Card
For more information
please visit www.jamunabankbd.com
Jamuna Bank Capital Management Limited
Margin Loan Discretionary Corporate Advisory Issue Management Underwriting
Portfolio
Management
Jamuna Bank Securities Ltd.
Trade execution Internet based Online based IPO CDBL Services Research and
trading facilities Application Advisory Services
Jamuna Bank Limited 39
Jamuna Chronicles
Year 2001 to Year 2010-
Year 2008 Year 2009
2007 2015
April 02, 2001 October 16, 2008 June 15, 2009 June 13, 2010
Incorporation of the Company Space purchased for Launching of SME Division Increased Authorised Share
establishing Corporate Head Capital to BDT 1000.00 Crore
April 02, 2001 Office at Gulshan July 29, 2009
Certificate of Commencement of Launching of first SME/Agri December 05, 2010
Business April 01, 2008 Branch Issuance of Rights Shares
Launching of JBL VISA Card
April 24, 2001 December 22, 2009 December 25, 2010
Banking License issued by March 31, 2008 Obtained Off Shore Banking Establishment of Jamuna Bank
Bangladesh Bank Incorporation of Jamuna Bank License Model Village at Singpara,
Foundation (JBF) Thakurgaon
June 03, 2001 December 23, 2009
Commencement of Business Incorporation of Jamuna Bank February 07, 2011
from the Mohakhali Branch Capital Management Limited Incorporation of Jamuna Bank
(Merchant Bank) Securities Limited (Brokerage
October 01, 2003 House)
Launching of 1st ATM Both at
Dhanmondi Branch April 10, 2011
Started commercial operation
October 21, 2003 of Jamuna Bank Capital
Registered as Depository Management Limited (Merchant
Participant (Custody Bank)
Participant) of CDBL
November 11, 2011
October 25, 2003 Laid foundation stone of Jamuna
First Islami Banking Branch Bank Medical College & Hospital
opened at Nayabazar
December 31, 2012
December 11, 2003 Launched 100th no. ATM at
Licensed issued from the Fakirapool, Dhaka
Bangladesh Bank as Primary
Dealer February 18, 2013
Started commercial operation of
March 28, 2004 Jamuna Bank Securities Limited
First Dividend Declaration for (Brokerage House)
Income Year 2003 @ 10% Stock
December 31, 2014
December 12, 2005 Launching of Mobile Financial
Initial Public Offering Services (‘Jamuna Bank Sure
April 12, 2006 Cash’)
Listed with Dhaka Stock May 31, 2015
Exchange Obtained Permission for
April 17, 2006 issuance of Subordinated Bond
Listed with Chittagong Stock for Tk.2,000 Million
Exchange November 10, 2015
September 09, 2007 Introduced EMV Chip Card, VISA
Increased Authorized Share Platinum Card.
Capital To BDT 400.00 Crore December 17, 2015
Opening of 100th Branch of
Bank at Pirgacha, Rangpur
Annual Report 2022
Year 2018 to
Year 2017 Year 2021 Year 2022
2020
October 05, 2017 January 0, 2018 April 16, 2021 January 09, 2022
Introduced Intelligent Queue Establishment of 1st Digital Received the “Best CSR Bank Dhaka Wasa awarded Jamuna
Management System (iQMS) at Banking Center “Jamuna Bank 2021” award in Bangladesh for Bank Limited with the
Banani Branch of the Bank Speed” at Mirkadim Bazar, the year 2021, awarded by UK recognition of being one of the
Munshigonj based “The Global Economics” highest bill-collecting banks in
February 16, 2017 in Dubai, UAE. the financial year 2020–21.
Establishment of “Jamuna September 25, 2018
Bank Institute of Information, Launched mobile financial September 01, 2021 March 15, 2022
Communication & Technology” application “JUSTPAY”. Obtainment of Trading Right Inauguration of Electronic KYC
Entitlement Certificate (TREC) (e-KYC) Platform
November 01, 2018 of Dhaka Stock Exchange
Establishment of Jamuna Bank Limited (DSE) in favor of Jamuna April 19, 2022
Foundation Dialysis Center at Bank Securities Ltd. Inauguration of the TIA-942
Shantinagar, Dhaka Standard Tier-3 Data Center at
December 15, 2021 Bank’s Head Office, Gulshan-1,
December 26, 2019 Affiliation of Jamuna Foundation Dhaka
Obtained Bangladesh Bank Nursing College and obtainment
approval for conducting Agent of administrative approval for April 21, 2022
Banking Services launching of 04 years BSc in Inauguration of “Anindya
Nursing Course and 02 years Majumder Call Center” at MHB
June 21, 2020 Bhaban, 94 Mohakhali, Dhaka.
Shifting of Head Office to Bank’s Post-Basic BSc in Nursing
own building at Jamuna Bank Course. June 02, 2022
Tower, Gulshan-1, Dhaka Inauguration of “Jamuna Bank
Foundation Physiotherapy
October 20, 2020 Center” at MHB Bhaban (11th
Establishment of Jamuna Bank floor), 94 Mohakhali, Dhaka.
Foundation Dialysis Center
Laksham Unit, Laksham, June 16, 2022
Cumilla Inauguration of “Jamuna
Bank Foundation Complex at
Mohammadpur, Dhaka
June 25, 2022
Involvement of Jamuna Bank
Limited in Managing the toll of
Padma Bridge
June 28, 2022
UK based “The Global
Economics” awarded Jamuna
Bank Ltd as “Best CSR Bank
2022” in Bangladesh for the year
2022.
UK based “The Global
Economics” also awarded Al-Haj
Nur Mohammed, Chairman,
Jamuna Bank Foundation as
“Best CSR Personality” for his
outstanding contributions
towards Corporate Social
Responsibility (CSR) in
Bangladesh.
August 08, 2022
Jamuna Bank Securities Limited,
a fully owned subsidiary
company of Jamuna Bank
Limited started its share trading
activities under Dhaka Stock
Exchange Limited (DSE TREC#
255)
December 28, 2022
Jamuna Bank Ltd unveiled
its first ever Independent
Sustainability Report-2021, at
its Corporate Head Office with
the slogan “Thriving forward
Through Green Initiatives”.
Jamuna Bank Limited 41
Awards &
Recognitions
UK-based “The Global Economics” awarded Jamuna Bank Limited as “Best
CSR Bank” in Bangladesh consecutively for the years 2021 and 2022.
Best CSR Bank-2022
UK based “The Global
Economics” awarded
Jamuna Bank Limited
as “Best CSR Bank” in
Bangladesh for the year
2022 in “The Annual Global
Economics Awards 2022”
Best CSR Bank-2021
UK based “The Global
Economics” awarded
Jamuna Bank Limited
as “Best CSR Bank” in
Bangladesh for the year
2021 in “The Annual Global
Economics Awards 2021”
2021
Jamuna Bank Limited has been awarded Certificate of Merit by Dhaka WASA awarded one of the Best Banks for collecting
ICAB for the Best Presented Annual Reports 2021 in the Private bill in the financial year 2020-2021. Md Tazul Islam, Minister
Sector Banking Organizations. for Local Government, Rural Development and Cooperatives
handed over the certificate and crest to Managing Director &
CEO of the Bank Mirza Elias Uddin Ahmed.
42
Annual Report 2022
Jamuna Bank Limited awarded the best “Primary Dealer Bank” for the
31st times by Bangladesh Bank for its outstanding performance.
Relationship Award Partnered Recognition Relationship Award Gold Trade Award-2017 Gold Trade Award-2014
2022 Received from Award for Jamuna 2017 Received from from COMMERZBANK from COMMERZBANK
CaixaBank SA, Spain Bank’s 10 Years CaixaBank SA, Spain for excellent for excellent
Anniversary by Caixa
SA, Spain
COMMERZBANK Trade Crest from Trans-Fast Crest from Money Gram Best Performing Bank Best Supporting Bank
Award-2013 Remittance LLC Payment System Inc. Award 2015-16 from for the year 2013-14
ICICI Bank from ICICI Bank
16th ICAB National 14th ICAB National 13th ICAB National 12th ICAB National 11th ICAB National
Awards for best Awards for best Awards for best Awards for best Awards for best
presented Annual presented Annual presented Annual presented Annual presented Annual
Report 2015-Certificate Report 2013-Certificate Report 2012-Certificate Report 2011-Certificate Report 2010-Certificate
of Merit of Merit of Merit of Merit of Merit
Tax award for the Tax award for the Tax award for the
assessment year 2009- assessment year 2010- assessment year 2011-
2010 2011 2012
Jamuna Bank Limited 43
44
Annual Report 2022
Reception of new Chairman of Board of
Directors of Jamuna Bank Ltd.
Mr. Md. Saidul Islam was elected as the Chairman of the Board of Directors of Jamuna Bank Limited on April 27, 2023.
Al-Haj Nur Mohammed, the former chairman welcomed the new Chairman Mr. Md. Saidul Islam with flowers. Mr. Md.
Tazul Islam, father of Mr. Md. Saidul Islam & honorable Minister, Ministry of Local Government, Rural Development &
Co-operatives and Mr. Golam Dastagir Gazi, Bir Protik, Minister, Ministry of Textile & Jute, Government of the People’s
Republic of Bangladesh alongwith other Directors, Sponsor shareholders and high officials of the Bank were remain
present in reception program.
Jamuna Bank Limited 45
46
Annual Report 2022
Directors’ Profile
Mr. Md. Saidul Islam was elected as the Chairman of the
Board of Directors of Jamuna Bank Limited on April 27,
2023.
Mr. Islam is a versatile new-age business person. He joined
the family business of Fabian Group in the year 2010. Since
then, he has helmed many portfolios of various companies
of the said Group. Currently, he is the Director of Fabian
Industries Ltd., Fabian Thread Ltd., Fabian Multiplex
Industries Ltd., Fabitex Industries Ltd.; Managing Director
of Frox Media Limited. He is also Chairman of Eco
Advanced Construction Materials Company Ltd.
Mr. Islam was born in a respectable Muslim family of
Comilla in 1981. He obtained Bachelor of Science (Hon’s)
from Coventry University UK. He is the eldest son of
Mr. Md. Tazul Islam, honorable Minister, Ministry of
Local Government, Rural Development & Co-operatives,
Government of the People’s Republic of Bangladesh.
Mr. Islam has travelled widely and attended different
training programs and seminar at home and abroad.
Md. Saidul Islam
Chairman, Jamuna Bank Limited
Jamuna Bank Limited 47
Engr. A.K.M. Mosharraf Hussain Engr. Md. Atiqur Rahman
Director Director
Engr. A.K.M. Mosharraf Hussain was born in 1944 in a respectable Engr. Md. Atiqur Rahman comes of a respectable Muslim family
Muslim family of Kazipur, Sirajgonj. He obtained Degree in Bachelor of Comilla who was born in 1946. He obtained B.Sc. Degree in
of Science in Civil Engineering from Bangladesh University of Civil Engineering from Bangladesh University of Engineering and
Engineering and Technology (BUET). He is a fellow member of the Technology (BUET), Dhaka and is a Fellow member of the Institute
Institute of Engineers, Bangladesh (IEB). He started business in of Engineers, Bangladesh (IEB). He made his mark in business
construction sector through setting up a renowned construction and industry. He is the Managing Director of The Civil Engineers
firm, The Civil Engineers Ltd. He also set up a number of industrial Limited, one of the pioneer & leading construction companies in
undertakings in textile and clothing sectors. He is the Managing Bangladesh. In industrial sector, he was actively associated with
Director of “Standard Group” and Chairman of the Civil Engineers setting up of a number of industrial concerns in garments sector.
Limited. He was also a CIP for couple of years. He is the Chairman of country’s renowned industrial conglomerate
named “Standard Group”. For his contribution in trade, commerce
He served as Chairman of the Board of Directors of Jamuna Bank and industry he was declared CIP by the government for the last
Limited for two terms i.e. from April 27, 2018 to April 27, 2019 and couple of years.
April 27, 2002 to April 26, 2003.
Mr. Rahman served as Chairman of the Board of Directors of Jamuna
Bank Limited for two terms i.e. from April 28, 2019 to April 29, 2020
and April 27, 2003 to April 26, 2004.
48
Annual Report 2022
Gazi Golam Ashria Fazlur Rahman
Director Director
Mr. Gazi Golam Ashria was born in 1981 in a respectable Mr. Fazlur Rahman is a renowned, famous, well-known entrepreneur
Muslim family. He completed his graduation in Economics from and a commercially successful person in Bangladesh. Mr. Rahman
Saskatchewan, Canada. is the founder Chairman and Managing Director of the country’s
leading conglomerate “City Group”, which he founded in 1972.
He is one of the Directors of The Federation of Bangladesh Chambers Meager capital, limited manpower, small entrepreneurship but sky-
of Commerce and Industry (FBCCI). high outlook, which he nurtured piece by piece into today’s big tree,
the industrial group: City Group, which employs over 25,000 people.
Mr. Ashria is the Chairman of Gazi Sattelite Television Ltd., Gazi
Infrastructure Development Company Limited, Vice-Chairman of During Mr. Rahman’s five decades at the helm of City Group, the
Gazi Networks Ltd., Gazi Communications Ltd., & Gazi Renewable company continued its expansion beyond traditional domestic food
Energy Limited, Director of Desh Television Ltd., Gazi Tyres Limited industry to new sectors, including packaging, energy, paper, steel,
& Proprietor of Gazi Industrial Park Limited and Proprietor of Star ship-building business and industrial projects (3 Private Economic
Rubber Industries, Gazi Trade International, Gazi Rubber Plantation, Zones and 1 Hi-Tech Park). Mr. Rahman’s strong business acumen
Gazi Rubber Processing Plant & Gazi Enterprise. and diligence led creation of country’s biggest FMCG brand “TEER”
which not only received domestic awards but also international
He is a renowned Cricket Organizer and involved with Gazi Group recognition. He along with his brand TEER were recognized as one
Cricketers, Rupgonj Tigers, Gazi Tyre Cricket Academy under the of the world’s greatest leaders and brands in the year 2017-2018 by
jurisdiction of Bangladesh Cricket Board (BCB). He is also involved United Research Service and PricewaterhouseCoopers (PwC) P.L.
with different School(s), College(s), Madrasa(s), and various Social
organizations. He has also established country’s most modern tertiary care hospital
- “Asgar Ali Hospital” - in old part of the Dhaka to facilitate medical
He is the youngest son of Mr. Golam Dastagir Gazi, Bir Protik, MP care in that part of the city.
& Minister, Ministry of Textiles and Jute and Hasina Gazi, Mayor,
Tarabo Municipality, Narayangonj. Over the years, Mr. Rahman crossed the limits of individuality
and transformed himself into an institution. Due to his significant
He served as Chairman of the Board of Directors of the Bank from entrepreneurship, he has received several prestigious awards and
April 30, 2021 to April 28, 2022. recognitions. Mr. Rahman was honoured with the award of the
“Business Person of the year 2005” organized by DHL-Daily Star.
Mr. Rahman has been awarded as the “Best Taxpayer” of the fiscal
year 2018-19 and “Best Senior Taxpayer” for 2021-22. He was also a
Commercially Important Person (CIP) as recognized by the Ministry
of Commerce, Government of the Peoples Republic of Bangladesh.
Mr. Rahman was also the Chairman of Bangladesh Sugar Refiners
Association and Bangladesh Vegetable Oil Refiners and Vanaspati
Manufacturers Association. He is a member of the Advisory
Committee of Ministry of Commerce, Government of Bangladesh.
He served as Chairman of the Board of Directors of Jamuna Bank
Limited for two terms i.e. from May 08, 2006 to April 28, 2007 and
April 30, 2020 to April 29, 2021.
Besides his corporate identity, Mr. Fazlur Rahman is also a
philanthropist. He is the life member of Trustee Board of Anjuman
Mofidul Islam and member of the Managing Committee of Gandaria
High School, Dhaka.
Jamuna Bank Limited 49
Al-Haj Nur Mohammed Robin Razon Sakhawat
Director, Jamuna Bank Limited & Director
Chairman, Jamuna Bank Foundation
Al-Haj Nur Mohammed is a well-known CSR personality in the Mr. Robin Razon Sakhawat is the eldest son of Mr. Abu
Banking Sector of Bangladesh. He is a former Member of Bangladesh Khair Mohammed Sakhawat, one of the successful business
Parliament. He is associated with a number of businesses and is pioneers in the sectors of textile and garments sector of
presently the President of Munshigonj Chamber of Commerce and Bangladesh. He was born on the 19th May 1987 in Dhaka.
Industry, an apex business body of Munshigonj district since 1989. He
is the Chairman of Nur Star Engineering Ltd., Director of Australian In 2009 he received a bachelor’s degree in Financial Engineering
International School, Bangladesh & International Holdings Ltd. and from Goethe University Frankfurt and started administering
proprietor of Star Trading Corporation & Modhumoti CNG Complex. Robintex Group as a Director in 2010 after returning to Bangladesh,
which is a 100% export oriented knit-composite Germany-
Mr. Mohammed is the founder Chairman and architect of Jamuna Bangladesh joint venture started in 1996. Renowned in global
Bank Foundation, an allied concern of Jamuna Bank Limited context, Robintex has become one of the leading manufacturers
established with an aim and objective to provide assistance to the and exporters of knitwear. Being a Director, Robin Razon
destitute & distressed people of the society as well as to create Sakhawat contributed to the company confidently focusing on
awareness/inspire people regarding their social responsibilities technological innovations, productivity and quality enhancement
and commitments towards nation as a part of CSR activities of through industrial engineering. He is also the Managing Director
Jamuna Bank Ltd. since its inception. He has played a pivotal role of Complex (Bangladesh) Ltd. & Germanbangla Chemical Ltd.
in implementing various CSR initiatives at Jamuna Bank, such as
education, healthcare, and community development programs. He Mr. Robin Razon Sakhawat is a member of the Bangladesh German
has also been instrumental in promoting sustainable and responsible Chamber of Commerce and Industry (BGCCI) and is actively involved
business practices within the Bank. Under his leadership, the Bank in various industries such as banking, logistics and property market.
has been awarded the prestigious “Best CSR Bank” by UK based
“The Global Economics Limited” for 02 (two) consecutive times
2021 & 2022. “The Global Economics” also awarded Al-Haj Nur
Mohammed, Chairman of Jamuna Bank Foundation as “Best CSR
Personality” for his outstanding contributions towards Corporate
Social Responsibility (CSR).
He is associated with Anti-Drug movement as the current President
of Bangladesh Anti-Drug Federation. He is the founder President
of Shahed Ali Eatimkhana, Goalgunni, Munshigonj, an orphanage
established by him. The renowned Al-Haj Nur Mohammed Trust
was established by him in 2001 of which he is the Chairman. As a
pioneer leader of CSR activities, he attended various International
CSR Conferences.
He is the Director of Jamuna Bank Capital Management Limited, a
subsidiary of Jamuna Bank Limited.
Mr. Mohammed was born in 1954 in a respectable Muslim family
of Munshigonj. He obtained Bachelor of Arts Degree from the
University of Dhaka.
He served as Chairman of the Board of Directors of Jamuna Bank
Limited for two terms i.e. April 29, 2007 to April 26, 2008 and April 28,
2022 to April 27, 2023 and served as the Chairman of the Executive
Committee of the Board of Directors of the Bank for several times.
50
Annual Report 2022
Redwan-ul Karim Ansari Md. Belal Hossain
Director Director
Mr. Redwan-ul Karim Ansari is an innovation driven entrepreneur Mr. Md. Belal Hossain was born in a respectable Muslim family of
with a diversified portfolio. He is the youngest son of Late Mr. Rezaul Naogaon in 1956. They are well reputed in home and abroad business
Karim Ansari, ex-chairman and director, Jamuna Bank Ltd. Born in world. They have a giant importing house along with a numbers
November 30, 1985, Mr. Redwanul Karim Ansari has had more than of small and large food grain industry & honorable importer &
10 years of experience in a variety of domains such as commercial, exporter. He is the Managing Director of Belcon Company Pvt. Ltd.,
Company and competition law, risk management, process flow BH Hitech Food Ind. Pvt. Ltd., Nadia Food & Agro Industries Pvt.
management and design, optimization and financial Information Ltd., B.H. Specialised Cold Storage Pvt. Ltd. He is associated with
Technology and Open Banking. sports and trade bodies of Naogaon, Dinajpur and Hilli. He has been
awarded by the President of the Govt. of Bangladesh as ‘’ADGP Fellow
Mr. Ansari obtained Bachelor of Law in Commercial Law from Membership’’ of Atish Dipankar Gobeshona Porishad in 2004 and as
Westminster University, London in 2008-09. He completed his LLM ‘’Best Agro based industrial Entrepreneur ‘’ of FNS Business Award
in International Competition Law from City University of Lon-don in 2005.
2009-10. In 2010-11, He received his tutelage from the City University
and was called to the bar at Lincoln’s Inn. In society he is a great Donor of innumerable Mosque, Madrasha &
other Social activities. He is an executive member of (A) Naogaon
His career started as a practitioner of law. At the same time he Chamber of Commerce & Industry, (B) Importers Association, Hilly,
worked in the family businesses to enhance his acumen in the field Dinajpur (C) Importers Association, Sonamasjid, Chapai Nawabgonj
of international trade, negotiations and compliance. He has always and member of Dhaka New DOHS Council.
been an avid visionary when it came to Information Technology and
has developed practices around financial technology and modern He is a life time member of (A) Naogaon Zilla Krira Sangstha,
banking services enabled via Open Banking. Currently, his company Naogaon (B) Tennis Club, Naogaon (C) Bangladesh Red Crescent
is the only company that leads the road that is leading the road to Society, Naogaon (D) Bangladesh Diabetic Sommittee, Naogaon
Banking 4.0 as an Open Banking enabler. Branch, Naogaon and (E) Naogaon Sunrise Club, Naogaon.
Mr. Redwanul Karim Ansari is actively involved in various industry He is an executive member of Naogaon Tenis Club, Rice Merchant
and professional associations. He is a lifetime member of the Association, Naogaon and Chief Advisor of Bangladesh Auto Major
prestigious Lincoln’s Inn society which is one of the four Inns of and Husking Mills owner’s Association, Dhaka. He is a well-known
Court in the UK. He is also an active member of BASIS (Bangladesh and popular person in the district of Naogaon as well as in whole
Association of Software & Information Services) and BCS (Bangladesh Bangladesh. He is a renowned figure in business world.
Computer Samity).
He was the Chairman of the Board of Directors of Jamuna Bank
Limited from April 27, 2011 to April 29, 2012.
Jamuna Bank Limited 51
Md. Mahmudul Hoque Shaheen Mahmud
Director Director
Mr. Mahmudul Hoque was born in a respectable Muslim family Mr. Shaheen Mahmud was born in a respectable Muslim family of
of Chittagong. He obtained Bachelor of Commerce Degree from Dhaka. His father was an elite business entrepreneur and taught Mr.
Chittagong University. He is a born businessman as he started his Mahmud how to succeed in business by adopting honesty as well
business since early days of his career. Over the past thirty seven ethical practices as the guiding principles from ever since. He is the
years of his business career he gained significant experience in Chairman of Cotton Group, owns a number of RMG manufacturing
import and export trade, power, real estate and textile sector. Apart units, Telecommunication, Stock Broker House Company and Real
from Managing Director of Anlima Yarn Dyeing Limited, a publicly Estate company under the umbrella of Cotton Group, ensuring high
listed company of DSE and CSE, Mr. Hoque is also the Chairman/ compliance and quality standards, as required by his world wide
Managing Director of: Anlima Textile Limited, Precision Energy buyers. Soon he has become a successful exporter of readymade
Limited, Anlima Energy Limited, Anlima Petroleum Limited, garments from Bangladesh and acquired confidence of global buyers.
Allied Enterprise (Pvt.) Limited, Anlima Buildtech Limited, Anlima The Government of Bangladesh awarded him an export trophy and
Chemicals Limited & Anlima Meghnaghat Power Plant Limited. gave him CIP status.
He is also one of the sponsor Directors of Jamuna Bank Limited He represented Bangladesh in several delegations to Japan, South
and partner of Mirzapur Green City and Director of International Korea and Europe. He was Director of Korea-Bangladesh Chamber
Holdings Limited. of Commerce and Industry. Mr. Mahmud is a keen sports enthusiast
and social benefactor. He was the Senior Vice Chairman of Usha
He is very widely travelled person and visited most countries of the Krira Chakra, a renowned sporting club of Dhaka. He also served
world. He is involved in different social developments works though the Bangladesh Hockey Federation as its Vice President for twelve
a host of social organizations. years. He sponsored the biggest annual golfing event of the Country,
Bangladesh Amateur Golf Championship for a consecutive period
of five years. Mr. Mahmud also sponsored the “National Age Group
Swimming Competition” in an effort to find and promote talents from
all over the country. Mr. Mahmud instituted awards after the name of
his late father for the meritorious under-privileged school children.
Mr. Mahmud is happily married to Ms. Tasmin Mahmud and they are
caring, loving parents of a daughter and a son. He travelled major
countries of the six continents for business purpose.
He served as Chairman of the Board of Directors of the Bank from
April 28, 2014 to April 27, 2015.
52
Annual Report 2022
Md. Sirajul Islam Varosha Kanutosh Majumder
Director Director
Mr. Md. Sirajul Islam Varosha is the Director of the Board of Mr. Kanutosh Majumder was born in 1940 in a respectable family
Directors of the Jamuna Bank Limited. He is the son of Al-haz Karim of district Noakhali. He got his graduation and post-graduation
Uddin Varosha and he was born in the year 1958 in a respectable from University of Dhaka in 1962. His educational discipline was
Muslim family of Rangpur District of Bangladesh. After completing commerce. After graduation he worked in different educational
graduation, he started his career as a business professional. He institutions in Dhaka and joined his owned business 1970. In 1981
has involved with several possible business houses and industrial he along with his friends established a construction company
organizations. Mr. Varosha is the Chairman of Amazontex Knit named New Generation Construction Co. Ltd. and it worked for
Fashion Garments Ltd., Managing Director of Siraj Varosha Jute Mills infrastructure development with different agencies in Bangladesh.
Ltd. and proprietor of S.V. Tobacco Co. and S.H. Trading Co.. He is He was one of the sponsor director of Federal Insurance Co. Ltd. in
also the Director of Wari Golden Hospital & Diagnostic Complex Ltd. 1987. Presently he is a Director of Jamuna Bank Ltd. He served as
Chairman of the Board of Directors of Jamuna Bank Ltd. from April
Mr. Varosha is an amiable person and has deep affinity and 29, 2013 to April 26, 2014.
attachment with various socio-cultural activities. He is also a
Director of International Business Forum of Bangladesh (IBFB). He is the Director of Jamuna Bank Capital Management Limited, a
subsidiary of Jamuna Bank Limited.
He is also the Chairman of Jamuna Bank Capital Management
Limited, a subsidiary of Jamuna Bank Limited. Mr. Majumder is a social worker and a philanthropist and organized
may social institutions in Bangladesh.
He served as Chairman of Jamuna Bank Limited from April 28, 2015
to April 27, 2016. He also served as Vice Chairman of the Board from
April 29, 2007 to April 26, 2008.
Jamuna Bank Limited 53
Md. Ismail Hossain Siraji Mr. Gazi Golam Murtoza
Director Director
Mr. Md. Ismail Hossain Siraji comes from a respectable Muslim Mr. Gazi Golam Murtoza was born in a respectable Muslim
family of Dhaka. He was born in 1978. He is a successful businessman family of Dhaka in 1980. He completed his Bachelor Degree
in leather and textile sector. He is associated with number of in Engineering (Polymer Science) from the University
business and industries. He is the Managing Director of Ismail of Akron, a renowned North American University.
Leather Goods & Footwear Exporters Ltd. He is also the Director of
Reliance Tannery Ltd. Proprietor of Reliance Footwear, Assarunnesa Mr. Murtoza is the Deputy Managing Director of the country’s
Memorial Hospital and Shahjahan Dairy Farm. He is a life member renowned business conglomerate, “Gazi Group”. He made his
of Dhaka Rifle Club, member of Spain-Bangladesh Chamber of mark in IT development in the country. He is the key person of
Commerce and Industry (SBCCI), member of Army Golf Club. Gazi Networks Ltd. as its Managing Director. He is also Managing
Director of Gazi Renewable Energy Company Limited, Gazi
He is also the Chairman of Jamuna Bank Securities Limited, a Infrastructure Development Company Limited and G Park
subsidiary of Jamuna Bank Limited. Limited. He is the Director of Gazi Satellite Television Limited
and proprietor of Gazi Pipes, Gazi Doors, Gazi Foundry, MG
He served as Chairman of Jamuna Bank Limited from April 27, 2017 International, Gazi Communications, MG International and
to April 26, 2018. He also served as Vice-Chairman of the Board of Gazi International Bd. He is also one of the sponsor Directors of
Directors of Jamuna Bank Limited from April 27, 2009 to April 26, Jamuna Bank Limited and Director of Jamuna Bank Securities Ltd.
2010.
He is the Director of Bangladesh Cricket Board (BCB) and
Chairman of Audit Committee of BCB. He is the president of
Gazi Group Cricketers and past Chairman of Cricket Committee
of Dhaka Metropolis (CCDM). He is among the top highest
taxpayer in business and individual category in the Country.
He is the eldest son of Mr. Golam Dastagir Gazi, Bir
Protik, MP & Minister, Ministry of Textiles and Jute and
Hasina Gazi, Mayor, Tarabo Municipality, Narayangonj.
He served as Chairman of Jamuna Bank Limited from April 27, 2016
to April 26, 2017. He also served as Vice Chairman of the Board of
Directors of the Bank from April 27, 2010 to April 26, 2011.
54
Annual Report 2022
Md. Hasan Md. Abdur Rahman Sarker
Director Independent Director
Mr. Md. Hasan is one of the Directors of renowned business house Mr. Md. Abdur Rahman Sarker comes from a respectable Muslim
City Group founded by his father, Mr. Fazlur Rahman, a prominent family of Munshigonj. He started his career in 1973 as a Probationary
business personality in Bangladesh. Officer with Janata Bank Limited and afterwards, he served in
National Bank Limited in different capacities over 25 years. Lastly, he
He had his school education in St. Gregory’s High School, Dhaka appointed as Managing Director & CEO of the National Bank Limited
and he passed Higher Secondary Certificate Examination in the and served the Bank for the period from 2007 to 2010. He also served
commerce group from Notre Dame College. He set out abroad and Shahjalal Islami Bank Limited as Managing Director for the period of
qualified as BBA from Charles Strut University in Australia. 2010-2013. He obtained M. A in Economics from Rajshahi University
and has extensive banking experience of 40 years.
Mr. Md. Hasan, upon his return from abroad, keeps himself engaged
as one of the Directors of those business enterprises that City Group He is also the Director of Jamuna Bank Securities Limited, a
has conglomerated for last 50 years, By dint of his endeavour Mr. subsidiary of Jamuna Bank Limited.
Md. Hasan has, by now, assumed very significant role in the field of
Finance and Banking as well as Corporate affairs and Operations of He has travelled widely and attended different training programs and
City Group. seminar at home and abroad.
Mr. Md. Hasan was the Chairman of Dhaka Insurance Company
Ltd. from February 02, 2012 to August 28, 2014 and discharged the
assigned duties and responsibilities very successfully there. He has
been functioning as one of the Directors of Somoy Media Limited
which is one of the renowned TV channels in the country. Mr. Hasan
was awarded the “Best Young Taxpayer” in fiscal year 2018-19.
Mr. Md. Hasan is one of the prominent members of Bhatiary Golf
& Country Club and President of The Gregarious Club, which is a
premier division Basketball team in Bangladesh. He is the President
of Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers
Association.
Jamuna Bank Limited 55
Md. Abdul Jabber Chowdhury Md. Humayun Kabir Khan
Independent Director Independent Director
Valiant freedom fighter Mr. Md. Abdul Jabber Chowdhury comes Mr. Md. Humayun Kabir Khan (Valiant freedom fighter) was
of a respectable Muslim family of Chattogram. He has extensive appointed as Independent Director to the Board of Jamuna Bank
banking experience of more than 45 years in both Nationalized and Limited on December 26, 2021. He obtained Master of Arts from
Private Commercial Banks. He obtained post-graduation degree from the University of Dhaka in 1970 and has extensive professional
Chittagong University. He started his career in 1973 at Janata Bank and business experience. He earned his Diploma in TPEM (Trade
and served the Bank for more than 25 years in different capacities Promotion and Export Marketing) from department of Extra-Mural
i.e. Branch Manager, Corporate Branch Chief and Regional Head Studies of University of Manchester, UK in the year 1982.
etc. Afterwards, he joined Mutual Trust Bank Ltd. Later he joined
Shahjalal Islami Bank Ltd. in 2002 & subsequently promoted to Mr. Md. Humayun Kabir Khan was born in a well-respected family
the rank of Deputy Managing Director in 2009 and served till in Bagherhat district. He participated heroically in the liberation
retirement from the regular service of the Bank. He also served War of Bangladesh and made a great contribution in Bangladesh’s
United Commercial Bank Ltd. as Deputy Managing Director and history. After liberation war, he served in different Government,
Premier Bank Ltd. as Additional Managing Director & Chief Business Semi-government Organizations, and Financial Institutions in senior
Officer till 28th February 2021. He has travelled widely and attended position for long time. Currently he is associated with a number of
different training programs and seminar at home and abroad. business concerns. He is the Director of Creative Paper Mills Ltd. &
Managing Director of South East Shipping Corporation.
He is also the Director of Jamuna Bank Capital Management Limited,
a subsidiary of Jamuna Bank Limited.
Mr. Khan is an amiable person and has deep affinity and attachment
with various socio-cultural activities and associated with many
school and collages. He is the founder of the Bangabandhu Degree
College, Tungipara, Gopalganj, Bangabandhu Mohila Degree
College, Chitalmari, Bagherhat. He has travelled widely and attended
different training programs and seminar at home and abroad.
56
Annual Report 2022
M. Murshidul Huq Khan Mirza Elias Uddin Ahmed
Independent Director Managing Director & CEO
Mr. M. Murshidul Huq Khan comes of a respectable Muslim family Prominent banker Mr. Mirza Elias Uddin Ahmed has been
of Dhaka. He has 31 years of experience in Civil Service. He did his reappointed as the Managing Director & CEO of Jamuna Bank
graduation and post graduation in Economics from Jahangirnagar Limited for another term of 5(Five) years from October 21, 2022. He
University. He has also acquired another Master degree on took over the charge of bank’s MD & CEO on October 21, 2019 for his
Government Financial Management from the University of Ulster, first term of 3(Three) years. Earlier Mr. Ahmed served the Bank in the
UK in 2001. He also obtained Post Graduate Diploma in Financial capacities of Additional Managing Director and Deputy Managing
Management, (formerly) Bangladesh Management Development Director for over 7 years. A career Banker Mr. Ahmed’s services in
Center, Dhaka. the Bank evolved for over 36 years with all round exposure in most
fields including Treasury, Risk Management, Operation & Services,
He joined in the Bangladesh Civil Service (Audit and Accounts) Cadre Business, Fx and Credit.
date back to 26 January 1991. He served in various capacities in the
Office of the Comptroller and Auditor General, Office of the Controller Mr. Ahmed did his Master’s in Management from the University of
General of Accounts under the Ministry of Finance. He later joined Dhaka. He started his banking career in 1985 with National Bank
the Secretariat Pool in February, 2012 as Deputy Secretary and served Limited. He then served Prime Bank Ltd. and Mercantile Bank
in the Ministry of Disaster Management and Relief and Ministry of Limited before joining Jamuna Bank Limited as SAVP in 2001. He is
Foreign Affairs. He also served as United Nations Volunteer, Finance a Diplomaed Associate of the Institute of Bankers Bangladesh and
Section, UN Mission in Burundi (ONUB) from September, 2004 to Founder General Secretary of Bangladesh Money Market Dealers
June, 2006 under lien. Association (BAMDA). He was a member of the Council of Institute
of Bankers, Bangladesh (IBB) and it’s Administration & Finance
Mr. Khan had an opportunity to serve in the Embassy of Bangladesh Committee for the year 2021. He was also the Chairman of Technical
in Germany as Counsellor, Political (Deputy Secretary), Minister, Committee of Primary Dealers Bangladesh Limited and member of
Political (Joint Secretary) & Minister, Political (Additional Secretary) Bangladesh Foreign Exchange Dealers’ Association (BAFEDA). As
from September 2016 to June 2021. He has been promoted to Joint the Member-Secretary of Jamuna Bank Foundation, he also planned
Secretary and Additional Secretary of the Government in December and implemented various CSR activities. He is also serving as the
2017 and September 2021 respectively. Chairman of a Day Care Centre set up for children of employees of
private commercial banks titled ‘Pushpita’, operated in the Motijheel
During the last 31 years of his career, Mr. Khan gained experience and Dilkusha areas of the capital, Dhaka.
in Government Accounting and Auditing System. He has vast
experience in liaising with Federal German, Czech Republic and Mr. Ahmed received extensive training on Bank Management at
Republic of Kosovo Foreign Ministries and other interrelated home and abroad and obtained higher education in Banking and
ministries in political, diplomatic and defence related issues, as well Strategic Leadership. He is a widely travelled person and possesses
as organising state and diplomatic events of behalf of the Bangladesh vast knowledge of banking operations of many countries of the
Embassy. world.
Jamuna Bank Limited 57
Chairman and Managing Director
of the Bank
Mirza Elias Uddin Ahmed Md. Saidul Islam
Managing Director & CEO Chairman
58
Annual Report 2022
AMD & DMD’s Profile
Md. Abdus Salam Noor Mohammed
Additional Managing Director Deputy Managing Director
Md. Abdus Salam, an eminent banker of the country, having over Mr. Noor Mohammed, Deputy Managing Director has a chequered
34 years of professional experience across a number of reputed career of 26 years in Banking industry with diverse and indepth
commercial banks, is the Additional Managing Director of Jamuna exposure. Prior to joining JBL, Mr. Mohammed was the Senior
Bank Limited (JBL). Having joined the services at Jamuna Bank Executive Vice President & Head of Corporate Business in United
Limited as Executive Vice President on June of 2010, Mr. Salam Commercial Bank Limited. He has acumen in leading the banking
has served with supreme excellence and achieved record-breaking service and has held senior management positions in different
milestones at JBL. capacities mainly focused on Corporate Banking, Credit Management
and Branch Banking. Mr. Mohammed started his banking career
Mr. Salam started his banking career with Islami Bank Bangladesh in 1998 as Probationary Officer with Eastern Bank Limited. In 2004 he
Limited as Probationary Officer in May 1989. Afterwards he served joined One Bank Limited and successfully led different branches of
Social Islami Bank Limited, Prime Bank Limited, and Mercantile the Bank . In the year 2016, he moved on to United Commercial Bank
Bank Limited in different capacities and very quickly rose to Limited and was entrusted with the charge of Corporate Business and
prominence as an exceptional professional. As an outstanding looked after the entire corporate portfolio. He completed his Masters
achiever, he served the roles of Head of Branch and Divisional Heads in Finance from University of Dhaka and later he did MBA from
of RMG, Credit, Audit, and International Division in different banks the same university. He attended many trainings and workshops in
throughout his career. home and abroad.
While Mr. Salam has earned enviable success spanning through his Mr. Mohammed is indeed a person of great virtue. Holding a
entire professional career, he boasts a stellar academic track record profound experience in corporate Banking and managing portfolio,
as well. He completed his Honors and Masters in Economics from he has proved his mettle in the field by bringing changes into the
Jahangirnagar University. His academic prowess further extended as approach towards Syndicated Financing, RMG & textile, Corporate
Mr. Salam also completed M.Phil on “A Study into the Central Bank- financing etc. He possesses a brilliant skill set in maintaining
Islamic Bank relationship in a partly Islamized Country” from the existing corporate businesses and creating opportunities to churn
Department of Finance & Banking at University of Dhaka in 2000. new businesses from new customers. He has always believed in
With a view to broadening his academic footprint, he completed his going to the deep of customer requirements and coming up with
MBA from Central Queensland University, Sydney, Australia in 2007. most creative and high end solutions to meet their specifications.
These go on to demonstrate his continuous thirst for knowledge and Providing feasible and subtle solutions has been one of his motives
ability to excel in academia. since he has stepped into this field. He conceptualizes plans and
implements effective process to drive business growth.
With his technical acumen and an eye for success, Mr. Salam has
recorded an enriched history in branch banking, foreign trade, credit, He was associated with Management Restructuring process at EBL
and other numerous core areas of banking. He has attended several back in 2002 onward and also genuinely immersed in marketing and
training programs and seminars at home and abroad. More notably, business development activities. The Banks, he served along with
he was a member of Board of Governors of the Institute of Business fulfilling the responsibility of budgeting for the corporate banking
Administration (IBA) of Rajshahi University for 4 years. In addition, and establishing and maintaining cordial relations with existing as
he is also a life member of Bangladesh Economic Association and well as new customers through regular beneficiary interactions.
Bangladesh MBA Association. He is also the Vice President of Ex-
Students’ Association of Carmichael College, Rangpur. Mr. Abdus Mr. Mohammed is an exuberant banker who has been playing a key
Salam during his illustrious career visited a number of countries role in shaping JBL business opportunities into an ardent business
including Australia, Malaysia, Hong Kong, Singapore, UK, Germany, growth. He, by his professional approach to business decisions and
Switzerland, Austria, India, Bhutan, Thailand, and Democratic an active involvement in regular business operations has taken the
Republic of Congo. bank a step ahead. Taking hold of new business opportunities and
turning them into pieces of advancement, Mr. Mohammed has been
Mr. Salam has left an indelible footprint throughout his incredible a driving force behind taking the Bank’s corporate business towards
professional and academic journey. With all the distinguished career the heights of succession. His level-headed approach to tough
landmarks at his disposal, he still vies for more success and aims to business situations has never been able to drag him off his vision and
set an example for the next generation of bankers. he is continuously striving ahead towards bringing fruitful changes
as well as value propositions.
Jamuna Bank Limited 59
A.K.M. Atiqur Rahman
Deputy Managing Director & CITO & CAMLCO
Mr. A.K.M. Atiqur Rahman was appointed as the Chief Information
Technology Officer in the rank of Deputy Managing Director in
Jamuna Bank on 01 June 2021. Mr. Rahman came off a respectable
Muslim Family in Dhaka. Prior to joining Jamuna Bank he was
the Senior Executive Vice President and Head of IT & CTO at
Mercantile Bank Limited. Mr. Rahman has around 27 years of
experience in banking service and has held senior management
positions in different capacities mainly focused in Information &
Communication Technology. He started his career in Pitman Moore,
USA (a sister concern of Johnson & Johnson) as Senior Programmer.
After repatriation he joined Pubali Bank on June 1996 as Principal
Officer and worked in the IT Division. In June 1999, he joined
Mercantile Bank as Head of IT. There he also proved his versatility
by successfully leading the Risk Management Division of the bank
and played the role as Chief Risk Officer. Throughout his career he
has led many development programs, IT transformation project,
Business re-engineering process and made significant improvement
in the IT sector of that bank. Mr. Rahman completed his Bachelor
degree in Computer Science from Indiana State University, USA.
He also obtained MBA in Marketing from Eastern University. He
attended many trainings and workshops in home and abroad. He is
currently leading the Technology associated divisions and designated
CAMLCO of the Bank.
60
Annual Report 2022
Senior Management Team (SMT)
Name Designation
Mirza Elias Uddin Ahmed Managing Director & CEO
Md. Abdus Salam Additional Managing Director
A. K. M. Atiqur Rahman Deputy Managing Director & CITO & CAMLCO
Md. Mukleshur Rahman Senior Executive Vice President & Head of CAD
Md. Shahidul Islam Senior Executive Vice President & Head of Corporate Banking
Mohammed Aminul Islam Mintu Senior Executive Vice President & Head of ICC
Uttam Kumar Saha SVP & Chief Financial Officer
From Left (sitting) : A. K. M. Atiqur Rahman, Mirza Elias Uddin Ahmed and Md. Abdus Salam
From Left (Standing) : Md. Shahidul Islam, Mohammed Aminul Islam Mintu, Md. Mukleshur Rahman
and Uttam Kumar Saha
Jamuna Bank Limited 61
Divisional Heads
Fazal Akhter Md. Mukhlesur Rahman Md. Shahidul Islam
Head of MD’s Secretariat Head of Credit Administration Head of Corporate Banking Division
Division
Mohammed Aminul Islam Mintu Md. Mehedi Hasan Syeed Zahid Hossain
FCCA, ACA Head of Treasury Division Head of ICT Division
Head of Internal Control &
Compliance Division
Md. Abdus Sobhan Mohammad Shamsur Rahman M. A. Rouf
Head of NRB Banking Division Head of International Division Company Secretary
and Banking Operation Division
62
Annual Report 2022
Tanveer Reza Uttam Kumar Saha FCA FCS Md. Prashanta Samir
CEO of Jamuna Bank Capital Chief Financial Officer Head of Credit Risk Management
Management Limted & Head of FAD Division (CC)
Md. Shah Alam Muhammad Fazlul Hoque Mohammad Saiful Malik
Head of Risk Management Division Head of SME Division Head of Monitoring Division (CC)
Sushanta Paul Mohammed Mozammel Hoque Adnan Mahmud Ashraf-Uz-Zaman
In-Charge, MIS Division (CC) CEO of Jamuna Bank Securities Head of Card Division
Jamuna Bank Limited 63
Jamil Uddin Akhter Md. Wajahat Anwar Pratul Biswas
Head of Agricultural Loan Unit In-Charge, Law and Recovery Division Head of Treasury Back Office
(CC)
Abul Faisal Mannan Abul Basher Mohammed Saadi Sajia Afrin Atique
Head of Human Resources Division Head of Agent Banking Division Head of Money Laundering &
Terrorist Financing Prevention
Division
Md. Ashaduzzaman Mohammad Nazmul Hassan Mohammad Abu Morshed Chowdhury
Head of Islami Banking Division Head of Offshore Banking Head of Engineering Division
64
Annual Report 2022
Quzi Mohammad Taraqul Akbar Nasrul Hadi Mohammad Nusrat Md. Sherajul Islam
Head of Share Division Head of Retail Banking Division (CC) Head of General & Common Services
Division (CC)
Abu Salayh Mohammad Masouk Manisha Chakraborty Al Kanan Chowdhury
Head of Marketing & Development Head of Trade Finance, Dhaka Head of ADC
Division (Incharge CC)
Md. Sarwar Matin
Head of Public Relations & Brand
Communication Division
Jamuna Bank Limited 65
MESSAGE FROM THE
CHAIRMAN
Md. Saidul Islam
Chairman
Dear Shareholders, customers, my teammates and other stakeholders,
Assalamu Alaikum Wa Rahmatullahi Wa Barakatuhu. Economic Outlook: Global Economy
The year 2022 was primarily characterised by the terminal
On behalf of the Board of Directors (BoD) of the Bank, effects of the COVID-19 pandemic, coinciding with the
I am pleased to share with you the Annual Report of arrival of a major geopolitical challenge, the Russian
Jamuna Bank Limited (JBL) 2022. I would like to thank invasion of Ukraine. Particularly, the war has engendered
all my colleagues at Jamuna Bank for their tireless work major spill-overs, and companies, industries and the
over the years. It is indeed a matter of pride for us that Bangladeshi economy as a whole continue to feel the
Jamuna Bank has celebrated its glorious 22nd anniversary aftershocks of the pandemic on the one hand and the
in 2022. I would like to express my sincere gratitude and European unrest on the other. Both big and small firms
appreciation to all of our patrons, shareholders and other are struggling to recover from the immediate effects of
stakeholders for their continued faith and unwavering the twin challenges, delaying recovery and returning
support for the Bank in this 22 years of glorious journey. to business as usual. According to the World Bank’s
Global Prospect Report (January 2023), global growth is
66
Annual Report 2022
expected to decelerate sharply to 1.7 percent in 2023—the previous year; Non-interest income which contributed
third weakest pace of growth in nearly three decades, 30.55% increased by 43.71% and stood at BDT 3,917.73
overshadowed only by the global the recessions caused by million from BDT 2,726.19 million in the previous year.
the pandemic and financial sector turmoil, high inflation,
ongoing effects of Russia-Ukraine war. The recent In the year 2022, the Bank continued to focus on making
tightening in global financial conditions is also hampering investments in expanding the branch network and other
the recovery. As a result, many economies are likely to infrastructure required for supporting the existing and
experience slower growth in incomes in 2023. new businesses. Thus, operating expenses increased by
22.82%. Operating profit increased by 10.22% despite
Bangladesh Economy higher expenses due to an increase in non-interest income.
Nevertheless, Bangladesh managed to maintain an
estimated GDP growth rate of 7.2% in FY2022. During the Total provision for loans & advances, and investments
last fourteen years, Bangladesh has become one of the stood at BDT 2,430.39 million in 2022 against BDT 1,155.08
fastest growing countries in the world. Poverty declined million in the previous year, an increase by 110.41%. We
dramatically and significant improvements were made have complied with Bangladesh Bank’s requirement of
in other socio-economic indicators like life expectancy, 1% additional special general provision-COVID 19 and
maternal mortality, and gender equity. an extra 2% provision against clients enjoying Covid-19
facilities and maintained additional provision based on
In the year 2022, Bangladesh’s economy was affected as a the qualitative judgment of Bangladesh Bank for absorbing
result of the subsequent spike in food, grain and gasoline any unforeseen shocks. Thus, the Bank’s profit after
prices due to Russia’s invasion of Ukraine. Additionally, tax (PAT) decreased by 36.15% in 2022 and stood at BDT
inflation increased to 8.71% in keeping with global 1581.44 million from BDT 2476.88 million in the previous
inflationary pressures. Furthermore, the country’s strong year. Earnings per share also decreased to BDT 2.11 from
foreign exchange reserves, took a hit, which stood at USD BDT 3.31 in 2021.
33 bn as of 31 December 2022, due to low remittance inflow
and increased imports. The performance of the capital Equity decreased to BDT 19,748.74 million in 2022 from
market also took a downturn this year compared to 2021, BDT 21,369.33 million in 2021, a decrease of 7.58% due to
with the index reaching 6,206.8 points as of 31 December decrease in revaluation reserves on government securities.
2022. The government and central bank (Bangladesh Resulting Net Asset Value also decreased to 26.36 which
Bank), attempted to quell the challenges by formulating a was 28.52 in the year 2021. ROA and ROE have decreased in
more conducive environment via allowing some national 2022 due to higher growth of average assets and decrease
banks to establish Vostro accounts for settling payments of PAT due to maintaining additional provision. The cost to
in local currency. The idea was to internationalise the income ratio has increased because operating expense and
BDT and make it acceptable for meeting trade payment operating income for the year 2022 had gone up compared
obligations, thus preserving foreign currency. Bangladesh to the previous year. The capital to risk weighted assets
Bank reset the LC margin to discourage luxury items & non- ratio (CRAR) has increased to 16.75% in 2022 from 16.42%
essential products imports with the aim of offsetting rising in 2021.
import costs and releasing the pressure on forex reserves.
Furthermore, in a major success for the Bangladesh
government, it was successful in acquiring a support
package from the IMF (International Monetary Fund),
which included a 42-month arrangement of approximately
$3.2 billion under the Extended Credit Facility (ECF) and
the Extended Fund Facility (EFF), as well as approximately
$1.3 billion under the Resilience and Sustainability Facility
(RSF), thus totaling up to $4.5 billion. Bangladesh’s new
IMF led fund-supported program aims to sustain macro-
economic and macro-financial stability, as well as to
encourage robust, inclusive, and green development while
safeguarding disadvantaged parts of society.
Jamuna Bank’s performance and strategic progress
Despite these challenges, our bank has been able to
navigate the economic environment and deliver strong
financial performance. Operating income of the bank
We have always prioritized preservation and improvement
increased by 17.43% over last year’s and stood at BDT
of asset quality. The Bank was in regular efforts to explore
12,822.34 million. Net Interest Income (NII), which
different areas of credit operation and could maintain the
contributed 23.29% of total operating income, increased
credit portfolios of BDT 180,490.79 million in 2022 while it
by 15.07% in 2022 compared to last year, driven by several
was BDT 174,824.78 million in 2021. It has become possible
factors, i.e., Increase the non-interest income in the form
through capitalization of- i) Cross-selling propositions,
of commission and exchange gain along with Investment
ii) Careful boarding of new borrowers, iii) Far-sighted
Income. Investment Income which contributed 46.16%
treasury management, iv) Portfolio diversification, v)
of total operating income increased by 4.76% and stood
Realization of invested funds and cautious monitoring.
at BDT 5,918.56 million from BDT 5,649.90 million in the
Jamuna Bank Limited 67
Total assets increased by 6.93% to BDT 282,636.72 million Our Governance
on 31 December 2022 from BDT 264,321.51 million on We believe that enriched corporate governance contributes
31 December, 2021. The investment books of the Bank to the long-term sustainable prosperity of a company and
increased by 12.89% YoY to BDT 76,394.56 million in 2022 it creates trust and engagement between the company
from BDT 67,674.40 million in 2021. The net increase in and its stakeholders. Accordingly, the Board of Directors
investment portfolio mainly came from investment in and Management of JBL are devoted to continuously
government securities which amounted to BDT 70,474.13 striving for the highest standards in governance to ensure
million and increased by 12.97% YoY. Other investments that the business and its affairs are in strict adherence
also increased by 11.91%. Deposits ended at BDT 225,070.78 to the doctrine and principles of sound governance,
million in 2022 against BDT 212,052.50 million in 2021 and such as integrity, transparency, accountability and
increased by 6.14% and accounting for 85.61% of the Total responsible business conduct to safeguard the interests
Liabilities. Short notice deposits increased by 38.20% to of its shareholders and other stakeholders. The essential
BDT 17,245.05 million, while Current Account deposits elements that define effective corporate governance in the
reported an increase of 27.55% to BDT 54,677.38 million. bank are outlined in the Corporate Governance Statement,
Besides, Savings/Mudaraba savings bank deposits reported appended in this Annual Report. Besides, it is our pleasure
a strong growth of 10.61% to BDT 27,436.34 million. to reassure you that the bank has complied with all the
necessary guidelines under BSEC Notification No. SEC/
Conservative Capital Management for Future Business CMRRCD/2006-158/207/Admin/80 dated 3 June 2018. The
Expansion Compliance Report along with the necessary remarks and
The required capital of the bank in December 2022 was disclosures is appended to this Annual Report for the year
BDT 23,154.18 million, as against available core capital of 2022.
BDT 20,845.52 million and supplementary capital of BDT
10,175.87 million, making a total capital of BDT 31,021.39 A more inclusive and sustainable future
million, thereby showing a surplus capital/ equity of As a persistent bank driven by values, a significant role
BDT 7,867.21 million at that date. Additionally, JBL has is accomplished by us in society to conserve depositors’
successfully maintained the Capital Adequacy ratio of savings and trust. The bank is determined to transform
16.75 percent, which was 4.25 percent higher than that of national savings into constructive and flourishing
the minimum total required Capital Adequacy Ratio (CAR). investment opportunities which expedite employment
generation, stimulates economic growth, and ultimately
ensures longstanding stakeholder value. To be sustainable
over the long term, we have articulated our objectives to be
beneficial to all our stakeholders, including our extended
communities, societies, and most importantly, the
environment. Apparently, we are stringently committed to
our responsibilities now and eternity to our stakeholders.
As a part of this responsible practice, Jamuna Bank
Dividend to the Shareholders
Foundation (JBF), a philanthropic organization of JBL,
Jamuna Bank recorded an excellent performance during
always tries to be a pledged partner of our customers,
the year 2022. The business and profitability parameters of
shareholders, employees, communities, and other
the bank have improved remarkably as compared with the
stakeholders, adhering the highest priority to ethical
previous financial year. I am happy to inform you that the
conduct and integrity. Over the past 15 years from its
bank has proposed 17.50% cash dividend and 8.50% stock
inception, JBF has played an imperative role in the field
dividend for the year ended December 31, 2022, which is a
of Education and Health of the underprivileged and/
clear indication of the bank’s strong financial position and
or destitute segment of society; Disaster Management,
increasing profitability.
Environment, Sports, Art, Culture, etc. to achieve the
Triple Bottom Line (TBL) i.e. social, environmental (or
ecological) and financial success. A provision of 5% of the
pretax profit of Jamuna Bank Limited is allotted to attain
this purpose. During the year 2022, we contributed BDT
340.20 million for welfare of the society. In recognition,
UK-based “The Global Economics” awarded Jamuna
Bank Ltd. with the “Best CSR Bank” award for the 02 (two)
consecutive years of 2021 & 2022.
Risk Management
Being a proactive and progressive private sector bank has
taken several steps to combat the present and upcoming
risks. The Bank has strengthened its risk management
practices to identify potential credit risks and has taken
corrective action by enhancing credit appraisal processes,
monitoring exposure levels, and implementing robust
internal controls. Ensuring better asset quality maintained
NPI of 5.32% in 2022. We emphasize liquidity management
68
Annual Report 2022
in order to mitigate the risk associated with asset-liabilities based funding. Finally, we will continue investing in digital
and enhance the quality of the investment. Our credit- transformation, which enables us to continue our business
deposit ratio for the year 2022 was 77.41%, which shows operations seamlessly. We are, therefore, accelerating our
that we have the potential to lend further on the project. We remote banking and branch transformation efforts.
continuously review our portfolio to enhance the potential
return and to monitor and mitigate the associated risks. Acknowledgement
My sincere appreciation and gratitude to our shareholders,
Transforming into the most advanced Technology other stakeholders, and obviously the valued customers
The Bank is committed to making more investments in of Jamuna Bank Limited for their trust and confidence
technological advancement and venturing into unexplored bestowed on us and the co-operation and support
areas in the digital sphere. In the year 2022, the Bank has extended to us. We are hopeful to meet the expectations
introduced its new customer Core Banking Software (CBS) of our stakeholders in our journey ahead. On behalf of
named “TCS BaNCS”, which is internationally renowned. the Board of Directors, I also wish to extend my thanks to
CBS has come up with some other new services for the all levels of employees of the bank for their perseverance,
customers, like Digital Banking System and the TCS hard work, and dedication towards the development of
Treasury module. The Bank has shifted its old Data Center the bank. Let me also thank my fellow Board members
to the new Tier-3 standard Data Center (Alhaj Md. Rezaul for their persistent support, cordial commitment to values
Karim Ansari, Data Center) on the Bank’s own premises. and principles. I look forward to working with them
All the shifted servers are now in the optimum HVAC and being navigated by their manifested wisdom to take
environment, which was not available in the old Data Jamuna Bank to its next level of advancement.
Center. In order to ensure efficient support & service for the
Bank’s valuable customers, we implemented an enterprise I am thankful to all regulatory bodies of the Bangladesh
call center named “Anindya Majumder Call Center”. The Government, especially Bangladesh Bank, Bangladesh
call center is now in full swing (24×7) operation. We will Securities and Exchange Commission, National Board of
keep making investments in the most upgraded features Revenue (NBR), Registrar of Joint Stock Companies and
of IT infrastructure in our branches, sub-branches, agent Firms, Dhaka and Chittagong stock exchanges and Central
banking, and ATM booths in order to provide fast and Depository Bangladesh Limited. Your ongoing support is
instant support for our customers with versatile banking enormously appreciated.
services.
Today, as I look forward to Bangladesh flourishing into
Looking forward Asia’s dominant emerging economy, I am optimistic that
Given the possibility of a world recession in 2023 and its Jamuna Bank Limited will play a distinctive role in our
implications for our economy, we will concentrate on nation’s journey towards prosperity.
increasing efficiency and output with current resources.
We are also working on capacity development within our Thank you once again for being a part of Jamuna Bank
workforce to stay competitive in the market and to adapt Limited.
to the fast-paced, ever-changing needs of the industry.
To navigate the challenges expected in the years ahead,
we will provide our customers with financial and non-
financial assistance to help sustain them through the
economic downturn. Secondly, we are committed to
managing our credit risk by reducing our exposure to
high-risk segments and being more prudent in our new Md. Saidul Islam
loan originations. Thirdly, we will continue to focus on Chairman
ensuring healthy liquidity ratios and strong customer-
Jamuna Bank Limited 69
MANAGING DIRECTOR &
CEO’S REVIEW
Mirza Elias Uddin Ahmed
Managing Director & CEO
Dear Stakeholders,
Bismillahir Rahmanir Rahim
Assalamu Alaikum Warahmatullah
The year 2022 was a year of uncertainty. The year witnessed a volatile and uneven economic recovery. Like other
countries around the world, Bangladesh is dealing with the impact of global shocks – first from the pandemic and then
from the ongoing war in Ukraine i.e. rising global commodity prices, supply chain disruptions, and slowdown in external
demand have led to high inflation, a sharp widening of the current account deficit, depreciation of the taka and the rapid
decline of foreign exchange reserves etc. The robust economic recovery of Bangladesh from the COVID-19 pandemic
was interrupted by Russia’s invasion in Ukraine. Despite the government and Bangladesh Bank implementing policy
measures, handling the situation was challenging for an import-dependent country like Bangladesh, as unprecedented
levels of inflation caused panic from the macro to the micro level.
70
Annual Report 2022
Jamuna Bank continues to forge ahead in the face
of headwinds and declares the second highest
dividend (17.5% Cash & 8.50% stock dividend)
in the banking sector for the year ended 31st
December 2022 for shareholders of the Bank.
Amidst the turmoil, we prioritized the financial
wellbeing of our customers and communities
and strengthened the resilience of our bank.
The dedication and efforts in the past years
towards becoming a leading bank in the country
have helped us to be well prepared to face these
unprecedented crises and allow us to remain
successful.
Jamuna Bank in 2022: a comparative analysis of financial performance
Jamuna Bank has already made its mark in the country’s banking arena through world-class products and services,
consistent financial results, good governance, compliance, ethics, transparency and values-based banking. With the
talented and committed team empowered by technology, together we are determined to take Jamuna Bank to the next
level achieving exponential growth in market share, while continuing to progress the financial inclusion and values
based development for the economy of our country. Despite economic and geopolitical uncertainty, as well as a difficult
business environment, credit portfolio grew to BDT 180.49 billion with a growth of 3.24% against country growth of
12.89%. We move cautiously to increase of our loan portfolio during this crisis period. Deposit stood at BDT 225.07 billion
registering a growth of 6.14% against the country growth of 5.70%. Import, export and remittance stood at USD 2,074.79
million, USD 1,711.80 million and USD 465.35 million respectively. Jamuna Bank was much successful in maintaining
foreign exchange liquidity due to its higher amount of export and remittance which was sufficient to ensure its import
payment. Throughout the year, Jamuna Bank acted as contributor to foreign currency supply in the market and ensured
smooth import performance for our valued customers. The bank stands on a very solid foundation having strong assets
and capital base. Total assets of the bank increased to BDT 282.64 billion from BDT 264.32 billion with the growth of
6.93% over last year’s. Capital base of the bank is one of the highest in the industry. The capital adequacy ratio of the
bank stood at 16.75% against regulatory requirement of 12.50%. In 2022, total capital reached BDT 31.02 billion. Capital
base safeguards the bank from unforeseen credit, operational or market shock and supports business expansion.
Our operating profit increased by BDT 529.62 million or 10.22% from previous year. Net Interest Income increased by
15.07%, Investment income increased by 4.76% and non-interest income increased substantially by 43.71% for which
operating profit increased by 10.22% from previous year. We have followed Bangladesh Bank’s instruction meticulously
for maintaining provision and recognizing interest income. We have complied Bangladesh Bank’s requirement of 1%
additional special General provision-COVID 19 and extra 2% provision against clients enjoying Covid-19 facilities and
maintained additional provision based on the qualitative judgment of Bangladesh Bank for absorbing any unforeseen
shocks. Complying all these issues, our total provision increased by BDT 1,275.31 million or 110.41% over last year’s and
stood at BDT 2,430.39 million. After setting aside provision for loans and advances, tax, reserve and others, the bank
attained net profit of BDT 1,581.44 million which is lower than last year’s by 36.15%. Thus, Earnings per share (EPS) of
the Bank decreased to BDT 2.11 which was BDT 3.31 last year.
Jamuna Bank Limited 71
ROA and ROE have decreased in 2022 due to higher growth of average assets and decrease of PAT due to maintaining
additional provision. Cost to income ratio has increased because operating expense and Operating Income for the year
2022 was gone up compared to the previous year.
Our Portfolio
The bank ended the year 2022 with an impactful balance sheet where total corporate loan outstanding was Tk.128,315.16
million which is 71.09% of total loans and advances and increased by 3.42%. The major chunk of earnings of the Bank has
stemmed from the corporate banking/lending derivatives. Total loans and advances have increased by 3.24% whereas
corporate loans have increased by 3.42%. We depicted below segment-wise distribution of loans and advances of the
Bank.
Customer Segment Outstanding (amount in million BDT) Percentage composition of total
Corporate 128,315.16 71.09%
SME 21,981.87 12.18%
Retail 11,506.10 6.37%
Agri & Micro 4,018.45 2.23%
OBU, Credit Card & Others 14,669.21 8.13%
Total 180,490.79 100.00%
To boost up SME Business through ensuring financial inclusion and bringing marginal people of our country under
credit facility, Jamuna Bank declared November 2022 as Retail, SME & Agri Loan campaign month. Attractive rewards
packages were declared for the top performers for procurement of business under Retail, SME & Agri Loan products
during the campaign period. This campaign highly motivated every employee of our Bank.
No. of Proposal Amount of Proposal (figure in million)
Name of Product
Received Approved Received Approved
Retail Loan Products 167 122 361.60 231.50
SME Loan Products 621 563 2390.10 1,624.80
Agri Loan Products 586 569 105.70 84.10
Total 1374 1254 2857.40 1940.40
We have given our utmost efforts and secured satisfactory achievements in disbursement of loans under Credit Guarantee
Scheme (CGS), Refinance Scheme for CMSME sector, Stimulus Package for COVID-19 under CMSME and SME Start Up
Fund. As part of regular innovation and intention to serve CMSME sector with super-fitted products, we have added
09 nos. of new loan products in our existing product bundle. As on December 31, 2022 in SME sector the cumulative
outstanding was BDT 21,981.87 million.
JBL’s Retail Banking Division continued to scale up its portfolio keeping business growth momentum focusing on purpose
delivering on the strategy and increasing income. It grew sustainably driven by acquiring new customers, deepening of
client relationship and cross-sell across various sales units. Bank’s retail loan book grew by 9.40% in 2022 which is higher
than the average growth of total loan portfolio of the bank. As on December 31, 2022 in Retail sector the cumulative
outstanding was BDT 11,506.10 million.
During the year 2021-22, the JBL has disbursed agricultural loan Tk. 3,106.60 million to 45,997 number of borrowers
(64.43% women) of rural areas of the country mainly to eight sub sectors of agriculture where share of crop is the
highest (57.86 %) followed by pisciculture (16.66%), livestock (9.79 %), others (5.23%), agricultural tools (4.64%), crop
storage (2.80%), poverty alleviation (1.71%) and irrigation tools (1.31%). The disbursement was made through two
channels - MFI linkage (96.86% loan) and bank own network (3.14%) to landless people, marginal & small farmers and
sharecroppers. Although the reporting year was our fight to rebound from Covid-19 pandemic period, the bank has
registered an increase of 1.27% disbursement than last year. As on December 31, 2022 in agricultural & rural credit sector
the cumulative outstanding was Tk. 4,018.45 million.
On the other hand, JBL has triumphantly escalated its investment by 12.89% (BDT 76,394.56 million). Within this
investment, government and approved securities constitute 92.25% of total investment amounting to BDT 70,474.13
million increased by 12.97% from previous year. Investment in other sources has also been notably increased by 11.91%.
72
Annual Report 2022
JBL has been consistent in both of its import and export ups, Account to Mobile Financial Services (MFS) like
business. Currently, the Bank is maintaining RMA bKash, Wallet service (‘Shadhin’ mobile banking app) and
with top rated 329 banks covering 74 countries at 867 Internet Banking, etc. to expedite and ease the transactions
locations. However, in 2022, Import increased to USD of our valued customers. Presently, we have a total of 343
2,074.79 Million registering a positive growth of 6.76% ATMs, which are always in operation to provide 24/7 cash
as compared to USD 1,943.41 million in 2021. Import of withdrawal/deposit services along with other services
capital machinery and mechanical appliances, electrical like bKash cash withdrawal, utility bill payment, balance
equipment and parts thereof, Wheat, Edible Oil, Sugar, inquiry of customers, etc. To ensure the customers’
Raw Cotton, Fabrics, Synthetic/ Mixed Yarn, Chemical transaction security we implemented the CCTV system
products etc. were the major items/commodities imported in all of our ATM Booths and a central CCTV monitoring
through our Bank. Aggregate exports increased to USD system, specially designed to prevent any fraudulent
1,711.80 million in 2022 from USD 1,345.54 million in activities and unwanted incidents.
2021 registering a positive growth of 27.22%. Readymade
garments continued to occupy an overwhelming share Technology driven Financial Institution
of the bank’s export basket. Export of Jute Yarn, Fabric The banking and financial services industry has
(woven), Clothing, Accessories, Pet Bottle, Leather (crust witnessed a transformation through digital innovations.
& finished), bicycle, Agro-processed products etc. were the The COVID-19 pandemic accelerated the demand for
major items/commodities. digital products and services, thereby stimulating rapid
development in our digital capabilities. Jamuna Bank
2022 was another successful year with considerable Limited has a vast banking network having 167 branches,
progress in bank’s card business. During 2022, we have 106 sub-branches and 343 ATMs all over Bangladesh which
20% growth on card transaction over 2021. Credit card are centrally connected with the Data Center (DC) and
outstanding was increased by 36.22%. Profit volume from Near DC. The bank offers its customer versatile Banking
Card business increased by 6% over 2021 and outstanding services to provide fast & convenient banking facilities.
escalated from BDT 727.60 million to BDT 1,000.00 million To accomplish this job, the Bank have a skilled, diligent
over previous year. Total Number of Debit and Credit & dedicated ICT team. In the year 2022, the Bank has
Cards reached to 5,59,488 & 33,182 and total issued credit introduced its customer new Core Banking Software (CBS)
card 35,000. We have introduced transaction email alerts named “TCS BaNCS” that is internationally renowned. The
for our credit card customers and credit card proposal CBS has come up with some other new services for the
tracking system through which bank’s branch would see customers, like Digital Banking System and TCS Treasury
the latest status/ each stage of its sent out credit card module. The Bank has shifted its old Data Center into the
proposals at any time. In the year 2022, we organized credit new Tier-3 standard Data Center (Alhaj Md. Rezaul Karim
card campaign in the month of October-2022 to increase Ansari Data Center) in Bank’s own premises. All the shifted
the bank’s credit card business where 3,019 nos. credit servers are now under optimum HVAC environment which
card proposals received during the campaign period. was not available in the old Data Center. In order to ensure
efficient support & service for Bank’s valuable customers,
Delivering for our customers we implemented an enterprise call center named “Anindya
During these difficult times, we are proud of having Majumder Call Center”. The call center is now in full swing
served our customers and the communities in which we (24×7) operation.
operate. Our main focus for the year was to enhance the
customer experience across our retail, corporate, and SME Healthy Work Environment
segments. As part of financial inclusion, we expanded At JBL, our people are our most precious assets and
our footprints in rural areas for providing our banking throughout the pandemic, we continued to make
services to economically underprivileged people in society investments that prioritize their well-being. To ensure
and increased our sub-branches to 106 which was 35 in the long-term sustainability, JBL emphasizes skill and
year 2021. merit-based recruitment and selection process, highly
competitive remuneration package, sufficient training and
We are proud of the ways in which our team served development programs, career growth with succession
with the utmost dedication, putting customers first. The planning, high-performance culture, and a satisfying
reliability and robustness of our network are exemplified working atmosphere where employees can vent out their
by the high value of cash dispensed through our automated grievance and receive counseling. JBL and its subsidiary
cash dispensing network, which comprises both our own have employed 3,782 employees so far till December 2022.
and shared ATMs. Enhancing the digital experience of During the year, we revised the compensation Packages
customers through the investments we made over the of all employees of the bank as per Bangladesh Bank’s
years in building our digital ecosystem provided a strong guideline, employed 550 new employees, promoted 412
foundation to meet the increased demand for digital employees, job confirmation made for 109 employees,
services and become a pioneer in the digital payment 107 SME, marketing & Casual employees were absorbed
space. as permanent Officers, 150 cash cadre were absorbed as
general cadre & 232 Casual employees were absorbed as
We provide conducive services including cash withdrawal permanent employees of the bank,. We also ensured Group
from Automated Teller Machines (ATMs), funds transfer Insurance benefit for all employees of the bank including
facilities, bills payment/interbank fund transfer/credit casual staff with Progati Life Insurance. During the year
card bills payment facilities to other banks, mobile top- 2022, our bank paid BDT 4,406.06 million as salaries and
Jamuna Bank Limited 73
allowances to our employees and invested BDT 4.42 million use, capacity building, helping destitute, against drug
on their training. abuse, improving ethical and religious values, preserving
national heritage, helping to overcome natural disaster and
Capital Management calamities, humanitarian services, improving the standard
Our sincerity to create value for our shareholders is of living by creating job opportunities to the destitute,
illustrated by our financial performance. Although eradicate extreme poverty and hunger. In recognition, UK-
earnings per share (EPS) reduced to BDT 2.11 and return based “The Global Economics” awarded Jamuna Bank Ltd.
on average equity decreased to 7.69% compared to the with the “Best CSR Bank” award for 02 (two) consecutive
year 2021 due to maintaining additional provision for years 2021 & 2022. “The Global Economics” also awarded
loans and advances. Our Net Asset Value (NAV) per share Al-Haj Nur Mohammed, the Honorable Chairman of
has decreased to BDT 26.36 compared to previous year due Jamuna Bank Foundation as “Best CSR Personality” for
to reduction of revaluation reserve. Required capital of his outstanding contributions towards Corporate Social
the bank in December 2022 was BDT 23,154.18 million as Responsibility (CSR) for the year 2022.
against available core capital of BDT 20,845.52 million and
supplementary capital of BDT 10,175.87 million making a We are continuously contributing to the welfare of society.
total capital of BDT 31,021.39 million thereby showing a The Board of Directors of the Bank made provision for
surplus capital/ equity of BDT 7,867.21 million at that date. Jamuna Bank Foundation at 5.00% of pre-tax profit of
Additionally, JBL has successfully maintained the Capital Jamuna Bank Limited each year. In the year 2022, Jamuna
Adequacy ratio of 16.75 percent, which was 4.25 percent Bank Foundation made CSR expenditure BDT 340.20
higher than that of the minimum total required Capital million. Currently, 375 Students are enjoying Jamuna Bank
Adequacy Ratio (CAR). Foundation’s stipend facility. During the year Jamuna Bank
Foundation organized 21 free medical camps throughout
Best Primary Dealer (PD) Bank the country where no. of patients treated 70,200 & 6,428
In 2022, Jamuna Bank consecutively continued its position people were selected for free eye operation. JBF also
as the best Primary Dealer (PD) bank in Bangladesh organized 48 free mobile medical camps at different slum
declared by Bangladesh Bank. It has expanded its areas of Dhaka City in the year 2022 where no. of patients
dominance in both the primary and secondary markets treated were 14,146. We have established two new units of
of the government’s securities trading. Therefore, JBL’s JBF Kidney Dialysis Centers at Rupgonj, Narayangonj &
achievement of attaining the best PD award consistently Munshiganj where 4 units of Dialysis Centers (Shantinagor,
for 31 times and contested among 24 PD banks should Dhaka Unit, Laksham, Comilla Unit, Rupgonj, Narayangonj
be highlighted prestigiously in the banking industry. In and Munshiganj) have provided 18,922+ dialysis services to
addition, JBL’s Treasury Division proactively conducted kidney patients since inception. In 2022, JBF inaugurated
its role as the Primary Dealer and made quite impressive “Jamuna Bank Foundation Diagnostic Centre”, “Jamuna
profit along with Capital Gain in 2022. Bank Foundation Dental Clinic”, “Jamuna Bank Foundation
Eye Hospital” and “After Care Center” for the treatment
Jamuna Bank Agent Banking of drug addicts at Jamuna Bank Foundation Complex in
Jamuna Bank Limited has impressively launched agent Mohammadpur, Dhaka for providing medical services at
banking operations in 2020. JBL’s Agent Banking is reduced cost to the underprivileged sections of the society.
planning to create a new era in the small business sector During the year JBF organized 02 weeks long Free Plastic
along with affordable financial services to meet small Surgery Camp for cleft lip, palate, and burn patients at
businesses’ requirements and to reach out to millions of Munshiganj General Hospital by specialized doctors from
businesses despite their geographical dispersion. Small the Netherlands. Around 634 patients were treated free of
business sectors are struggling to access financial services cost and 250 patients were registered for plastic surgery.
due to a lack of nearby bank branches, poor infrastructure, JBF also organized various programs during the year which
high costs of finance, and lack of documentation such as has been presented at Corporate Social Responsibility
proof of identity. These obstacles limit their attempts to chapter of this report.
grow and ultimately hinder the economic development
of our country. JBL’s agent banking is planning to
address these challenges by using the distribution
channels of multinational organizations, FMCGs and
telecommunication organizations, etc. for the banking
sector. At present, the numbers of active outlets are 42
which are providing services from the rural areas of the
country.
Corporate Social Responsibility (CSR) Activities
As one of the leading Bank, we acknowledge our
responsibilities towards the society as a whole in which
we live. Jamuna Bank has been playing pioneer role in the
CSR activities since its inception through Jamuna Bank
Foundation (JBF). Jamuna Bank Foundation conducts Approach to sustainability
multidimensional CSR activities regularly. Its activities We believe that conducting business responsibly,
encompass wide area e.g. Education, Pro-Poor healthcare, sustainably and in alignment with our values is essential
environmental friendly green product, alternative energy to building a successful and long-lasting enterprise. We
74
Annual Report 2022
understand that our responsibilities extend beyond our During the period, our sustainable finance was BDT
shareholders, customers, and employees to the wider 41,377.47 million out of which green finance was BDT
communities we serve. To ensure that our sustainability 4,826.45 million and Sustainable Linked Finance was
efforts are directed towards achieving our objectives, we BDT 36,551.03 million. Jamuna Bank Limited recognizes
have established a clear strategic objective for each of our the impact that its operations and vehicles have on the
sustainability focus areas. At the board level, the Board environment. The bank operates vehicles that run on diesel
Risk Management Committee (BRMC) provides oversight and gasoline, and also relies on diesel-powered generators.
and support in areas such as sustainability strategy, These activities directly contribute to the emission of
operational model, reporting, and frameworks. In greenhouse gases (GHG) into the atmosphere. We have
compliance with Bangladesh Bank’s Sustainable Finance contributed National Exchequer BDT 5234 mn in the year
Department’s circular no. 02 dated December 1st, 2016, 2022 as Tax and VAT. We are using maximum Day light.
which outlines the formation and formulation of the terms Our electricity consumption decreased by 26% compared
of reference for sustainable finance in banks and financial to 2021, Electricity consumption per employee was 1,976
institutions, Jamuna Bank has established a Sustainable kwh in 2022, Fuel for Generator (Liters) increased by
Finance Committee (SFC) and a Sustainable Finance Unit 34.71% compared to 2021. Fuel for Car (Liters) decreased
(SFU). by 14.16% compared to the year 2021. Totally, JBL emitted
approximately 4052 metric ton carbon in the year 2022
which we are committed to reduce in coming years.
Sustainable Linked
Green Finance Sustainable Finance
Finance
• BDT 4,826.45 million • BDT 36,551.03 million • BDT 41,377.47 million
Future Planning
We are committed to bring more un-banked people in the seamlessly. Our long-term goal is to adopt high levels of
banking network by extending technology-based services process automation and web-based banking services for
to the doorstep of each person. We are looking forward to our customers for ensuring digital banking.
letting our customers experience the best online banking
facilities by providing value-added services such as Acknowledgement
SWIFT, ATM, National Payment Switch, VISA card, Mobile Let me acknowledge with deep gratitude the unwavering
Financial Services, SMS banking, Internet banking, BACH policy support and guidance we received from the
& EFTN, RTGS in a highly secured environment. We are Honorable Board of Directors of Jamuna Bank Limited
expecting that the transformation will enable our clients while we proceeded in our growth trajectory and
to enjoy the most modern, secured, and versatile real-time consolidated position with impressive results. The Board’s
online services and meet most of their banking needs. We unwavering support has been invaluable throughout
are expediting the process for centralization of banking the challenging times, and I am grateful for their
operations and will introduce e-KYC for opening paperless ongoing engagement, counsel, and encouragement.
bank accounts. We are trying to add more features to Their leadership and foresight will undoubtedly be a
“Shadin” App to ensure that our clients enjoy a hassle-free great asset in steering the bank towards greater heights.
banking service with their smart phones. I wish to extend my gratitude to Bangladesh Bank and
the Bangladesh Securities and Exchange Commission
We will accelerate growth in loans and advances with a for their continued policy support and guidance during
focus on each area of financing, considering individual these adverse circumstances. I also take this opportunity
or business requirements. Our dynamic product team to thank all our customers who had reposed their trust in
will continue exploring customised financing needs of us and extended all possible co-operation. Lastly, I would
customers and step forward to meet their requirements. In like to thank my colleagues and all the stakeholders, it was
the changing bank business arena, we think sub-branches their concerted effort that we made these achievements
are playing a strategic role to expand the bank’s business possible.
network and capture the untapped market with minimum
establishment cost. Considering the strategic benefits we Sincerely,
are now focusing more on the business prospects of the
Sub-Branches.
Besides, technology is the key to survive and thrive in the
post-pandemic world and we are reaping the benefits of
our continued investments in the digital transformation Mirza Elias Uddin Ahmed
which enabled us to continue our business operation Managing Director & CEO
Jamuna Bank Limited 75
Information for Stakeholders
Financial Highlights (YoY)
Jamuna Bank Ltd. Jamuna Bank Ltd. (Consolidated)
2022 2021 YoY 2022 2021 YoY
change change
Taka In BDT Million (%) Taka In BDT Million (%)
Results of Operations
Interest income 12,324.57 11,106.91 10.96 12,337.78 11,106.00 11.09
Interest expenses 9,338.51 8,511.94 9.71 9,338.51 8,511.94 9.71
Net interest income 2,986.06 2,594.97 15.07 2,999.27 2,594.06 15.62
Investment income 5,918.56 5,649.90 4.76 5,943.96 5,709.35 4.11
Other income 3,917.73 2,726.19 43.71 3,950.98 2,748.00 43.78
Operating income 12,822.34 10,971.05 16.87 12,894.22 11,051.41 16.67
Operating expenses 7,113.03 5,791.35 22.82 7,155.12 5,816.42 23.02
Profit before provision and tax 5,709.32 5,179.70 10.22 5,739.10 5,234.99 9.63
Provision for loans and assets 2,430.39 1,155.08 110.41 2,444.54 1,163.94 110.02
Profit after provision before tax 3,278.93 4,024.62 -18.53 3,294.56 4,071.05 -19.07
Tax including deferred tax 1,697.48 1,547.74 9.68 1,705.44 1,558.59 9.42
Profit after contribution to foundation and tax 1,581.44 2,476.88 -36.15 1,589.11 2,512.47 -36.75
Balance Sheet Matrix
Total Shareholders’ Equity 19,748.74 21,369.33 -7.58 19,675.13 21,285.20 -7.56
Total Liability 262,887.98 242,952.17 8.21 263,425.39 243,535.46 8.17
Deposits 225,070.78 212,052.50 6.14 225,033.52 212,043.65 6.13
Loans and Advances 180,490.79 174,824.78 3.24 181,567.64 175,952.49 3.19
Ivnestments 76,394.56 67,674.40 12.89 76,759.07 68,067.84 12.77
Property, Plant and Equipment 4,009.16 3,272.11 22.53 4,309.47 3,563.71 20.93
Current Assets 173,902.79 141,601.13 22.81 176,187.49 143,848.06 22.48
Total Assets 282,636.72 264,321.51 6.93 283,100.52 264,820.66 6.90
Statutory Ratios (%)
Capital Adequacy Ratios (CAR) 16.75 16.42 1.97 16.69 16.36 2.02
Required Minimum Capital Adequacy Ratios (MCAR) 12.50 12.50 0.00 12.50 12.50 0.00
Share Information
Earnings Per Share (Taka) 2.11 3.31 -36.15 2.12 3.35 -36.75
Dividend (%) 26.00% 17.50% 48.57 26.00% 17.50% 48.57
Net Assets Value Per Share (Taka) 26.36 28.52 -7.58 26.26 28.41 -7.56
Net Operating Cash flow per share (Taka) 12.25 11.12 10.18 12.23 11.33 7.95
Key Ratios (%)
Non Performing Loan 5.32 2.97 79.21 5.29 2.95 79.29
Return on Average Shareholders’ Fund/Equity (after tax) 7.69 10.88 -29.33 7.76 11.09 -30.04
Return on Average Assets (after tax) 0.58 0.98 -40.95 0.58 0.99 -41.50
Return on Average Investment 8.22 9.52 -13.73 8.21 9.57 -14.26
76
Annual Report 2022
Five Years Performance (Consolidated)
Figure In BDT. Million
Particulars 2022 2021 2020 2019 2018
Balance Sheet Matrix
Authorized Capital 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00
Paid up Capital 7,492.26 7,492.26 7,492.26 7,492.26 7,492.26
Reserve & Retained surplus 12,182.88 13,792.94 16,531.57 9,564.53 10,552.86
Total Shareholders’ Equity 19,675.13 21,285.20 24,023.83 17,056.78 18,045.12
Deposits 225,033.52 212,043.65 191,088.44 202,498.87 188,016.33
Loans and advances 181,567.64 175,952.49 163,908.03 178,484.95 166,601.47
Investments 76,759.07 68,067.84 51,207.95 39,444.10 31,878.90
Property, Plant and Equipment 4,309.47 3,563.71 3,542.07 3,498.35 2,895.94
Total Assets 283,100.52 264,820.66 241,962.13 243,266.42 225,350.63
Total liabilities 263,425.39 243,535.46 217,938.31 226,209.64 207,305.51
Long Term Liabilities 69,811.36 71,339.23 77,363.12 54,260.70 86,956.73
Earning Assets 175,158.74 173,708.69 166,233.12 176,571.03 167,607.99
Net Current Assets 176,187.49 143,848.06 126,277.47 164,256.13 132,624.70
Income statement Matrix
Interest income 12,337.78 11,106.00 14,235.37 17,842.68 15,025.93
Interest expenses 9,338.51 8,511.94 10,465.70 11,391.97 9,656.43
Net interest income 2,999.27 2,594.06 3,769.67 6,450.72 5,369.50
Income from Investment 5,943.96 5,709.35 4,549.13 2,331.91 1,858.51
Non-Interest income 3,950.98 2,748.00 2,584.89 2,703.23 2,666.39
Total Operating Income 12,894.22 11,051.41 10,903.68 11,485.86 9,894.39
Total Operating Expenses 7,155.12 5,816.42 5,801.79 5,628.63 5,217.21
Profit before provision and tax 5,739.10 5,234.99 5,101.89 5,857.24 4,677.19
Provision for loans and assets 2,444.54 1,163.94 762.44 1,143.69 1,075.04
Profit before tax 3,294.56 4,071.05 4,339.44 4,713.55 3,602.14
Tax including deferred tax 1,705.44 1,558.59 1,685.81 2,181.12 1,305.02
Profit after tax 1,589.11 2,512.47 2,653.63 2,532.43 2,297.12
Capital Information
Total Risk weighted Assets 185,742.66 193,213.78 182,410.02 180,739.24 194,137.86
Core Capital (Tier-I) 20,755.93 20,093.22 17,693.44 15,515.89 14,472.53
Supplementary Capital (Tier-II) 10,242.31 11,514.47 10,446.02 10,256.14 11,940.74
Total Capital 30,998.24 31,607.69 28,139.47 25,772.03 26,413.27
Tier-I Capital Ratio (%) 11.17 10.40 9.70 8.58 7.45
Tier-II Capital Ratio(%) 5.51 5.96 5.73 5.67 6.15
Capital to Risk Weighted Asset Ratio (%) 16.69 16.36 15.43 14.26 13.61
Credit Quality
Volume of Non-performing Loans (NPLs) 9,609.50 5,193.95 4,801.64 6,559.46 6,231.12
% of NPLs to total Loan & Advances 5.29 2.95 2.93 3.68 3.74
Provision for Un-classified Loans 4,500.05 4,218.76 3,895.47 2,155.48 2,711.73
Provision for Classified Loans 2,638.38 1,472.02 1,527.38 3,214.54 1,662.39
Foreign Exchange Business
Import 175,200.80 165,227.90 111,097.00 125,264.80 130,242.30
Export 143,542.70 114,381.70 92,321.21 103,951.30 106,070.70
Remittance 49,292.76 24,730.00 18,120.00 18,175.60 15,000.00
Jamuna Bank Limited 77
Particulars 2022 2021 2020 2019 2018
Share information
No. of Share Outstanding 749.23 749.23 749.23 749.23 749.23
Dividend: 26.00% 17.50% 17.50% 15.00% 20.00%
Cash (%) 17.50% 17.50% 17.50% 15.00% 20.00%
Bonus (%) 8.50% 0.00% 0.00% 0.00% 0.00%
Effective Dividend Ratio 41.87% 42.88% 30.52% 21.71% 22.72%
Market capitalization 15,958.51 17,531.88 14,085.44 13,860.67 13,186.37
Market price per Share (Taka) 21.30 23.40 18.80 18.50 17.60
Earning per Share Taka 2.12 3.35 3.54 3.38 3.07
Book value per Share/ NAV (Taka) 26.26 28.41 32.06 22.77 24.09
Price Earning Ratio (Times) 10.04 6.98 5.31 5.47 5.74
Key Financial Ratios Information
Net interest margin on average earning assets 1.72 1.53 2.20 3.75 3.40
Earning base in average assets 63.67 67.08 70.65 73.45 74.63
Burden Coverage ratio 56.97 59.24 58.85 58.25 60.33
Cost-income ratio 55.49 52.63 53.21 49.00 52.73
Loans to assets ratio 64.14 66.44 67.74 73.37 73.93
Weighted average interest rate of loan 7.81 7.26 8.25 11.23 10.66
Weighted average interest rate of deposits 4.64 4.60 5.07 6.48 5.88
Asset Utilization ratio 4.71 4.36 4.49 4.90 4.68
Leverage ratio (times) 7.48 8.94 8.47 7.49 7.91
Net profit margin 52.98 96.85 70.39 39.26 42.78
Current Ratio 0.91 0.84 0.90 0.96 1.10
Debt Equity Ratio 13.39 11.44 9.07 13.26 11.49
Dividend cover ratio (times) 0.82 1.92 2.02 2.25 1.53
Return on risk weighted assets (after tax) 0.86 1.30 1.45 1.40 1.18
Return on average investment 8.21 9.57 10.04 6.54 6.40
Return on average assets (after tax) 0.58 0.99 1.09 1.08 1.09
Return on average equity (after tax) 7.76 11.09 12.92 14.43 13.73
Other Information
Number of branches (Incl. SME/Agri Br. & SME center) 167 157 149 141 132
Number of Sub branches 106 32 28 1 -
Number of Agent Banking 42 17 2 - -
No. of Islamic Banking branches 2 2 2 2 2
Number of employees 3,782 3,346 3,107 3,049 2,824
Number of foreign correspondents 867 840 845 850 875
Average Earning Assets 174,433.72 169,970.91 171,402.08 172,089.51 157,853.64
Average Total Assets 273,960.59 253,391.39 242,614.28 234,308.52 211,509.91
Average Deposits 218,538.59 201,566.04 196,793.66 195,257.60 177,790.09
Average Investment 72,413.46 59,637.90 45,326.02 35,661.50 29,059.84
Average Advances 178,760.07 169,930.26 171,196.49 172,543.21 155,045.14
Average Equity 20,480.17 22,654.51 20,540.30 17,550.95 16,734.84
* Previous years figure have been re-arranged to conform with present year presentation.
78
Annual Report 2022
Five Years Performance (Solo)
Figure In BDT. Million
Particulars 2022 2021 2020 2019 2018
Balance Sheet Matrix
Authorized Capital 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00
Paid up Capital 7,492.26 7,492.26 7,492.26 7,492.26 7,492.26
Reserve & Retained surplus 12,256.48 13,877.08 16,652.45 9,668.33 10,581.25
Total Shareholders’ Equity 19,748.74 21,369.33 24,144.71 17,160.59 18,073.50
Deposits 225,070.78 212,052.50 191,103.99 202,509.52 188,034.30
Loans and advances 180,490.79 174,824.78 162,658.43 177,278.78 165,402.85
Investments 76,394.56 67,674.40 50,970.36 39,200.61 31,648.68
Property, Plant and Equipment 4,009.16 3,272.11 3,260.65 3,217.47 2,614.52
Total Assets 282,636.72 264,321.51 241,533.71 242,928.46 225,018.22
Total liabilities 262,887.98 242,952.17 217,389.00 225,767.88 206,944.71
Long Term Liabilities 70,532.57 71,975.76 78,055.39 55,318.82 51,124.25
Earning Assets 174,081.89 172,580.99 164,983.53 174,679.48 165,359.37
Current Assets 173,902.79 141,601.13 124,038.19 161,729.41 130,437.96
Income statement Matrix
Interest income 12,324.57 11,106.91 14,215.14 17,825.53 14,993.70
Interest expenses 9,338.51 8,511.94 10,465.70 11,391.97 9,656.43
Net interest income 2,986.06 2,594.97 3,749.44 6,433.56 5,337.27
Income from Investment 5,918.56 5,649.90 4,537.06 2,322.40 1,836.38
Non-Iinterest income 3,917.73 2,726.19 2,574.20 2,683.56 2,644.13
Total Operating Income 12,822.34 10,971.05 10,860.69 11,439.53 9,817.78
Total Operating Expenses 7,113.03 5,791.35 5,771.86 5,597.68 5,188.77
Profit before provision and tax 5,709.32 5,179.70 5,088.83 5,841.84 4,629.01
Provision for loans and assets 2,430.39 1,155.08 738.50 1,061.94 1,023.34
Profit before tax 3,278.93 4,024.62 4,350.33 4,779.90 3,605.68
Tax including deferred tax 1,697.48 1,547.74 1,679.63 2,172.05 1,288.98
Profit after tax 1,581.44 2,476.88 2,670.71 2,607.85 2,316.69
Capital Information
Total Risk weighted Assets 185,233.48 192,638.70 181,967.93 181,473.19 194,591.35
Core Capital (Tier-I) 20,845.52 20,188.04 17,815.75 15,619.98 14,508.33
Supplementary Capital (Tier-II) 10,175.87 11,449.19 10,381.67 10,235.48 11,921.74
Total Capital 31,021.39 31,637.23 28,197.42 25,855.46 26,430.07
Tier-I Capital Ratio (%) 11.25 10.48 9.79 8.61 7.46
Tier-II Capital Ratio (%) 5.49 5.94 5.71 5.64 6.13
Capital to Risk Weighted Asset Ratio (%) 16.75 16.42 15.50 14.25 13.58
Credit Quality
Volume of Non-performing Loans (NPLs) 9,609.50 5,193.95 4,801.64 6,559.46 6,231.12
% of NPLs to total Loan & Advances 5.32 2.97 2.95 3.70 3.77
Provision for Un-classified Loans 4,500.05 4,218.76 3,895.47 2,155.48 2,711.73
Provision for Classified Loans 2,638.38 1,472.02 1,527.38 3,214.54 1,662.39
Foreign Exchange Business
Import 175,200.80 165,227.90 111,097.00 125,264.80 130,242.30
Export 143,542.70 114,381.70 92,321.21 103,951.30 106,070.70
Remittance 49,292.76 24,730.00 18,120.00 18,175.60 15,000.00
Jamuna Bank Limited 79
Particulars 2022 2021 2020 2019 2018
Share information
No. of Share Outstanding 749.23 749.23 749.23 749.23 749.23
Total Dividend: 26.00% 17.50% 17.50% 15.00% 20.00%
Cash (%) 17.50% 17.50% 17.50% 15.00% 20.00%
Bonus (%) 8.50% 0.00% 0.00% 0.00% 0.00%
Effective Dividend Ratio 42.86% 44.00% 32.13% 23.10% 23.14%
Market capitalization 15,958.51 17,531.88 14,085.44 13,860.67 13,186.37
Market price per Share (Taka) 21.30 23.40 18.80 18.50 17.60
Earning per Share Taka (EPS) 2.11 3.31 3.56 3.48 3.09
Book value per Share/ NAV (Taka) 26.36 28.52 32.23 22.90 24.12
Price Earning Ratio (Times) 10.09 7.09 5.27 5.31 5.69
Key Financial Ratios Information:
Net interest margin on average earning assets 1.72 1.54 2.21 3.78 3.42
Earning base in average assets 63.38 66.73 70.11 72.67 73.97
Burden Coverage ratio 56.84 59.12 58.97 58.22 60.23
Cost-income ratio 55.47 52.79 53.14 48.93 52.85
Credit-deposit ratio 77.41 77.56 82.64 85.23 84.59
Loans to assets ratio 63.86 66.14 67.34 72.98 73.51
Weighted average interest rate of loan 7.81 7.26 8.25 11.23 10.66
Weighted average interest rate of deposits 4.64 4.60 5.07 6.48 5.88
Asset Utilization ratio 4.69 4.34 4.48 4.89 4.65
Leverage ratio (times) 7.52 9.00 8.53 7.53 7.94
Net profit margin (after tax) 12.33 22.58 24.59 22.80 23.60
Current Ratio 0.90 0.83 0.89 0.95 0.84
Debt Equity Ratio 13.31 11.37 9.00 13.16 11.45
Dividend cover ratio (times) 0.81 1.89 2.04 2.32 1.55
Return on risk weighted assets (after tax) 0.85 1.29 1.47 1.44 1.19
Return on average investment 8.22 9.52 10.06 6.56 6.36
Return on average assets (after tax) 0.58 0.98 1.10 1.11 1.10
Return on average equity (after tax) 7.69 10.88 12.93 14.80 13.83
Other Information:
Number of branches 167 157 149 141 132
Number of Sub branches 106 32 28 1 -
Number of Agent Banking 42 17 2 - -
No. of Islamic Banking branches 2 2 2 2 2
Number of employees 3,750 3,329 3,096 3,049 2,807
Number of foreign correspondents 867 840 845 850 875
Average Earning Assets 173,331.44 168,782.26 169,831.50 170,019.42 156,111.40
Average Total Assets 273,479.11 252,927.61 242,231.09 233,973.34 211,038.38
Average Deposits 218,561.64 201,578.24 196,806.75 195,271.91 177,802.81
Average Investment 72,034.48 59,322.38 45,085.48 35,424.65 28,855.30
Average Advances 177,657.79 168,741.61 169,968.61 171,340.81 153,827.89
Average Equity 20,559.03 22,757.02 20,652.65 17,617.04 16,753.44
* Previous years figure have been re-arranged to conform with present year presentation.
80
Annual Report 2022
Graphical Presentation of Five Years Performance
Jamuna Bank Limited 81
82
Annual Report 2022
Jamuna Bank Limited 83
84
Annual Report 2022
Market Price Information-2022
Bangladesh’s capital market passed a gloomy year in 2022. During
the year the prime index of the Dhaka Stock Exchange (DSE),
DSEX witnessed a fall of 8% subsequent to a positive return of
25% in 2021. The yearly average turnover was 31% lower than that
of the previous year. Though the market started with a positive
trend with enthusiastic participation of the investors in early
2022, the enthusiasm started fading away after start of the Russia-
Ukraine war in February 2022. The repetitive downtrend in the
capital market helps the DSEX index fallen down tremendously to
5,980 points and then BSEC imposed floor price on July 28, 2022, to
protect the interest of general investors. Thereafter DSEX turned
up a trend with improved trade volume. Then again market
became shaky riding after gloomy earnings forecasts of the listed
companies influenced by the macroeconomic adversities which
cause majority stocks being stuck at the floor price. Around 80%
of listed stocks of DSE were trapped at floor price in December
2022 and trade volume was also lessened immensely. Jamuna
Bank scrips performed moderately in 2022 due to the challenging
capital market environment.
DSE Price index Turnover CSE Price index Turnover
Month Month Total Volume
Tk. In Tk. In
YR 2022 High Low Close YR 2022 High Low Close on DSE & CSE
Million Million
Jan 23.70 23.30 23.40 171.82 Jan 25.40 23.00 23.40 2.83 174.65
Feb 23.80 22.00 22.50 167.65 Feb 24.00 21.00 22.20 5.05 172.70
Mar 24.40 22.40 22.90 241.28 Mar 24.20 21.70 22.90 2.72 244.00
Apr 23.30 20.90 21.20 158.81 Apr 25.00 20.80 21.10 36.12 194.93
May 21.60 19.20 21.60 112.30 May 21.50 19.50 21.20 1.58 113.88
Jun 22.50 21.30 22.50 184.25 Jun 23.50 21.20 22.40 152.18 336.43
Jul 22.70 21.20 21.80 127.59 Jul 23.20 21.10 22.50 0.87 128.46
Aug 22.70 21.60 21.90 125.28 Aug 23.40 21.40 22.00 1.62 126.90
Sep 21.80 21.30 21.30 160.37 Sep 22.60 21.40 21.40 819.50 979.87
Oct 21.30 21.30 21.30 75.71 Oct 21.80 21.40 21.40 1.03 76.74
Nov 21.30 21.30 21.30 4.59 Nov 21.40 21.40 21.40 0.03 4.62
Dec 21.30 21.30 21.30 2.43 Dec 21.50 21.40 21.50 1.57 4.00
Jamuna Bank Limited 85
Shareholding Structure
Shareholding
Name of the Directors Status position as on % of total share
31.12.2022
1 Mr. Md. Saidul Islam Chairman 14,985,000 2.000%
2 Engr. A.K.M. Mosharraf Hussain Sponsor Director 14,984,509 2.000%
3 Engr. Md. Atiqur Rahman Sponsor Director 28,939,069 3.863%
4 Mr. Gazi Golam Ashria Director 14,984,616 2.000%
5 Mr. Fazlur Rahman Sponsor Director 14,985,428 2.000%
6 Al-Haj Nur Mohammed Sponsor Director 22,140,168 2.955%
7 Mr. Robin Razon Sakhawat Director 15,006,908 2.003%
8 Mr. Redwan-ul Karim Ansari Director 16,337,038 2.181%
9 Mr. Md. Belal Hossain Sponsor Director 15,235,979 2.034%
10 Mr. Md. Mahmudul Hoque Sponsor Director 14,990,452 2.001%
11 Mr. Shaheen Mahmud Sponsor Director 37,446,054 4.998%
12 Mr. Md. Sirajul Islam Varosha Director 14,984,838 2.000%
13 Mr. Kanutosh Majumder Director 15,493,336 2.068%
14 Mr. Md. Ismail Hossain Siraji Sponsor Director 14,984,928 2.000%
15 Mr. Gazi Golam Murtoza Sponsor Director 19,104,452 2.550%
16 Mr. Md. Hasan Director 37,461,211 5.000%
17 Mr. Golam Dastagir Gazi, Bir Protik Sponsor Shareholder 5,106,979 0.682%
18 Mr. Md. Tazul Islam Sponsor Shareholder 1,945,659 0.260%
19 Mr. Sakhawat, Abu Khair Mohammad Sponsor Shareholder 13,056,773 1.743%
20 Mr. Farhad Ahmed Akanda Sponsor Shareholder 11,229,488 1.499%
21 Mr. Md. Irshad Karim Sponsor Shareholder 3,403,404 0.454%
22 Mr. Md. Abdur Rahman Sarker Independent Director 0 0.000%
23 Mr. Md. Humayun Kabir Khan Independent Director 0 0.000%
24 Mr. Md. Abdul Jabber Chowdhury Independent Director 0 0.000%
25 Mr. M. Murshidul Huq Khan Independent Director 0 0.000%
26 Others 402,419,361 53.711%
27 Mr. Mirza Elias Uddin Ahmed & Spouse Managing Director 0 0
28 Mr. Mohammed Aminul Islam Mintu FCCA, ACA & Spouse Head of ICC 0 0
29 Mr. M. A. Rouf & Spouse Company Secretary 0 0
30 Mr. Uttam Kumar Saha FCA FCS & Spouse Chief Financial Officer 0 0
86
Annual Report 2022
Horizontal Analysis of Balance sheet for
the Last Five Years
Particulars 2022 2021 2020 2019 2018
PROPERTY AND ASSETS
Cash 105.30% 88.49% 94.36% 108.40% 100%
Cash in hand (including foreign currencies) 150.83% 125.12% 107.60% 108.51% 100%
Balance with Bangladesh Bank and its agent banks 93.68% 79.13% 90.98% 108.37% 100%
(including foreign currencies)
Balance with other banks and financial institutions 36.28% 29.62% 74.80% 72.93% 100%
In Bangladesh 32.47% 26.54% 73.76% 69.18% 100%
Outside Bangladesh 62.98% 51.19% 82.11% 99.31% 100%
Money at call on short notice 103.29% 114.40% 193.35% 65.27% 100%
Investments: 241.38% 213.83% 161.05% 123.86% 100%
Government 254.35% 225.15% 167.92% 127.40% 100%
Others 150.21% 134.23% 112.77% 98.99% 100%
Loans and advances 109.12% 105.70% 98.34% 107.18% 100%
Loans, Cash Credit, Overdrafts, etc. 105.96% 103.68% 97.73% 106.59% 100%
Bills purchased & discounted 158.97% 137.54% 107.92% 116.44% 100%
Fixed assets including premises, furniture and fixtures 153.34% 125.15% 124.71% 123.06% 100%
Other assets 130.97% 111.75% 130.04% 88.40% 100%
Non-banking assets 0.00% 0.00% 0.00% 0.00% 0.00%
Total assets 125.61% 117.47% 107.34% 107.96% 100%
LIABILITIES AND CAPITAL
Liabilities
Borrowings from other banks, financial institutions and 805.93% 495.16% 405.87% 256.93% 100%
agents
Deposits and other accounts 119.70% 112.77% 101.63% 107.70% 100%
Current/Al-wadeeah current accounts and other accounts 174.52% 136.83% 113.98% 101.92% 100%
Bills payable 70.77% 77.94% 82.06% 124.30% 100%
Savings/Mudaraba savings bank deposits 169.20% 152.97% 135.36% 112.36% 100%
Fixed/Mudaraba fixed deposits 98.69% 98.58% 83.15% 104.70% 100%
Bearer certificates of deposit 0.00% 0.00% 0.00% 0.00% 0%
Short notice deposits 194.04% 140.40% 127.44% 125.61% 100%
Deposit under special scheme 92.25% 107.25% 113.72% 110.49% 100%
Foreign currency deposit 134.28% 84.19% 90.46% 75.18% 100%
Other liabilities 173.26% 141.29% 142.43% 126.71% 100%
Subordinated Debt 111.46% 120.83% 88.02% 95.83% 100%
Total liabilities 127.03% 117.40% 105.05% 109.10% 100%
Capital/shareholders’ equity
Paid up capital 100.00% 100.00% 100.00% 100.00% 100%
Statutory reserve 137.70% 137.70% 133.56% 117.57% 100%
Other reserve 43.60% 86.68% 195.85% 43.24% 100%
Retained earnings 203.57% 209.00% 152.63% 109.73% 100%
Total shareholders’ equity 109.27% 118.24% 133.59% 94.95% 100%
Total liabilities and shareholders’ equity 125.61% 117.47% 107.34% 107.96% 100%
Note: Growth of each component of Balance Sheet of every year calculated based on the amount of 2018 which is representing the value 100%. The
value above 100% means positive growth and below 100% means negative growth compared to base year 2018
Jamuna Bank Limited 87
Horizontal Analysis of Profit & Loss for
the Last Five Years
Particulars 2022 2021 2020 2019 2018
Interest income/profit on investment 82.33% 74.20% 94.96% 119.08% 100%
Less: Interest/profit paid on deposits and borrowings, 96.71% 88.15% 108.38% 117.97% 100%
etc.
Net interest income 56.20% 48.84% 70.57% 121.09% 100%
Investment income 322.29% 307.66% 247.07% 126.47% 100%
Commission, exchange and brokerage 158.29% 113.42% 104.41% 106.31% 100%
Other operating income 119.32% 75.17% 77.43% 86.81% 100%
Total operating Income (A) 130.60% 111.75% 110.62% 116.52% 100%
Salary and allowances 142.26% 111.11% 114.97% 108.03% 100%
Rent, Taxes, Insurance, Electricity, etc. 100.84% 98.44% 103.31% 102.52% 100%
Legal expenses 166.05% 121.54% 101.21% 132.84% 100%
Postage, Stamps, Telecommunication, etc. 94.66% 80.94% 78.54% 88.90% 100%
Stationery, Printings, Advertisements, etc. 157.50% 121.26% 106.13% 113.18% 100%
Managing Director’s salary & fees 98.29% 92.04% 92.90% 98.67% 100%
Directors’ fees 153.40% 142.26% 82.30% 117.59% 100%
Auditors’ fees 100.00% 100.00% 100.00% 100.00% 100%
Charges on loan losses 0.00% 0.00% 0.00% 0.00% 0%
Depreciation and repairs of bank’s assets 195.46% 161.36% 121.16% 114.24% 100%
Other expenses 132.04% 110.82% 107.18% 111.35% 100%
Total operating Expenses (B) 137.09% 111.61% 111.24% 107.88% 100%
Net Profit/(loss) before taxation & provisions (C=A-B) 123.34% 111.90% 109.93% 126.20% 100%
Provision for loans and advances 222.45% 95.07% 70.48% 98.30% 100%
Provision for off balance sheet exposures 249.27% 554.10% 42.21% 212.34% 100%
Others provision 2142.78% 341.15% 3866.54% 136.15% 100%
Provision for diminution in value of investments 12.73% -178.75% -168.58% 85.75% 100%
Total provision (D) 237.50% 112.87% 72.17% 103.77% 100%
Total profit before taxes (C-D) 90.94% 111.62% 120.65% 132.57% 100%
Provision for taxation for the year
Current tax 128.75% 118.58% 127.54% 164.78% 100%
Deferred tax 214.95% 154.42% 207.81% 217.66% 100%
131.69% 120.07% 130.31% 168.51% 100%
Net profit after taxation 68.26% 106.91% 115.28% 112.57% 100%
Appropriations:
Statutory reserve 0.00% 30.29% 117.03% 128.59% 100%
Interest on perpetual bond 100.00% 0.00% 0.00% 0.00% 0%
Retained Surplus during the year 78.90% 143.12% 114.45% 105.00% 100%
Note: Growth of each component of Profit and Loss Account of every year calculated based on the amount of 2018 which is representing the value
100%. The value above 100% means positive growth and below 100% means negative growth compared to base year 2018
88
Annual Report 2022
Vertical Analysis of Balance Sheet (Solo)
Balance Sheet as at December 31 (For last five years)
Particulars 2022 2021 2020 2019 2018
Cash 4.45% 4.00% 4.66% 5.33% 5.31%
Balances with other Banks and Fl 1.10% 0.96% 2.65% 2.57% 3.80%
Money at call and short notice 0.38% 0.45% 0.84% 0.28% 0.47%
Investments 27.03% 25.60% 21.10% 16.14% 14.06%
Loans and advances 63.86% 66.14% 67.34% 72.98% 73.51%
Fixed assets 1.42% 1.24% 1.35% 1.32% 1.16%
Other assets 1.76% 1.61% 2.05% 1.38% 1.69%
Total assets 100% 100.00% 100.00% 100.00% 100.00%
Borrowing 4.95% 3.25% 2.92% 1.84% 0.77%
Deposits 79.63% 80.23% 79.12% 83.36% 83.56%
Other liabilities 4.64% 4.05% 4.47% 3.95% 3.37%
Subordinated Debt 3.79% 4.39% 3.50% 3.79% 4.27%
Total liabilities 93.01% 91.92% 90.00% 92.94% 91.97%
Shareholders’ equity 6.99% 8.08% 10.00% 7.06% 8.03%
Total liabilities and shareholders’ equity 100% 100.00% 100.00% 100.00% 100.00%
Note: The percentage (%) of each components of Balance Sheet items refer to the weightage based on total Assets over the periods.
Vertical Analysis of Profit & Loss Account (Solo)
Profit and Loss Account (For last five years)
Particulars 2022 2021 2020 2019 2018
Interest income 55.61% 57.01% 66.66% 78.07% 76.99%
Interest expenses 42.14% 43.69% 49.07% 49.90% 49.59%
Net interest income 13.47% 13.32% 17.58% 28.18% 27.41%
Income from investments 26.71% 29.00% 21.27% 10.17% 9.43%
Commission, exchange and brokerage 13.45% 10.96% 9.22% 8.77% 9.67%
Other operating income 4.23% 3.03% 2.85% 2.98% 3.91%
Operating income 57.86% 56.31% 50.93% 50.10% 50.41%
Operating expenses 32.10% 29.73% 27.06% 24.52% 26.64%
Operating profit 25.76% 26.59% 23.86% 25.59% 23.77%
Provision for loans and advance 10.55% 5.13% 3.47% 4.52% 5.40%
Provision for off balance sheet exposures 0.12% 0.95% -0.38% 0.03% -0.27%
Other provision 0.29% 0.05% 0.54% 0.02% 0.02%
Provision for diminution in value of Investments 0.01% -0.20% -0.17% 0.08% 0.11%
Total provisions 10.97% 5.93% 3.46% 4.65% 5.25%
Profit before tax 14.80% 20.66% 20.40% 20.94% 18.52%
Provision for taxation 7.66% 7.94% 7.88% 9.51% 6.62%
Profit after tax 7.14% 10.85% 12.52% 11.42% 11.90%
Note: The percentage (%) of each component of Profit and Loss Account refer to the weightage based on total income over the periods.
Jamuna Bank Limited 89
DuPont analysis
DuPont analysis is an approach that consists of a detailed examination of Return on Equity (ROE) of a company which
analyses Net Profit Margin, Asset Turnover, and Financial Leverage. DuPont Analysis gives a broader view of the Return
the company in earnings on its Equity. This analysis, in turn, helps management to take various strategic and operational
decisions.
Return on Equity (ROE)
Return on Assets Financial Leverage
Profit Margin Return on Assets
Particulars Description 2021 2021
ROE Net Income/Avg. Equity 7.69% 10.88%
ROA Net Income/Avg. Asset 0.58% 0.98%
Financial Leverage Total Asset/Avg. Equity 13.25 11.61
Check, ROE = ROA X Financial Leverage 7.69% 10.88%
Total Asset Turnover Gross Income/Total Assets 4.71% 4.34%
Profit Margin Net Income/Gross Income 12.33% 22.58%
Check, ROA = Profit Margin X Total Asset Turnover 0.58% 0.98%
Analysing Income
Interest Income/Avg. Assets 1.10% 1.03%
Investment Income/Avg. Assets 2.17% 2.23%
Fee Income/Avg. Asset 1.09% 0.84%
Other Income/Avg. Asset 0.34% 0.23%
Total Asset Turnover (sum) 4.71% 4.48%
Analysing Expense
Operating Expense/Gross Income 55.47% 52.79%
Provisions/Gross Income 18.95% 10.53%
Taxation Cost/Gross Income 13.24% 14.11%
Profit Margin (100-sum) 12.33% 24.59%
Main Highlights of DuPont analysis:
1. Return on Equity has been decreased due to decrease of PAT for maintaining additional provision.
2. Net Profit Margin has been decreased due to significant increase in provision on loans and advances. We have
complied Bangladesh Bank’s requirement of 1% additional special General provision-COVID 19 and extra 2%
provision against clients enjoying Covid-19 facilities and maintained additional provision based on the qualitative
judgment of Bangladesh Bank for absorbing any unforeseen shocks.
3. Asset Turnover in terms of total income has been increased compared to previous year due to increase of Operating
Income.
90
Annual Report 2022
Credit Rating
Long Term Short Term Year
Current Rating AA1 ST-1 2021
Previous Rating AA2 ST-2 2020
Previous Rating AA2 ST-2 2019
Previous Rating AA2 ST-2 2018
Date of Rating 27 June 2022
Rating Based on Audited Financials up to December 31, 2021 and other relevant quantitative as well as
qualitative information up to the date of rating declaration
Validity of Rating 30 June, 2023
Outlook Stable
Rated by: Credit Rating Agency of Bangladesh (CRAB)
Rating AA1 Rating ST-1
Companies rated in this category have very strong (Highest Grade) This rating indicates that the degree of
capacity to meet financial commitments. These safety regarding timely payment on the loans/facilities is
companies are judged to be of very high quality, subject very strong
to very low credit risk.
Jamuna Bank Limited 91
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Annual Report 2022
Directors’ Report
2023), global growth is expected to decelerate sharply to 1.7
Dear Shareholders,
percent in 2023—the third weakest pace of growth in nearly
The Board of Directors of Jamuna Bank Limited takes
three decades, overshadowed only by the global recessions
pleasure in welcoming you all to the 22nd Annual General
caused by the pandemic and the global financial crisis. This
Meeting (AGM) and presenting Annual Report and the
is 1.3 percentage points below previous forecasts, reflecting
audited financial statements of the bank for the year
synchronous policy tightening aimed at containing
ended 31 December 2022 along with the Auditors’ Report
very high inflation, worsening financial conditions, and
thereon. A snapshot of the world economic trend with the
continued disruptions from the Russian Federation’s
performance of Bangladesh economy along with economic
invasion of Ukraine. The United States, the euro area,
prospect has also been provided in this report. This is a
and China are all undergoing a period of pronounced
humble presentation for consideration and approval of
weakness, and the resulting spillovers are exacerbating
our valued shareholders.
other headwinds faced by emerging market and developing
economies (EMDEs). The combination of slow growth,
The Directors’ Report has been prepared in compliance
tightening financial conditions, and heavy indebtedness is
with section 184 of the Companies Act 1994, BSEC
likely to weaken investment and trigger corporate defaults.
Corporate Governance Code issued on 03 June 2018, Listing
Further negative shocks—such as higher inflation, even
Regulations of Dhaka and Chittagong Stock Exchanges,
tighter policy, financial stress, deeper weakness in major
guidelines of Bangladesh Bank and other applicable rules
economies, or rising geopolitical tensions—could push the
and regulations. Moreover, the Directors are pleased to
global economy into recession. In the near term, urgent
explain and disclose some issues, which they consider
global efforts are needed to mitigate the risks of global
relevant to ensure more transparency in this regard. The
recession and debt distress in EMDEs. Given limited policy
Directors believe the Report will give insights of the Bank’s
space, it is critical that national policymakers ensure that
overall performance during the year under review:
any fiscal support is focused on vulnerable groups, that
Key information elements of our inflation expectations remain well anchored, and that
financial systems continue to be resilient. Policies are also
Directors’ Report for ease of access for our
needed to support a major increase in EMDE investment,
shareholders
which can help reverse the slowdown in long-term growth
exacerbated by the overlapping shocks of the pandemic,
Bangladesh
Global economic the invasion of Ukraine, and the rapid tightening of global
economic
Outlook monetary policy. This will require new financing from the
Overview
Page: 93
Page: 97 international community and from the repurposing of
existing spending, such as inefficient agricultural and fuel
subsidies.
Bangladesh’s Jamuna Bank’s
banking performance
Sector Report
Page: 104 Page: 109
GLOBAL ECONOMIC OUTLOOK
Global economic growth prospects are confronting several
headwinds mainly due to the Russia-Ukraine war, multi-
decade record high inflation in many economies, interest
rate increases in most regions, and lingering Covid-19
effects in some parts of the world, particularly in China.
According to World Bank’s Global Prospect Report (January Source: IMF World Economic Outlook (April 2023)
Jamuna Bank Limited 93
Global Inflation
Inflation rose throughout 2022 in almost all economies.
Median global headline inflation exceeded 9 percent in
the second half of the year, its highest level since 1995.
Inflation reached almost 10 percent in EMDEs, its highest
level since 2008, and in advanced economies just over 9
percent, the highest since 1982. Soaring inflation in 2022
reflected a combination of demand and supply factors.
On the demand side, the acceleration of growth during
the initial rebound from the 2020 global recession, as
well as the lagged effects of earlier macroeconomic
support, contributed to persistent price pressures. Price
increases were particularly large in sectors such as
shipping and air travel, where compositional shifts in
demand encountered ongoing capacity constraints and
supply chain disruptions. On the supply side, shortages
of key commodities, exacerbated by Russia’s invasion
of Ukraine, contributed substantially to higher energy
and food prices. In some countries, tight conditions and
mismatches in labor markets further added to rising
wages and higher input and production costs. Finally,
many countries experienced large currency depreciations
that passed through into higher import, producer, and
consumer prices. The higher share of food in consumer
spending has caused inflation to accelerate more in low-
income countries compared to other EMDEs. Inflation
has risen across a broad range of goods and services (Ball,
Leigh, and Mishra 2022). Global core inflation has risen
markedly, reaching over 6 percent late last year, its highest
level since 1992. As a result, short-term (one-year-ahead)
inflation expectations have risen in most economies. In
contrast, long-term (five year-ahead) inflation expectations
have been relatively more stable, edging up by only about
0.15 percentage point in both advanced economies and
EMDEs since the onset of the pandemic. This stability
may reflect the credibility of the commitment of most
central banks to confront inflation, reinforced by recent
policy tightening. Inflationary pressures started to abate
toward the end of 2022, reflecting weakening demand and
easing commodity prices. The share of countries where
inflation is accelerating is trending down. In the face of
substantial monetary tightening, slowing activity, easing
supply chain disruptions, and moderating prices for
many non-energy commodities, both core and headline
inflation are expected to decline over the forecast horizon.
In many countries, however, high core inflation has been
unexpectedly persistent, suggesting that global inflation
will remain elevated for longer than previously envisaged.
Global trade volume
Global trade growth decelerated in the second half of
2022, in tandem with deteriorating activity in major
economies. Weakening trade mirrored the slowdown in
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Annual Report 2022
global industrial production, as demand shifted toward its
pre-pandemic composition and away from goods. Despite
this moderation, goods trade surpassed pre-pandemic
levels last year; meanwhile, services trade continued to
recover, supported by the gradual shift in demand toward
services. Tourism flows rebounded as many countries
eased travel restrictions but remained well below pre-
pandemic levels and uneven across regions (WTO 2022).
Although global supply chain pressures are still above
pre-pandemic levels, they have eased since mid-2022, as
reflected in lower transportation costs and normalization
of inventories. Weakening demand for goods is expected
to reduce these pressures further in 2023. After softening
to 4 percent in 2022, global trade growth is expected
to decelerate further to 1.6 percent in 2023, largely
reflecting weakening global demand. Trade is envisaged
to be particularly subdued in EMDEs with strong trade
linkages to major economies where demand is expected
to slow sharply. In all, the current post-recession rebound
in global trade is on course to be among the weakest on
record. Travel and tourism are expected to pick up further
but will be constrained by slower global activity and high
input costs. Goods trade is expected to moderate owing
to subdued demand and a gradual shift in consumption
toward services. Weaker-than-expected global demand
Global Commodity Markets
and renewed supply chain bottlenecks pose downside risks
Most commodity prices have eased since June, to varying
to the global trade outlook. In addition, an intensification
degrees, due to slowing global growth. Oil prices declined
in trade protectionism, fragmentation of trade networks,
from their mid-2022 peak amid demand concerns; for the
and security concerns about supply chains could increase
year as a whole, the price of Brent crude oil averaged $100/
trade costs and slow trade growth.
bbl. European natural gas prices surged to an all-time high
in August but have since fallen back toward preinvasion
levels as inventories filled and mild weather reduced
demand for natural gas for heating. Coal prices reached a
record high in the third quarter before starting to soften in
the fourth. Meanwhile, metal prices fell in the second half
of 2022 owing to slowing demand, particularly from China.
Agricultural prices remain high but have also declined,
particularly for wheat and vegetable oils, reflecting higher-
than-expected crop yields, as well as a resumption of some
exports from Ukraine. Concerns about food avail ability
due to the invasion of Ukraine prompted many countries to
impose export bans and other trade restrictions. Currency
depreciations in many countries have resulted in higher
commodity prices in local currency terms compared to
the price in U.S. dollars. As a result, commodity-driven
inflationary pressures in many countries may be more
persistent than indicated by recent declines in global
commodity prices.
Jamuna Bank Limited 95
Outlook
The outlook is uncertain again amid financial sector
turmoil, high inflation, ongoing effects of Russia’s invasion
of Ukraine, and three years of COVID. More than a year
after Russia’s invasion of Ukraine and the outbreak of
more contagious COVID-19 variants, many economies are
still absorbing the shocks. The recent tightening in global
financial conditions is also hampering the recovery. As a
result, many economies are likely to experience slower
growth in incomes in 2023, amid rising joblessness.
Moreover, even with central banks having driven up
interest rates to reduce inflation, the road back to price
stability could be long.
As per the latest forecast made by IMF, global growth will
bottom out at 2.8 percent this year before rising modestly
to 3.0 percent in 2024. Global inflation will decrease,
although more slowly than initially anticipated, from 8.7
percent in 2022 to 7.0 percent this year and 4.9 percent in
2024. The baseline forecast is for growth to fall from 3.4
percent in 2022 to 2.8 percent in 2023, before settling at
3.0 percent in 2024. Advanced economies are expected
to see an especially pronounced growth slowdown, from
2.7 percent in 2022 to 1.3 percent in 2023. In a plausible
alternative scenario with further financial sector stress,
global growth declines to about 2.5 percent in 2023 with
advanced economy growth falling below 1 percent. Global
headline inflation in the baseline is set to fall from 8.7
percent in 2022 to 7.0 percent in 2023 on the back of lower
commodity prices but underlying (core) inflation is likely
to decline more slowly.
Challenges
There may be Geopolitical tensions, technology war Energy crisis
imminent recession
in many countries
in the
upcoming years China’s zero-COVID Central bank raising
Stubborn inflation
policy policy interest rates
2.80% 3.00%
Global economic growth, 2023 (P) Global economic growth, 2024 (P)
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Annual Report 2022
BANGLADESH ECONOMY: A BRIEF REVIEW & OUTLOOK
During the last fourteen years, Bangladesh became one of the fastest growing countries of the world. Poverty declined dramatically and
significant improvements were made in other socio-economic indicators like life expectancy, maternal mortality, and gender equity.
Bangladesh- A Country with Huge Potentials:
The World Bank (WB) praised The Hong Kong and Shanghai Global Connectivity Index PricewaterhouseCoopers
Bangladesh as the fastest Banking Corporation Limited called Bangladesh as ‘one of (PWC) ranked Bangladesh as
growing economy of South (HSBC) named Bangladesh as the top four fastest growing ‘the 28th largest economy of
Asia the fastest growing economy digital economies of the the world in 2030’
till 2030 world.
The World Economic Forum International Finance Corporation (IFC) stated that J.P. Morgan named
(WEF) mentioned that ‘by ‘Bangladesh has a strategically important location, with easy Bangladesh ‘one of the
2030, Bangladesh will be the access to India and China. With low cost, young workforce, ‘Frontier Five’ countries
24th largest economy’ investment in export processing zones and strong local market, alongside Kazakhstan, Kenya,
the outlook for the country looks promising’ Nigeria and Vietnam’.
Goldman Sachs included Bangladesh in the ‘next 11 countries to watch’
How 2022 was for Bangladesh:
Padma bridge becomes a reality 100% population comes under Per capita income crosses $2,800
On June 25, Bangladesh opened the electricity coverage The country’s per capita income
long-awaited Padma bridge giving Bangladesh in May announced that it increased further to reach $2,824
a huge boost to the confidence of brought 100 per cent of its population thanks to the rise in economic
the nation that it could do a gigantic under electricity coverage. activities. The pace of growth of
project with its own resources. Bangladesh’s economy rose to 7.25
per cent in 2021-22 fiscal year from
Built at the cost of nearly Tk 30,200 6.94 per cent the previous year
crore, the 6.15-kilometre bridge
connects 21 districts in the south
and southwestern region with two
seaports, Mongla and Payra, to the
rest of Bangladesh.
Year of major development in Phenomenal growth in export Metro rail rolls out, a memorable
nuclear energy earnings feat for public transport
Prime Minister Sheikh Hasina on Bangladesh posted outstanding The year 2022 marked the opening of
October 19 inaugurated the second export earnings of $52.08 billion the country’s first ever metro rail on
and final reactor of the Rooppur in 2021-22 fiscal year, which was December 28 adding a new mode of
Nuclear Power Plant, marking the way higher from the target of $43.5 public transport for Dhaka city which
most important development in the billion. is expected to reduce the traffic
country’s first nuclear power project. congestion.
All vital sectors, including apparel,
leather and leather goods, home
textile and jute and jute goods,
performed well this year.
Jamuna Bank Limited 97
The Tk 113,092-crore plant is Even in November, the country Built at a cost of nearly Tk 33,500
expected to produce electricity for booked highest ever single month crore, the Mass Rapid Transit Line-6
a lifetime of a minimum of 60 years export earnings of $5.09 billion, will allow many people to commute
and it will help Bangladesh generate where garment contributed $4.37 within scheduled time in the city
electricity without emitting carbon billion. where traffic jams make time
dioxide. prediction impossible.
With the launch of modern public
transport, Bangladesh becomes the
third country in South Asia to have
metro rail after India and Pakistan.
The year 2022 was primarily characterised by the terminal currency. The idea was to internationalise the BDT and
effects of the COVID-19 pandemic, coinciding with the make it acceptable for meeting trade payment obligations,
arrival of a major geopolitical challenge, the Russian thus preserving foreign currency.
invasion of Ukraine. Particularly, the war has engendered
major spill-overs, and companies, industries and the Furthermore, in a major success for the Bangladesh
Bangladeshi economy as a whole continue to feel the government, it was successful in acquiring a support
aftershocks of the pandemic on the one hand and the package from the IMF (International Monetary Fund),
European unrest on the other. So much so that which included a 42-month arrangement of approximately
many firms - both big and small - are struggling to recover $3.2 billion under the Extended Credit Facility (ECF) and
from the immediate effects of the twin challenges, delaying the Extended Fund Facility (EFF), as well as approximately
recovery and return to business as usual. $1.3 billion under the Resilience and Sustainability Facility
(RSF), thus totalling up to $4.5 billion. Bangladesh’s new
Though the exact extent of the war’s economic impact IMF led fund-supported program aims to sustain macro-
has not been calculated, preliminary estimates suggest economic and macro-financial stability, as well as to
that it will have a sizable financial impact on a wide range encourage robust, inclusive, and green development
of industries, most notably triggered by the sharp rise while safeguarding disadvantaged parts of the society.
in inflation that has induced a cost-of-living challenge, Especially, the RSF will offer low-cost, long-term financing
as noted by the International Monetary Fund (IMF). to meet the nation’s climate investment requirements,
Furthermore, the human capital front has become stimulate climate finance, and alleviate balance-of-
particularly vulnerable, as the war and the global pandemic payment concerns associated with
exert further social pressures and create a humanitarian import-intensive investment.
crisis of great proportion.
It is to be noted that the government was proactive in
Bangladesh’s economy was affected as a result of the seeking international developmental finance support for
subsequent spike in food grain and gasoline prices, post-COVID economic stability and recovery. This is in
causing public resentment that the government attempted contrast to some of the other neighboring nations that
to address via legislative action. Public unrest has given were not able to mobilise sufficient financial support on
rise to issues around political stability too, especially in a timely basis which led to an economic crisis that rapidly
the context of the general elections expected next morphed into a political predicament.
year (2024). Given the country’s diminishing foreign
exchange reserves and balance-of-payment crisis, GDP Growth
the government and central bank (Bangladesh Bank), The Gross Domestic Product (GDP) of Bangladesh grew
attempted to quell the challenges by formulating a more consistently at an increasing rate in the last decade,
conducive environment via allowing some national banks Bangladesh achieved a GDP growth of 8.15 percent in the
to establish Vostro accounts for settling payments in local FY 2018-19, the highest among the countries in Asia. Strong
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Annual Report 2022
domestic demand has been the main driver of our growth,
Due to the worldwide lockdowns arising from the impact
of COVID19, the GDP growth rate fall sharply in fiscal year
2020. However, in view of the Post-COVID recovery, the
growth rate is achieved 6.94 percent and 7.25 percent in
Fiscal Year 2021 and 2022, respectively.
The average GDP growth rate was about 6.3 percent during
the period of 2009-2022. In comparison, the average GDP
growth rate in emerging and developing economies during
the period was 5.1 percent. Bangladesh is one of the few
countries that achieved appreciable economic growth
Industry Sector
during the COVID-19 pandemic, which has established
The industrial sector contributed 37.07% of GDP in
Bangladesh economy resilient in nature. Despite the
FY22 and grew by 10.44%, higher than 10.29% growth
pandemic, the average growth during the last three years
in FY21. This growth was mainly supported by the
was 5.88 percent.
growths of manufacturing; water supply, sewerage, waste
management and remediation activities; and construction
The spectacular economic growth in Bangladesh
subsectors On the other hand, electricity, gas, steam, and
during the last decade has been supported by solid
air conditioning supply sub-sector recorded lower growth
macroeconomic stability. The continuity of pro-poor
of 5.96% while mining and quarrying sector exhibited
policy and effectiveness of public investment underpinned
negative growth of -1.94% in FY22 as compared to the
by a demographic dividend, strong growth in ready-
previous year.
made garment (RMG) exports and remittances helped
the Bangladesh economy stay on high economic growth
trajectory.
Services sector
Services sector accounts for the largest share of GDP.
This sector contributed 51.44 percent of GDP in FY22,
Agriculture Sector
slight lower than 51.92 percent in FY21. Services sector
Agriculture sector contributed 11.50% of GDP in FY22,
grew by 6.31 percent in FY22, higher than 5.73 percent
with slower growth from 3.17% in FY21 to 2.20% in FY22.
growth in FY21. The components of services sector
During this period, the growth of animal farming; and
such as, wholesale and retail trade, and repair of motor
forest and related services sub-sectors increased slightly
vehicles and motorcycles; transportation and storage;
compared to the previous year. However, the growths
accommodation and food service activities; financial
in crops and horticulture; and fishing sub-sectors fell
and insurance activities; real estate activities; education;
dramatically to 1.06% and 2.08% respectively in FY22 from
arts, entertainment and recreation; and other service
2.29% and 4.11% in FY21.
activities exhibited higher growths in FY22 than those of
the previous year.
Jamuna Bank Limited 99
FY22 strategic export target was exceeded by 19.73 percent
by export earnings. The government and Bangladesh Bank
have taken various prudential and policy measures to
retain export earnings, including moratorium facilities,
extended time for realizing export receipts and import
payments and increasing the export development fund
(EDF). Throughout FY22, the apparel (woven garments
and knitwear products) sector fuelled a greater part (above
four-fifths) of total export earnings in Bangladesh.
Inflation Trend
Headline inflation (point to point) inched down to 8.71
percent in December 2022, showing a smooth decline
after rising to the peak of 9.52 percent in August 2022. The
point to point food and non-food inflation decreased to
7.91 percent and 9.96 percent respectively in December
2022 from 8.14 percent and 9.98 percent respectively of
November 2022. Among the components of non-food
inflation, medical care and health expenses recorded
19.77 percent (y-o-y) and transport and communication
recorded 10.92 percent (y-o-y) inflation in December, Import
2022. Inflation in the gross rent, fuel and lighting sector Despite global economic uncertainty and COVID-19,
had been waning since its peak in August 2022; which total imports (fob) rose 20.66% to USD 81,822.10 million
resulted in a slight decreased inflation in the transport in 2022 from USD 67,810.20 million in 2021. In 2022, the
and communication sector since November, 2022. Twelve rise in global commodity prices was the primary factor
month average headline inflation rose to 7.70 percent in in the acceleration (58.18%) of RMG-related raw material
December 2022 from 7.48 percent in November 2022, which imports. Similar increases (308.28%) were seen in the
was much higher than the target of 5.60 percent for FY23. value of payments made to importers of pharmaceuticals
Rising prices in the international markets, global supply in 2022. Except for a handful of products, including rice,
disruption caused by the war in Eastern Europe, high spices, and crude petroleum, import payments climbed
inflation in most of the major trading partner countries, significantly across the board in 2022. The cost of
along with depreciation pressure on domestic currency importing crude oil has dropped by 64.23%.
have been the major factors for the high inflation since the
inception of recovery from COVID-19.
Remittance
Inward remittance flows from the Bangladeshi nationals
working abroad decreased by -3.56 percent from USD
Export
22,072.41 million in 2021 to USD 21,285.68 million in
Bangladesh’s export earnings reached the highest record
FY22. Lower inward remittance and thus a high current
in FY22 despite COVID-19 and the Russia-Ukraine conflict.
account deficit weakened the overall balance of payments,
Total export earnings in FY22 rose 34.38 percent to USD
which witnessed a substantial deficit in FY22. Lower
54,695.66 million from USD 38,758.31 million in FY21. The
inward remittance and thus a high current account
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Annual Report 2022
deficit weakened the overall balance of payments, which
witnessed a substantial deficit in FY22.
Foreign Direct Investment (FDI)
Foreign Direct Investment (FDI) inflows during Apr-Jun’22
Foreign Exchange Reserves decreased by US$ 101.00 million (11.37%) from US$ 888.48
Foreign exchange reserves (represent as total international million during Jan-Mar’22. During Apr-Jun’22 FDI inflows
reserves) held by the Bangladesh Bank stands at US$ stood at US$ 787.48 million. Foreign Direct Investment
33747.7 million at the end of Dec’22 while it was US$ (FDI) inflows during FY 2021-22 increased by US$ 932.32
41826.7 million at the end of Jun’22. Thus foreign exchange million (37.18%) from US$ 2507.31 million during FY 2020-
reserves decreased by US$ 8079.0 million (19.32%) at the 21. The FDI inflows during FY 2021-22 was US$ 3439.63
end of Dec’22 compared to the reserves hold at the end million
of Jun’22. Comparing with the reserves hold at the same
period of last year, the current reserves decreased by US$
12406.2 million (26.88%) at the end of Dec’22.
Balance of Payment
Imports outpaced exports in FY22. Exports grew 33.45% and imports 35.95%. FY22 exports (f.o.b.) totaled USD 49,246
million, up from USD 36,903 million in FY21. In FY22, total imports (f.o.b.) were USD 81,822 million, up from USD 67810
million in FY21. The trade deficit increased to USD 33,249 million in FY22 from USD 23,778 million in FY21. Workers’
remittances fell 15.12% to USD 21,285 million in FY22 from USD 22,072 million in FY21. The current account deficit
increased to USD (-) 18,697 million in FY22 from USD (-) 4,575 million in FY21 due to a higher trade deficit. In FY22, the
balance of payment was USD (-) 5,380 million, compared to USD 9,274 million in FY21. The huge current account deficit
and lower capital and financial account inflows caused this reverse scenario.
Jamuna Bank Limited 101
Call Money Market Rates:
In Dec’22 call money market rates (weighted
average for Borrowing and Lending) unchanged to 5.80%
compared to Nov’22. Furthermore, the current rates
increased by 314 basis point from 2.66% at the same period
of the last year.
CAPITAL MARKET
Bangladesh capital market passed a gloomy year in 2022. During the year the prime index of Dhaka Stock Exchange
(DSE), DSEX witnessed a fall by 8% subsequent to a positive return of 25% in 2021. The yearly average turnover was 31%
lower than that of previous year. Though the market started with a positive trend with enthusiastic participation of the
investors in the early 2022, the enthusiasm started faded away after start of Russia-Ukraine war in February. Repetitive
downtrend in the capital market helps the DSEX index fallen down tremendously to 5,980 points and then BSEC imposed
floor price on July 28, 2022 to protect the interest of general investors. Thereafter DSEX turned up trend with improved
trade volume. Then again market became shaky riding after 10th October upon BSEC’s restriction on stocks purchase
before cheque encashment, gloomy earnings forecasts of the listed companies influenced by the macroeconomic
adversities which causes majority stocks being stuck at the floor price. Around 80% listed stocks of DSE were trapped at
floor price in December 2022 and trade volume was also lessened immensely.
A snapshot of capital market is delineated below-
Current Market Statistics Dec-2022 Dec-2021
Number of Listed Securities 656 617
Equities 354 345
Mutual funds 37 37
Debentures 8 8
Treasury Bonds 248 222
Corporate Bonds 9 5
DSE SME Market Listed Companies 15 8
Market Cap. (US$ Billions) 73.68 55.52
Market Cap to GDP Ratio (%) 19.14% 14.50%
Average Turnover (US$ Millions) 98.35 151.07
Average Turnover (BDT Millions) 9,602.00 14,749.00
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Annual Report 2022
OUTLOOK are limiting the country’s ability to mobilise savings
The GDP growth rate of Bangladesh is forecast to decline and provide credit to the private sector which in turn is
to 5.2 percent in the Financial Year (FY) 2023, says the constraining the growth of the economy. The lack of access
World Bank in its latest Global Economic Prospects report to credit is also affecting the country’s small and medium-
for January 2023. It cites rising inflation and its negative sized enterprises, which are the backbone of the economy.
impact on household incomes and firms’ input costs,
as well as energy shortages, import restrictions, and DOLLAR CRISIS: Commercial banks in Bangladesh are
monetary policy tightening as the reasons for the sharp facing difficulties in fulfilling their import payment
slowdown from 7.2 percent in FY 2022 to 5.2 percent in obligations due to a rapid depletion of their foreign
FY 2023. However, the growth rate is forecast to rise to 6.2 currency holdings due to the ongoing dollar crisis. The
percent in FY 2024. The World Bank says that Bangladesh foreign currency held by these banks decreased by 13.5
was hit hard by the spillovers from the changing global per cent to 20 per cent in the last quarter of 2022, making
environment. It was priced out of global energy markets it difficult for them to open Letters of Credit for importing
and unable to meet the energy needs of households and essential products. This situation has become increasingly
businesses. The rising cost of imports doubled the trade challenging, as commodity traders in major markets are
deficit since 2019. The deficit could have been even larger unable to open LCs for essential products. The inter-bank
had it not been for robust growth in demand for its ready- foreign exchange market has nearly collapsed, and banks
made garments and a growing share of the global market, have been unable to meet their own demand in recent
says the WB report. months. The Bangladesh central bank’s decision not to sell
dollar from its reserves to private commercial banks has
Let’s examine the economic challenges that Bangladesh is exacerbated the crisis. Despite the increasing of Repo and
likely to face in 2023: Reverse Repo rate from the beginning of 2023, it is yet to be
seen what actually emerges.
EXPORT, IMPORT AND BALANCE OF PAYMENT (BOP)
GAP: The country is dependent on both imports and Many banks have delayed paying their import payment
exports, on export side - particularly on the readymade obligations, and the crisis has prompted other banks to
garments (RMG) sector, which accounts for around 80 per refuse to open LCs, as they do not have enough dollars to
cent of total exports, and on import side - commodity, raw meet the high demand in the market, which has resulted
materials and capital machineries etc. The RMG sector has in a bad reputation in the international financial system.
been hit hard by the ongoing trade tensions and economic
slowdown in major markets such as the United States and NATIONAL ELECTION-2023: Another major challenge
Europe. This has already led to a decline in export revenues Bangladesh will face in 2023 is the upcoming national
and a slowdown in economic growth. The currency flow election. This is a tricky issue. It has both internal political
of export and import during the years 2013 to 2022 shows weight and also the chain reaction of the geo-political
that the amount of money Bangladesh spent each year on events going on around the world. In the past, the country’s
import is higher than that earned through export. political environment, especially in the year of national
elections, has often been characterised by uncertainty and
REMITTANCE: Additionally, the country is also facing instability which can have a negative impact on business
a slowdown in remittances, which is a major source and investment in 2023.
of foreign exchange and a key driver of the country’s
economic growth. The decline in remittances is mainly INFLATION: The rate of inflation in Bangladesh increased
due to the economic crisis in the Middle East and Gulf to 6.2 per cent during the last fiscal year, up from 5.6
countries, which are major destinations for Bangladeshi per cent the previous year. This uptick in inflation is
migrant workers. These workers are facing job losses and primarily due to strong domestic demand and rising
reduced wages due to the economic crisis, which has led to global prices of oil, gas, and other commodities as a result
a decline in remittances to Bangladesh. of supply disruptions caused by the Russia-Ukraine war.
Additionally, the depreciation of the Bangladeshi Taka
BANKING & FINANCIAL SYSTEM: Poor Capital market against the US dollar also contributed to trigger inflation.
lack of governance and mismanagement in the financial In the coming months, inflation in Bangladesh is expected
sector have been persisting for many years. Many banks to continue to rise due to factors such as increasing global
in Bangladesh have poor lending practices, which have commodity prices, increases in prices of all types of fuel,
led to a high level of Non-Performing Loans (NPL). This and an anticipated upward adjustment in domestic power
has put the banks at the risk of insolvency and has had a tariffs.
negative impact on the overall economy. All these factors
Jamuna Bank Limited 103
RUSSIA-UKRAINE WAR: The ongoing conflict between Federal Reserve of the USA raising interest rates, which has
Russia and Ukraine has had a significant impact on led to foreign investors moving their money to the USA.
currencies, with the euro falling below the dollar for the Additionally, Russia’s invasion of Ukraine has driven up
second time in 20 years. Other currencies, such as the commodity prices globally, particularly crude oil, which
Bangladeshi Taka and the Indian Rupee, have also lost has led to a higher trade deficit. The economic fallout and
value against the dollar, while the Russian Rouble has uncertainty over the war in Ukraine will slow the growth
gained 34.14 per cent by July last year. The decline in in key export destinations and substantially reduce export
the value of these currencies is largely attributed to the momentum and growth in the coming months.
BANKING INDUSTRY IN 2022 & OUTLOOK
Banking sector faced several challenges during year 2022 caused by the volatile global geopolitical situation in the
wake of Covid-19 pandemic and the ongoing war in Ukraine, energy shortages in Europe and skyrocketing debt burden
in developing countries. Being overreliance on imports and the lack of local production of raw materials and goods,
putting a pressure on the country’s foreign exchange reserves. And to protect the declining reserves, the government had
discouraged all non-essential imports and also reduced the supply of dollars to commercial banks. Despite this, Banking
Industry of Bangladesh faced a lots of liquidity crisis as public were withdrawing their savings from banks. However,
timely intervention of central bank are reasons behind the restoring of depositors faith in country’s banking system.
Banking Sector of Bangladesh
Bank deposits stood at Tk. 14,891,691 in December 2022, posting a 5.66-per cent growth compared with that of
Tk.14,09,342 crore in December 2021, according to Bangladesh Bank data. On the other hand, the total advances stood
at Tk. 17,582,944 million which is a growth of 8.1 % over the last year, creating a likelihood for asset liability mismatch.
Reserve money stood at USD 33,747.70 million at the end of December 2022 against previous year’s value of USD 46,391
million at the end of December 2021.The overnight call money rate stood at an average of 5.81% in December 2022 which
was 2.69% in December 2021. The AD Ratio is again lowest for Foreign Commercial Banks (FCBs) which was 79.0% in
September 2022. Regulatory body has also specified the boundary of AD ratio for banking industry as a pre-step to ensure
the sufficient liquidity position of commercial banks.
The key profitability indicators – Return on Assets (ROA) and Return on Equity (ROE) stood at 0.52% and 9.73% respectively
in 2022 as compared to 0.25% and 4.44% respectively as recorded in 2021. The banking industry has maintained a
provision of Tk. 751.5 billion against required provision of Tk. 886.6 billion, marking a shortfall provision of Tk. (135.3)
billion as of September 2022.At the same period, the average CRAR (Capital to Risk Weighted Asset Ratio) for banking
industry was 11.20%, the CRAR for the private commercial banks, state banks and foreign banks was 13%, 6.40% and
26.4%, respectively.
Developments of Monetary Aggregates
(y-o-y % change)
June 21 June 22 Dec 22
Item
Actual Actual Actualᵖ Program
Board Money 13.6 9.4 8.4 10.0
Net Foreign Assets* 27.7 -11.9 -22.6 -10.1
Net Domestic Assets 9.2 17.2 18.5 16.6
Domestic Credit 10.4 16.2 15.1 16.9
Credit to the public sector 21.7 29.1 26.6 33.3
Credit to the private sector 8.3 13.7 12.8 13.6
Reserve money 22.4 -0.3 17.4 9.0
Money multiplier 4.49 4.93 4.63 5.06
NCG (Crore Taka, during the respective fiscal year) 42,040 62,540 32,249 1,06,334#
Source: Monetary Policy Statement (Fiscal Year 2022 -2023) P= Provisional, Bangladesh Bank.
Note: NCG = Net credit to the Government from the banking system. P=Provisional
104
Annual Report 2022
Financial sector prices
(Weighted average yields on bills, bonds, BB policy rates and call money rate)
Treasury Bills BGTB Call
Reverse
Repo Money
Repo
Rate
91-Days 182- Days 364-Days 2-Year 5-Year 10-Year 15-Year 20-Year
FY 22
June 5.94 6.44 6.62 7.21 7.80 8.03 8.27 8.48 5.50 4.00 4.88
FY 23
July 6.16 6.57 6.81 7.28 7.89 8.18 -- -- 5.50 4.00 5.34
Aug 5.91 6.56 6.80 7.39 7.78 8.17 8.51 8.55 5.50 4.00 5.49
Sept 6.01 6.47 6.80 7.47 7.73 8.09 8.49 8.52 5.50 4.00 5.53
Oct 6.03 6.48 6.80 7.44 7.70 8.09 8.35 8.54 5.75 4.00 5.79
Nov 6.18 6.58 6.93 7.49 7.81 8.25 8.67 8.72 5.75 4.00 5.80
Dec 6.90 7.30 7.76 7.55 7.90 8.33 8.77 8.95 5.75 4.00 5.80
However, Non-performing loans (NPL) in Bangladesh’s banking sector decreased by 1.20 percentage points to over
Tk 1.20 trillion at the end of last December, following a special classification that economists see as transient cure.
According to Bangladesh Bank (BB), the ratio of bad loans or NPL stood at 8.16 per cent out of the total loans and the
classified loans came down by Tk 137.39 billion from the previous quarter (July-September) when the volume of NPL
was Tk 1.34 trillion or 9.36 per cent of the total loans. As per Bangladesh Bank (BB), the total loan disbursed was Tk 14.77
trillion at the end of December 2022, of which 8.16 per cent became classified. The highest volume of classified loans
was recorded in state-owned commercial banks which saw repayment default on Tk 564.60 billion as 20.28 per cent of
their total loans of Tk 2.78 trillion became defaulted. The rates of NPL in specialised banks, private commercial banks
and foreign commercial banks were 12.80 per cent (Tk 47.09 billion), 5.13 per cent (Tk 564.38 billion) and 4.91 per cent
(Tk 30.48 billion) respectively.
35 14
Gross NPL Net NPL
30 SCBs PCBs FCBs SBs 12
25 10
20 8
15 6
10 4
5 2
0 0
Q4FY20
Q3FY20
Q1FY21
Q2FY17
Q4FY17
Q2FY18
Q4FY18
Q2FY19
Q4FY19
Q2FY20
Q2FY21
Q4FY21
Q2FY22
Q4FY22
Q2FY23
Q1FY20
Q2FY20
Q4FY20
Q2FY21
Q3FY21
Q4FY21
Q1FY22
Q2FY22
Q3FY22
Q4FY22
Q1FY23
Q2FY23
-2
Source: Bangladesh Bank. Source: Bangladesh Bank.
Deposit Advance
No. of No. of CRAR% AD Ratio NRL Ratio
Types of Banks Growth % Growth %
Banks Branches (Dec 22) (Dec 22) (Dec 22)
(Dec 22) (Dec 22)
State Owned Bank (SCB) 6 3,810 6.26 0.50 18.80 69.00 20.28
Specialized Banks (SBs) 3 1,512 -40.29 6.40 11.20 75.76 12.80
Private Commercial Banks (PCBs) 43 5,550 13.80 6.90 13.20 84.64 5.13
Foreign Commercial Banks (FCB) 9 65 31.65 15.50 7.80 50.90 4.91
Total 61 10,937 11.83 5.60 14.10 79.00 8.16
Source: Bangladesh Bank Quarterly; Oct-Dec, 2022; Volume XX, No.2
Jamuna Bank Limited 105
Liquidity indicators of the scheduled banks:
Advance Deposit Ratio Liquidity Coverage Ratio Net Stable Funding Ratio
As On
(ADR) (LCR) (NSFR)
End June, 2021 71.55% 211.70% 109.39%
End September, 2021 72.08% 200.83% 110.56%
End December, 2021 73.15% 193.60% 110.13%
End March, 2022 74.17% 180.39% 107.78%
End June, 2022 74.77% 165.56% 109.10%
End September, 2022 76.23% 160.52% 110.18%
End December, 2022 79.00% 153.97% 110.22%
Source: Major Economic Indicators: Monthly Update (January 2023), Bangladesh Bank
Outlook 2023
The year 2023 will remain a turbulent time for the financial industry of Bangladesh. Inflation will torment the lower
and lower-middle income population, who will lose a big segment of their savings and also have less purchasing power.
Depletion of foreign- exchange reserves and shortage of dollars in banks have compelled the central bank to restrict
some imports. Exporters are facing some difficulties to open letters of credit. Inflow of remittance in the official channels
has ebbed. The high NPL ratio and the issue of good governance in banks and NBFIs are also matter of concern for the
financial stability of the economy. Besides, banking industry will also face the challenge of mobilising deposits – which
we have already witnessed in the latter part of 2022. To overcome these challenges, Bangladesh Bank has already taken a
series of policy initiatives, which include raising the policy interest rate amid quantitative tightening through the selling
of a huge amount of dollars in the market; continuing the repo and liquidity support facilities for banks and NBFIs, and
extending the refinance facilities to neutralize the tight liquidity condition; discouraging imports of luxury and non-
essential commodities; enhancing the facilities to improve the export receipts and inward remittances; and engaging
with concerned commercial banks and NBFIs to deal with NPLs and good governance issues.
Nevertheless, it’s a good news for us that IMF FX loan has already been approved and partial disbursement was also
made in the meantime
SEGMENT-WISE PERFORMANCE:
The Group has identified following three reportable segments which are the Group’s major strategic business units/
entities. The strategic business units offer different products and services, and are managed separately based on the
management and internal reporting structure of the group. For each of the strategic business units, the Group’s/Bank’s
Management Committee reviews internal management reports on quarterly basis. The following summary describes the
operations in each of the reportable segments:
Segment Name Description
Jamuna Bank Limited (Solo) Jamuna Bank Limited (JBL) is one of the Private Banks in Bangladesh, with a network of
167 branches, 106 sub-branches, 42 Agent outlets along with 343 ATMs across the Country.
Incorporate as a public limited company on 2nd April 2001 under the Companies Act,
1994, Jamuna Bank commenced its banking operation on 3rd June 2001. The registered
office of the JBL is situated at Jamuna Bank Tower, Plot-14, Block-C, Bir Uttam A.K
Khandakar Road, Gulshan-1, Dhaka.
The Bank provides all types of support to trade, commerce, industry and overall business
of the country through a broad spectrum of products and services, including Corporate,
Retail, SME, Agri- finance & Islamic financing solutions. JBL is also indispensably
contributing to the growth of economy by providing solutions for new and existing
entrepreneurs, in the field of export – import, manufacturing, servicing, infrastructure
building etc.
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Annual Report 2022
Segment Name Description
Off-Shore Banking Unit
Off-shore Banking Unit (OBU) is a separate business unit of Jamuna Bank Limited,
governed under the Rules and Guidelines of Bangladesh Bank. The Bank obtained the
Offshore Banking Unit permission vide letter no. BRPD (P-3) 744 (107)/ 2009-4642 dated 22
December, 2009. The Bank commenced operation of this unit from 22 April, 2010 and its
office is located at 116 Gulshan Avenue, Gulshan-2, Dhaka..
Jamuna Bank Limited established Offshore Banking Unit (OBU) with a view to catering
the banking needs of non-resident customers in EPZs, PEPZs, EZs, High-Tech Parks and
abroad.
Islami Banking
Besides conventional banking, Jamuna Bank Limited is pursuing Islami Banking activities
based on Islami Shari`ah principles. The first Islami Banking branch of the Bank was
opened on October 25, 2003 at Nayabazar in Dhaka. Subsequently second branch was
opened on November 27, 2004 at Jubilee Road in Chattogram. Considering the demand
of the people of the Country Islami Banking Service Centers has been expanding day by
day at all conventional branches of the Bank linked with the above mentioned two Islami
Banking Branches and at present total 167 Bank’s branches are prepared for the services
under the brand Jamuna Al-Ihsan.
Through the Islami Banking Branch the Bank extends all types of Islami Shar’iah
compliant finance like Bai-Muazzal, Hire Purchase under Shirkatul Melk (HPSM), MPI
Trust Receipt, Murabaha Import Bill and different types of deposits like Al-wadeeah
current account, Mudaraba, Murdarab Short Notice Deposit and different Mudaraba
Scheme A/cs. To achieve this goal a Shari`ah Supervisory Committee has been constituted
comprising renowned Islami scholars of the country and senior banker having Islami
Banking exposure with knowledge of conventional and Islami Banking. All activities of
Islami Banking Branches are carried out under the guidance of this Committee. A full-
fledged separate Division namely “Islami Banking Division” has also been set up at Head
Office as per Guideline for Islamic Banking issued by Bangladesh Bank, BRPD Circular
No. 15 dated November 09, 2009.
Jamuna Bank Capital Management Jamuna Bank Capital Management Limited (JBCML), a full subsidiary company of
Limited (JBCML) Jamuna Bank Limited is a full-fledged Merchant Bank and Portfolio Manager vide
the Bangladesh Securities and Exchange Commission (BSEC) letter no. SEC/Reg/MB-
54/2009/467 dated November 29, 2010 bearing Registration Certificate No. MB-49/2010.
Since its inauguration in 2011, JBCML has developed a successful track record in the
equity market of Bangladesh. The main objective of the company is to provide portfolio
management services, underwriting and Issue management services along with
corporate advisory services.
Jamuna Bank Securities Limited (JBSL) Jamuna Bank Securities Limited (JBSL), a fully owned subsidiary of Jamuna Bank Limited
and a full-fledged Stock Dealer & Stock Broker licensed under the Bangladesh Securities
and Exchange Commission. It is operating both of the Stock Exchanges of Bangladesh
named Dhaka Stock Exchange Limited (DSE) and Chittagong Stock Exchange PLC (CSE).
The main objective of JBSL is to provide stock broking services to its individual and
institutional clients by way of taking buy/sale order from the clients and try to fill them
at the best possible prices. As a dealer JBSL do buy/sale of securities for its own account
as a part of its own business. The Company has started its commercial operation since
February 18, 2013.
JBSL is dedicated to provide high level of professional and personalized services to its
domestic and international clients at a reasonable cost. JBSL’s services are comprehensive
in nature, including brokerage, margin loan, CDBL facilities, research and custodian
needs of customers.
Information regarding the results of each reportable segment is included Financial Statement segment of this report.
Each segment performance is measured based on segment revenue and profit, as included in the internal management
reports that are reviewed by the management committee of the Bank.
Jamuna Bank Limited 107
Operating Revenue (for the year ended 31 December 2022)
BDT in million
Particulars 2022 % 2021 %
Conventional 12,411.26 96.25% 10,561.44 95.57%
Islamic Banking 229.76 1.78% 250.00 2.26%
Off-Shore Banking Unit (OBU) 181.33 1.41% 159.61 1.44%
Jamuna Bank Capital Management Limited 50.90 0.39% 61.11 0.55%
Jamuna Bank Securities Limited 20.98 0.16% 19.25 0.17%
Group Assets (as at 31 December 2022)
BDT in million
Particulars 2022 % 2021 %
Conventional 263,219.48 92.98% 246,641.25 93.14%
Islamic Banking 6,365.13 2.25% 4,189.29 1.58%
Off-Shore Banking Unit (OBU) 13,052.11 4.61% 13,490.97 5.09%
Jamuna Bank Capital Management Limited 425.75 0.15% 469.47 0.18%
Jamuna Bank Securities Limited 38.05 0.01% 29.68 0.01%
JBL business has been divided into five segments i.e Corporate Banking, Retail Banking, SME Banking, Agricultural &
Micro Credit & OBU, Credit Card & Others. Corporate Banking segment representing 71.09 percent of total loans and
advance of the bank. Segmental business (Loans & Advances) as on 31 December 20212 has been stated as follows:
108
Annual Report 2022
(figure in million)
2022 2021
Particulars % of total % of total
Amount Amount
loans loans
Corporate Banking 128,315.16 71.09% 124,067.58 70.97%
SME Banking 21,981.87 12.18% 22,510.41 12.88%
Retail Banking 11,506.10 6.37% 10,517.80 6.02%
Agricultural & Micro Credit 4,018.45 2.23% 3,279.86 1.88%
OBU, Credit Card & Others 14,669.21 8.13% 14,449.13 8.26%
Total 180,490.79 174,824.78
Financial Performance Highlights of Jamuna Bank
Banking industry passed another challenging year in terms of governance, capital adequacy, profitability and soundness
in 2022. Depletion of foreign exchange, rising inflation, increase of fuel expense and liquidity crisis took the toll over the
economy to a large extent. FX reserve stood USD 33.75 billion at year end which was USD 46.15 billion last year, declined
by 27% within a year. Inflation reached 8.71% in December 2022 and private sector credit growth stood at 12.89% in 2022
against 10.11% last year. Despite intensified challenges, Jamuna Bank managed its portfolio efficiently closing the year
2022 with an NPL of 5.32%. We have followed Bangladesh Bank’s instruction meticulously for maintaining provision
and recognizing interest income. We have complied Bangladesh Bank’s requirement of 1% additional special General
provision-COVID 19 and extra 2% provision against clients enjoying Covid-19 facilities and maintained additional
provision based on the qualitative judgment of Bangladesh Bank for absorbing any unforeseen shocks.
Complying all these issues, our total provision increased by BDT 1,275.31 million or 110.41% over last year’s and stood
BDT 2,430.39 million. After setting aside provision for loans and advances, tax, reserve and others, the bank attained
net profit of BDT 1,581.44 million which is lower than last year’s by 36.15%. Thus, Earnings per share (EPS) of the Bank
decreased to BDT 2.11 which was BDT 3.31 last year. Although our operating profit increased by BDT 529.62 million or
10.22% from previous year. As per Bangladesh Bank guideline, deposit rate had to adjust with this high inflation keeping
no change in interest rate cap of loans and advances which resulted in decrease of net interest income by 2%. Interest
spread decreased to 3.27% from 3.67% last year. On the other hand, non-interest income increased substantially by
17.43% for which operating profit increased by 10.22% from previous year. The Board of Directors recommend 17.50%
cash and 8.50% stock dividend for the year 2022
Deposit stood at BDT 225.07 billion registering a growth of 6.14% against the country growth of 5.70%. Advance increased
to BDT 180.49 billion with a growth of 3.24% against country growth of 12.89%. We move cautiously to increase of our loan
portfolio during this crisis period. Import, export and remittance stood at USD 2,074.79 million, USD 1,711.80 million
and USD 465.35 million respectively. Jamuna Bank was much successful in maintaining foreign exchange liquidity due
to its higher amount of export and remittance which was sufficient to ensure its import payment. Throughout the year,
Jamuna Bank acted as contributor to foreign currency supply in the market and ensured smooth import performance
for our valued customers. The bank is standing on a very solid foundation having strong assets and capital base. Total
assets of the bank increased to BDT 282.64 billion from BDT 264.32 billion with the growth of 7% over last year’s. Capital
base of the bank is one of the highest in the industry. The capital adequacy ratio of the bank stood at 16.75% against
Jamuna Bank Limited 109
regulatory requirement of 12.50%. In 2022, total capital reached BDT 31.02 billion. Capital base safeguards the bank from
unforeseen credit, operational or market shock and supports business expansion.
Consolidated Solo
Particulars % Change % Change
2022 2021 2022 2021
Net Interest income (NII) 2,999.27 2,594.06 15.62% 2,986.06 2,594.97 15.07%
Non-interest income 9,894.95 8,457.35 17.00% 9,836.28 8,376.09 17.43%
Total Operating Income 12,894.22 11,051.41 16.67% 12,822.34 10,971.05 16.87%
Total Operating Expense 7,155.12 5,816.42 23.02% 7,113.03 5,791.35 22.82%
Operating Profit (Profit before provision & tax) 5,739.10 5,234.99 9.63% 5,709.32 5,179.70 10.22%
Total Provisions 2,444.54 1,163.94 110.02% 2,430.39 1,155.08 110.41%
Profit before tax for the year 3,294.56 4,071.05 -19.07% 3,278.93 4,024.62 -18.53%
Tax provision for the year 1,705.44 1,558.59 9.42% 1,697.48 1,547.74 9.67%
Profit after tax (PAT) 1,589.11 2,512.47 -36.75% 1,581.44 2,476.88 -36.15%
Earnings per share (EPS) 2.12 3.35 -36.72% 2.11 3.31 -36.25%
ROA and ROE have decreased in 2022 due to higher growth of average assets and decrease of PAT due to maintaining
additional provision. Cost to income ratio has increased because operating expense and Operating Income for the year
2022 was gone up compared to the previous year. The Capital to risk weighted assets ratio (CRAR) has increased to 16.75%
in 2022 from 16.42% in 2021. Following table presents some of the key financial ratios:
Bank
Particulars
2022 2021
Return on average equity (PAT/Average Equity) 7.69% 10.88%
Return on average assets (PAT/Average assets) 0.58% 0.98%
Cost to income ratio(operating expense/operating income) 55.47% 52.63%
Capital to risk weighted assets ratio 16.75% 16.42%
NPL ratio 5.32% 2.97%
EPS (BDT) 2.11 3.31
PE ratio 10.09 7.09
ANALYSIS OF KEY OPERATING AND FINANCIAL DATA FOR LAST 5 YEARS
Jamuna bank recorded a remarkable growth in last five years in terms of business volume and profitability. At the end
of 2018 total assets of the Bank was BDT 225,018.22 million whereas at the end of 2022 it stood at BDT 282,636.72 million
recording a cumulative growth of more than 26 percent. During last five year, cumulative deposits grew up 20 percent,
Investments grew up 141% and loans and advances of the Bank grew by 9 percent.
figure in million
Balance Sheet Change (%) 2022 2021 2020 2019 2018
Authorized Capital 0% 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00
Paid up Capital 0% 7,492.26 7,492.26 7,492.26 7,492.26 7,492.26
Shareholders’ equity 9% 19,748 .74 21,369.33 24,144.71 17,160.59 18,073.50
Deposits 20% 225,070.78 212,052.50 191,103.99 202,509.52 188,034.30
Loans and advances 9% 180,490.79 174,824.78 162,658.43 177,278.78 165,402.85
Investments 141% 76,394.56 67,674.40 50,970.36 39,200.61 31,648.68
Fixed Assets 53% 4,009.16 3,272.11 3,260.65 3,217.47 2,614.52
Total Assets 26% 282,636.72 264,321.51 241,533.71 242,928.46 225,018.22
Total Liabilities 27% 262,887.98 242,952.17 217,389.00 225,767.88 206,944.71
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Annual Report 2022
In line with the increased volume of the business, the Gross Operating Income increased by 31% compared to the year
2018. Due to maintaining additional provision based on the qualitative judgment of Bangladesh Bank for absorbing any
unforeseen shocks banks NPAT decreased by 32%. In 2018, NPAT of the bank was BDT 2,316.69 million whereas it was
BDT 1,581.44 million at the end of 2022 recording cumulative decrease of 32%.
Income Statement Change (%) 2022 2021 2020 2019 2018
Interest Income -18% 12,324.57 11,106.91 14,215.14 17,825.53 14,993.70
Interest expense -3% 9,338.51 8,511.94 10,465.70 11,391.97 9,656.43
Net interest income -44% 2,986.06 2,594.97 3,749.44 6,433.56 5,337.27
Income from investment 222% 5,918.56 5,649.90 4,537.06 2,322.40 1,836.38
Non-Interest Income 48% 3,917.73 2,726.19 2,574.20 2,683.56 2,644.13
Gross Operating Income 31% 12,822.34 10,971.05 10,860.69 11,439.53 9,817.78
Operating Expense 37% 7,113.03 5,791.35 5,771.86 5,597.68 5,188.77
Profit before tax -9% 3,278.93 4,024.62 4,350.33 4,779.90 3,605.68
Net profit after tax -32% 1,581.44 2,476.88 2,670.71 2,607.85 2,316.69
However, details of operating and financial data of Jamuna Bank in last five years with graphical presentation are shown
in the ‘Information for the stakeholders’ chapter.
MAINTENANCE OF CAPITAL TO RISK WEIGHTED ASSETS RATIO (CRAR)
Risk Based Capital Adequacy Framework (Revised Regulatory Capital Framework for banks in line with Basel III) has
been implemented in Bangladesh from beginning of 2015 through BRPD Circular No -18 dated December 21, 2014. The
objective of the reforms was to improve the banking sector’s ability to absorb shocks arising from financial and economic
stress, whatever the source, thus reducing the risk of spillover from the financial sector to the real economy. From
very beginning of implementation of Basel III in Bangladesh, Jamuna Bank has been continuing to calculate minimum
capital requirement (MCR) including capital conservation buffer considering credit risk, market risk and operational
risk. Phase-in arrangements for Basel III implementation in Bangladesh and our status is given below:
Status of
Particulars Standard 2022 (solo) 2021 (solo)
compliance
Minimum Common Equity Tier At least 4.5% of the total RWA Complied 9.8% 9.47%
1 (CET1) Capital Ratio
Capital Conservation Buffer At least 2.5% of the total RWA Complied 5.25% 4.48%
Tier-1 Capital At least 6% of the total RWA Complied 11.25% 10.48%
BDT 20,845.52 mn BDT 20,188.03 mn
Minimum Total Capital plus At least 12.5% of the total RWA Complied 16.75% 16.42%
Capital Conservation Buffer
Tier-2 capital maximum up to 4.00% of Complied 5.49% 5.94%
the RWA or 88.89% of CET1, BDT 10,175.87 mn BDT 11,449.19 mn
whichever is higher.
Leverage Ratio 3% Complied 6.28% 6.50%
Liquidity Coverage Ratio >=100% Complied 170.93% 133.95%
Net Stable Funding Ratio >100% Complied 114.64% 105.80%
From the above table it is observed that, Jamuna Bank complied with all the required conditions for maintaining
regulatory capital requirement as stipulated in the revised Risk Based Capital Adequacy (RBCA) guidelines by Bangladesh
Bank.
Jamuna Bank Limited 111
CREDIT RATING
With a view to safeguard the interest of the prospective investors, depositors and creditors and to improve the
functioning of the capital market of the country, Bangladesh Bank vide BPRD Circular No. 06 dated July 05, 2006 had
made it mandatory for the Bank’s to have themselves credit rated. Accordingly, Credit Rating of Jamuna Bank Limited
was done by Credit Rating Agency (CRAB) based on audited Financial Statements as on December 31, 2021. The rating
report is summarized as under:
Long Term Short Term
Particulars
AA1 ST-1
Date of Rating 27 June 2022
Based on Financial Statement December 31, 2021
Validity Date June 30, 2023
Outlook Stable
Rating AA1: Companies rated in this category have very strong capacity to meet financial commitments. These companies
are judged to be of very high quality, subject to very low credit risk.
Rating ST1: (Highest Grade) This rating indicates that the degree of safety regarding timely payment on the loans/
facilities is very strong.
RISKS AND CONCERNS
The Bank’s Risk Inventory sets out the Bank’s major risk categories and related subcategories to which the Bank’s
businesses and operations could be exposed. The Risk Inventory facilitates consistent risk identification and is the
starting point in developing risk management strategies and processes. The Bank’s major risk categories are: Credit Risk;
Market Risk; Operational Risk; Liquidity Risk; Strategic Risk, Legal & Regulatory non-Compliance Risk; Environmental
& Social Risk, Reputational Risk, Money Laundering Risk & ICT Risk.
Major Risk Category
Operational
Credit Risk Market Risk Liquidity Risk Strategic Risk
Risk
Legal &
Money
Regulatory non- Environmental Reputational
Laundering ICT Risk
Compliance & Social Risk Risk
Risk
Risk
The Bank’s risk culture starts with the “tone at the top” set by the Board, Managing Director & CEO, and the Senior
Management Team (SMT), and is supported by its vision, purpose, and shared commitments. To play an effective
role in mitigating impending risks arising out of strategies and policies formulated by the Board and to carry out the
responsibilities efficiently, the Board Risk Management Committee of Jamuna Bank Ltd., being in charge, formulates
risk management policy and procedures of the Bank as well as sets up the risk control and monitoring mechanisms with
a view to continuously strengthening risk governance. At Management Level Risk Management function, headed by the
Chief Risk Officer (CRO), provides independent oversight of enterprise-wide risk management, risk governance, and
control including the setting of risk strategy and policy to manage risk in alignment with the Bank’s risk appetite and
business strategy.
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Annual Report 2022
Jamuna Bank Limited has three level of structure in regards to managing risk
Board of Directors
Board Risk Management Committee
(Strategic Level)
Management Level Operational Level
- Executive Risk Management Committee Risk Management Division
- Supervisory Review Committee (SRC)
- Credit Risk Management Committee
However, details of the Risk Management strategies are described in page No. 353 of this Annual Report 2022.
EXTRAORDINARY GAINS OR LOSS
Extraordinary gains or losses refer to infrequent and unusual gains or loss and which is not part of the Bank’s ordinary,
day-to-day operations. There is no such a gain or losses during the year under reporting.
RELATED PARTY TRANSACTIONS
The Bank in its ordinary course of business undertook financial transactions with some entities or persons that fall
within the definition of ‘Related Party’ as contained in IAS 24 (Related Party Disclosures) and relevant provisions of Bank
Company Act 1991 and Bangladesh Bank BRPD Circular No. 14 dated 25 June 2003. As on the reporting date, the Bank had
funded exposures with its subsidiaries, credit card limit to some of its Directors. Besides, the Bank had procured some
goods and services from the entities of related parties during 2022. Details of related party transactions are furnished at
Annexure-I in page No. 182 and Note-46(A) of Audited Financial Statements this report.
SHARE CAPITAL
Authorized Capital and paid up capital of the Company Stood at BDT 10,000.00 million and BDT 7,492.26 million
respectively at the end of 31 December 2022.
HISTORY OF RAISING CAPITAL
As on the reporting date, the bank had paid up capital of BDT 7,492,256,500 of which 78.87% was raised through stock
dividend. The history of raising our paid up capital to BDT 7,492.26 million as on Year 2022 is presented below:
Cumulative Paid up
Accounting year Particulars No. of Shares Volume in Taka
Capital in Taka
2001 Opening Capital 39,000,000 390,000,000 390,000,000
2003 10% Bonus share 3,900,000 39,000,000 429,000,000
2005 25% Bonus share 21,450,000 214,500,000 643,500,000
2006 Initial Public offering (IPO) 42,900,000 429,000,000 1,072,500,000
2006 14.29% Bonus share 15,321,420 153,214,200 1,225,714,200
2007 7.14% Bonus share 8,755,100 87,551,000 1,313,265,200
2008 23.50% Bonus share 30,861,730 308,617,300 1,621,882,500
2009 37.50% Bonus share 60,820,590 608,205,900 2,230,088,400
2010 Right Issue 74,336,280 743,362,800 2,973,451,200
Jamuna Bank Limited 113
Cumulative Paid up
Accounting year Particulars No. of Shares Volume in Taka
Capital in Taka
2010 22% Bonus share 65,415,926 654,159,260 3,627,610,460
2011 Share Issued to Mrs. Aysha Hussain 2,079,330 20,793,300 3,648,403,760
2011 23% Bonus share 83,913,286 839,132,860 4,487,536,620
2013 15% Bonus share 67,313,049 673,130,490 5,160,667,110
2014 19% Bonus share 98,052,675 980,526,751 6,141,193,861
2017 22% Bonus share 135,106,264 1,351,062,639 7,492,256,500
VARIANCE BETWEEN QUARTERLY FINANCIAL PERFORMANCE AND ANNUAL FINANCIAL STATEMENTS
In compliance with the applicable rules and regulations of the regulatory authorities, the Bank prepared and submitted
the quarterly reports to the regulators and communicated the results with the valued shareholders and stakeholders
accordingly. Following table presents quarterly consolidated information of four quarters of the Bank.
Figures in BDT Million
Particulars Quarter-1 Quarter-2 Quarter-3 Quarter-4 Annually
A) Net interest income 827.65 716.54 1,118.00 323.87 2,986.06
B) Non-interest income 2,300.84 2,910.44 2,563.04 2,061.96 9,836.28
C) Operating income (A+B) 3,128.49 3,626.98 3,681.04 2,385.83 12,822.34
D) Operating expenses 1,495.80 1,779.66 1,688.81 2,148.76 7,113.03
E) Operating profit (C-D) 1,632.69 1,847.32 1,992.23 237.07 5,709.31
From the above, it was observed that
• Net Interest income was declined in the Q-4 because of write-off settlement of problematic loans and advances.
• Operating expense of Q-4 27% higher than that of Q-3 as the Bank continued to invest in branches/sub-branches/ATM
infrastructure, technology and human capital to support its business growth.
• Operating profit also reduced in Q-4 due to decrease of in net interest income, non-interest income as well as increase
of operating expenses.
BOARD & IT’S COMMITTEE MEETING AND REMUNERATION PAID TO DIRECTORS:
Please see Annexure-II in page No. 183 of this report.
PREPARATION OF FINANCIAL STATEMENTS
The financial statements prepared by the management of the bank present fairly its state of affairs, the result of its
operations, cash flows and changes in equity. These statements have been prepared in accordance with the “first
Schedule (Section 38) of the Bank Company Act 1991 as amended by BRPD circular no. 14 dated 25 June 2003, the rules
and regulations issued by Bangladesh Bank, the Securities and Exchange Rules 2020 and other laws and rules applicable
in Bangladesh, International Accounting Standards (IAS) or International Financial Reporting Standards (IFRS), as
applicable in the Bangladesh and any departure there from have been adequately disclosed.
The financial statements of 2022 have been reviewed by the Audit Committee of the Board of Directors of the Bank and
then referred to the Board of Directors for its consideration. The external auditor, M/s. Shafiq Basak & Co., Chartered
Accountants, appointed by the shareholders, have certified the fairness of the financial statements for the year ended
31 December 2022.
a. Maintaining Proper Books of Account
Jamuna Bank maintained proper books of account for its financial transactions occurred during 2022. For recording the
transactions, the bank has followed the International Accounting Standard (IAS). The books of account have also been
reviewed by the external auditor, M/s. Shafiq Basak & Co., Chartered Accountants with an opinion that proper books of
accounts as required by the law have been properly maintained.
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Annual Report 2022
b. Appropriate Accounting Policies announcements relating to the Bank’s performance, to
Appropriate accounting policies have been consistently monitor and review the effectiveness of the company’s
applied, except for the changes disclosed in the financial internal audit function etc.
statements in preparation of financial statements and that
the accounting estimates are based on reasonable and The Risk Management Committee of the Board of Directors
prudent judgment. Bank records financial transaction on is monitoring risk management policies & process
accrual basis with required disclosures and also prepares to ensure effective prevention and control measures;
the financial statements accordingly. ensuring compliance of Bangladesh Bank instructions
regarding implementation of core risk management;
c. Follow up of IAS & IFRS in Preparation of Financial ensuring formulation and review of risk appetite, limits
Statements and recommending these to Board of Directors for their
International Accounting Standards (IAS) and International review and approval;
Financial Reporting Standards (IFRS) as applicable in
Bangladesh, have been followed in preparation of financial The Internal Control & Compliance Division of the Bank
statements. However, in case the requirement of provisions contributes to make the job of the above committee more
and Circulars issued by Bangladesh Bank differs with those effective and successful. This Division independently
of other regulatory authorities and accounting standards, verifies that all the branches/divisions are conducting
the provisions and Circulars issued by Bangladesh Bank their business in compliance with all approved risk
shall prevail. As such the Group and the Bank has departed management and internal control policies. If deviations
from certain requirements of IFRS in order to comply with are found, they are reported and got corrected to mitigate
the rules and regulations of Bangladesh Bank which are risk on a continuous basis. Thus, the division ensures the
disclosed in notes to the financial statements. Board that the Bank is operating in compliance with all
approved and established policies.
d. Adequate information relating to Financial
Transparency and Disclosures STATEMENT OF DIRECTOR’S REGARDING
The bank has an approved disclosure policy to observe the SYSTEM OF INTERNAL CONTROL
disclosure requirements set out by the Bangladesh Bank The Directors confirm that the Board through its
and International Financial Reporting Standards (IFRS) committees has reviewed the effectiveness of the
and International Accounting Standards (IAS) as adopted bank’s systems of internal control for the year ended 31
by the Institute of Chartered Accountants of Bangladesh December 2022. The Board through the Audit Committee
(ICAB). supervised the policies and various parts of business to
ensure an effective internal control system. The Board is
INTERNAL CONTROL & COMPLIANCE satisfied that, during the year under review, the system
Internal control systems of the Bank have been designed of internal control has instituted is sound and effective.
to ascertain a well-defined management structure with Notwithstanding this, the Board is vigilant and continues
clear authorities and delegation of responsibilities, to review the effectiveness and adequacy of the systems
documentation procedures and authority levels, to ensure of internal control, in view of the dynamic and changing
that all material risks properly be addressed and controlled. business environment, so as to safeguard the Bank’s
The control methods of the bank are being implemented assets and stakeholder’s interest. Related statements have
under active supervision of the Board of Directors and been presented in Corporate Governance Section of this
its constituted committees; Executive Committee, Audit Report.
Committee and Risk Management Committee. Moreover,
the Senior Management Team of the Bank keeps constant STATEMENT REGARDING MINORITY
involvement to risk management.
SHAREHOLDERS
Jamuna Bank ensures equal treatment to all shareholders.
Audit Committee of the Board of Directors of Jamuna
The Bank does not discriminate between minority and
Bank carries out its responsibilities extensively and
majority shareholders. It is mentioned that the most
has established an Audit Committee of the Board for
important protection afforded to minority shareholders
sustaining sound, adequate and effective internal control
comes in the form of a statutory remedy in section 233
systems to safeguard the asset of the bank and interest of
of the Companies Act, 1994 of Bangladesh. In order to be
the shareholders. The Audit Committee is a committee of
eligible to file a petition under the section, the minority
the Board of Directors is responsible to review the integrity
shareholder(s) must hold a minimum of ten percent of
of the financial statements of the Bank and formal
the issued shares in the case of a company having a share
Jamuna Bank Limited 115
capital. To ensure equal treatment to all shareholders, the • As per provision of regulation 44(2) (i) of the Dhaka
bank created various mechanisms, such as: and Chittagong Stock Exchange (Listing) Regulation,
• minority shareholders are dealing with candor, we have published the Contact number (Fax, e-mail
honesty, good faith, loyalty, and fairness & telephone) of the officials of Investors’ Relation
• Minority shareholders have the right to benefit from Department of our Bank through which the honorable
such events as receiving dividends and selling shares shareholders and other stakeholders can communicate
for profit. with us.
• Access to Company Financial Records: According to
section 191 of the Companies Act, 1994, A copy of every GOING CONCERN
balance sheet, including the profit and loss account, The going concern principle is the assumption that an
the auditors report or the income and expenditure entity will remain in business for the foreseeable future.
account and every other document required by law to Conversely, this means the entity will not be forced to halt
be annexed or attached to the balance sheet which is operations and liquidate its assets in the near term at what
to be laid before a company in general meeting shall, may be very low fire-sale prices. The purpose of this going
not less than fourteen days before the date of the concern statement is to bring together the requirements of
meeting, be sent free of charge, to every member of Company law, accounting standards and Listing Rules on
the company. going concern.
• Jamuna Bank is always concern regarding the above
issue and making available Annual Report to the After reviewing the company’s present and following
shareholders of the Bank and the same also uploaded potential business growth, it is observed that the company
in the website of the Bank. has adequate resources to continue to operate in the
• Timeliness in the resolution of investors’ complaints. foreseeable future and No significant doubts upon the
• Friendliness with all investors and all investor Bank’s ability to continue as a going concern.
segments.
• To make effective communication to the shareholders Positive key financial ratios:
and other stakeholders of the bank, the Share Division The Company’s financial ratios indicate sound financial
under the Board Secretariat is playing a vital role. They strength and prospects and are evident from financial
are providing various services to the shareholders and highlights stated at ‘Information for the stakeholders’
other stakeholders of the bank i.e. to allow or rejection chapter of this Annual Report.
transfer or transmission of shares, Share transfer/
Buy/Sell/Gift of Shares for the Sponsors/Directors as Consistent payment of dividends:
per prevailing rules/regulations, allotment of shares Jamuna Bank has been paying dividend consistently
issued from time to time, issuance of duplicate to its shareholders over the years. Moreover, Board of
certificates, payment of dividend, De-materialization/ Directors in its 422nd meeting held on April 27, 2023 has
Re-materialization of shares, Distribution of Annual recommended Cash dividend @17.50% and Stock dividend
Report, issue and dispatch of MICR Dividend/ 8.50% subject to the approval of the shareholders at the
Fractional Dividend Warrants, To issue Shareholding next Annual General Meeting. History of our dividend
Certificate to the Directors/ Shareholders, to allow or payment for the last six years is as follows:
rejection Pledge/Un-pledge/Confiscation of shares.
Year Dividend Payout (%)
2017 22% Stock
2018 20% Cash
2019 15% Cash
2020 17.50% Cash
2021 17.50% Cash
2022 17.50% Cash & 8.50% Stock
Besides, we have annexed herewith (please see Annexure-III) our Dividend Distribution Policy in compliance with
Bangladesh Securities & Exchange commission (BSEC) directive no BSEC/CMRRCD/2021-386/03 dated 14 January 2021.
116
Annual Report 2022
Credibility in payment of obligations:
Jamuna Bank has strong credibility in terms of payment of its obligations to lenders. The Company is particular in
fulfilling the terms of loan agreements and has never defaulted, even in terms of convenience.
Increasing trend in Investment portfolio:
Bank’s Loans & Advance have increased by 3.24% (solo) and Investment portfolio have increased by 12.89%(solo) in 2022
as compared with 2021.
Operating indications
Strengthening of Human Capital:
Despite the pandemic, the Company has recruited 550 new employees during the year 2022, which resulted in a net
increase in human resource count to 3782 at the end of the year 2022, in comparison to 3346 at the end of the year 2021.
Business expansion
Jamuna Bank, in 2022, has been vested in growth through Corporate business and market diversification through
channeling resources towards developing Retail segment and smaller loan products for SME segment.
Employee satisfaction:
There exists a healthy corporate environment in the Company. This is reflected in our discussion on Human Capital at
Management Discussion and Analysis chapter.
APPROPRIATION OF PROFIT AND DIVIDEND RECOMMENDATION
Thanking into account the profit available for distribution after complying with regulatory requirement, the Board in its
422nd meeting held on April 27, 2023 recommended Cash dividend @17.50% and Stock dividend 8.50% for the year ended
on December 31, 2022 which is subject to approval of shareholders in the ensuing Annual General Meeting scheduled to
be held on June 21, 2023. Proposed appropriation are as follows:
(in million BDT)
Particulars 2022 2021
Net profit after tax for the year 1,241.23 2,476.88
Retained earnings at the beginning 3,296.59 2,407.53
Transfer from General Reserve - -
Profit available for appropriation 4,537.82 4,884.41
Transferred to statutory reserve - 225.20
Transferred to Start Up Fund for the year 15.81 51.47
Proposed cash dividend for the year 2022 1,311.145 1311.14
Proposed stock dividend for the year 2022 636.84 -
Retained earnings 2,574.03 3,296.59
INTERIM DIVIDEND:
No cash or bonus share dividend was declared as interim dividend during 2022.
Jamuna Bank Limited 117
PATTERN OF SHAREHOLDING/OWNERSHIP COMPOSITION:
As on 31st December 2022 the Sponsor and Directors of Jamuna Bank Ltd. held 46.29% of total shares whereas Financial
Institutions, Foreign Investors and General Public held 6.49%, 0.49% and 46.73% respectively.
31-12-2022 31-12-2021
Sl. No Particulars
No of Shares Held % of total Shares No of Shares Held % of total Shares
1 Directors & Sponsors 346,806,289 46.29% 363,749,671 48.55%
2 Financial Institutions 48,622,461 6.49% 58,860,433 7.86%
3 Foreign Investors 3,692,143 0.49% 4,295,823 0.57%
4 General Public 350,104,757 46.73% 322,319,723 43.02%
Total 749,225,650 100.00% 749,225,650 100.00%
A. Share held by Parent/Subsidiary/Associated Companies and other related parties (name wise details);
Name of the Parent/Subsidiary/Associated Status Shareholding
Jamuna Bank Capital Management Limited Subsidiary Nil
Jamuna Bank Securities Ltd. Subsidiary Nil
B. Directors, Chief Executive Officer, Company Secretary, Chief Financial Officer, Head of Internal Audit
and their spouses and minor children;
Share holding
% of Total
Sl. No. Name of the Directors Status as on 31.12.2022 position as on
Share
31.12.2022
1 Al-Haj Nur Mohammed Chairman 22,140,168 2.9551%
2 Engr. A. K. M. Mosharraf Hussain Director 14,984,509 2.0000%
3 Engr. Md. Atiqur Rahman Director 28,939,069 3.8625%
4 Mr. Gazi Golam Ashria Director 14,984,616 2.0000%
5 Mr. Fazlur Rahman Director 14,985,428 2.0001%
6 Mr. Md. Saidul Islam Director 14,985,000 2.0001%
7 Mr. Robin Razon Sakhawat Director 15,006,908 2.0030%
8 Mr. Redwan-ul Karim Ansari Director 16,337,038 2.1805%
9 Mr. Md. Belal Hossain Director 15,235,979 2.0336%
10 Mr. Md. Mahmudul Hoque Director 14,990,452 2.0008%
11 Mr. Shaheen Mahmud Director 37,446,054 4.9980%
12 Mr. Md. Sirajul Islam Varosha Director 14,984,838 2.0000%
13 Mr. Kanutosh Majumder Director 15,493,336 2.0679%
14 Mr. Md. Ismail Hossain Siraji Director 14,984,928 2.0001%
15 Mr. Gazi Golam Murtoza Director 19,104,452 2.5499%
16 Mr. Md. Hasan Director 37,461,211 5.0000%
17 Mr. Md. Abdur Rahman Sarker Independent Director - -
18 Mr. Md. Humayun Kabir Khan Independent Director - -
19 Mr. Md. Abdul Jabber Chowdhury Independent Director - -
20 Mr. M. Murshidul Huq Khan Independent Director - -
21 Mr. Mirza Elias Uddin Ahmed Managing Director - -
22 Mr. Mohammed Aminul Islam Mintu FCCA, ACA & Spouse Head of ICC - -
23 Mr. M.A.Rouf & Spouse Company Secretary - -
24 Mr. Uttam Kumar Saha FCA FCS & Spouse Chief Financial Officer - -
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Annual Report 2022
C. Executives (“executive” means top 5 (five) salaried employees of the company, other than the Directors,
Chief Executive Officer, Company Secretary, Chief Financial Officer and Head of Internal Audit.)
Shares Held as on 31
Sl. No. Name of the Executives Designation
Dec 2022
1 Mr. Md. Abdus Salam Additional Managing Director -
2 Mr. Noor Mohammed Deputy Managing Director -
3 Mr. A. K. M. Atiqur Rahman Deputy Managing Director -
SEVP & Head of Credit Administration
4 Mr. Md. Mukhlesur Rahman -
Division
5 Md. Shahidul Islam SEVP & Head of Corporate Banking Division -
SEVP & Head of Internal Control &
6 Mr. Mohammed Aminul Islam Mintu FCCA, ACA -
Compliance Division
D. Shareholders holding ten percent (10%) or more voting interest in the company :
or shareholding information in compliance to the condition No. 4 of the Commission’s Notification No.
BSEC/CMRRCD/2009-193/10/Admin/118 dated 22 March 2021.
As per information stipulated in (B) under the head of pattern of shareholding/ownership composition, no director/
sponsor or any shareholders of the Bank holds 10% or more shares of our bank as per record available to our end. Besides
the provision of section 14kha of the Banking Companies Act, 1991 (amended upto 2018) does not permit to a person/
company/institution to hold shares more than 5% (substantial shareholder) of a Bank Company without approval of the
Bangladesh Bank.
DIRECTORS’ SHAREHOLDING STATUS:
In compliance with BSEC Notifications dated May 21, 2019, all the eligible directors (other than independent directors)
of JBL have been holding required percentage of shares individually (minimum 2%) as well as jointly (minimum 30%).
MANAGEMENT’S DISCUSSION AND ANALYSIS: Please see the Management’s Discussion and Analysis chapter which is
signed by MD & CEO of the Bank presenting detailed analysis of the company’s position and operations along with a brief
discussion of changes in the financial statements.
UNCLAIMED DIVIDEND
Unclaimed dividend account is the residual amount of declared dividend for the income years 2005 to 2022 which has not
yet been paid to or claimed by the shareholders. The bank has been maintaining year-wise separate bank accounts for
unclaimed dividends of BDT 80.94 million (as of 31-12-2022) (Cash dividend along with sale proceed of fractional Stock
dividend).
We are maintaining detailed information of unpaid or unclaimed cash dividend and rationale thereof, as per BO account
of the shareholders and disclosed the summary of aforesaid information in the notes to the statements of financial
position as a separate line. We have also published the year-wise summary of its unpaid or unclaimed cash dividend in
our website.
We sought recommendation from Bangladesh Bank, primary regulator for the banking sector, as regard to transfer
the unclaimed cash dividend pursuant to the Directive No. BSEC/CMRRC-D/2021-386/03, dated 14 January 2021 and the
Bangladesh Securities and Exchange Commission (Capital Market Stabilization Fund) Rules, 2021. Bangladesh Bank vide
their letter no. DOS(RMMCMS)/1154/2/2022-384 dated 25.01.22 instructed us to follow the provision of section 35(2) of
Bank Companies Act, 1991 (amended upto 2018) in this regard.
EXTERNAL AUDITOR
M/s. Shafiq Basak & Co., Chartered Accountants has been appointed as External Auditor for the 1st time in the 21st
Annual General Meeting of the shareholders and they are eligible for re-appointment as External Auditor of the Bank.
Jamuna Bank Limited 119
In this regard, the Board recommended to the shareholders & Co., Chartered Accountants of BGIC Tower (4th Floor),
of the Bank in the ensuing Annual General Meeting 34 Topkhana Road, Dhaka as Corporate Governance
(AGM) for their approval to appoint M/s. Shafiq Basak & Compliance Auditor of the Bank for the year 2023.
Co., Chartered Accountants of Shatabdi Centre (6th & 8th
Floor), 292, Inner Circular Road, Fakirapool, Motijheel, INDEPENDENT SCRUTINIZER
Dhaka -1000 for appointment as external auditor for As per the directive of Bangladesh Securities and Exchange
the year 2023 i.e. until next AGM of the Bank subject to Commission (BSEC) vide no. BSEC/CMRRCD/2009-193/08;
obtaining No Objection from Bangladesh Bank. dated 10 March 2021, clause (9), an independent scrutinizer
is required to appoint for observing the due diligence and
Services not involved by External Auditor AGM process, election procedure and detailed information
As per instruction of Corporate Governance Guidelines of of voting results shall be authenticated by the concerned
BSEC, the statutory auditor is not involved in the following stock exchange(s) by an independent scrutinizer as
services of the Bank: appointed by the issuer company and such authenticated
• Appraisal or valuation services or fairness opinions. report shall be submitted to the commission within 48
• Financial information systems design and hours of conclusion of the general meeting.
implementation.
• Book-keeping or other services related to the Consequently, various firms have expressed their interest
accounting records or financial statements. to become an Independent Scrutinizer for the ensuing
• Broker-dealer services. 22nd Annual General Meeting. Among those firms the
• Actuarial services. competent authority of the Bank appointed ahamed
• Internal audit services or special audit services; shamim & co., House-1/B, Flat-1A, Road-8, Block-I, Banani,
• Any other service that the Audit Committee Dhaka-1213 as Independent Scrutinizer in compliance
determines. with the aforesaid directives.
• Audit or certification services on compliance of
corporate governance as required by Corporate CORPORATE SOCIAL RESPONSIBILITIES
Governance Code. As one of the leading Bank, we acknowledge our
• Any other service that creates conflict of interest. responsibilities towards the society as a whole in which
• No partner or employees of the external audit firms we live. Jamuna Bank has been playing pioneer role in
shall possess any share of the company they audit at the CSR activities since its inception through Jamuna
least during the tenure of their audit assignment of Bank Foundation. Jamuna Bank Foundation conducts
that company. multidimensional CSR activities regularly. Its activities
encompass wide area e.g. Education, Pro-Poor healthcare,
CORPORATE GOVERNANCE COMPLIANCE environmental friendly green product, alternative energy
AUDITOR use, capacity building, helping destitute, against drug
Pursuant to the compliance with the Corporate abuse, improving ethical and religious values, preserving
Governance Code BSEC/CMRRCD/2006-158/207/Admin/80 national heritage, helping to overcome natural disaster and
dated 03 June 2018 issued by Bangladesh Securities calamities, humanitarian services, improving the standard
Exchange Commission (BSEC), each company shall obtain of living by creating job opportunities to the destitute,
a certificate from a practicing professional Accountant/ eradicate extreme poverty and hunger. In recognition, UK-
Secretary regarding compliance of conditions of Corporate based “The Global Economics” awarded Jamuna Bank Ltd.
Governance Code of the Commission and shall disclosed with the “Best CSR Bank” award for 02 (two) consecutive
the same to same in the Annual Report on yearly basis. times 2021 & 2022. “The Global Economics” also awarded
M/s. Mahfel Huq & Co., Chartered Accountants appointed Al-Haj Nur Mohammed, the Chairman of Jamuna Bank
as Corporate Governance Compliance Auditor of the Bank Foundation as “Best CSR Personality” for his outstanding
in the 21st Annual General Meeting by the shareholders contributions towards Corporate Social Responsibility
for the year 2022. (CSR) for the year 2022.
Besides, as per Corporate Governance Code of BSEC, We are continuously contributing to the welfare of society.
the professional who will provide the certificate on The Board of Directors of the Bank made provision for
compliance of Corporate Governance Code shall be Jamuna Bank Foundation at 5.00% of pre-tax profit of
appointed by the shareholders in the Annual General Jamuna Bank Limited amounting to Tk.172.58 million
Meeting. Upon analysis, the Board of the Directors of for the cause of development of destitute/underprivileged
the Bank has recommended to appoint M/s. Mahfel Huq segment of the society and for the socio-economic
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Annual Report 2022
development of the country, whereas Jamuna Bank As part of its corporate policy, Jamuna Bank always strives
Foundation made CSR expenditure BDT 340.20 million to maximize its shareholders’ value and benefit. In doing
during the year 2022. We are confident that we are so, the Bank is committed to maintaining high standards
all positioned and prepared to deliver against our of Corporate Governance. The Company’s Corporate
responsibilities in the short, medium, and long term. A Governance framework is directed towards achieving its
separate report on the CSR activities of the Bank has been business objectives in a manner that is responsible and in
presented in our Corporate Social Responsibilities chapter. accordance with its high standards of honesty, reliability,
transparency and accountability. The essential elements
CORPORATE GOVERNANCE COMPLIANCE that define effective corporate governance in the Company
STATEMENT are outlined in the Corporate Governance Statement which
Jamuna Bank Ltd. believes that enriched corporate is appended in this Annual Report.
governance contributes to the long-term success of a
company and creates trust and engagement between the Besides, we have the pleasure to confirm that the
company and its stakeholders. Accordingly, the Board of Company has, complied with all the necessary guidelines
Directors and Management are committed to continuously under BSEC Notification No. SEC/CMRRCD/2006-158/207/
striving for the highest standards in governance to ensure Admin/80 dated 3 June 2018. The Compliance Report along
that the business and its affairs are in strict adherence to with the necessary remarks and disclosures is appended in
the doctrine and principles of sound governance such as this Annual Report for the year 2022. Further, a Certificate
integrity, transparency, accountability and responsible of Compliance required under the said Guidelines, as
business conduct to safeguard the interests of its provided by Mahfel Huq & Co., Chartered Accountants, is
shareholders and stakeholders. also annexed to this report.
Jamuna Bank Limited 121
CONTRIBUTION TO NATIONAL EXCHEQUER & ECONOMY
Jamuna Bank has transformed itself into one of the strongest and best-
run financial institutions of Bangladesh, leading the financial services
sector with responsibility and agility. Over the years, the bank has ensured
substantive contribution to the national economy, reflected in collecting BDT 5,234.02 550
Government revenues and depositing the same to the state purse, as per New Job created by
mn Exchequer the bank
the laws. The bank also deducts tax, VAT and excise duty at the time of contribution in
making payments for goods and services. Besides these, the bank also pays 2022
income tax.
Jamuna Bank’s national exchequer contribution over the past five years:
BDT 340.20 Financial inclusion
(Figure in BDT million)
Direct Tax Indirect Tax
mn CSR
Year Total investment
Withholding Corporate VAT Excise Duty
2018 2,107.51 1,317.35 250.51 284.18 3,957.55
2019 2,139.74 2,167.40 273.48 340.26 4,920.87
Women Community Welfare
2020 1,839.50 1,677.57 282.35 333.63 4,133.04 Empowerment
2021 2,217.80 1559.75 302.18 409.45 4489.17
2022 2,854.44 1,605.40 350.82 423.36 5,234.02
Economic Development through lending
Supporting jobs creation to Corporate, SME, Retail and Agricultural
sector
During 2022, we onboarded 550 employees, bringing the total headcount to
3782. The bank expended BDT 4,406.06 million as salaries and allowances
and BDT 4.42 million in training in 2022. Further, we continued to prioritise lending to Corporate, SME and Agricultural
sector, thereby helping accelerate both direct and indirect jobs creation. The bank also supports the livelihood of people
who are indirectly dependent on it, including suppliers, vendors, contractors and other business partners.
Supporting Community
Jamuna Bank has been playing pioneer role in the CSR activities since its inception through Jamuna Bank Foundation.
Jamuna Bank Foundation conducts multidimensional CSR activities regularly. Its activities encompass wide area e.g.
Education
• Scholarship for the (a) unprivileged & disabled but meritorious students & (b) GPA-5 Scholarship among the Offspring
of employees of Jamuna Bank Limited.
• Establishment of Jamuna Foundation Nursing College at Dhanmondi, Dhaka.
• Establishment of Jamuna Bank Institute of Information, Communication & Technology.
• Established 12 nos. Computer training center for young people and students..
• Free Primary School for the slum dwellers at Rayerbazar, Dhaka
• Established 157 nos. Old aged Holy Quaran Teaching Center (For male & Female)
• Established 13 nos. sewing training Center for female.
• Primary School for the slum dwellers
• Jamuna Bank DP Primary School. etc.
Healthcare
• Free Medical Camps across the country.
• Free Medical Service Centre at Bishwa Ijtema, Tongi.
• Free Mobile Medical Service to the slum area/street people of Dhaka city.
• Established 3 nos. Kidney Dialysis Centers.
• Country- wide Plastic Surgery Camp (Cleft Lip/Cleft Palate Operation and Burned patients).
• Established modern Dental Clinic at Mohammadpur, Dhaka.
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Annual Report 2022
• Established modern Eye Hospital/unit at Mohammadpur, Dhaka.
• Established Jamuna Bank Foundation Diagnostic Center in Mohammadpur, Dhaka.
• Voluntary Blood Donation Program.
Environment and Climate change mitigation & adaptation sector
• Tree plantation program.
• Deep Tube-well installation at Changerchor, Motlab, Chandpur.
• Jamuna Bank Solar Village established at Kishoregonj District.
• A model village (Adarsha Gram) established at Singpara village under Thakurgaon district.
Disaster Management
• Relief distribution for disaster affected people
• Regular donation to the honorable Prime Minister’s Relief Fund
• Regular Blankets donation to the honorable Prime Minister’s Relief Fund.
• Regular Blankets distribution among the winter affected people. We also arranged whole night blanket distribution
program for the people of Dhaka city who were passing night at footpath during the last winter season.
The construction work of the 2 storey (10 storey) building of Jamuna Bank Old Home at Mekail Nagar, Keraniganj has
been completed and is awaiting formal inauguration. A local businessman Al-Haj Zulhash donated 10 bighas of land
for the establishment of this Old home. Also, we are implementing many other CSR activities for the welfare of the
community.
ACKNOWLEDGEMENTS
The achievement of the year is more than a tribute to the customers of the Bank and its numerous stakeholders’. And
with that conviction at the background, the Board of Directors firmly believes that Jamuna Bank has the necessary
strengths, resources and commitments to further propel the Company to newer heights. The Members of the Board
would like to place on record their high appreciation to the valued Shareholders and all other Stakeholders of the
bank for their persistent support and guidance. The Board would also like to thank each and every customer for their
continued support and banking with us. The Board also recognizes that its journey and accomplishments during the
year was possible because of the cooperation, positive support and guidance that it had received from the Government
of Bangladesh, particularly the Bangladesh Bank, Bangladesh Securities and Exchange Commission, Dhaka Stock
Exchange, Chittagong Stock Exchange, Registrar of Joint Stock Companies and Firms, National Board of Revenue and
other numerous stakeholders. The Board would also like to appreciate the support from vendors, the Press & Media,
business partners and all of our employees. Accordingly, the Board offers its utmost gratitude to them.
We also extend our warmest thanks to the management and employees for being the essential part of Jamuna Bank
during the year. It was their unrelenting commitment, dedication and diligence throughout the year that led to the
Company achieving the results in 2022.
On behalf of the Board of Directors
Md. Saidul Islam
Chairman of the Board of Directors
Jamuna Bank Limited 123
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Annual Report 2022
Directors’ Responsibility
Statement
In compliance with Bangladesh Bank BRPD Circular No. controlling this risk is an important mandate of the Board’s
11, dated 27 October 2013, and BSEC Corporate Governance executive responsibilities. Policies, strategies, procedures,
Code, dated 3 June 2018, the key responsibilities of the etc., in respect of evaluation of loan/investment proposals,
Board of Jamuna Bank Limited are furnished below: sanctions, disbursements, recovery measures, payment
rescheduling and write-offs are initiated with the Board’s
Work planning and strategic management approval under the ambit of existing laws, rules and
Jamuna Bank’s Board is responsible for shaping the regulations.
objectives and goals of the Bank, while also ensuring
that performance is achieved within the framework of The Board gives the authority of loan/investment sanction
our values and expected behaviours. Towards this extent, to the Managing Director & CEO and executives under
the Board formulates strategies and operating guidelines him. Importantly, no Director interferes directly or
on an annual basis to achieve the desired outcomes. The indirectly, explicitly or tacitly, with the loan approval
Board also works towards: process, recusing themselves in the event of any apparent
• Aligning the bank’s strategies with target objectives or perceived conflict of interest.
and outcomes
• Implementing key changes to bring forward The Board also frames policies for enabling effective risk
appropriate structural amendments control, monitoring compliance with the risk framework
• Ensuring enhancement of institutional efficiencies on a regular basis and also retuning this framework as
for improved future preparedness per the evolving business environment. The Board also
• Engaging across other applicable policy matters engages in the review of the risk compliance report on
• Evaluating and monitoring implementation of the a quarterly basis, and discussions and conclusions of
Bank’s workflow on a quarterly basis the Board are incorporated in the minutes of the Board
meeting for future reference. The Board also monitors
As part of its disclosure and reporting responsibilities, the compliance with guidelines of Bangladesh Bank with
Board offers an analytical dashboard review of the operating regards to risk management.
environment and the performance of the business in the
context of the operating environment, which is narrated Put together, these activities ensure solidity and reliability
in the Annual Report. It also articulates practicable plans in the Bank’s risk management process, enabling it
to achieve business and other performance targets, thus to safeguard its operations and secure its credibility/
highlighting the Bank’s ability to create value in the short-, reputation.
medium and long-term. Through the Annual Report, the
Board also familiarizes shareholders on its strategic future Internal control management
plans and initiatives, especially from the point of view of The Board remains watchful on the internal control
expressing sustainment of shareholder and stakeholder systems of the Bank in order to sustain satisfactory
value and establishing the Bank’s position as a going standards across its loan/investment portfolio. Notably,
concern. the Board’s assurance on effective internal control systems
is endorsed by internal audit. The Board also reviews
Further, as part of its resource management/ engagement reports submitted by its Audit Committee on a quarterly
responsibilities, the Board has established key basis, ensuring compliance with recommendations
performance indicators (KPIs) for the Managing Director made in internal and external audit reports and also with
& CEO and other officers two tiers below the Managing Bangladesh Bank’s inspection reports.
Director & CEO, and also engages in the evaluation of their
performance from time-to-time. Further, human resource management and development
policies relating to recruitment, promotion, transfer,
Credit risk and risk governance disciplinary and punitive action, training and up-skilling,
Credit risk is a key risk facing a financial institution, and etc., and even terms of employment, are framed and
Jamuna Bank Limited 125
approved by the Board. The Chairman or any of the Directors and his team. Decisions on matters relating to the bank’s
do not involve or interfere with or exert influence over any infrastructure development, including acquisition of land,
administrative affair with regards to human resources. buildings, vehicles, etc., for the purpose of advancing
Further, no member of the Board is included in the business activity are adopted with the approval of the
selection committee/s for staff recruitment or promotion, Board. Further, the Board also reviews the performance
thereby demarcating the executive responsibilities of of the bank’s Asset-Liability Committee (ALCO), as per
the Board with the operational responsibilities of the Bangladesh Bank guidelines.
management.
Appointment of Managing Director & CEO
Recruitment, promotions, transfers and penal actions In order to strengthen the foundations of the bank and
of officials two tiers below the MD & CEO however rests bolster stakeholder confidence in the bank’s position as a
with the Board. It is ensured that all recruitments and sustainable enterprise, one of the major responsibilities of
promotions are conducted in compliance with the Bank’s the Board is to appoint a Managing Director & CEO, aligned
service rules, including policies for recruitment and with the bank’s explicit policy on such an appointment.
promotion. Further, this appointment is made with the accord of
Bangladesh Bank.
The Board embraces a proactive role in skills development,
specifically focusing on building human resource capacity The Directors are responsible for the overall governance
in strategic planning, credit underwriting, customer and administration of the bank and, in satisfying this
service, digital skills and loan recovery, emphasizing on responsibility, the Directors confirm to the best of their
alignment with the bank’s values and ethics in all activities. knowledge and belief that:
The Board also engages in holistic 360-degree appraisal, a. The financial statements prepared by the bank’s
thus ensuring attainment of goals and objectives and also management present fairly its state of affairs, the
how the performance was achieved. result of its operations, cash flows and changes in
equity.
Overall, the Board sets a leadership tone for ensuring b. Proper books of accounts of the bank have been
appropriate business conduct and adherence to ethics, maintained
while also confirming compliance. This approach has c. Appropriate accounting policies have been
ensured that compliance remains as a critical part of the consistently applied in the preparation of the financial
bank’s culture and operations. statements and that the accounting estimates are
based on reasonable and prudent judgment
Financial management d. The international financial reporting standards (IFRS),
The annual budget and statutory financial statements as applicable in Bangladesh, have been followed in
are finalized with the approval of the Board. The Board the preparation of the financial statements, and any
engages in a comprehensive quarterly review of the departure there from has been adequately disclosed
bank’s position with respect to its income, expenditure, e. The system of internal control is sound in design and
liquidity, non-performing assets, capital adequacy, loan has been effectively implemented and monitored
loss provisions and steps taken for loan recovery of default f. There is no doubt whatsoever on the bank’s ability to
accounts, including legal measures. continue as a going concern
The Board also frames policies and procedures for On behalf of the Board of Directors
the bank’s procurement activities and has deputed
empowered teams with decentralised responsibilities
for taking decisions with regards to effecting key
procurement activities. The maximum possible delegation Md. Saidul Islam
of responsibility for expenditure rests with the MD & CEO Chairman
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Annual Report 2022
Report of the Audit Committee
of the Board
Mr. Md. Abdur Rahman Sarker
Chairman, Audit Committee
Audit Committee (the ‘Committee) is one of the committees enterprise risk issues and (vii) the fulfillment of the other
of the Board of Directors (the ‘Board’) of Jamuna Bank responsibilities set out by the regulators and the Board.
Limited. The purpose of the committee is to assist the
Board in fulfilling its oversight responsibilities relating Composition & Qualification:
to (i) the integrity of the Bank’s financial statements and The present Audit Committee of the Board is comprised
internal control systems (including the implementation of five Members of the Board of Directors including two
and effectiveness of internal control over financial Independent Directors having one Independent Director
reporting); (ii) the performance of the internal audit as Chairman in accordance with the Notification on
function; (iii) the annual independent audit of the Bank’s Corporate Governance Code issued by Bangladesh
financial statements, engagement of independent auditors Securities and Exchange Commission (BSEC) on 3 June
and evaluation of the independent auditor’ qualifications, 2018 (Notification No. BSEC/CMRRCD/2006-158/207/
independence and performance; (iv) the compliance by the Admin/80) and Bangladesh Bank BRPD Circular No. 11
Bank with regards to legal and regulatory requirements; dated 27 October 2013. The present Audit Committee was
(v) the implementation and effectiveness of the Bank’s reconstituted by the Board in its 403rd meeting held on
disclosure controls and procedures; (vi) the evaluation of 10.06.2022 consisting of the following members:
Sl. Status in the
Name Status in the Board Education qualification
No. Committee
1. Mr. Md. Abdur Rahman Sarker Independent Director Chairman M. A in Economics from Rajshahi University
2. Mr. Gazi Golam Ashria Director Member He completed his graduation in Economics
from Saskatchewan, Canada.
3. Mr. Robin Razon Sakhawat Director Member Bachelor's degree in Financial Engineering
from Goethe University Frankfurt
4. Mr. Md. Ismail Hossain Siraji Director Member B.Com
5. Mr. Md. Abdul Jabber Chowdhury Independent Director Member Post-graduation degree from Chittagong
University.
Jamuna Bank Limited 127
of the Audit Committee. The Head of Audit, although being Committee had detailed discussions and review sessions
a part of Internal Control & Compliance administratively, with the Head of Internal Control & Compliance, Head
reports directly to the Chairman, Audit Committee of of Audit and the external Auditors, with regard to Audit
the Board (ACB) and will be responsible to the ACB. The findings, observations and remedial actions. All decisions/
Head of Internal Control & Compliance (ICC) of the observations of the committee are being noted in the
Bank concurrently reports to the Chairman, Board Audit minutes and the Board of Directors of Bank ratified the
Committee and the Managing Director of the Bank. minutes of the Audit Committee in their meeting held
during the year 2022. The committee invites Managing
Meeting of the Audit Committee Director & CEO, The Chief Financial Officer or any other
In compliance with the instructions of the Bangladesh officer to its meeting, if it deems necessary. Date of the
Bank Circular & Corporate Governance Code of BSEC, meetings of the Audit Committee was as follows:
the Audit Committee held 8 (eight) meetings in 2022. The
Sl. No. Meeting No. Date of Meeting
1 197 Audit Committee Meeting 27 January, 2022
2 198 Audit Committee Meeting 28 February, 2022
3 199 Audit Committee Meeting 30 March, 2022
4 200 Audit Committee Meeting 11 May, 2022
5 201 Audit Committee Meeting 28 July, 2022
6 202 Audit Committee Meeting 17 August, 2022
7 203 Audit Committee Meeting 28 September, 2022
8 204 Audit Committee Meeting 25 October, 2022
The major objectives of the Audit Committee are: • Considers reports relating to fraud, forgery,
• To assist the Board of Directors with regard to the deficiencies in internal control or other similar issues
auditing of financial reports, internal controls and detected by the internal and the external auditors
internal audits, and selecting and working in co- and inspectors of the regulatory authority and
ordination with the Bank’s external Auditors. The places it before the board after reviewing whether
Audit Committee assists the Board in fulfilling its necessary corrective measures have been taken by the
oversight responsibilities. The committee reviews the management.
financial reporting process, the system of internal
control and management of financial risks, the (B) Financial Reporting:
audit process, and the bank’s process for monitoring • Audit committee checks whether the financial
compliance with laws and regulations and its own statements reflect the complete and concrete
code of business conduct. information and determines whether the statements
are prepared according to existing rules & regulations
Roles and Responsibilities of the Audit Committee: and standards enforced in the country and as per
relevant prescribed accounting standards set by
(A) Internal Control: Bangladesh Bank, Bangladesh Accounting Standards,
• Evaluates whether management is setting the etc.
appropriate compliance culture by communicating the • Discusses with management and the external
importance of internal control and the management auditors to review the financial statements before its
of risk and ensuring that all employees have clear finalization.
understanding of their roles and responsibilities;
• Reviews management’s actions in building (C) Internal Audit:
computerization of the bank and its applications and • Audit committee monitors whether internal audit is
bank’s Management Information System (MIS); working independently from the management.
• Considers whether internal control strategies • Reviews the activities of the internal audit and
recommended by the internal and the external the organizational structure and ensures that no
auditors have been implemented by the management; unjustified restriction or limitation hinders the
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Annual Report 2022
internal audit process; material defect in the Bank’s internal control system;
• Examines the efficiency and effectiveness of internal • Suspected infringement of laws, including securities
audit function; related laws, rules and regulations;
• Examines whether the findings and recommendations • Any other matter which shall be disclosed to Board
made by the internal auditors are duly considered by immediately.
the management or not.
Areas focused by the AC in 2022:
(D) External Audit: The major areas focused by the audit committee of the
• Make recommendations to the Board, to be put to Bank during the year 2022 are mentioned below:
shareholders for approval in the AGM, in relation • Audit Plan for the year 2022 for conducting Internal
to appointment, re-appointment and removal of the Comprehensive Audit & Inspection on all Branches
bank’s external auditors. and Divisions of Head Office.
• Oversee the relationship with the external auditors • Audit and Inspection reports on the branches,
including: divisions and departments of the Corporate Office
° Approval of their remuneration, i.e. fees for audit prepared by the Internal Control and Compliance
or non-audit services. Division (ICCD) of the Bank.
° Assessing annually their independence • Reviewed the Quarterly, Half-yearly and Annual
and objectivity taking into account relevant Financial Statements of the Bank itself and
professional and regulatory requirements. consolidated financial statements as well as
° Satisfying itself that there are no relationships disclosures of information supplementary to the
(such as family, employment, investment, financial statements and issues noted from the
financial or business) between the auditor and audit of financial statements made by the external
the bank (other than in the ordinary course of auditors. Furthermore, the Audit Committee held
business). meeting(s) with the external auditors to discuss the
° Review the findings and recommendations independence of the auditors and restrictions or
made by the external auditors for removal of limitations in performing their duties and expressing
irregularities, if any, detected are duly acted upon opinions.
by the management. • Reviewed the Bangladesh Bank comprehensive
inspection report and the recommendations.
(E) Compliance with existing Laws and Regulations: • Reviewed of the latest Implementation status on
Reviews whether the laws and regulations framed by the documentation of disbursed Loans & Advances
regulatory authorities (central bank and other bodies) against new/enhanced credit facilities of the Branches
and internal regulations approved by the board are being of the Bank.
complied with. • Actions taken by the management in regard to
deficiencies raised in the Bangladesh Bank Inspection
(F) Other Responsibilities: report and by the Internal Audit and Inspection team
• Submits compliance report to the board on quarterly of the Bank.
basis on regularization of the omission, fraud & • External Audit Report of The Bank and the
forgeries and other irregularities detected by the recommendations of the Bank.
internal and the external auditors and inspectors of • The corrective measures taken by the management in
regulatory authorities; regard to the lapses pointed out on the internal control
• Asks the Internal and the External auditors to submit and other issues as are raised by internal and external
their related assessment reports for review purpose auditors and inspectors of the regulatory authority.
• Performs other oversight functions as desired by the • The compliance status of the audit objections and
Board of Directors and evaluates the committee’s own the recommendations made by the Bangladesh
performance on a regular basis. Bank inspectors, External Auditors and the Internal
Auditors in the reports.
Reporting to the Board: • Management Report on Accounts of the Bank.
The Audit Committee report immediately to the Board • Implementation of Core Risk Management Guidelines
of Directors in case of any of the following findings are including Internal Control and Compliance Risk along
observed: with compliance.
• Report on conflict of interests; • Reviewed the Management’s Discussion and Analysis
• Suspected or presumed fraud or irregularity or for Annual Report of the Bank.
Jamuna Bank Limited 129
• The review of status of recovery of classified loans safe along with liabilities and commitments being
and providing with the necessary guidelines to the transparent.
management to contain the NPLs. • The Financial Statements of the Bank have been
• Reviewing the process of strengthening Internal prepared in accordance with International Accounting
Control Systems and Procedures of the Bank. Standards (IAS) and International Financial Reporting
• Reviewing of Annual Report on the Financial Health of Standards (IFRS) which contained full disclosure.
the Bank, 2022 in line with the directives /guidelines of • The good governance is in place in the Bank.
Bangladesh Bank and Managing Core Risks designed
for Banking Sector. Acknowledgement
The Audit Committee expresses its sincere thanks to the
The Audit Committee further affirmed that: members of the Board, Management and Auditors for
• The rules and regulations of Bangladesh Bank and all their excellent support extended to the Committee. The
other regulatory authorities and Bank’s own policy Committee is also grateful to both Bangladesh Bank and
guidelines approved by the Board are duly complied to the Bangladesh Securities and Exchange Commission
with. for the direction and guidance, which facilitated due
• Adequate internal control and security measures discharge of its duties and responsibilities.
have been taken by the Bank facilitating Information
Technology (IT) based banking. On behalf of the Audit Committee,
• The system of internal control and business processes
have been strengthened including development of
human resources towards creation of a compliance
culture in the Bank. Md. Abdur Rahman Sarker
• Efforts have been made to keep assets of the Bank Chairman, Audit Committee
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Annual Report 2022
Statement of Board of Directors on the
Internal Control System of the Bank
The Board of Directors (“the Board”) of Jamuna Bank Limited is contributes to the job of the above committees more effective
pleased to provide the following Statement of Internal Controls, and successful. This Division independently verifies that all the
which outlines the nature and features of internal control of the branches/divisions are conducting their business in compliance
Bank in accordance with the Bangladesh Bank’s instructions, with all approved risk management and internal control policies.
circulars and guidelines and Corporate Governance Code of If deviations are found, they are reported and corrected to mitigate
Bangladesh Securities and Exchange Commission. risk on a continuous basis. Thus, the division ensures the Board
that the Bank is operating in compliance with all approved and
The Board of Directors, under section 15(kha) and 15 (Ga) of the established policies.
Bank Company Act 1991 (Amended upto 2018) are responsible for
establishing and executing policies of the Bank. The Directors On the economic side, the year 2022 was primarily characterised
of Jamuna Bank Limited sincerely acknowledge their overall by the terminal effects of the COVID-19 pandemic, coinciding with
responsibility to establish an appropriate system of internal the arrival of a major geopolitical challenge, the Russian invasion
control. The Board of Directors and its committees thoroughly of Ukraine. Particularly, the war has engendered major spill-
assessed all principal risk including, but not limited to Credit overs, and companies, industries and the Bangladeshi economy
Risk, Foreign Exchange Risk, Money Laundering Prevention Risk as a whole continue to feel the aftershocks of the pandemic on the
(AML &CFT), Internal Control and Compliance Risk, Information one hand and the European unrest on the other. So much so that
Technology Risk, Environmental & Social Risk through various many firms - both big and small - are struggling to recover from
reports and early warning indicators to ensure that the Bank the immediate effects of the twin challenges, delaying recovery
has in place all the necessary policies, procedures, systems and and return to business as usual. Furthermore, the human capital
controls to mitigate risks that may affect its business objectives, front has become particularly vulnerable, as the war and the
performance, financial viability and sustainability. global pandemic exert further social pressures and create a
humanitarian crisis of great proportion. During 2022, Jamuna
The Audit Committee of the Board of Directors is responsible to Bank has managed to maintain its profitability and integrity in
review the integrity of the financial statements of the Bank and compliance and adhere to all the rules and regulations. We have
formal announcements relating to the Bank’s performance, to been continuously contributing to the growth of the economy
monitor and review the effectiveness of the company’s internal of the country by providing solutions for businesses and
audit function etc. assisting in export-import businesses, manufacturing, servicing,
infrastructure building, and so on.
The Risk Management Committee of the Board of Directors
is monitoring risk management policies & process to ensure However, the Board is satisfied that, during the year under review,
effective prevention and control measures; ensuring compliance the system of internal control has instituted is sound and effective.
of BB instructions regarding implementation of core risk Notwithstanding this, the Board is vigilant and continues to review
management; ensuring formulation and review of risk appetite, the effectiveness and adequacy of the systems of internal control,
limits and recommending these to Board of Directors for their in view of the dynamic and changing business environment, so as
review and approval; to safeguard the Bank’s assets and stakeholder’s interest.
Moreover, the Senior Management Team (SMT) of the Bank
keeps constant involvement to risk management. SMT is also
monitoring the adequacy and effectiveness of the internal control
Md. Saidul Islam
system based on Bank’s established policy and procedure.
Chairman
The Internal Control & Compliance Division of the Bank
Jamuna Bank Limited 131
Managing Director’s and CFO’s
Declaration on Integrity of Financial
Statements to the Board
Date : 27-04-2023
The Board of Directors
Jamuna Bank Limited
Head Office, Jamuna Bank Tower,
Plot-14, Block-C, Bir Uttam A.K Khandakar Road
Gulshan-1, Dhaka
Subject: Declaration on Financial Statements for the year ended on 31 December 2022.
Dear Sirs,
Pursuant to the condition No. 1(5)(xxvi) imposed vide the Commission’s Notification No. BSEC/CMRRCD/2006-158/207/Admin/80 Dated
3 June 2018 under section 2CC of the Securities and Exchange Ordinance, 1969, we do hereby declare that:
1. The Financial Statements of Jamuna Bank Limited for the year ended on 31 December 2022 have been prepared in compliance with
International Accounting Standards (IAS) or International Financial Reporting Standards (IFRS), as applicable in the Bangladesh
and any departure there from has been adequately disclosed;
2. The estimates and judgments related to the financial statements were made on a prudent and reasonable basis, in order for the
financial statements to reveal a true and fair view;
3. The form and substance of transactions and the Bank’s state of affairs have been reasonably and fairly presented in its financial
statements;
4. To ensure above, the Bank has taken proper and adequate care in installing a system of internal control and maintenance of
accounting records;
5. Our internal auditors have conducted periodic audits to provide reasonable assurance that the established policies and procedures
of the Bank were consistently followed; and
6. The management’s use of the going concern basis of accounting in preparing the financial statements is appropriate and there
exists no material uncertainty related to events or conditions that may cast significant doubt on the Bank’s ability to continue as
a going concern.
In this regard, we also certify that:
i. We have reviewed the financial statements for the year ended on 31 December 2022 and that to the best of our knowledge and
belief:
(a) these statements do not contain any materially untrue statement or omit any material fact or contain statements that might
be misleading;
(b) these statements collectively present true and fair view of the Company’s affairs and are in compliance with existing
accounting standards and applicable laws.
ii. There are, to the best of knowledge and belief, no transactions entered into by the Bank during the year which are fraudulent,
illegal or in violation of the code of conduct for the company’s Board of Directors or its members.
Sincerely yours,
Uttam Kumar Saha FCA FCS Mirza Elias Uddin Ahmed
Chief Financial Officer (CFO) Managing Director &
Chief Executive Officer (CEO)
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Annual Report 2022
Corporate Governance
1. APPROACH TO CORPORATE
GOVERNANCE
Our Corporate governance framework is rigorously Being a 3rd generation Bank of Bangladesh, Jamuna Bank
aligned with its well-articulated vision, mission, goals and Limited (JBL) is guided in its corporate governance practices
objectives. The Bank’s Board of Directors are responsible mainly by two regulatory bodies: Bangladesh Bank and
for proper governance, which includes setting out the Bangladesh Securities and Exchange Commission (BSEC).
Company’s strategic aims, providing the necessary However, the Bank’s Corporate Governance philosophy
leadership to implement such aims, supervising the encompasses not only regulator and legal requirements
management of the business and reporting to shareholders but also various internal rules, policies, procedures and
on their stewardship. The Board is collectively accountable practices based on the best practices of local banks. At
to the Company’s shareholders for good governance JBL we attach a simple meaning to ‘Corporate Governance’
to facilitate efficient and effective management which is ‘Due diligence’ in observing responsibilities by
towards delivering long-term shareholder value within the Board as well as by the management to safeguard
appropriately established risk parameters. interest of key stakeholders i.e. depositors, shareholders,
employees and the society at large.
GOVERNANCE FRAMEWORK
Underpinned by the following steering instruments
Regulations Voluntary Standards Internal Frameworks/ Internal Mechanisms
• Companies Act 1994; • Integrated Reporting Standards • Strategic planning
• Bank Companies Act 1991 Framework published by the • Articles of Association • Budgeting and finance
(as amended up to 2018) and IIRC; • Code of Conduct • Risk management
other circulars issued by • Global Reporting Standards • Charters/Terms of Reference • People management
Bangladesh Bank; of the Global Reporting of Sub Committees and • IT governance
• Securities and Exchange Initiative; Management Committees • Stakeholder engagement
Rules 2020; • Bangladesh Secretarial • Other Internal Policies • Investor relations
• Corporate Governance Code Standards (BSS) issued by
2018/relevant directives the Institute of Chartered
issued by Bangladesh Secretaries of Bangladesh
Securities and Exchange (ICSB).
Commission (BSEC);
• Income Tax Ordinance 1984;
• Income Tax Rules 1984;
• Relevant rules & regulations
of Bangladesh Bank (The
Central Bank);
• Listing Regulations, 2015 of
Dhaka Stock Exchange PLC;
• Listing Regulations, 2015 of
Chittagong Stock Exchange
PLC and
• And other applicable laws
and regulations of the land.
Governance Principles
Competent leadership Effective Internal Controls Strong risk culture Accountability to shareholders
Founded on our Corporate Values
Integrity Creativity Excellence Sincerity Accountability Dependability
Founded on our Corporate Values
Board Governance Financial Governance Risk Governance Sustainability Governance
• Board structure • Budgeting and financial • Risk management • Sustainability Policy
• Rotation control • Internal controls • Environment and Social
• Committee charters • Capital allocation • Internal audit • Management System
• Policies • Performance management
• Board evaluation • Taxation
• Culture & ethics
Outcomes: Stakeholder value creation
Jamuna Bank Limited 133
2. GOVERNANCE STRUCTURE OF THE BANK
Jamuna Bank governance structures are designed to ensure empowered to delegate authority and responsibilities
an appropriate balance of authority and decision-making pertaining to specific functions to any committee or
power, driving accountability, transparency, and integrity committees as it thinks fit. The Group’s governance
across the organisation. The Board of Directors serve as structure is set out below:
the custodian of the Bank’s corporate governance and is
External Auditor Shareholders Regulators
Board of Directors
The Board is collectively responsible for creating and delivering sustainable shareholder value. The Board
determines the strategic objectives and policies of Jamuna Bank to deliver such long-term value by providing
overall strategic direction within a framework of reward incentives and controls.
Board Committees
Audit Committee Executive Committee Risk Management Committee
General oversight of financial reporting, To deliberate urgent and daily/routine works/ Assess all risks and specify risk appetite
internal controls and functions relating to important management issues and matters faced by the Bank, its subsidiaries and
internal and external audit. for execution of operations of the Bank associate companies, through appropriate
between the intervals of Board meeting. risk indicators, dash boards and
management information
Internal Audit Managing Director & CEO
Senior Management Team
Management Committees
MANCOM Asset Liability Committee Head Office Credit Review Executive Risk Management
To address general issues of Defining strategies for balance Committee (HOCRC) Committee
importance, evaluate different sheet planning in The committee is the reviewing This Committee is engaged in
types of risks, monitor internal optimising risk-return body of client’s credit formulating risk management
control structure and to review dynamics. application, recommended policy and procedures of the
effectiveness of the internal for approval by the branch/ Bank along with identifying,
control system. business group. measuring, and managing
Bank’s existing and potential
risks.
Supervisory Review Committee Credit Risk Management Sustainable Finance Committee Purchase Committee
(SRC) Committee Monitoring/following up The Committee is engaged with
The Committee is engaged in The committee shall and evaluating activities of timely and promptly logistic
reviewing the nature and level responsible to implement Sustainable Finance Unit (SFU) support
of risk relates to banking assets Credit Risk Management in Fixing Yearly target regarding
and planning for adequate line with Bangladesh Bank’s activities of SFU and evaluating
capital framework. Guidelines within reasonable the same.
time by taking initiatives.
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Annual Report 2022
3. BOARD OF DIRECTORS
The Board is collectively accountable to the Bank’s follows the resolution of the Shareholders’ Meetings, as
shareholders for the proper conduct and success of set out in the Bank’s Articles of Association. The number
the business. The Board’s primary responsibility is to of Directors on the Board is determined by the meeting
promote the long-term success of the Bank and deliver of shareholders and should not be less than 7 or more
sustainable shareholder value. The Board has ultimate than 20.The Board appoints one of its directors to be
responsibility for the management, direction, governance the Chairman. In the interest of good governance, the
and performance of the company, and leads and oversees roles of Chairman and Managing Director are separate,
the Bank’s business. As of December 31, 2022, there are 20 with each of them bearing clear and defined roles and
(Twenty) Board members including 4(Four) Independent responsibilities.
Directors in the Bank. The election of Board members
Information regarding Composition of Board and it’s Committees as on 31 December 2022:
Executive Audit Risk Management Concentration of
Name of the Director Position
committee Committee Committee shareholding
Al-Haj Nur Mohammed Chairman Member 2.9551%
Engr. A. K. M. Mosharraf Hussain Director 2.0000%
Engr. Md. Atiqur Rahman Director Member 3.8625%
Mr. Gazi Golam Ashria Director Member 2.0000%
Mr. Fazlur Rahman Director Member 2.0001%
Mr. Md. Saidul Islam Director Member 2.0001%
Mr. Robin Razon Sakhawat Director Member 2.0030%
Mr. Redwan-ul Karim Ansari Director Member 2.1805%
Mr. Md. Belal Hossain Director Chairman 2.0336%
Mr. Md. Mahmudul Hoque Director Member 2.0008%
Mr. Shaheen Mahmud Director Chairman 4.9980%
Mr. Md. Sirajul Islam Varosha Director Member 2.0000%
Mr. Kanutosh Majumder Director Member 2.0679%
Mr. Md. Ismail Hossain Siraji Director Member 2.0001%
Mr. Gazi Golam Murtoza Director Member 2.5499%
Mr. Md. Hasan Director Member 5.0000%
Mr. Md. Abdur Rahman Sarker Independent Director Member -
Mr. Md. Humayun Kabir Khan Independent Director -
Mr. Md. Abdul Jabber Chowdhury Independent Director Chairman -
Mr. M. Murshidul Huq Khan Independent Director -
Note: All Directors are Non-Executive Director
The Composition of the Board of Directors is as follows:
a. Sixteen Non - Executive Director;
b. Four Independent Non-Executive Director
Jamuna Bank Limited 135
3.1 Board Members qualification and
experience
The present size and composition of the Board of Directors In case of nomination, removal, causal vacancy and
remains well-balanced and it’s made up with professionals alternate Directors, Jamuna Bank has been following all
with a wide range of knowledge and experience in relevant rules and regulations. The Bank’s non-executive
business, operations and finance to set direction of a Directors are independent of management and free from
large and expanding bank. The BoDs consists of local day to day business of the Bank. Directors are accountable
entrepreneurs who are well reputed in the field of trade, to the shareholders for the Bank’s performance and
commerce, industry and business of the country. governance.
Collectively they have enriched the Board with the
knowledge and expertise in banking & finance, Law, IT, 3.3 Code of Conduct for the Board of
Accounting, Telecom, Administration and Engineering.
Directors
Their rich and diverse backgrounds have given the Board
The Board of Directors follows a code of conduct which
a vantage point in directing and monitoring the Bank.
was adopted to provide guidance to directors to perform
The profiles of all Board members, comprising of their
their duty in an honest, responsible and business-like
qualification, experience are disclosed in Page no. 47 of
manner and within the scope of their authority, observing
this Annual Integrated Report.
rules, regulatory laws of country as well as Memorandum
and Articles of Association of the Bank.
3.2 Policy on Appointment of Directors
The relevant provision of Companies Act 1994, Bank
3.4 Retirement and Re-election of Directors
Company Act 1991 (amended up to 2018), Corporate
Each Director has a term of office as prescribed in the
Governance Code of BSEC, Guidelines of Bangladesh Bank
Articles of Association and Bank Company Act 1991
and Articles of Association of the Bank are followed while
(Amended up to 2018) i.e. at every annual general meeting;
appointing Directors. The election of Board members
one-third of the Directors shall retire. In any subsequent
follows the resolution of the Shareholders’ Meetings,
years, the Directors who have been in office the longest
as set out in the Bank’s Articles of Association as well as
shall retire. The retired Directors may be re-elected,
compliance of requirements of regulatory bodies. The
subject to complying rules/regulations of regulatory
number of directors in the Board is determined by the
bodies in this regard. In this connection, JBL has been
meeting of shareholders and should not be less than 7 or
complying the provisions of the existing Law and the
more than 20. The structure of the Board of Directors and
Articles of Association of the Bank. The following non-
Board Committee(s) is set in accordance to the relevant
executive directors will retire from the Board and would
section of Bank Company Act 1991 (amended up to 2018),
be re-elected in the upcoming 22nd AGM:
“Corporate Governance Code” issued by the BSEC & BRPD
Circular(s) and other guidelines issued by Bangladesh
Bank.
Name of the Directors Position
Engr. A.K.M. Mosharraf Hussain Director
Engr. Md. Atiqur Rahman Director
Mr. Gazi Golam Ashria Director
Mr. Md. Saidul Islam Director
Mr. Robin Razon Sakhawat Director
Mr. Md. Sirajul Islam Varosha Director
In addition, some other changes in directorship during the period were as follows:
Sl.
Name of Directors Date of Change Remarks
No.
Mr. Obaidul Kabir Khan Retired from the Office of Directors of Jamuna Bank Limited
1. 15 June 2022
Ex-Independent Director on 15-06-2022 after completion of his tenure of 3 years.
Mr. Md. Abdur Rahman Sarker,
2. 14 June 2022 Re-appointed as Independent Director for second term.
Independent Director
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Annual Report 2022
Sl.
Name of Directors Date of Change Remarks
No.
Mr. Md. Abdul Jabber Chowdhury,
3. 14 June 2022 Newly appointed as Independent Director of Bank
Independent Director
Newly appointed as Independent Director of the Bank subject
Mr. M. Murshidul Huq Khan,
4. 25 August 2022 to post-facto approval from the shareholders of the Bank in
Independent Director
22nd AGM
Appointed as Shareholder Director of the Bank. As per
provision of 91(1)(c) of the Companies Act, 1994, he will retire
5. Mr. Md. Saidul Islam, Director 25 October 2022
in the 22nd AGM as mentioned above and eligible for re-
election.
Resume of Re-appointed and newly appointed Directors:
(1) (a) Name of the Director Engr. A.K.M. Mosharraf Hussain
(b) Status in the Board Director
(c) Date of First appointment 02/04/2001
(d) Date of last appointment (subject to approval from the 21/06/2023
Shareholders of the Bank)
(e) Nature of his expertise in specific functional areas Please see Director Profile chapter of this Annual
report for details
(f) Entities where they have interest Position with the entities/companies
The Civil Engineers Limited Chairman
Standard Fashions Limited Chairman
Adhunik Plastic Industries Limited Managing Director
Amotex Limited Managing Director
Concorde Knitting & Dyeing Industries Ltd. Managing Director
International Trading Services Limited Managing Director
Kazipur Fashions Limited Managing Director
Peak Fashions Limited Managing Director
Standard Group Limited Managing Director
Standard Stitches Limited Managing Director
Shams Styling Wears Limited Managing Director
Sterling Designs Limited Managing Director
Standard Global Economic Zone Ltd. Managing Director
Standard Liquefied Petroleum Gas Ltd. Managing Director
Transworld Sweaters Limited Managing Director
Wear Mag Limited Managing Director
Your Fashion Sweater Limited Managing Director
Amann Bangladesh Limited Director
Inno Chemicals Limited Director
United Financial Trading Company Ltd. Director
(2) (a) Name of the Director Engr. Md. Atiqur Rahman
(b) Status in the Board Director
(c) Date of First appointment 02/04/2001
(d) Date of last appointment (subject to approval from the 21/06/2023
Shareholders of the Bank)
Jamuna Bank Limited 137
(e) Nature of his expertise in specific functional areas Please see Director Profile chapter of this Annual
report for details
(f) Entities where they have interest Position with the entities/companies
Adhunik Plastic Industries Limited Chairman
Amotex Limited Chairman
Concorde Knitting & Dyeing Industries Ltd. Chairman
International Trading Services Limited Chairman
Inno Chemicals Limited Chairman
Kazipur Fashions Limited Chairman
Peak Fashions Limited Chairman
Standard Stitches Limited Chairman
Standard Group Limited Chairman
Shams Styling Wears Limited Chairman
Sterling Designs Limited Chairman
Standard Liquefied Petroleum Gas Ltd. Chairman
Standard Global Economic Zone Ltd. Chairman
Standard Retail Limited Chairman
Transworld Sweaters Limited Chairman
Wear Mag Limited Chairman
Your Fashion Sweater Limited Chairman
Standard Fashions Limited Managing Director
The Civil Engineers Limited Managing Director
Amann Bangladesh Limited Director
United Financial Trading Company Ltd. Director
(3) (a) Name of the Director Mr. Gazi Golam Ashria
(b) Status in the Board Director
(c) Date of First appointment 27/08/2020
(d) Date of last appointment (subject to approval from the 21/06/2023
Shareholders of the Bank)
(e) Nature of his expertise in specific functional areas Please see Director Profile chapter of this Annual
report for details
(f) Entities where they have interest Position with the entities/companies
Gazi Sattelite Television Ltd. Chairman
Gazi Infrastructure Development Company Limited Chairman
Gazi Networks Ltd. Vice-Chairman
Gazi Communications Ltd. Vice-Chairman
Gazi Renewable Energy Limited Vice-Chairman
Star Rubber Industries Proprietor
Gazi Trade International Proprietor
Gazi Rubber Plantation Proprietor
Gazi Rubber Processing Plant Proprietor
Gazi Enterprise Proprietor
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Annual Report 2022
Desh Television Ltd. Director
Gazi Tyres Limited Director
Gazi Industrial Park Limited Director
(4) (a) Name of the Director Mr. Md. Saidul Islam
(b) Status in the Board Chairman
(c) Date of First appointment (as shareholder Director) 25/10/2022
(d) Date of last appointment (subject to approval from the 21/06/2023
Shareholders of the Bank)
(e) Nature of his expertise in specific functional areas Please see Director Profile chapter of this Annual
report for details
(f) Entities where they have interest Position with the entities/companies
Frox Media Limited Managing Director
Eco Advanced Construction Materials Company Ltd. Chairman
Fabian Industries Limited Director
Fabian Thread Limited Director
Fabian Multiplex Industries Limited Director
Fabitex Industries Limited Director
AIRMATH SOLUTION Proprietor
(5) (a) Name of the Director Mr. Robin Razon Sakhawat
(b) Status in the Board Director
(c) Date of First appointment 07/08/2017
(d) Date of last appointment (subject to approval from the 21/06/2023
Shareholders of the Bank)
(e) Nature of his expertise in specific functional areas Please see Director Profile chapter of this Annual
report for details
(f) Entities where they have interest Position with the entities/companies
Robintex (Bangladesh) Ltd. Director
Comptex Bangladesh Ltd. Managing Director
Robin Knitwear Limited Director
German Bangla Chemical Ltd. Managing Director
(6) (a) Name of the Director Mr. Md. Sirajul Islam Varosha
(b) Status in the Board Director
(c) Date of First appointment 02/12/2004
(d) Date of last appointment (subject to approval from the 21/06/2023
Shareholders of the Bank)
(e) Nature of his expertise in specific functional areas Please see Director Profile chapter of this Annual
report for details
(f) Entities where they have interest Position with the entities/companies
Siraj Varosha Jute Mills Ltd. Managing Director
S.V. Tobacco Co. Proprietor
Amazon Tex Knit Fashion Limited Chairman
S.H Trading Co. Proprietor
Wari Golden Hospital & Diagnostic Complex Ltd. Director
Jamuna Bank Limited 139
Newly appointed Independent Director
(7) (a) Name of the Director Mr. M. Murshidul Huq Khan
(b) Status in the Board Independent Director
(c) Date of First appointment 25/08/2022
(d) Date of last appointment (subject to post-facto approval from the 21/06/2023
Shareholders of the Bank)
(e) Nature of his expertise in specific functional areas Please see Director Profile chapter of this Annual
report for details
(f) Entities where they have interest Nil
3.5 Induction and Training of the Directors do not participate in or interfere into the administrative
The policy on training of Directors includes providing or operational or routine affairs of the Bank. Moreover,
information on the latest update related to banking they ensure confidentiality of the Bank’s agenda papers,
business such as relevant laws, policy guideline, circulars, discussions at the Board/Committee Meetings, Notes and
notifications, directives, rules and regulations issued by Minutes, etc.
the regulatory authorities and other authorities; so that
they could effectively discharge the responsibilities as a 3.8 Independence of independent directors
Director of the Bank. They also participate in the programs and their adequate representation
and seminars organized by various professional bodies Independent Director acts as a third party for having
at home and abroad on business, economic, technical, a “neutral perspective” over policy-related issues of
professional and corporate governance issues. the Company. Having no share-based interest with
the company and having no attachment with the non-
3.6 Board meetings and attendance executive directors and management, the Independent
Meeting of the Board of Directors holds on a regular basis. Director aids in ensuring neutrality and fairness over
According to the Bangladesh Bank guidelines, meeting policies formulated by the Board. Jamuna Bank complies
of the Board of Directors holds usually twice in a month with applicable requirements regarding independence
but emergency meetings are called as and when required. of the Board according to laws and regulations as well as
During the year 2022, total 22 Meetings of the Board were according to the Corporate Governance Code issued by
held. Remuneration of the Directors and their attendance BSEC.
has been presented in the Director’s Report section of
this report. We are providing Notice to every Director as Jamuna Bank has 4 (four) Independent Directors in the
per rule specifying day, date, time and full address of the Board. They are: Two renowned retired bankers, Mr. Md.
venue. Abdur Rahman Sarker & Mr. Md. Abdul Jabber Chowdhury
and Mr. Md. Humayun Kabir Khan, a freedom fighter and
The Agenda as to be transacted at the meeting along Business Leader & Mr. M. Murshidul Huq Khan, a former
with Notes to the Agenda are circulating well ahead to Government Official. As per Bangladesh Bank’s regulations
the meeting. In the meeting, the Chairman of the Board and corporate governance guidelines issued by BSEC, the
of Directors allocates sufficient time for the Directors Audit Committee is formed with 02 Independent Directors
to consider each item of the agenda and allow them to one of whom is the Chairman of the Audit Committee of
discuss, inquire, and express opinions freely on the items the Board of Directors of the Bank. As an Independent
of interest so that they can fulfill their duties to the best of Director, the Chairman of the Audit Committee enjoys
their abilities. full freedom to carry out the Committees’ assigned
responsibilities.
3.7 Non-Executive Director
All the Directors of Jamuna Bank Limited including It is mentionable that The Independent Directors are
the Chairman are Non-Executive Directors except the conversant in the field of financial, regulatory and
Managing Director & CEO. The Directors attend Board corporate laws and enjoy full freedom to carry out their
meetings regularly and participate in the deliberation and assigned Responsibilities.
discussions effectively. They actively involved in the matter
of formulation of general strategies of the Bank. But they
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Annual Report 2022
3.9 Criteria for appointment of 4. Chairman of the Board and his
Independent Directors role and responsibilities
In order to ensure a director to be eligible as in Independent The Chairman of the Board of Directors of Jamuna Bank
Director, the Board established that the Director has no Ltd. has been elected as per Articles of Association of
substantial relationship with Jamuna Bank Limited as the Bank through the direct participation of the Board of
a partner, shareholder or officer of an organization that Directors. The Chairman of the BoD does not personally
has a relationship with the Bank. As per section 15(9) of possess the jurisdiction to apply policy making or executive
Bank Companies Act (Amended upto 2018) Independent authority. He does not participate in or interfere into the
Directors do not hold any share of the bank; not associated administrative or operational and routine affairs of the
with the Bank’s Promoters or Directors or Shareholders Bank.
who maintains one percent or more of the total paid
up shares of the Company; not related with the existing
4.1 Role of the Chairman
Directors or families; do not have any other relationship,
The Chairman’s primary role is to ensure that the Board
whether monetary or otherwise with the company or its
is effective in its task of setting and implementing the
subsidiary/associate companies; not a member, Director or
Company’s direction and strategy. The Chairman is
officer of any Stock Exchange, not a shareholder, director
appointed by the Board. The principal features of the role
or officer of any stock exchange or an intermediary of the
of the Chairman comprise the following:
capital market.
° Providing leadership to the Board;
° Taking responsibility for the Board’s composition
Bank is following the criteria set in the Corporate
and development;
Governance Code issued by Bangladesh Securities and
° Ensuring proper information for the Board;
Exchange Commission while appointing/re-appointing
Planning and
Independent Directors and obtaining approval from BSEC,
° conducting Board meetings effectively;
Shareholders of the Bank and Bangladesh Bank. The
° Getting all Directors involved in the Board’s work;
Independent Directors are appointed for a period of three
° Ensuring the Board’s focus on key tasks;
years which may be extended by one term only.
° Engaging the Board in assessing and improving
its performance;
3.10 Annual Appraisal of the Board’s ° Overseeing the induction and development of
Performance: Directors; and
Shareholders are evaluating the performance of the Board
at AGM through evaluation of financial position and 4.2 Responsibilities of the Chairman
performance of the bank, its adequacy and effectiveness The overall responsibility of the Chairman is to:
of internal control system and overall governance • Set the Board’s Agenda and plan Board Meetings.
mechanisms. The shareholders also ask questions and • Chair all Board Meetings, directing debate towards
make queries to the BoD during AGM and the Chairman consensus.
of BoDs gives a patient hearing and responds to all their • Ensure the Board receives appropriate, accurate,
queries. timely and clear information.
• Chair the AGM and other Shareholders’ Meetings to
In JBL, the Board approves business target at the foster effective dialogue with Shareholders.
beginning of each year and monitors the status of the • Work with Chairman of Board Committees.
same periodically to ensure achievement of the target. • Ensure that the Board sets and implements the Bank’s
The Board’s performance is greatly dependent on the direction and strategy effectively.
achievement (under or over) of business target. Besides, • Act as the Bank’s lead representative, explaining aims
the performance reports of supporting committees of the and policies to the Shareholders.
Board are also placed in the Board meeting through which • Ensure no participation in or interference into the
the performances of the Board members are regularly administrative or operational and routine affairs of
assessed. the Bank.
• Provide overall leadership to the Board, setting vision
and driving innovation, working closely with the CEO.
• Conduct (if required) on-site inspection of any bank-
branch or financing activities under the purview of
the oversight responsibilities of the Board.
Jamuna Bank Limited 141
4.3 Duality of Chairperson of the Board of for that particular Board’s meeting. The reason of absence
of the regular Chairperson is also duly recorded in the
Directors and Managing Director & CEO
minutes.
As per Corporate Governance Code of BSEC, the positions
of the Chairperson of the Board and the Managing Director
& CEO of the Bank are filled by different individuals. The 5 Statement of compliance with
Chairman of the Bank has been elected from among the ICSB Secretarial Standards
Non-Executive Directors of the Bank. In this regard, the Jamuna Bank has conducted its Board meetings in
Board of Directors has already clearly defined respective line with the provisions of the Bangladesh Secretarial
roles and responsibilities of the Chairman and the Standards (BSS)-1: Secretarial Standard on Meetings
Managing Director & CEO. Besides, the Managing Director of the Board of Directors, General meeting in line with
& CEO of the Bank is not holding the same position in the provisions of BSS-2: Secretarial Standard on General
another listed company. Meetings, Record minutes of the meetings in line with the
provisions of BSS-3: Minutes and Declared the dividend in
In the absence of the Chairperson of the Board, the line with the provisions of BSS-4: Secretarial Standard on
remaining members of Board of Directors elect one of Dividend adopted by the Institute of Chartered Secretaries
themselves from non-executive directors as Chairperson of Bangladesh (ICSB).
6. BOARD COMMITTEE
6.1 EXECUTIVE COMMITTEE
6.1.1 Objective: To assist the Board, Executive Committee forms to deliberate urgent and daily/routine works/important
management issues and matters for execution of operations of the Bank between the intervals of Board meeting.
6.1.2 Composition: In compliance with the provisions contained in BRPD Circular No.11 dated 27 October, 2013, the
Board of Directors reconstituted the Executive Committee comprising of following 7 (Seven) Non-Executive Directors.
To comply with regulatory requirement only 01 member included from a family & no member of the Audit Committee
is included as a member of the Executive Committee. The Committee performs within the delegated power/terms of
reference time to time given/set by the Board of Directors in the light of prevailing rules/regulations. The Company
Secretary acts as the secretary of the committee.
Sl. No. Name Status in the Board Status in the Committee
1 Engr. A. K. M. Mosharraf Hussain Director Chairman
2 Engr. Md. Atiqur Rahman Director Member
3 Al-Haj Nur Mohammed Director Member
4 Mr. Md. Mahmudul Hoque Director Member
5 Mr. Shaheen Mahmud Director Member
6 Mr. Md. Sirajul Islam Varosha Director Member
7 Mr. Kanutosh Majumder Director Member
6.1.3 Meetings of the Executive Committee
Total 21 (twenty one) meetings of Executive Committee were held during 01.01.2022 to 31.12.2022.
Sl. No. Meeting No. Date of Meeting
1 584 Executive Committee Meeting 06 January, 2022
2 585 Executive Committee Meeting 12 January, 2022
3 586 Executive Committee Meeting 17 January, 2022
4 587 Executive Committee Meeting 30 January, 2022
5 588 Executive Committee Meeting 14 February, 2022
6 589 Executive Committee Meeting 13 March, 2022
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Annual Report 2022
Sl. No. Meeting No. Date of Meeting
7 590 Executive Committee Meeting 10 April, 2022
8 591 Executive Committee Meeting 20 April, 2022
9 592 Executive Committee Meeting 16 May, 2022
10 593 Executive Committee Meeting 24 May, 2022
11 594 Executive Committee Meeting 22 June, 2022
12 595 Executive Committee Meeting 04 July, 2022
13 596 Executive Committee Meeting 26 July, 2022
14 597 Executive Committee Meeting 14 August, 2022
15 598 Executive Committee Meeting 04 September, 2022
16 599 Executive Committee Meeting 27 September, 2022
17 600 Executive Committee Meeting 07 November, 2022
18 601 Executive Committee Meeting 29 November, 2022
19 602 Executive Committee Meeting 07 December, 2022
20 603 Executive Committee Meeting 14 December, 2022
21 604 Executive Committee Meeting 27 December, 2022
6.1.4 Loan approval in 2022 by the Executive Committee
Figure in BDT Million
No. of Memo Funded Non-Funded
New Sanction 135 1,909.30 3,216.80
Enhancement 80 188.10 609.00
Rescheduling 65 160.40 -
6.2 AUDIT COMMITTEE
6.2.1 Composition:
In compliance with Section 15Kha(2) of the Bank Companies Act 1991 (amended up to 2018), BRPD Circular No.11 dated
27 October 2013 and BSEC’s Corporate Governance Code dated 03 June 2018, the Board of Directors of JBL constituted the
Audit Committee (AC) of the Board with 5 (five) members including 2 (Two) Independent Directors.
6.2.2 Objective:
To assist the Board of Directors with regard to the auditing of financial reports, internal controls and internal audits, and
to select and work in co-ordination with the Bank’s external auditors. The Audit Committee assists the Board in fulfilling
its oversight responsibilities. The committee reviews the financial reporting process, the system of internal control and
management of financial risks, the audit process, and the bank’s process for monitoring compliance with laws and
regulations and its own code of business conduct.
6.2.3 Chairman of the AC:
The Chairman of the AC is an Independent Director who performs his duties with full freedom and attending Bank’s
Annual General Meeting.
6.2.4 Qualification of Members of AC as on 31 December 2022:
All members of the Audit Committee are financially literate and four members have graduation/post-graduation degree
in Commerce and Economics. Moreover, all members of the AC have reasonable knowledge on banking business, its
operations, and risks involved in it.
Jamuna Bank Limited 143
Sl. Status in the Status in the
Name Education qualification
No. Board Committee
1 Mr. Md. Abdur Rahman Sarker Independent Chairman M. A in Economics from Rajshahi University and has
Director extensive banking experience of 40 years. He started
his career in 1973 as a Probationary Officer with Janata
Bank Limited and afterwards, he served in National Bank
Limited in different capacities over 25 years. Lastly, he
appointed as Managing Director & CEO of the National
Bank Limited and served the Bank for the period from
2007 to 2010. He also served Shahjalal Islami Bank
Limited as Managing Director for the period of 2010-2013
2 Mr. Gazi Golam Ashria Director Member He did his graduation in Economics from Saskatchewan,
Canada.
Mr. Ashria is the Chairman of Gazi Sattelite Television
Ltd., Chairman of Gazi Infrastructure Development
Company Limited, Vice-Chairman of Gazi Networks
Ltd., Vice-Chairman of Gazi Communications Ltd.,
Vice-Chairman of Gazi Renewable Energy Limited,
Director of Desh Television Ltd., Managing Director of
Gazi Tyres Limited, Managing Director of Gazi Industrial
Park Limited and Proprietor of Star Rubber Industries,
Proprietor of Gazi Trade International, Proprietor of Gazi
Rubber Plantation, Proprietor of Gazi Rubber Processing
Plant and Proprietor of Gazi Enterprise.
3 Mr. Robin Razon Sakhawat Director Member Bachelor's degree in Financial Engineering from Goethe
University Frankfurt.
He is the Managing Director of Comptex Bangladesh
Ltd. & German Bangla Chemical Ltd. and Director of
Robintex (Bangladesh) Ltd. & Robin Knitwear Limited.
4 Mr. Md. Ismail Hossain Siraji Director Member B.Com.
He is a successful businessman in leather and textile
sector. He is associated with number of business and
industries. He is the Managing Director of Ismail Leather
Goods & Footwear Exporters Ltd. He is also the Director
of Reliance Tannery Ltd. Proprietor of Reliance Footwear,
Assarunnesa Memorial Hospital and Shahjahan Dairy
Farm.
5 Mr. Md. Abdul Jabber Chowdhury Independent Member He has extensive banking experience of more than 45
Director years in both Nationalized and Private Commercial
Banks. He obtained post-graduation degree from
Chittagong University
6.2.5 Reporting of Internal Auditor to the Audit • Collecting compliance of the inspection/audit reports
Committee & complying regulatory requirements including
Internal Control & Compliance Division has 03 units- directives of Bangladesh Bank, National Board of
(i) Audit & Inspection Department, (ii) Monitoring Revenue (NBR), Bangladesh Securities & Exchange
Department and (iii) Compliance Department who are Commission (BSEC), Registrar of Joint Stock
performing the following activities: Companies & Firms (RJSC), Ministry of Finance, etc.
• Conducting comprehensive/surprise/special audit &
inspection on Branches and Divisions/units of Head Head of ICCD has been submitting the internal
Office. comprehensive inspection reports on Branches along
• Monitoring and reviewing the operational with the compliance reports and Bangladesh Bank
performance of various Branches through comprehensive inspection report on Branches to the
examination of Quarterly Operations Report (QOR), Audit Committee on a regular basis. Moreover, ICCD is
Loan Documentation Checklist (LDC), Departmental submitting the Quarterly and Annual Summary Reports of
Control Function Checklist (DCFCL), etc. as part of irregularities detected during audit/inspection to the Audit
risk management. Committee.
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Annual Report 2022
6.2.6 Presence of the Chairman of the Audit 6.2.7 Meeting of Audit Committee and Attendance:
Committee at the AGM The committee is entitled to conduct at least four meetings
The Chairman of the Audit Committee attends Annual in a year and call meeting at any time as per requirement.
General Meeting (AGM) of the Bank regularly. Total 8 (eight) meetings of Audit Committee were held
during 01.01.2022 to 31.12.2022.
6.3 BOARD RISK MANAGEMENT COMMITTEE
6.3.1 Composition: In compliance with Section 15 Kha (3) of the Bank Companies Act 1991 (amended up to 2013), BRPD
Circular No. 11 dated 27 October 2013 the Board of Directors of JBL constituted the Risk Management Committee with
following 5 (five) members:
Sl. No. Name Status in the Board Status in the Committee
1 Mr. Md. Hasan Director Chairman
2 Mr. Md. Saidul Islam Chairman (Board) Member
3 Mr. Redwan-ul Karim Ansari Director Member
4 Mr. Md. Belal Hossain Director Member
5 Mr. Gazi Golam Murtoza Director Member
6.3.2 Objective: and provision is being maintained against the risks
• To play an effective role in mitigating impending risks identified.
arising out from strategies and policies formulated
by the Board and to carry out the responsibilities 6.3.3 Meeting of the BRMC
efficiently, The committee is entitled to conduct at least four
• After identifying and assessing several risk factors like meetings in a year and call meeting at any time as per
credit risks, foreign exchange risks, internal control requirement. The committee may call the CEO, Head of
and compliance risks, money laundering risks, RMD or any executive to attend the committee meeting.
information and communication risks, management The BRMC of JBL held 6(six) meetings during 2022
risks, interest risks, liquidity risks etc.; the risk having detailed discussions and review session with the
management committee will scrutinize whether Head of RMD regarding their findings, observations and
appropriate risk management measures are being put recommendations on issue of bank affairs that need
in place and applied and whether adequate capital improvement.
Sl. No. Meeting No. Date of Meeting
1 38 Risk Management Committee Meeting 31 January, 2022
2 39 Risk Management Committee Meeting 23 February, 2022
3 40 Risk Management Committee Meeting 13 March, 2022
4 41 Risk Management Committee Meeting 12 June, 2022
5 42 Risk Management Committee Meeting 16 August, 2022
6 43 Risk Management Committee Meeting 13 October, 2022
6.3.4 Major agenda covered in 2022 Comprehensive Value at Risk (VAR) of Foreign
• Monthly Risk Management Report (MRMR) and Exchange position.
Comprehensive Risk Management Report (CRMR) • Appraisal of the minutes of the “Supervisory Review
and Minutes of the meeting of the Executive Risk Committee (SRC)”.
Management Committee. • Internal Capital Adequacy Assessment Process
• Stress Testing Report. (ICAAP) Report under Supervisory Review Process.
• Risk Based Capital Adequacy Report in line with • Memo on LCR & NSFR. Structural Liquidity Profile
Basel-III. (SLP), Wholesale Borrowing & Commitments.
• Leverage Ratio.
• Memorandum on quarterly calculation of
Jamuna Bank Limited 145
6.4 Nomination and Remuneration CEO as authorized by the Board.
Committee • Developing, recommending and reviewing the Bank’s
Human Resources policies.
As Bangladesh Bank (i.e Central Bank) is restricted not
to have more than 3(three) committees of the Board, the Besides, we have acknowledged the issue to Bangladesh
Board oversees the following activities: Bank, Primary Regulator for the Banking Sector.
• Recruitment, promotion and remuneration up to two- Bangladesh Bank vide its letter no. BRPD (R-1)717/2021-
level below the rank of Managing Director as per BRPD 5064 dated 16.06.2021 informed all the scheduled banks
Circular No.11 dated 27 October 2013. Other than operating in the Country that there is no scope for
the above, all appointments, promotions and fixing compliance with the provisions of Corporate Governance
remuneration are made by the Managing Director & Code, 2018 which conflict with the Banking Companies
Act, 1991 and the directives issued by Bangladesh Bank.
7. MANAGEMENT COMMITTEES
The Bank is manned and managed by a team of efficient professionals headed by Mr. Mirza Elias Uddin Ahmed, the
Managing Director & CEO who has long banking experience. The functions of the Board and the Management are clearly
defined and sharply bifurcated. The Management implements and acts within the policies and manuals approved by
the Board. A clearly defined organizational structure with definite lines of responsibility and delegation of powers to
different echelons of the management are in place in the Bank. The Management enjoys full freedom in conducting
the business of the Bank within the scope of the policy guidelines of the Board and the regulatory bodies. However, the
Board and the Management work in unison for the continued well being of the Bank. To streamline the functions of
different divisions / departments of the Bank, the following Committees are actively working in the Bank:
Name of the
No. Members of the Committee Functions of the Committees Year 2022
Committee
1 Senior • Managing Director & CEO Monitoring the adequacy and Meeting held yearly
Management • Additional Managing Director effectiveness of the Reviewing overall internal control
Team (SMT) • Deputy Managing Director(s) Internal Control System based on systems of the Bank
• Senior Executive Vice the bank’s established policy and
President(s) procedure
• Chief Financial Officer
2 Senior • Deputy Managing Directors Developing credit policies and credit Meeting held yearly
Management • Head of CRM administration procedures for Board
Committee • Head of Corporate approval.
Implementing credit risk
management policies to ensure an
effective credit risk management
process.
3 Management It is composed of 14(fourteen) To address general issues of Meeting: The meeting of the
Committee senior members of the importance, evaluate different types MANCOM held monthly.
(MANCOM) Management of risks, monitor internal control
structure and to review effectiveness
of the internal control system
4 Asset The Chairman of ALCO is • Ensure that bank’ measurement The meetings of the Asset
Liability the Managing Director/CEO and reporting systems accurately Liability Committee are held in
Committee of Jamuna Bank. The Head convey the degrees of liquidity every month. Total Thirteen (13)
(ALCO) of Treasury works as the and market risk. number of meetings were held in
member secretary of ALCO. The • Monitor the structure and the year 2022 including One (01)
committee constituted as follows: composition of bank’s assets and special ALCO meeting.
• Chief Executive Officer/ liabilities and identify balance
Managing Director sheet management issues that are Major agenda covered in 2022:
• Head of Business leading to underperformance • Review of the Fund Position
and Mismatch Position.
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Annual Report 2022
Name of the
No. Members of the Committee Functions of the Committees Year 2022
Committee
• Head of Treasury • Decide on the major aspects of • Review of interest rates on Deposits
• Head of Corporate/Retail balance sheet structure, such and Advances of our Bank compared to
Banking as maturity and currency mix other Bank.
• Head of FAD /CFO/Finance of assets and liabilities, mix of • Discussion on the comparative position
• Head of International Division wholesale versus retail funding, of Deposit and Advances of our
• Head of Risk Management deposit mix , etc Branches.
• Head of SME • Decide on how to respond to • Discussion regarding activities of PD.
• Head of Offshore Banking significant, actual and expected • Review of the Economic & Market Status
• Head of Islami Banking increases and decreases in and outlook & the Key Management
Division required funding indicators of the Bank.
• As Jamuna Bank having • Review maturity profile and mix • Discussion regarding bucket
Islamic banking business and of assets and liabilities information of Asset & Liabilities of the
Off-shore Banking Unit (OBU), • Articulate interest rate view of the Bank.
Head of Islamic banking and bank and decide on balance sheet • Discussion regarding the position of
Head of Off-shore Banking strategy rate sensitive Asset & Liability.
Unit (OBU) are included also • Approve and periodically review • Discussion regarding the unused whole
as member of the ALCO. the transfer pricing policy of the sale borrowing capacity.
bank • Discussion regarding the undrawn
• Evaluate market risk involved in portion of Commitment.
launching of new products • Review of the trend of local & foreign
• Review deposit-pricing strategy, currency deposits & advance position.
and • Review of the statement showing the
• Review contingency funding plan interest rate risk of Assets & Liabilities
for the bank position of the Bank.
• Review of the loan & Deposit
Movement.
• Review of the interest rate breakdown
for asset & Liability.
• Review of the top 10 Depositors list.
• Review of the top 10 Borrowers list.
• Review of the trend of the limit as
states in policy statement for last few
months..
• Review of the combined & segmented
Deposit & Advance trend in local &
foreign currency.
• Review of the comparative balance
position of the Bank.
• Review of the status of regulatory
compliance.
• Review of the last financial data of the
Bank.
• Review of the off balance sheet position.
• Review of the credit limit imposed by
the counter parties.
• Review of the limit status and its
utilization.
• Discussion regarding the amount of
loan able fund
• Discussion regarding Borrowed fund to
Total Asset
• Review of the average interest rate on
loans & deposit
• Review of the highest call money rate
for previous 12 months.
• Review on Foreign Exchange Asset &
Liability and Net Open Position (NOP)
• Review of the Value at risk (VaR) on
foreign Exchange Position.
• Review of the Stress testing report &
expected capital requirement
Jamuna Bank Limited 147
Name of the
No. Members of the Committee Functions of the Committees Year 2022
Committee
5 Head Office • Additional Managing Director The committee is the reviewing Meeting held by HOCRC in 2022:
Credit • Head of Credit Administration body of client’s credit application, 144
Review • Head of Corporate Banking recommended for approval by
Committee • Head of CRM the branch/business group. The
(HOCRC) • Deputy Head of Corporate Committee also recommends Sanction type of Number of
Banking Division credit applications/proposals Credit Committee proposal
• Head of Treasury Division for approval by the competent Facility recommended in 2022
• Deputy Head of Credit Risk approving authorities. In addition,
Management Division acts as the committee reviews framing/ New 1155
the secretary of the committee updating of credit policy and
recommends for approval by the Renewal 639
Board of Directors. The committee
Enhancement 175
also reviews adequacy of credit
risk management and loan loss Renewal with
provisioning. 281
Enhancement
Reduction 27
Renewal with
24
Reduction
Restructuring 14
Renewal with
-
Restructuring
Rescheduling 37
Specific 317
Others 685
Committee declined: 166
proposals during the period
6 Business • Managing Director The business proposals having Meeting held by BMC in 2022: 33
Management • Additional Managing Director funded facilities above Tk.1.00 Crore No. of Loan Proposal approved:
Committee • Deputy Managing Directors to Tk.5.00 crore and non-funded 120
(BMC) (Head Office) facilities upto Tk.10.00 crore will be
• Head of Corporate placed before the Committee. The
• Head of Business Head of Retail Banking Division
• Head of CRM and Head of SME Division attend
• An Officer of CRM Division meetings if they have proposals
acts as secretary of the placed in the BMC for discussion.
committee
7 Executive • Chief Risk Officer This Committee is engaged in Meeting held by Bank’s Executive
Risk • Head of ICC formulating risk management Risk Management Committee: 12
Management • Head of CAD policy and procedures of the Bank (twelve)
Committee • Head of CRM along with identifying, measuring,
• Head of ICT and managing Bank’s existing and Major agenda covered in 2022
• Head of BOD potential risks. Discussion on the Monthly Risk
• Head of FAD Management Report (MRMR) and
• Head of HRD Comprehensive Risk Management
• Head of MLTFPD Report (CRMR).
• Head of ID
• Head of Treasury
• Head of Law and Recovery
• Head of RMD acts as the
secretary of the committee
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Annual Report 2022
Name of the
No. Members of the Committee Functions of the Committees Year 2022
Committee
8 Supervisory • Managing Director The Committee is engaged in Meeting held by Bank’s Supervisory
Review • Deputy Managing Director reviewing the nature and level Review Committee: 06 (Six)
Committee • Head of CRMD of risk relates to banking assets
(SRC) • Head of CBD and planning for adequate capital Major agenda covered in 2022
• Head of ICTD framework. Discussion on the Monthly Risk
• Head of ICCD Management Report (MRMR) and
• Head of RMD The Committee engaged in Comprehensive Risk Management
• Head of LRD developing an Internal Capital Report (CRMR).
• Head of ID Adequacy Assessment Process Discussion on the Risk Based
• Head of TD (ICAAP) for assessing Bank’s overall Capital Adequacy Report in line
• Head of FAD capital adequacy in relation to its risk with Basel-III.
• Head of HRD profile and strategy for maintaining Discussion on the Stress Testing
• Head of AMLD its capital at an adequate level. Report.
Discussion on Internal Capital
Adequacy Assessment Process
(ICAAP) Report under Supervisory
Review Process.
Discussion on Risk Appetite
Statement.
9 Credit Risk • Deputy Managing Director The committee shall responsible to In 2022, the Committee was
Management (CRM) implement Credit Risk Management watchful to identify, measure,
Committee • Head of Business in line with Bangladesh Bank’s monitor and control credit risk as
• Head of CRM Guidelines within reasonable time part of an overall approach to risk
• Head of Corporate by taking initiatives. management.
• Head of Credit Administration
• Head of Retail Banking
• Head of Monitoring
• Head of Recovery
• Head of SME
• Head of ID
• Head of Treasury
• Head of Risk Management
10 Sustainable • Additional Managing Director Monitoring/following up and Meeting held by Bank’s
Finance • Deputy Managing Director evaluating activities of Sustainable Supervisory Review Committee:
Committee • Head of CRM Finance Unit (SFU) 3
• Head of Credit Administration Fixing Yearly target regarding
• Head of Monitoring activities of SFU and evaluating the Major agenda covered in 2022
• Head of Corporate Banking same Review of Sustainable Finance
• Head of Retail Banking activities of our Bank and
• Head of International Division recommendations to improve
• Head of Risk Management Sustainability Rating.
• Head of Human Resources Evaluating achievement
• Chief Financial Officer of Sustainable Finance &
• Head of Finance & Accounts Green Banking targets and
• Head of ICC recommendations to achieve the
• Head of Card Division targets
• Head of G & CSD Communicating latest update
• Head of Banking Operation Ensuring proper co-ordination &
• Head of Marketing & support of all related division of
Development the Bank regarding activities of
• Head of ICT SFU.
• Head of Treasury Division Miscellaneous
• Head of PR & BCD
• Head of SFU
11 Purchase • The Additional Managing The Committee is engaged with Meeting held by Bank’s Purchase
Committee Director timely and promptly logistic Committee: 76
• The DMD & Chief Information support i.e. different types of goods/
Technology Officer (CITO) equipments like office stationeries,
• The Head of FAD printing books, forms & security
• The Head of HRD stationary, office furniture, vehicles,
• The Head of GCSD office equipments, computers and
• The Head of Engineering computer accessories, electric
Department appliances, etc. and engage/procure
various services such as On line
connectivity, Internet connectivity,
Consultancy, Cleaning service,
security service as well as repairing
and maintenance of the purchased
items etc.
Jamuna Bank Limited 149
and performance report of the Bank, knowing update of
8. Roles and Responsibilities of
various assignments given by the Board to the CEO and
Managing Director & CEO the Management from time to time and doing variance
analysis of Budget with Actual result and steps taken by
Prominent banker Mr. Mirza Elias Uddin Ahmed has been CEO to achieve the Budgeted target. Among the financial
reappointed as the Managing Director & CEO of Jamuna parameters, NPL ratio, Growth of Loan & Deposit, Cost
Bank Limited for another term of 5(Five) years from to Income Ratio, Loans write off and its recovery, Capital
October 21, 2022. He took over the charge of bank’s MD Adequacy Ratio, Credit to Deposit Ratio etc. are the
& CEO on October 21, 2019 for his first term of 3(Three) common ones.
years. Earlier Mr. Ahmed served the Bank in the capacities
of Additional Managing Director and Deputy Managing
8.2 MD or CEO of the company does not
Director for over 7 years. The detail information of bank’s
hold the same position in another listed
MD & CEO is given in separate part of director’s profile
under page no. 57 of this AIR 2022.
company
Managing Director & CEO of Jamuna Bank Limited does
not hold the same position in another listed company of
The main responsibilities and authorities of the Managing
the Country.
Director are as follows:
• Undertakes the financial, business and administrative
authorities when vested on him by the Board and 8.3 Remuneration of MD
remains accountable for achievement of financial The information relating to Managing Director’s Salary and
and other business targets by means of business plan, fees has been presented at Note 30 of Financial Statements
efficient implementation and prudent administrative of the Bank in this AR 2022.
and financial management.
• Ensure compliance of the Bank Company Act 1991 8.4 Disclosure of key policies with regard
(amended up to 2018) and other relevant laws and to remuneration of directors, senior
regulations in discharging routine functions of the management and employees
Bank and remains accountable to report to Bangladesh All employees including the Senior Management
Bank if any violation occurs. employees are paid competitive remuneration package.
• At the time of presenting any memorandum by The structure and level of remuneration are reviewed time
the management in the Board Meeting or Board to time based on Bank’s performance and affordability.
Committee Meeting, the CEO points out if there is any The remuneration also stresses on ensuring internal and
deviation from the Bank Company Act, 1991 (amended external pay equity.
up to 2018) and other relevant laws and regulations.
• Recruitment and promotion of all staffs of the
9 . Roles, Responsibilities and
bank except those in the two tiers below him rest
on the CEO. He acts in such cases in accordance Duties of Head of Internal Audit and
with the approved service rules on the basis of the Compliance (HIAC)
human resources policy and approved delegation of
employees as approved by the Board of Directors. Mr. Mohammed Aminul Islam Mintu, FCCA, ACA has
• The authority relating to transfer of and disciplinary appointed as Head of Internal Audit and Compliance
measures against the staff, except those at two tiers (HIAC) of the Bank. The Head of Internal Audit and
below the CEO, rests on him that he applies in Compliance (HIAC) is responsible for Bank’s strategic risk-
accordance with the approved service rules. Besides, based internal audit plan and managing the internal audit
under the purview of the human resources policy function in accordance with Bank’s internal audit charter.
as approved by the Board, he nominates officers for Responsibilities include providing reasonable assurance
training etc. on the effectiveness of the organization’s risk management
and the strength of internal controls.
8.1 Annual Evaluation of the MD & CEO by
the Board The Roles & Responsibilities of the Head of ICCD are:
The roles, responsibilities and duties of Managing Director a. To lead the Internal Control & Compliance Division
& CEO of JBL has clearly defined and approved by the of the Bank as its Head for bringing a systematic
Board of Directors. BoDs also makes annual evaluation of & disciplined approach to evaluate and improve
MD & CEO through various reports like financial position the effectiveness of risk management, control and
150
Annual Report 2022
transparent governance processes. • To ensure that Financial Statements of the year have
b. To fix the job descriptions of the Heads of Audit & been prepared
Inspection Department, Monitoring Department and (a) In compliance with Securities and Exchange
Compliance Department and guide/ supervise them Rules, 1987 as well as the provisions of
accordingly International Accounting Standards (IAS) or
c. To identify risks by conducting audit & inspection on International Financial Reporting Standards
all the Branches & Divisions of the Bank (IFRS) as applicable in Bangladesh, any departure
d. To review and countersign the following Documents there from has been adequately disclosed or as
of the ICCD and submit the same to the competent per requirements under the financial Reporting
authority: Act, 2015 and other rules and
° Annual Audit Plan (b) The estimates and judgments related to the
° Internal comprehensive Audit Reports of the financial statements were made on a prudent
Branches/Divisions and reasonable basis, in order for the financial
° Special Audit Report on any Branch/Division statements to reveal a true and fair view.
° Investigation/ surprise Report on any of the (c) The form and substance of transactions and the
Branches Company’s state of affairs have been reasonably
° Annual Health Report of the Bank and fairly presented in its financial statements.
° Summary of irregularities of all the Audit Reports • To certify the Board along with the Managing Director/
of the year CEO that they have reviewed Financial Statements for
° Any other Report prepared by this Division the year and that to the best of their knowledge and
e. To sign all the correspondences of the Division which belief:
are required to be signed by him (a) these statements do not contain any materially
f. To frame new policy or recommend revision of the untrue statement or omit any material fact or
existing policy as and when required contain statements that might be misleading.
g. To hold ‘Review Meeting’ with the Managers on (b) these statements collectively present true and
important audit findings fair view of the Company’s affairs and are in
h. To arrange training program for the ICCD officials compliance with existing accounting standards
i. To run the total administration of Internal Control and applicable laws.
and Compliance Division of the bank (c) no transactions entered into by the Company
j. Any other jobs as and when assigned by the higher during the year which are fraudulent, illegal or in
management/ACB/Board. violation of the code of conduct for the company’s
Board of Directors or its members.
Through performing the above functions the Head of ICCD • Providing strategic recommendations to the CEO/
will ensure the Board of Directors that the Internal Control Managing Director and members of the executive
measures set for the different Branches/Divisions/Units management team.
are effectively functioning and the Bank is running in a • Provide advice on how to increase revenue and reduce
right direction to achieve its objectives. costs.
• Advising on long-term business and financial
9. Roles, Responsibilities and Duties planning.
• Establishing and developing relations with senior
of Chief Financial Officer (CFO) management and external partners and stakeholders.
• Effectively and clearly communicate potential risks in
Mr. Uttam Kumar Saha FCA FCS has appointed as Chief
a timely manner.
Financial Officer (CFO) of the Bank. He attends the
• Propose action plans to ensure that annual financial
meetings of the Board of Directors as and when require.
objectives are attained.
• Support the CEO with the preparation of monthly and
Roles, Responsibilities & Duties:
annual financial plans.
• Execute the financial strategy of the company.
• Maintain speed and accuracy of billings and client
• Manage financial controls and accounting procedures.
payments.
• Ensure full transparency over the financial
• Coordinate and produce all tax documentation as
performance of the company.
required .
• Managing the processes for financial forecasting and
• Prepare and manage Employees’ Provident Fund,
budgets.
Gratuity Fund, Social Security Fund
Jamuna Bank Limited 151
• Serve as one of the trustees and oversee administration • To act in good faith in the company’s interest;
and financial reporting of the organization’s Savings • Act as an additional enquiring voice in relation to
and Retirement Plan. Board decisions.
• Assist in the design, implementation, and timely
calculations of incentives, festival bonus and salaries Responsible to the Stakeholders:
for the employees. • Timely dissemination of announcements to the
• Supervises investment and raising of funds for market and ensuring that proper notification is made
business. of Director’s dealings.
• Working as a joint custodian of cash to meet up day- • Maintaining relations with investors, particularly
to-day expenses. institutional Investors with regards to Corporate
• Assist the auditors of Bangladesh Bank, Statutory Governance issues and Board practices.
Auditors, Rating Agency, Income Tax & VAT officials • Inducting new Directors into the business and
and other regulatory bodies for conducting audit/ explaining their roles and responsibilities.
discharging their duties etc. • Ensuring compliance with all statutory filings and
regulatory disclosures.
10. Roles, Responsibilities and • Arranging and managing the Board meeting and
General Meeting.
Duties of Company Secretary: • Primary contract for corporate governance.
The Board has appointed Mr. M. A. Rouf as the Company
Officer of the Company
Secretary and Secretary to the Board of Directors and its
• To planning and organizing board meeting and its
Committees to assist the Board in fulfilling it’s tasks. Duties
committee meeting efficiently.
of the Secretary include providing advice and ensuring
• To planning and organizing Annual General Meeting,
compliance with the applicable laws and regulations,
Extra-ordinary General meeting and similar jobs.
which is consistent with the Corporate Governance
• To maintain and distribute the agenda of the meetings
Notification, as well as the following services:
for the board of directors and management.
• To invitations, scheduling, and organization of
Responsible to the Board:
meetings for the board of directors and executive
• Counselor to the Board of Directors;
committee of the Board of Directors.
• Act as channel of communication and information to
• To record and maintain the records of the meeting
Directors. He is also an important liaison between the
and to draft the meeting minutes.
Board of Director and Management of the Bank.
• To provide legal advice to the board of directors and
• To ensure that Board of Directors comply with
management.
statutory requirements and procedures (e.g. internal
• To ensure and to supervise the share related matters.
regulations, policies, competencies, recording the
• To ensure the compliance with statutory disclosure
meetings).
requirements
• Support the Chairperson related to organizing board
• The responsibility for the annual report regarding the
matters;
corporate governance section.
• Ensuring the smooth running of the Boards and Board
Committees (Audit, Executive & Risk Management)
• To ensure important information is forwarded to the 11. Attendance of CFO, CS and HIAC
Board of Directors in Board Meeting
• Act as a confidential sounding Board to the Chairman,
Executive and Non-Executive Directors. Company Secretary of the Bank is attending the meetings
of the Board of Directors regularly. Chief Financial Officer
Responsible to the Company: (CFO) & Head of Internal Control & Compliance Division
• Act as the “Conscience of the Company”. are also attending the meeting when it is required.
• Compliance with statute and other appropriate Provided that the CS, CFO and/or the HICC do not attend
legislation; such part of a meeting of the Board of Directors which
• Authentication of accounts & documents; involves consideration of an agenda item relating to their
• Advice on business ethics; personal matters.
• Avoid conflicts of interest;
• Maintains statutory books and registers
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Annual Report 2022
12. Governance of Board of Directors of Subsidiary Company
In group concept, Jamuna Bank limited is parent company with having following two subsidiary companies:
• Jamuna Bank Capital Management Limited (JBCML), incorporated in Bangladesh - 99.99984%
• Jamuna Bank Securities Limited (JBSL), incorporated in Bangladesh - 99.99995%
The board of the parent company is aware of the material risks and issues that might affect both the bank as a whole and
its subsidiaries. It exercises adequate oversight over subsidiaries while respecting the independent legal and governance
responsibilities that might apply to its subsidiary boards. In accordance with condition 2 of the notification on the
Corporate Governance Code issued by the Bangladesh Securities and Exchange Commission (BSEC) on 3 June 2018
(Notification No. BSEC/CMRRCD/2006-158/207/Admin/80), the Board has appointed one of its Independent Director in
the Board of Jamuna Bank Capital Management Limited as well as Jamuna Bank Securities Limited. The minutes of the
Board meeting of the subsidiary company were placed for review at the Board meeting of Jamuna Bank Ltd. on a regular
basis. Besides, the Audit Committee of Jamuna Bank Ltd. has reviewed the financial statements of the subsidiaries of
the Bank.
Participation of Bank’s Director in the Board of subsidiaries of the Bank as on 31.12.2022
Name of the Director Position JBCML JBSL
Al-Haj Nur Mohammed Chairman Director
Engr. A. K. M. Mosharraf Hussain Director
Engr. Md. Atiqur Rahman Director
Mr. Fazlur Rahman Director
Mr. Gazi Golam Ashria Director
Mr. Md. Saidul Islam Director
Mr. Robin Razon Sakhawat Director
Mr. Redwan-ul Karim Ansari Director
Mr. Md. Belal Hossain Director
Mr. Md. Mahmudul Hoque Director
Mr. Shaheen Mahmud Director
Mr. Md. Sirajul Islam Varosha Director Chairman
Mr. Kanutosh Majumder Director Director
Mr. Md. Ismail Hossain Siraji Director Chairman
Mr. Gazi Golam Murtoza Director Director
Mr. Md. Hasan Director
Mr. Md. Abdur Rahman Sarker Independent Director Director
Mr. Md. Humayun Kabir Khan Independent Director Director
Mr. Md. Abdul Jabber Chowdhury Independent Director
Mr. M. Murshidul Huq Khan Independent Director
JBCML= Jamuna Bank Capital Management Limited; JBSL= Jamuna Bank Securities Limited
Jamuna Bank Limited 153
interest). Conflicts of interest may also arise when a Bank
13. Ethics and Compliance
is part of a broader group. To avoid conflict of interest and
also to make accountable the Bank has already taken the
Corporate integrity, ethical conduct and accountability
following measures:
are fundamental to build trust between Jamuna Bank and
• Loan to the directors is restricted subject to full filing
different stakeholders. Jamuna Bank are always committed
certain terms and conditions of regulatory guidelines.
to maintain and uphold the highest standard of Corporate
• If there is any related party transaction, the
Governance integrity and ethics, which is embedded in
management discloses the matter in the Annual
the corporate culture of the Bank. Jamuna Bank Limited
Report and it is also approved by the general
has written Code of Conduct for the members of the
shareholders in AGM.
Board of Directors as well as Employees of the Bank. The
• Executive committee of the Board can approve loan to
Board of Directors complies with all applicable Laws and
anyone up to a set limit.
Regulations of the land and Memorandum & Articles of
• Audit committee regularly reviews the financial and
Association of the Bank.
other related statements and gives recommendation
to the management regarding any changes in policy
The Management and employees must comply with code
and also presents to the Board for further evaluation.
of conduct when interacting with the Bank’s clients,
• Board of directors’ approval is needed for loan re-
shareholders, employees, and business partners/ debtors.
scheduling.
Great emphasis is also placed on their responsibilities
• Employees are advised to take particular care when
for environment, society and competitors, preservation
they are responsible for dealing with customers,
of client confidentiality, honesty, fairness, professional
business associates and agents on behalf of the Bank.
integrity, business capacities, strict compliance with laws
Any failure to disclose a conflict of interest leads to a
and regulations, as well as cooperation with regulatory
disciplinary action.
agencies. In performing their duties, employees are
required to adhere to the principles of good corporate
governance, use good judgment, act in compliance to 13.3 Effective Anti- Money laundering and
rules and regulations and ensure that the Bank discharges antiterrorism program
its legal and regulatory responsibilities accordingly. Jamuna Bank is firmly committed to enforcing its
Alleged breaches are investigated in accordance with set compliance program covering all related areas of ML/TF
procedures, and disciplinary penalties are imposed if any considering the size and range of activities, the complexity
employee is found guilty of a breach of conduct. of operations, and the nature and the degree of ML/TF
risk facing by itself. The compliance program is designed
13.1 Integrity to ensure that the Bank deals only with legitimate
Employees of Jamuna Bank are judged not only in terms of customers who perform legitimate banking transactions.
competencies, but also with their integrity. The reputation A well-defined Customer Acceptance Policy has been
and continued success of Jamuna Bank largely depend implemented to identify potential customers. Concerned
on a shared commitment to the core value of integrity. employees of Jamuna Bank are conducting CDD during
Respecting this value is the responsibility of each and onboard of customer. According to BFIU directives Jamuna
every member of the organization. To motivate and inspire Bank has implemented Risk based KYC process to assess
the employees of the Bank to form effectively ethical customer risk effectively.
and moral habits in personal and professional area, the
Bank formulated “Integrity Award Conferment Policy” As per TBML Guidelines issued by BFIU, Jamuna Bank has
considering instructions from the Bangladesh Bank. implemented its own TBML Guidelines considering the
nature of business, customer base, etc. All ADs, TFPCs,
and OBU have been instructed to ensure meticulous
13.2 Conflict of Interest
compliance with TBML Guidelines as well as the exercise
Conflicts of interest may arise as a result of the various
of Customer Level Risk Assessment (CLRA) and Trade
activities and roles of the Bank (e.g. where the Bank extends
Transaction Profile (CLRA) for the trade customers. In
loans to a firm while its proprietary trading function buys
order to avoid global sanction risk a real-time automated
and sells securities issued by that firm), or between the
Sanction Screening Solution has been implemented
interests of the Bank or its customers and those of the
covering most of the Global sanction lists and PEP lists
Bank’s Board members or senior managers (e.g. where the
which are integrated with our CBS.
Bank enters into a business relationship with an entity in
which one of the Bank’s Board members has a financial
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Bank has been subscribing to Adverse Media reports examination of whether any fraud-forgery or irregularities
through Hawker.com. ML & TFP Division disseminates the is going on in the Bank. The ICCD also conducts special
adverse media report among the Branches and Divisions audit or investigations as instructed by the Board or Audit
through the mail every morning. Bank has implemented Committee of the Bank. The ICCD are submitting reports
Firco Compliance link through Accuity to reduce TBML to Audit Committee regarding their finding on different
risk. All parties involved in cross-border transactions issues at a regular basis.
along with ports, goods etc. will be screened through Firco
Compliance link. Vessel tracking will also be monitored as 14. Human Capital
well.
Jamuna Bank Limited regards its employees as Human
To handle the issue of over or under invoicing concerned Capital in the sense that our people suffix the added value
Branches/Divisions are instructed to ensure price to organization in respect of both skill value and economic
verification of goods from reliable open sources. ADs, value. It is our people who are the differentiator for the
TFPCs are instructed to obtain Credit Report on the Buyers/ organization and absolute basis for competitive advantage.
Consignees/ Suppliers/ Notify Party as applicable through
International Division, Head Office, Jamuna Bank Limited. JBL feels, without creating core competencies, no
ADs/TFPCs are also instructed to ensure that remittance organization can leapfrog than that of the competitors
comes through the banking channel from the buyer with and it is the caliber including their knowledge and skills
whom the contract/LC was established before realization can only create core competencies of the organization for
of Export Proceeds. In case of third-party remittance, reaping the cutting edge.
ADs/TFPCs must ensure that there is a bonafide business
relationship supported by documents between the remitter To this effect, JBL constantly sharpen its people’s
and the buyer. Branches are instructed to ensure analysis knowledge and skills through continuous training and
of CTR in every month to identify unusual transactions. development and acquire employees embodying a set of
skills which ultimately generates a stock of productive
In recent years it has been observed that Credit backed capital for our organization. We simply link between the
money laundering is one of the lucrative methods for HR practices and business performance in terms of assets.
launderers. Branches are instructed to submit SAR/STR
in case of the borrower is absconded, does not repay the In this backdrop, JBL polarizes the investment cost i.e.
loan, and living abroad, any fraudulent activity found in acquiring cost, training & development cost and other
mortgage activity, early settlement of loan or any suspicious cost expended for the individuals from plausible outcome
transaction found during transaction monitoring of loan which is generated from the employees’ concerted efforts
customers. and consequently surfaces per employee cost and income.
Jamuna Bank Limited has developed a Flier containing To conclude, our core brand has always been our
AML/CFT issues to create public awareness which is employees, appreciated for their passion to perform. For
distributed among the Branches. The Bank has also us, employees are the best brand. We do not offer our
nominated Chief Anti Money Laundering Compliance employees a job, we offer them a career. We strongly
Officer (CAMLCO) who attends the CAMLCO Conference believe that employees are required to work in a team to
every year organized by Bangladesh Bank and Branch run a system smoothly and efficiently. Our efficient work
Anti Money Laundering Compliance Officers (BAMLCO) force acted as the fundamental pillar to elevate the Bank
at Branches, who independently would make the Bank at today’s height of success and beyond. We are always
compliant on AML matters. AML Department arranges concerned with upgrading our entire workforce to the next
and conducts AML workshops in order to train all level of skill and efficiency through internal & external
the employees of the Bank to meet up our regulatory training and it is a continuous process. In line with its
requirement and most of the employees obtained AML and expansion plans, Jamuna Bank plans to acquire talents
CFT (Combating Financing Terrorism) related training. from the market to meet the customers’ ever-increasing
demand and to support the ever changing business
13.4 Particulars of Whistle blower Policy scenario.
Jamuna Bank is committed to the highest standards
of good governance, openness, transparency, honesty, The details discussion on the bank’s “Human Capital” has
integrity and accountability. The Internal Control & been presented in this annual report.
Compliance Division (ICCD) of the Bank engaged in
Jamuna Bank Limited 155
15. Communication to Shareholders & Investors’ Relation Department
To make effective communication to the shareholders and other stakeholders of the bank, the Share Division under the
Board Secretariat is playing a vital role. They are providing various services to the shareholders and other stakeholders
of the Bank i.e. to allow or rejection transfer or transmission of shares, Share transfer/Buy/Sell/Gift of Shares for the
Sponsors/Directors as per prevailing rules/regulations, allotment of shares issued from time to time, issue of duplicate
certificates, payment of dividend, De-materialization/ Re-materialization of shares, Distribution of Annual Report, issue
and dispatch of MICR Dividend/Fractional Dividend Warrants, issuance of Shareholding Certificate to the Directors/
Shareholders, allow or rejection Pledge/Un-pledge/Confiscation of shares, are under the purview of Share Division.
As per provision of regulation 44(2) (i) of the Dhaka and Chittagong Stock Exchange (Listing) Regulation, we have
published the Contact number (Fax, e-mail & telephone) of the officials of Investors’ Relation Department of our Bank
through which the honorable shareholders and other stakeholders can communicate with us.
Annual General Meeting
Extra-Ordinary General Meeting (EGM)
Bank’s website
Financial statements (Annual/Quarterly)
Annual Report
Price Sensitive Information Communication to
Credit Rating Report Shareholders Members visit at Bank’s Head Office
Directors Report
Shareholding Position
Tips for Investing in Capital Market
Announcements and press releases
16 . Redressal of Investors Complaints
A shareholder can take up matters like non-receipt of
dividend, Annual Reports and Notices of General meetings
etc., either with the Share Department at the Head Office
Jamuna Bank ensures equal treatment
of the Bank or with the Company Secretary. The Share to all shareholders. The Bank does
Department look into the redressal of shareholder/ not overlook the interest of minority
investor complaints. shareholders. However, the most
important protection afforded to
The company maintains investor grievance file in which minority shareholders comes in the
full details of every written compliant are kept. We have 3 form of a statutory remedy in section
designated persons who look after the investor grievances
233 of the Companies Act, 1994 of
within a timeframe. A letter or email is sent to the investor
Bangladesh. It protects not just the
who has submitted written complaint by the designated
person or compliance officer acknowledging receipt of
rights of minority shareholders but
the complaint and informing him/her of the process for also their legitimate expectations.
suitable decision
To ensure equal treatment to all shareholders, the bank Ltd.
created various mechanisms, such as: • Directors, management and those who are related
• Shareholders who are unable to attend the persons do not participate in the consideration to
shareholders meeting are provided with proxy forms approve such transactions.
to nominate proxy to attend and vote on their behalf. • The bank continues to have regular communication
The proxy forms which are in accordance with the with the shareholders through periodic updates of
standard format, are sent along with the annual performance.
report. • The shareholders’ meetings proceed in accordance
• The bank sees the importance of the consideration with the order of agenda.
of transactions which may have conflict of interest or • At times, the investors lodge complaints. These
may be connected or related transactions and abides complaints are timely resolved. Investors at times
by good corporate governance principles, including lodge complaints through DSE and CSE. Those are
the rules and regulations of the Bangladesh Securities also timely taken up and resolved. The concerned
and Exchange Commission and the Dhaka Stock investors and the DSE/CSE are informed of the
Exchange Ltd. and the Chittagong Stock Exchange resolution of the complaint.
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Annual Report 2022
• Annual Report of each year and other relevant impact in a country’s economy. Jamuna Bank Limited has
information about Jamuna Bank may be viewed on already stepped in different arena for implementation of
JBL’s website http://www.jamunabankbd.com/. “Sustainable Development Goals”. as per following:
• The Bank provides copies of Annual Reports to the
Bangladesh Securities and Exchange Commission, • JBL has given preferences for financing in eco-friendly
Bangladesh Bank, The Dhaka Stock Exchange Limited business activities and energy efficient industries like
and The Chittagong Stock Exchange Limited for Effluent Treatment Plant, renewable energy project,
their reference. Investors may read them at public clean water supply, waste management plan, solid &
reference room or library. hazardous disposal plant, bio gas plant, bio-fertilized
etc. The Bank has financed in Hybrid Hoffman Kiln
Besides, Jamuna Bank Ltd. follows the following principles (HHK) technology, solar panel etc.
in dealing with the Investors: • The Bank has started to set up energy efficient bulbs
• Fair treatment. in the newly established/existing Branches. Different
• Timeliness in the resolution of investors’ complaints. divisions of the Bank are disseminating operational
• Friendliness with all investors and all investor guidelines, circulars and Management decisions as
segments. well as collecting statements through email reducing
• Protection of investors’ interest. use of paper.
• We maintain negative list of sectors (adversely
Investors’ Inquiries Queries relating to shareholdings, for impacting the environment) in the credit policy as
example, transfer of shares and payment of dividend, are best practice.
to be sent to the following address: • For setting up of Branches, Bank is emphasizing on
use of renewable energy (e.g. solar), use of energy
saving bulbs and other equipment, reduced water and
17. Investors’ Relation Department: electricity use, use of recycled water etc.
Address : Jamuna Bank Limited, Head Office : Share
• We have introduced and practicing Green Tips to
Division, Jamuna Bank Tower (5th Floor), Plot-14, Block-C,
manage better In-House Environment. Some of the
Bir Uttam A.K Khandakar Road, Gulshan-1, Dhaka.
practices are as below:
Web Address : www.jamunabank.com.bd
° Preparation & maintenance of inventory of the
Name of Contact Person : Mr. Quzi Mohammad Taraqul
consumption of water, paper, electricity, energy
Akbar, Head of Share Division
etc. in offices and branches in different places.
E-mail : [email protected]
° Saving electricity and reduce water and paper
Phone +8809610005678(10:00 A.M. to 5:00 P.M.)
consumption.
° In place of relying on printed documents, online
18. Periodic reminders to communication is extensively used (where
possible) for office management.
shareholding who have not ° Installing energy efficient electronic equipment’s
encashed their dividend and automatic shutdown of computers, -fans,
To acknowledge our valuable shareholders, we are lights, air coolers etc.
publishing Notice of AGM (mentioning dividend, record ° Use of energy saving LED Bulb as much as
date etc.) in two different National Dailies. Besides, possible.
Price Sensitive Information is also published in the two ° Printing on reusable sheets.
different national dailies and in one on-line news portal ° Printing multiple pages on single sheets of paper.
to acknowledge our shareholders regarding decision of ° Setting defaults to print double –sided and print
the Board in this regard. Formal Newspaper add also on both sides
published in two widely national dailies as per rule for the ° Printing only the pages required.
shareholders of the Bank to encash their dividend. ° Use email statements, we save an enormous
amount of paper.
° Low use of cheque book or paying-in book
19. Environmental and Social (withdrawal & payment through Card)
Obligations ° Switching off the ACs after 6 pm (or earlier
Jamuna Bank Limited being one of the third generation specially when not required), and maintaining
banks has been keeping its keen eye on any new the temperature of the AC over 22 Degree Celsius;
development in the banking industry so as to enable itself ° Switching off the lights of the common are after
to undertake profitable investment opportunities having banking hour.
regard to the environmental concern. Green’ or in other ° Switching off the computer / printer, when not
word ‘Sustainable Banking’ is a major issue worldwide now. in use, and air coolers inside ATM Booths every
Awareness about the development of sustainable/green night from 12:00 midnight to 6:00 a.m. etc.
financial regulations has been increasing rapidly. Through ° Putting a restrain and ensure judicious
protecting or preserving environment, such financial consumption of water, fuel and energy.
inclusion in sustainable measures result onto special
jobs, economic uplift and creates a long-lasting positive The details discussion on the “Sustainability Report” has
been presented in this AR 2022.
Jamuna Bank Limited 157
Corporate Governance Compliance
Statement
Jamuna Bank Ltd. believes that enriched corporate governance contributes to the long-term success of a company
and creates trust & engagement between the company and its stakeholders. Accordingly, the Board of Directors and
Management are committed to continuously striving for the highest standards in governance to ensure that the business
and its affairs are in strict adherence to the doctrine and principles of sound governance such as integrity, transparency,
accountability and responsible business conduct to safeguard the interests of its shareholders and stakeholders. It is
the responsibility of the Company Secretary, being the highest governance official in the Company, to ensure effective
compliance of rules and regulations in this respect.
As part of its corporate policy, Jamuna Bank always strives to maximize its shareholders’ value and benefit. In doing so,
the Bank is committed to maintaining high standards of Corporate Governance. The Company’s Corporate Governance
framework is directed towards achieving its business objectives in a manner that is responsible and in accordance with
its high standards of honesty, reliability, transparency and accountability.
Besides, we have the pleasure to confirm that the Company has, complied with relevant provisions of the Companies
Act 1994, Bank Company Act 1991, rules and regulations of Bangladesh Bank and Bangladesh Securities and Exchange
Commission (BSEC) Corporate Governance Code dated 3 June 2018, listing rules of Dhaka Stock Exchange Ltd. and
Chittagong Stock Exchange Ltd. and other applicable laws, rules and regulations. The Compliance Report along with
the necessary remarks and disclosures is appended in this Annual Report for the year 2022. Further, a Certificate of
Compliance required under the said Guidelines, as provided by Mahfel Huq & Co., Chartered Accountants, is also
annexed to this report.
Sd/-
M. A. Rouf
Company Secretary
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Bangladesh Bank Guidelines for Corporate
Governance: Our Compliance Status
Bangladesh Bank (BB) issued three circulars in 2013 covering following areas as follows to ensure good governance i.e.
corporate governance in bank management,:
1. BRPD Circular No.11 dated 27 October 2013: Formation & Responsibilities of Board of Directors of a Bank Company.
2. BRPD Circular No.18 dated 27 October 2013: Appointment and Responsibilities of Chief Executive of a Bank-
Company.
3. BRPD Circular No.19 dated 27 October 2013: Contractual appointment of Advisor and Consultant in a Bank-Company.
4. BRPD Circular letter no. 27 dated 12 May 2021: Appointment of director, contractual advisor and consultant for
Bank-Company
20.1.1 Formation & Responsibilities of Board of Directors of a Bank Company.
Sl. Particulars Compliance Status
1 Formation of Board of Directors: Prior approval of Bangladesh Bank before the appointment/re- Complied
appointment of new directors including Independent Directors; director’s fit & proper criteria;
maximum number of directors; appointment of maximum 2(two) members from a family as director.
1.1 Appointment of New directors: Under section 15(4) of the Bank Company Act, 1991 (amended upto Complied
2013), every banking company, other than specialized banks, at the time of taking prior approval from
Bangladesh Bank for appointing/reappointing directors should furnish documents as mentioned in
the BRPD Circular No.11 dated 27 October 2013along with the application.
1.2 Vacation of office of Director
(a) The office of director shall be vacated according to the instructions specified in section 108(1) of the No such case
Companies Act, 1994. Besides, when a bank director becomes defaulter and does not repay the loan
within two months after getting a notice under the section 17 of the Bank Company Act, 1991; provides
false statement at the time of appointment; or fails to fulfill the minimum eligibility criteria, the office
of the director will be vacated.
(b) If the office of a director is vacated by a notice under the section 17 of BCA, the person will not be No such incident
eligible to become a director of the bank or any other bank or any financial institution for one year
from the date of repayment of the total amount due to the bank. It is mentionable here that the dues
can be adjusted with the shares held by the director in that bank. When a director receives a notice
under section 17 of BCA, 1991, he/she can’t transfer his/her shares of that bank until he/she repays all
the liabilities of the noticed bank or financial institution.
(c) Besides, Bangladesh Bank can remove a director or chairman of a bank, except state owned banks, for No such instance
conducting any kind of activities that is detrimental to the interest of the banks depositors or against
the public interest under Section 46 and can supersede the board of a banking company under Section
47 of BCA, 1991.
1.3 Removal of Directors from office: With the prior approval of Bangladesh Bank, a bank director No such instance
other than specialized banks can be removed from his office for the reason specified in its Articles
of Association. For this purpose, the reason and grounds of the dismissal/removal and copy of the
decision of the board and list of directors should be submitted to Bangladesh Bank. In this case, the
removal will be effective from the date of Bangladesh Bank’s approval.
1.4 Appointment of Alternate Director: an alternate director can be appointed to act for a director during Currently No such
his absence for a continuous period of not less than three months from Bangladesh. In this context, Director in JBL
the instructions stipulated in BRPD Circular No.11 dated 27 October 2013 should be followed.
Jamuna Bank Limited 159
Sl. Particulars Compliance Status
2 Depositor Director: As the previous provisions regarding appointment of Depositor Directors of the Currently No such
Bank Company Act, 1991 has been amended; appointment of director from depositors is no longer Director in JBL
required. But, after complying regulation under sec 15(9) of the Bank Company Act, 1991 (amended
upto 2013) bank can consider the tenure of existing depositor director or may appoint them as
independent director.
3 Information regarding Directors: Banks are advised to take the following steps regarding director
information:
(a) Every bank should keep an updated list of Bank Directors. Complied
(b) Banks should send a directors’ list to other banks or financial institutions immediately after the Complied
appointment or release of director.
(c) Banks should display a list of directors in the website and update it on a regular basis. Complied
4 Responsibilities of the Board of Directors
4.1 Responsibilities and Authorities of the Board of Directors:
(a) Work-planning and strategic management:
(i) The board shall determine the objectives and goals and to this end shall chalk out strategies and Complied
work-plans on annual basis. It shall specially engage itself in the affairs of making strategies consistent
with the determined objectives and goals and in the issues relating to structural change and reformation
for enhancement of institutional efficiency and other relevant policy matters. It shall analyze/monitor,
at quarterly rests, the development of implementation of the work-plans.
(ii) The board shall have its analytical review incorporated in the Annual Report as regards to the Complied
success/failure in achieving the business and other targets as set out in its annual work-plan and shall
apprise the shareholders of its opinions/ recommendations on future plans and strategies. It shall set
the Key Performance Indicators (KPIs) for the CEO & officers immediate two tiers below the CEO, and
have it evaluated from time to time.
(b) Credit and risk management:
(i) The policies, strategies, procedures etc. in respect of appraisal of loan/investment proposal, Complied
sanction, disbursement, recovery, reschedule and write-off thereof shall be made with the board’s
approval under the purview of the existing laws, rules and regulations. The board shall specifically
distribute the power of sanction of loan/investment and such distribution should desirably be made
among the CEO and his subordinate executives as much as possible. No director, however, shall
interfere, direct or indirect, into the process of loan approval.
(ii) The board shall frame policies for risk management and get them complied with and shall monitor Complied
the compliance at quarterly rests and review the concerned report of the risk management team and
shall compile in the minutes of the board meeting. Theboard shall monitor the compliance of the
guidelines of Bangladesh Bank regarding key risk management.
(c) Internal control management
The board shall be vigilant on the internal control system of the bank in order to attain and maintain Complied
satisfactory qualitative standard of its loan/investment portfolio. The board will establish such an
internal control system so that the internal audit process can be conducted independently from the
management. It shall review the reports submitted by its audit committee at quarterly rests regarding
compliance of recommendations made in internal and external audit reports and the Bangladesh Bank
inspection reports.
(d) Human resources management and development:
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Annual Report 2022
Sl. Particulars Compliance Status
(i) Policies relating to recruitment, promotion, transfer, disciplinary and punitive measures, human Complied.
resources development etc. and service rules shall be framed and approved by the board. The chairman
or the directors shall in no way involve themselves or interfere into or influence over any administrative (BoD of JBL approves
affairs including recruitment, promotion, transfer and disciplinary measures as executed under the HR policy from
set service rules. No member of the board of directors shall be included in the selection committees for time to time which
recruitment and promotion to different levels. Recruitment, promotion, transfer & punishment of the guides all actions or
officers immediate two tiers below the CEO shall, however, rest upon the board. Such recruitment and decisions related to
promotion shall have to be carried out complying with the service rules i.e., policies for recruitment HR of JBL)
and promotion.
(ii) The board shall focus its special attention to the development of skills of bank’s staff in different Complied
fields of its business activities including prudent appraisal of loan/investment proposals, and to
the adoption of modern electronic and information technologies and the introduction of effective
Management Information System(MIS). The board shall get these programmes incorporated in its
annual work plan.
(iii) The board will compose Code of Ethics for every tier and they will follow it properly. The board will Complied
promote healthy code of conducts for developing a compliance culture.
(e) Financial management: Complied
(i) The annual budget and the statutory financial statements shall be finalized with the approval of the
board. It shall at quarterly rests review/monitor the positions in respect of bank’s income, expenditure,
liquidity, non-performing asset, capital base and adequacy, maintenance of loan loss provision and
steps taken for recovery of defaulted loans including legal measures.
(ii) The board shall frame the policies and procedures for bank’s purchase and procurement activities Complied
and shall accordingly approve the distribution of power for making such expenditures. The maximum (JBL follows a
possible delegation of such power of expenditures shall rest on the CEO and his subordinates. The Board approved
decision on matters ‘Procurement and
relating to infrastructure development and purchase of land, building, vehicles etc. for the purpose of disposal policy’)
bank’s business shall, however, be adopted with the approval of the board.
(iii) The board will review whether an Asset-Liability Committee (ALCO) has been formed and it is Complied
working according to Bangladesh Bank guidelines.
(f) Appointment of Chief Executive Officer (CEO):In order to strengthen the financial base of the bank Complied
and obtain confidence of the depositors, one of the major responsibilities of the board of directors
is to appoint an honest, efficient, experienced and suitable CEO or Managing Director. The Board of
directors will appoint a suitable CEO with the approval of the Bangladesh Bank.
(g) Other responsibilities of the Board: In accordance to BB Guidelines issued from time to time. Complied. (The BoD
will do so as and
when required by BB)
4.2 Meeting of Board: Board of directors may meet once or more than once in a month if necessary. But Complied.
Board of directors shall meet at least once in every three months. Excessive meetings are discouraged. (Usually JBL holds
two Board Meetings
in a month)
4.3 Responsibilities of the Chairman of the Board
As the chairman of the board of directors or chairman of any committee formed by the board or any Complied
director does not personally possess the jurisdiction to apply policy making or executive authority, he/
she shall not participate in or interfere into the administrative or operational and routine affairs of
the bank.
Jamuna Bank Limited 161
Sl. Particulars Compliance Status
The chairman may conduct on-site inspection of any bank-branch or financing activities under the Complied
purview of the oversight responsibilities of the board. He may call for any information relating to
bank’s operation or ask for investigation into any such affairs; he may submit such information or
investigation report to the meeting of the board or the executive committee and if deemed necessary,
with the approval of the board, he shall effect necessary action thereon in accordance with the set
rules through the CEO.
However, any complaint against the CEO shall have to be apprised to Bangladesh Bank through the
board along with the statement of the CEO.
The chairman may be offered an office-room, a personal secretary/assistant, one peon/MLSS, one Complied
telephone at the office, one mobile phone to use inside the country and a vehicle in the business-
interest of the bank subject to the approval of the board.
5 Formation of committees from the Board of Directors: Each bank company can form 1(one) executive Complied
committee, 1(one) audit committee and 1(one) risk management committee with the directors. Board
can’t form any other permanent, temporary or sub- committee except the above mentioned three
committees.
5.1 Executive committee: Executive committee to be formed with the members of the board to continue the Complied
urgent and daily or routine works between the intervals of two board meetings. Executive committee
will perform according to their terms of reference determined by the board of directors. Banks to be
followed instruction of BRPD Circular No.11 dated 27 October 2013 as regards to (A) Organizational
structure, (B) Qualifications of the Members & (C) Meetings of the Executive Committee.
5.2 Audit Committee: Audit committee to be formed with the members of the board to review the financial Complied
reporting process, the system of internal control and management of financial risks, the audit process,
and the bank’s process for monitoring compliance with laws and regulations and its own code of
business conduct. Banks to be followed instruction of BRPD Circular No.11 dated 27 October 2013 as
regards to (A) Organizational structure, (B) Qualifications of the Member, (C) Roles and Responsibilities
of the Audit Committee & (D) Meeting of the Audit Committee.
5.3 Risk Management Committee: Risk Management committee to be formed with the members of the Complied
board to play an effective role in mitigating impending risks arising out from strategies and policies
formulated by the Board and to carry out the responsibilities efficiently. After identifying and
assessing several risk factors like credit risks, foreign exchange risks, internal control and compliance
risks, money laundering risks, information and communication risks, management risks, interest
risks, liquidity risks etc.; the risk management committee will scrutinize whether appropriate risk
management measures are being put in place and applied and whether adequate capital and provision
is being maintained against the risks identified. Banks to be followed instruction of BRPD Circular
No.11 dated 27 October 2013 as regards to (A) Organizational structure, (B) Qualifications of the
Member, (C) Roles and Responsibilities of the Risk Management Committee & (D) Meeting of the Risk
Management Committee.
6. Training for the Directors: The directors shall make themselves fully aware of the banking laws and Complied
other related rules and regulations for performing his duties properly.
7 The Chief Executive Officer will inform about this circular to the directors and other related persons. Complied
20.1.3. Appointment and Responsibilities of Chief Executive of a Bank Company.
Sl. Particulars Compliance Status
A Rules and regulations for appointing CEO
1 Moral Integrity: In case of appointment to the post of Chief Executive, satisfaction in respect of the Complied
concerned person should be ensured to the effects that,-
a. He has not been convicted by any Criminal Court of Law;
b. He has not been punished for violating any rules, regulations or procedures/norms set by any
Controlling Authority;
c. He was not associated with any such company/organization, registration or licence of which has
been cancelled.
162
Annual Report 2022
Sl. Particulars Compliance Status
2 Experience and Suitability: Complied
a. For appointment as chief executive, the concerned person must have experience in banking
profession for at least 15 (fifteen) years as an active officer and at least 02 (two) years experience
in a post immediate below the chief executive of a bank.
b. He must at least have a Masters degree from any recognized university. Higher academic
education in the field of Economics, Accounting, Banking and Finance or Business
Administration will be given importance for the concerned person for appointing/re-appointing
as Managing Director. No third class will be acceptable in his/her educational life. In grading
system, he should have minimum GPA 3.00 in SSC and HSC levels and CGPA 2.50 out of 4.00
or 3.00 out of 5.00 in Graduation and post-graduation level from any approved University.
(amended on 24th December 2018 vide BRPD Circular Letter No.26)
c. In respect of service, the concerned person should have excellent record of performance.
d. Satisfaction should be ensured that the concerned person was not dismissed from service when
he was chairman/director/official of any company;
e. Any director of any bank or financial institution or any person who has business interest in the
bank concerned will not be eligible for appointment to the post of chief executive.
3 Transparency and Financial Integrity: As per BRPD Circular No.18 dated 27 October 2013 issued by Complied
Bangladesh Bank.
4 Age limit: No person crossing the age of 65 years shall hold the post of CEO of a bank. Complied
5 Tenure: The tenure of the chief executive shall be for at least 03 (three) years, which is renewable. If the Complied
candidate has less than 3 years left to attain 65 years, he/she can be appointed for that period.
6 Guidelines in fixing the salary and allowances: Banks are required to follow the guidelines stipulated Complied
in BRPD Circular No.18 dated 27 October 2013 issued by Bangladesh Bank while determining the salary
and allowances of the CEO and submitting such proposal to Bangladesh Bank.
7 Incentive Bonus: Subject to the payment of incentive bonuses to all stuffs/employees, the CEO will be Complied
eligible to get such bonus. However, the amount of CEO’s incentive bonus will not cross Taka 10.00
(ten) lacs per year.
8 Honorarium for Board Meeting: As CEO is a salaried official of the bank, he will not get any honorarium Complied
for attending the Board meeting or the meeting of any Committee formed by the Board.
9 Evaluation Report: While reappointing CEO, an evaluation report approved by the board of directors Complied
should be submitted to Bangladesh Bank by the chairman of the Board.
10 Prior approval from Bangladesh Bank: Prior approval from Bangladesh Bank is mandatory before Complied
appointing CEO as per section 15(4) & (5) of the Bank Company Act 1991 (Amended upto 2013). For
processing such approval, along with the proposal signed by the chairman of the board, the selected
person’s complete resume, offer letter (mentioning the direct & indirect remuneration and facilities)
and copy of board’s approval must be submitted to Bangladesh Bank. The selected person must also
submit declarations as per Annexure-ka & Annexure-kha to Bangladesh Bank.
11 Decision of Bangladesh Bank if final The decision of BB for appointment of CEO will be treated as final Complied
and such appointed CEO cannot be dismissed, released and removed from his office without prior
approval from Bangladesh Bank.
B Duties and Responsibilities of CEO: The CEO of the bank, whatever name called, shall discharge the Complied
responsibilities and affect the authorities as mentioned in the BRPD Circular No.18 dated 27 October
2013 issued by Bangladesh Bank.
20.1.3. Contractual appointment of Advisor and Consultant in a Bank-Company
Sl. Particulars Compliance Status
A Rules and regulations for Appointment of Advisor:- No such advisor in
JBL
1. Experience and Suitability: As mentioned in the BRPD Circular No.19 dated 27 October 2013 issued N/A
by Bangladesh Bank.
Jamuna Bank Limited 163
Sl. Particulars Compliance Status
2. Responsibilities: As mentioned in the BRPD Circular No.19 dated 27 October 2013 issued by N/A
Bangladesh Bank.
3. Prior approval from Bangladesh Bank: As mentioned in the BRPD Circular No.19 dated 27 October N/A
2013 issued by Bangladesh Bank.
4. Remuneration and other facilities: As mentioned in the BRPD Circular No.19 dated 27 October 2013 N/A
issued by Bangladesh Bank.
5. Tenure: As mentioned in the BRPD Circular No.19 dated 27 October 2013 issued by Bangladesh Bank. N/A
6. Appointment of Ex-officials: As mentioned in the BRPD Circular No.19 dated 27 October 2013 issued N/A
by Bangladesh Bank.
B Appointment of Consultant:-
1. Terms of Reference: As mentioned in the BRPD Circular No.19 dated 27 October 2013 issued by No such Consultant
Bangladesh Bank. in JBL
2. Responsibilities: As mentioned in the BRPD Circular No.19 dated 27 October 2013 issued by N/A
Bangladesh Bank.
3. Appointment: As mentioned in the BRPD Circular No.19 dated 27 October 2013 issued by Bangladesh N/A
Bank.
4. Tenure: As mentioned in the BRPD Circular No.19 dated 27 October 2013 issued by Bangladesh Bank. N/A
5. Remuneration/honorarium: As mentioned in the BRPD Circular No.19 dated 27 October 2013 issued N/A
by Bangladesh Bank.
6. Appointment of Ex-officials: As mentioned in the BRPD Circular No.19 dated 27 October 2013 issued N/A
by Bangladesh Bank.
B.1 Compliance of BRPD Circular letter no. 27 dated 12 May 2021 regarding Appointment of director,
contractual advisor and consultant for Bank-Company
A former Director, Managing Director or Chief Executive Officer of a banking company or an official N/A
up to the immediate two level below the Chief Executive Officer cannot be appointed as an Adviser or
Consultant of the same Bank till 5 years have elapsed after retirement or expiry of the contract
Regular or contractual officials will never be eligible to be appointed as a Director of the same Bank N/A
after retirement or expiry of the contract
164
Annual Report 2022
Jamuna Bank Limited 165
Corporate Governance Compliance
Checklist
Jamuna Bank Limited (JBL) is complying with the Corporate Governance Code vide its Notification No. BSEC/
CMRRCD/2006-158/207/Admin/80; dated: 03 June 2018 Gazetted on 10 June 2018. Status of compliance of Jamuna Bank
for the year ended December 2020 is as follows:
Compliance Status
(Put √ in the
Condition
Title appropriate column) Remarks
No.
Not
Complied
complied
1.0 Board of Directors
1.1 Board Size: The number of Board Members shall not be less than 5 √ Number of Board
(five) and more than 20 (twenty) members of Jamuna
Bank is 20 including 4
Independent Directors
1.2 Independent Directors
1.2 (a) At least one fifth (1/5) of the total number of directors in the √
company’s board shall be Independent Directors; any fraction
shall be considered to the next integer or whole
number for calculating number of independent director(s);
1.2 (b) (i) Who either does not hold any share in the company or holds less √
than one percent (1%) shares of the total paid-up shares of the
company;
1.2 (b) (ii) Who is not a sponsor and in not connected with any Sponsor/ √
director/nominated director/shareholder of the company or any of
its associates, sister concerns, subsidiaries and parents or holding
entities who holds one percent (1%) or more shares of the total
paid-up shares of the company on the basis of family relationship
and his or her family members also shall not hold above mentioned
shares in the company:
1.2 (b) (iii) who has not been an executive of the company in immediately √ None of the
preceding 2 (two) financial years; Independent Directors
is an ex-employee of
the company
1.2 (b) (iv) Does not have any other relationship, whether pecuniary √
or otherwise, with the company or its subsidiary/associated
companies
1.2 (b) (v) who is not a member or TREC (Trading Right Entitlement √
Certificate) holder, director or officer of any stock exchange;
1.2 (b) (vi) who is not a shareholder, director excepting independent director √
or officer of any member or TREC holder of stock exchange or an
intermediary of the capital market;
1.2 (b) (vii) who is not a partner or an executive or was not a partner or an √
executive during the preceding 3 (three) years of the concerned
company’s statutory audit firm or audit firm engaged in internal
audit services or audit firm conducting special audit or professional
certifying compliance of this Code;
1.2 (b) (viii) Not be an independent director in more than 5 (five) listed √
companies;
1.2 (b) (ix) Not been convicted by a court of competent jurisdiction as a - - N/A
defaulter in payment of any loan to a bank or a Non-Bank Financial
Institution (NBFI);
166
Annual Report 2022
Compliance Status
(Put √ in the
Condition
Title appropriate column) Remarks
No.
Not
Complied
complied
1.2 (b) (x) Not been convicted for a criminal offence involving moral turpitude - - N/A
1.2 (c) The independent director(s) shall be appointed by the board of √
directors and approved by the shareholders in the Annual General
Meeting (AGM).
1.2 (d) The post of independent director(s) cannot remain vacant for more √
than 90 (ninety) days.
1.2 (e) The tenure of office of an independent director shall be for a period √
of 3 (three) years, which may be extended for 1 (one) term only.
Former independent director may be considered for reappointment
for another tenure after a time gap of one tenure, i.e., three years
from his or her completion of consecutive two tenures [i.e. six
years]:
Provided further that the independent director shall not be subject
to retirement by rotation as per the Companies Act, 1994.
1.3 Qualification of Independent Director (ID)
1.3 (a) Knowledgeable individual with integrity who is able to ensure √ - -
compliance with financial, regulatory and corporate laws and can
make meaningful contribution to business.
1.3 (b) Independent director shall have following qualifications:
1.3 (b) (i) Business Leader who is or was a promoter or director of an unlisted √ Please see the
company having minimum paid-up capital of Tk. 100.00 million or Directors’ profile for
any listed company or a member of any national or international details
chamber of commerce or business association; or
1.3 (b) (ii) Corporate Leader who is or was a top level executive not lower than √ Please see the
Chief Executive Officer or Managing Director or Deputy Managing Directors’ profile for
Director or Chief Financial Officer or Head of Finance or Accounts details
or Company Secretary or Head of Internal Audit and Compliance
or Head of Legal Service or a candidate with equivalent position
of an unlisted company having minimum paid-up capital of Tk.
100.00 million or of a listed company; or
1.3 (b) (iii) Former official of government or statutory or autonomous or √ Please see the
regulatory body in the position not below 5th Grade of the national Directors’ profile for
pay scale, who has at least educational background of bachelor details
degree in economics or commerce or business or Law; or
1.3 (b) (iv) University Teacher who has educational background in Economics - - N/A
or Commerce or Business Studies or Law; or
1.3 (b) (v) Professional who is or was an advocate practicing at least in the - - N/A
High Court Division of Bangladesh Supreme Court or a Chartered
Accountant or Cost and Management Accountant or Chartered
Financial Analyst or Chartered Certified Accountant or Certified
Public Accountant or Chartered Management Accountant or
Chartered Secretary or equivalent qualification;
1.3 (c) The independent director shall have at least 10 (ten) years of √ -
experiences in any field mentioned in clause (b);
1.3 (d) In special cases the above qualifications may be relaxed subject to No such deviation
prior approval of the Commission occurred
1.4 Duality of Chairperson of the Board of Directors and Managing Director or Chief Executive Officer.
1.4 (a) The positions of the Chairperson of the Board and the Managing √ - -
Director (MD) and/or Chief Executive Officer (CEO) of the company
shall be filled by different individuals;
Jamuna Bank Limited 167
Compliance Status
(Put √ in the
Condition
Title appropriate column) Remarks
No.
Not
Complied
complied
1.4 (b) The Managing Director (MD) and/or Chief Executive Officer (CEO) √ - -
of a listed company shall not hold the same position in another
listed company;
1.4 (c) The Chairperson of the Board shall be elected from among the √ - Please see the
non-executive directors of the company; Directors’ report for
details
1.4 (d) The Board shall clearly define respective roles and responsibilities √ - Please see the
of the Chairperson and the Managing Director and/ or Chief Directors’ report for
Executive officer; details
(Directors’
Responsibility
Statement)
1.4 (e) In the absence of the Chairperson of the Board, the remaining √ - -
members may elect one of themselves from non-executive directors
as Chairperson for that particular Board’s meeting; the reason of
absence of the regular Chairperson shall be duly recorded in the
minutes.
1.5 The Directors’ Report to Shareholders
1.5 (i) An industry outlook and possible future developments in the √ Please see the
industry; Directors’ Report for
details
1.5 (ii) The segment-wise or product-wise performance; √
1.5 (iii) Risks and concerns including internal and external risk factors, √
threat to sustainability and negative impact on environment, if
any;
1.5 (iv) A discussion on Cost of Goods sold, Gross Profit Margin and Net √
Profit Margin, where applicable;
1.5 (v) A discussion on continuity of any extraordinary activities and their - - No such event arose
implications (gain or loss);
1.5 (vi) A detailed discussion on related party transactions along with √ Details in the
a statement showing amount, nature of related party, nature Director’s Report
of transactions and basis of transactions of all related party and subsequently
transactions; elaborated in the
note 46(A) of Audited
Financial Statements
1.5 (vii) A statement of utilization of proceeds raised through public issues, √
rights issues and/or any other instruments;
1.5 (viii) An explanation if the financial results deteriorate after the company - - N/A
goes for Initial Public Offering (IPO), Repeat Public Offering (RPO),
Rights Share Offer, Direct Listing, etc.;
1.5 (ix) An explanation on any significant variance that occurs between √ - Please see the
Quarterly Financial performances and Annual Financial Directors’ Report for
Statements; details
1.5 (x) A statement of remuneration paid to the directors including √ Please see the
independent directors; Directors’ Report for
details
1.5 (xi) A statement that the financial statements prepared by the √
management of the issuer company present fairly its state of
affairs, the result of its operations, cash flows and changes in
equity;
1.5 (xii) A statement that proper books of account of the issuer company √
have been maintained;
168
Annual Report 2022
Compliance Status
(Put √ in the
Condition
Title appropriate column) Remarks
No.
Not
Complied
complied
1.5 (xiii) A statement that appropriate accounting policies have been √
consistently applied in preparation of the financial statements
and that the accounting estimates are based on reasonable and
prudent judgment;
1.5 (xiv) A statement that International Accounting Standards (IAS) or √ Departure has been
International Financial Reporting Standards (IFRS), as applicable adequately explained
in Bangladesh, have been followed in preparation of the financial in notes to the
statements and any departure there from has been adequately financial statements
disclosed;
1.5 (xv) A statement that the system of internal control is sound in design √ Please see the
and has been effectively implemented and monitored; Directors’ Report for
details
1.5 (xvi) A statement that minority shareholders have been protected from √
abusive actions by, or in the interest of, controlling shareholders
acting either directly or indirectly and have effective means of
redress;
1.5 (xvii) A statement that there is no significant doubt upon the issuer √
company’s ability to continue as a going concern, if the issuer
company is not considered to be a going concern, the fact along
with reasons there of shall be disclosed;
1.5 (xviii) An explanation that significant deviations from the last year’s √
operating results of the issuer company shall be highlighted and
the reasons thereof shall be explained;
1.5 (xix) A statement where key operating and financial data of at least √ Details in the
preceding 5 (five) years shall be summarized; Directors’ Report
and subsequently
elaborated in the
Stakeholders’
Information segment
of this report.
1.5 (xx) An explanation on the reasons if the issuer company has not - - N/A
declared dividend (cash or stock) for the year;
1.5 (xxi) Board’s statement to the effect that no bonus share or stock √ - Please see the
dividend has been or shall be declared as interim dividend; Directors’ Report for
details
1.5 (xxii) The total number of Board meetings held during the year and √ - Please see the
attendance by each director; Directors’ Report for
details
1.5 (xxiii) A report on the pattern of shareholding disclosing the aggregate number of shares (along with name-wise details
where stated below) held by:
1.5 (xxiii) (a) Parent or Subsidiary or Associated Companies and other related √ Please see the
parties (name-wise details); Directors’ Report for
details
1.5 (xxiii) (b) Directors, Chief Executive Officer, Company Secretary, Chief √
Financial Officer, Head of Internal Audit and Compliance and their
spouses and minor children (name-wise details);
1.5 (xxiii) (c) Executives; and √
1.5 (xxiii) (d) Shareholders holding ten percent (10%) or more voting interest in - - Nil
the company (name-wise details);
1.5 (xxiv) In case of the appointment or reappointment of a director, a disclosure on the following information to the
shareholders:
1.5 (xxiv) (a) a brief resume of the director; √ - Please see the
Directors’ Report for
details
Jamuna Bank Limited 169
Compliance Status
(Put √ in the
Condition
Title appropriate column) Remarks
No.
Not
Complied
complied
1.5 (xxiv) (b) nature of his or her expertise in specific functional areas; and √ -
1.5 (xxiv) (c) names of companies in which the person also holds the directorship √ -
and the membership of committees of the Board;
1.5 (xxv) A Management’s Discussion and Analysis signed by CEO or MD presenting detailed analysis of the company’s position
and operations along with a brief discussion of changes in the financial statements, among others, focusing on:
1.5 (xxv) (a) accounting policies and estimation for preparation of financial √ - Details in the
statements; Management’s
Discussion and
1.5 (xxv) (b) changes in accounting policies and estimation, if any, clearly √ - Analysis section of the
describing the effect on financial performance or results and Annual Report
financial position as well as cash flows in absolute figure for such
changes;
1.5 (xxv) (c) comparative analysis (including effects of inflation) of financial √ -
performance or results and financial position as well as cash flows
for current financial year with immediate preceding five years
explaining reasons thereof;
1.5 (xxv) (d) compare such financial performance or results and financial √ -
position as well as cash flows with the peer industry scenario;
1.5 (xxv) (e) briefly explain the financial and economic scenario of the country √ -
and the globe;
1.5 (xxv) (f) risks and concerns issues related to the financial statements, √ -
explaining such risk and concerns mitigation plan of the company;
and
1.5 (xxv) (g) future plan or projection or forecast for company’s operation, √ -
performance and financial position, with justification thereof, i.e.,
actual position shall be explained to the shareholders in the next
AGM;
1.5 (xxvi) Declaration or certification by the CEO and the CFO to the Board √ - Please see the
as required under condition No. 3(3) shall be disclosed as per Directors’ Report for
Annexure-A; and details
1.5 (xxvii) The report as well as certificate regarding compliance of conditions √ -
of this Code as required under condition No. 9 shall be disclosed as
per Annexure-B and Annexure-C.
1(6) Meetings of the Board of Directors √
The company shall conduct its Board meetings and record the
minutes of the meetings as well as keep required books and
records in line with the provisions of the relevant Bangladesh
Secretarial Standards (BSS) as adopted by the Institute of Chartered
Secretaries of Bangladesh (ICSB) in so far as those standards are
not inconsistent with any condition of this Code.
1(7) Code of Conduct for the Chairperson, other Board members and
Chief Executive Officer.
170
Annual Report 2022
Compliance Status
(Put √ in the
Condition
Title appropriate column) Remarks
No.
Not
Complied
complied
1.7 (a) The Board shall lay down a code of conduct, based on the - - Clause # 5 of BRPD
recommendation of the Nomination and Remuneration Committee Circular no. 11 dated
(NRC) at condition No. 6, for the Chairperson of the Board, other 27 October 2013 issued
board members and Chief Executive Officer of the company; by Bangladesh Bank
does not permit any
1.7 (b) The code of conduct as determined by the NRC shall be posted on - - bank in Bangladesh
the website of the company. form any other
committees namely,
Executive Committee,
Audit Committee and
Risk Management
Committee. Besides,
Bangladesh Bank vide
its letter no. BRPD (R-
1)717/2021-5064 dated
16.06.2021 informed
all the scheduled
banks operating in
the Country that
there is no scope
for compliance with
the provisions of
Corporate Governance
Code, 2018 which
conflict with the
Banking Companies
Act, 1991 and the
directives issued by
Bangladesh Bank.
2 Governance of Board of Directors of Subsidiary Company.
2 (a) Provisions relating to the composition of the Board of the holding √ Jamuna Bank
company shall be made applicable to the composition of the Board Limited has 02 (two)
of the subsidiary company; subsidiaries namely
Jamuna Bank Capital
2 (b) At least 1 (one) independent director on the Board of the holding √ Management Ltd.
company shall be a director on the Board of the subsidiary & Jamuna Bank
company; Securities Ltd.
2 (c) The minutes of the Board meeting of the subsidiary company shall √
be placed for review at the following Board meeting of the holding Please see the
company; Directors’ Report for
details
2 (d) The minutes of the respective Board meeting of the holding √
company shall state that they have reviewed the affairs of the
subsidiary company also;
2 (e) The Audit Committee of the holding company shall also review the √
financial statements, in particular the investments made by the
subsidiary company.
3 Managing Director (MD) or Chief Executive Officer (CEO), Chief Financial Officer (CFO), Head of Internal Audit and
Compliance (HIAC) and Company Secretary (CS)
3(1) Appointment
3(1) (a) The Board shall appoint a Managing Director (MD) or Chief √
Executive Officer (CEO), a Company Secretary (CS), a Chief Financial
Officer (CFO) and a Head of Internal Audit and Compliance (HIAC);
3(1)(b) The positions of the Managing Director (MD) or Chief Executive √ Please see the
Officer (CEO), Company Secretary (CS), Chief Financial Officer Directors’ Report for
(CFO) and Head of Internal Audit and Compliance (HIAC) shall be details
filled by different individuals;
Jamuna Bank Limited 171
Compliance Status
(Put √ in the
Condition
Title appropriate column) Remarks
No.
Not
Complied
complied
3(1)(c) The MD or CEO, CS, CFO and HIAC of a listed company shall not √
hold any executive position in any other company at the same time;
3(1)(d) The Board shall clearly define respective roles, responsibilities and √
duties of the CFO, the HIAC and the CS;
3(1)(e) The MD or CEO, CS, CFO and HIAC shall not be removed from √
their position without approval of the Board as well as immediate
dissemination to the Commission and stock exchange(s).
3(2) Requirement to attend Board of Directors’ Meetings
The MD or CEO, CS, CFO and HIAC of the company shall attend the √
meetings of the Board:
Provided that the CS, CFO and/or the HIAC shall not attend such
part of a meeting of the Board which involves consideration of an
agenda item relating to their personal matters.
3(3) Duties of Managing Director (MD) or Chief Executive Officer (CEO) and Chief Financial Officer (CFO)
3(3)(a) The MD or CEO and CFO shall certify to the Board that they have √ Please see Directors’
reviewed financial statements for the year and that to the best of report for details
their knowledge and belief:
3(3)(a)(i) these statements do not contain any materially untrue statement √
or omit any material fact or contain statements that might be
misleading; and
3(3)(a)(ii) these statements together present a true and fair view of the √
company’s affairs and are in compliance with existing accounting
standards and applicable laws;
3(3)(b) The MD or CEO and CFO shall also certify that there are, to the √
best of knowledge and belief, no transactions entered into by
the company during the year which are fraudulent, illegal or in
violation of the code of conduct for the company’s Board or its
members;
3(3)(c) The certification of the MD or CEO and CFO shall be disclosed in √
the Annual Report.
4 Board of Directors’ Committee.
The Board shall have at least following sub-committees:
(i)Audit Committee; and √
172
Annual Report 2022
Compliance Status
(Put √ in the
Condition
Title appropriate column) Remarks
No.
Not
Complied
complied
(ii) Nomination and Remuneration Committee. - - Clause # 5 of BRPD
Circular no. 11 dated
27 October 2013 issued
by Bangladesh Bank
does not permit any
bank in Bangladesh
form any other
committees namely,
Executive Committee,
Audit Committee and
Risk Management
Committee. Besides,
Bangladesh Bank vide
its letter no. BRPD (R-
1)717/2021-5064 dated
16.06.2021 informed
all the scheduled
banks operating in
the Country that
there is no scope
for compliance with
the provisions of
Corporate Governance
Code, 2018 which
conflict with the
Banking Companies
Act, 1991 and the
directives issued by
Bangladesh Bank.
5 Audit Committee
5(1) Responsibility to the Board of Directors
5(1)(a) The company shall have an Audit Committee as a sub-committee √ -
of the Board;
5(1)(b) The Audit Committee shall assist the Board in ensuring that the √ - Please see the
financial statements reflect true and fair view of the state of affairs Directors’ Report for
of the company and in ensuring a good monitoring system within details
the business;
5(1)(c) The Audit Committee shall be responsible to the Board; the duties √ -
of the Audit Committee shall be clearly set forth in writing.
5(2) Constitution of the Audit Committee
5(2)(a) The Audit Committee shall be composed of at least 3 (three) √ - Number of members
members; in Audit Committee
is 5
5(2)(b) The Board shall appoint members of the Audit Committee who shall √ - Audit Committee
be non-executive directors of the company excepting Chairperson is composed with 5
of the Board and shall include at least 1 (one) independent director; members (including
2 Independent
Directors) as per
provision of BRPD
Circular no. 11 dated
27 October 2013 issued
by Bangladesh Bank
5(2)(c) All members of the audit committee should be “financially literate” √ -
and at least 1 (one) member shall have accounting or related
financial management background and 10 (ten) years of such
experience;
Jamuna Bank Limited 173
Compliance Status
(Put √ in the
Condition
Title appropriate column) Remarks
No.
Not
Complied
complied
5(2)(d) When the term of service of any Committee member expires or - - Not such event
there is any circumstance causing any Committee member to be occurred
unable to hold office before expiration of the term of service, thus
making the number of the Committee members to be lower than
the prescribed number of 3 (three) persons, the Board shall appoint
the new Committee member to fill up the vacancy immediately
or not later than 1 (one) month from the date of vacancy in the
Committee to ensure continuity of the performance of work of the
Audit Committee;
5(2)(e) The company secretary shall act as the secretary of the Committee; √ -
5(2)(f) The quorum of the Audit Committee meeting shall not constitute √ -
without at least 1 (one) independent director.
5(3) Chairperson of the Audit Committee
5 (3)(a) The Board shall select 1 (one) member of the Audit Committee to be √ -
Chairperson of the Audit Committee, who shall be an independent
director;
5 (3)(b) In the absence of the Chairperson of the Audit Committee, the √ -
remaining members may elect one of themselves as Chairperson
for that particular meeting, in that case there shall be no problem
of constituting a quorum as required under condition No. 5(4)(b)
and the reason of absence of the regular Chairperson shall be duly
recorded in the minutes.
5 (3)(c) Chairperson of the Audit Committee shall remain present in the √ -
Annual General Meeting (AGM)
5 (4) Meeting of the Audit Committee
5 (4) (a) The Audit Committee shall conduct at least its four meetings in a √ - Please see the
financial year: Provided that any emergency meeting in addition to Directors’ Report for
regular meeting may be convened at the request of any one of the details
members of the Committee; (Report of the Audit
Committee)
5 (4) (b) The quorum of the meeting of the Audit Committee shall be √ -
constituted in presence of either two members or two-third of
the members of the Audit Committee, whichever is higher, where
presence of an independent director is a must.
5 (5) Role of Audit Committee The Audit Committee shall:
5 (5) (a) Oversee the financial reporting process; √ -
5 (5) (b) Monitor choice of accounting policies and principles; √ -
5 (5) (c) Monitor Internal Audit and Compliance process to ensure that it is √ -
adequately resourced, including approval of the Internal Audit and
Compliance Plan and review of the Internal Audit and Compliance
Report;
5 (5) (d) Oversee hiring and performance of external auditors; √ -
5 (5) (e) Hold meeting with the external or statutory auditors for review of √ -
the annual financial statements before submission to the Board for
approval or adoption;
5 (5) (f) Review along with the management, the annual financial √ -
statements before submission to the Board for approval;
5 (5) (g) Review along with the management, the quarterly and half yearly √ -
financial statements before submission to the Board for approval;
5 (5) (h) Review the adequacy of internal audit function; √ -
174
Annual Report 2022
Compliance Status
(Put √ in the
Condition
Title appropriate column) Remarks
No.
Not
Complied
complied
5 (5) (i) Review the Management’s Discussion and Analysis before √ -
disclosing in the Annual Report;
5 (5) (j) Review statement of all related party transactions submitted by the √ -
management;
5 (5) (k) Review Management Letters or Letter of Internal Control weakness √ -
issued by statutory auditors;
5 (5) (l) Oversee the determination of audit fees based on scope and √ -
magnitude, level of expertise deployed and time required for
effective audit and evaluate the performance of external auditors;
and
5 (5) (m) Oversee whether the proceeds raised through Initial Public - - N/A
Offering (IPO) or Repeat Public Offering (RPO) or Rights Share
Offer have been utilized as per the purposes stated in relevant offer
document or prospectus approved by the Commission:
5 (6) Reporting of the Audit Committee
5(6)(a) Reporting to the Board of Directors
5(6)(a)(i) The Audit Committee shall report on its activities to the Board. √
5(6)(a)(ii) The Audit Committee shall immediately report to the Board on the following findings, if any:
5(6)(a)(ii)(a) Report on conflicts of interests; - - No such incidence
arose
5(6)(a)(ii)(b) Suspected or presumed fraud or irregularity or material defect - - No such incidence
identified in the internal audit and compliance process or in the arose
financial statements;
5(6)(a)(ii)(c) Suspected infringement of laws, regulatory compliances including - - No such incidence
securities related laws, rules and regulations; and arose
5(6)(a)(ii)(d) any other matter which the Audit Committee deems necessary - - No such incidence
shall be disclosed to the Board immediately; arose
5(6)(b) Reporting to the Authorities - - No such reportable
If the Audit Committee has reported to the Board about anything incidence arose
which has material impact on the financial condition and results of
operation and has discussed with the Board and the management
that any rectification is necessary and if the Audit Committee
finds that such rectification has been unreasonably ignored, the
Audit Committee shall report such finding to the Commission,
upon reporting of such matters to the Board for three times or
completion of a period of 6 (six) months from the date of first
reporting to the Board, whichever is earlier.
5(7) Reporting to the Shareholders and General Investors √ -
Report on activities carried out by the Audit Committee, including
any report made to the Board under condition No. 5(6)(a)(ii)
above during the year, shall be signed by the Chairperson of the
Audit Committee and disclosed in the annual report of the issuer
company.
Jamuna Bank Limited 175
Compliance Status
(Put √ in the
Condition
Title appropriate column) Remarks
No.
Not
Complied
complied
6 Nomination and Remuneration Committee (NRC)
6(1) Responsibility to the Board of Directors - -
6(1)(a) The company shall have a Nomination and Remuneration - -
Committee (NRC) as a sub-committee of the Board;
6(1)(b) The NRC shall assist the Board in formulation of the nomination - -
criteria or policy for determining qualifications, positive attributes,
experiences and independence of directors and top level executive
as well as a policy for formal process of considering remuneration
of directors, top level executive;
6(1)(c) The Terms of Reference (ToR) of the NRC shall be clearly set forth - -
in writing covering the areas stated at the condition No. 6(5)(b).
6(2) Constitution of the NRC - -
6(2)(a) The Committee shall comprise of at least three members including - - Clause # 5 of BRPD
an independent director; Circular no. 11 dated
27 October 2013 issued
6(2)(b) All members of the Committee shall be non-executive directors; - -
by Bangladesh Bank
6(2)(c) Members of the Committee shall be nominated and appointed by - - does not permit any
the Board; bank in Bangladesh
form any other
6(2)(d) The Board shall have authority to remove and appoint any member - - committees namely,
of the Committee; Executive Committee,
Audit Committee and
6(2)(e) In case of death, resignation, disqualification, or removal of any - - Risk Management
member of the Committee or in any other cases of vacancies, the Committee. Besides,
board shall fill the vacancy within 180 (one hundred eighty) days of Bangladesh Bank vide
occurring such vacancy in the Committee; its letter no. BRPD (R-
6(2)(f) The Chairperson of the Committee may appoint or co-opt any - - 1)717/2021-5064 dated
external expert and/or member(s) of staff to the Committee as 16.06.2021 informed
advisor who shall be non-voting member, if the Chairperson all the scheduled
feels that advice or suggestion from such external expert and/or banks operating in
member(s) of staff shall be required or valuable for the Committee; the Country that
there is no scope
6(2)(g) The company secretary shall act as the secretary of the Committee; - - for compliance with
the provisions of
6(2)(h) The quorum of the NRC meeting shall not constitute without - - Corporate Governance
attendance of at least an independent director; Code, 2018 which
conflict with the
6(2)(i) No member of the NRC shall receive, either directly or indirectly, - -
Banking Companies
any remuneration for any advisory or consultancy role or otherwise,
Act, 1991 and the
other than Director’s fees or honorarium from the company.
directives issued by
6(3) Chairperson of the NRC - - Bangladesh Bank.
6(3)(a) The Board shall select 1 (one) member of the NRC to be Chairperson - -
of the Committee, who shall be an independent director;
6(3)(b) In the absence of the Chairperson of the NRC, the remaining - -
members may elect one of themselves as Chairperson for
that particular meeting, the reason of absence of the regular
Chairperson shall be duly recorded in the minutes;
6(3)(c) The Chairperson of the NRC shall attend the annual general - -
meeting (AGM) to answer the queries of the shareholders:
6(4) Meeting of the NRC - -
6(4)(a) The NRC shall conduct at least one meeting in a financial year; - -
6(4)(b) The Chairperson of the NRC may convene any emergency meeting - -
upon request by any member of the NRC;
176
Annual Report 2022
Compliance Status
(Put √ in the
Condition
Title appropriate column) Remarks
No.
Not
Complied
complied
6(4)(c) The quorum of the meeting of the NRC shall be constituted in - -
presence of either two members or two third of the members
of the Committee, whichever is higher, where presence of an
independent director is must as required under condition No. 6(2)
(h);
6(4)(d) The proceedings of each meeting of the NRC shall duly be recorded - -
in the minutes and such minutes shall be confirmed in the next
meeting of the NRC.
6(5) Role of the NRC - -
6(5)(a) NRC shall be independent and responsible or accountable to the - -
Board and to the shareholders; Clause # 5 of BRPD
Circular no. 11 dated
6(5)(b) NRC shall oversee, among others, the following matters and make - - 27 October 2013 issued
report with recommendation to the Board: by Bangladesh Bank
does not permit any
6(5)(b)(i) Formulating the criteria for determining qualifications, positive - - bank in Bangladesh
attributes and independence of a director and recommend a policy form any other
to the Board, relating to the remuneration of the directors, top level committees namely,
executive, considering the following: Executive Committee,
6(5)(b)(i)(a) The level and composition of remuneration is reasonable and - - Audit Committee and
sufficient to attract, retain and motivate suitable directors to run Risk Management
the company successfully; Committee. Besides,
Bangladesh Bank vide
6(5)(b)(i)(b) The relationship of remuneration to performance is clear and - - its letter no. BRPD (R-
meets appropriate performance benchmarks; and 1)717/2021-5064 dated
16.06.2021 informed
6(5)(b)(i)(c) Remuneration to directors, top level executive involves a balance - - all the scheduled
between fixed and incentive pay reflecting short and long-term banks operating in
performance objectives appropriate to the working of the company the Country that
and its goals; there is no scope
6(5)(b)(ii) Devising a policy on Board’s diversity taking into consideration - - for compliance with
age, gender, experience, ethnicity, educational background and the provisions of
nationality; Corporate Governance
Code, 2018 which
6(5)(b)(iii) Identifying persons who are qualified to become directors and who - - conflict with the
may be appointed in top level executive position in accordance Banking Companies
with the criteria laid down, and recommend their appointment Act, 1991 and the
and removal to the Board; directives issued by
Bangladesh Bank.
6(5)(b)(iv) Formulating the criteria for evaluation of performance of - -
independent directors and the Board;
6(5)(b)(v) Identifying the company’s needs for employees at different levels - -
and determine their selection, transfer or replacement and
promotion criteria; and
6(5)(b)(vi) Developing, recommending and reviewing annually the company’s - -
human resources and training policies;
6(5)(c) The company shall disclose the nomination and remuneration - -
policy and the evaluation criteria and activities of NRC during the
year at a glance in its annual report.
7 External or Statutory Auditors.
7 (1) The issuer company shall not engage its external or statutory √ -
auditors to perform the following services of the company,
namely:-
7 (1)(i) Appraisal or valuation services or fairness opinions; √ -
7 (1)(ii) Financial information systems design and implementation; √ -
Jamuna Bank Limited 177
Compliance Status
(Put √ in the
Condition
Title appropriate column) Remarks
No.
Not
Complied
complied
7 (1)(iii) Book-keeping or other services related to the accounting records or √ -
financial statements;
7 (1)(iv) Broker-dealer services; √ -
7 (1)(v) Actuarial services; √ -
7 (1)(vi) Internal audit services or special audit services; √ -
7 (1)(vii) Any service that the Audit Committee determines; √ -
7 (1)(viii) Audit or certification services on compliance of corporate √ -
governance as required under condition No. 9(1); and
7 (1)(ix) Any other service that creates conflict of interest. √ -
7 (2) No partner or employees of the external audit firms shall possess √ -
any share of the company they audit at least during the tenure of
their audit assignment of that company; his or her family members
also shall not hold any shares in the said company:
7 (3) Representative of external or statutory auditors shall remain √ -
present in the Shareholders’ Meeting (Annual General Meeting
or Extraordinary General Meeting) to answer the queries of the
shareholders.
8 Maintaining a website by the Company.
8 (1) The company shall have an official website linked with the website √ - The required
of the stock exchange. information are
available in the
8 (2) The company shall keep the website functional from the date of √ - Bank’s website https://
listing. jamunabankbd.com
8(3) The company shall make available the detailed disclosures on its √ -
website as required under the listing regulations of the concerned
stock exchange(s).
9 Reporting and Compliance of Corporate Governance.
9(1) The company shall obtain a certificate from a practicing √ - Please see Directors’
Professional Accountant or Secretary (Chartered Accountant or Report & Corporate
Cost and Management Accountant or Chartered Secretary) other Governance
than its statutory auditors or audit firm on yearly basis regarding Certificate for details
compliance of conditions of Corporate Governance Code of the
Commission and shall such certificate shall be disclosed in the
Annual Report.
9(2) The professional who will provide the certificate on compliance √ -
of this Corporate Governance Code shall be appointed by the
shareholders in the annual general meeting.
9(3) The directors of the company shall state, in accordance with the √ -
Annexure-C attached, in the directors’ report whether the company
has complied with these conditions or not.
178
Annual Report 2022
Compliance Checklist in Line with the
Companies Act, 1994 (Amended up to
2020)
The directors of the companies shall include the following additional statements in the Directors’ Report prepared under
section 184 of the Companies Act, 1994 (Act No. XVIII of 1994):-
Sl.
Particulars Compliance Status
No
1 State of the Bank’s affairs : A review of financial performance and position has been
presented in the Directors’ Report 2022 and Management
Discussion and Analysis (MD&A) section with relevant
analytics.
2 Any recommended reserve in the balance sheet: : The amount of ‘Statutory Reserve’ (as per section 24 of Bank
Company Act 1991) is equal to paid-up capital
3 Recommended dividend: : The Board has recommended 17.50% cash dividend and 8.50%
stock dividend for the completed year 2022.
4 Any event after balance sheet date which may affect : None
company’s financial condition:
5 Any change in Bank’s activities, subsidiaries’ activities etc.: : Jamuna Bank Securities Limited (JBSL), a fully owned
subsidiary of Jamuna Bank Limited has started its share
trading activities as a member of Dhaka Stock Exchange Ltd.
on August 08, 2022 under TREC DSE -255. The registered office
of the JBSL is situated at Chinishilpa Bhaban (2nd Floor), 3,
Dilkusha C/A, Dhaka. JBSL is also both TREC and Share holder
of Chittagong Stock Exchange Limited under TREC No. CSE-
147.
Jamuna Bank Limited 179
Report of The Shariah Supervisory
Committee
For the year ended 31 December 2022
Honorable Shareholders of Jamuna Bank Limited
Assalamu Alaikum Wa Rahmatullahi Wa Barakatuhu.
All praises are due to Allah Subhanahu Wa-Ta’ala. He is the under SME’’ for Islami Banking Branches.
One and Second to none. Durud and Salaam are for our • Actualization of Rate of Profit for the Mudaraba
Prophet Mohammad (SM.) who is the best Prophet & last Depositors of Islami Banking activities.
Messenger of Allah and the Rahmat for the creatures of • Organizing Workshop / Training programs for the
the world. Officials of Islami Banking operations and Al-Ihsan
Islami Banking Service Centers of the Bank.
We are pleased to express our appreciation to the Board of • Arranging awareness program for compliance with the
Directors, the Managing Director and all the members of Islami Shari’ah.
the Management Team of Jamuna Bank Limited for their • Different guidelines / policies for Islami Banking
continuous support. We are grateful to our honorable operations.
shareholders and clients for their confidence reposed on us.
Without their confidence and support, we would not be able Shari’ah Supervisory Committee of the Bank has given
to perform our duties properly. their valuable opinion for paying Zakat on specific fund
of the Islami Banking Branches. However, individual
The Shari’ah Supervisory Committee has participated in shareholders/depositors are to pay their Zakat based on
different meetings and discussed various issues on Islami their individual shareholding /deposits along with their
Banking activities of the Bank in respect of the Islami other assets on which Zakat is due.
Shari’ah Principles & Regulations and provided opinion and
necessary directives during the year 2022. Islami Banking Shari’ah Supervisory Committee of the Bank believes to
Division of the Bank inspected two Islami Banking Branches mention slight discussion on relationship between Islam &
of the Bank during the year and submitted their reports to Islami Banking for all its stakeholders. Because, a minute
the Shari’ah Supervisory Committee. Irregularities/lapses as number of us are till date confused regarding necessity of
detected were reported directly to the Shari’ah Supervisory Islami Banking. They may assume that the Islam includes
Committee for information and necessary guidance only Salat, Siyam, Hajj and Zakat. But the fact we may
on remedial measures. Decision of the Committee was mention at a glance as following manner:
disseminated accordingly to the respective branches for
compliance / non-recurrence of the irregularities/ lapses.
Mentionanable here, duty of the Shari’ah Supervisory
Committee is to provide independent opinion & necessary
guidelines upon observing and reviewing the activities of
the Bank and to conduct Shari’ah related training for the
human resources of the Bank and also to make the clients
aware of the issues related to Shari’ah compliance. On
the other hand, the responsibility of the Islami Banking
Branches is to ensure that the businesses are carried out
in accordance with the rules and principles of Islami
Shari’ah. As per recommendation of Shari’ah Supervisory
Committee, Officials performing in Islamic Shari’ah based
branches are also evaluated periodically based on their
knowledge on basics and updates on Islami Banking.
The Shari’ah Supervisory Committee had also discussed/
reviewed and opined on the following issues in their
meetings at Jamuna Bank Limited during 2022: Shari’ah Supervisory Committee recommends following
• Shari’ah Inspection Report on the Islami Banking for active consideration of the Bank:
Branches. • To become more conscious regarding buying & selling
• Opinion on issuing new product namely “Quard (PO) in the buying & selling mode of Investment of the
Islami Banking Branches.
180
Annual Report 2022
• To take effective measures to operate investment in Musharaka and Mudaraba mode,
• which are superior modes of investment in Islami Banking system.
• To take necessary steps to implement the ‘Maqasid-e-Shari’ah’ (i.e. goal and purpose of Islami Shari’ah) in over all
activities of the Islami Banking to ensure common welfare of humanity.
• To take initiative for training/workshop both of local and abroad at all levels of human resources related with
Islami Banking services, which may be extended for conventional officials also.
• Finally, to take effective initiative for converting existing Bank’s conventional activities into the full-fledged Islami
Banking,
May Allah (SWT) give us tawfiq to achieve His satisfaction through implementing Shari’ah rules and principles in all
areas of Islami Banking activities as well as our life.
Ma-assalam.
Dr. Saikh Muhammad Mahadi Hasan
Chairman, Shari’ah Supervisory Committee
Jamuna Bank Limited 181
Annexure-I
RELATED PARTY TRANSACTIONS
The Bank in its ordinary course of business undertook date, the Bank had funded exposures with its subsidiaries
financial transactions with some entities or persons that and credit card limit to some of its Directors. Besides, the
fall within the definition of ‘Related Party’ as contained in Bank had procured some goods and services from the
IAS 24 (Related Party Disclosures) and relevant provisions entities of related parties during 2022. Details of related
of Bank Company Act 1991 and Bangladesh Bank BRPD party transactions are furnished below
Circular No. 14 dated 25 June 2003. As on the reporting
1. a) Funded/Non-Funded facilities
Nature of Interest
Outstanding Outstanding
Name of the of the Directors Nature of Amount
Representing Directors (BDT) as at (BDT) as at
organization with the borrowing facilities Overdue
31.12.2021 31.12.2022
firm/ individual
Nil
1. b) Credit Card facilities:
Nature of interest with Outstanding Outstanding
Representing Directors Status
Jamuna Bank as at 31.12.2021 as at 31.12.2022
1. Al-Haj Nur Mohammed Director BDT 186,805 BDT 16,825 Regular
USD 9.58
2. Gazi Golam Murtoza Director USD 6,316.93 BDT 103,771 Regular
BDT 380,641
3. Md. Mahmudul Hoque Director BDT 12,130 BDT 5,637 Regular
2. Transactions relating to procurement, service & rent
Related Directors of Transaction Outstanding as at
Name of the Company Person Nature of transactions
Jamuna Bank made in 2022 31.12.2022
Samoy Media Ltd. Fazlur Rahman Advertisement 6,90,000 -
(Electronic media)
Md. Hasan
Gazi Satellite Television Ltd. Gazi Golam Murtoza Advertisement 2,300,000 -
(Electronic media)
3. Inter-Company balances between Jamuna Bank and Subsidiaries
Name of the subsidiaries Nature of Account Closing Balance as at 31.12.2022
Jamuna Bank Capital Management Ltd. Short Notice Deposit 45,508,882
Secured Overdraft 646,771,529
Jamuna Bank Securities Ltd. Short Notice Deposit 1,342,820
Secured Overdraft 9,931,694
4. Compensation of key management personnel (figure in BDT)
Managing Director’s Salary and fees Amount as at 31.12.2022
Basic Salary 8,388,710
Allowances 4,003,225
Bonus 2,430,000
Total 14,821,935
182
Annual Report 2022
Annexure-II
Meeting Attendance & Remuneration Paid to Directors Including
Independent Directors:
Chairman of the Board of Director is provided an office chamber, private secretary, peon, a telephone in office, a full time
car and a mobile phone according to the provision of BRPD Circular No.11, dated: 27 October, 2013.
Directors including Independent Director are getting fees/benefits according to the provision of BRPD Circular No.11,
dated: 04 October, 2015 for attending Board/its Committee meeting. The details information regarding Director
Honorarium is presented in Note 31 of the Financial Statements.
Managing Director is being paid salary, allowances and other facilities according to his service contract. The details
information regarding Managing Director’s Salary and Fees is presented in Note 30 of the Financial Statements.
1. Directors including Independent Director of the Bank Received Honorarium for Board Meeting during
01.01.2022 to 31.12.2022
Sl. Position as on No. of meetings attended
Name Remuneration
No. 31.12.2022 No. of meeting Present
1 Al-Haj Nur Mohammed Chairman 22 21 160,000.00
2 Engr. A. K. M. Mosharraf Hussain Director 22 20* 152,000.00
3 Engr. Md. Atiqur Rahman Director 22 21* 160,000.00
4 Mr. Fazlur Rahman Director 22 9* 72,000.00
5 Mr. Gazi Golam Ashria Director 22 15* 112,000.00
6 Mr. Md. Saidul Islam Director 22 18* 136,000.00
7 Mr. Robin Razon Sakhawat Director 22 17* 128,000.00
8 Mr. Redwan-ul Karim Ansari Director 22 22 168,000.00
9 Mr. Md. Belal Hossain Director 22 17* 128,000.00
10 Mr. Md. Mahmudul Hoque Director 22 16* 128,000.00
11 Mr. Shaheen Mahmud Director 22 11* 80,000.00
12 Mr. Md. Sirajul Islam Varosha Director 22 20* 152,000.00
13 Mr. Kanutosh Majumder Director 22 19* 152,000.00
14 Mr. Md. Ismail Hossain Siraji Director 22 17* 128,000.00
15 Mr. Gazi Golam Murtoza Director 22 20* 152,000.00
16 Mr. Md. Hasan Director 22 10* 72,000.00
17 Mr. Md. Abdur Rahman Sarker Independent 22 20* 152,000.00
Director
18 Mr. Md. Humayun Kabir Khan Independent 22 22 168,000.00
Director
19 Mr. Md. Abdul Jabber Chowdhury Independent 12 **12 88,000.00
Director (16.06.22 to
08.12.22)
20 Mr. M. Murshidul Huq Khan Independent 8 ***8 64,000.00
Director (25.08.22 to
08.12.22)
21 Mr. Obaidul Kabir Khan Ex-Independent 9 ****9 72,000.00
Director (01.01.22 to
15.06.22)
Note: As per provision of the BRPD circular letter no.11 dated 04.10.2015, we did not paid honorarium against 405th Board meeting held
on 28.07.22 as total 03 no. Board meeting were held in the month of July 2022.
* Directors who could not attend the meetings were granted leave of absence by the Board.
** Joined the Board of Jamuna Bank Limited on 16.06.22.
*** Joined the Board of Jamuna Bank Limited on 25.08.22.
**** Retired from the Office of Directors of Jamuna Bank Limited on 15-06-22.
Jamuna Bank Limited 183
2. Report on Attendance of members of the Executive Committee (EC) of the Board of Directors from the
period 01.01.2022 to 31-12-2022.
(i) Attendance details of meetings held during 01.01.2022 to 13.06.2022
Eligible to attend
Sl. Name Status in the Committee Remuneration
/Attended
1 Al-Haj Nur Mohammed, Director Chairman 10/10 80,000.00
(01.01.22 to 31.01.22)
2 Engr. A. K. M. Mosharraf Hussain, Director Chairman 10/9 72,000.00
(01.02.22 to 31.03.22)
3 Mr. Md. Saidul Islam, Director Member 10/7 56,000.00
4 Mr. Redwan-ul Karim Ansari, Director Chairman 10/10 80,000.00
(01.04.22 to 13.06.22)
5 Mr. Md. Belal Hossain, Director Member 10/10 80,000.00
6 Mr. Md. Ismail Hossain Siraji, Director Member 10/7 56,000.00
7 Mr. Gazi Golam Murtoza, Director Member 10/6 48,000.00
(ii) Attendance details of meetings held during 14.06.2022 to 15.10.2022
Eligible to attend
Sl. Name Status in the Committee Remuneration
/Attended
1 Engr. Md. Atiqur Rahman, Director Chairman 6/6 48,000.00
(14.06.22 to 15.08.22)
2 Al-Haj Nur Mohammed, Chairman (Board) * Member* 3/3 24,000.00
3 Mr. Md. Saidul Islam, Director Chairman 6/5 40,000.00
(16.10.22 to 15.12.22)
4 Mr. Robin Razon Sakhawat, Director Member 6/4 32,000.00
5 Mr. Md. Sirajul Islam Varosha, Director Member 6/4 32,000.00
6 Mr. Md. Ismail Hossain Siraji, Director Member 6/4 32,000.00
7 Mr. Gazi Golam Murtoza, Director Chairman 6/5 40,000.00
(16.08.22 to 15.10.22)
8 Mr. Shaheen Mahmud, Member 3/1 8,000.00
Director **
* Step down from EC on 31.07.22 as per request Mr. Shaheen Mahmud, Director for the period upto 15.10.22
** Included as member of the EC for the period of 01.08.2022 to 15.10.2022
(iii) Attendance details of meetings held during 16.10.2022 to 31.12.2022
Eligible to attend
Sl. Name Status in the Committee Remuneration
/Attended
1 Mr. Md. Saidul Islam, Director Chairman 5/4 32,000.00
(16.10.22 to 15.12.22)
2 Al-Haj Nur Mohammed, Chairman (Board) Member 5/4 32,000.00
3 Mr. Gazi Golam Ashria, Director Member 5/4 32,000.00
4 Mr. Redwan-ul Karim Ansari, Director Member 5/5 40,000.00
5 Mr. Md. Belal Hossain, Director Chairman 5/2 16,000.00
(16.12.22 to 15.02.23)
6 Mr. Kanutosh Majumder, Director Member 5/5 40,000.00
7 Mr. Md. Hasan, Director Member 5/0 -
Total 21 (Twenty One) meetings of Executive Committee were held during 01.01.2022 to 31.12.2022.
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3. Report on Attendance of members of the Audit Committee (AC) of the Board of Directors from the period
01.01.2022 to 31.12.2022.
(i) Attendance details of meetings held during 01.01.2022 to 13.06.2022
Status in the Eligible to attend
Sl. Name Remuneration
Committee /Attended
01. Mr. Md. Abdur Rahman Sarker, Independent Director Chairman 4/4 32,000.00
(01.01.22 to 13.06.22)
02. Mr. Md. Mahmudul Hoque, Director Member 4/3 24,000.00
03. Mr. Kanutosh Majumder, Director Member 4/4 32,000.00
04. Mr. Obaidul Kabir Khan, Independent Director * Member 4/4 32,000.00
05. Mr. Md. Humayun Kabir Khan, Independent Director Member 4/3 24,000.00
* Retired as on 15-06-2022
(ii) Attendance details of meetings held during 14.06.2022 to 15.10.2022
Eligible to
Sl. Name Status in the Committee attend Remuneration
/Attended
01. Mr. Md. Abdur Rahman Sarker, Independent Director Chairman 3/3 24,000.00
(14.06.22 to 15.10.22)
02. Mr. Fazlur Rahman, Director* Member 2/0 -
03. Mr. Md. Belal Hossain, Director Member 3/3 24,000.00
04. Mr. Kanutosh Majumder, Director Member 3/2 16,000.00
05. Mr. Md. Abdul Jabber Chowdhury, Independent Director Member 3/3 24,000.00
06. Mr. Md. Humayun Kabir Khan, Independent Director ** Member 1/1 8,000.00
* Mr. Fazlur Rahman, Director was the member of the Committee from 14.06.2022 to 17.08.2022.
** Included as member of Audit Committee for the period of 08.08.2022 to 15.10.2022.
(iii) Attendance details of meetings held during 16.10.2022 to 31.12.2022
Eligible to
Sl. Name Status in the Committee attend Remuneration
/Attended
01. Mr. Md. Abdul Jabber Chowdhury, Independent Director Chairman 1/1 8,000.00
(16.10.22 to 15.02.23)
02. Engr. Md. Atiqur Rahman, Director Member 1/1 8,000.00
03. Mr. Md. Mahmudul Hoque, Director Member 1/1 8,000.00
04. Mr. Gazi Golam Murtoza, Director Member 1/1 8,000.00
05. Mr. Md. Abdur Rahman Sarker, Independent Director Member 1/1 8,000.00
Total 8 (Eight) meetings of Audit Committee were held during 01.01.2022 to 31.12.2022.
4. Report on Attendance of members of the Risk Management Committee (RMC) from the period 01.01.2022
to 31.12.2022.
(i) Attendance details of meetings held during 01.01.2022 to 13.06.2022
Eligible to
Sl. Name Status in the Committee attend Remuneration
/Attended
01. Engr. Md. Atiqur Rahman, Director Chairman 4/4 32,000.00
(01.12.21 to 31.01.22)
02. Mr. Robin Razon Sakhawat, Director Member 4/3 24,000.00
Jamuna Bank Limited 185
Eligible to
Sl. Name Status in the Committee attend Remuneration
/Attended
03. Mr. Shaheen Mahmud, Director Chairman 4/2 16,000.00
(01.02.22 to 31.03.22)
04. Mr. Md. Sirajul Islam Varosha, Director Member 4/4 32,000.00
05. Mr. Md. Hasan, Director Chairman 4/4 32,000.00
(01.04.22 to 13.06.22)
(ii) Attendance details of meetings held during 14.06.2022 to 15.10.2022
Eligible to
Sl. Name Status in the Committee attend Remuneration
/Attended
01. Engr. A. K. M. Mosharraf Hussain, Director Member 2/2 16,000.00
02. Mr. Gazi Golam Ashria, Director Member 2/0 -
03. Mr. Redwan-ul Karim Ansari, Director Member 2/2 16,000.00
04. Mr. Md. Mahmudul Hoque, Director Member 2/2 16,000.00
05. Mr. Md. Hasan, Director Member 2/1 8,000.00
(iii) Attendance details of meetings held during 16.10.2022 to 31.12.2022
Eligible to
Sl. Name Status in the Committee attend Remuneration
/Attended
01. Mr. Shaheen Mahmud, Director & Chairman Chairman 0/0 -
(16.10.22 to 15.02.23)
02. Mr. Fazlur Rahman, Director Member 0/0 -
03. Mr. Robin Razon Sakhawat, Director Member 0/0 -
04. Mr. Md. Sirajul Islam Varosha, Director Member 0/0 -
05. Mr. Md. Ismail Hossain Siraji, Director Member 0/0 -
Total 06 (Six) meetings of Risk Management Committee were held during 01.01.2022 to 31.12.2022
5. Details of Shariah Supervisory Committee of Jamuna Bank Limited from the period 01.01.2022 to
31.12.2022.
(i) Nos. of Meeting of Shariah Supervisory Committee of Jamuna Bank Limited held from the 01.01.2022 to 31.12.2022
Eligible to
Sl. Name Status in the Committee attend Remuneration
/Attended
01. Dr. Saikh Muhammad Mahadi Hasan Chairman 3/3 24,000.00
02. Mawlana Abdur Razzak Member 3/3 24,000.00
03. Hafez Mawlana Mufti Ruhul Amin Member 3/1 8,000.00
04. Hafez Mawlana Prof. Dr. Shahidul Islam Barakati Member 3/3 24,000.00
05. Dr. Ahmadullah Trishail Member 3/3 24,000.00
06. Dr. Md. Anwar Hosain Molla Member 3/3 24,000.00
07. Mr. Mirza Elias Uddin Ahmed Member (Ex-Officio) 3/2* -
* Mr. A.K.M Atiqur Rahman, DMD attended the 53rd SSC meeting held on 03.02.2022 on behalf of Managing Director of the Bank
Total 03 meetings of Shariah Supervisory Committee were held during 01.01.2022 to 31.12.2022.
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Annexure-III
Dividend Distribution Policy of Jamuna Bank Limited
1. Introduction: • Additional regulatory requirements of capital in near
This Dividend Distribution Policy documents the future (if applicable).
guidelines on payment of dividends, and sets out the • Cost of raising funds from alternative sources.
key considerations for arriving at the dividend payment • Tax implications if any, on distribution of dividends.
decision. The Board of Directors will have the flexibility to • Reinvestment opportunities
determine the level of dividend based on the considerations • Corporate actions including mergers/demergers,
laid out in the policy and other relevant developments/ acquisitions and additional investments including
regulatory guidelines. expansion plans and investment in subsidiaries/
associates of the Bank
2. Objective: • Any applicable criteria from our legal or regulatory
The objective of this policy is to lay down the criteria to be frameworks.
considered by the Board of Directors of the Bank before • Such other factors and/or material events which the
recommending dividend to its shareholders for a financial Bank’s Board may consider.
year.
External Factors:
3. Authority: • Shareholder expectations including individual
The decision regarding dividend shall be taken only by the shareholders.
Board of Directors at its Meeting and not by a Committee of • Macro-economic environment including domestic
the Board or by way of a Resolution passed by circulation. and global economy, capital market conditions and
Final dividend shall be paid only after approval of the dividend policy of competitors.
Annual General Meeting (AGM) of the Bank. Shareholder
approval is not required for payment of interim dividend. Since the Bank has only one class of equity shareholders,
the dividend declared will be distributed equally among
4. Regulatory Compliance all Shareholders, based on their shareholding on the
Jamuna Bank Limited is a public limited company record date.
incorporated under the Companies Act, 1994 and licensed
as a bank under the Bank company act. 1991. The Bank 6. Circumstances under which the shareholders
has been making annual profits and declare dividend may or may not expect dividend
only after ensuring compliance with the Bank Company
Act-1991, various regulatory guidelines on dividend The Board of the Bank may vary the level of dividend or
declaration issued by Different regulator time to time and not recommend any dividend based on
the provisions of the Companies Act-1994, the Rules made • The capital and reserves position of the Bank.
there under and the Bangladesh Securities and Exchange • The regulatory eligibility criteria for recommendation
Commission (BSEC) and Listing Regulation 2015 of DSE of dividend, including any regulatory restriction
and CSE. placed on the Bank on declaration of dividend.
• The Bank could have undertaken under the terms
5. Principles for Dividend Declaration of perpetual non-cumulative preference shares or
The Board of Directors of the Bank will consider the debt capital instruments pursuant to applicable
following factors while making decision on the proposal regulations which might prohibit the Bank from
for dividend: declaring dividend in certain circumstances.
Financial Factors: • The need to conserve capital.
• Financial performance of the Bank for the year for
which dividend is recommended 7. Dividend Distribution Process:
• Any interim dividend paid 7.1 The Bank shall pay off the annual or final
• Past dividend trends. dividend to the entitled shareholder, within
• Optimal Capital to Risk Weighted Asset Ratio (CRAR) 30 (Thirty) days (or the days as advised by the
subject to regulatory minimum of total and Tier I regulatory bodies from time to time) of approval,
Capital. provided that interim dividend shall be paid off to
• Expected capital requirements for planned growth. the entitled shareholder, within 30 (Thirty) days
Jamuna Bank Limited 187
(or the days as advised by the regulatory bodies advised by the regulatory bodies from time to
from time to time) of record date. time) of declaration or approval or record date, as
7.2 Cash dividend shall be distribute in the following the case may be complying all existing rules and
manner and procedures, namely: regulations in their regard.
i. An amount equivalent to the declared cash 7.4 The Bank shall maintain a Suspense BO Account
dividend payable for the concerned year shall be for undistributed or unclaimed stock dividend
kept in a separate bank account of the Bank for or bonus shares and shall also follow the under
compliance of regulatory requirements. mentioned procedures for ensuring the rightful
ii. The Bank shall pay off cash dividend directly ownership:
to the bank account of the entitled shareholder a) The Bank shall send at least 3 (three)
as available in the BO account maintained with reminders to the entitled shareholder;
the depository participant (DP), or the bank b) The Suspense BO Account shall be held
account as provided by the shareholder through under Block Module and such undistributed
Bangladesh Electronic Funds Transfer Network or unclaimed stock dividend or bonus shares
(BEFTN). shall not be transferred in any manner
Provided that the Bank may pay off such cash except for the purpose of allotting the bonus
dividend through bank transfer or any electronic shares as and when the allottee approaches
payment system as recognized by the Bangladesh to the issuer;
Bank, if not possible to pay off through BEFTN; 7.5 The Bank shall maintain detailed information
iii. The Bank, upon receiving the claim in cash of unpaid or unclaimed dividend and rationale
dividend from a stock broker or a merchant thereof, as per BO account number-wise or name-
banker or a portfolio manager for the margin wise or folio number-wise of the shareholder or
client or customer who has debit balance or unit holder; and shall also disclose the summary
margin loan, or as per intention of the client of of aforesaid information in the annual report and
stock broker or merchant banker or portfolio shall also report in the statements of financial
manager, shall pay off such cash dividend to the position (Quarterly/ annually) in a separate line
Consolidated Customers’ Bank Account (CCBA) of item as ‘Unclaimed Dividend Account’;
the stock broker or to the separate bank account 7.6 All other regulatory requirements relating to
of the merchant banker or portfolio manager distribution of dividends to be complied.
through BEFTN: 7.7 The Bank shall submit a compliance report to
iv. The Bank, in case of incomplete information of the Commission and the exchange(s) as per
bank account or if not possible to distribute cash prescribed format provided by the respective
dividend through any electronic payment system, authority on completion of dividend distribution;
shall issue cash dividend warrant; 7.8 The Bank shall publish the compliance report in
v. The Bank shall pay off cash dividend to non- its website.
resident sponsor, director, shareholder or foreign
portfolio investor (FPI) through the security 8. Dividend information
custodian in compliance with the rules or Information on dividend paid in last 3 years including
regulations in this regard; dividend yield and payout ratio will be made available on
vi. The Bank immediately after disbursement of the website of the Bank.
cash dividend and issuance a certificate of tax
deducted at source, if applicable, shall intimate to 9. Policy amendment and review
the shareholder through a short message service This Policy may be reviewed as and when required by the
(SMS) to the mobile number or email address as Board of Directors of the Bank for compliance of regulatory
provide in the BO account or as provided by the requirements.
shareholder or unit holder;
7.3 The Bank shall credit stock dividend directly The Dividend Distribution Policy will be hosted on the
to the BO account or issue the bonus share website of the Bank and the same would be disclosed in
certificate of the entitled shareholder, as the Annual Report of the Bank.
applicable, within 30(thirty) days (or the days as
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Annual Report 2022
Dividend Distribution Compliance Report
Under Clause (6) of the Directive No.BSEC/CMRRCD/2021-386/03, dated 14/01/2021
1 Name of the Issuer/Securities/Mutual Funds
2 Particulars of Issuer DP
3 Type of Dividend (Annual/Interim) a) Annual c b) Interim c
(Put tick mark (a) on the recommended option)
4 Whether audited or not for interim Dividend a) Audited c b) Unaudited c
(Put tick mark (a) on the recommended option)
5 Date of recommendation of Dividend by the Board of
Directors/Trustee: (Enclosed copy of PSI)
6 Whether Dividend recommended other than directors or a) Yes c b) No c
sponsors or any other classes
(Put tick mark (a) on the recommended option)
7 Record date for entitlement
8 Rate of Dividend recommended by the Board of Directors/
Trustee
9 Dividend recommended - Type a) Cash c b) Stock c
(Put tick mark (a) on the recommended option)
10 Securities/mutual fund traded under which categories a) A c b) B c c) G c d) N c e)
(Put tick mark (a) on the recommended option) Z c
11 Date of transfer to a separate bank account (Pls, mention
bank details) or provisional credit of shares/units by CDBL
12 Date of approval of Dividend at AGM
13 Rate of Dividend approved at AGM-details at Annexure (if
any change)
14 Date of commencement of disbursement of Cash and Stock
Dividend
15 Mode of disbursement of Cash Dividend a) BEFTN c b) Bank Transfer c c) MFS c
(Put tick mark (a) on the recommended option) d) Dividend Warrant c e) Any other mode c
16 Date of completion of disbursement of Cash and Stock
Dividend(Enclose Bank statement and Corporate Action
Processing Report (DP 70)
17 Paid-up-capital of the issuer-before corporate action/ Tk. c c
entitlement
18 Number of Securities/shares outstanding-before corporate
action/entitlement
19 Total cash in taka or stock (nos.shares) dividend as per
corporate declaration
Distribution/ Disbursement details of Cash & Stock
20 Cash (Tk) Stock (nos) Annexures
Dividend:
A. Mode of Dividend payment/credit for the concerned
year:
a) through BEFTN or directly credited to respictive BO
b) through Bank Transfer other than entitled BO-Margin
loan
c) through Bank Transfer
d) through Mobile Financial Service (MFS)
e) through any other mode as approved by Bangladesh Bank
Jamuna Bank Limited 189
f) through transfer to Suspense Account for dematerialized
Share (BO wise detailed with reason should be maintained
and submitted)
g) through issuance of Dividend Warrant or issue of share to
Suspense Account for non-dematerialized securities
21 Total Dividend paid/credited for the concerned year
22 Total unpaid/undistributed Dividend /accrued during the
period (20-21)
23 Total unpaid/undistributed Dividend /accrued as on 1st
day of Accounting year (as per Audited Accounts)
24 Transfer to Suspense Account for Demate Share or any
other reason during the concerned year
A. Mode of Dividend Receipts/ payment/credit for the
previous years:
a) through BEFTN or directly credited to respective BO
b) through Bank Transfer
c) through Mobile Financial Service (MFS)
d) through any other mode as approved by Bangladesh Bank
e) through transfer to/from Suspense Account for demate
Share or any other reason
f) through issuance of Dividend Warrant or issue of share
to Suspense Account for non-dematerialized securities/
securities/units
g) transfer of cash or stocks to the Fund as prescribed or
directed by Commission after 3 years or forfeit of share to
Suspense Account for non-dematerialized securities
25 Total Dividend paid/credited for previous years:
26 Total Unpaid/undistributed Dividend for previous years
(23+24-25) Taka/Nos
27 Grand Total of Unpaid/undistributed Dividend (22+26)
28 Aging of grand Total of Unpaid/undistributed Dividend for
previous years
More than 3 years: balance
More than 4 years: balance
More than 5 years & above: balance
Total of Unpaid/undistributed Dividend for previous years
(Supporting bank statements and balances of securities
with the Depository)
Note: Issuer shall maintain BO-wise detailed information for all transfers/credit to suspended Accounts.
With reasons and submit along with bank statements and other supporting documents. The issuer shall fill up all the applicable fields.
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Annual Report 2022
Engagement Highlights 2022
21st ANNUAL GENERAL MEETING
The 21st Annual General Meeting of the shareholders of Jamuna Bank Limited was held on June 14, 2022 at 11:00 A.M. by
using hybrid system by using hybrid system: i.e. combination of physical presence (Meeting Venue: HELMET (Hall-1), RAOWA
CONVENTION HALL, VIP Road, DOHS, Mohakhali, Dhaka) and by using digital platform.
Jamuna Bank Limited 191
JAMUNA BANK OBSERVED
47TH MARTYRDOM ANNIVERSARY
OF FATHER OF THE NATION
August 15th, 2022, 47th anniversary of the brutal assassination of Bangabandhu Sheikh Mujibur Rahman, the architect of
the independent “Bangladesh” and many members of his immediate family.
On the occasion of the 47th Martyrdom Anniversary of Father of the Nation Bangabandhu Sheikh Mujibur Rahman and
the National Mourning Day, a discussion meeting, dowa mahfil and voluntary blood donation program were held under
the initiative of Jamuna Bank. Honorable Minister for Local Government, Rural Development and Co-operatives Md.
Tajul Islam was present as the Chief Guest on the occasion. Al-Haj Nur Mohammed, the then Chairman of Jamuna Bank
Ltd. presided over the program. Bank’s other Directors, Independent Directors, high officials, officers and employees of
the head office and branches of the Bank were participated in the program in person and virtually.
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Annual Report 2022
Jamuna Bank Limited 193
Board and its Committee Meeting
A snapshot from the 406th Meeting of the Board of Directors held on 17.08.2022. Total 22 meetings of the Board of Directors were
held during 01.01.2022 to 31.12.2022.
A snapshot from the 604th Meeting of the Executive Committee of the Board of Directors held on 28.12.2022. Total 21 meetings of the
Executive Committee of the Board of Directors were held during 01.01.2022 to 31.12.2022.
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Annual Report 2022
A snapshot from the 203rd Meeting of the Audit Committee of the Board of Directors held on 28.09.2022. Total 08 meetings of the
Audit Committee of the Board of Directors were held during 01.01.2022 to 31.12.2022.
A snapshot from the 42nd Meeting of the Risk Management Committee of the Board of Directors held on 16.08.2022. Total 06
meetings of the Risk Management Committee of the Board of Directors were held during 01.01.2022 to 31.12.2022.
Jamuna Bank Limited 195
Meeting of the Shariah Supervisory Committee
Shari`ah Supervisory Committee has been constituted comprising renowned Islami scholars of the country and senior banker
having Islami Banking exposure with knowledge of conventional and Islami Banking. All activities of Islami Banking branches are
carried out under the guidance of this Committee. A snapshot from the 54th Meeting of the Shariah Supervisory Committee held on
19.06.2022
Business Conferences
Annual Business Conference of Jamuna Bank Limited-2022
Annual Business Conference-2022 of Jamuna Bank Limited was held at Jamuna Bank Old Home, Keranigonj, Dhaka. Honorable
Directors and high officials along with all Managers of Branches/Sub-Branches of the Bank and Heads of the Divisions/Departments
attended the program.
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Annual Report 2022
Zonal Business Development Meeting
To ensure augmented customer service and to expand banking services with due diligence Jamuna Bank organized various two-day long
zonal business development meetings with local eminent businessmen, lawyers, and branch managers in different zones. Honorable
Directors and high officials of the Bank were present at the meeting.
Sylhet Zone Business Development Meeting
Sylhet Zone Business Development Meeting
Jamuna Bank Limited 197
22nd ANNIVERSARY OF JAMUNA BANK LIMITED
Jamuna Bank Limited celebrated its’ 22nd anniversary on 3rd June 2022. Started banking operations on 3rd June 2001 and
the Bank has successfully completed it’s 22 years. On the occasion of 22nd anniversary of the bank, special Doa mahfil
was organized on 3rd June 2022 at all branches and sub-branches including the corporate head office. In that Doa Mahfil,
special prayers have been offered for the greater welfare of the nation
Launching New Products and Services
Jamuna Bank Limited Celebrates 22 Years of Operation On the occasion of 22 years of Operation, Jamuna Bank Limited has
launched three profitable deposit schemes for customers which are “Jamuna Lac Taka Lucky Scheme”, “Jamuna Probashi Kollan
Scheme”, “22 Kistite Lakhpati Scheme”
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Annual Report 2022
Jamuna Bank Launched a Foreign Currency Exchange Booth at the Departure Lounge of
Hazrat Shahjalal International Airport
Jamuna Bank Limited 199
Agreements
An agreement has been signed between Bangladesh Bridge Bengal Commercial Bank Limited signed an agreement with
Authority and Jamuna Bank Limited. Jamuna Bank Limited Jamuna Bank Limited for joining VISA International Associate
involved in managing the toll of Padma Bridge, the largest Membership at the head office of Jamuna Bank.
communications infrastructure in Bangladesh.
A signing of ‘Memorandum of Understanding (MOU)’ between A mutual agreement was signed between Jamuna Bank Limited
Jamuna Bank Limited and Aspire to Innovate (a2i). By signing and Radisson Blu Dhaka Water Garden. Under this MoU, Jamuna
the MOU, the customers of Jamuna Bank can pay the tagged Bank Platinum and Signature Credit Card holders will enjoy
billers of ekPay through OTC payment in any branch/outlets, Buy1Get1 free buffet lunch, dinner & breakfast at Water Garden
debit/credit cards, agent banking, internet banking and mobile Brasserie (WGB) restaurant of the Hotel.
Apps
Jamuna Bank Limited has signed an agreement with Hotel Sea
Pearl Beach Resort & Spa (Royal Tulip), Coxs Bazar at Jamuna
Bank Tower. As per agreement, Jamuna Bank Credit Card
holders will enjoy Buy 1 Get 1 free buffet lunch & dinner at
Kasbah restaurant round the year.
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Annual Report 2022
BUSINESS MEETING
Jamuna Bank organized Get Together Programs with NRBs in South Korea
Under the initiative of Jamuna Bank Limited, 03 (three) Get Together Programs were held in Yujeong and Ansan City, two of the
industrial cities of South Korea, with the participation of NRBs (Non Resident Bangladeshis).
Business Meeting with Jamuna Bank Limited & MoneyGram
Business Meeting with Jamuna Bank Limited & MoneyGram was held in Jamuna Bank Tower, Head Office, Gulshan-1, Dhaka-1212
Jamuna Bank Limited 201
Business Meeting with Jamuna Bank Limited & terrapay
Business Meeting with Jamuna Bank Limited & terrapay was held in Jamuna Bank Tower, Head Office, Gulshan-1, Dhaka-1212.
CLOSING CEREMONY OF
JAMUNA BANK SUBORDINATE BOND-IV BDT 250.00 CRORE
The Closing Ceremony of Jamuna Bank Subordinate Bond-IV BDT 250.00 Crore was held at Jamuna Bank Tower, Gulshan 1, Dhaka.
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Annual Report 2022
Jamuna Bank Limited Inaugurates Electronic KYC (e-KYC) Platform
Jamuna Bank Limited organized an Inauguration Ceremony on the occasion of implementation of Electronic KYC (e-KYC). Honorable
Directors and high officials of the Bank attended the programe.
Jamuna Bank Ltd. transferred Its Original Database to Oracle 19c
Jamuna Bank Ltd. passed a hurdle and successfully migrate its core Database to Oracle 19c. Jamuna Bank is the 1st Bank of Bangladesh
who migrate it for its CBS system. With this upgrade Jamuna Bank is one step ahead to provide better service to its customer. To
celebrate the success, Oracle official and Jamuna Bank high officials jointly arranged a ceremony at Head office, Jamuna Bank Limited.
Jamuna Bank Limited 203
Initiatives taken on the occasion of the grand ceremony of Padma
Multipurpose Bridge
On the occasion of the grand ceremony of Padma Multipurpose Bridge, Jamuna Bank Limited had
taken a huge branding initiative i.e. lighting, decorating with banners, festoons, balloons in the
Hatirjheel area, and establishment of LED monitor at Sangshad Bhaban and Dholipar, Jatrabari
area.
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Annual Report 2022
Jamuna Bank Securities Limited becomes member of Dhaka Stock
Exchange
Jamuna Bank Securities Limited, a fully owned subsidiary of Jamuna Bank Limited started its share trading activities
as a member of Dhaka Stock Exchange. On this occasion, an inauguration ceremony was organized at the head office of
Jamuna Bank Securities Ltd. Honorable Directors, Senior officials of Jamuna Bank and Jamuna Bank Securities Limited,
local dignitaries and customers were also present on the occasion.
Jamuna Bank Limited 205
Jamuna Bank Limited Inaugurated New Mobile App and
Web-based Digital Banking Service “Shadhin”
Jamuna Bank’s new mobile app and web-based digital banking service “Shadhin” was inaugurated with the aim of
providing more modern and better services to its customers. The Shadhin app is a mobile application that provides
Jamuna Bank customers with access to a wide range of banking services in a convenient and secure manner. With the
Shadhin app, customers can perform a variety of account-related tasks, such as checking account balances, viewing
transaction history, transferring funds, paying bills, and more.
The app also includes various security features such as beneficiary management, transfer limit, activity logs, and cash by
code. Customers can calculate their EMI using the EMI calculation feature. The Shadhin app provides a comprehensive
and convenient digital banking experience, allowing Jamuna Bank customers to perform various banking transactions
anytime, anywhere, in a secure and effortless manner.
Minister of Textiles and Jute Golam Dastagir Gazi, Bir Protik, MP was present as the chief guest in the opening ceremony.
Al-Haj Nur Mohammed, the then Chairman of Jamuna Bank Limited presided over the program. Honorable Directors,
Managing Director and CEO of the bank were also present at the time. Also the officers and employees of all branches
were present virtually.
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Annual Report 2022
New Branches/Sub-branches Inaugurated in the Year 2022
We have expanded our service network by opening 10 new Branches and 71 new Sub-Branches during the period.
Inauguration program of Chowkbazar Branch
Inauguration program of Pomgaon Bazar Sub-branch
Jamuna Bank Limited 207
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Annual Report 2022
Our Approach to
INTEGRATED REPORT
Welcome to Jamuna Bank’s Annual Integrated Report 2022 which is prepared in accordance with
the International Framework of the International Integrated Reporting Council (IIRC).
The aim of our integrated reporting approach is to enable • Additional Reporting
our stakeholders, including investors, to make a more ° International Standards on Auditing (ISAs)
informed assessment of the value of Jamuna Bank and ° The Income Tax Ordinance 1984
its prospects. In a nutshell, this report ensures accurate ° The Income Tax Rules 1984
measurement of operational, financial and sustainable ° Relevant rules and regulations of Bangladesh Bank
performance against our strategy and the matters we (The Central Bank)
consider to be most material to the sustainability of our ° VAT Act 2012 by National Board of Revenue (NBR).
Bank. ° Other applicable rules and regulations of the land
We have tried to keep this report brief, consistent and The disclosure of the non-financial information has been
complete, including all material matters, both positive and extracted from the internally-maintained records reported
negative in a fair way. This report ensures accurate data for the statement of financial position, unless otherwise
of the bank’s operation, both financial and nonfinancial stated that it has been extracted from a reliable source.
performance according to our strategic planning.
To report our corporate governance practices, we have
Scope & Boundaries drawn reference from the revised Corporate Governance
Our IR covers the period from January 01, 2022 to December Guidelines (CGG) issued by Bangladesh Securities and
31, 2022 by following the guidelines of Integrated Report Exchange Commission (BSEC).
issued by ICAB referred as the Integrated Reporting
Checklist which is in congruence with the Integrated The scope of our Annual Report comprises of activities that
Reporting Framework prototype issued by the IIRC have been carried out within the geographical boundaries
and concerns the operations of Jamuna Limited and its of Bangladesh and places where we have got subsidiaries.
subsidiaries. There is no significant change regarding
scope, boundary and reporting basis. Forward looking
Going forward, we intend to build up a strong and
Standards and Principles sound footing for the bank. We are concentrating on the
• Integrated Reporting fundamentals of our balance sheet and working on to
° International Framework of the International get them stronger. The recent pandemic disaster and the
Integrated Reporting Council (IIRC) attack by Russia on Ukraine have clearly demonstrated
• Governance, Risk management and operations our societies’ susceptibility to systemic hazards, the
° Bank Companies Act (Amendment) 2018 trail effects of which will be felt for a long time to come.
° BSEC Ordinance 1969 Despite intensified challenges, we have increased credit
° Corporate Governance Code by BSEC in 2018 portfolio cautiously, optimized Bank’s capital structure
° Bangladesh Bank’s guidelines and maximized of value of the shareholders, strengthened
° DSE & CSE Listing Rules recovery from NPLs and taken steps for non-degradation
• Sustainability Reporting of existing asset quality, expanded our footprint through
° In accordance with the GRI Standards branches, sub-branches, agent banking to tap unbanked
° United Nations Sustainable Development Goals people, deployed technology to enhance efficiency,
(SDG) customer base and improved service excellence. We are
• Financial Reporting looking forward to further strengthening our liquidity,
° International Financial Reporting Standards (IFRS) capital and reserve base, improving on quality and mix of
° International Accounting Standards (IAS) assets & liabilities and maximizing shareholder value. We
° Generally Accepted Accounting Principle (GAAP) are reviewing, evaluating and monitoring our performance
Jamuna Bank Limited 209
following the long term strategic plan to remain on course so, the Bank is committed to maintaining high standards
towards reaching our goals; putting in efforts on an of Corporate Governance. The Company’s Corporate
ongoing basis to excel in risk management capabilities and Governance framework is directed towards achieving its
developing appropriate financial risk modeling; working business objectives in a manner that is responsible and in
on diversifying risks aimed at a balanced growth of accordance with its high standards of honesty, reliability,
lending by emphasizing more on small and medium sized transparency and accountability. The essential elements
enterprises through innovative, tailor-made products; that define effective corporate governance in the Company
improving on comprehensive loan work out strategies to are outlined in the Corporate Governance Statement which
maximize recovery of NPLs and add to the bottom line. JBL is appended in this Annual Report.
ensures reviewing and updating policies and procedures
on a periodic basis to assimilate latest developments in Besides, we have the pleasure to confirm that the
the banking industry to efficiently manage affairs and Company has, complied with all the necessary guidelines
offer superior services to customers; proactively focusing under BSEC Notification No. SEC/CMRRCD/2006-158/207/
on sustainable development, increasingly emphasizing Admin/80 dated 3 June 2018. The Compliance Report along
on environmental management system in bank financed with the necessary remarks and disclosures is appended in
projects. JBL has also introduced sustainable finance this Annual Report for the year 2022. Further, a Certificate
policy guidelines to address and manage both external of Compliance required under the said Guidelines, as
and internal environmental, social and governance issues. provided by Mahfel Huq & Co., Chartered Accountants, is
Being adaptive to changing environment, responsive to also annexed to this report.
market dynamics, supportive to regulatory reforms, keen
to material development and protective to shareholders’ Key Pillars of Integrated Report
and stakeholders’ interest, JBL has become one of the Corporate Governance (Page 124)
most significant banks in the industry by putting in place Risk Management Disclosure (Page 353)
Sutainability Reporting (Page 403)
a high standard core banking solution, encouraging
work around to bring in meaningful improvement in all
banking activities, including speedy and online delivery
Our Business Model (Page 246)
of customer services. On a continuing basis, JBL imparts
trainings to upgrade employee skill and morale, evaluates Key Pillars
employee performance, elevates positions, awards of Integrated
incentives, provides stimulus for motivation, and reviews SWOT Analysis (Page 221)
Report
Strategic Focus (Page 223)
compensation packages etc. in order to build a highly
professional work force to be able to lead the industry in Our Capitals
Financial Capital P 232;
course of time.
Intellectual Capital P 238;
Manufactured Capital P 236;
GOVERNANCE Social and Relationship
Capital P 241;
Jamuna Bank Ltd. believes that enriched corporate Natural Capital P 244;
governance contributes to the long-term success of a Human Capital P 234.
company and creates trust and engagement between the
company and its stakeholders. Accordingly, the Board of
Directors and Management are committed to continuously The Seven Guiding Principles of our Integrated
striving for the highest standards in governance to ensure Reporting
that the business and its affairs are in strict adherence to • Strategic focus and future orientation
the doctrine and principles of sound governance such as • Connectivity of information
integrity, transparency, accountability and responsible • Stakeholder relationships
business conduct to safeguard the interests of its • Materiality
shareholders and stakeholders. • Conciseness
• Reliability and completeness
As part of its corporate policy, Jamuna Bank always strives • Consistency and comparability
to maximize its shareholders’ value and benefit. In doing
210
Annual Report 2022
Navigating through this Integrated Report
Content Elements What to look for Reference Page
Organizational Organization’s strategic objectives Strategic Objectives 18
overview
and external Mission, vision and values Mission, vision and values 16
environment Ownership and operating structure Stakeholders’ information 86, 22
Principal activities and markets The key operational activities of the bank include: 21, 30
Acceptance of Deposits, Lending of Funds, Clearing
of Cheques, Remittance of Funds, Bill Payment
Services, Online Banking, Credit & Debit Cards,
Treasury activities, Overseas Banking Services,
Wealth Management, Investment Banking, Social
activities, etc. Further details can be found in Pg: 30
of AIR-22 under products and services.
Competitive landscape and market Competitive Intensity and Tactical Responses 219
positioning
Key quantitative information 5 (Five) Years’ Financial Summary 77
Significant factors affecting the external PESTEL Analysis 213
environment
Governance Leadership structure and their skills and Profile of the Company 20, 24, 47,
Diversity Corporate Governance Report 59, 61,
Senior Management 124, 249
Overall corporate governance compliance Corporate Governance Report 124, 165
and monitoring Corporate Governance Compliance
Report
Processes used to make strategic decisions Attitude to risk and mechanisms for addressing 348
and establish and monitor the culture of integrity and ethical issues
the organization
Attitude to risk and mechanisms for Message from the Desk of Chief Risk Officer 124, 348
addressing integrity and ethical issues Risk Management Report
Corporate Governance Report
Business Model Entity’s business model including key Our Business Model 246
inputs, business activities, outputs &
outcomes
Risk and The sources of risks and opportunities Risk Management Report 348
Opportunities
Assessment of the likelihood of occurrence
and the magnitude of effect
Steps taken to mitigate or manage key risks
Organization’s short, medium and long-
term strategic objectives
Strategy and Organization’s short, medium and long- Strategic Focus 223
resource term strategic objectives
allocation
Strategies in place to achieve those Strategic Focus 233
strategic objectives
The resource allocation plans it has to Our Business Model 246
implement its strategy
Quantitative performance indicators with Financial Statements 485
respect to targets, risks and opportunities
The organization’s effects on the capitals Our Capital (Six Capital) 232
Performance Quantitative performance indicators with Financial Statements 485
respect to targets, risks and opportunities
The organization’s effects on the capitals Our Capital (Six Capital) 232
Key stakeholder relationships and the Stakeholders Identification 76, 226
organization’s response to them Stakeholder Engagement
Linkages between organization’s past and 5 (Five) Years’ Financial Summary 77
current performance
Jamuna Bank Limited 211
Content Elements What to look for Reference Page
Outlook Organization’s expectations about external SWOT Analysis 221, 213
environment, risks, opportunities and PESTEL Analysis
challenges and their effects
Availability, quality and affordability of Our Capital (Six Capital) 232, 226
capitals the organization uses or affects Stakeholder Engagement
including how key relationships are
managed
Organization’s ability to create value over (1) Direct economic value generated & distributed 410, 411,
time Statement, (2) Economic Value Added (EVA) 412, 402,
Statement and (3) Market Value Added (MVA) 246
Statement at Sustainability Reporting and Our
Business Model reported in Integrated Report of this
report
Basis of Organization’s materiality determination Materiality matrix at Sustainability Reporting 407
preparation process and key judgements
and presentation
Identification of the reporting boundary Sustainability Reporting 402
and its determination process Integrated Reporting 208
Significant frameworks and methods used Financial Statements (Accounting 589
to quantify or evaluate material matters policy notes)
Risks, opportunities and outcomes Subsidiaries Financial Statements 583, 608
attributable to or associated with other
entities/ stakeholders
External Assurance
During the reporting period under review, the bank received external assurance on the following reports:
Sl. No. Description of Report External Assurance
1 Financial Statements M/s. Shafiq Basak & Co., Chartered Accountants
2 Cash Incentive Audit M/s. Shafiq Basak & Co., Chartered Accountants
G. KIBRIA & Co., Chartered Accountants
3 Corporate Governance M/s Mahfel Huq & Co., Chartered Accountants
4 Provident Fund ACNABIN Chartered Accounts
5 Gratuity fund ACNABIN Chartered Accounts
6 Entity Credit Rating Credit Rating Agency of Bangladesh Ltd.
Availability of the Annual Report
The soft copy of the Annual Report is sent to all the shareholders, prior to holding the Annual General Meeting, giving
required period of notice. Soft copy of the report is also available in our website, https://jamunabankbd.com/.
Responsibility over the Integrity of the Integrated Report
We acknowledge the responsibility of the Board and the management to ensure the integrity of this integrated report,
which addresses all material issues and fairly presents Jamuna Bank’s integrated performance. Reasonable care has been
taken in the preparation and presentation of this integrated report in line with the key guidelines of the International
Integrated Reporting Council (IIRC).
On behalf of the Board of Directors,
Md. Saidul Islam
Chairman
212
Annual Report 2022
PESTEL Analysis
Internally and externally, Jamuna Bank’s business and operations are
influenced by a wide variety of factors; by conducting a PESTEL analysis,
the company is able to identify key facets across some of the major parts
of the business that affect its operations, allowing it to better understand
its position in the competitive field.
MODERATE RISK
POLITICAL
The present political climate of Bangladesh has been remain stable in last past few years as there is no major political
strikes and blockades taking place. However, the biggest political threat comes from the international scene. The recent
Russia-Ukraine conflict has sent shocks through the entire global economic scene, causing disruption to supply chains,
causing the price of commodities such as grains and oil to rise drastically and ultimately it may increase the level
of inflation. In addition, global financial market faced massive disruptions and Bangladesh’s capital market was no
exception.
DIMENSION: POLITICAL
JAMUNA BANK
FURTHER DETAIL
• Proactive govt. policies • We have continued to • Director’s Report
to stabilise economy. provide uninterrupted
• Stable political banking service to our
environment. valuable customers.
• Public sector investment
in large infrastructure
projects.
• IMF support package of
$4.5 billion.
Jamuna Bank Limited 213
HIGH RISK
ECONOMIC
The year 2022 was primarily characterised by the terminal effects of the COVID-19 pandemic, coinciding with the arrival
of a major geopolitical challenge, the Russian invasion of Ukraine. Over the next few months, the conflict escalated into
a major global crisis as disruptions in supply chains in Russia and Ukraine, the world’s major natural gas and food grain
suppliers, forced a rapid escalation in commodity inflation and hampered government efforts to support economic
recovery in the aftermath of the three COVID waves.
Bangladesh’s economy was affected as a result of the subsequent spike in food grain and gasoline prices, causing public
resentment that the government attempted to address via legislative action. Public unrest has given rise to issues around
political stability too, especially in the context of the general elections expected next year (2024). Given the country’s
diminishing foreign exchange reserves and balance-of-payment crisis, the government and central bank (Bangladesh
Bank), attempted to quell the challenges by formulating a more conducive environment via allowing some national
banks to establish Vostro accounts for settling payments in local currency. The idea was to internationalise the BDT and
make it acceptable for meeting trade payment obligations, thus preserving foreign currency.
Furthermore, in a major success for the Bangladesh government, it was successful in acquiring a support package from
the IMF (International Monetary Fund), which included a 42-month arrangement of approximately $3.2 billion under
the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF), as well as approximately $1.3 billion under the
Resilience and Sustainability Facility (RSF), thus totalling up to $4.5 billion. Bangladesh’s new IMF led fund-supported
program aims to sustain macro-economic and macro-financial stability, as well as to encourage robust, inclusive, and
green development while safeguarding disadvantaged parts of the society. Especially, the RSF will offer low-cost, long-
term financing to meet the nation’s climate investment requirements, stimulate climate finance, and alleviate balance-
of-payment concerns associated with import-intensive investment.
It is to be noted that the government was proactive in seeking international developmental finance support for post-
COVID economic stability and recovery. This is in contrast to some of the other neighboring nations that were not able
to mobilise sufficient financial support on a timely basis which led to an economic crisis that rapidly morphed into a
political predicament.
DIMENSION: ECONOMIC
JAMUNA BANK
FURTHER DETAIL
• Economic recovery post- • Since the start of Covid-19 • Chairman’s Statement.
pandemic. followed by Russian invasion • MD’s Review.
• Negative effects of war in of Ukraine, Jamuna Bank • Director’s Report (World
Europe. was very much cautious in Economy, Bangladesh
• Rising interest rate regime maintaining its health of Economy).
the balance sheet. During
with revision in policy rates.
the last few years, bank’s
• Challenges on external
strategy was to go slower in
trade front. increasing balance sheet size,
• Volatility in currency rather preferred to focus on
exchange rates. strengthening the quality of
• Rising energy, food and its loan portfolio. Moreover,
fertiliser prices. the bank’s move was to
• Supply chain disruptions ensure return from treasury
impelling inflationary business, increase low costs
pressures. deposits base.
• Jamuna Bank has been
shifting its focus from
corporate client segment to
include more SME and retail
clients.
• Jamuna Bank has taken
several measures to curb
non-performing loans and
regularly monitors and
updates its policies to develop
the best possible solution in
battling against this inherent
risk.
• During the year, the Bank
organized various deposit/
loan/card campaigns to boost
bank’s business.
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Annual Report 2022
MODERATE RISK
SOCIAL
Bangladesh has a strong track record of growth and development, even in times of elevate global uncertainty. A
robust demographic dividend, strong ready-made garment (RMG) exports, resilient remittance inflows, and stable
macroeconomic conditions have supported rapid economic growth over the past two decades. Bangladesh has achieved
rapid improvements on may social development indicators including infant and child mortality rates and educational
gender disparity. A strong recovery from the COVID-19 pandemic continued in FY22, although a recent surge in
commodity prices due to Russian invasion of Ukraine has presented new headwinds.
Bangladesh is also a remarkable story of poverty reduction and development. From being one of the poorest nations
at birth in 1971, Bangladesh reached lower-middle income status in 2015. It is on track to graduate from the UN’s Least
Developed Countries (LDC) list in 2026. Poverty declined from 43.5 percent in 1991 to 14.3 percent in 2016, based on
the international poverty line of $1.90 a day (using 2011 Purchasing Power Parity exchange rate). Moreover, human
development outcomes improved along many dimensions.
DIMENSION: SOCIAL
JAMUNA BANK
FURTHER DETAIL
• Bangladesh has registered • Jamuna Bank has been • Corporate Social
a gross national per capita playing pioneer role in Responsibility Chapter,
income of $2,793 in 2021- the CSR activities since its • Sustainability Report Chapter
22. Gross Domestic Product inception through Jamuna
growth was 7.1 percent. Bank Foundation. Jamuna
• Greater digital adoption Bank Foundation conducts
reshaping customer multidimensional CSR
behaviour. activities regularly. Its
• Increased awareness around activities encompass wide
health and wellbeing. area e.g. Education, Pro-Poor
• Progress in key social healthcare, environmental
indicators, such as literacy, friendly green product,
morbidity, etc. alternative energy use,
• Rising urbanisation capacity building, helping
destitute, against drug
abuse, improving ethical and
religious values, preserving
national heritage, helping to
overcome natural disaster
and calamities, humanitarian
services, improving the
standard of living by creating
job opportunities to the
destitute, eradicate extreme
poverty and hunger. In
recognition, UK-based “The
Global Economics” awarded
Jamuna Bank Ltd. with the
“Best CSR Bank” award for 02
(two) consecutive times 2021
& 2022.
• Every year Jamuna Bank is
contributing 5% of its pre-
tax profit to Jamuna Bank
Foundation for conducting
CSR activities. This year
our investment behind CSR
activities stood at Tk. 340.20
million.
• Our investment in CSR
activities will continue into
the future and we will look for
more avenues to expand into
the future.
Jamuna Bank Limited 215
MODERATE RISK
TECHNOLOGICAL
Automation in businesses has become a crucial standard to ensure growth and development with quadrupling of the
country’s GDP per capita and improvement of service delivery facilitated greatly by digital adoption in all departments
of government and almost every sphere of the society. Automation in air, sea and land ports management, revenue
collections (Customs, VAT and Income tax), land registration, BRTA, health and medical services, traffic system and its
management in all essential service providing agencies are becoming an imperative component to sustain and continue
economic growth.
This technological adoption is also palpable in the country’s financial sector. The Banking sector is considering a new
wave of technological innovation, digital banking, in ways that could lead to a deeper level of financial inclusion, moving
towards a cashless society and thereby economic activities would be augmented. Country-wide spread mobile network,
availability of electricity, new financial technologies, transformative business models, and the Government’s eagerness
to digitize G2P payments act as the catalyst to enable better access to financial services. The same infrastructure has
encouraged Bangladesh Bank to introduce end-to-end electronic processing of banking activities or transactions, known
as “digital banking.” It will accommodate different segments of the population so that the unbanked will be banked, the
banked will get faster access to finance at low cost, and customers will receive better access to finance.
DIMENSION: TECHNOLOGICAL
JAMUNA BANK
FURTHER DETAIL
• Govt. initiatives in Digital • Introduced new Core banking • Managment Discussions and
Bangladesh, thus fostering a Software named “TCS BaNCS” Analysis
digital society. that is internationally renowned.
• Digitization of the banking The software has gone live on
sector. April 07, 2022; The CBS has
• Rising online-based banking come up with some other new
service and customer awareness services for the customers, like
on their rights, etc. Digital Banking System and TCS
• Popularization of mobile Treasury module.
financial services (MFS) and • Shifting of Bank’s old Data
agent banking. Center into the new Tier-3
• Introduction of payment standard Data Center (Alhaj
systems operator (PSO) and Md. Rezaul Karim Ansari Data
payment service providers Center) in Bank’s own premises
(PSP). on 24th July, 2022. All the shifted
• Introduction of interoperable servers are now under optimum
digital transaction platform HVAC environment.
• Growing cyberthreats. • In order to ensure efficient
support & service for Bank’s
valuable customers, we have
implemented an enterprise
call center named “Anindya
Majumder Call Center” (short-
code number “16742”).
• In order to reduce the
telephonic cost, we have
implemented IP PABX systems
in various Branches of the Bank.
• Deployed Palo Alto DMZ
firewall in its perimeter zone to
safeguard our entire network
from cyber threats.
• Established its Disaster
Recovery Site in Bangabondhu
Hi-Tech Park, Kalialoir by
shifting the existing one from
Uttara, Dhaka.
• Introduced centralized ATM
surveillance Backup System.
• The Bank has started
implementing centralized vault
alarm system in its different
branches
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Annual Report 2022
MODERATE RISK
ENVIRONMENTAL
Bangladesh is recognized worldwide as one of the most vulnerable countries to the impacts of global warming and
climate change. This is due to its unique geographic location, dominance of floodplains, low elevation from the sea,
high population density, high levels of poverty, and overwhelming dependence on nature, its resources and services.
The country has a history of extreme climatic events claiming millions of lives and destroying past development gains.
Variability in rainfall pattern, combined with increased snow melt from the Himalayas, and temperature extremes are
resulting in crop damage and failure, preventing farmers and those dependent from meaningful earning opportunities.
In a changing climate the pattern of impacts are eroding our assets, investment and future. This stands for families,
communities and the state. Global warming and climate change threatens settlements and the number of people
displaced from their land due to riverbank erosion, permanent inundation and sea level rise which are increasing rapidly
every year. Resources and efforts of government and people are quickly drained addressing the impact of one event when
another hazard strikes. Impacts of global warming and climate change have the potential to challenge our development
efforts, human security and the future.
DIMENSION: ENVIRONMENTAL
JAMUNA BANK
FURTHER DETAIL
• Growing focus on green • Jamuna Bank has prioritized • Sustainablity Report Chapter
products and behaviour. projects emphasizing
• Contribution towards meeting environmental benefits and
the SDGs, as enunciated by the currently we are facilitating
Govt. loans/advances those projects
• Institutional obligation for green which involve in providing
society. environment friendly products
• Climate-change events. and services. Our environmental
• BB has recently introduced a Tk. initiatives cover sectors like
5,000 crore refinance fund titled renewable energy, energy
“Green Transformation Fund” efficiency, water & waste
focused on facilitating exports management and recycling.
and productive industrial sector • Being a green bank, Jamuna
to ensure a climate-friendly Bank has Installed LED
environment, green economy, lighting, fluorescent lighting
and sustainable growth in & solar Panel as well as using
Bangladesh. natural skylight windows in
• Increased occurrence of natural its Corporate Head Office that
disasters reduce the amount of energy
required to attain the same level
of lighting compared to using
traditional incandescent light
bulbs.
• The bank is trying to reduce
the negative impacts on
environment by initiating its
activities.
• Jamuna Bank conducts several
green banking training program
to create awareness regarding
environmental concerns and
business practices for its
employees.
• Jamuna Bank plans to adopt the
“Net Zero” policy in our business
activities and values and our
aim is to be completely carbon
neutral within 2050.
Jamuna Bank Limited 217
HIGH RISK
LEGAL (REGULATORY)
Regulations and laws are important aspects of attempts to create a level playing field for organizations and societies.
They affect all areas of business. Legal factors can impact either positively or negatively on both the operations and the
management of organizations – irrespective of the country in which the organization is located. Legal risk continues to
be impacted by the evolving Government’s legal and regulatory landscape due to Covid-19 situation and other changes
in regulatory standards.
DIMENSION: LEGAL (REGULATORY)
JAMUNA BANK
FURTHER DETAIL
• Highly regulated business • Jamuna Bank always been • Risk Management Report.
environment. one of the most compliant • Corporate Governance
• Stringent laws regarding financial institutions since its Report.
customer privacy and data inception.
protection. • JBL always has and will
continue to take an active
stance in being the best at
complying properly with
the legal and regulatory
requirements through proper
policy discussion.
• Maintaining proper ethical
standards has been an integral
part of our organisation’s
culture since inception and
our employees always work
with integrity and proper
diligence.
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Annual Report 2022
Competitive Intensity and Tactical
Responses
Bangladesh’s financial sector is dominated by the banking industry.
Bargaining
Internal and external risk exposure are posing challenges to the Power of
Threat of New
Entrants
Customers
banking business, and some of these risks are uncontrollable.
We have analyse the industry considering the threat of new
competition & substitute products or, services, the bargaining
Bargaining Threat of
power of customers and suppliers, and the intensity of competitive Power of Substitute
Suppliers Competitive Products
rivalry. We remain mindful of our operating environment that is Rivalry
characterised by a high degree of competitive intensity. Yet, we within an
Industry
are also focused on growing the share of the market in the true
spirit of financial inclusion. We fulfil our objectives through key
thrusts, including:
• Digital innovation
• Service excellence
Major forces in our operating environment and our responses:
HIGH RISK
COMPETITIVE RIVALRY WITHIN THE INDUSTRY
Driver Forces Our Response
• The banking industry is up against 61 scheduled banks and • Customer service is of paramount significance to the bank.
34 non-bank financial institutions. The banking business The Bank provides all types of support to trade, commerce,
has become increasingly competitive as a result of rivalry industry and overall business of the country
among the 61 banks in the market, as well as an intensive • Jamuna Bank is offering unique products and services to the
pricing war, which has resulted in a decrease in the number clients.
of loyal consumers. • Adoption of digital technology and extended our
• Switching costs are very minimal in Bangladesh for banking countrywide banking network further to bring in more
customers. unbanked population of the country.
• The products and services of rivals differ very little.
• FIs competing for same customer segment.
MODERATE RISK
BARGAINING POWER OF CUSTOMERS
Driver Forces Our Response
• Generally, Corporate clients exhibit greater interest rate • We offer a wide choice of deposit and savings products
sensitivity compared to retail & SME clients. They create that contribute to financial security. On the other hand, we
pressure for price cut with improved service quality i.e. provide a wide range of loan products customised to meet the
lessen the rate of profit. specific aspirations of individuals and businesses.
• Large number of financial institutions in the country • Our digital banking channels, including app, ensure banking
increases buyer power as they can switch to one that offers at the fingertips.
them better. • We focus on developing best-fit personalised product
• Single digit interest rate somewhat decreases the bargaining offerings that meet precise customer needs and expectations.
power of buyers by levelling out the competitive landscape. • Enhance relationship with existing customers.
Jamuna Bank Limited 219
MODERATE TO HIGH
BARGAINING POWER OF SUPPLIERS
Driver Forces Our Response
• Deposit customers are the key supplier of money. Due to • We focus on attracting new CASA (current account, savings
lower switching cost of banking industry, customers have account) customers, offering various propositions and also
strong bargaining power. ensuring lower cost funds origination.
• Recent rate cuts in deposits, triggering from a highly • We offer the most attractive interest rates on deposits,
competitive lending market have directly impacted the bolstered by our ability to draw low-cost funds through our
number of deposit customers. This source of funds either superior credit ratings.
from individual customer or borrowings from other financial • We offer a wide range of fixed deposit products across varying
institutions are largely based on the market circumstances. maturities.
• We manage bargaining power of goods and services suppliers
through best practices in terms of our procurement policy
LOW RISK
THREAT OF NEW ENTRANTS
Driver Forces Our Response
• High barrier to entry due to large initial capital requirements • Jamuna Bank has already established its position as the
and meeting necessary regulatory requirements. reputed private commercial bank of the country.
• A number of new banks and NBFIs have already entered • We strive to achieve the economies of scale by the way of
into market which is the evidence of matured & competitive introducing state of art technology, hiring and training
market in the last few years. of employees and continuously improving efficiency &
• The threat of new entrants is low due to higher capital customer service.
requirement and regulatory barrier.
HIGH RISK
THREAT OF SUBSITUTES
Driver Forces Our Response
• Low cost of switching due to large number of banks operating • Jamuna Bank offers wide range of innovative products to its
currently. customers also adopted digitisation to stay up-to-date with
• Modern Fin-Tech services (like BKash, Nagad, etc.) providing rapidly changing modern financial sector.
quick and easy to access financial solutions. • Offering unique customer service.
• The products and services offered by Non-banking Financial
Institutions are the major substitute products.
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Annual Report 2022
SWOT ANALYSIS
Jamuna Bank already has a proven reputation among its Weaknesses Addressing our weakness
investors and clients for the high quality of its services,
• Over-reliance on We are trying to re-building our
product innovation, productivity, sustainable financial Corporate segment portfolio by focusing SME and
performance, and good corporate governance. Our credit. Retail Banking sector.
strengths are: • Low Access to Rural Every year we are expanding
• Capable Board and Directors. Market our network to new potential
• Qualified and Experienced Management. business areas through full
fledged branches/sub-branches.
• Strong Brand Value. Besides, we introduced Agent
• Sound Assets and strong capital base: one of the Banking Outlets to include low
income segment of people/
highest CRAR (16.75%) in the banking industry
unbanked people in the banking
• Best Primary Dealer Bank: Since inception Jamuna system.
Bank awarded as best PD declared by Bangladesh
• Lack of full Our centralization process is
Bank for 31 times among 24 PD banks. automation. going on.
• Strong workforces: of 3782 skilled employees.
• Careful evaluation & With our continued aim to ensure
• Enrichment of Human Capital: Number of Training further actions to be quality portfolio growth, we
75, Number of Participants 2482 needed for default managed to contain
loan management. Non-Performing Loans (NPL) to
• Stable entity credit rating over last 7 years: Long 5.32% in 2022.
Term: AA1, Short Term: ST-2
• Business Growth: We have adopted achievable
• Strong coverage: 10 million+ customers under Jamuna (Deposit & Advances) business target for the year 2022
Bank’s network.167 branches, 106 sub-branches, 42 Lagging behind from
Agent outlets along with 343 ATMs across the Country target
including 23 dedicated Authorised Dealer (AD)
branches and housed in 167 Al-Ihsan Islami Banking
Service Center.
• Wide range of products and services with competitive
price to meet the demand of various classes of clients.
• An effective online presence.
• Real time online banking solutions.
• Strong Financial Position to meet all sorts of liabilities.
Currently, Jamuna Bank in charge of managing the
toll of Padma Bridge which will ensure injection of
low-cost deposit.
• Digital Transformation: We introduced highly
interactive Mobile Banking App “Shadhin” for our
customers
• Inward Remittance Growth: Wide distribution
channel and network with exchange houses were
able to attract inward remittance worth USD $465.35
million in 2022, which strikes a growth of 61% over
previous year.
Jamuna Bank Limited 221
• Best Primary Dealer Bank. • Intense competition: New banks and NBFI entrants
• Market reputation: UK-based “The Global Economics” will increase competition.
awarded Jamuna Bank Ltd. with the “Best CSR Bank” • Global Political Unrest: Rising tension due to long
award for 02 (two) consecutive times 2021 & 2022. lasting Russia-Ukraine war.
• Growing local entrepreneurs. • Credit Risk: Arising due to the rising trend of NPL
• Penetration into the rural market with the help of levels in the country
wide branches/sub-branches/Agent outlets network. • Recorded inflation in worldwide as well as in
• Global reach through bank’s existing network. domestic economy
• Initiation of centralization in terms of every aspect • Unrest in foreign currency market
will lead the Bank tech savvy. • Liquidity crisis
• Innovative product and services. • Shrinking spread as such degradation of income
• Digital Transformation: Adoption of digital banking • Slowdown of export import business resulting from
solutions foreign currency crisis
• Increase of Non-performing loan
• Increasing pressure on maintaining provision and
minimum capital requirement
• Sluggish credit growth
• Increasing trade based money laundering
• Increase in different financial scams etc.
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Strategic Focus
Good organizations should always be trying to improve, grow, and become more profitable. Setting goals provides the
clearest way to measure the success of the company. As such, the interests of all our stakeholders are deeply rooted in
our long, medium and short term goals.
Overcome
challenges
Achieve credit Corporate
growth by Social
maintaining Responsibility
loan quality Strategic
Focus
Service Maximizing
improvement shareholders’
value
Long Term Goals Medium Term Goals Short Term Goal
• We want to become the best Bank in • To achieve strong growth in our • We will accelerate growth in loans and
the country lending portfolio i.e. Corporate, SME, advances with a focus on each area of
• Delivering customers’ desired Retail portfolio. financing, considering individual or
products and services to create true • Implement tech-based solutions for business requirements. Our dynamic
customers’ value. customer service & internal processes. product team will continue exploring
• Bringing unbanked people into our • Optimize client reach through existing customised financing needs of
delivery channels. distribution channels and expanding customers and step forward to meet
• Doing businesses that have higher more network through new branches/ their requirements.
risk adjusted return. sub-branches/ agent banking all over • Existing thrust sectors like textile
• Maximizing shareholders’ value the country. industry, export oriented industries,
at all times alongside ensuring • Implement more sophisticated agro based industries, leather etc. to
a sustainable growth of the reporting tools that enable greater be more focused.
organization. monitoring & benchmarking of the • Boosting Bank Guarantee business in
• Establishing the brand image various business verticals. the form of Bid Bond with local repo
as a growth supportive and pro- • Lower carbon footprint further. offices in Bangladesh of the foreign
customers’ bank. • Further optimize CSR efforts to contractors offering competitive
• Become number one employee/ maximize impact. rate to facilitate mega projects like
employer of choice among all the • Maximizing shareholders’ value at all Metrorail, Padma Bridge, Six lane and
PCB’s and create a sustainable work times alongside ensuring a sustainable eight lane high ways etc.
force. growth of the organization. • Special attention will be given to
• Continue to be one of the most socially • Invest in human capital by regular expand SME credit portfolio to achieve
responsible banking company in the spending on local/foreign training & relatively higher yields and also to
country. development program. reduce adverse effects of large volume
defaults.
• Improve credit & collection processes
to restrict NPLs within desired levels
Jamuna Bank Limited 223
Long Term Goals Medium Term Goals Short Term Goal
• Cross Selling of different products
including retail to corporate
customers.
• Implement web portal for enhanced
customer service
• Review promotional strategy and
carry out campaigns to enhance brand
recognition across different tiers of
potential customers.
• Establishing low cost sub-branches
in important locations and reaching
mass people.
• Boost deposit mobilization through
agent banking activities.
• We will continue our investment in
developing talented human resources
with improved skill-sets and increased
capacity for innovation.
• To Improve our objective based
performance management process
across the organisation
• Review organisational structure,
identify all roles, determine branding
of roles and align employee rewards &
compensations accordingly.
• In managing multidimensional risks,
the effort will continue to be to further
bolster the key risk management
mechanism, i.e. functions of internal
audit, strong credit and underwriting
risk management resources and
tools, compliance with regulatory
requirements, anti-money laundering
initiatives, strong corporate
governance, etc. We continue to
closely monitor potential build-up of
asset quality slippages that could place
pressure on capital levels and future
shareholder returns.
• Remaining aware and conscious
about the environment and support
the maintenance of a ‘green’
environments.
• Increasing investments in green
financing to leave a good impact in the
environment
• Pursuing CSR activities for our
continued support to future
generation, distressed people and
for advancement of under privileged
people of the country.
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Annual Report 2022
Deposit, Advances and Import & Export
Strategies
DEPOSIT STRATEGIES
• Boost deposit mobilization through bank’s branch, sub-branch and agent banking activities to increase no/low cost
fund/healthy deposit mix.
• Establishing more low-cost sub-branches in various important areas of the country to reach mass people under our
banking network.
• Reinforcing our marketing division.
• Taping different government agencies and maintaining regular intense social interaction with different segments of
the society.
• Cross Selling of different products including retail to corporate customers.
• Rigorous CASA campaign.
• Introduced “Shadhin” mobile banking app to provide Jamuna Bank customers with access to a wide range of banking
services in a convenient and secured manner.
• More focus will be given to Financial Inclusion by including different segments of the population so that the
unbanked will be banked, the banked will get faster access to finance at low cost, and customers will receive better
access to finance.
• Establishing smooth customer service, digital & modern banking system through new banking core software TCS
BaNCS.
ADVANCES STRATEGIES
• Special emphasis on expansion of SME credit portfolio to achieve relatively higher yields and also on Reduction of
adverse effects of large volume defaults. Notwithstanding growth of corporate credit portfolio, SME credit will be
given a push coupled with deployment of proper monitoring mechanisms.
• Close patronization of export oriented industries to attract more inward foreign exchange flow and channel
diversification for cost effective fund for the Bank.
• Identification of opportunities and concentration of financing into emerging sectors like power, jute, yarn, ceramic,
pharmaceuticals industry etc.
• Development of products for existing thrust sectors- Textile, Agro-based industries, Leather, Frozen food- through
partnering with relevant stakeholders and controlling bodies.
• Backward linkage industries to be targeted which will provide a good source of SME business through availing the
benefit of supply chain management.
• Risk Management techniques to be employed for strong internal control over business operation.
IMPORT AND EXPORT STRATEGIES
• Arranging credit lines from international Bank/FI(s) at a competitive rate to facilitate international trade business for
our import clients, thus strengthening our client base.
• Establishing bilateral business agreement with different European, American and Chinese counterpart banks to
route their transactions into Bangladesh through our bank.
• Boosting Bank Guarantee business in the form of Bid Bond with local representative offices in Bangladesh of the
foreign contractors offering competitive rate to facilitate mega projects.
• Creating bilateral agreements with the renowned overseas banks and FI’s to get more overseas low cost funds for
our Offshore Banking Unit, thus helping to reduce the import cost for our valued industrial and local importers,
manufacturers and also for potential clients having strong entrepreneurship spirit to grow.
• Garments sector will be more focused where tested and potential clients will be in the portfolio basket under the
regime of calculative risk return trade-off.
• Focusing on Industries having backward linkage, as it will yield better opportunity and reduce risk exposure.
• Focusing on service export sectors like IT and Education.
Jamuna Bank Limited 225
Stakeholder Engagement
Stakeholder relationships are of the utmost priority at the Bank. Our vision and strategy are shaped by evolving stakeholder
preferences and requirements. Over the years, we have developed various formal and informal engagement mechanisms
to provide active communication pathways and channels. These aid our stakeholders to find a forum to express their
expectations and concerns. The channels of communication are customised for each individual stakeholder group
based on considerations like individual stakeholder profiling and ease of engagement. They are also supplemented by a
host of initiatives to proactively assess the feedback at multiple levels within the Bank. The analysis delivers actionable
insights and differentiated understanding, helping us to devise a more streamlined and concentrated strategy to meet
stakeholder expectations. The stakeholder engagement map presented below provides an overview of our continual
efforts towards proactively engaging with key stakeholder groups:
Stakeholders
Particulars Engagement Issues Concerned
Name
Purpose of • Financial & non-financial • Shareholders’ returns (dividends) and share price
Engagement reporting • Performance and integrity of the Board and
Supplies the • Newspaper/Internet Management
capital briefings • Business Strategies, Re-investment plan,
Stakeholders and • Website Grievance redress.
Investors • Email • Stable rating, Public goodwill and reputation.
• Broadcast media • Sound governance and risk management
• AGM & EGM. performances
• Asset Quality
How we respond Shareholders always expect a stable stream of dividends throughout the tenure of their
investment as this income supports their financial well-being. We believe that becoming
a simpler, better bank, combined with the steps being taken to elevate governance,
accountability, and risk management, will fortify future shareholder returns. We are
also optimizing our business and capital settings and adapting to the changing operating
environment to drive financial performance and strength. We recognize that investors are
increasingly looking for long-term returns that are supported by strong environmental,
social, and governance performance. By focusing on both the financial and non-financial
drivers of shareholder value, we will deliver sustainable financial performance in the
future.
Frequency of
General Meeting of Shareholders Once in a year
Dialog
Conferences Several times
Meetings Several times
Stock exchange and press releases Ongoing
Outcome 17,871 2.11 17.50% C & 91
8.50% S
Number of Earning Per Dividend No. of shareholder queries received and
Shareholders Share resolved
Stakeholders
Particulars Engagement Issues Concerned
Name
Purpose of • Competitive return on • Safety of deposits
Engagement deposit • Good returns from deposits
Contributes in • Quality service delivery • Serve customers responsibly
both procuring • Convenient service • Ensuring data security
liabilities and • Data privacy • Product information, affordability and
Customers distributing • Product variation convenience
assets(credits) • Product variation according to market demand
• Digital services
• Timely Loan disbursement
• Simple documentation process
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Annual Report 2022
Stakeholders
Particulars Engagement Issues Concerned
Name
How we respond • Our prime objective is to improve the financial wellbeing of our customers and
communities. We are always committed to delivering better outcomes for our
customers. We do this by
° listening to our customers (at branch level “Customer meeting” frequently
conducted).
° providing a range of financial services, both on loan and deposit along with standard
and specified non-funded guarantees and assurances, Govt. bill collections and so
on.
° Offering competitive rate of return.
• protecting the privacy of our customers, including data protection and confidentiality.
• Our strong management team and board ensures that the organization’s financial
health remain steady. We have honoured encashment requests and paid interest in
advance.
• Diversifying the portfolio with more focus on Retail and SME to reduce concentration
risk and better maturity matching with deposits.
• Our loan operation process is being reengineered to reduce loan disbursement time.
• We are currently exploring ways to reduce our distribution cost through cost effective
distribution channels which will translate into affordable products for consumers.
• E-KYC is being introduced to further simplify costumer acquisition process.
• Providing seamless digital service.
• Encourage clients to use E-products like internet banking, Mobile Application
“Shadhin”, SMS banking, E- commerce etc.
Frequency of
Branches On a daily basis
Dialog
Website Ongoing
Outcome BDT BDT
BDT 128.32 BDT 21.98 BDT 11.51 BDT 4.02
1,147,172 225.07 180.49
Billion Billion Billion Billion
Billion Billion
NUMBER Total Total Total Total SME Total Total
OF Deposit Loans & Corporate Portfolio Retail Agricultural
CUSTOM- Advances Portfolio Portfolio Portfolio
ERS
Stakeholders
Particulars Engagement Issues Concerned
Name
Purpose of • Internal meeting • Financial comforts
Engagement • Group emails • Job security
Operates the • Business conferences, • Skill building
organization teleconferences, video • Work-life balance
Employees conference etc. • Health, safety and well being
• Employee events
• Performance recognition
and reward programs
• Training, workshops and
orientation program
• Intranet circulation
How we respond • We foster a culture of appreciation and togetherness for our employees.
• Investments in training
• Creating healthy, ethical, and supportive work environment.
• Providing a competitive pay package to the employees
• Formulated standard work policy for our employees
• Yearly performance bonus and festival bonus for employee motivation.
• All sorts of safety measures such as automatic fire alarm, separate stairs are available
in our Jamuna Bank Tower
• 107 SME, marketing & Casual employees were absorbed as permanent Officers & 232
Casual employees were absorbed as permanent employees of the bank.
• 150 cash cadre employees were absorbed as general cadre.
• Group Insurance Benefit for all employees of the bank including casual staff with
Progati life Insurance.
Jamuna Bank Limited 227
Stakeholders
Particulars Engagement Issues Concerned
Name
Frequency of
Internal Meeting Several times a year
Dialog
Intranet Ongoing
Website Ongoing
Email Ongoing
Events organized by the Bank and Jamuna Bank Monthly/Quarterly/Annually
Foundation
Outcome 75 (2482 38 branches &
3782 BDT 4.406 billion
participants) 11 divisions
Number of employees Number of Salary and Chairman
Training allowances Award-2022
Stakeholders
Particulars Engagement Issues Concerned
Name
Purpose of • Meetings • Good Corporate Governance and business ethics
Engagement • Written communication • Compliance with all regulatory guidelines and
Controls the • Verbal communication directives
environment of • One-on-one discussions • On-time regulatory reporting
Regulators business • Reporting
How we respond • Jamuna Bank continues to be a highly compliant banking company.
• We are committed to engaging in a way that is proactive, transparent and resolution-
focused.
• We will look for opportunities to further strengthen our governance.
• We will work closely with the regulators/policy makers.
Frequency of
Regular Reports Several times a year
Dialog
Physical/virtual Meetings Several times a year
Digital submission through web-portal Several times a year
E-Mail Ongoing
Phone Calls Ongoing
Website Ongoing
Outcome BDT 5713.15 million Regular Proper compliance
Contributed to national Exchequer as VAT & coordination and timely
Tax with regulators reporting
Stakeholders Particulars Engagement Issues Concerned
Name
Purpose of • Our CSR initiatives • Social responsibility and impact to society.
Engagement • Social Media • Environmental stewardship
Direct and • Press releases • Energy efficiency
Indirect • Industry memberships • Community engagement
Communities beneficiary • Support of events, summits
and Societies and forums
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Annual Report 2022
Stakeholders Particulars Engagement Issues Concerned
Name
How we respond • Agent banking service, sub-branch for financial inclusion.
• Perform CSR activities through our Jamuna Bank Foundation. We are engaged in
various types of CSR activities i.e.
° Education:
Ւ Scholarship for the unprivileged & disabled but meritorious students.
Ւ GPA-5 Scholarship among the Offspring of employees of Jamuna Bank Limited.
Ւ Established Jamuna Foundation Nursing College at Dhanmondi, Dhaka.
Ւ Established Jamuna Bank Institute of Information, Communication &
Technology (JBIICT).
Ւ Established 14 Nos. Computer training center at different areas of the country
for young people and students to improve their basic computer skills.
Ւ Established ‘Free Primary School for the children of slum dwellers’ and ‘Jamuna
Bank Madrasha’ at Chanduddyan Housing Ltd., Mohammadpur, Dhaka.
Ւ Established ‘Jamuna Bank DP Primary School’ at Atlapur, Rupgonj.
Ւ Established ‘PRODEEP Jamuna Bank Foundation Autism School’ for ensuring
special education for the autistic children.
Ւ Established 157 senior citizen Holy Quran learning center.
° Health:
Ւ Free Medical Camps across the country.
Ւ Free Medical Service Centre at Bishwa Ijtema, Tongi.
Ւ Free Mobile Medical Service for poor/ under privileged people in the Dhaka
City.
Ւ Established 3 nos. kidney dialysis center at (1) Shantinagar, Dhaka (2) Laksham,
Comilla and (3) Rupgonj, Narayangonj.
Ւ Free Plastic Surgery Camp (Cleft Lip/Cleft Palate Operation and Burned
patients).
Ւ Established ‘Jamuna Bank Foundation Diagnostic Center’, ‘Jamuna Bank
Foundation Dental Clinic’, ‘Jamuna Bank Foundation Eye Hospital’ and
‘After Care Center’ for drug addicted people at Chanduddyan Housing Ltd.,
Mohammadpur, Dhaka.
Ւ Voluntary Blood Donation program.
° Environmental and Climate Change Mitigation & Adaptation:
Ւ Tree plantation program.
Ւ Installed deep tube-well at Changerchor, Motlab, Chandpur.
Ւ Establishment of Model Village at Thakurgoan, Jamuna Bank Solar Village
established at Kishoregonj District.
Ւ Establishment of Solar Village at Kishoregonj.
° Disaster Management:
Ւ Regular donation to the honorable Prime Minister’s Relief and Welfare Fund.
Ւ Donation of blankets to the honorable Prime Minister’s Relief and Welfare
Fund.
Ւ Regular distribution of blankets among winter distressed people across the
country.
Ւ Whole night distribution of blankets among the street people.
Ւ Emergency disaster relief
° Income Generating Activities for the underprivileged population:
Ւ Establishment of 13 nos. sewing machine training centers for assisting
unprivileged women of society.
Ւ Distribution of sewing machines among the helpless poor women,
° Sports and Culture:
Ւ Anti Drug Rally & Seminar.
Ւ Donation of Tk. 70.00 lac for Joybangla Festival.
Ւ Donation of Tk.1.00 lac for patronizing Clemon Indoor Uni Cricket-2022.
Ւ Donation of Tk. 1.00 lac on occasion of the reunion of students of Boshikpur
D.S.U. Kamil Madrasha, Lakshmipur, Chittagong.
Ւ Donation to National Heart Foundation, Sylhet, Bangladesh National Cricket
Board, Sheikh Jamal Dhanmondi Club Ltd., etc.
Ւ Seminar on “Momentous and Importance of Independence Day”.
Ւ Seminar on “Momentous and Importance of International Mother Language
Day”.
Jamuna Bank Limited 229
Stakeholders Particulars Engagement Issues Concerned
Name
Ւ Seminar on importance of the Holy Ramadan, Holy lives of the Prophets and
Qirat
Ւ Competition among the offspring of the Employees of Jamuna Bank.
Ւ Art Competition on the occasion of Victory Day.
° Others:
Ւ Distribution of Ambulance to Munshigonj Police Line, Munshigonj.
Ւ Introduced Disable Marriage Scheme, Bidhoba Boyosko Bhata, and Disable
Rehabilitate scheme.
Ւ Distributed Wheel Chair among Autistic (Protibondi).
Ւ Financial support to Government, Non-Government organizations, poor
people for treatment, educational purposes, poor Freedom fighters, etc.
Ւ Distribution of clothes among the poor people during the EID festival every
year.
Ւ Donation for establishment/renovation of Mosques across the country.
Ւ Donation in the development of Covid-crisis situation.
° Ongoing project
Ւ Jamuna Bank Old Home & Old-aged Rehabilitation Complex
Ւ Jamuna Bank Medical College & Hospital, Rupgonj, Narayanganj
Frequency of
Conferences and seminar Several times a year
Dialog
Meetings Several times a year
Website Ongoing
Outcome BDT 172.58 Organized
BDT 340.20
million in 4,13,653 21 free 375 18,922+
million
2022 medical
camps
Contribution Total CSR Beneficiaries in 2022 No. of Dialysis
by the Bank expenditure throughout students services
to JBF for in 2022 the country under JBF provided to
conducting where Scholarship kidney
CSR 70,200 program patients by
activities people the 03 nos
were given JBF Kidney
treatment Dialysis
with Centers since
medicine inception
and 6,428 Unit.
people
were
selected
for free eye
operation
Award • UK-based “The Global Economics” awarded Jamuna Bank Ltd. with the “Best CSR
Bank” award for 02 (two) consecutive times 2021 & 2022.
• “The Global Economics” also awarded Al-Haj Nur Mohammed, Chairman of Jamuna
Bank Foundation as “Best CSR Personality” for his outstanding contributions towards
Corporate Social Responsibility (CSR).
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Annual Report 2022
Stakeholders
Particulars Engagement Issues Concerned
Name
Purpose of • Tenders & RFPs’ • Timely payment to suppliers
Engagement • Supplier meetings, briefings • Fair treatment
Logistic support and workshops, risk
for Business assessments,
Suppliers and Continuation
Vendors
How we respond • Ensure fair selection process
• Maintaining robust relationship with service providers
• Compliance with proper procurement regulations
Frequency of
Periodic Meetings Several times a year
Dialog
Phone calls and emails Ongoing
Outcome BDT 73.70 million 76
Spent on product and services No. supplier tenders conducted by our Procurement
during 2022 Team
Jamuna Bank Limited 231
Our Capitals
FINANCIAL CAPITAL:
Financial Capital of Bank includes our monetary resources, Linkage of SDGs with capital outcomes
which includes both debt and equity. JBL uses both sort of
finance to create value in short, medium and long term.
JBL currently uses the following major equities and debts to
create value in short, medium and long term.
INPUTS ACTIVITIES OUTPUT
• Paid Up Capital • Focused growth in • 17.50% Cash & 8.50% Stock
• Retained Earnings profitable business Dividend for 2022
• Cash and Bank balances segments • NPAT BDT 1,581.44 million
• Positive Cash generated • More focus on retail and • EPS: BDT 2.11
from operations SME products • ROE: 7.69%
• Subordinated & perpetual • Focus on automation • ROA: 0.58%
bond through cost-effective and
improved customer service.
16.75% 12.89% 3.24% 10.22%
CRAR Investment Growth Loans & Advance Operating Profit
Growth Growth
The Paid-up capital of Jamuna Bank Ltd was BDT 7,492.26 million as on 31 December 2022 which played a significant role
for creating value for the stakeholders and Retained earnings and other reserve position of the Bank was BDT 12,256.48
million during the period. Cash and Bank balances was BDT 15,677.33 million. The bank has borrowed BDT 13,994.45
million from different banks and agents inside Bangladesh and outside Bangladesh. Net Cash flows from operating
activities was BDT 9181.05 million. The Bank also issued perpetual bond (BDT 4,000.00 million) at different coupon rate &
fully redeemable, non-convertible, unsecured subordinated bond (BDT 6,700.00 million) totaling BDT 10,700.00 million
to strengthen its capital base. Deposits are the key source of finance that played crucial role in value creation process of
the bank. Total amount of deposits and bills payable of the bank was BDT 225,070.78 million as on 31 December 2022.
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Annual Report 2022
Material Aspects Matters for Stakeholders Highlights
Revenue Mix S, C, SS, CG, L, R, O investment growth was 12.89% whereas investment income increased
by 4.76%.
Cost Optimization S, C, CG Cost to income ratio: 55.47%
Quality of Asset growth S, C, CG, L Restricted NPL at 5.32%
Funding Strategy S, C, CG • Current Deposit growth 27.55%
• Savings Bank Deposit growth 10.61%
• Fixed/Mudaraba fixed deposits growth 0.11%
• Foreign currency deposit growth 59.50%
• Deposit under special scheme decreased by 13.99%
Capital Adequacy S, C, R Maintained CRAR of 16.75% to Risk Weighted Assets
S= Shareholders; C=Customers; SS=Service Provides & Suppliers; CG=Colleagues; L= Local Communities; R=Regulators; O=Others
Challenges Responses Outlook
• Low Spread • Jamuna Bank act promptly from • Emphasized on to optimize worthy
• Maintaining portfolio quality the very beginning along with collaterals and diversifying the
• Providing satisfactory return to management efficiency in increasing business portfolio to ensure minimal
shareholders the net investment margin, curbing risk with the maximum gain in
• Highly Fragmented Market the classified loans through strong return.
• Maintaining sustainable growth and monitoring round the year to • Proper monitoring and strong
financial stability maintain the profitability. recovery drive from branches and
• Maintaining credit evaluation corporate office have been intensified
policies, regular loan monitoring and to maintain the quality of the assets.
collective efforts to arrest NPLs • We will focus more on improving
• For managing the overall risk health of our asset portfolio this year.
exposure of the Bank, our primary • Efficient Capital Planning under the
focus has always been to strengthen preview of risk return trade-off for
our risk management policy with smooth expansion of business.
a strong internal control system. • Bring in further improvements to the
Jamuna Bank ended the year with deposit mix.
a strong capital base maintaining
Capital to Risk Weighted Ratio (CRAR)
of 16.75%.
• Invested in technology, process
improvements and training to
improve productivity
Jamuna Bank Limited 233
HUMAN CAPITAL
Jamuna Bank, in this digital age has created a pleasant Linkage of SDGs with capital outcomes
atmosphere within the work environment where the talents
are contributing their best to be succeeded in this ever
changing business environment. It has reduced employee
stress and improved their belongingness with the Bank.
Supportive and diverse work environment is always the key
for attracting dedicated talents, therefore, we aim to create
a workplace which rewards individuals for their efforts,
promotes work-life balance, and offers employees the
opportunities to grow, prosper and advance in their careers.
That is why JBL always offers competitive, performance-
based compensation, benefits and numerous employee
friendly assistances.
INPUTS ACTIVITIES OUTPUT
• Acquires fresh, talented • Talent acquisition • Employee recruited in the
and right employees in the • Recognize and reward high year 2022: 550
right place. achievers • Revised the compensation
• Provides competitive • Build a culture of Packages of all employees
remuneration and end-of engagement. of the bank.
service benefits. • Employee Well-being. • Conducted Written Exam
• Provides long term • Training and Development. & Interview for Promotion
training and development and Promoted 412
opportunities. employees.
• Ensures safe, healthy and • 107 SME, marketing &
equitable environment for Casual employees were
all employee. absorbed as permanent
• Rewards performance Officers.
based bonus and • 232 Casual employees were
incentives. absorbed as permanent
• Yearly Incentive Bonus at employees of the bank.
the first week of the year • Employee Job
• Competitive Employee Confirmation: 109
House Building Loan • 150 cash cadre were
(EHBL) absorbed as general cadre
• Accelerated Promotion • Group Insurance Benefit
for High Performing for all employees of the
Employees bank including casual staff
• Pay for Performance and with Progati life Insurance
Special Increments for high • Conducted 75 training
performing employees courses (internal &
• 02 Gratuity for each year external).
on eligibility • Number of employee
participated in training:
2482
3782 75 BDT 4.406
(3093 male & 689 550 (employee
female) participated: 2482) billion
Total Employee New recruitment Training course Salary and Allowances
conducted
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Annual Report 2022
Challenges Responses Outlook
• Retaining experienced and skilled • The bank’s objective is to attract, • Focus on developing a skilled and
employees. retain, and motivate the best efficient human resource through
• Developing human resources towards employees by offering a healthy, safe, appropriate training programs.
company’s vision & growth. and progressive working environment • Emphasize the further tuning of the
• Maintaining productivity and as well as a competitive remuneration fair performance evaluation system
efficiency. package. and the development of an effective
• The bank appointed a part-time reward system.
doctor and maintained a safe and • Focus on individual career plans for
stress-free working environment. the development of the right person
for the right position.
Jamuna Bank Limited 235
MANUFACTURED CAPITAL:
Jamuna Bank’s Manufacturing Capital includes all Linkage of SDGs with capital outcomes
infrastructure created and utilized within our integrated
business model. These include our regional footprint of
banking operations, business processes and technologies
etc. for providing effective, efficient and innovative services
to our customers.
INPUTS ACTIVITIES OUTPUT
• Enhancing our presence in • Expanding the customer • New Branches: 10
key strategic areas of the access points. • New Sub-branches: 71
country i.e. 167 branches, • Business process • New Agent outlets: 24
106 sub-branches, 42 Agent automation. • New Debit Card users:
outlets and 343 ATMs. • Upgrading Technology. 44,100
• Physical infrastructure. • New Credit Card users:
• Office equipment and 10,650
suppliers. • Upgraded systems,
interfaces, increased
payment alternative
channels, established links
with fin-techs, upgraded
Core Banking System.
• Introduced new Mobile
App based banking service
“Shadhin”.
• Introduced Internet Based
banking service.
Material Aspects Matters for Stakeholders Highlights
Accessibility network. i.e S, C, CG, L Jamuna Bank offers both conventional and Islamic banking through
branches, sub-branches, designated 167 branches, 106 sub-branches, 42 Agent outlets along
speed centers, ATMs with 343 ATMs across the Country.
IT network and IT S, L, CG, R All Bank’s branches are fully automated and under online operation
infrastructure along with several services. We are providing a broad line of services
to our valued clients.
Economies of scale S, CG By investing in manufactured capital, we are increasing our
economies of scale, in the context of producing banking services –
such as business loans, auto loans, and checking accounts at lower
cost.
S= Shareholders; C=Customers; SS=Service Provides & Suppliers; CG=Colleagues; L= Local Communities; R=Regulators;
O=Others
Accessibility network:
Currently, Jamuna Bank offers both conventional and Islamic banking through designated 167 branches, 106 sub-
branches, 42 Agent outlets along with 343 ATMs throughout the Country considering the need of the customer and cost
effectiveness in mind. We also maintain virtual presence through our web site (https://www.jamunabankbd.com).
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Annual Report 2022
Challenges Responses Way forward
• Increasing infrastructure facility to • Stay updated to adapt to changes and • Focus on further strengthening the
support growth. overcome the challenges. presence in digital medias.
• Careful management of operation • Spreading the geographical • Invest in technology to improve
to address and protect the customer boundaries through opening more productivity and service delivery.
need. channels. • Increase customer engagement
• Developing the technological through digital platforms.
requirements
Inauguration ceremony of Banasree Branch
Jamuna Bank Limited 237
INTELLECTUAL CAPITAL:
Our Intellectual Capital consists of intangible intellectual Linkage of SDGs with capital outcomes
resources like brand image, knowledge based assets, like
skills and competencies of employees, innovative Marketing
& Development team, market reputation that offers a
competitive edge to Jamuna Bank. Structured network,
qualitative database, better software, good security systems
are also used in our bank. It is an important factor for
achieving success and helps to survive in the competitive
environment.
INPUTS ACTIVITIES OUTPUT
• Glorious experience of 22 • Strengthening the brand • Introduced internationally
Years image. renowned new Core
• Brand Image • Enhancing tactical banking Software named
• Skills and competencies of knowledge. “TCS BaNCS” . The CBS
employees • Effective and efficient has come up with some
• Structured network talent management. other new services for the
• Domestically Significant • Enhance technological customers, like Digital
Banking Institutions capabilities to have ease of Banking System and TCS
• Certificates & Accolades use for customers. Treasury module.
• Organization Culture • » The ICT Division
has shifted its old Data
Center into the new Tier-3
standard Data Center (Alhaj
Md. Rezaul Karim Ansari
Data Center) in Bank’s own
premises.
• » Implemented an
enterprise call center
named “Anindya Majumder
Call Center”. The call
center is now in full swing
(24×7) operation.
• » Implemented IP
PABX systems in various
Branches of the Bank.
• » Deployed Palo
Alto DMZ firewall in
its perimeter zone to
safeguard our entire
network from cyber
threats.
At Jamuna Bank this capital is enhanced through the value created by organizational intangibles. We are committed to
learning and service excellence. During our glorious 21 years of journey, we have collaborated with employees to build a
massive pool of expertise and experience which is a key component of JBL’s intellectual capital. This pool of knowledge
consists of specialized expertise in business field, and in capital management and risk management.
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Annual Report 2022
Material Aspects Matters for Stakeholders Highlights
Continuous improvement in S, C, SS, CG Jamuna Bank is committed to offer innovative, robust, secure and
processes flexible solutions to empowered customer by giving a new banking
idea.
Strengthening the knowledge S, C, CG During our glorious 22 years of journey, we have collaborated with
base employees to build a massive pool of expertise and experience which
is a key component of JBL’s intellectual capital. This pool of knowledge
consists of specialized expertise in business field, and in capital
management and risk management
Research & Development S, C, CG, L, R We are continuously working in innovating new products considering
the need of our clients based on market research.
S= Shareholders; C=Customers; SS=Service Provides & Suppliers; CG=Colleagues; L= Local Communities; R=Regulators; O=Others
Knowledge:
• We know however
that knowledge
New Business gained is only as
Solutions: valuable as its effect
and influence on
• Introduced the work we do. At
internationally JBL we endeavor
Operational to document and
renowned new
& Security share information
Core banking
Infrastructure: in as many ways
Software named as possible to
“TCS BaNCS” maximize the
• The Bank has
. The CBS has value of this most
established
come up with important element.
its Disaster Knowledge sharing
some other new
Recovery Site in culture, extensive
services for the
Bangabondhu training and human
customers, like
Hi-Tech Park, capital management
Approaches Digital Banking tools contribute to
Kalialoir by
to Optimizing System and how we manage and
shifting the
Intellectual Capital TCS Treasury exploit knowledge.
existing one
Outcomes module. We believe that
from Uttara, Research and
• The ICT Division knowledge used and
Dhaka. shared also depends Development:
• Enhancing has shifted its
• The Bank has on the unspoken
customer old Data Center • We are
constructed Data norms of behavior
relationship into the new that constitute JBL’s continuously
Center of Tier -3
management Tier-3 standard culture. It is these working in
standard in its innovating
and business. Data Center norms and our
own premises. new products
• Attracting (Alhaj Md. healthy working
• The Bank environment considering the
and retaining Rezaul Karim
has started which shape need of our clients.
people with Ansari Data In this regard we
implementing our employees’
skills that add Center) in Bank’s try to identify the
centralized vault interaction with
value through own premises. customers, demands through
alarm system
innovation and • Implemented colleagues and market research.
in its different Existing process
creativity. an enterprise other stakeholders.
branches and technology
• Intelligence to call center Besides, our
competitive strategy are constantly
create customer- named “Anindya
and differentiation reviewed to
centric business Majumder Call find scopes of
have been leading
solutions. Center”. The call improvement.
facilitators to the
center is now in creation of value
full swing (24×7) in the form of
operation. Intellectual Capital.
Challenges Responses Way forward
• Information security threat • Enhancing tactical knowledge • Reinforce the bank’s governance
• Retention of skilled employees • Effective and efficient talent and risk management framework
• Maintaining brand value management further to have greater controls and
• Enhance technological capabilities to reputation.
have ease of use for customers • Make organizational changes to keep
• Being cautious about customer pace with the competitive market.
privacy.
Jamuna Bank Limited 239
Jamuna Bank Limited Inaugurates the TIA-942 Standard Tier-3 Data Center
Jamuna Bank Limited has inaugurated the TIA-942 Standard Tier-3 data center to provide better services to its customers.
Mr. Gazi Golam Ashria, Director of the Bank inaugurated Data Center at Jamuna Bank’s corporate office in Gulshan.
Honorable Directors and high officials of the Bank were also present at the inauguration program.
Jamuna Bank Limited inaugurates “Anindya Majumder Call Center”
Jamuna Bank inaugurated its Customer Experience Center by the name “Anindya Majumder Call Center” at MHB
Bhaban, Honorable Directors and high officials of the Bank were also present at the inauguration program.
Inauguration of
The Call center was Customer
named after the Late Experience
Sponsor of Bank, Center
Anindya Majumder.
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Annual Report 2022
SOCIAL AND RELATIONSHIP CAPITAL
Social and Relationship Capital consists of intangibles Linkage of SDGs with capital outcomes
(shared values, commitments and knowledge) that form the
basis of the reputation and trust that we have developed. This
Capital reflect our citizenship and the strong relationship we
have with all our stakeholders, including the communities
we live in, as we recognize the important role that banks
play in building a strong and thriving nation. The bank
has nurtured long-term and meaningful relationships with
its customers and communities through comprehensive
investment.
INPUTS ACTIVITIES OUTPUT
• Contribution to the • Financial inclusion. • Strategic CSR Investment:
national exchequer • Understanding customers’ BDT 340.20 million
• CSR contribution to society needs. • +0.413 mn beneficiaries
• Quality of customer • Effective communication. reached through CSR
service. • Knowledge based banking. • +1.147 million customer
• Outstanding CSR activities. base
• Innovative product • Tax Paid: BDT 5,234.02 mn
offerings.
• Unmatched service.
• Empowering communities.
Material Aspects Matters for Stakeholders Highlights
Customer Service Assurance C, CG Providing quality product/service that meets absolute needs of the
customer.
Stakeholder identification S, C, SS, R, CG, L, O We have formulated strategies that complement our business model
and Engagement with the value creation process that ensures stakeholders’ expectation.
Corporate Social L, R, O Jamuna Bank Foundation (JBF), a philanthropic organization of
Responsibility Jamuna Bank Limited has been playing pioneer role in the CSR
activities since its inception in the year-2007. Over the past 15 (fifteen)
years, Jamuna Bank Foundation (JBF) went ahead with its unwavering
commitment to improve lives of the underprivileged poor and
destitute. It also provides support in the education, health and well-
being, environmental management besides patronizing sports, art &
culture, disaster management etc. to ensure economic development
of the Country. As a recognition, the Bank has been awarded the
prestigious “Best CSR Bank” award in “The Annual Global Economics
Awards” in the 2021 & 2022 consecutively.
S= Shareholders; C=Customers; SS=Service Provides & Suppliers; CG=Colleagues; L= Local Communities; R=Regulators; O=Others
Jamuna Bank Limited 241
Challenges Responses Way forward
• Empowering shareholders Education • Enhance the customer experience
• Evolving customer needs • Donated BDT 56.70 million to through the adoption of the latest
• Addressing the shareholder’s needs Education Sector 15,771 beneficiaries. technologies and digitalization.
• 375 Students are enjoying Jamuna • Emphasize retail, SME, youth, and
Bank Foundation’s stipend facility. women entrepreneurs who serve
• Jamuna Bank Foundation established underserved segments of society.
• Jamuna Foundation Nursing College. • Finance for CSR and other sectors
• Jamuna Bank Institute of in order to achieve the Sustainable
Information, Communication & Development Goals (SDGs).
Technology. • Focus on driving financial literacy
• 14 nos. Computer training center. and customer education in a
• Primary School for the slum dwellers. continued manner.
• Jamuna Bank DP Primary School.
• PRODEEP Jamuna Bank Foundation
Autism School
• 157 Holy Quran learning centre.
Healthcare
• Organized 21 free medical camps in
2022 throughout the country. Patient
treated 70,200. 6,428 people were
selected for free eye operation.
• Organized 48 Free Mobile medical
camps at different slum areas of
Dhaka City in the year 2022. Patient
treated 14,146.
• JBF Kidney Dialysis Centers
(Shantinagor, Dhaka Unit, Laksham,
Comilla Unit, and Rupgonj,
Narayangonj unit) have provided
18,922+ dialysis services to kidney
patients since inception.
• Newly Inaugurated
• JBF Diagnostic Center at
Mohammadpur Dhaka
• JBF Dental Clinic at Mohammadpur
Dhaka
• JBF Eye Hospital at Mohammadpur
Dhaka
• JBF Physiotherapy Center at
Mohakhali, Dhaka
• JBF Dialysis Center at Rupgonj,
Narayangonj
• Organized 02 weeks long Free Plastic
Surgery Camp for cleft lip, palate, and
burn patients at Munshiganj General
Hospital by specialized doctors from
the Netherlands. Around 634 patients
were treated free of cost and 250
patients were registered for plastic
surgery.
• Organized Voluntary Blood Donation
Programs at different times of the
year.
Environment and Climate change
mitigation & adaptation sector
• Tree plantation program.
• Deep Tube-well installation at
Changerchor, Motlab, Chandpur.
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Annual Report 2022
Challenges Responses Way forward
• Jamuna Bank Solar Village established
at Kishoregonj District.
• A model village (Adarsha Gram)
established at Singpara village under
Thakurgaon district.
Disaster Management
• Donated Tk.100 million to ‘Prime
Minister’s Relief and Welfare Fund’ for
Flood Affected People
• Donated Tk.40 million to the Prime
Minister’s Ashrayan Project-2
aimed at providing houses to the
underprivileged and homeless people
across the country.
• Distributed 75,000 blankets to the
PM’s Relief and Welfare Fund.
• Besides, 84,029 blankets were also
distributed among the distress people
of the country.
Last 5 (five) years CSR expenditure (figure in BDT
million):
Expenditure
CSR Initiatives
2022 2021 2020 2019 2018
Education 56.70 40.60 15.10 16.42 12.00
Health 102.40 178.00 77.60 31.30 24.20
Environment and 28.10 54.60 182.00 39.76 87.1
Climate change
mitigation
Others 153.00 26.40 69.4 22.32 20.5
Total 340.20 299.60 344.10 109.8 143.8
Distributed 75,000 blankets to the PM’s Relief and Welfare Fund
Jamuna Bank Limited 243
NATURAL CAPITAL
Natural Capital consists of the natural resources utilized Linkage of SDGs with capital outcomes
by the Bank in its value creation process, such as energy,
water, and materials, as well as the healthy functioning
of the ecological system. As a financial services provider,
the bank’s direct environmental impact is limited. Jamuna
Bank tries to create a public awareness on the preservation
of natural capital, reduction of wastage and keep the
environment free from pollution through its operational
activities and by publishing Sustainability Report which
conveys a unique message to our stakeholders each year.
INPUTS ACTIVITIES OUTPUT
• Green Initiatives • Energy management • Carbon footprint 4052
• Use of renewable energy • Water management tCO2e
• Efficiency in consumption • Waste management • 37.69 tones paper saved
of Petrol, Oil and • Green investment valuing BDT 6.71 million in
Lubricants. • Environmental awareness 2022
and CSR • Electricity consumption
decreased by 26%
compared to 2021.
• Fuel for Car (Liters)
decreased by 14.16%
compared to 2021
• Fuel for Generator (Liters)
increased by 34.71%
compared to 2021
• 19.9 kw solar energy
generated
Material Aspects Matters for Stakeholders Highlights
Control Carbon footprint S, C, O We are reducing of external carbon emission through our finance
and internal carbon footprint. We evaluate environmental and social
factor, such as project impact on the environment & the community in
the long run, prior to approving a loan
Green Banking S, C, R, CG, O Increased green banking portfolio
Environment Friendly L, O Jamuna Bank takes regular initiatives to make positive impact to
Initiatives environment
S= Shareholders; C=Customers; SS=Service Provides & Suppliers; CG=Colleagues; L= Local Communities; R=Regulators; O=Others
Control Carbon footprint and Environment Friendly Initiatives:
We aspire to promote and support environmentally-sound businesses and technologies through our lending business.
All the project applications are assessed for negative screening list on environment to ensure these projects are not
amongst others:
i. Dealing in banned wildlife related products;
ii. Polluting industries unless the units have clearance from Department of Environment and have installed effluent
treatment plants, and
iii. Setting up new units consuming/producing Ozone Depleting Substances (ODS) such as ChloroFluoro Carbon (CFC),
Halons and units manufacturing aerosol products using CFCs.
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Annual Report 2022
We do not finance/refinance businesses engaged in the above-mentioned products. The project appraisal stage
generally includes site visit of the project to assess any adverse impact on the environment and appointment of Lenders’
Independent Engineer to advise lenders, on aspects including environmental issues, if any, and its mitigation strategies.
Jamuna Bank has incorporated environmental risk management as part of the existing credit risk methodology to assess
borrowers through Environmental Due Diligence (EDD) checklists.
We have been actively funding projects in areas of clean technology, renewable energy, energy-efficiency and sustainable
infrastructure. Climate change is a fundamental threat to development in our lifetime, with the potential to impact
millions, threatening agricultural livelihoods, increasing the incidence of natural disasters and affecting water, energy,
and food supplies.
Green Banking : The primary focus areas of our environmental management initiatives are energy efficiency, material
resource efficiency, renewable energy .Since inception Jamuna Bank has adopted eco-friendly banking services as a way
to lower carbon footprint. We strive to reduce environmental impacts incidental to our products and services through
‘Green Banking’ practices. Digitisation of products, services and processes is vital for both reducing environmental
impacts and providing superior customer service by enhancing the safety, ease and convenience of banking. As part of
our commitment to uphold green economy, Jamuna Bank Limited has signed a participation agreement with Bangladesh
Bank under refinance scheme for lending in direct green finance products i.e. solar energy, bio- gas, effluent treatment
plant brick field etc. For details please see our Sustainability Report.
Challenges Responses Way forward
• Resource optimization to reduce • Introduced internet banking. • Paperless banking
energy wastage • Introduced new Mobile Banking App • Minimization of resources
• Maintain green and sustainable “Shadhin”. consumption
environment • Actively involved in green financing • Green initiatives
activities (Tk. 4,826.45 million). • Environmental education
• Organized 03 workshops on green
banking to spread awareness.
Sustainable Linked
Green Finance Sustainable Finance
Finance
• BDT 4,826.45 million • BDT 36,551.03 million • BDT 41,377.47 million
Jamuna Bank Limited 245
Our Business Model
246
Annual Report 2022
Jamuna Bank Limited 247
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Annual Report 2022
Management Committees
(as on 31 December 2022)
Asset Liability Committee (ALCO)
Name Designation
Mirza Elias Uddin Ahmed Managing Director & CEO (Chairman of the Committee)
Md. Shahidul Islam SEVP & Head of Corporate Banking Division
Md. Manjurul Ahsan Shah EVP &Head of Retail Banking Division
Md. Mehedi Hasan EVP & Head of Treasury Division (Member Secretary of the Committee)
Uttam Kumar Saha SVP & Chief Financial Officer
Mohammad Shamsur Rahman SVP & Head of International Division
Md. Shah Alam SVP & Head of Risk Management Division
Md. Shariful Ahsan SVP & Head of SME Division
Md. Asaduzzaman SAVP & Head of Islami Banking Division
Mohammad Nazmul Hasan SAVP & Head of Offshore Banking
From Left (sitting) : Md. Manjurul Ahsan Shah, Mirza Elias Uddin Ahmed, Md. Shahidul Islam and
Md. Mehedi Hasan
From Left (Standing) : Md. Asaduzzaman, Md. Shah Alam, Mohammad Nazmul Hasan,
Uttam Kumar Saha, Mohammad Shamsur Rahman and Md. Shariful Ahsan
Jamuna Bank Limited 249
Head Office Credit Review Committee (HOCRC)
Name Designation
Mr. Md. Abdus Salam Additional Managing Director
Md. Mukleshur Rahman SEVP & Head of CAD
Md. Shahidul Islam SEVP & Head of Corporate Banking Division
Md. Manjurul Ahsan Shah EVP & Deputy Head of Corporate Banking Division
Md. Mehedi Hasan EVP & Head of Treasury Division
Md. Prashanta Samir SVP & Head of Credit Risk Management Division (CC)
Md. Abu Sayed Yousuf VP & Deputy Head of Credit Risk Management Division (Member Secretary of
the Committee)
From Left (sitting) : Shahidul Islam, Md. Abdus Salam, and Md. Mukleshur Rahman
From Left (Standing) : Prashanta Samir, Md. Manjurul Ahsan Shah, Md. Mehedi Hasan, and
Md. Abu Sayed Yousuf
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Annual Report 2022
Executive Risk Management Committee
Name Designation
Md. Mukleshur Rahman SEVP & CRO (Chairman of the Committee)
Mohammed Aminul Islam Mintu SEVP & Head of ICCD
Md. Mehedi Hasan EVP & Head of Treasury Division
Syed Zahid Hossain SVP & Head of ICT Division
Mohammad Shamsur Rahman SVP & Head of International Division
Md. Abdus Sobhan SVP & Head of Banking Operation Division
Uttam Kumar Saha SVP & Chief Financial Officer
Md. Shah Alam SVP & Head of Risk Management Division (Member Secretary of the Committee)
Md. Prashanta Samir SVP & Head of Credit Risk Management Division (CC)
Md. Wajahat Anwar VP & Head of Law and Recovery Division (CC)
Md. Abul Faisal Mannan VP & Head of Human Resources Division
Sajia Afrin Atique SAVP & Head of ML&TFPD
From Left (sitting) : Sajia Afrin Atique, Mohammed Aminul Islam Mintu, Md. Mukleshur Rahman and
Md. Mehedi Hasan
From Left (Standing) : Md. Abdus Sobhan, Md. Prashanta Samir, Md. Shah Alam, Md. Wajahat Anwar,
Syed Zahid Hossain, Md. Abul Faisal Mannan, Mohammad Shamsur Rahman,
Uttam Kumar Saha
Jamuna Bank Limited 251
Supervisory Review Committee (SRC)
Name Designation
Mirza Elias Uddin Ahmed Managing Director & CEO
A. K. M. Atiqur Rahman Deputy Managing Director
Md. Mukleshur Rahman SEVP & CRO
Mohammed Aminul Islam Mintu SEVP & Head of ICC
Md. Mehedi Hasan EVP & Head of Treasury Division
Syed Zahid Hossain SVP & Head of ICT Division
Mohammad Shamsur Rahman SVP & Head of International Division
Md. Abdus Sobhan SVP & Head of Banking Operation Division
Uttam Kumar Saha SVP & Chief Financial Officer
Md. Shah Alam SVP & Head of Risk Management Division (Member Secretary of the Committee)
Md. Prashanta Samir SVP & Head of Credit Risk Management Division (CC)
Md. Wajahat Anwar VP & Head of LRD (CC)
Abul Faisal Mannan VP & Head of Human Resources Division
Sajia Afrin Atique SAVP & Head of ML&TFPD
From Left (sitting) : A. K. M. Atiqur Rahman, Mirza Elias Uddin Ahmed, Md. Mukleshur Rahman and
Mohammed Aminul Islam Mintu
From Left (Standing) : Md. Abdus Sobhan, Md. Prashanta Samir, Md. Shah Alam, Md. Wajahat Anwar,
Syed Zahid Hossain, Sajia Afrin Atique, Uttam Kumar Saha, Md. Abul Faisal
Mannan, Mohammad Shamsur Rahman and Md. Mehedi Hasan
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Annual Report 2022
Sustainable Finance Committee
Name Designation
Md. Abdus Salam Additional Managing Director (Chairman of the Committee)
A. K. M. Atiqur Rahman Deputy Managing Director
Md. Mukleshur Rahman SEVP & Head of CAD
Md. Shahidul Islam SEVP & Head of Corporate Banking Division
Mohammed Aminul Islam Mintu SEVP & Head of ICC
Md. Manjurul Ahsan Shah EVP & Head of Retail Banking Division
Md. Mehedi Hasan EVP & Head of Treasury Division
Syed Zahid Hossain SVP & Head of ICT Division
Uttam Kumar Saha SVP & Head of FAD and Chief Financial Officer
Mohammad Shamsur Rahman SVP & Head of International Division
Md. Abdus Sobhan SVP & Head of Banking Operation Division
Md. Shah Alam SVP & Head of Risk Management Division
Md. Prashanta Samir SVP & Head of CRM Division (CC) and SFU (Member Secretary of the Committee)
Adnan Mahmud Ashraf Uz-Zaman VP & Head of Card Division
Md. Mohammad Saiful Malik VP & Head of Monitoring Division
Abul Faisal Mannan VP & Head of Human Resources Division
Md. Faruqur Rahman SAVP & Head of General and Common Services Division
Md. Abu Salayh Mohammad Masouk AVP & Head of Marketing & Development
Md. Sarwar Matin Head of PR&BCD
Group-1 Group-2
From Left (sitting) : Md. Shahidul Islam, From Left (sitting) : Md. Shah Alam, Md. Abdus Sobhan,
Md. Abdus Salam, A. K. M. Atiqur Rahman and Md. Prashanta Samir and
Md. Mukleshur Rahman Adnan Mahmud Ashraf Uz-Zaman
From Left (Standing) : Syed Zahid Hossain, From Left (Standing) : Md. Sarwar Matin,
Md. Mehedi Hasan, Md. Manjurul Ahsan Shah, Md. Abu Salayh Mohammad Masouk,
Mohammed Aminul Islam Mintu, Md. Mohammad Saiful Malik, Abul Faisal Mannan and
Mohammad Shamsur Rahman, and Uttam Kumar Saha Md. Faruqur Rahman
Jamuna Bank Limited 253
Comparative Analysis of Financial
Performance
On the way to recovery from the COVID-19 pandemic depressions, Bangladesh economy during 2022 faced even more
challenges due to the Russia-Ukraine war, which sparked massive inflation resulted price hike in energy, food and all
other costs, currency depreciation against US dollar and a tightening money market. Followed by same, the banking
sector in Bangladesh also encountered challenging economic environment with ongoing uncertainty and volatility in
the global & local market. Besides, significant regulatory changes and increasing competition, there is more pressure on
banking business & profitability growth.
During 2022, Bangladesh Bank set the LC margin to discourage the luxury item & non-essential products import with the
aim to offset rising import costs and release the pressure on forex reserves. Besides, BB introduced uniform dollar-taka
exchange rate for international trade to curb currency volatility. Also, refinancing schemes, stimulus packages and loan
moratorium facilities were continued in different sectors to support businesses from the adverse economic shocks due
to COVID-19 and Russia-Ukraine war. Furthermore, central bank adopted many other cautious and prudent measures to
ensure overall macroeconomic stability in the country.
Despite many challenges, our bank has remained resilient and has continued to grow and deliver solid financial results.
We remained steadfast in providing financial support and solutions to our customer for ensuring that they could able
to tackle ongoing uncertainty and volatility in the global & local market and its resulting impact. In doing so, we also
continued to prioritise capital and liquidity in order to keep funding accessible to customers, while ensuring sufficient
provision buffers to address potential asset quality issues. We have followed Bangladesh Bank’s instruction meticulously
for maintaining provision and recognizing interest income. We have complied Bangladesh Bank’s requirement of 1%
additional special General provision-COVID 19 and extra 2% provision against clients enjoying Covid-19 facilities and
maintained additional provision based on the qualitative judgment of Bangladesh Bank for absorbing any unforeseen
shocks.
Thus, with our prudent stance, we managed to deliver a resilient performance in 2022.
Financial performance at a glance in 2022(solo)
BDT 12.82 billion BDT 2.99 billion BDT 5.92 billion BDT 1.58 billion
Total Operating Income Net Interest Income Total Investment Income Profit After Tax
BDT 282.64 billion BDT 180.49 billion BDT 225.07 billion 55.47%
Total Assets Loans & Advances Deposits Cost-to-Income Ratio
Our accounting policies and estimation for preparation of financial statements
We adhere to the International Accounting Standards (IASs) and International Financial Reporting Standards (IFRSs)
as adopted by the Institute of Chartered Accountants of Bangladesh for our reporting framework, except for the
circumstances where the local regulations differs and supersedes the standards. These are listed in details in note 2 of
the notes to the consolidated and separate financial statements as presented in the Financial Statement section of this
Annual Report.
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Annual Report 2022
Financial and Economic Scenario of our Country and the Globe
Please see the Directors report where we have presented Financial and Economic Scenario of our Country and the Globe
in detailed.
Deposit & Advance Growth (Jamuna Bank Vs. Banking Industry) figure BDT million
Business Budget Achievement
For any business, ensuring sustainable growth and achieving targeted profit is the ultimate objective. Like the previous
year, we had to manage our profitability in 2022 from treasury business since banks core business i.e. deposit and
advance growth was pretty lower. Moreover, treasury business gave us mileage to exceed our yearly profit target.
Budget Achievement in the year 2022
Deposit Loans and advances Investment Import
Actual: BDT 225.07 bn Actual: BDT 180.49 bn Actual: BDT 76.39 bn Actual: USD 2,074.79 mn
Budget: BDT 235.00 bn Budget: BDT 205.00 bn Budget: BDT 80.00 bn Budget: USD 1,941.00 mn
Achievement: 96% Achievement: 88% Achievement: 95% Achievement: 107%
Export Remittance Operating Profit
Actual: USD 1,711.80 mn Actual: USD 465.35 mn Actual: BDT 5,739.10 mn
Budget: USD 1,373.00 mn Budget: USD 331.50 mn Budget: BDT 9,000.00 mn
Achievement: 125% Achievement: 140% Achievement: 64%
Balance sheet parameters
Assets
Total assets increased by 7% to BDT 282,636.72 million on 31 December 2022 from BDT 264,321.51 million on 31 December,
2021.
(fig in million )
% change
Particulars 2018 2019 2020 2021 2022
over 2021
Cash and Bank Balances 21,549.44 19,870.11 19,699.10 14,300.71 16,761.90 17.21%
Government Securities 27,707.35 35,299.27 46,525.71 62,383.96 70,474.12 12.97%
Other Securities 3,941.33 3,901.33 4,444.64 5,290.44 5,920.44 11.91%
Total Investment 31,648.68 39,200.61 50,970.35 67,674.40 76,394.56 12.89%
Corporate advances 123,406.3 130,234.8 125,167.1 124,067.58 128,315.16 3.42%
SME advances 23,832.30 25,736.51 21531.89 22,510.41 21,981.87 -2.35%
Retail advances 8,354.80 9917.8 8,683.00 10,517.80 11,506.10 9.40%
Agricultural and Micro advances 1,859.60 2,754.97 1991.09 3,279.86 4018.45 22.52%
Jamuna Bank Limited 255
% change
Particulars 2018 2019 2020 2021 2022
over 2021
OBU, Credit Card and Others 7,949.80 8,634.95 5285.38 14,449.13 14,669.21 1.52%
Total Loans and Advances 165,402.85 177,278.78 162,658.43 174,824.78 180,490.79 3.24%
Fixed Assets 2,614.52 3,217.47 3,260.65 3,272.11 4,009.16 22.53%
Other Assets 3,802.72 3,361.50 4,945.17 4,249.51 4,980.30 17.20%
Total Assets 225,018.22 242,928.46 241,533.71 264,321.51 282,636.72 6.93%
Previous year’s figures are rearranged to conform presentation.
Loans and Advances/Investments
Change in the economy’s behavior due to shift in demand supply arising from the after effects of Covid-19, war-struck
international trade restrictions, global price escalation & suppressed interest rates have been some of the many
challenges faced by the banking industry in 2022. This gap in demand and supply has impeded national economic
growth to some extent and profitability of businesses. Government has continued various supportive policies to make
the economy vibrant.
Jamuna Bank has always prioritized preservation and improvement of asset quality. Jamuna Bank was in regular efforts
to explore different areas of credit operation and could maintain the credit portfolios of BDT 180,490.79 million in 2022
while it was BDT 174,824.78 million in 2021. It is a depiction that we value asset quality over quantity. It has become
possible through capitalization of- i)Cross Selling Propositions, ii)Efficient NPL Management, iii)Careful On Boarding of
New Borrower, iv)Far-sighted Treasury Management, v)Portfolio Diversification, vi)Realization of Invested Funds and
Cautious Monitoring.
Since the start of Covid-19 followed by single digit loan interest rate regime, Jamuna Bank was very much cautious in
maintaining its health of the balance sheet. During the last 2 years, bank’s strategy was to go slower in increasing balance
sheet size, rather preferred to focus on strengthening the quality of its loan portfolio. Moreover, the bank’s move was to
ensure return from treasury business, increase low costs deposits base, let go high cost long tenor based deposits, thus
save costs as loan demand was pretty low.
Our Corporate portfolio increased by increased 3.42%, SME portfolio reduced by 2.35%, Retail portfolio increased by
9.40%, Agricultural and Micro advances increased by 22.52% and OBU, Credit Card & Others portfolio increased by
1.52%. Total loans and advances have increased by 3.24%. In order to ensure compliance with regulatory requirements
for avoiding risk of exposure to single borrower, concentration on large loans, to bring in excellence in credit operation
in relation to risk management, yield, exposure, tenure, collaterals, security valuation etc. we move cautiously in the
year 2022.
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Annual Report 2022
Non-Performing Loan (NPL) Management
Maintenance of quality assets is one of our core business. In this regard, Corporate, SME, Retail, Agri Loan Unit and Law &
Recovery division at Jamuna Bank works in close collaboration with the branches to achieve the best results and outputs.
There are two main reasons why financial loans default: either wilful misconduct on behalf of the borrower or actual
customer factors such as business collapse, death, natural disasters, pandemics, etc. Law & Recovery Division (LRD) is
aggressive and relentless in its pursuit of willful defaulters and deliberate malfeasants, but it is sensitive and responsive
in addressing legitimate challenges as well. LRD brings delinquent accounts to the negotiation table, enhancing the
possibilities of settlement. As the Bank manages and deals with public fund, it cannot wait for an unlimited period of
time. In such a scenario, if the Bank’s earnest negotiation efforts fail to produce a favorable outcome, the Bank has no
alternative but to liquidate the mortgaged properties to repay the loan. Through the liquidation of collateral, LRD has
strived to resolve long-pending accounts in the last three years. As part of its NPL management role, LRD plays a pivotal
role in releasing classified/written-off funds to the bank, as well as releasing interest suspense and unpaid interest. LRD’s
persistent efforts over the years have enabled the bank to significantly lower its NPL ratio while also ensuring that any
recoveries from classified or written-off accounts considerably enhance the bank’s profits.
In the year 2022, NPL is increased compared to
previous year. Some borrowers which availed
deferment facility allowed by Bangladesh
Bank due to Covid could not repay loan EMI/
overdue after the facility was withdrawn due
to loss in business and overall economic
slowdown. These loans were ultimately
classified on objective criteria. Besides, Bank
had to classify some other loans on objective
criteria as per Bangladesh Bank guidelines.
This resulted in rise in NPL ratio of the Bank
as on 31/12/22. Mentionable here that, bank
kept sufficient provision against these loans as
per BB circular. Management of the Bank has
taken specific strategy to recover/regularize
the loan accounts at the earliest.
Investment
In the year, investment book of the Bank increased by 13% YoY to BDT 76,394.59 million in 2022 from BDT 67,674.40
million in 2021. The net increase in investment portfolio mainly came off from investment in government securities
which amounted to BDT 62,383.96 million and increased by 34.08% YoY. Others investment also increased by 19.03%.
Jamuna Bank Limited 257
Figure in BDT million
Particulars 2018 2019 2020 2021 2022 Growth YoY
Shares and Bonds 3,941.33 3,901.33 4,444.64 5,290.44 5,920.44 11.91%
Government Securities 27,707.35 35,299.27 46,525.71 62,383.96 70,474.12 12.97%
Total 31,648.68 39,200.60 50,970.35 67,674.40 76,394.56 12.89%
Deposit Mix
Deposit mix plays a very important role in deciding the
profitability of a bank as income from loan & advance was
declined due to lower margin. Therefore, one of the most
43%
Low & No Cost
significant strategies for our bank is to increase share of
deposit
CASA in total deposits. 57%
High Cost
Deposit
% change
Particulars 2018 2019 2020 2021 2022
over 2021
Current/Al-wadeeah current accounts and 31,329.81 31,931.94 35,711.07 42,868.56 54,677.38 27.55%
other accounts
Bills payable 6,372.37 7,920.86 5,229.25 4,966.83 4,509.73 -9.20%
Savings/Mudaraba savings bank deposits 16,214.94 18,218.47 21,948.75 24,804.44 27,436.34 10.61%
Fixed/Mudaraba fixed deposits 82,865.98 86,756.94 68,904.64 81,687.08 81,780.02 0.11%
Short notice deposits 8,887.55 11,163.54 11,325.90 12,478.32 17,245.05 38.20%
Deposit under special scheme 41,548.14 45,904.67 47,246.63 44,560.70 38,327.18 -13.99%
Foreign currency deposit 815.50 613.10 737.74 686.57 1,095.08 59.50%
Total 188,034.30 202,509.52 191,103.99 212,052.50 225,070.78 6.14%
Deposit ended at BDT 225,070.78 million in 2022 against BDT 212,052.50 million in 2021 and increased by 6.14% and
accounting for 85.61% of the Total Liabilities. Short notice deposits increased by 38.20% to BDT 17,245.05 million, while
Current Account deposits reported increase of 27.55% to BDT 54,677.38 million. Besides, Savings/Mudaraba savings bank
deposits reported a strong growth of 10.61% to BDT 27,436.34 million.
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Annual Report 2022
Borrowing
% change
Particulars 2018 2019 2020 2021 2022
over 2021
Borrowings from other banks, financial 1,736.43 4,461.48 7047.73 8,598.04 13,994.45 62.76%
institutions and agents
The total borrowings of the Bank increased by 62.76% from BDT 13,994.45 million in the year 2020 to BDT 8,598.04 million
in the year 2021.
Equity
% change
Particulars 2018 2019 2020 2021 2022
over 2021
Paid up capital 7,492.26 7,492.26 7,492.26 7,492.26 7,492.26 0.00%
Statutory reserve 5,441.00 6,396.99 7,267.05 7,492.26 7,492.26 0.00%
Other reserve 3,562.93 1,540.61 6,977.86 3,088.22 1,553.36 -49.70%
Retained earnings 1,577.31 1,730.73 2,407.53 3,296.59 3,210.87 -2.60%
Total Equity 18,073.50 17,160.59 24,144.71 21,369.33 19,748.74 -7.58%
Equity decreased to BDT 19,748.74 million in 2022 from BDT 21,369.33 million in 2021, a decrease of 7.58% due to the
combined impact of decrease in revaluation reserve on government securities.
Capital Management
We ended the year 2022 with a strong capital base by maintaining Capital to Risk Weighted Ratio (CRAR) of 16.75%,
whereas according to BASEL III road map, minimum requirements are 12.50%. In order to strengthen the banking sector,
the Basel Committee on Banking Supervision (BCBS) released a global regulatory framework on the Basel-III capital
accord in December 2010 by updating global capital and liquidity rules. It should be noted that the implementation
of the Basel III capital accord began in January 2015 and already implemented since January 2020, according to the
Bangladesh bank’s roadmap. The agreement to implement minimum total capital plus Capital Conservation Buffer of
12.50 percent as opposed to the current 16.75 percent depicted as follows:
Jamuna Bank Limited 259
The Bank had a Capital of BDT 31,021.39 million comprising Tier-1 capital of BDT 20,845.50 million and Tier-2 capital
of BDT 10,175.87 million on solo basis as on December 31, 2022. The following table presents the details of capital as on
December 31, 2022:
“Fig in BDT Million”
Particulars Year 2022 Year 2021
Paid up Capital 7,492.26 7,492.26
Share Premium Account
Statutory Reserve 7,492.26 7,492.26
Right Issue Subscription Money
Retained Earnings 3,210.87 3,296.59
Dividend Equalization Fund
Regulatory adjustments (Reciprocal crossholdings) (39.46) (43.07)
Sub-total 18,155.92 18,238.04
Additional Tier-1 Capital 4000.00 1950.00
Regulatory adjustments (Reciprocal crossholdings) (1310.40)
Total Additional Tier-1 Capital 2,689.60 1950.00
Total Tier I Capital (a) 20,845.52 20,188.04
General provision maintained against unclassified Loans & Advances and off-balance sheet
5,276.11 4,969.19
exposures
Subordinated debt issued by the bank 5,100.00 6,700.00
Revaluation reserves
Exchange Equalization Account
Less: Regulatory adjustments (Reciprocal crossholdings) (200.24) (220.00)
Total Tier II Capital 10,175.87 11,449.19
Total Capital (Tier I + Tier II) 31,021.39 31,637.23
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Annual Report 2022
Key ratios
Particulars 2018 2019 2020 2021 2022
Basic earnings per share (BDT) 3.09 3.48 3.56 3.31 2.11
Net Asset Value per share (BDT) 24.12 22.90 32.23 28.52 26.36
Return on equity (%) 13.83% 14.80% 12.93% 10.88% 7.69%
Return on assets (after tax) 1.10% 1.11% 1.10% 0.98% 0.58%
Net interest margin on average earning assets 3.42% 3.78% 2.21% 1.54% 1.72%
Operating Profit per employee (BDT in million) 1.65 1.92 1.64 1.56 1.52
Credit-deposit ratio 84.59% 85.23% 82.64% 77.56% 77.41%
Income
In spite of the incipient challenges, Jamuna Bank delivered a good financial performance. Operating profit of the bank
increased by BDT 16.87% over last year’s and stood at BDT 12,822.34 million. Net Interest Income (NII) which contributed
23.29% of total operating income increased by 15.07% in 2022 compared to last year driven by several factors i.e. Increase
the non-interest income in the form of commission and exchange gain, Investment Income etc. Non-interest income
which contributed 76.71% increased by 16.87% and stood at BDT 9,836.28 million from BDT 8,376.08 million in the
previous year.
In the year 2022, Bank continued to focus on making investments in expanding branch network and other infrastructure
required for supporting the existing and new businesses, thus operating expenses increased by 22.82%. Operating profit
increased by 10.22% despite higher expenses due to increase in non-interest income
Total provision for loans & advances, and investments stood at BDT 2,430.39 million in 2022 against BDT 1,155.08 million
in the previous year, an increase by 110.41%. We have complied Bangladesh Bank’s requirement of 1% additional
special General provision-COVID 19 and extra 2% provision against clients enjoying Covid-19 facilities and maintained
additional provision based on the qualitative judgment of Bangladesh Bank for absorbing any unforeseen shocks. Thus,
Bank’s profit after tax (PAT) decreased by 36.15% in 2022 stood at BDT 1581.44 million from BDT 2476.88 million in the
previous year. Earnings per share also decreased to BDT 2.11, from BDT 3.31 in 2021.
ROA and ROE have decreased in 2022 due to higher growth of average assets and decrease of PAT due to maintaining
additional provision. Cost to income ratio has increased because operating expense and Operating Income for the year
2022 was gone up compared to the previous year. The Capital to risk weighted assets ratio (CRAR) has increased to 16.75%
in 2022 from 16.42% in 2021. Following table presents some of the key financial ratios:
Jamuna Bank Limited 261
Consolidated Solo
Particulars % Change % Change
2022 2021 2022 2021
Net Interest income (NII) 2,999.27 2,594.06 15.62% 2,986.06 2,594.97 15.07%
Non-interest income 9,894.95 8,457.35 17.00% 9,836.28 8,376.09 17.43%
Total Operating Income 12,894.22 11,051.41 16.67% 12,822.34 10,971.05 16.87%
Total Operating Expense 7,155.12 5,816.42 23.02% 7,113.03 5,791.35 22.82%
Operating Profit (Profit before provision & tax) 5,739.10 5,234.99 9.63% 5,709.32 5,179.70 10.22%
Total Provisions 2,444.54 1,163.94 110.02% 2,430.39 1,155.08 110.41%
Profit before tax for the year 3,294.56 4,071.05 -19.07% 3,278.93 4,024.62 -18.53%
Tax provision for the year 1,705.44 1,558.59 9.42% 1,697.48 1,547.74 9.67%
Profit after tax (PAT) 1,589.11 2,512.47 -36.75% 1,581.44 2,476.88 -36.15%
Earnings per share (EPS) 2.12 3.35 -36.72% 2.11 3.31 -36.25%
Operating expenses
Operating expenses rose 22.82% from BDT 5,791.35 million in the year 2021 to BDT 7,113.03 million in the year 2022 as
the Bank continued to focus on making investments in expanding branch network and other infrastructure required for
supporting the existing and new businesses.
(fig in million)
% change
Particulars 2018 2019 2020 2021 2022
over 2021
Salary and benefits 3,071.37 3,318.05 3,545.10 3,426.38 4,384.03 27.95%
Rent and utilities 1,040.78 1,072.43 1,053.37 1,055.38 1,178.08 11.70%
Depreciation 270.44 308.95 327.66 430.69 528.61 22.74%
Other operating expense 806.19 898.25 845.73 878.91 1,022.31 16.23%
Operating expense 5,188.77 5,597.68 5,771.86 5,791.35 7,113.03 22.82%
Cost: Income Ratio 52.85% 48.93% 53.14% 52.79% 55.47% 5.08%
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Annual Report 2022
Provisions for Loans, Advances and Investments
(fig in million)
Particulars 2018 2019 2020 2021 2022
Provision for loans and advances 1050.87 1,033.00 740.64 999.01 2,337.64
Provision for off balance sheet exposures (52.03) 6.42 (82.09) 184.23 25.63
Others provision 3.00 4.09 116.18 10.25 64.38
Provision for diminution in value of investments 21.49 18.43 (36.23) (38.41) 2.74
Provisions for Loans, Advances and Investments 1,023.33 1,061.94 738.50 1,155.08 2,430.39
Total provision for loans, advances and investments stood at BDT 2,337.64 million in 2022 against BDT 999.01 million
in the previous year, increased by 134%. We have complied Bangladesh Bank’s requirement of 1% additional special
General provision-COVID 19 and extra 2% provision against clients enjoying Covid-19 facilities and maintained additional
provision based on the qualitative judgment of Bangladesh Bank for absorbing any unforeseen shocks.
Jamuna Bank Limited 263
Business Review
Corporate Banking
The Banking Industry has witnessed an improvement
phase as the economy recovered from pangs of the KEY INFORMATION 2022
Covid-19 pandemic. Despite war-struck foreign exchange
market that started to dry up towards the second half
of 2022, the banking industry has efficiently managed Total Loans & Advances
banking business by streamlining business needs and
BDT 180.49 billion
prioritizing the need of the economy as a whole.
Notwithstanding all these, Jamuna Bank registered an
Corporate Asset
increase in loans and advances of 3.24% in 2022 from that BDT 128.32 billion
of the previous year. Moreover, the Bank has strengthened (71.09% of total asset)
its asset over the year. This primarily came from asset
proportionately distributed into different Manufacturing,
Total Export
Service and Trading industries. Moreover, the bank’s
balance sheet remains strong in an efficient manner and BDT 144.56 billion
the Bank continues its journey to be one of the significant (up by 27.22%)
banks in Bangladesh.
Total Import
Contribution of JBL:
Jamuna Bank has continued to offer innovative credit BDT 175.20 billion
and investment products customized to cater to varying (up by 6.76%)
business needs of customers. The Bank recognizes that
every customer is unique and so are their banking needs.
Jamuna Bank has always prioritized preservation and
Appropriate identification of customer’s financing needs
improvement of asset quality. Hence, it has become
has been the first step towards setting the tone to future
extremely demanding, even opposing, to increase
relationship banking. We have continued to support the
profitability. Despite these hurdles, we have increased
national economy and stakeholders through our financing
asset our corporate asset portfolio by 3.42% in 2022 after
solutions in the field of trade, manufacturing, service,
a decrease in 2021 by 0.88%. It is a depiction that we value
infrastructure and agriculture. Moreover, the Government-
quality asset over quantity. It has become possible through
declared stimulus has been satisfactorily facilitated
capitalization of-
through the Bank. The Bank’s Corporate Banking is not
• Cross Selling Propositions,
only focused on dominant industry sectors but also puts
• Efficient NPL Management,
efforts towards exploring possible lending prospects
• Careful On Boarding of New Borrower,
in emerging industry sectors. At the same time, we put
• Far-sighted Treasury Management,
emphasis on structuring credit in usual manner to address
• Portfolio Diversification,
the complex financing requirements of our customers.
• Realization of Invested Funds and Cautious
Monitoring.
Business Outlook
Change in the economy’s behavior due to shift in demand
Corporate Banking functions are accomplished by highly
supply arising from the aftereffects of Covid-19, war-struck
skilled personnel combining youth and experience. The
international trade restrictions, global price escalation
team is well equipped with analytical tools, capable of
& suppressed interest rates have been some of the many
attending to details, possesses extensive knowledge of the
challenges faced by the banking industry in 2022. This gap
market dynamics and complex financial processes that
in demand and supply has impeded national economic
our customers deal with on a day-to-day basis. To enrich
growth to some extent and profitability of businesses.
knowledge and enhance skill, the bank continuously
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Annual Report 2022
arranges different knowledge sharing and specially derivatives. Total loans and advances have increased by
designed training programs for its executives and officers. 3.24% whereas corporate loans have increased by 3.42%.
Recovery from the pandemic-struck market was evident..
Asset Depicted below is a segment-wise distribution of loans and
The bank ended the year 2022 with an impactful balance advances of the Bank. A comparison of the bank’s segment-
sheet where total corporate loan outstanding was wise asset composition for the last three years follows
Tk.128,315.16 million which is 71.09% of total loans and through where we see growth of Total Assets compared to
advances. Total loans and advances have increased by pre-pandemic levels and consistency in maintenance of
3.42% as has profit. The major chunk of earnings of the Corporate Assets.
Bank has stemmed from the corporate banking/lending
Customer Segment Outstanding amount in million BDT Percentage composition of total
Corporate 128,315.16 71.09%
SME 21,981.87 12.18%
Retail 11,506.10 6.37%
Agri & Micro 4,018.45 2.23%
OBU, Credit Card & Others 14,669.21 8.13%
Total: 180,490.79 100.00%
Outstanding amount in million BDT on
Customer Segment
31.12.2022 31.12.2021 31.12.2020
Corporate 128,315.16 124,067.58 125,167.07
SME 21,981.87 22,510.41 21,531.89
Retail 11,506.10 10,517.80 8,683.00
Agri & Micro 4,018.45 3,279.86 1,991.09
OBU, Credit Card & Others 14,669.21 14,449.13 5,285.38
Total: 180,490.79 174,824.78 162,658.44
Jamuna Bank Limited 265
Jamuna Bank has always focused on a balanced blend of asset portfolio efficiently distributed across industries. The
following table illustrates industry concentration of our asset portfolio. We have financed in different manufacturing
industries including the likes of Textile, RMG, Pharmaceuticals, Chemical, Cement, Food & Allied, Ship-Building, Ship-
Breaking, Power & Gas etc. constituting a chunk of 35.01% of total asset concentration. The next chunk of our asset
concentration went into the local trading industry constituting 38.44% of total asset concentration.
Outstanding
SL. Industry/Area Percentage
(Million Taka)
1 Agriculture, Fishing, and 4,018.45 2.23%
Forestry
2 Textile 9,611.56 5.33%
3 RMG 11,228.16 6.22%
4 Pharmaceutical 594.90 0.33%
5 Chemical 422.52 0.23%
6 Cement 654.53 0.36%
7 Food & Allied Industries 6,685.30 3.70%
8 Ship Building Industries 103.96 0.06%
9 Ship Breaking Industries 502.25 0.28%
10 Power & Gas 965.17 0.53%
11 Other Manufacturing 32,419.05 17.96%
12 Service Industries 20,962.07 11.61%
13 Trade & Commerce 69,381.77 38.44%
14 Construction 10,094.13 5.59%
15 Transport 158.39 0.09%
16 Consumer financing 6,452.67 3.58%
17 Loans to financial 6,120.58 3.39%
institutions
18 Miscellaneous 115.32 0.06%
Total* 180,490.79 100.00%
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Annual Report 2022
Geographic Distribution of Asset sheet asset concentration of Dhaka Division has been
Jamuna Bank’s asset has always been densely concentrated 82.09% and that of Chittagong Division has been 9.18%.
into the Dhaka Division and somewhat dispersed to the Rajshahi Division trailed third with concentration of
Chittagong Division. Much like every year, the balance 4.50%. Aside from this financing was also evident yet
minimal in other divisions.
Sl. Loans in
Particulars Percentage
No. million Tk.
1 Dhaka Division 148,168.96 82.09%
2 Chittagong Division 16,574.66 9.18%
3 Khulna Division 2,467.86 1.37%
4 Rajshahi Division 8,113.46 4.50%
5 Sylhet Division 953.00 0.53%
6 Barisal Division 414.76 0.23%
7 Rangpur Division 2,452.26 1.36%
8 Mymensingh Division 1,345.82 0.75%
Total 180,490.79 100.00%
Exports & Imports
Trade is one of the most important economic balance-maker
for a Bank to contribute in. During the year 2022, with its
export of Tk. 144,562.70 million, Jamuna Bank has upped its
game by 27.22% compared to the year before. Imports have
increased as well by 6.76% totaling Tk.175,200.80. Import
growth in 2021 was rather 47.71%. In effect, imports have
decreased in terms of quantity. The reported 6.76% growth
stems from differences made by escalation of prices in the
international market, increased freight cost, exchange rate
fluctuation and so on. Enhancement of economic activities,
facilitation of business and financial support for corporate
client are significant roles Jamuna Bank has been playing
through its Corporate Banking activities.
Month wise Export / Import of the Corporate Banking Division during the year 2022 is as under:
Fig in million BDT
Monthly Growth compared to the Monthly Growth compared to the
Month Export Import
Composition same month last year Composition same month last year
January 12,616.90 8.73% 40.31% 19,823.90 11.31% 68.83%
February 12,146.20 8.40% 38.31% 16,747.20 9.56% 68.38%
March 13,316.00 9.21% 37.78% 17,892.80 10.21% 55.91%
April 11,899.20 8.23% 39.31% 14,667.30 8.37% 54.83%
May 9,466.00 6.55% 35.72% 11,997.60 6.85% 46.42%
June 14,782.30 10.23% 36.70% 18,651.40 10.65% 34.93%
July 11,153.00 7.71% 38.00% 10,481.00 5.98% 28.90%
August 13,263.40 9.17% 39.38% 16,496.50 9.42% 25.76%
September 12,549.00 8.68% 38.44% 17,731.00 10.12% 25.05%
October 11,118.80 7.69% 35.53% 11,025.20 6.29% 17.74%
Jamuna Bank Limited 267
Monthly Growth compared to the Monthly Growth compared to the
Month Export Import
Composition same month last year Composition same month last year
November 10,339.00 7.15% 31.30% 9,228.20 5.27% 10.93%
December 11,912.50 8.24% 27.22% 10,458.70 5.97% 6.76%
Total 144,562.70 100.00% 175,200.80 100.00%
Success story of our Corporate Borrowers:
Fabrica Knit Composite Limited: Revamping through Manufacturing Plant Acquisition
Fabrica Knit Composite Limited is a 100% export oriented Knit Garment Factory
established in 2008 as a Private Limited Company. The company started banking with
Jamuna Bank in 2010. Mr. Mijanur Rahman, Managing Director of the company and
his Spouse Ms. Tayeba Rahman, Director; purchased Fabrica Knit Composite Limited
with all assets including land, factory building, machinery and liabilities (with us) in
2013 from the previous owners. After acquisition by the present owners, the company
is doing very well. The company is in compliance with ACCORD and BSCI standards.
Not everything went smoothly for Fabrica during its
course in business. Challenges presented themselves
After attempts in rental, in 2019, the company purchased
endangering the company’s future. The original factory
a factory through project finance from Jamuna Bank.
premises was 23400 sft in 2-storied building built in 1998
Immediately afterwards, the total production line count
on 89.50 decimal land at Savar, Dhaka that failed in the
jumped up from 35 to 60. At this point, Fabrica has
Comprehensive Strength Test conducted by BUET in 2014.
expanded to 110 production lines by importing brand new
For this reason, the Management of the company decided
machinery in their four different factories.
to construct steel structured factory with all other modern
amenities towards full compliance. Fabrica demolished
the building and purchased more than 250 decimal lands
in that area. They planned to construct several factories
with ETP, Dyeing, and Washing facilities keeping in mind
that the factory would be a Green Factory. But factory
construction requires time. Consequently, decision was
made to look for a ready factory for their immediate
business expansion.
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Annual Report 2022
Now the company has enhanced its overall capacity of
production with a Sewing capacity o: 59,800 pcs/day,
Dyeing & finishing capacity of 23,000 kg/day and Knitting
capacity of 6,000 kg/day.
Besides project finance, Jamuna Bank has been Fabrica’s
first line of finance in the company’s working capital.
Against Revenues of BDT.4787.07 million reported in 2021,
Fabrica has fetched profit of BDT.279.71 million. Fabrica
has been able to quadruple its profit compared to that in
the previous year (2020). Jamuna Bank is proud to have
partnered with Fabrica in its amazing journey into being
profitable and earning foreign currency for the country.
Excellent Tiles Industries Limited: Quadrupled Output through
Synergy in Production Line
Excellent Tiles Industries Ltd. is a concern of Halim Group. The company was established [in the year 2015] with an
aim to manufacture tiles [wall, floor] to meet the increasing demand of tiles in the local market. Key person of the
company is its Chairman Mr. Abdul Halim & his son Mr. Abdul Hakim, now Managing Director.
Alhaj Abdul Halim is also the chairman of renowned in 2010. It is one of the reputed sanitaryware industries
Halim Group and sponsor director of Shahjalal Islami in Bangladesh. They have more than 150 dealers as well
Bank Ltd and Islami Insurance Bangladesh Limited, a as distributors throughout the country & have a well
Trustee member of South East University as well. experienced sales & marketing team, who achieved their
sales/business target in every year. They have an explored
Abdul Hakim is the Managing Director of the company. He ready market & established product distribution channel.
is also the director of renowned Halim Group. He has also They are running their sanitary business with significant
been engaged as Director of Islami Insurance Bangladesh sales turnover and profit margin for last 11 years with good
Limited and so many other social institutions like Halim market reputation, which has encouraged them to set-up
Razia Charitable Foundation (HRCF) and South East a Tiles factory under the company named Excellent Tiles
University. It is also noted that Mr. Hakim is a general body Industries Limited. The buyers/target group of Tiles &
member of the FBCCI & Chairman of standing committee sanitaryware are almost same, which are helping them to
of Local Government affair of FBCCI. run their Tiles business smoothly.
The demand for Tiles is in increasing trend in our country
due to customer’s preference. Ceramic industry comprises
largely 03 (three) sub-sectors; 1) Sanitary ware 2) Table
ware and 3) Tiles. Currently, there are about 20 (twenty)
companies in operation in sanitary ware and table ware
manufacturing and 30 (thirty) major companies in
operation in tiles manufacturing.
Overall consumption of tiles is rapidly increasing. Just for
an instance, production growth in last 10 years has been
around 200%. Import of tiles is consistently in declining
Halim Group has a ceramic factory for producing sanitary- trend and use of local tiles is in increasing trend. Market
ware such as pan, commode, basin etc. namely Excellent share of local & foreign share is as follows:
Ceramic Industries Limited, which started its operation
Jamuna Bank Limited 269
Particulars In percentage (%) They are currently enjoying @100% capacity utilization
of their only line of production with annual production
Local Share 83.79%
of 4080000 SQM (considering 340 working days). In 2022,
Foreign (import share) 16.31% Jamuna Bank financed their 2nd line of production which
Source: Annual Report 2019-2020 of BCMEA (Bangladesh Ceramic acts as a solution enabling them to produce floor tiles and
Manufacturers & Exporters Association wall tiles simultaneously.
The company has been doing rather well financially with
Excellent Tiles Industries Limited went into Commercial
the yearly profit in mid 2022 being Tk.16500.00 Lac. As soon
production in 2021 in full swing utilizing almost 100% of
as line 2 goes into production, the company is expected
its production capacity with annual production capacity
to be able to quadruple its output as their inability to run
of 40,80,000 SQM. Jamuna Bank’s prorject finance and
the wall tiles line and floor tiles line simultaneously acts
working capital finance was instrumental in their
as a bottleneck to production due to inefficiency arising
production operations from head on. Presently, they are
from wastage of raw materials, transition time etc. As the
producing mostly wall tiles and occasionally floor tiles
company grows to see better future, Jamuna Bank awaits
but they can’t produce them in parallel. They have to stop
proud to grow with Excellent Tiles Industries Limited as
production of wall tiles to produce floor tiles and vice versa.
its sole financer.
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Annual Report 2022
Our SME Portfolio
Small & Medium Enterprises (SMEs) are treated as engines
of growth and drivers of innovation for playing vital role KEY INFORMATION 2022
in driving economic growth and generating employments.
SMEs are playing pivotal role for the country’s accelerated
industrialization and economic growth, employment
Number of Client
generation and poverty alleviation. Nearly 90% of country’s 8,318
enterprises are SMEs. Beyond these, there are promising
Cottage and Micro enterprises too. Cottage, Micro, Small & SME Asset
Medium Enterprises are the building blocks of the fastest
growing market in Bangladesh and most of this market is BDT 21.98 billion
still untapped especially in rural areas that are contributing
the economy silently having the capacity to do more. Only Women Entrepreneurs Loan
Small & Medium (SME) enterprises accounts for 25% Disbursement
of GDP of our country and contributing more than 30%
employment of working population. But its significance
BDT 772.60 million
extends far beyond their numeric contribution to our
GDP & Employment. SMEs contribute to the economy Engagement of women entrepreneur is increasing
not only by itself but also by its contribution as backward rapidly in economy of Bangladesh. Bangladesh Bank also
linkage industries of large industries. This sector is widely undertook special strategies with low rate loan products
distributed all over the country which means developing to assist & motivate existing and new entrepreneurs to
CMSME sector will play a major role in bridging the urban- ensure their contribution in the development of national
rural gap and contribute towards inclusive growth through economy. Being financially & socially sensible financial
ensuring financial inclusion. institute, Jamuna Bank has come forward with special
services to women entrepreneurs of our country. As a part
Being a market oriented bank, Jamuna Bank Ltd senses of it, we established “Women Entrepreneurs Development
well all potentials in market/economy. With its dedicated Unit” at head office level, “WEDU Desk” in each branch
SME Banking Division, Jamuna Bank Ltd has been & engaged focal officer to help women entrepreneur
entertaining CMSME entrepreneurs with its wide variety as advisor, partner, trainer whatever requires to be a
of innovative and market oriented products since 2009. successful entrepreneur.
The SME Banking Division of Jamuna Bank comprises of
experienced, dedicated and self motivated hard workers, Core Competencies
who ensure smooth services to the CMSME clients all over • Easy Loan Processing
the country through SME Business Units in Mega Cities • Fast approval processes
(ie. Dhaka, Chattogram, Bogura, Khulna), 167 branches • Strong Branch Network
and 106 sub-branches of the Bank. Our SME team provide • Strong Credit Team
services to all branches of the bank especially rural
branches those are mainly dependent on CMSME loans.
SME Products (Asset) bundle:
Existing Products Newly Added Products
• Jamuna Swabolombi (Term Loan) • Jamuna Distributor Finance
• Jamuna Sommriddhi (Term Loan backed by 25% Cash Collateral) • Jamuna Factoring
• Jamuna Chalantika [Composite of Term & CC (Hypo) Loan] • Jamuna Utshob
• Jamuna Nari Uddogh (Special product for women entrepreneur) • Jamuna Suchona
• Jamuna Shachhondo (Term Loan & SOD) • Jamuna Griho
• SOD (General) under SME (Over draft) • Jamuna Bahon
• Jamuna Jantrik (Lease Finance) • Jamuna Kutir
• Jamuna Bonik (LC & LTR) • Jamuna Swapno
• Jamuna NGO Shohojogi (Term Loan to NGOs) • Jamuna Payment Guarantee under SME
• Jamuna Green (Funded & Non Funded Facility)
• Bai-Muazzal for Jamuna Swabolombi (Term Investment)
• Bai-Muzzal for Jamuna Sommriddhi (Term Investment)
• Bai Muazzal Commercial (SME) (Continuous Investment)
Jamuna Bank Limited 271
Spotlight on our Success in 2022:
Introduction of 09 nos. new Disbursement of loans
Financial Achievements Special Campaign
loan products: under special products
As part of regular innovation Despite gloomy economic To boost up SME Business To boost up SME finance
and intension to serve condition triggered by after through ensuring financial in Bangladesh, Bangladesh
CMSME sector with supper- effect of COVID-19 pandemic, inclusion and bringing Bank has introduced several
fitted products, we have we have achieved positive marginal people of our incentives packages/special
added 09 nos. new loan notions in several financial country under credit facility, schemes and set targets
products in our existing aspects. Loan outstanding, Jamuna Bank declared for commercials banks to
product bundle. Our 22 nos. number of loan account, total November 2022 as Retail, disburse loans under that
market oriented products gross revenue and recovery SME & Agri Loan campaign incentives packages/special
will be able to meet up any from written off loans have month. Attractive rewards schemes. SME Division of
shorts of credit facility that been increased by 8.12%, packages were declared Jamuna Bank has given its
any client may require. 14.38%, 9.22% and 29.18% for the top performers in utmost effort and secured
respectively. To ensure procurement of business satisfactory achievements in
expected growth of our SME under Retail, SME & Agri disbursement of loans under
Loan portfolio, we have also Loan products during the Credit Guarantee Scheme
increased our Manpower by campaign period. This (CGS), Refinance Scheme
10.79%. campaign highly motivated for CMSME sector, Stimulus
every employee of our Bank. Package for COVID-19 under
During this campaign month, CMSME and SME Start Up
SME Banking Division Fund. Jamuna Bank SME
approved 563 nos. SME loan Division is highly determined
proposals amounting total to entertain SMEs of our
Tk. 162.48 Crore country with all special
facilities introduced by
Bangladesh Bank as well
as its own market oriented
credit facilities.
Financial Highlights of the year 2022:
Success stories of our SME Borrowers:
Success of our clients makes us to feel rewarded. Since inception of our SME Banking Division, we have created numerous
successful entrepreneurs through our support with required finance and guidelines. We are happy to share two of such
success stories which may motivate others too.
M/s. Safe Trading Corporation
M/s. Safe Trading Corporation is a proprietary concern of Mr. Md. Mostafa Kamal who is engaged in some ready to eat
indigenous food items like Coconut Naru, Nimki, Papor, Papri etc. These products are very common in Bangladesh but
the way he manufactures and distributes it to mass customer was really amazing. The client started this business with
his limited capital and day by day demand of his goods started to increase exponentially. Despite considerable market
demand, the client was struggling to grow due to scarcity of working capital. He approached to Jamuna Bank for working
272
Annual Report 2022
capital loan. Jamuna Bank found prospect in his business and financed him as per requirement. The business started to
grow with market reputation and got huge popularity in market as well as medias.
Mr. Md. Mostafa Kamal, proprietor of M/s. Safe Trading Corporation achieved award under Best Micro Entrepreneur
category in National SME Entrepreneur Award – 2022, a prestigious award given by SME Foundation.
KAARUU
Kaaruu is a boutique house that manufactures fashionable three pieces, Sharee, Panjabi etc. Mrs. Jannatul Ferdous is
the entrepreneur of this concern. From childhood, Jannatul had interest on fashion design and she used to design her
own dress which was appreciated by others. In the year 2008, while she was a student of Post Graduation, she started to
design three pieces and sharees at very limited scale as hobby and sell them through online platform. She got positive
response from target market and peer group people. After completion of Post Graduation she started a job but didn’t stop
designing fashion wears. In the year 2013, she established her own factory with limited fund collected from friends and
family members. In that stage, she faced tremendous challenges to survive as revenue was very limited in consideration
of expenditure to maintain factory and procure raw materials. She had to close the factory in the year 2016 due to scarcity
of working capital. One year later she managed some fund and started her factory again. Few days later, she left her job
to concentrate fully on business. This time she moved to many Banks/FIs for working capital loan but couldn’t manage
as she had no collateral to offer against loan. Eventually she came to Jamuna Bank in 2018 for working capital loan.
Jamuna Bank visited her project and approved working capital loan to her business concern. She got relief and wheel of
production of her factory started to move. Now she is a successful entrepreneur with a factory in Dhaka, a showroom in
Sylhet and numerous customer base in online platform.
She is a happy customer of Jamuna Bank and cordially admits support of Jamuna Bank against her success.
We are proud to be financing partner of such innovative business enterprises.
Jamuna Bank Limited 273
Our Retail Portfolio
In the year 2022 with post COVID volatile economy, JBL’s
Retail Banking Division continued to scale up its portfolio KEY INFORMATION 2022
keeping business growth momentum focusing on purpose
delivering on the strategy and increasing income. It grew
sustainably driven by acquiring new customer, deepening % of Retail Loan Portfolio against
of client relationship and cross-sell across various sales Total Loan
units. We concerted our efforts across client segments to
enrich retail balance sheet through a 360 degree approach.
6.37%
As per directives of Honorable Chairman of the Board of
Director of the Bank, November 2022 was declared as a Total Retail Portfolio
retail business campaign month which was very successful. BDT 11.51 billion
There was a great revival of secured loan from the
campaign. Consequently, for the first time, Retail Banking
Division has achieved the Chairman’s Award for the year
2022. A snapshot of retail business of 2022 is provided below:
Position Position
-2021 -2022 Growth
Particulars
(BDT (BDT %
Million) Million)
Term Loan 4,520.50 5,183.40 14.66%
Retail
SOD (Limit) 5,997.30 6,322.70 5.43%
Portfolio
Total 10,517.80 11,506.10 9.40%
The Bank’s retail loan book grew by 9.40% in 2022 which is higher than the average growth of total loan portfolio of the
bank. Beside this, Tk.323.50 Million sanctioned retail loans awaited for disbursement at the end of 31 December 2022.
The secured loan segments like home loans and secured overdraft contributed to the growth more than 75% of the
incremental retail exposure. The classified loan stands at 0.43% of Retail Portfolio as on 31st December, 2022 which is a
benchmark in the market.
Products and services offered:
Jamuna Bank Limited currently offers the following assorted Retail Loan Products which are tailored for different
consumer segments and for different purpose –
• Jamuna Homes • Education Loan
• Auto Loan • Any Purpose Loan
• Personal Loan • Overseas Job Loan
• Salary Loan • Motor Cycles Loan for Female
• Doctors’ Loan Student
• Secured Over Draft (SOD)
JBL’s Retail Banking Division also accommodates the need of its Employees for improving their lifestyles under different
Retail Loan Products as well as schemes approved by the Honorable Board of Directors of the Bank.
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Annual Report 2022
Product Wise Loan Portfolio :
Outstanding Amount as on
Sl. No. Name of the Product
31.12.2022 (BDT Million)
1 Any Purpose Loan 1,164.61
2 Auto Loan 554.22
3 Jamuna Homes 2,660.15
4 Personal Loan 629.51
5 Salary Loan 174.41
6 Doctors Loan 0.50
7 SOD (Limit) 6,322.70
Total 11,506.10
Our Commitment Our Concentration
• In short term - To be the preferred • To ensure quick and easy disposal of loan
personal financial solution provider application maintaining minimum lead
excelling in customer service delivery. time
• In long term - To become one of the • To increase customer satisfaction and
leading Banks in the country in terms of maintain customer loyalty
retail business • To serve mass people needs through
innovation of new product
• To build a healthier strong retail credit
portfolio of the Bank
• To explore and expand retails sales and
marketing area
• To modernize and improve existing
product features matching with current
living standard
• To minimize the NPL percentage
Key priority in 2023:
• Deepen customer engagement by delivering personalized services and connected experiences.
• Increase efficiency, innovation and speed of delivery to unlock the colleague experience and deliver better customer
outcomes.
• Grow market share by expanding delivery channels, focusing on diversity and inclusion of unbanked people.
• Prudently manage risk and meet regulatory expectations.
• Ensure additional revenue, quality asset, sustainable growth and reduce non-performing loan.
Jamuna Bank Limited 275
Our Agricultural and Rural Credit Portfolio
At present, agricultural credit has turned as an essential
input in agricultural development. For ensuring KEY INFORMATION 2022
more agricultural production, it requires huge capital
investment for purchasing improved agricultural inputs.
Bangladesh is a country which bears more population than Number of Clients
its capacity. The arable land of Bangladesh is appearing
by approximately 1% every year with 1.22% [source: BBS,
45,997
2022] increase of population per year. So, it is a great
challenge for Bangladesh to ensure adequate food as Total Portfolio
opposed to growing population. In this situation we have BDT 4,018.94 million
only one option that is to increase agricultural production
through intensive agriculture. Adoption of intensive
Loan Disbursed
agriculture requires huge capital investment but our poor
and marginal farmers lack sufficient capital and Bank loan BDT 3,106.60 million
can provide them with required capital at a lower cost IN FY 2021-2022
than the other available financing means. So, Banks can
earn their regular profit by lending in this sector as well as
discharging their societal role.
Starting Agricultural & Rural Credit in 2008, the Jamuna
G eographic and segment wise focused business strategy
for portfolio growth and diversification
Bank Limited (JBL) has been continuing efforts to socio-
economic development of the rural people of Bangladesh
by providing short and easy term loans following area
R elationship and product propositions tailored for
different agri produces and segments
approach, and credit norms, policy and guidance of
the Bangladesh Bank. The branches of the JBL provide
adequate loan services with low interest without any
E mphases on agricultural and rural credit are given
alike other business segments across the Bank and
from policy levels
other charges offering very flexible repayment schedule.
Our operating
results confirm We offer Agricultural and Rural
the relevance Credits not only for our earning
E arning is ensured through selection of good borrower
and appropriate credit structure so that interest of the
Bank is protected
of the strategic or comply the regulatory
decisions set instructions, but we consider it Performance Summary
out in our as our responsibility towards the During the year 2021-22, the JBL has disbursed agricultural
2022 business society for holistic development. loan Tk. 3,106.60 million to 45,997 number of borrowers
development (64.43% women) of rural areas of the country mainly to
plan. At the same time, we continue to simplify our eight sub sectors of agriculture where share of crop is
business. This includes fewer but better offerings and the highest (57.86 %) followed by pisciculture (16.66%),
products that are fair and helpful to the farmers, our livestock (9.79 %), others (5.23%), agricultural tools
customers; and our own improvements in efficiency. (4.64%), crop storage (2.80%), poverty alleviation (1.71%)
and irrigation tools (1.31%). The disbursement was made
Our Value Proposition through two channels - MFI linkage (96.86% loan) and bank
The Agricultural Loan Unit not only acquires business but own network (3.14%) to landless people, marginal & small
also formulates policies, strategies and provides necessary farmers and sharecroppers. Although the reporting year
supports to the Branches to achieve the business target. was our fight to rebound from Covid-19 pandemic period,
Our operation is run by following principles: the bank has registered an increase of 1.27% disbursement
than last year. As on December 31, 2022 in agricultural &
A ccessibility for all customers related with agri
production and other businesses to simple,
transparent and speedy services
rural credit sector the cumulative outstanding was Tk.
4,018.94 million only.
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Annual Report 2022
Table 1: Sector wise agricultural loan disbursed by JBL (based on FY)
(Taka in million)
Year 2020-21 Year 2021-22 Increase over last
Sector
Tk. As % of total Tk. As % of total year (%)
Crop 1,848.07 60.24 1,797.68 57.86 -2.38
Livestock 329.84 10.75 303.98 9.79 -0.97
Pisciculture 272.79 8.89 517.60 16.66 7.77
Poverty alleviation 216.95 7.07 53.12 1.71 -5.36
Crop storage 149.44 4.87 86.99 2.80 -2.07
Irrigation tools 155.63 5.07 40.56 1.31 -3.76
Agricultural tools 46.52 1.52 144.07 4.64 3.12
Others 48.38 1.58 162.60 5.23 3.65
Total 3,067.61 100.00 3,106.60 100.00 1.27
Table 2: Source and clients wise agricultural loan disbursement by JBL in 2021-22
Borrowers in No. Amount in million
Source
Male Female Total Male Female Total
Own network 248 74 322 83.30 14.30 97.60
MFI linkage 3619 42,056 46,073 518.03 2,490.97 3009.00
Total 3867 42,130 45,997 601.33 2,505.27 3106.60
As % of Total 8.41% 91.59% 100.00 19.36% 80.64% 100.00
Jamuna Bank Limited 277
Success Stories
Tapping into the Emerging Dairy and Beef Fattening Market
Mr. Md. Habibur Rahman is a successful entrepreneur & also purchase another three small size new bulls with
of Milk Cow Rearing & Beef Fattening under Livestock his profits, changed his fortunes and paid back his loan to
Development Sector at Pirgacha, Rangpur Disrtict. He Jamuna Bank with ease.
eagerly wanted to improve his condition so that he could
better support his family& Society. He has established a After achieving the tremendous success in the Livestock
Milk Cow Rearing & Beef Fattening farm in small scale in Development Sector, Mr. Rahman again applied for
his house since 2000. The family members are inspiring Enhancement of agricultural loan from Tk. 8,00,000/-
him to enlarge the farm by selling milk in his locality as well (Eight Lac) to Tk. 10,00,000/- (Ten Lac) only from Jamuna
as selling the beef fattening cows in locally. Unfortunately, Bank, Pirgacha Branch in the date of 29.09.2020. Lastly,
he did not have enough startup capital to enrich his goal. The Borrower, Md. Habibur Rahman, has been enjoying
an agricultural loan of Tk. 12,00,000/- (Twelve Lac) only
His fortunes changed on 20.02.2017 when he came to our for the purpose of Milk Cow Rearing & Beef Fattening.
Jamuna Bank, Pirgacha Branch and availed an agricultural Presently, he has a total of 15 (Fifteen) nos. of Milk Cow
loan of 8,00,000/- (Eight Lac only). With the help of the Rearing & Beef Fattening cattle in his farm. Mr. Rahman
loan, he bought six cows along with two calves and four is still very grateful to our Jamuna Bank (Pirgacha Branch)
big bulls to running with existing cattle farm. He let his for the support and guidance they provided in helping him
cattle’s graze on the grass of his fields and bought other to establish his farm. His success has also inspired other
necessary food items for the cattle’s with the money farmers in his locality and influenced them to become
he earned from selling the milk. At the end of 2019, Mr. prospective customers of Jamuna Bank, Pirgacha Branch,
Rahman was able to sell Three of the bulls in his farm for Rangpur. Thus, Jamuna Bank, Pirgacha Branch has been
4,15,000/- (Four Lac Fifteen Thousand) only. He was able playing a significant role in developing the socio economic
to make a significant profit by selling three existing bulls status of the people in rural areas of Bangladesh.
Mr. Zilzalalul Islam
278
Annual Report 2022
“I Don’t Know What I Owe My Bank”
Mr. Zilzalalul Islam
Mr. Zilzalalul Islam, a small farmer of Bochagonj Thana supports (Nine times consecutively) under the agricultural
under Dinajpur District, has been cultivating banana in and rural credit program of the bank.
his small piece of land since about 12 years. He gathered
sufficient Knowledge and technology for producing Mr. Zilzalalul Islam has increased banana production,
banana. But he was struggling to maintain his family with expanded areas of cultivation with the loan supports. By
limited income and improving his livelihood. his increased income he runs his family comfortably and
repays loan regularly. He has become a self-dependent
The Setabgonj Branch of Jamuna Bank found Mr. Zilzalalul successful farmer in his locality. Others farmers like him
Islam and encouraged him to take loan support from are being inspired by his success and coming forward to
the branch. Being inspired, he has taken sufficient loan take loan facilities from the bank.
M/S. Ayesha Motsho & Dughdho Khamer
Mr. Md. Zillur Rahman, the Proprietor of M/s Ayesha his pond areas were increased to 65 Bigha only after five
Motsho & Dugdho Khamar , is a valued client of Jamuna years of starting. At present Mr. Zillur is utilizing a loan of
Bank Limited, Manda Branch. He started fish cultivation Tk.16.00 lac from the branch and continuing sweet water
in 2009 with leasing of 12 Bigha ponds and his business fish cultivation.
has been increasing day by day. In 2017, Jamuna Bank,
Manda Branch has financed him and Jamuna Bank has Day by day Mr. Zillur has expanded his fish cultivation and
been playing a significant role by providing loan and other marketed fish to different parts of the country including
supports. At present, he has taken rented 65 Bigha ponds Dhaka and Bogura beyond his local area. Now, he is a
for fish cultivation and cultivating of Rui, Katla and other renowned and popular fish cultivator in his locality. Many
carp type fishes. He is cultivating fishes successfully. fish farmers are coming forward to this sector by the
inspiration of his success.
In 2017 he was financed a Loan of Tk.10.00 lac from JBL
for fish cultivation and successfully utilized the fund. And
Jamuna Bank Limited 279
Our Credit Risk Management Division
Jamuna Bank Limited has been maintaining a divergent
credit portfolio through its country-wide network of KEY INFORMATION 2022
167 Branches covering important business centers of
all divisions. To manage the Credit portfolio JBL has
segregated its credit operations into various divisions Number of Credit Proposal Sanctioned
namely Corporate Banking, Credit Risk Management,
Credit Administration, Monitoring, Legal & Recovery,
111,667
SME, Retail Banking, Agriculture Loan Department in
line with the Guidelines of Bangladesh Bank. Credit Risk Amount Sanctioned
Management Division is driven by a mission: to protect BDT 811,077.21 million
and strengthen the Bank’s asset quality. To achieve this
goal, the Credit Risk Management Division strives to
maintain sound practices and adheres to the guidelines/
Green Finance Disbursed
instructions set forth by the Bank’s Board of Directors/ BDT 4,826.45 million
Bangladesh Bank. CRM Division is dedicated to maximize
the Bank’s risk-adjusted rate of return by managing Sustainable Finance Disbursed
credit risks through its front end and back end systems
and continuous supervision of potential deviation from BDT 41,377.47 million
standard norms.
COVID 19 STIMULUS PACKAGE
In pursuit of its objectives, CRM Division employs a
comprehensive approach that covers the entire credit
BDT 3,113.00 million
portfolio and individuals. This includes assessment of
portfolio risk, monitoring as well as continuous due
In addition, JBL is dedicated to implementing cutting-
diligence to identify and mitigate potential credit risks.
edge technology and data analytics to enhance its risk
The division also places a strong emphasis on transparency
management practices and stay ahead of the curve. The
and consistency in its credit risk assessment process, using
Bank also places a strong emphasis on employee training
the latest tools, technique and methodologies to deliver
and development to ensure that all staffs are equipped with
almost accurate and objective assessments.
the required knowledge and skills to effectively manage
credit risks.
At Jamuna Bank Limited, the Credit Risk Management
function is a critical component of the Bank’s overall
By embracing these sound practices, JBL demonstrates its
lending activities and CRM Division is playing the most
commitment to responsible lending and financial stability,
vital role in this regard. With a focus on continuous
and positions itself for continued growth and success.
improvement and innovation, the division is poised to
meet the changing needs of the Bank and its customers
Achievement of CRM Division:
and provides the highest level of services and performance
CRM Division of Jamuna Bank Limited has been playing
through its smooth processes to achieve the objective to
key role in achieving sustainable growth in Bank’s profit by
set Jamuna Bank Ltd. the “most sought after” Bank in
maintaining a high-quality loan portfolio with low default
Bangladesh.
rates. The Division’s success has been in implementing
effective credit risk management processes, such as credit
JBL is a Bank which addresses on the importance of
analysis and risk assessment, to support loan origination
managing credit risk. The CRM Division has been
and credit portfolio management. CRM Division has
relentlessly engaged in assessing, measuring, monitoring
performed / achieved the following during the year 2022:
and controlling credit risks to ensure a robust credit risk
management framework that covers key areas such as
1. During the year 2022, CRM Division under the
establishing a sound credit approval process, collaborating
directions of the Honourable Managing Director
with appropriate credit administration, implementing
and CEO has effectively managed credit risks amid a
effective measurement and supervision, ensuring adequate
deteriorating credit environment triggered by post-
controls, and regularly reviewing the credit portfolio.
pandemic turmoil and volatile US Dollar related
280
Annual Report 2022
challenges. By enforcing greater vigilance and
adopting innovative strategies, JBL has improved its
risk-return trade-off and generated higher returns
while controlling its risk exposure. Moreover, our
effective Credit Risk Management practice is reflected • Effectively managed credit risks amid
in our asset quality. a deteriorating credit environment
triggered by post-pandemic turmoil and
2. In Compliance with BRPD Circular # 12 dated June volatile US Dollar related challenges.
13, 2021, PIF Monitoring Unit has been formed on • Successfully performed its responsibility
for the accuracy & apporved the rating of
January 11, 2022 as per approval by Board of Directors
ICRR.
of the Bank in its 393rd meeting held on 29.12.2021.
• Formation of PIF Monitoring Unit.
Some significant terms of reference(TOR) of the PIF
• Formation of Large Loan Monitoring Unit.
Unit are as under: • Implementation of Document Verification
a. Regular monitoring of overdue PIF liabilities. System(DVS) of ICAB.
b. The ICCD Division has been advised to verify • Formulation of Policy on Corporate Social
the stocks of the customer having overdue PIF Responsibility (CSR) as per Bangladesh
liability during their regular inspection. Bank Guideline.
c. In case of impaired PIF, branches have been • Furnished of Loan Rescheduling &
advised to take necessary steps (Reminder, Stock Structuring Policy as per Bangladesh Bank
verification, fixing date of repayment, legal Guideline.
action & finally file suit). • Authorized for transmission of 40331 nos
of L/Cs & Amendment L/Cs during the
year.
3. In Compliance with DOS Circular letter # 28 dated
• Issued 2016 nos of sanction advice of
July 20, 2022, Large Loan Monitoring Unit has been
against Corporate Proposal.
formed with the following term of reference(TOR) : • Authenticated 206 nos of Bank Guarantee
a. Monitoring of overdue large loans & & utilizations & Work Order during the year 2022.
of the fund properly. • CRM Division has issued total 28 nos
b. Review of Large Loan portfolio of the Bank & of Letter/Instruction/ Division Circular
identification of adverse indication of large during the year 2022.
loan accounts & place the same to the Bank
Management
c. Ensure compliance of Credit Rating & ESRR of
large loan borrowers.
d. The ICC Division has been advised to verify
the stocks of the customer having overdue PIF different refinancing packages to ease financial
liability during their regular inspection. stress of the target business enterprises/individuals
and to ensure economic stability. CRM Division has
4. In Compliance with SFD Circular # 01 dated January processed disbursement of funds under Working
09, 2022, Sustainable Finance Unit(SFU) under Capital Stimulus Package for Large industries
supervision of CRM Division has issued Policy on and customers of Tk3113.00 million to its 27 nos.
Corporate Social Responsibility (CSR), approved by customers during the period July 2021 to June 2022
Board of Directors of the Bank in its 405th meeting which is 97% of allocation of funds by Bangladesh
held on 28.07.2022. Bank in 2nd phase.
5. In Compliance with BRPD circular no. 16 dated July 7. CRM Division has been assigned to monitor
18, 2022 & BRPD Circular letter no. 33 dated August 03, disbursement in Green Finance & Sustainable
2022, CRM Division has issued Loan Rescheduling & financing and to report to Bangladesh Bank accordingly
Structuring Policy of Jamuna Bank Limited, approved regarding the achievement of targets there against.
by its Board of Directors in its 407th meeting held on During the year 2022, Jamuna Bank has achieved both
28.08.2022 the targets of Green & Sustainble Financing which has
been documented in SFD’s quarterly publications.
6. To overcome adverse affect of COVID-19 pandemic, 8. The Division has prepared “Allocation of loans &
Govt. of Bangladesh/Bangladesh Bank facilitated advances & other internal limit for the year 2022 of the
Jamuna Bank Limited 281
Bank”, which has been approved by Board of Directors 15. Total 144 nos of HOCRC meetings have been arranged
of the Bank in it’s 394th meeting held on 31.01.2022 by CRM Division where total 3520 nos of Corporate
proposal were discussed & Total 3354 nos of proposals
9. The Division has prepared & submitted Risk Appetite were recommended & Total 166 nos of proposals were
statement to Risk Management Division for onward declined.
submission to Bangladesh Bank & ensured time to
time monitoring of sector wise loan position as per 16. Total 23 nos of HOCRC meetings have been arranged
guideline of Bangladesh Bank. by CRM Division where total 370 nos of SME proposal
were discussed & Total 346 nos of proposals were
10. The division has implemented effective risk mitigation recommended & Total 24 nos of proposals were
strategies to reduce the impact of credit risk through declined
providing Observations/Risk Assessment of credit
proposals & regularly monitoring and assessing the 17. CRM Division has in accordance with Bangladesh
creditworthiness of borrowers. bank instruction formed Stimulus Package Cell
to implement the largest package announced for
11. An Excel based Reporting Template has been updated Large Industries & Service Sector & has successfully
to ease the quarterly reporting of SF to Bangladesh disbursed Tk.3113.00 million which is 97% of the
Bank. allocation by Bangladesh Bank in 2nd phase (July 2021
to June 2022).
12. Training/Knowledge sharing sessions conducted by
CRM Division in 2022 are as under: 18. “Trade Finance Operation & Checking Wing (TFOCW)”
a. Three (03) half daylong series training programs under CRM Division has successfully authorized for
were arranged by SFU for both HO & Branch final transmission of 40331 nos of L/Cs & Amendment
officials at JBTA wherein key note speakers L/Cs after checking sanction terms & conditions in
from Bangladesh Bank conducted the workshop year 2022.
effectively.
b. Ten (10) capacity building sessions were arranged 19. CRM Division has successfully issued 2016 nos of
for Corporate, CRM, SME Division and credit sanction advice of Tk.33066.74 Crore in 2022 along
officials of different branches. with Documentation Checklist as required.
c. Knowledge Sharing Sessions were conducted
on monthly basis for implementation of proper 20. CRM Division has authenticated 206 nos of Bank
guideline/instruction by Bangladesh Bank vide Guarantee & Work Order during the year 2022 to
their Circular/Circular letter & to effectively protect the bank interest as per instruction by its
incorporate the same in sanction advices. Board of Directors.
Moreover other concurrent issues were discussed
to keep the Team updated. 21. Letter/Instruction/ Division Circulars issued by CRM
d. Resource persons of CRM Division conducted Division in 2022 are as under:
different classes at JBTA a. CRM Division has issued total 28 nos of Letter/
Instruction/ Division Circular in year 2022
13. Independent Sustainability report of 2021 was for implementing different circular issued by
published first ever in 2022 wherein CRM Division Bangladesh Bank & Related Department of
contributed significantly. Jamuna Bank Ltd. for effective implementation
of the same.
14. The Credit Risk Management Division has successfully b. PIF Monitoring Unit has issued 01 no of Circular
performed its responsibility for the accuracy & Letter in year 2022 for “Implementation of PIF
approved the rating of ICRR as the 2nd line of defense products in the name & style of “Forced Loan -PIF”
& total 1403 nos of Executive Summary report of and “RSDL (1/2/3)-PIF” respectively in CBS (TCS)
the ICRR score has been approved by Head of CRM as per BRPD-Circular No.12 dated 13.06.2021”
Division & CRO of the Bank on year 2022 as per c. SFU has issued 08 no of Instruction Circular
Guideline related to ICRR time to time by Bangladesh in year 2022 related to Green Finance and
Bank. Sustainable Finance.
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Annual Report 2022
The following important circulars, among others have been issued during the year 2022
Date Subject
10/02/2022 Target Fixation and Attainment of Green Finance and Sustainable Finance.
13/04/2022 Ensuring proper Utilization of Loan Funds.
16/05/2022 Ensuring Re-insurance of all insurance policies against disbursed loans & advances.
05/07/2022 Establishing Dedicated Sustainable Finance Help Desk in the potential Branches.
22/08/2022 Conducting of Environmental and Social Risk Rating (ESRR) for all Credit Files (Enterprise)
04/09/2022 Loan Rescheduling & Restructuring Policy of Jamuna Bank Ltd.
05/09/2022 Rationalizing of Electricity, Water, Paper consumption and Transportation Cost.
30/10/2022 Revision of instruction related to Policy of Post Import Finance (PIF).
Reversal of Outstanding Entries Relating to Expired Bank Guarantees/LC/ABP liabilities of your Books of Accounts
13/12/2022
by 29.12.2022
• Internal Credit Risk Rating (ICRR)
JBL takes credit risk assessment seriously and utilizes the Internal Credit Risk Rating System (ICRRS) as a key tool in
its credit risk management framework. The ICRRS is designed to provide a comprehensive and objective evaluation
of a borrower’s repayment ability, taking into account various financial indicators, market conditions, and other
relevant factors.
The ICRRS enables JBL to make informed credit decisions, facilitate portfolio management, and maintain a high-
quality credit portfolio. By using this system, JBL is able to assess the credit risk of individual borrowers and ensure
that it is making sound lending decisions that align with its risk appetite and overall strategic goals.
In the year 2022, JBL’s CRM Division successfully assessed the credit risk of 1401 corporate customers, demonstrating
its commitment to responsible lending and prudent risk management. By utilizing the ICRRS, JBL is able to stay
ahead of the curve in credit risk assessment and position itself for continued success.
The result of assessment was as follows:
Number of customer Rating
78 Unacceptable
201 Marginal
238 Good
884 Excellent
Total: 1401
• Compliance of BB instruction for obtaining Audited Financials of limited companies :
As per BRPD circular letter no- 04 dated 04.01.2021 audited financials of Borrowers need to be obtained for sanction
/ renewal of credit facilities extended in favor of limited companies.
• Implementation of Document Verification System(DVS) of ICAB
Jamuna Bank Limited is committed to ensuring the highest level of credit discipline and reducing defaulted loans.
In line with this goal, the bank has taken proactive steps to implement the guidelines set by Bangladesh Bank for
verifying the financial statements of borrowers. By signing a Memorandum of Understanding (MOU) with Institute
of Chartered Accounts of Bangladesh (ICAB) and availing the Document Verification System (DVS), JBL demonstrates
its commitment to responsible lending practices.
ICAB has provided comprehensive online training and support to JBL to facilitate the effective use of DVS. This
includes the provision of Master User IDs and passwords to create additional users within the bank as per its own
requirements. The bank has taken the necessary steps to ensure that two representatives have received training on
the operation of DVS.
Jamuna Bank Limited 283
JBL is committed to verifying the information provided in the audited financial statements of borrowers with
the information kept in ICAB database by the respective auditors. This ensures the accuracy and consistency of
financial information, which helps the bank to make informed decisions when evaluating credit proposals. The
bank views this initiative as a positive step towards upholding responsible lending practices and maintaining the
highest standards of credit discipline.
Basic Information available in DVS online platform : Enrollment No.; Member’s Name; C A firm’s Name; Client’s Name;
Client’s Registration & Ref. No.; Client’s category & Industry; Period; Document Name; Document type; Date of Issue;
Listing status
Key Financial Information :
1. Client’s Revenue Shown:
2. Profit Before Taxes :
3. Retained Earnings:
4. Total Assets :
5. Shareholder’s Equity :
Accordingly, Branches were advised to comply mandatorily instructions regarding verification of Audited Financial
Statements submitted by the borrowers.
The compliance status of BRPD Circular Letter # 04 dated January 4, 2021 and BRPD Circular Letter # 35 dated July 6, 2021
by Jamuna Bank Limited during 2022 was as under:
Compliance of BRPD Circular Letter # 04* Compliance of BRPD Circular Letter # 35**
Particulars
No. of Files % of Compliance No. of Files % of Compliance
Complied Files 397 100% 397 100%
Total Files 397 397
• Status of Working Capital for Large Industry & Service Sector– Stimulus Package (12 months of 1st & 2nd Phase &
6 months of 3rd Phase)
JBL’s participation in Stimulus Packages declared by the Government: Amidst COVID-19 outbreak, the
Government of Bangladesh has announced a number of stimulus packages for different sectors & beneficiaries.
CRM division has in accordance with Bangladesh Bank instruction formed stimulus package cell to implement
the largest package announced for Large Industries & Service Sector (package amount Tk.40,000.00 crore)
We have successfully implemented the packages, summary of which are given below:
JBL’s target for 1st phase July’20 to June’21 = BDT 629.01Crore
JBL’s target for 2nd phase July’21 to June’22 = BDT 326.00 Crore
(Total Package for all Bank- BDT 40,000.00 Crore)
JBL’s target for 3rd Phase
July’22 to June’23 = BDT 3,000.00 million
Approved by Bangladesh Bank Disbursed
Achievement
Amount No. of customer Amount No. of customer
1st Phase (Duration: July’20 – June’21)
BDT 6279.50 million 86 BDT 6168.30 million 85 98%
2nd Phase (Duration: July’21 – June’22)
BDT 3200.50 million 28 BDT 3113.00 million 27 97%
3rd Phase (Duration: July’22 – June’23) up-to 31.12.2022
BDT 951.00 million 03 BDT 940.90 million 03 99%
• Committees for review credit proposals
CRM Division is responsible to arrange and conduct meetings of the committees at head office , management level to
review credit proposals . There are 2 (two) committees namely Head Office Credit Review Committee (HOCRC) and
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Annual Report 2022
Business Management Committee (BMC) constituted with heads and deputy heads of concerned divisions of head office.
These committees are not final approving authority rather; these are formed to provide recommendation on credit
proposals after threadbare discussion. Accordingly, the concerned divisions processes and placed the proposal before
the competent authorities to approve/decline the same.
• Credit Allocation:
JBL’s Credit Risk Management Division has a robust approach to credit budgeting, taking into account a wide range
of factors to make informed decisions. Despite challenging economic conditions, JBL has achieved a steady growth
in its loans and advances, reaching TK. 18,049.08 crore in 2022, representing a 3.24% increase from the previous year
(2021). This demonstrates JBL’s commitment to fostering growth in diverse and strategic areas of business. The graphic
representation shows a positive trend in the growth of JBL’s loans and advances over the last four years, with only a
minor dip in 2020 due to the COVID-19 pandemic. This highlights JBL’s resilience and ability to overcome challenges and
continue to drive growth.
Fig: Credit Growth of Jamuna Bank Limited.
JBL is poised for continued success with its unwavering commitment to credit risk management. The bank is dedicated
to implementing best practices in due diligence, loan approval, and ongoing loan monitoring, ensuring that its lending
activities are safe and secure.
In its pursuit of excellence, JBL is dedicated to continually enhancing its monitoring and supervision procedures, as well
as implementing effective control mechanisms, to achieve its goals and deliver positive outcomes for its stakeholders.
With a forward-looking and proactive approach, JBL is well positioned to drive growth and success in the years ahead.
JBL is a leader in credit risk management, exemplifying its commitment to responsible lending and financial
stability. With classified loans at just 5.32% of total loans and advances in 2022. JBL closely monitors large loans
and maintains regular reporting to the Board of Directors to ensure strong credit risk management.
JBL’s efforts have been recognized by the Bangladesh Bank, who awarded the bank a “Satisfactory” rating for its
credit risk management in 2022. This has a positive impact on JBL’s CAMELS rating and capital requirements,
solidifying its reputation as a trustworthy and responsible lender.
In its pursuit of best practices, JBL has revised its Credit Policy Guideline to align with the Bangladesh Bank’s CRM
guidelines set forth in 2016. This proactive step has helped to strengthen the bank’s core processes and maintain its
CAMELS rating, underscoring JBL’s commitment to compliance and mitigating credit risk. JBL remains dedicated
to keeping its stakeholders informed of relevant issues and takes every measure to ensure a safe and secure lending
environment.
Jamuna Bank Limited 285
Our Treasury Division
The world economy has been facing a complex situation Asset & Liability by minimizing market risk and foreign
owing to the war in Ukraine, zero-Covid policy in China, exchange risk. Our Treasury played an important role by
energy shortages in Europe, protectionism in the United identifying and measuring the risks and consequently
States, and skyrocketing debt burden in developing minimizing or hedging those risks using various financial
countries. The new wave of Covid-19 in North-East Asia, tools. JBL treasury is also regarded as a good profit center,
particularly in China, Japan, South Korea, Taiwan, and which generates income by trading different instruments
Russia, is also a great concern for the world economy. in the Financial Market. The Treasury is constituted with
Bangladesh is no exception, facing inflationary, liquidity, well-set Front Office, Mid Office and Back Office. The
and exchange rate pressures during the last few months, key responsibilities assigned to the Division include the
mainly due to external shocks which created unprecedented following:
challenge for Bank to manage its balance sheet and earn
profit from asset liability position management. Under • Manage the bank’s balance sheet and ensure
this out of the ordinary circumstances, central bank and regulatory compliance with BASEL and all other
government enacted a wide range of policy interventions. regulatory capital requirements
To accomplish such critical job of maneuvering the • Engage in forecasting, proper planning and investing
banking book and trading book of balance sheet, Jamuna assets thereby maximizing treasury gains and
Bank treasury has well-trained officials with sound minimizing potential market risks.
technical and soft skills to provide treasury solutions to its • Manage the ALCO processes to ensure adequate
internal and external customers. and timely rate transmission to protect the bank’s
sustainability.
At Jamuna Bank Treasury Division, we have designated • Ensure exchange gain and capital gain through proper
desks to ensure the optimum treasury services to cope with management of Foreign Exchange business and
rapidly changing business and regulatory environment Government Securities trading respectively.
by means of integrated efforts of Money, ALM, and FX • Drive treasury income on a sustainable basis to
desks. JBL Treasury is a unique integrated component unit prudent and judicious investment in money market
established to manage day to day liquidity, interest rate on products
Jamuna Bank Treasury Structure
Money Market
Foreign Exchange Market
Fixed Income & PD
JBL Treasury Asset Liability Management (ALM)
Corporate Sales
Offshore Banking Unit (OBU)
Centralized Payment System
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Annual Report 2022
Overall JBL Treasury Primarily Focused on 2022:
Minimizing market, liquidity and
Efficient & Prudent Liquidity Management
interest rate risks
To take market opportunities within all risk and
Maximizing profitability
regulatory limits
Expanding transaction volume & Strengthening ALM & Foreign Exchange Risk
Balance sheet growth Management operations.
Efficient & prudent Capital Management
Retaining CAMELS & Other Ratings in higher
of the banks.
Creating a diversified fund management channel
• Money Market • Capital Market
° Money at Call ° Share
° Money at Short Notice ° Bond/Debenture
° Term Borrow & Placement ° Perpetual Bond
° REPO / Reverse Repo ° Preference Share
• Fixed Income Securities • Foreign Exchange
° Treasury Bill ° Spot
° Treasury Bond ° Forward
° Bangladesh Bank Bill ° Swap
° Commercial Paper ° Term Borrow & Placement
° Subordinated Bond ° OBU Funding
JBL Money Market Desk:
Money market desk assumes the responsibility of maintaining Cash Reserve Ratio (CRR) and also local currency fund
management of the Bank. Money market scenario of Bangladesh changes much in 2022, as per the latest available data,
government overall borrowing from the banking system increased by Tk 31,403.00 crore from during FY 2022 against
the decrease of Tk 27,669.00 crore during the same period of the preceding fiscal year. It reflects slowdown in economic
activities amid liquidity shortage and higher inflation as a reflation of global economic crisis, Yet JBL Treasury Division
as always be in borrowing position over the year and provide short term loan to corporate at lower rate to boost up the
profit to the bank as well as boost up the economic growth.
The JBL Money Market desk facilitates all kinds of available solutions like call money, term money (across different
tenors), SWAP, Repo, Reverse Repo etc. aligning with regulatory requirements and maintaining the proprietary portfolio
makes this desk one of the most efficient in the market
The call money average rate was around 6.70%, at the year of 2022. The call rate has started raising from the month of
March 2022, from the beginning of the year average rate moved around 2.00% to 2.50%, whereas it has reached around
@5.80% at the end of the year. Jamuna bank call borrowing rate remain consistent @5.75% from October 2022 to
December 2022.
Jamuna Bank Limited 287
JBL Highest Call Rate(%)
JBL Lowest Call Rate(%)
Industry Highest Call
Rate(%)
Industry Lowest Call
Rate(%)
Average of Highest Call
Money Rate of Last 12
JBL Fixed Income & Primary Dealer Desk:
Jamuna Bank’s Fixed Income desk makes investment in corporate bonds, commercial papers, sub-ordinated debt,
preference share and other fixed income investment instruments available in Bangladesh. In 2022, Jamuna Bank
continued its position as the Best Primary Dealer Bank in Bangladesh. It prolonged its governance in both Primary
& Secondary Market of Govt. securities trading. As the year 2021, this year 2022 Jamuna Bank becomes Best PD bank.
JBL as Primary Dealer, awarded for 31 times among PD banks which has been a great achievement in banking industry
since 2003 when Jamuna Bank got the license of Primary Dealership. JBL Treasury proactively conducts its role as a
PD & makes a very impressive profit along with Capital Gain in 2022. It also maintains the required liquidity reserve in
approved securities which is 13% as SLR. JBL fixed income desk maintained a sizable amount of securities in its trading
book and has been very successful in utilizing the market potential to book immense gain. JBL Treasury is maintaining
enormous client based along with individuals, insurance company & others corporate bodies. As per the previous year’s
JBL PD desk also provides advisory services & investment decisions to the existing and potential corporate & individual
customers on fixed income securities.
Currently, treasury bills having maturity period of 91-day, 182-day and 364-day are available in the market. There are also
treasury bonds of 2-year, 5-year, 10-year, 15-year and 20-year. These instruments are widely used by the government to
borrow directly from the public to finance the budget deficit. The investment is guaranteed, although the rates of return
are lower compare to corporate bonds and other financial products in the market. However, treasury bills and bonds are
not entirely risk-free in the sense that they are also subject to fluctuations in interest rates.
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Annual Report 2022
JBL Corporate Service Desk:
The corporate service desk of the Treasury Division provides specialized services to its corporate clients through its
diversified products tailored to the customers’ needs. JBL Corporate Service Desk has been supporting the clients who
were in need of short term funds for business transactions by arranging a suitable sources and also advising them how
to utilize funds. The main responsibility of this desk is to ensure maximum utilization of the fund of the corporate
customers. Basically different renowned life insurance companies are our corporate customers and they are maintaining
a sizable amount of government securities portfolio with our bank. Corporate Service Desk gives its customers time
befitting advices so that they can maximize their return by exploring new investment opportunities. In the year 2022,
Corporate Desk has shown an impressive dedication to help all branches, corporate clients & profit maximization by
spread of funding as this desk done in the previous year. On a regular basis, the corporate desk circulates updates on
the currency and interest rate markets to raise awareness among existing and potential clients on the prevailing market
scenario and also advises them regarding their FX and interest rate exposures. Jamuna Bank corporate desk completed
foreign currency trading more than one billion for the year 2022.
JBL Foreign Exchange Desk:
Overall Economy has been facing a challenging year after the wave of Covid 19 & the Russia-Ukraine War. The Foreign
Currency reserve of the country reduces 11.21 billion, Fed rate rises from 0.25% to 4.50%, Balance of Trade gap increases
in the year 2022. In spite of all the challenging issues in the county, Jamuna Bank FX desk achieved remarkable gain in
the year 2022. The significant volume of income contribution from Treasury in the form of exchange earning this year
was possible because of prudent management of Foreign Currency, Market oriented pricing , efficient organization of
liquidity flow arising from export-import business, and rightful market forecasting. Jamuna Bank was able to manage its
foreign exchange liquidity position efficiently in 2022. Foreign Exchange desk has been playing a vital role in meeting
up all the funding requirement and procuring remittance by offering most competitive rates to the Money Transfer
Organizations. The trade gap between imports and exports reduced in the year 2022 which is symbol of sound business
growth. JBL FX desk become one of the most FCY trader in Spot, Swaps, Placements and Forward transactions in inter-
bank market. JBL FX Desk have done extensive proprietary FX trading (mainly in USD /EURO & USD/GBP) and provided
pricing facilities to other players in the inter-bank market through Mashreq FX trading, BRAC Electra, Standard Chartered
Bank-Financial Markets Electronic Trading platform & ICICI FX trading platform. Moreover, Treasury provided support
to manage Assets & Liabilities of OBU and utilized the surplus FC fund in interbank to earn interest income. JBL invested
significant amount to offshore market to support A-Type industries, local entrepreneurs as well as to strengthen its asset
portfolios.
Asset Liability Management:
Asset Liability Management (ALM) is a key financial and risk management discipline. As one of the core risk areas
identified by the Bangladesh Bank, ALM requires senior management’s responsibility in order to control both inherent
and acquired risks in the balance sheet and in day-to-day operations. Jamuna Bank’s dedicated ALM desk provides
continuous rearrangement of the two sides of the balance sheet to obtain reasonable returns - while providing adequate
capital, liquidity and responsiveness to both internal and external factors - to attain the Bank’s objectives consistent with
prudential limits and risks. ALM desk of Treasury monitors the current asset liability position and future commitment of
the bank, and market liquidity scenario and reports the fund position, balance sheet gap and its risk exposure at internal
Jamuna Bank Limited 289
and external environment before the ALCO. The ALCO committee consists of the Managing Director as the Chairman of
the committee & Head of Treasury is the member secretary meets at least once in every month to analyze, review and
formulate strategy to manage the Assets and Liability of the bank. It takes various decision regarding interest rate of
deposits, loan pricing, Credit Deposit Ratio, Fund transfer pricing etc. Through ALM of our Bank mainly aims to achieve
objectives such as:
• Quality growth in assets & liabilities;
• Containment of risk in a coherent manner;
• Ensuring regulatory compliance;
• Stability and consistency in earnings;
• Profitability & increasing value of the Stakeholders;
At the end of 2022, Bank successfully achieved healthy deposit mix by matching various cost deposit to loans & advances
through continuous market analysis, JBL ALM desk regularly revised bank’s deposit rates and updated other scheme
products to offer the best available banking products for clients.
The JBL management successfully maintained all ALM regulatory requirements within limits which are as follows:
ALM Policy Statement Maintained Limit/Standard Position as on
Wholesale Borrowing (Fortnight Average) 887.52 Cr Max 3,279.68 Cr 31-Dec-2022
Total Commitments 11,300.91 Cr Max 14,503.57 Cr 31-Dec-2022
Statutory Liquidity Ratio-SLR (C+I) 7,200.88 Cr Min 2,747.11 Cr 31-Dec-2022
Cash Reserve Ratio-CRR (C+I) 853.68 Cr Min 839.10 Cr 31-Dec-2022
Advance Deposit Ratio (ADR) 71.97% ≤ 87.00% 31-Dec-2022
Investment Deposit Ratio (IDR) 73.85% ≤ 92.00% 31-Dec-2022
Maximum Cumulative Outflow (MCO) up to 1 Month 16.79% ≤ 17.00% 31-Dec-2022
Liquidity Coverage Ratio (LCR) 170.93% ≥ 100.00% 31-Dec-2022
Net Stable Funding Ratio-NSFR 114.64% > 100.00% 31-Dec-2022
Capital to Risk Weighted Asset Ratio (CRAR) 17.13% > 12.50% 30-Sep-2022
Leverage Ratio 6.49% > 3.00% 30-Sep-2022
AD Ra�o (≤ 87%)
LCR (≥100%-200%)
181.75
NSFR (>100%) 169.26 170.93
158.94 160.11 159.23
155.45
146.48
138.38 135.25 137.29
119.03
110.74 110.74 110.74 114.64
106.57 106.57 104.29 104.29 104.29 107.81 107.81 107.81
74.91 73.31 74.93 73.38 72.32 73.15 72.63 73.55 76.17 75.34 76.18 75.93
Outlook, 2023
• Achieve budgeted business targets.
• Continuing Best PD bank award.
• Minimize the cost of deposit as well as maximize the yield on advance for achieving maximum operating profit.
• To minimize the gap between Export & Import of the Banks
• To take arbitrage opportunity with the volatility of market yield.
• Ensure adequate capital to expand Bank’s Business.
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Annual Report 2022
Our Card Division
2022 was another successful year with considerable progress in card Growth In Card Transaction
business. Like other economic players. However Card Division has
20% (over PY)
successfully completed the year 2022 and undertook various business
initiatives. During 2022, we have 20% growth on card transaction over NOS. OF CARDS
2021. Whereas the credit card outstanding was increased by 37.45%. Debit Card: 5,59,488
Profit volume of Card Division of 2022 significantly increased by 6% Credit Card: 35,000
over 2021. Credit Card outstanding escalated from BDT 727.54 million
to BDT 1000.00 million over previous year. Total Number of Debit and Amount of Outstanding
Credit Cards reached 5,59,488 & 33,182. BDT 1,000.00 million
(Δ 37.45%)
Operating Profit
BDT 111.60 million
TIED UP WITH
130 plus Merchants Outlets
In the year 2022, various Credit Card sales campaigns were conducted
by the Management to increase Bank’s Card Business portfolio and
declared the month of October 2022 as the “Credit Card Campaign”
month of the bank. The first 50 participants in the campaign were
rewarded with Cash/Prizebonds. Officials who have brought at least
05 credit cards were given certificates in recognition of their work.
We have received a phenomenal response in this regard and got about
10,500 new Credit Cards.
JBL Offered Cards are:
• VISA Electron Payroll Debit Card
• VISA Debit Card
• VISA Local Classic Credit
• VISA Local Gold Credit Card
• VISA Duel Currency Gold Credit Card
• RFCD Credit Card
• Exporter Retention Quota (ERQ) Credit
Card
• VISA Platinum Credit Card
• VISA Signature Credit Card
• VISA Co-Branded Platinum Credit Card
(Only for Gulshan Club members)
• VISA Signature Credit Card
• VISA Prepaid Card
New Product
• Pre-paid card for youngsters, freelancer
& Travelers. To apply online visit https://
onlinecard.jamunabankbd.com/
• Introduced ‘Green PIN’ (paperless PIN
generation solution).
• Introduced Credit card transaction E-alert
(Email alert).
• Introduced an online credit card proposal
data entry system.
• Introduced a Credit Card proposal
tracking system.
Jamuna Bank Limited 291
JBL Visa Debit Card
Jamuna Bank’s one of the exclusive product is JBL VISA
Debit Card which is smart looking, popular, user friendly
and make account holder’s finance easy and simple to
handle. In Bangladesh, Jamuna Bank is the first-line
bank to issue EMV Debit cards. EMV is the most advanced
technology for secure payment. Jamuna Bank currently
availing 346 ATMs around the country and continuously
increasing the numbers.
Main Features:
• This Debit Card comes with all BDT Savings,
Current, Short Term Deposit (SND) Accounts
• Shop and Dine at thousands of Merchants. This card
is valid only in Bangladesh.
• You can access all of your JBL accounts by one JBL
VISA Debit Card.
• There is no interest-relating the JBL VISA Debit Card.
• Split cash withdrawal 5 times a day & maximum
withdrawal Limit is BDT 1, 00,000/- in a day.
• Jamuna Bank’s debit card has inbuilt life insurance
coverage
• 24/7 Cash withdrawal facility from JBL large ATM
network including non-branch ATM, any Q-Cash
and any VISA ATM across the Country.
• Utility bill payment, Mobile recharge, Bkash
transfers, e-commerce transaction facility.
• Free balance enquiry, mini statement and PIN change.
Life Insurance proposition for debit cards is as follows:
Transaction Amount Coverage Amount
501-1500 20000
1501-2500 30000
2501-4000 50000
4001-7500 75000
7500+ 100000
JBL Credit Cards
Jamuna Bank has designed its credit cards with wide variety of features to
serve its valued consumers. Our aim is to cater to all types of consumers
by providing an appropriate Credit Card to them.
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Annual Report 2022
VISA Classic Credit Card:
Benefits
• Contactless NFC Technology.
• JBL Classic credit card holders are entitled for
maximum credit limit up to BDT 1,00,000.
• No Renewal Fee.
• 45 Days Interest Free Period.
• Higher Cash Withdrawal Limit.
• Insurance Cover for Death of the card holder.
• Free Supplementary Card
• Discount Offer at shops, restaurants, hospitals, travel
agencies etc.
• Buy Now Pay Later Facility with JBL Easy Pay option
up to 36 months.
• Balance/fund Transfer facility.
• Reward Points for Cash Back or Free Gift Voucher.
• Flexible Bill Payment Option.
• Lost or Stolen Protection.
• 24/7 Banking Service
Eligibility:
• Minimum age 20 years old.
• Bangladeshi Citizen or a foreigner who has been a permanent resident the Bangladesh for the last two (2) years
• Job or self-employed business income with minimum BDT 30,000/-
• Must be 21 to 60 years old for principal and at least 13 years old for supplementary cardholders.
For details visit our website https://jamunabankbd.com/
Jamuna Bank Limited 293
VISA Local Gold Credit Card:
Benefits
• Contactless NFC Technology.
• JBL Visa Local Gold Credit Card holders are entitled
for maximum credit limit upto BDT 5 lacs.
• No Renewal Fee.
• 45 Days Interest Free Period.
• Higher Cash Withdrawal Limit.
• Insurance the Cover for Death of the cardholder
• Free Supplementary Card
• Discount Offer at shops, restaurants, hospitals, travel
agencies etc.
• Buy Now Pay Later Facility With JBL EasyPay option
up to 36 months
• Balance Transfer
• Reward Points for Cash Back or Free Gift Voucher
• Flexible Bill Payment Option
• Lost or Stolen Protection
• 24/7 Banking Service
Eligibility:
• Minimum age 18 years old.
• Bangladeshi Citizen or a foreigner who has been a permanent resident of the Bangladesh for the last two (2) years
• Job or self-employed business income with minimum BDT 30,000/-
• Must be 21 to 60 years old for principal and at least 13 years old for supplementary cardholders.
For details visit our website https://jamunabankbd.com/
VISA Duel currency Credit Card
Benefits
• You can use VISA Dual Gold Credit card both locally and
internationally.
• You can now avail the convenience of JBL VISA Credit Card. It is
the easiest and the most secured way of utilizing your money for
24 hours a day & 7 days a week retail purchases as well as cash
withdrawal.
• You can enjoy higher ATM withdrawal limit each day.* 50% Cash
withdrawal of Credit Limit through any ATM Machine round the
clock.
• No fees on retail purchase and can use JBL VISA Credit Cards at
thousands of retail outlets both within and outside Bangladesh.
You can enjoy maximum 50 days & minimum 20 days interest
free period on any retail purchase. The JBL VISA Dual Gold
Credit Cards give a fast, convenient and reliable way to pay, 24
hours a day, wherever you go, You can enjoy the power of using
these Cards in every corner of the world. VISA Dual Gold Credit
allows flexibility and convenience when Cardholder travels
internationally.
• The VISA Dual Gold Credit Card entitles to exclusive discounts worldwide.
• There will be no commission charge on the endorsement of foreign currency for self and supple.
• With JBL large ATM network including non-branch ATM, any Q-Cash and VISA ATM across the world, customers
have the privilege of round the clock withdrawal and other account services at customers’ convenience.
For details visit our website https://jamunabankbd.com/
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Annual Report 2022
VISA Platinum Credit Card
Benefit and Features:
• Contactless NFC Technology
• JBL Platinum card holders are entitled for maximum credit limit up to BDT 10 lacs or USD 12,000.00 or collateralized
limit of BDT 25,00,000.00 or as per guideline from Bangladesh Bank.
• “Easy Payment Plan” Convert purchases into EMI from 6 to 36 months at low interest rates
• Easy pay facility at renowned merchant outlets (0% interest on installment up to 36 EMI)
• Credit Double Shield-Protection on outstanding balance in the event of Unforeseen
circumstances, life insurance plan that covers natural death, accidental death
• The EMV Chip and PIN technology enabled system which provides an added level of Security to card transactions.
• One time password (OTP) based online / E- commerce Transaction .
• Immediate cash advance facility.
• You can use VISA Platinum credit card both locally and internationally.
• Priority Pass access to over 1000 airport lounges in over 500 cities worldwide.
• Free Supplementary Card.
• JBL 24-hours dedicated customer service
• Free access to the Balaka VIP Lounge at Hazrat Shahjalal International Airport, Dhaka. Card Member can have
1 (one) companion with them in each visit Access to the Sky Lounge at Hazrat Shahjalal International Airport,
Dhaka.
• Year round Visa Offers (Domestic & International)
• Reward points to purchase amount.
• Discount on Domestic Hotel booking
& Resorts.
• Discount & EMI facility on Local
Airlines Ticket
• Discount & EMI facility on Electronics,
mobile goods
• Discount & EMI facility on nominated
travel Agencies
For details visit our website https://
jamunabankbd.com/
Jamuna Bank Limited 295
Visa Signature Credit Card
Top Features:
• Contactless NFC Technology
• JBL Signature card holders are entitled for
maximum credit limit up to BDT 10 lacs
or USD 12,000.00 or collateralized limit of
BDT 25,00,000.00 or as per guideline from
Bangladesh Bank.
• No Renewal Fee: First year charge free.
And pay ZERO fees for the Renewal if you
perform only 18 POS/Online transactions
with your Visa Signature Card in a year.
• You can use VISA Signature credit card
both locally and internationally.
• 45 Days Interest Free Period.
• Higher Cash Withdrawal Limit.
• Complementary Access to Balaka Lounge.
• Priority Pass of Airport Lounge Program.
• Double Insurance Cover for Death
• Free Supplementary Card.
• Discount Offer.
• EasyPay Loan /EMI Facility on unused
balance.
• Flexible Payment Option.
• Easy & Safe E Commerce Shopping.
• Reward Points for Cash Back or Free Gift Voucher.
• Lost or Stolen Protection.
• JustPay Super Digital Banking App.
• 24/7 Banking Service.
Eligibility
• Minimum age 18 years old.
• Bangladeshi Citizen or a foreigner who has been a permanent resident of the Bangladesh for the last two (2) years
• Must be 21 to 60 years old for principal and at least 13 years old for supplementary cardholders.
For details visit our website https://jamunabankbd.com/
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Annual Report 2022
Visa Prepaid cards
Prepaid cards have rapidly gained traction in Bangladesh. The
emerging e-commerce industry is one of the primary factors driving
the market growth across the country. At present, more people are
paying through prepaid cards as they are a convenient mode of
payment. In addition, the increasing penetration of smartphones
and the internet has increased the number of online payments
using prepaid cards. Furthermore, prepaid cards are also being
used in restaurants, stores etc. For better customer experience in
seamless and hassle-free payment transactions we bring this pre-
paid card to the market targeting the young generation for digital
commerce, Travel, Medical- travel Purpose. Other benefits include
dual currency facility, faster access to funds globally 24/7, an
online bill payment facility, international and local shopping, and
access to shops and restaurants throughout the globe.
FEATURES
• Readily available over the Cash Counter at all branches/Sub
Branches of Jamuna Bank Limited.
• Dual currency card Accepted at local and abroad.
• It is a reloadable card & valid for a period of 05 (Five) years
from the date of issue.
• E-commerce transaction facility with 3-D security.
• At any Jamuna Bank’s cash counter and by fund transfer
through NPSB/BEFTN channel.
• Shop at millions of VISA merchant worldwide or at millions of
online/e-commerce sites.
• Boosting in Social Media/ YouTube etc. other renowned E-commerce sites.
• Sense of freedom and independence which comes with the power of the VISA brand.
• Easily pay the International Examination/Certification/VISA/ Embassy Fee.
• Dual Currency EMV Chip & PIN Prepaid Card.
• Faster access to funds globally 24x7.
• International and local shopping.
• Banking without any bank account.
• Round the clock cash withdrawal facility worldwide at large VISA ATM network.
• Absolutely free Cash withdrawal from any JBL ATM.
• Online bill payment facility.
• Absolutely free reloading.
• Transaction Alert.
BENEFITS
• No Issuance Fee.
• No penal Interest charged on the money you spend.
• No late charges.
• No stress of carrying foreign currency.
• Full cash withdrawal facility from VISA-Logo ATMs across the world.
• Refund of unutilized fund through Account Transfer, ATM and BEFTN.
• Free SMS alert for all transactions.
• Limit will be as per Load Amount. Maximum limit is as per Bangladesh Bank guidelines issued from time to time which is $12,000
per annum currently.
ELIGIBILITY CRITERIA:
• Applicant should be a Bangladeshi National.
• Minimum age 18 years.
• Have valid passport (for USD Transactions).
REQUIRED DOCUMENT
• Filled out Application form.
• Passport Size Picture.
• Valid Photo ID / NID Card Photocopy.
• Valid Passport Copy for USD Transactions.
• Proof of Address/ Electricity/ Gas Bill Photo Copy.
REFUND POLICY:
The Card Holder can claim for refund of the unutilized amount after travelling. Card-Holders can come to Card Division to submit the
refund application form. If Card Holder has a JBL account, the unused amount will transfer to his account directly or Card Division will
issue a Pay Order/BEFTN to another Bank’s Account in favor the Card Holder. Closing Fee applicable.
ONLINE APPLICATION: https://onlinecard.jamunabankbd.com
Jamuna Bank Limited 297
We have added some services and innovations to provide faster service to the customers
as below
Green PIN:
GREEN PIN is a paperless PIN generation solution that enables Jamuna Bank Debit & Credit Cardholders to securely
generate their card PIN in electronic form through multiple delivery channels. Green PIN as the name suggests, helps
save paper thus contributing to earth’s environment as well as contributes to reduce the carbon foot print. Green PIN
initiative offers a hassle free mechanism to generate Debit/credit card PIN for existing as well as new Debit/credit card
customers. Customers can set their PIN for new debit / credit cards instantly after receiving the debit card or make use
of this functionality in case they forget their existing Debit-cum-ATM/ Credit Card PIN. Customers can easily use this
service without visiting the branch/ contact the customer care and wait for the PIN mailer.
Credit Transaction E-alert:
We have introduced transaction email alerts for our credit card customers. When a customer makes a transaction via
credit card, a transactional alert is sent to the email provided by the customer. Transactional emails are generated when
a financial transaction takes place. It provides a paper trail for audit purposes and also acts as a record for transactions.
Financial transactional emails help in detecting fraud and record-keeping purposes. Email alerts are very important and
useful when the customer is out of the country/cross-border transactions.
Online credit card proposal data entry from branch:
We have introduced online credit card proposal data entry system to provide quick service to customers. Through which
a customer submits a credit card application at any branch, data entry is done through this system very quickly. And
within a short time the proposal reached the head office for card issuance.
Credit card Proposal tracking system:
We have introduced Credit card Proposal tracking system that records when branch has viewed each document. Through
this tracking system, the branch can see the latest status/ each stage of its sent credit card proposals at any time.
Business Initiatives:
We have added some of the facilities to the credit card to make the card more dynamic and attractive and gain customer
acceptance. Here is a snapshot of the various business initiatives we have taken this year to grow our business
Discount Agreement
SL Name of Company Discount
1 Kokomo Resort Gazipur Up to 40% on Room rend
2 Mohonpur Resort Chandpur Up to 50% Discount
3 Sikder Resort Koakata patuakhali up to 50% on Room rent
4 La mano Skin care ltd. Upto 20% discount
5 Aronnobsh Resot Gazipur Up to 45 % Discount of room rent
6 Hotel Long beach Cox’s bazar Up to 50% Discount on room rent
7 Jashoda Hospital Hidrabad india Up to 20% discount on all test
8 Hotel Agrabad CTG 70 USD
9 Galaxy Resort limited cox’s bazar Pick 25% and off pick 45%
10 Hotel Sarina Banani Dhaka 50% discount on room and 20% on alacart menu
11 Dera Resort & Spa( Manik Gonj) Pick 40% and off pick 50%
EMI Agreement
SL Name of Company Type of agreement
1 La mano Skin care ltd. Easy pay @ 0%
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Annual Report 2022
Discount Agreement
2 Vrome Services Easy pay @ 0%
3 Star Teach Computer Easy pay @ 0%
4 Gedget & Shop Easy pay @ 0%
5 Appel gadgets Easy pay @0%
Buy One Get One free Agreement
SL Name of Company Discount
1 Hotel Radison blue CTG Buy one Get one free
2 Hotel Le meridian Dhaka Buy one Get one free
3 Rio loung, Dhaka Buy one Get one free
4 Hotel Ameri, Dhaka Buy one Get one free
5 Pearl Hotel , Dhaka Buy one Get one free
6 Holiday Inn, Dhaka Buy one Get one free
7 Hotel Sheraton , Dhaka Buy one Get one free
8 Sea Perl Beach Resort & Spa , Coxs Bazar Buy one Get one free
9 Radisson Blue, Dhaka Buy one Get one free
FOR ANY ENQUIRY, PLEASE CONTACT
Card Division, Head Office
Jamuna Bank Limited
M.H.B Bhaban, 3rd Floor,
Holding # 94, (D.I.T.), Mohakhali, Dhaka.
Mobile: +88 01713067771, +88 01799997200.
Hotline: 16742
Email: [email protected]
Jamuna Bank Limited 299
Credit Card Campaign October-2022
In the year 2022, Management of the Bank organized credit card campaign in the month of October-2022 to increase
the bank’s credit card business. All permanent and contractual employees of the bank participated in the campaign.
Acquiring 10 new credit cards of any type in the campaign qualifies as eligible for participation in the campaign. A total
of 37 (Thirty seven) performers were awarded in the said campaign.
1. Name of the Campaign : Credit Card Campaign October-2022
2. Objective of the Campaign : To Boost up Credit Card Business
3. Participants : All Permanent & Contractual employees of the Bank
4. Reward & Recognition : TOP 37 (Thirty seven) Performers had been rewarded in the
campaign
Performance of Credit Card Campaign October-2022:
Total number of credit card proposals received during the campaign period 3,019 Nos
Employees are awarded as follows during the Campaign
1st Prize : Couple Air Ticket & Two Night Five Star Hotel
2nd Prize : Couple Air Ticket & Two Night Five Star Hotel
3rd Prize : Couple Air Ticket & Two Night Five Star Hotel
4th Prize : Couple Air Ticket & Two Night Five Star Hotel
5th Prize : Couple Air Ticket & Two Night Five Star Hotel
6th Prize : Domestic Couple Air Ticket
7th Prize : Domestic Couple Air Ticket
8th Prize : Domestic Couple Air Ticket
9th Prize : Domestic Couple Air Ticket
10th Prize : Domestic Couple Air Ticket
11th to 37th (10,000x28) : Prize Bond
Al-Haj Nur Mohammed, the then Chairman of Jamuna Bank Limited and Chairman, Jamuna Bank Foundation along with other
Directors, Managing Director and other high officials of the Bank were present during the Award Ceremony
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Annual Report 2022
Alternative Delivery Channel (ADC)
Why Alternative Delivery Channel:
Alternative delivery channels expand the reach of services beyond the KEY INFORMATION 2022
traditional bank branch and have emerged as a result of innovations
in ICT and a shift in consumer expectations. To sustain competitive NOS. OF ATM
advantages, financial institutions continuously strive to innovate and 343
offer new banking channels to their customers as technology creates NOS. OF CDM
new dimensions to their banking systems. ADCs are transformative in
3
nature, accommodating the demand for access to financial services
“anytime, anywhere, anyhow”. They rely heavily on ICT systems and NOS. OF CRM
devices ranging from ATMs to mobile phones to internet banking, all 10
of which enable the instant transmission of financial and non-financial
NUMBER OF TRANSACTION
information between the customer and financial services providers.
New technology increases efficiency through automation, reducing
3,467,794
operational costs, and improving service quality. VOLUME OF TRANSACTION
BDT 36,427.62 Million
Activities of ADC Division:
Balance Inquiry
Alternative Delivery Chanel provides unique services including Cash
withdrawal from ATMs, FundsTransfers facilities, Bills payment / Interbank 368,740
Fund Transfer /Credit card bills payment facilities to other bank and even Number of Mini statement
mobile top-ups, A/C to MFS like bKash, OKwallet transfer etc. Currently
4257
ADC Division of Jamuna bank is dealing with Cash Recycler Macine
(CRM), SMS banking, mobile banking app and i-Banking etc. At present,
total 343
numbers of ATMs and 10 CRMs, which was 332 in 2021,
are always in operation to provide 24/7 cash withdrawal/
deposit services along with other service like bKash
cash withdrawal, utility bill payment balance inquiry to
customers. To ensure the customer transaction security
Jamuna Bank, ADC Division has implemented CCTV
system in all our ATM Booth and central CCTV monitoring
system, especially designed for our ATM booths to prevent
any kind of fraud and unwanted situation.
Alternative Delivery Channel division of Jamuna Bank is
continuously working to provide banking services directly
to the customers and ensure smooth flow of regular
transactions. Jamuna bank committed to bring in new
facade of digital products and services in coming days as
the Bank considers information Technology as business
driver rather than business enabler. Moreover, to counter card risks, we introduced OTP and two-factor authentication
for internet banking and e-commerce transactions.
Upcoming Products of ADC division:
ADC Division of Jamuna Bank is always working to ensure a smooth flow of transaction services for our valuable
customers. In the year 2023, we will expand our ATM services by opening new ATMs as well as cash recycle machine
(CRM), 10 units of which are already established for piloting in different commercially important places and also cover.
We are also in the process of switching from our JustPay app to the brand new i-Banking enabled “Shadhin” app so our
clients can enjoy a hassle free banking services with their smart-phones.
Jamuna Bank Limited 301
ATM Network
Dhaka Division 197
Chattogram Division 57
Khulna Division 16
Mymensingh Division 5
Rajshahi Division 35
Rangpur Division 21
Sylhet Division 7
Barisal Division 5
Total 343
ATM transaction breakdown
2022 –On us Transaction (In ATM)
Count Amount Balance Inquiry Number of Mini statement
1,361,811 1500,85,62,500 237,404 2,682
2022- Off us Transaction (In ATM)
Count Amount Balance Inquiry Number of Mini statement
2,105,983 2141,90,57,500 131,336 1,575
Mobile App:
Jamuna Bank Ltd. has been providing these unique services to customers through the JustPay App which is set to be
replaced by the all new “Shadhin” app which shall cater to all of our customers i-Banking needs in one place, including
various inter-platform fund transfer options to choose from as well as a number of internet banking services on demand
including EFT, NPSB, RTGS, Top-Up, MFS transactions and so forth. Jamuna Bank has partnered with mobile financial
services company to bring Jamuna Bank’s financial services to people in all corners of Bangladesh.
New Vision for 2023:
The vision of Jamuna Bank is always to satisfying customers. To ensure the better customer services, our plan to introduce
some more services in this year 2023:
• This year, 2023, ADC division is going to deploy huge range of CRMs .
• Expand Call Centre for better and quicker service delivery to clients.
• To provide more fund transfer facilities to the majority of our bank customers through “Shadhin” App, ADC has to
plan to add more MFS companies like Rocket, Nagad, Pay well, Upay etc. in this year.
• Add more utility bill payment services, so that customer can pay their monthly utility bill from home.
• To cover the whole country, we are planning to establish a huge number of ATMs & Cash Recycle machines to
provide both deposit as well as withdrawal facility to reduce workload at Branch-front. Additionally, to increase the
security of our ATM booths we shall expand our CCTV coverage.
• i-Banking service will come with many new features.
• Bring QR based payment systems so that Merchants can receive payments from the customers by using this Digital
Service.
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Annual Report 2022
Our NRB Banking & Foreign Remittance Division
Bangladesh is the 7th highest remittance receiving country for their inherent vulnerability in foreign lands. Limited
of the world and one of the largest in South Asia having financial resources, inability to return home, lives of
almost $21 billion (BDT 195,038 Crore) in the year 2022. migrants can be stranded down. This war has drastic effect
Remittance plays a major role contributing to economy in on the food and energy sectors. Price inflation of food and
terms of foreign currency reserve, as there is a great deal energy is inversely proportional to the wage paid to the
of disproportion between export and import business. Also migrant workers (Source: ILO 2022b). Retained migrants
inward remittances constitute around 7% of Bangladesh’s faces reduced work hours, forced labor, unpaid leave,
total GDP. The incomes through remittances are invested delayed, reduced or unpaid wages and worse exposure to
for food, non food expenditure, durable and other expenses both physical and mental health risks. Deterioration of job
for the purchase of land. Almost 13 million Bangladeshi market is still on the run amid Ukraine war shocks.
citizens living abroad for working purpose are sending
money which is a significant source of global income along Though the situation isn’t worse for working migrants like
with garments industry. Saudi Arabia has been the largest the pandemic era where massive layoffs and repatriations
source of remittances since 1980s followed by United took place. As per estimation of ILO, the 3rd quarter of
Arab Emirates, Oman, Qatar, Singapore, Bahrain, Kuwait, 2022, the level of hours worked was 1.5 percent below
Libya, Iraq, Malaysia and United Kingdom. In 2020, pre-pandemic levels. This decrement constitutes a deficit
Bangladesh faced crisis in remittances amid Covid-19. amount of 40 million full time jobs (Source: The 10th
Through that time many source countries repatriated edition of the Monitor on the World of Work).
their migrant workers, Bangladeshi wage earners market
was affected harshly in that situation. But remittance
inflow wasn’t suffocated that hard considering volume.
The year 2022 brings in new crisis in dollar reserve. Many
countries like Egypt, Romania, Sri Lanka, Turkey, Czech
Republic, Pakistan and Hungary were drastically affected.
To prevent such disaster, Bangladesh Bank imposes fixed
dollar deal rate hence remittance business in banking
sector nearly stagnated. This results into $1 billion less
inward remittance volume than the last year which was
$22 billion. Despite the unfavorable facts, NRB Banking &
Foreign Remittance Division of Jamuna Bank manages to
have astounding growth in remittance business.
In perspective of Bangladesh, Refugee and Migratory
Global Migration
Movement Research Unit (RMMRU), there was an uptick
Migrant workers in respective host economies, return
in the number of unskilled workers leaving Bangladesh to
migrants and their families are disproportionately
work abroad at the same time as the country had a record
vulnerable to any changing global and regional
number of 10.29 lakh workers abroad in 2022. The report
circumstance. These changes can be caused by war,
stated that if this trend continues, labor migration would
pandemic, political clash, uprising and stalemate
be 81.88% higher in 2022 than the previous year. However,
economy. In 2022, the world has been affected by Russia-
the RMMRU predicted a 3.17% decline in the amount of
Ukraine war. This war is still ongoing and destabilizing
money sent back to Bangladesh through remittances in
geopolitical situation as well as global economy. Especially
2022. The proportion of skilled workers among the total
agriculture and food market of the world. Ukraine is now
number of people who left the country to work abroad
mostly a war torn landscape and uninhabitable place for
decreased in 2022 compared to the previous year. In 2021,
many Ukrainians. Close to 7.8 million Ukrainian migrants
skilled workers made up 21.33% of the total number of
have been migrated to other European countries such
people who migrated for work, but that percentage dropped
as Poland, Germany and Czech Republic (Source: OECD
to 17.76% in 2022. However, there was little change in the
International Migration Outlook 2022).
percentage of semi-skilled workers, which remained at
around 3.26% in 2022 and 3.28% in 2021 (Source: Refugee
Those immigrants were subjected to xenophobic attacks
and Migratory Movement Research Unit (RMMRU)).
and social injustice in host countries (Source: Rimal 2022;
IOM 2021c). Losing job always hits hard to migrant workers
Jamuna Bank Limited 303
Global Remittance Top Remittance Receiving Countries:
Except China, remittances have been the main source
of foreign financial flows to low- and middle-income
countries (LMICs). Remittances to LMICs have been
roughly three times the amount of Official Development
Assistance (ODA) for more than a decade, despite the fact
that they are private cash and cannot therefore replace
state spending (Ratha et al., 2022).
Remittance flows to LMICs rose by 4.9% in 2022 to reach
USD 626 billion, while regional variations still existed. The
projected growth in 2022 comes after a 10.2 percent growth
World Bank Outlook for 2023:
in 2021, when remittance flows hit USD 597 billion, above
The epidemic and the world financial crisis of 2007–
initial projections.
2008 will be followed by a dramatic slowdown in global
economic growth to 1.7% in 2023, the third-weakest rate
While it was anticipated that the Russian invasion of
in over three decades. Russian Federation’s invasion
Ukraine would cause remittance flows to numerous
of Ukraine will harm the economy and lead to global
European and Central Asian nations to plummet sharply
inflation. China, the Euro area, and the United States
in 2022, remittance flows are now predicted to rise by
will all experience a period of significant weakness, and
10.3% in 2022. The greatest beneficiary of remittances in
the spillover effects are making other challenges facing
Europe and Central Asia, Ukraine, is predicted to have had
emerging market and developing countries worse (EMDE).
only a 2% growth in 2022, according to official statistics.
Slow growth, tightening financial conditions and high
However, this amount is probably underestimated.
debt levels will probably reduce investment and lead to
company bankruptcies.
As in 2021, among the key drivers for the growth in
remittances in 2022 were migrants’ desire to help their
Almost all economies saw an increase in global inflation
families by sending money home and drawing on savings
in 2022. Energy and food costs increased as a result of
(ibid.). Additional factors include the recovery of large
supply-side shortages of important commodities, which
economies that are major remittance sources, such as
were made worse by the war in Russia and Ukraine. 2023
the United States and Europe, and the improved migrant
won’t see a reduction in this inflation rate much sooner,
worker incomes and employment situations. In 2022, the
particularly in the EU region. Further adverse shock may
top five recipient countries for remittances inflows in
push global economy into another recession (Source:
current USD were India (100 billion), Mexico (60 billion),
Global Economic Prospect Report, January 2023, World
China (51 billion), the Philippines (38 billion), Egypt (32
Bank Group).
billion), Pakistan (29 billion) and Bangladesh (21 billion).
India has been the largest recipient of remittances since
Small states are especially vulnerable to such shocks
2008. In terms of remittances as a share of gross domestic
because of their reliance on external trade and financing,
product, by contrast, the top five recipients in 2022 were
limited economic diversification, elevated debts, foreign
smaller economies: Tonga (50%), Lebanon (38%), Samoa
remittance dependency and susceptibility to natural
(34%), Tajikistan (32%) and the Kyrgyz Republic (31%).
disasters. Bigger economies are competing for moving
towards artificial intelligence, this could lead to lay off
The average cost of shipping $200 to LMICs remained high
thousands of unskilled/low skilled workers. Some job
in the second quarter of 2022 at 6%, well exceeding the
descriptions may be eliminated from market demand such
target of 3% of sustainable development goal. South Asia
as copyrighting, journal writing. Automation in industry
had the lowest average transfer expenses, at 4.1 percent,
may hamper small state economy drastically for their lack
while Sub-Saharan Africa continued to have the highest
of infrastructures.
average remittance rates, about 7.8% (Source: Migration
Data Portal, 2022).
Remittance flows to LMICs are expected to grow at a 2%
pace to reach 639 billion in 2023, with a growth 3.9% in
Sub-Saharan Africa. Remittance growth into South Asia
is anticipated to decline to 0.7 percent in 2023, led by
India. The ability of remittances from white-collar South
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Annual Report 2022
Asian migrants in high-income nations to survive the year 37, November 2022, World Bank Group).
will be put to the test. Remittances to India will be less
robust as a result of slower economic development in the JBL Remittance
United States and higher inflation there. The slowdown in Jamuna Bank continues to do business with several well-
economic development in the GCC coupled with the drop known international money transfer companies and had
in oil prices from $98 to $85 per barrel (2002-03) would add achieved remarkable achievement regarding the inward
to downward pressure on remittance flows to all South foreign remittance, such companies are:
Asian nations (Source: migration and development brief
NAME OF EXCHANGE HOUSE COUNRTY
Money Gram Payment System Inc Global
Western Union Money Transfer Global
Ria Financial Services Global
Placid NK Corporation - USA Global
Mastercard Transaction Services US LLC Global
Instant Cash FZE Global
Al-Zaman Exchange Qatar
Al Bader Exchange UAE
Progoti Exchange Company UAE
Al-Ansari Exchange Global
Valutrans SPA Money Transfer Italy & Germany
Aftab Currency Exchange LTD Europe
Cash Plus co. (PTY) Limited Seychelles
Redha Al Ansari Exchange UAE
Worldwide West 2 East Services, (UK) Global
UAE Exchange Center Kuwait
NEC Money Transfer, UK Europe
Transfast Financial Services, SA-Spain Europe
Terra Payment Services, Mauritius Global
National Exchange Company S.R.L, Italy Europe
Sunman Global Express Corp, USA USA
KMB International Money Transfer UK
EzRemit Money Transfer Bahrain
A top Japanese exchange house Japan Remit Finance Co. Ltd. (JRF) proposed to start remittance drawing business with
Jamuna bank. Jamuna Bank is now taking necessary procedures of formation of a 100% owned exchange house company
in Spain, considering significant increase of NRBs in European countries. Bangladesh Bank has approved its permission,
now the rest is from Central Bank of Spain. Then going by the name “Jamuna Money Transfer, S.L., Spain”, the proposed
exchange house can start its operation from 2023.
Recently NRB’s Customer Get-together was held at capitals of Oman, UAE and South Korea on the presence of the
Honorable Members of Board of Directors with Management of the Bank for enhancing the growth of Foreign Remittance.
Dignitaries & other Officials of Bangladesh Embassy, The business community of Bangladesh, NRBs, Cultural Community
in those countries were joined in the said events.
Jamuna Bank Limited 305
Jamuna Bank organized a get together with NRBs in South Korea. The then Chairman of Jamuna Bank Limited,
Al-Haj Nur Mohammed delivered speech as chief guest. The program was presided over by the Managing Director and
CEO Mirza Elias Uddin Ahmed. Director Kanutosh Majumder, Md. Mahmudul Hoque and Gazi Golam Murtoza were
also present as special guests. NRBs from various professions, business and cultural community in South Korea and
Bangladesh Embassy officials were also present in that event.
Observing the said events with aiming to inspire sending hard earn money of NRBs through legal channels to continue
their efforts to increase Forex Reserve, growth of GDP, poverty elimination & overall socio-economic growth of
Bangladesh. The expatriates on abroad notified by our Higher Management regarding the information of attractive Govt.
& Bank’s own products i.e. NRB Super Savings Account, Govt. Treasury Bond, Wage Earner’s Development Bond, US
Dollar Premium Bond, US Dollar Investment Bond & different attractive loan products for NRBs as well. It’s noteworthy
that a massive and positive response by the NRBs has been received during those tours.
Charts Below show the comparative analysis of last five years foreign remittance receipt of Jamuna Bank Ltd.
Year Remittance in Million USD
2018 $173.05
2019 $210.36
2020 $207.45
2021 $289.25
2022 $465.35
Fig: Inward remittance Volume from 2018-2022
In 2022, we managed to have 60.88% total growth
compared to the previous year, 2021. We surpassed
remittance inflow of the previous year by every
month except October and November due to dollar
rate constraint imposed. Monthly comparison can
be realized by the figure below.
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Annual Report 2022
This year we also managed to increase transaction in a great proportion to previous years. Transaction Growth rate in
2022 is 55.5% compared to the previous year 2021. Below figures represent our improvement per recent year.
Year No. of Transactions
2018 2,61,936
2019 3,14,241
2020 3,45,207
2021 9,70,443
2022 15,09,011
We have already successfully launched disbursement of cash incentive against inward wage earners’ foreign remittances
from the very beginning as per Central Bank’s FE Circular No.31 dated August 06, 2019 and accordingly disbursed
BDT 2,095,860,051.82 as cash incentive for 2,763,217.00 numbers of transactions against foreign remittance of BDT
93,715,835,690.66 as on December 31, 2022.
Fig: Growth of transaction over the last 5 years.
We also handle outward remittance services. The
outward Remittance includes FC Cash & wire
Transfer through SWIFT. The Inward Remittance
products are over the counter payment (OTC), JBL
Account Credit, 3rd Bank Account Credit through
BEFTN, Mobile Financial Services (MFS) through
bKash & wire Transfer through SWIFT etc. We
have a strong Remittance Settlement Network with
different associate Banks & BEFTN facilities with
all the commercial Banks operating in Bangladesh,
which cover about 11,500+ remote locations besides
our 167 branches, 66 sub branches, 9 associate
banks, 341 owned & over 10,000+ shared ATM
installations throughout the country.
Jamuna Bank Limited 307
Human Resources Division: Creating a Better Workplace Together
Human resources are the backbone of any successful
organization, and this is especially true in the banking industry
where the ability to attract, retain, and develop top talent is
crucial to success. The HR Department of JBL plays a critical role
in ensuring that the bank’s workforce is effectively managed,
and that employees have the support and resources they need to
excel. This annual report provides a comprehensive overview of
the HR department’s activities over the past year, and highlights
our achievements, challenges, and plans for the future. From
recruitment and retention, to training and development,
to diversity and inclusion, this report provides a detailed
picture of our efforts to create a dynamic and supportive work
environment for all employees.
Major activities in 2022
9 Revised the compensation Packages of all 9 JBL opened 10 New Branches & 71 Sub Branches
employees of the bank as per Bangladesh Bank’s 9 Employee Job Confirmation: 109
guideline 9 150 cash cadre were absorbed as general cadre
9 Conducted Written Exam & Interview for 9 Creation of New Online database for Sub
Promotion and Promoted 412 employees Branches in the JBL Web Portal
9 107 SME, marketing & Casual employees were 9 Group Insurance Benefit for all employees of
absorbed as permanent Officers & 232 Casual the bank including casual staff with Progati life
employees were absorbed as permanent Insurance
employees of the bank
9 Completed 5 Major Recruitment Projects
Employee Demographic
Human resources play a critical role in the success of any organization, and the banking industry is no exception. As a
complex and fast-paced sector, effective management of human capital is essential for staying competitive and meeting
the evolving needs of customers. With a total workforce of 3782 employees, this bank has a significant responsibility
to ensure that its human resources are managed effectively. A closer look at the gender composition of the workforce
reveals that the majority of employees, 3093, are male, while 689 are female.
Employee Demographics
Particulars 2020 2021 2022
Total Workforce 3107 3346 3782
Male Employees 2595 2766 3093
Female Employees 512 580 689
Average Age of Employees 36.5 36.7 37.50
Resigned & Released 59 106 114
Turnover Rate 2% 3.29% 3.19%
308
Annual Report 2022
Division-Wise Breakdown of Human Capital as on 31.12.2022:
Division No. of Employees Percentage of Total
Dhaka 2566 68%
Chattogram 477 13%
Sylhet 47 1%
Rajshahi 288 8%
Barishal 47 1%
Khulna 130 3%
Rangpur 165 4%
Mymensingh 62 2%
Total 3782 100%
Gender Diversity:
An optimal manpower mix is a prerequisite for the nourishment and growth of the business. Jamuna Bank Limited
encourages open and respectful communication and create a supportive and inclusive work environment that values
diversity and encourages employees to bring their whole selves to work.
The Bank has put in place a clearly defined Recruitment policy which steers the diversity in recruitment from different
channels, hiring of larger numbers in view of the emerging requirements as projected by the strategic workforce
planning. The management is striving to increase the female representation in the supervisory position which currently
3 out of 204 Heads / Managers.
HR’s Role as a Strategic Partner
Talent Management
Recruitment and Selection Process:
The most important responsibility of our human resource department is to ensure that we have the right people at
the right time in the right position. In order to achieve that, we have a very comprehensive and optimized recruitment
process in place. Jamuna Bank Management is committed to provide equal employment opportunity to all as well as in
identifying the unique strengths of each individual which brings to the roles they carry out and the self development. We
want our employees to have a clear vision for the business and to foster enthusiasm to drive superior performance. In
the year 2022, JBL has increased its human capital through recruitment of 111 Experienced Banker and fresh 34 MT/PO.
Promotion & Retention:
Through our succession planning, we prefer to promote to leadership roles from within the organization to foster greater
career opportunities for our people. To recognize and reward the top performers and the deserving employees of the
bank and to ensure a healthy career growth, the Management of JBL has awarded promotion to 394 employee of the
Jamuna Bank Limited 309
Bank. The Management had taken written test through BIBM and looked at each employee’s performance to ensure
a judicious decision. The Bank also rewarded 18 deserving employees with special/commitment promotion for their
contribution to the Bank. JBL also has retained a number of employees who remained in the Bank even after getting
better opportunities elsewhere due to the various intangible benefits like work environment and culture of the Bank.
Employee Turnover: It is imperative for an organization
to maintain a minimum rate of employee turnover to
cultivate a healthy work culture and to boost employee
morale. Jamuna Bank Ltd, through its various employee
retention strategies, strives to keep the turnover rate
down to a minimum level which is currently 3.19% only.
Confirmation and Cadre Change: Jamuna Bank Limited recruits fresh employees as probationers who are confirmed
later after evaluation of their learning and skills which are evaluated by the line manager as well as the management
through interview. In the year 2022, the service of total 109 employees were confirmed.
150
109
Cadre Change Confirma�on
The employees who join Jamuna Bank Limited in as Cash cadre have the opportunity to be absorbed as General cadre
under the cadre change policy. 150 cash officers were absorbed as GB officers in last year.
Absorption: JBL has a proper career path for our contractual/casual employees like senior sales, SME and support staff.
During the year the Bank has absorbed 105 qualified employees from SME, Marketing and Casual to officer and 232
casual staffs to permanent posts.
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Annual Report 2022
Jamuna Bank Limited has made its 167 contractual employees (21 marketing staffs, 12 SME staffs, and 234 peons/tea
boys/drivers/electricians) permanent by giving confirmation on the job and organized a program at its Corporate Office
on this occasion. The then Chairman of Jamuna Bank Limited, Al-Haj Nur Mohammed was present as the Chief Guest
in the program. Bank’s Directors Kanutosh Majumder and Md. Ismail Hossain Siraji were Special Guests in the program.
Managing Director & CEO of the Bank Mirza Elias Uddin Ahmed presided over the program.
Training and Development:
Jamuna Bank Ltd puts great emphasis on training and
provides resources and opportunities for development to the
employees. The aim of training is for employees to master
the knowledge, skill and behaviors emphasized in training
programs and to apply them to their day-to-day activities. JBL
acknowledge and support the need for employees to balance
work and personal interests and encourage flexibility
wherever possible. Effectively designed training programs
targeting the right group of employees are conducted on a
regular basis.
Jamuna Bank had conducted total 49 training course in
house and 60 training were provided to the employees
using external organization. Total 2331 employees have
participated in the internal training and 151 employees
have participated in the external training & development
programs during the year.
Employee training related statistics in 2022
Training Category No. of Training Total Participants Total Man Hour
Internal Training 49 2331 34,840
External Training 60 151 2,220
Jamuna Bank Limited 311
Workshop on “Effective Compliance of Money Laundering and Terrorist Financing Risk”
A workshop titled “Effective Compliance of Money
Laundering and Terrorist Financing Risk” was recently held
at the Bank’s own training academy at the initiative of Jamuna
Bank Limited, Money Laundering & Terrorist Financing
Prevention Division, Head Office, Dhaka. The workshop
was attended by top level officials of 10 model branches
of the bank. Mr. Muhammad Mohsin Hossaini, Additional
Director, BFIU and Mr. Md. Ashraful Alam, Deputy Director,
BFIU conducted various important sessions of the training
workshop. The day-long training workshop was inaugurated
by Mr. Md. Abdus Salam, Additional Managing Director,
Jamuna Bank Ltd. Mr. A.K.M. Atiqur Rahman, CAMLCO and
Deputy Managing Director of Jamuna Bank Ltd. along with
other senior officials were present in the workshop.
Workshop on “Transforming Towards Green & Sustainable Economy in Bangladesh and Refinance Schemes of
Bangladesh Bank”
Jamuna Bank Training Academy organized a workshop
titled “Transforming Towards Green & Sustainable Economy
in Bangladesh and Refinance Schemes of Bangladesh Bank”
in the seminar room of Jamuna Bank Tower Gulshan,
Dhaka. Mr. Md. Rajab Ali, Honorable Director, Sustainable
Finance Department, Bangladesh Bank and Mr. Amitabh
Chakraborty, Additional Director conducted the workshop.
Jamuna Bank’s Additional Managing Director and Head
of Sustainable Finance Committee Mr. Md. Abdus Salam,
Deputy Managing Director Mr. Noor Mohammed, Senior
Officials along with notable number of esteemed customers
of Jamuna Bank, 150 more officers of corporate office and
various branches participated in the workshop directly or
online platform.
Workshop on “Revised ESRM Guideline of Bangladesh Bank & its Compliance”
A workshop titled “Revised ESRM Guideline of Bangladesh
Bank & its Compliance” was held at the Jamuna Bank
Tower Seminar Room under the initiative of Jamuna Bank
Training Academy. Mr. Md. Rajab Ali, Director, Sustainable
Finance Department, Bangladesh Bank and Mr. Amitabh
Chakraborty, Additional Director conducted the workshop.
Jamuna Bank’s Additional Managing Director and Head
of Sustainable Finance Committee Mr. Md. Abdus Salam,
Deputy Managing Director and Senior along with 150
officials of Jamuna Bank’s corporate office and various
branches attended the workshop directly and online.
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Annual Report 2022
Compensation and Benefits
To standout in the industry and to create core competencies
of the bank for harvesting competitive advantage and
to be one of the top leaders, we have smoothened a
trajectory of not only making profit but also a center for
service excellence. The Bank recognizes the need for
remuneration policies to be competitive and these have
been designed to correspond to individual qualification,
skill, performance, contribution and responsibility
ensuring a real differentiation amongst other companies.
The Bank revised its remuneration packages according
to Bangladesh Bank’s guideline with effect from April 01, Chart: JBL Employees having Health Insurance Coverage
2022. and Retirement Provisions
Compensation Management: With effect from April JBL has renewed its employee health insurance agreement
01, 2022, a competitive pay package has already been with Progati life Insurance for three years which is a
initiated to retain and attract the talent for the bank. positive step towards ensuring the well-being and security
Jamuna Bank has adopted Broad Band Approach in of its employees. The commitment to providing quality
Compensation Management which means that the healthcare coverage shows the Bank values the health and
Bank groups jobs into broad ranges or “bands” based satisfaction of its workforce. This move will provide peace
on skills and responsibilities, rather than traditional, of mind to employees and their families and contribute to
narrowly defined job titles. This approach provides more a positive work environment.
flexibility in assigning and rewarding employees based
on their contributions, regardless of their job title. This End Service Benefit: JBL consistently prioritizes the well-
allows the bank to recognize and reward employees for being and financial security of their employees. The bank
their individual achievements and encourages career has proven time and time again that it values the employees
development and growth within the organization. by providing end service benefits in the shortest time
possible. JBL’s dedication to prompt and efficient service
Pay for Performance: Jamuna Bank Limited emphasizes sets the bank apart as a true leader in the industry. JBL
on Pay for Performance which means that employees’ provided end service benefit to 96 employees who left the
reward is tied to their job performance. This approach bank throughout the last year
incentivizes employees to work harder and achieve
better results, which ultimately benefits the bank. The Other Benefits: JBL management intensively thinks of the
system aligns the interests of the bank and its employees, employee benefits to groom and grow its employee for a
promoting a culture of hard work and results-driven longer period.
decision making. This approach also ensures that top • Yearly Incentive Bonus at the first week of the year
performers are rewarded for their contributions to the • Competitive Employee House Building Loan (EHBL)
bank’s success. • Non Executives Car Facilities for High Performers
• Accelerated Promotion for High Performing
Employee Group Health Insurance Benefit: All employees Employees
of the Bank, 689 female and 3093 male, avail group health • Pay for Performance and Special Increments for high
insurance benefits. Employees also have access to Jamuna performing employees
Bank free treatment center where employees can go for • 02 Gratuity for each year on eligibility
treatment free of charge. JBL always provides incentive
bonus during the first day of the year & last year was not Employees’ leave management in JBL
an exception. JBL also offers retirement provisions to its JBL has a leave policy under which employees avail various
employees (653 female and 2630 male). leaves depending on their requirement. Such leaves are:
Casual Leave, Sick Leave, Ex-country Leave, Maternity
Leave, Mandatory / Compulsory Leave, Study Leave, Leave
without Pay where applicable. In this regard Web Based
Leave Management system has been implemented.
Jamuna Bank Limited 313
Maternity Leave Overall, the Bank has demonstrated a commitment
The competent authority of the Bank grants to a female to putting its employees and customers first, and this
employee, maternity leave with full pay for a maximum initiative is yet another example of the Management’s
period of six months according to policies formulated by dedication to making a positive impact on the lives of the
Bangladesh Bank. employees. This level of care and concern for the well-
being of its employees sets Jamuna Bank Limited apart
Reward and Recognition Program as a leader in the industry and is sure to contribute to its
JBL has a well-designed Reward & Recognition program continued success.
that gives special attention to employees’ actions, efforts,
behavior and performance. JBL always provides incentive Fostering Health and Safety
bonus during the first week of the year. They represent a Neat and clean work place
reward for the collective achievement of defined corporate Proper cooling system. Leave
results to which each individual has made a contribution. plan of the employees In house
JBL had also organized several campaigns for the employees Medical treatment
to boost the sales of credit card, deposit hunting, account
opening, loan disbursements and monthly schemes. At
Ethics and Culture
the end of the campaigns, the top performers were given
Corporate culture sets the direction for our teams. We
awards and prize money.
follow the highest ethical values and make it a key business
priority to do so. We expect our employees to fully uphold
Occupational Health and Safety (OHS)
statutory compliances. As a result, it is compulsory for all
The Banking industry, just like any other industry in
our employees to read and sign the Code of Conduct as a sign
the economy, has an obligation to create and maintain
of recurrence to the values enshrined in it. Additionally,
a workplace which is safe and healthy. Jamuna Bank
JBL encourages employees to act with honesty and spread
maintains a clean and safe workplace through continuous
the message of social responsibility to the community.
maintenance and ensures healthy workplace by providing
Furthermore, JBL puts effort in creating an organizational
auto disinfection door for head office employees.
environment through the implementation of policies
and programs that help individuals and teams to grow
Jamuna Bank Limited has always been at the forefront
and sustain. In order to achieve these, a safe, supportive
of ensuring the health and safety of its employees. The
environment for employees is ensured. For proper
installation fire exits, disinfection doors, providing fire
engagement and motivation, our focus is to help employees
extinguishers and hand sanitizers is a testament to this
maintain work-life balance. It is only possible because we
commitment.
exercise objective based performance appraisal system
that enables employees to maintain standard operating
The fire exits provide a quick and safe escape route in
time for different job roles and improve efficiency.
case of emergency, giving employees peace of mind while
they work. The disinfection doors, equipped with state-
HR Value Creation
of-the-art technology, not only provide an added layer of
JBL, in this digital age has created a pleasant atmosphere
protection against germs and viruses but also demonstrate
within the work environment where the talents are
the bank’s commitment to creating a safe and hygienic
contributing their best to be succeeded in this ever
work environment.
changing business environment. It has reduced employee
stress and improved their belongingness with the Bank.
In addition, the provision of fire extinguishers and hand
Supportive and diverse work environment is always the
sanitizers is a practical step to mitigate the risk of fire and
key for attracting dedicated talents, therefore, we aim to
the spread of germs. These measures not only demonstrate
create a workplace which rewards individuals for their
the bank’s commitment to employee safety but also
efforts, promotes work-life balance, and offers employees
contribute to a more secure and hygienic workplace for
the opportunities to grow, prosper and advance in their
everyone.
careers. That is why JBL always offers competitive,
performance-based compensation, benefits and numerous
It is evident that Jamuna Bank Limited takes the health
employee friendly assistances.
and safety of its employees very seriously. This initiative
is a major step forward in creating a safe and secure work
Fostering Performance through SMART KPI: The use of
environment and is sure to be appreciated by employees
SMART KPIs in JBL helps the bank achieve its goals and
and customers alike.
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Annual Report 2022
objectives in an effective and efficient manner. With a well-defined, measurable, and time-bound set of KPIs, the bank
can track its progress and adjust its strategy as needed.
SMART KPIs also help the bank:
• Align its objectives with its overall strategy, ensuring that resources are being directed towards achieving the bank’s
priorities
• Foster a culture of accountability, as everyone is held to the same standards and their performance is tracked and
evaluated
• Motivate employees, as their performance is linked to specific and attainable goals, and their progress is visible and
acknowledged
• Provide data-driven insights into the bank’s performance, allowing it to make informed decisions and allocate
resources where they are needed most
Overall, the use of SMART KPIs in a bank helps it achieve its goals and
Mutually
objectives, while promoting a culture of accountability, motivation, and Target Set Agreed
continuous improvement. The Bank identifies key areas of focus and
assigns KPIs to measure progress towards each goal at the beginning of
Finalizaton of Frequent
the year. This includes defining metrics and data sources, setting targets, Appraisal Discussion and
Motivation for
and determining the frequency of measurement and reporting. The Improvement
bank then communicates the KPIs to its employees and tracks progress
regularly. This is done through regular performance evaluations and
performance reports. To ensure that SMART KPIs are being effectively Review
Committee Self Appraisal
implemented, the bank regularly reviews and updates them to ensure Decision
that they are still relevant and aligned with the bank’s objectives. The Manager’s
bank also encourages feedback from employees and stakeholders to Feed Back &
Appraisal
ensure that the KPIs are meaningful and useful in driving performance.
Overall, JBL implements SMART KPI through clear communication, regular tracking and review, and an ongoing
commitment to continuous improvement.
Future Plan for Capacity Building
In near future we at HRD are trying to take another step towards digitization and make all the HRD process in a
digital format and through HRIS platform. Up-gradation of self-service HR Information System going to be initiated
to enhance and implement paperless operations for most common HR activities. This technology will be also more
positive productivity effects by making tasks easier to complete or creating new jobs and tasks for employees. The bank
is undertaking following initiatives to improve employee experiences further:
Digitalization of HR Services
Online and Auto Generated KPI
Biometric Attendance
Online CV bank
Group Insurance Module
Review of different HR policies of the bank
Jamuna Bank Limited 315
Our Global Trade Services
Facilitating Global Trade is one of the core activities of the
bank. Over the last few years, the global trade financing of KEY INFORMATION 2022
Jamuna Bank Limited (JBL) has gained a stable expansion.
The resilience and dedication of JBL team has been
ensuring continued growth of the Bank in line with the NOS. OF AD Branches
rising economy of the country. JBL serves its Global Trade 23
and Foreign Exchange clients through countrywide 167
branches - 23 dedicated Authorised Dealer (AD) branches
TOTAL NOSTRO ACCOUNTS
and 144 Non-AD branches supported by Centralized Trade
Finance Processing Centre (TFPC). International Division 21
(Financial Institutions) at Head Office looks after the Policy
Guideline and overall operation of Global Trade & Foreign NOS. OF TOTAL LC ISSUED
Exchange Business of the Bank.
28,695
Global Correspondent Network & Nostro
Relationship FOREIGN CORRESPONDENT
Jamuna Bank Limited always strives to enhance and
expand foreign correspondent relationship- RMA to
867 locations
facilitate global trade business of the Bank. As such, JBL’s 329 banks
correspondent network is spread at important financial
74 countries
centers and business hubs all over the world, and has
contributed towards expansion of the Bank’s foreign trade
business. Currently, the Bank is maintaining RMA with
Confirmation & Discounting of LCs are vital to the Bank’s
top rated 329 banks covering 74 countries at 867 locations.
Foreign Exchange business. In 2022, International Division
Furthermore, as part of continuous endeavor to expand
has arranged 10.49% more in value of Confirmation &
the correspondent network, International Division has
Discounting of LCs from Correspondent Banks than that of
been continuously establishing RMA with banks around
previous year. The amount of Confirmation & Discounting
the globe as and when required. International Division
of LCs arranged this year through our Correspondents and
facilitates foreign trade business globally through
OBU was USD 1,129.52 Million which is 95.37% of our total
establishing RMA, LC Advising, arranging UPAS facility,
Sight & Deferred Payment LCs. We have been enjoying
Confirmation & Discounting/ Negotiating and Collection
credit guarantee facility & revolving funded credit facility
of Export Bills, FC Term Loan, Refinancing, Sourcing of
from Asian Development Bank (ADB) that has enabled us
FC funds, Bank Guarantee, Trade Payment Settlement,
to route confirmed LCs to most banks.
Foreign Exchange Services (e.g. commercial remittances,
private remittances, travel expenses, payment of fees for
Export-Import Business
tuition, exam, immigration etc.) and any other banking
JBL has been consistent in both of its import and export
needs / services.
business. However, in 2022, Import had increased to USD
2,074.79 Million registering a positive growth of 6.76%
In order to facilitate the foreign exchange transactions,
as compared to USD 1,943.41 million in 2021. Import of
Jamuna Bank Limited maintains 21 Nostro accounts in
capital machinery and mechanical appliances, electrical
the most popular currencies e.g. US Dollar, EURO, Pound
equipment and parts thereof, Wheat, Edible Oil, Sugar,
Sterling, Japanese Yen, Swiss Franc, Saudi Riyal, Arab
Raw Cotton, Fabrics, Synthetic/ Mixed Yarn, Chemical
Emirates Dirham, Chinese Yuan and ACUD with reputable
products etc. were the major items/commodities imported
foreign banks at commercially key locations.
through our Bank.
Credit Line
The bank maintains substantial credit lines with globally
recognized multinational banks and financial institutions
for adding confirmation of LCs, discounting of bills,
arranging UPAS facility refinancing and sourcing of FC
funds as and when required.
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Annual Report 2022
resident customers in EPZs, PEPZs, EZs, High-Tech Parks
and abroad. Over time, it has extended financing facilities
to the local customers as well. In 2022, total transaction
covered by OBU, in the form f Discounting, Term Loan and
LDBP has been USD 221.93 Million which is 2.13% higher
than that of 2021 due to COVID-19 pandemic and global
economic crisis. The Bank is offering Mid and Long Term
financing facilities in Foreign Currency (FCY) at a lower
rate of interest to its prime customers through OBU as well.
The Bank sourced USD 140.75 million in 2022 from foreign
correspondents for it’s OBU, which is 23.97% higher than
2021.
Aggregate exports increased to USD 1,711.80 million
Off-shore Banking Unit has secured a pro it of USD 1.84
in 2022 from USD 1,345.54 million in 2021 registering a
million in 2022 which is 3.37% higher than that of 2021.
positive growth of 27.22%. Readymade garments continued
OBU intends to increase its client-base as well as engage
to occupy an overwhelming share of the bank’s export
into different derivatives.
basket. Export of Jute Yarn, Fabric (woven), Clothing,
Accessories, Pet Bottle, Leather (crust & finished), bicycle,
Agro-processed products etc. were the major items/
commodities. Offshore Banking Unit
Global economic crisis after COVID-19 pandemic has
Total Exposure
affected trade & commerce all over the world. In addition,
the existing phenomenon of Russia-Ukraine war also USD 120.35 Million
affected both our country and Bank’s overall import-export (Equivalent to
business situation.
BDT. 12,494.80 Million)
Centralization of Global Trade Finance
The centralization of our trade services is one step forward
Net Profit
to the bank’s commitment to create true customer’s
value and provide seamless services to its customers as USD 1.84 Million
well as to strengthen our compliance culture. Presently,
(Equivalent to BDT. 191.03
Trade Finance Processing Centers (TFPCs) processes and
manages the foreign trade business of non-AD branches Million )
centrally in such a way that the branches and their
customers do not feel any remoteness. All statements are
generated centrally to comply with the compliance of
internal and external authorities. Our TFPCs are equipped
with a talented and experienced team and performing in
a cost effective and environment friendly way by reducing
turn around time, resources and labours to achieve its
corporate goal.
The business volume of many Non-AD branches has
increased robustly with active support of TFPC. In 2022,
TFPCs’ import and export reached to USD 284.30 million
and USD 190.95 million registering a growth of 12.44% and
32.45% respectively over 2021.
Offshore Banking Business by OBU
Jamuna Bank Limited established Offshore Banking Unit
(OBU) with a view to catering the banking needs of non-
Jamuna Bank Limited 317
our SWIFT Service Bureau to provide service as systems
integrator, solutions provider with improved technology.
Also, Basic Tracker, another service of SWIFT has been
introduced, which a browser based online access option
is allowing users to update the confirmation status of all
incoming payment MT103 messages. The Basic Tracker
application enables its users to support mandatory status
updates i.e. confirmation of credit and payment rejection,
pending payment and payment transferred outside of FIN
and also to allow users to (partially) trace inbound MT-103.
We have been using KYC Registry as developed by SWIFT
community to overcome KYC challenges by holding
Combating TBML information about institutions. The Registry provides a
Jamuna Bank Limited has taken subscription of Accuity’s standardized set of data and supporting documentation
‘Firco Compliance Link’, a Trade Finance Screening relevant to KYC and Customer Due Diligence (CDD)
Software, offered by LNRS Data Services Ltd., United requirements. SWIFT Sanction Screening software has
Kingdom. It has been integrated with core banking been installed, a security product, which allows to engage
software of the Bank, which results in real time screening in foreign trade transactions with reduced risk violation
of all the parties involved in each L/C, against the relevant of Sanctions, Embargoes of UN, OFAC and other AML
sanction list, vessels and ports list, dual use goods list, PEPs regulators.
list, adverse news, high risk jurisdictions and country lists
etc. It also has vessel tracking facility to check sanction Policy Guideline, Supervision, Monitoring &
breaches. It helps Banks to fulfill its global sanctions Reporting of FX Transactions
compliance due diligence processes in order to avoid risk International Division defines the extent and manner of
of sanctions and penalties. Foreign Exchange Transactions in light of circulars issued
by the Central Bank and other regulatory authorities as
SWIFT Network well as on its own maintaining the best interest of the
Jamuna Bank Limited joined SWIFT ALLIANCE in 2003, bank. It supervises the branches, TFPCs & OBU in their day
which is recognized globally as the most effective network to day FX transactions, monitors to ensure compliance and
for fastest, reliable and secured financial transactions also looks after all sorts of regulatory reporting related to
worldwide. Currently, the Bank uses web based Global Trade & Foreign Exchange transactions of the Bank.
centralized application, SWIFT Alliance Web Platform It aims at ensuring compliance and regularity of reporting
(AWP) and all AD branches, TFPCs & OBU have access to to the central bank and other regulatory bodies.
a wider range of functionalities with uninterrupted, real
time communication infrastructure connecting more Jamuna Bank Limited adheres to the highest level of
than 11,000 banking and securities organisations, market integrity, efficiency and caution in providing value added
infrastructures and corporate customers in more than 200 services to its customers, keeping pace with the changing
countries and territories. Moreover, Jamuna Bank Limited trends in Global Trade Services, thereby creating an
has implemented SWIFT 7.6.56 Migration for ensuring ongoing relationship of trust and confidence in all their
uninterrupted & secured SWIFT services. Bottomline dealings with the Bank.
Technologies Pte. Ltd. (Singapore), has been appointed as
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Annual Report 2022
Anti-Money Laundering Activities
Jamuna Bank Limited is pledge-bound not to allow its screening solution for sanction screening.
banking channel to be used by any criminal, terrorist, • Implementation of negative/adverse news screening
terrorist group or network of terrorists to carry out solution at head office level.
subversive activities or militancy in the country and • Analyzing of CTR for identification of unusual
elsewhere. Money laundering (ML) and terrorist financing transactions.
(TF) have been globally identified as a major threat to
the financial services industry, with a cascading effect Reinforcing our overall efforts, 2022 turned to be a
impacting a country’s economy. Jamuna Bank Ltd. is remarkable year in AML & CFT issues of Jamuna Bank
committed to ensure the best corporate governance Limited. In this year some significant achievements have
practice and aims at protecting the Bank and its employees, been made which follows as below:
shareholders, management and customers from the • The Bank implemented Firco Compliance Link for
adverse effect of Money Laundering (ML) and Terrorist screening of trade transactions and vessel tracking.
Financing (TF). • Implementation of automated dual use of goods
monitoring system.
AML/CFT compliance program of the Jamuna Bank Limited • In order to avoid global sanction risk a real time
is formulated and directed by the Top Management of the automated sanction screening solution has been
Bank. Central Compliance Committee (CCC), at Head implemented covering most of the sanction lists and
Office, is performing for ensuring compliance with AML PEPs/IPs lists which are integrated with our CBS.
and CFT requirements properly. ML & TFP Division of the • Before executing import and export transactions, the
Bank is assisting the CCC continuously. In this respect, Bank ensures the application of Customer Level Risk
the Chief Anti-Money Laundering Compliance Officer Assessment (CLRA), Trade Transaction Profile (TTP),
(CAMLCO) leads both the CCC and ML & TFP Division sanction screening report, and price verification.
to ensure oversight of all aspects of the Bank’s AML and • Knowledge and awareness of AML and CFT are
CFT activities including corrective actions to be taken to essential to combating these threats. The Bank
address the deficiencies identified through inspection provided training to 972 employees from different
of BFIU, Independent Testing Procedure (ITP) and Self- divisions and branches through online and classroom
Assessment Report. ML & TFP Division and our branches training.
also exercise care and caution to prevent acts of ML and
TF. Considering the above achievements, the overall rating of
AML of the Bank has been risen to the next level and our
Considering Money Laundering and Terrorist Financing as efforts will continue to improve our position in ML & TF
one of the major threats to the stability and the integrity contributing for the sustainable growth of the Bank.
of financial system, Jamuna Bank Limited has formulated
its own AML & CFT program. The program includes sound As financial crime risks and technologies evolve, AML
risk management which are as follows: systems and controls will need to be approached not as a
• Developed own Customer Acceptance Policy as per static target but a never-ending cycle of recalibration and
regulatory guidelines. enhancement. Jamuna Bank Limited is well aware about
• Emphasizing the importance of Corresponding the issue and always takes necessary initiatives to remain
relationship “Trade Based Money Laundering updated to fight with evolving AML & CFT threats. Thus
Guideline” has been implemented. uphold the overall AML & CFT compliance level of the
• Ongoing Training on ML & TF issues. Bank.
• Implementation of real-time automated name
Jamuna Bank Limited 319
IT network and IT Infrastructure:
Jamuna Bank Limited has a vast banking network having 167 branches, 66 sub-branches and 340 ATMs all over Bangladesh
which are centrally connected with the Data Center (DC) and Near DC. The bank offers its customer versatile Banking
services to provide fast & convenient banking facilities. To accomplish this job, the Bank have a skilled, diligent &
dedicated ICT team.
The inception of new systems & services in recent times by the initiatives of ICT Division that are solely focused on
business objectives of the Bank are depicted below briefly:
Go-live of new Core Banking Software :
The Bank has introduced its customer new Core banking Software named “TCS BaNCS” that is internationally
renowned. The software has gone live on April 07, 2022; The CBS has come up with some other new services for the
customers, like Digital Banking System and TCS Treasury module.
Shifting into new Data Center:
The ICT Division has shifted its old Data Center into the new Tier-3 standard Data Center (Alhaj Md. Rezaul Karim
Ansari Data Center) in Bank’s own premises on 24th July, 2022. All the shifted servers are now under optimum HVAC
environment which was not available in the old Data Center.
Inauguration of new Tier-3 standard ‘Alhaj Md. Rezaul Karim Ansari Data Center’ at Bank’s Head Office. Honorable
Directors and high officials of the Bank attended inauguration program.
Call Center in operation:
In order to ensure efficient support & service for Bank’s valuable customers, ICT team implemented an enterprise
call center named “Anindya Majumder Call Center”. The call center is now in full swing (24×7) operation. Through
this new call center, Jamuna Bank Limited will be able to provide more up-to-date services to its customers. It
will provide customer service queries, debit card and credit card services, mobile banking services, agent banking
services and other services.
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Annual Report 2022
Inauguration of “Anindya Majumder Call Center”. Honorable Directors and high officials of the Bank attended
inauguration program.
IP PABX system:
In order to reduce the telephonic cost, ICT Division has implemented IP PABX systems in various Branches of the
Bank. The new system is providing quality voice service at reduced cost.
Deployment of new DMZ firewall:
The Bank has deployed Palo Alto DMZ firewall in its perimeter zone to safeguard our entire network from cyber
threats.
Renewal of AMC:
We have renewed AMC for mission critical ICT services like Oracle, Core Firewall, Load Balancer and email filtering
security alliance.
Jamuna Bank Limited 321
Internal Control & Compliance of the Bank
Review of Internal Control System:
Jamuna Bank Limited has established an effective
organizational structure to maintain strong internal
control culture by properly complying with Bangladesh
Bank guidelines and implementing JBL ICC policy through Audit and Inspection Covers
the resources of the ICC Division. 155 Branches
Control Environment: 02 Islami Banking Branches
The control environment is the foundation on which an 32 Corporate Office Divisions
effective system of internal control is built and operated
in an organization that strives to (1) achieve its strategic
02 Agent Outlets
objectives, (2) provide reliable financial reporting to
internal and external stakeholders, (3) operate its business
efficiently and effectively, (4) comply with all applicable
laws & regulations, and (5) safeguard its assets. Control
environment of JBL has been designed keeping alignment
with the above to protect the interest of all stakeholders of
Shariah Audit
the Bank in the best possible way. 02 Branches
Risk Management:
As Board of Directors, its Executive Committee, Audit
Committee, Risk Management Committee, Management
Committees, Management Units keep constant involvement
in risk management, the ICC Division contributes to ICT/IS Audit
make the job more effective and successful. This Division
independently verifies that all the Branches and Divisions 157 Branches and Corporate Office
are conducting their business in compliance with all Divisions
approved risk management and internal control policies.
If deviations are found, instructed for spot rectification
and finally they are reported and got corrected to mitigate
risk on a continuous basis. Thus, ICCD ensures the Board
that the Bank is operating in compliance with all approved
and established policies. Monitoring
18 Onsite visit
Segregation of Duties:
Internal Control & Compliance Division (ICCD) of the 38 Offsite reports
Bank is comprised of 03(three) interrelated wings/units,
namely i) Audit & Inspection Department, ii) Monitoring
Department and iii) Compliance Department.
Audit & Inspection Department:
This department conducts comprehensive/surprise/ Compliance Test
special/IT&IS inspection on Branches and different
24 Branches
Divisions/Units of Head Office in line with the yearly audit
plan as approved by the Audit Committee of the Board 02 Islami Banking Branches
of Directors. The Division has already chalked out the
Audit Plan for the year 2023 covering all the Branches and
Divisions of the Bank as per ICC guidelines of Bangladesh
Bank.
322
Annual Report 2022
Monitoring Department: directives of Bangladesh Bank, National Board of Revenue
It monitors and reviews the operational performance (NBR), Bangladesh Securities & Exchange Commission
of various Branches like off-site supervision through (BSEC), Registrar of Joint Stock Companies & Firms (RJSC),
Quarterly Operation Reports (QORs), Loan Documentation Ministry of Finance, External Audit etc. having significant
Checklists (LDCs), Departmental Control Function impact on the bank’s business. Compliance is a continuous
Checklists (DCFCLs), etc. as part of their off-site supervision process. For this, our control system has been designed
activities. If any major deviation is found, this Department in such a way that compliance with all the relevant
recommends to the Head of ICCD for sending inspection requirements is maintained in each activity of the Bank.
team to the concerned Branch for thorough review by The Board of Directors and the Senior Management of the
onsite inspection. Besides, they prepare memo of Annual Bank have developed a high ethical and moral standard to
Health Report of the Bank for the Audit Committee of the ensure strong compliance culture.
Board and subsequently, communicate their instructions
to the Branches/Divisions for proper implementation. Accounting Information and Reconciliation:
A proper system and environment has been established
in the Bank to provide accurate and updated accounting
information and proper reconciliation of accounts, in
time.
Audit & Inspection
Self-Assessment/Monitoring:
Department While conducting comprehensive/surprise/special/IT&IS
inspection on different Branches, the Audit & Inspection
Structure Department evaluates, assesses and gives risk rating
of Internal
Control & of the branches in the reports and submits to the Audit
Compliance Committee of the Board for their further evaluation and
Division
recommendation.
Monitoring Compliance
Department Department Furthermore, according to the provision of DOS circular
letter no.17 dated 07 November 2012 & DOS circular letter
no.10 dated 09 May 2017 of Bangladesh Bank, JBL has
Compliance Department: started its self-assessment (on the effectiveness of anti-
The primary responsibility of this Department is to ensure fraud internal controls) activities to report to Bangladesh
full compliance of the regulatory requirements including Bank in time.
Jamuna Bank Limited 323
Islami Banking Activities of the Bank:
Concept of Islami Banking:
Islami Banking is a system of financial intermediation
that avoids receipt and payment of interest in its all Deposit Products of Islami Banking:
transactions and conducts its operations in accordance • Al-wadee`ah Current Deposit
with the objectives of Islami Economy. There are four • Mudaraba Short Notice Deposit
primary objectives of Islami Banking: • Mudaraba Savings Deposit
• Mudaraba Term Deposit Receipt
1. Islami Banks are expected to provide contemporary
financial services in accordance with the laws set
forth in the Shari`ah. Major Scheme Deposits:
2. Islami Banks strive to be more development oriented • Mudaraba Monthly Savings Deposit Scheme
as the profit sharing nature of the Islami Banking • Mudaraba Crorepoti Deposit Scheme
system establishes a direct relationship between the • Mudaraba Lakhopoti Deposit Scheme
• Mudaraba Double/Triple Growth Deposit Scheme
bank’s return and the investment.
• Mudaraba Education Deposit Scheme
3. All businesses /investments must be for the welfare of • Mudaraba Hajj Deposit Scheme
the people under the light of Islami Shari`ah. Islami • Mudaraba Marriage Deposit Scheme
Banks expect to allocate financing to those projects • Mudaraba Millionaire Deposit Scheme
that will benefit to the society as a whole and • Mudaraba Monthly Benefit Deposit Scheme
• Mudaraba Rural Deposit Scheme
4. Islami Banks strive to ensure equitable distribution
• Mudaraba Pension Deposit scheme
of income and resources to all the parties to the • Mudaraba Car Deposit scheme and
transaction. • Other Mudaraba Deposit Schemes.
The following elements are also extremely essential for the Mode of Investments of Islami Banking:
Islami Banking, which are considered in regular practice
• Bai-Muazzal
of Islami Banking services of Jamuna Bank Limited: • Bai-Muazzal-SME
• Quard
• Quard (PO) under SME
Good
• Hire Purchase under Shirkatul Melk (HPSM)
Intention • Murabaha Import Bill (MIB)
• Murabaha Import Bill (EDF)-USD
• Murabaha Post Import (MPI)
• Murabaha Post Import –TR (MPI-TR)
• Local Documentary Bill Purchased (LDBP)
• Foreign Documentary Bill Purchased (FDBP)
Business
through
Avoiding Business in
Halal way
Investment Interest
to the Islami values and norms. To achieve this goal a
Shari`ah Supervisory Committee has been constituted
Investment comprising renowned Islami scholars of the country
on Profit
and senior banker having Islami Banking exposure
with knowledge of conventional and Islami Banking.
All activities of Islami Banking branches are carried out
Islami Banking Branches:
under the guidance of this Committee. A full-fledged
In view of the above and demand of the people of the
separate Division namely “Islami Banking Division” has
country, the first Islami Banking Branch of the Bank
also been set up at Head Office as per Guideline for Islamic
was opened on October 25, 2003 at Nayabazar in Dhaka.
Banking issued by Bangladesh Bank, BRPD Circular No. 15
Afterwards, its second branch was opened on November
dated November 09, 2009 with the major functions of the
27, 2004 at Jubilee Road in Chattogram.
Division are as follows:
The Bank has been rendering Islami Banking services to
1. Framing of Islami Banking rules and regulations and
the customers through these two branches with adherence
ensuring their implementations.
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Annual Report 2022
2. Maintaining co-ordination with the Shari`ah 11. Moreover, the Head of IBD is working as the Member
Supervisory Committee and the other Divisions of the Secretary of the Shari`ah Supervisory Committee of
Bank. the Bank.
3. Ensuring investment of funds received for Islami 12. The Head of IBD takes part in the meeting of the
Banking business under modes approved by Islami Central Shari`ah Board for Islami Banks of Bangladesh
Shari`ah. from time to time.
4. Arranging training/ workshop to ensure skill of the 13. Complying of any other responsibility (ies), as may be
manpower deployed in the Islami Banking Branches. assigned from time to time.
5. Submission of required statements to the Central
Bank. Core Competencies
6. Supervising the Islami Treasury Function. • Shariah Supervisory Committee (SSC) consists of
7. Conducting Shari`ah Audit/Inspection of the Islami remarkably Islamic scholar.
Banking Branches. • Full-fledged knowledgeable and well-trained team.
8. Issuing circulars/ guidelines, etc. and updating the • Innovative products and services.
same as per Islami Shari`ah from time to time. • Operations through state-of-art technology.
9. Maintaining co- ordination with the Central Shari`ah • Wide range of networks.
Board for Islami Banks of Bangladesh. • On-line services through all Jamuna Bank branches &
10. Actualization of rates of profit as per principles of sub-branches.
Islami Shari`ah. • Weightage based profit sharing system.
Islami Banking Statistic 2021 & 2022:
Figure in million BDT
Amount / Tk.
Sl. No. Particulars
2022 2021
01 Total Deposit 6,059.60 4,080.50
02 Total Investment 4,661.90 2,766.60
03 Total Import 5,821.80 6,589.30
04 Total Export 2,255.90 3,417.50
05 Total Profit 177.20 179.20
06 Total Manpower 56 54
Jamuna Bank Limited 325
Al-Ihsan Islami Banking Services:
Besides above, considering the demand of the people of the country and as per decision of the Board of Directors, Islami
Banking Service Centers has been expanding day by day at all conventional branches of the Bank linked with the above
mentioned two Islami Banking Branches. Islami Banking Services at Jamuna Bank Limited is provided under the brand
Jamuna Al-Ihsan.
Though Jamuna Bank Limited is a conventional one total 174 (One hundred seventy four) Officials of the Bank have
been trained up during 2022 on Islami Banking activities, which is a remarkable and significant side of Islami Banking
activities of the Bank. It is an additional opportunity for our Officials.
Sl. Particulars Amount
01 Al-Ihsan Islami Banking Service Centers 2021 2022
153 nos. 167 nos.
02 Training/ Workshop on Islami Banking activities provided 150 nos. Officials 174 nos. Officials
Members of the Shari`ah Supervisory Committee:
Sl. No. Name Status
01 Dr. Saikh Muhammad Mahadi Hassan Chairman of Shari`ah Supervisory
Chief Instructor, Academy of Quran Studies, Dhaka. Committee
02 Jb. Mawlana Abdur Razzak Member
Ex-Principal, Madinatul Ulum Model Institute
Boys Kamil Madrasah, Dhaka.
03 Hafez Mawlana Mufti Ruhul Amin Member
Khatib, Baitul Mukarram National Mosque,
Principal, Jamea Islamia Darul Ulum Khademul Islam Gawherdanga Madrasah,
Tungipara, Gopalganj
04 Prof. Dr. Hafez Maw. Shahidul Islam Barakati Member
Islami Scholar,
Vice President, ATN Bangla, Dhaka Trade Centre, Dhaka.
05 Dr. Ahmadullah Trishali Member
Associate Professor & Head of the Deptt., Islamic Studies Deptt., Tongi Govt.
College, Gazipur.
06 Dr. Md. Anwar Hosain Molla Member
Principal, Uttar Badda Islamia Kamil Madrasah, Dhaka.
07 Jb. Mirza Elias Uddin Ahmed Member
Managing Director & CEO (Ex-Officio)
Jamuna Bank Limited, Corporate Office, Gulshan-1, Dhaka
08 Jb. Md. Ashaduzzaman, CSAA Member Secretary
Head of Islami Banking Division
Jamuna Bank Limited, Corporate Office, Gulshan-1, Dhaka.
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Annual Report 2022
Jamuna Bank (JBL) Agent Banking
Jamuna bank agent banking has witnessed significant
year-on-year growth in number of accounts, loan KEY INFORMATION 2022
disbursements, deposits and remittance inflow which
helps country’s economic growth. In span of a few years
Total Number Agent Outlets
this service spreads in multi-dimensional ways, reduces
gap of time and space and become attractive to rural mass. 35
The small droplets of the deposit contribute in the building
strong platform of our promising economy, thus infuses Total Number Customers
lifelines in our rural economy. Now, marginal farmers,
small entrepreneurs, shopkeepers and general people 6,414
enjoy loan facilities in easier and faster manner through
this platform. To reach Agent Banking service at the District Coverage
doorsteps of rural people Government, Non Government
and development partners shake hands together.
21
• Agent banking is a more secured new banking process
Deposit
where every transaction is completed by verification BDT 353.84 million
of customers’ finger-print through Biometric Machine.
It is regulated under the “Prudential Guidelines for Loan Disbursement
Agent Banking Operation in Bangladesh” issued by
Bangladesh Bank, which has updated time to time in BDT 48.18 million
the base of socio-economical risk of the country.
• Agent banking means providing Banking services Remittance
to the Bank customers through the engaged agents
under a valid agency agreements, rather than Teller/
BDT 171.87 million
Cashier.
• Agent is the owner of an outlet who conducts Banking activities since end of the year 2020 when pick time of
Transactions on behalf of the concerned Bank branch corona virus pandemic but this year 2022 our bank show
as an extended part of that bank branch. better performance under control by the Management and
contributed some profit among the branches. At present,
Jamuna Bank, Agent Banking Performance In the the number of active outlets is 35 nos. at the end of year
year 2022 2022 are providing services from the rural areas of the
Although, Jamuna Bank has started it’s agent banking country.
(Comparison table of last 02 years)
2021 2022
Particulars
Number Amount in BDT mn Number Amount in Tk.
No of Agent Outlet 18 - 35
Number of Account 1918 - 6,414
Total Deposit - 113.69 353.84
Loan Outstanding 13 7.25 34 26.17
Loan Disbursement 13 13.30 51 48.18
Remittance Disbursement 802 77.64 2,209 171.87
Total Income - 3.71 12.01
Jamuna Bank Limited 327
328
Annual Report 2022
Products and Services of JBL Agent Banking: Agent banking is providing the below loan services for
An Agent must provide, as a minimum, cash deposit and customer:
cash withdrawal services. The agent’s activities could
JBL
be within normal course of banking business of the JBL Personal
but conducted at places other than bank premises/ ATM Loan Credit
Agriculture
booths. Agent provides services in the designated business card
loan
premises.
A/C Cash
opening Auto loan SOD loan
Mini deposit Loan
Statement / Cash Product
A/c Inquiry Withdrawal
E-Com Salary Jamuna
Fund
Transaction Transfer Loan Homes
Deposit
Products & All types
Service SME CC Hypo
Merchant
Payment Bill Payment
Salary
ATM Card Disbursement
Remittance cheque
disbursement Clearing
Fees and service Charges for the Customers:
Service Type Mother Outlet* Other Outlet
Registration Free N/A
Deposit at Mother Outlet Free 0.25% of TXN Amt (Minimum Tk.10 & Maximum
Tk.100)
Withdrawal Agent Point Free 0.25% of TXN Amt (Minimum Tk.10 & Maximum
Tk.100)
Deposit at JBL Branch / Sub Branch Free Free
Withdrawal at JBL Branch / Sub Branch Free Free
Withdrawal from JBL ATM Free Free
Fund transfer Free 0.25% of TXN Amt.
Bill Payment* Tk. 5/- to Tk.50/- Tk. 5/- to Tk.20/-
Balance inquiry Fee Free Free
Statement inquiry Fee Free Free
Salary Disbursement/Remittance Disbursement/ Free Free
Merchant Payment
*Account opening outlet is treating as Mother
Outlet. Except mother outlet & Core banking
system (CBS) customer treated as Other Outlet.
Jamuna Bank Limited 329
Marketing & Development Division (MDD)
The Marketing & Development Division (M&D) was incepted in 2012 and started with the business of retail liabilities
marketing which involved in acquiring a various CASA & Payroll accounts. The M&D is playing a significant role in
promoting retail Liability (Saving Schemes & fixed deposit) products, developing customer base and enhancing the
existing market towards achieve the annual profit targets of our Bank.
Activities & Objectives of Marketing and Development Division.
• Deposit mobilization and opening of Accounts and for increase Global CASA Account and core deposit of the Bank.
• To increase no/low cost fund/core deposit base and reduce cost of fund.
• To create a healthy deposit mix No-Low cost.
• To assist newly opened Branches, Sub-Branches, Agent Banking, for hunting different customers and Account
Opening of the Bank.
• Marketing and sale Credit and Debit Cards of the Bank.
• Marketing of Retail product i.e. Home Loan, Auto Loan, Salary Loan, Personal Loan, Any purpose Loan, doctors’
loan etc.
• Developing School Banking activities of the bank.
• Arrange various Business Development Campaign and promotional activities in order to growth of the bank.
Major Focus:
• Retail Deposits (No Cost / Low Cost): Payroll Super Account, Student Account, JBL School Account, Grihinee Account,
Senior Citizen Account, Current , Savings, Short Notice Deposit Account, Fixed Deposit & Scheme deposit account.
• Retail Loans : JBL Home Loan, Auto Loan, Personal Loan, Salary Loan, Any Purpose Loan, Doctor’s Loan, Education
Loan & Overseas Job Loan.
• Credit Card Business: Classic, Gold, Platinum & Signature Card.
Area of Development
Global Picture of Number of Net Accounts Growth for last three years (January’2020 to December’2022):
2020 2021 2022
Total Number of Deposit Account 9,33,587 9,85,117 10,97,933
Year wise net Growth in New Account 29,000 52,028 1,12,816
Net New Account Growth 79% 116%
Global Deposit Account growth year 2021-2022
Global Deposit Account Growth-2022
Total Number of Deposit Account 2022 985117
Net & New account growth in 2022 52,028
Total Number of Deposit Account 2022 1097933
Net & New account growth in 2022 112816
% of net new account growth in 2022 116%
Deposit account opened by Marketing Division 16303
CASA Account & Deposit Growth Position during -2022
31.12.2021 31.12.2022 Growth %
Account Type
A/C Amount (BDT in million) A/C Amount (BDT in million) A/C Amount
CD 134,000 15,102.30 144,334 15,709.40 8% 4%
SB 565,040 24,803.80 700,685 27,505.60 24% 11%
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Annual Report 2022
31.12.2021 31.12.2022 Growth %
Account Type
A/C Amount (BDT in million) A/C Amount (BDT in million) A/C Amount
SND 9,054 12,411.80 9,708 17,277.50 7% 39%
FC 177 690.60 417 2.50 136% (99.64%)
TOTAL 708,271 53,008.50 855,144 60,495.00
2021 2022 2021 2022
Business Picture of Marketing & Development Division for Last 03 (Three) Years:
2020 (101 Nos DSE’s) 2021 (90 Nos DSE’s) 2022 (54 Nos DSE’s)
Total Number of Deposit Account 21,076 22,700 16,303
Deposit Volume (BDT in million) 5,447.00 6,174.40 3,012.60
Retail Loan (BDT in million) 182.80 376.60 257.50
Credit Card 422 538 533
* DSE= Direct Sales Executive (TSE, SE, SSE)
Jamuna Bank Limited 331
Business-2022 Target vs Achievement of Marketing & Development Division:
Business plan & Target based on a Retail Sales Team consist of Marketing / Sales Executives
AVG: Number of
Core Deposit Retail Loan Credits CASA & Payroll-
Yearly Target Marketing/ Sales
(in BDT million) Products Cards Accounts
Executives
2022 54 3,000.00 25.00 500 nos 12000 nos
Achievement 3,008.90 25.75 533 nos 16303 nos
% 100% 100% 101% 135%
Business Promotion CAMPAIGN
In the year 2022, the Management of the Bank organized various campaigns to increase Bank’s business. Concerned
divisions of the Bank were played a vital role to make successful the campaign. Campaign wise details were depicted
below:
Name of the Campaign : “Anniversary Campaign Month - June-2022”
Objective of the Campaign : To Boost up new Scheme account & Deposit Base
Participants : All Permanent & Contractual employees of the Bank
Reward & Recognition : Top 22 (Twenty Two) performers had been rewarded by Chairman’s Certificate with
prize money and rest 165 performers had been rewarded by Chairman’s Certificate.
Award for “Anniversary Deposit Campaign June-2022”
1st Prize : Tk.10,000/- (Prize Bond)
2nd Prize : Tk.8,000/- (Prize Bond)
3rd Prize : Tk.7,000/- (Prize Bond)
4th to 22nd (5,000x19) : Tk.95,000/- (Prize Bond)
Achievement of CASA & Deposit Scheme Summary (June-2022):
Amount of CASA Amount of FDR & Total Number Total Amount
FDR & Scheme A/C
CASA A/C Nos Deposit (in BDT Scheme Deposit (in of CASA, FDR & of CASA, FDR &
Nos
million) BDT million) Scheme Deposit A/c Scheme Deposit
6,869 1,143.00 16,928 4,647.60 23,797 3,936
Besides, to celebrate 22nd Anniversary of Jamuna Bank Limited following 03 new deposit schemes were introduced
a. Jamuna Lac Taka Lucky Scheme (General)/Mudaraba Jamuna Lac Taka Lucky Scheme (Islamic):
Initial Deposit (Taka) Tenor Payable at Maturity
98,500 03 months 1,00,000
97,000 06 months 1,00,000
94,000 12 months 1,00,000
b. Jamuna Probashi Kollan Scheme for Foreign Remittance Holder & Beneficiary (General)/ Murdaraba Jamuna
Probashi Kollan Scheme for Foreign Remittance Holder & Beneficiary (Islamic):
Deposit (Taka) Tenor Monthly Profit
1 lac 03 months 500
06 months 525
12 months 550
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Annual Report 2022
c. Lacpoti through 22 installment (General)/ Murdaraba Lacpoti through 22 installment:
Deposit (Taka) Tenor Monthly Profit
4,300 22 months 1,00,000
Achievement of Newly Launched 03 (Three) deposit product:
Sl No Scheme Name Number of Account Deposit Amount (lac)
01 Jamuna Lac Taka Lucky Scheme 2111 2057.61
02 Jamuna Probashi Kollan Scheme 147 147.00
03 Lacpati through 22 installment 5687 244.00
Total 7945 2448.61
Name of the Campaign : “CASA & Visa Debit Card Campaign” (Duration: 03 July 2022 to 31 July 2022):
Objective of the Campaign : To increase no cost, low cost deposit of the Bank.
Participants : All Permanent & Contractual employees of the Bank
Reward & Recognition : Top 20 (Twenty) performers had been rewarded by Chairman’s Certificate with prize
money
Award for “CASA & Visa Debit Card Campaign”:
1st Prize : Tk.10,000/- (Prize Bond)
2nd Prize : Tk.8,000/- (Prize Bond)
3rd Prize : Tk.7,000/- (Prize Bond)
4th to 20th (5,000x17) : Tk.85,000/- (Prize Bond)
Achievement of the “CASA & Visa Debit Card Campaign” (Duration: 03 July 2022 to 31 July 2022):
CASA A/C Nos. Amount of CASA Deposit Number of New Debit Card
6,651 BDT 585.80 million 3,936
Al-Haj Nur Mohammed, the then Chairman of Jamuna Bank Limited and Chairman, Jamuna Bank Foundation along with other
Directors, Managing Director and high officials of the Bank were present during the Award Ceremony
Jamuna Bank Limited 333
Name of the Campaign : Fresh Deposit Mobilization Program (15 November to 30
December-2022)
Objective of the Campaign : To increase no cost, low cost and scheme deposit of the Bank.
Participants : All Permanent & Contractual employees of the Bank
Reward & Recognition : Top 03 (Three) performers had been rewarded by CREST & Prize Money & TOP 10 (Ten)
Performers awarded by Chairman’s Certificate along with prize money
Award for Fresh Deposit Mobilization Program:
Award for “Fresh Deposit Mobilization Campaign”
1st Prize : Tk.30,000/- (Prize Bond)
2nd Prize : Tk.25,000/- (Prize Bond)
3rd Prize : Tk.20,000/- (Prize Bond)
4th to 10th (5,000x7) : Tk.35,000/- (Prize Bond)
Award for “Scheme Deposit Mobilization Campaign December-2022”
1st Prize : Tk.2,00,000/- For performing Umrah Hajj
2nd Prize : Tk.25,000/- (Prize Bond)
3rd Prize : Tk.15,000/- (Prize Bond)
4th Prize : Tk.12,000/- (Prize Bond)
5th Prize : Tk.10,000/- (Prize Bond)
6th to 10th (5,000x5) : Tk.25,000/- (Prize Bond)
Achievement of the Fresh Deposit Mobilization Program Duration: 15 November to 30 December-2022
CASA Deposit FDR Deposit Total Deposit
CASA Account Nos FDR Account nos
(in BDT million) (in BDT million) (in BDT million)
12533 BDT 1015.60 million 6478 BDT 9287.90 million BDT 10303.50 million
Achievement of the Scheme Deposit Mobilization Campaign December-2022:
Scheme A/C Nos. Amount
3,077 BDT 351.70 million
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Annual Report 2022
General & Common Services Division
General & Common Services Division (G&CSD) is a logistical challenges heightening by the Ukraine-Russia
key functional Division of the Bank. The Division is war related challenges, the team delivered uninterrupted
working tirelessly to achieve institutional goals through support for operational continuity of the Bank.
infrastructure development, logistics supports & services.
The Division provides all sorts of logistic supports and Department of Safety & Security (DSS)
services to our Branches, Sub-Branches, ATM Booths DSS strives to defend the bank’s resources against any real
(onsite/offsite) and all the Divisions of Head Office. or perceived threats. It implements various safety and
security rules and protocols within the bank’s premises
Core Competencies to protect the floor against any potential risks/threats.
• A group of skilled manpower including Engineers Department activities are furnished below:
(Civil, EEE, ECE, Mechanical, CSE). • MSI & Billing
• Technically sound officials. • Front Desk & Parking Management
• Full time Technicians. • Employee ID Card
• Expert Drivers. • Cash In Transit
• Guarding Service
Procurement department • Security Equipment Maintenance
Team Procurement is responsible for all direct and • Fire Safety Protocol & Management
indirect procurement activities of the bank, embracing
the principles of transparency, compliance and value. Way forward, 2023
Apart from the routine functions, the department played • To achieve holistic end-to-end e-procurement, thus
a critical role in the bank’s digital transformation journey. realising goals in innovation across its value chain
anchored on developing more effective win-win
Infrastructure Development & Management (IDM) relationships between the bank and its vendor-
IDM is responsible for the critical task of providing partners.
engineering and asset maintenance services, including • To provide engineering and asset maintenance
renovation, relocation and establishment of branches, services, including renovation, relocation and
sub-branches, ATMs etc. Furthermore, the team also establishment of branches, sub-branches, ATMs to be
achieved the following: opened during the year 2023.
• Interior decoration and full-fledged logistics support • To implements various safety and security rules and
for opening of 10 branches alongwith 29 sub-branches. protocols within the bank’s premises to protect the
• Successful shifting of Data Center established at floor against any potential risks/threats.
Surma Tower, Purana Paltan, Dhaka to Jamuna Bank • To establish central monitoring station as per
Tower, Gulshan-1, Dhaka. Bangladesh Bank guidelines.
• To ensure smooth, co-ordination, with various
General Administration (GA) government and law enforcement agencies
GA provides nationwide administrative and logistical
support to the bank around the country. In 2022, with
MD’s Vigilance Team
MD’s Vigilance team works under direct supervision and direction of Honorable Managing Director. At present there
are 3 executives and 2 officers in the team. The main aim of Vigilance team is to initiate steps to curb corruption and
malpractices instantly in the organization as per instruction of the honorable Managing Director. To eliminate factors
which provide opportunity for corruption and malpractice, vigilance team actively investigates the matter and find
out the fact to protect the interest of the bank by reporting properly. To ensure strict compliance culture in the bank,
vigilance team conducts special/surprise/regular/offsite inspections to detect the systems, its failures and existence of
corruption or malpractices. Due to active participation of vigilance team, banks activities are going on under controlled
way and all employees are very much alert to discharge their duties accordingly.
Jamuna Bank Limited 335
REVIEW OF
JBL SUBSIDIARIES
Jamuna Bank Capital Management Limited (JBCML)
Jamuna Bank Capital Management Limited (JBCML), a fully owned subsidiary of Jamuna Bank Limited, is a renowned
Investment Bank in Bangladesh with a paid-up capital of BDT 1,000.00 million. The Company was incorporated on 23rd
December, 2009 and received full-fledged Merchant Banking Registration Certificate from BSEC on 29th November, 2010.
JBCML has been carrying out the business as a full-fledged merchant banking activities since 2011 having expertise in
Portfolio Management, Issue Management, Underwriting of Public Issue of Shares, Corporate Advisory, Securities Laws,
Compliance Issues etc.
HEAD OFFICE PAID-UP CAPITAL LEGAL STATUS WEBSITE
Hadi Mansion (3rd Tk. 1,000 Million A wholly owned https://jbcml.com/
Floor), 2, Dilkusha C/A, subsidiary of
Dhaka-1000. Jamuna Bank Limited
and a Full-Fledged
Merchant Bank
NUMBER OF COMMENCEMENT FACEBOOK
CLIENTS OF OPERATION www.facebook.com/jbcml/
1,200 and Ongoing. April 2011
Key Information
1. As a full-fledged Merchant Banker, JBCML offers the following services to clients:
• Portfolio Management Service
• Issue Management
• Underwriting
• Corporate Advisory
2. JBCML provides brokerage services through panel brokers with renowned brokerage houses of Dhaka Stock Exchange
Limited (DSE) and Chittagong Stock Exchange PLC (CSE)
Our Strength
1,200+ active customer base Member of well-reputed financial group
Managing fund of BDT 4.30 billion Convenient with integrated technology
Customer-centric services Experience with corporate investors
Dedicated and well-qualified Professional traders delivering
research analyst seamless execution
Extensive insight in Bangladesh
Uncompromising compliance standard
capital market
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Annual Report 2022
Board of Directors:
The Board of Directors of Jamuna Bank Capital Management Limited (JBCML):
Md. Sirajul Islam Al-Haj Nur Kanutosh Majumder Md. Humayun Kabir Mirza Elias Uddin
Varosha Mohammed Director Khan Ahmed
Chairman Director Director Director
Md. Mukhlesur Md. Mehedi Hasan Monindra Kumar Mirza Aminur Tanveer Reza
Rahman Director Nath Rahman Chief Executive
Director Independent Director Independent Director Officer
Sl. No. Name Status
1 Mr. Md. Sirajul Islam Varosha Chairman
2 Al- Haj Nur Mohammed Director
3 Mr. Kanutosh Majumder Director
4 Mr. Md. Humayun Kabir Khan Director
5 Mr. Mirza Aminur Rahman Independent Director
6 Mr. Monindra Kumar Nath Independent Director
7 Mr. Mirza Elias Uddin Ahmed Director, MD & CEO of Jamuna Bank Ltd.
8 Mr. Md. Mukhlesur Rahman Director
9 Mr. Md. Mehedi Hasan Director
10 Mr. Tanveer Reza Chief Executive Officer (Ex-officio)
Functions of JBCML:
• Portfolio Management: We offer Portfolio Management services to both individual and corporate investors. JBCML
offers portfolio management services to the clients through (i) Investors’ Discretionary Account (IDA) and (ii) Bank’s
Discretionary Account (BDA). It also provides margin loan to its customers with a competitive market rate.
• Issue Management: JBCML offers Issue Management services to the corporate businesses in issuing shares through
public offer. Our Issue Management services include - initial public offering (IPO), rights share offering, repeat
public offering (RPO), qualified investors offer (QIO) etc.
Jamuna Bank Limited 337
• Corporate Advisory: We provide diversified corporate
advisory services to reach their desired long and short
term financial goals. Our services include corporate Portfolio
Management
companies’ capital re-structuring, company formation
activities, corporate governance compliance, legal and
Issue Investment
regulatory compliance and advising in issuing shares Management Banking
through private placement.
• Investment Banking: We offer various investment
banking services through accessing to Emerging and
Frontier Markets
Corporate Margin
Advisory Account
Other Value Added Services of JBCML: JBCML offers various
types of value added services to its potential clients as Capital
Raising and
follows: Restructuring
1. Research Service: JBCML provides specialized services
to its valued clients and always keep the clients updated by providing research materials i.e.
9 Daily Market Review
9 Weekly Update of Mutual Fund
9 Quarterly earnings update of listed companies
9 Monthly change in shareholding position
9 Brief report on listed companies financials
2. E-mail / SMS
9 At the end of every trading day, summarized trade confirmation & portfolio statements are sent to the clients
through e-mail.
9 Deposit information via e-mail
3. Easy fund deposit and withdrawal service
9 Clients’ could deposit money directly to our nominated bank account or through BEFTN / RTGS
9 Clients’ could make fund withdrawal request via email and through website
9 Clients’ fund withdrawal request honored promptly through using BEFTN/RTGS
4. Customer Care
9 Customer care department is always eager to response the queries of the clients at earliest
9 Customer care department is always welcome the suggestions from the clients and well-wishers
9 To reach directly to the customer care department: +8801755616053
5. Online/Mobile Trading Facilities
9 Online portfolio viewing
9 Online buy/sale order placement
6. IPO Application
9 Clients could instruct for IPO application over phone/SMS/email
Operating Environment in 2022:
Bangladesh capital market passed a gloomy year in 2022. During the year the prime index of Dhaka Stock Exchange
(DSE), DSEX witnessed a fall by 8% subsequent to a positive return of 25% in 2021. The yearly average turnover was 31%
lower than the previous year. Though the market started with a positive trend with enthusiastic participation of the
investors in the early 2022, the enthusiasm started faded away after the beginning of Russia-Ukraine war in February.
Repetitive downtrend in the capital market helped the DSEX index to fall tremendously to 5,980 points and then BSEC
imposed floor price on July 28, 2022 to protect the interest of general investors. Thereafter the DSEX turned up trend
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Annual Report 2022
with improved trade volume. Then again the market became shaky upon BSEC’s restriction on stocks purchase before
cheque encashment, gloomy earnings forecasts of the listed companies influenced by the macroeconomic adversities
which causes majority stocks being stuck at the floor price. Around 80% listed stocks of DSE were trapped at floor price
in December 2022 and trade volume was also lessened immensely.
Major Activities in 2022
• Total 67 new accounts have been opened with JBCML in 2022;
• Mobilized Tk. 91.80 crore deposit in the year 2022 from its clients for capital market investment;
• Margin loan amount Tk. 58.30 crore were given to the clients in the year 2022 for investment in listed securities;
• A well-organized website has been developed for the existing and potential clients;
• Started providing research documents covering daily capital market review, weekly update of mutual funds and
financial update of listed securities;
• In-house training programs on Securities Market Rules and Regulations has been organized to make its employees
updated about the rules and regulations and also to maintain regulatory compliances.
Financial Highlights
Figure in Million Taka
Particulars 2022 2021 2020 2019 2018
Income Statement
Operating Income 50.90 61.11 34.86 36.25 56.78
Operating Expenses 31.46 21.36 27.53 28.20 26.40
Operating Profit/(Loss) 19.44 39.75 7.33 8.05 30.38
Balance Sheet
Total Asset 2,118.13 2,042.25 2,081.40 2,188.07 2,040.80
Paid Up Capital 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Total Equity 894.81 893.39 864.03 889.19 957.19
Total Liabilities 1,223.32 1,148.85 1,217.36 1,298.88 1,083.61
Total Equity and Liabilities 2,118.13 2,042.25 2,081.40 2,188.07 2,040.80
Jamuna Bank Limited 339
Market Outlook & Strategy for 2023
The capital market of Bangladesh is passing through a hard time amid lack of confidence amongst the investors, crisis
to the floor price, macro-economic indicators, high inflation and crisis in the financial sector. The market continued
to exhibit sluggish trend against the backdrop of global and domestic economic slowdown amid Russia-Ukraine war.
Rising inflation and energy prices and depreciation of taka against dollar limit the growth of businesses, eroding returns
from investments in the stocks. As the market is in the downtrend since late February 2022 amid global slowdown of the
economic activities, we assume the tumble in the market might linger in 2023. However, to cope up with the turmoil,
JBCML will be moderate in 2023 and will take the following strategies:
• Expected to launch Bank’s discretionary portfolio management service in 2023. Portfolio Manager will act on
behalf of the investors and will be authorized to exercise his discretion to make best professional investment. Here,
specialized investment services shall be provided to the clients aiming to generate return by minimizing the risk.
• Focus would be given to increase income from corporate advisory, issue management and underwriting services.
Schedule of Fees and Charges
1. Investors’ Discretionary Account (IDA) - Margin
BO Account
Documentation Transaction And
Categories Opening & Management Fees Interest Rate
Fees Settlement Fees
Maintenance Fees
@13.00% p.a.
JBCML Silver @ 0.40% on value of
Tk. 500/- p.a. Tk. 1,000/- Nil calculated daily,
(Upto Tk. 30 Lac) each transaction
charged quarterly
JBCML Gold
@13.00% p.a.
(Over Tk. 30 Lac @ 0.35% on value of
Tk. 500/- p.a. Tk. 1,000/- Nil calculated daily,
and Upto Tk. 50 each transaction
charged quarterly
Lac)
@13.00% p.a.
JBCML Platinum @ 0.30% on value of
Tk. 500/- p.a. Tk. 1,000/- Nil calculated daily,
(Over Tk. 50 Lac) each transaction
charged quarterly
2. Non-Margin Investors’ Discretionary Account (NIDA)
Particulars Amount / Rate
Account Opening Fee Tk. 500/-
BO Maintenance fees Tk. 500/- p.a.
Documentation fees Nil
Transaction and settlement fees @ 0.30% on value of each transaction
Note: The Management may change Fees and Charges from time to time.
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Annual Report 2022
Jamuna Bank Securities Limited
Jamuna Bank Securities Limited (JBSL), a fully owned subsidiary of Jamuna Bank Limited and a full-fledged Stock Dealer
& Stock Broker licensed under the Bangladesh Securities and Exchange Commission. It is operating both of the Stock
Exchanges of Bangladesh named Dhaka Stock Exchange Limited (DSE) and Chittagong Stock Exchange Limited (CSE).
The main objective of JBSL is to provide stock broking services to its individual and institutional clients by way of taking
buy/sale order from the clients and try to fill them at the best possible prices. As a dealer JBSL do buy/sale of securities for
its own account as a part of its own business. The Company has started its commercial operation since February 18, 2013.
JBSL is dedicated to provide high level of professional and personalized services to its domestic and international clients
at a reasonable cost. JBSL’s services are comprehensive in nature, including brokerage, margin loan, CDBL facilities,
research and custodian needs of customers.
Corporate Profile:
Name of the Company Jamuna Bank Securities Limited
Name of the Chairman Mr. Md. Ismail Hossain Siraji
Name of the Chief Executive Officer Mr. Mohammed Mozammel Hoque
Legal Status Incorporated as a Private Limited Company with the Registrar of Joint Stock
Companies & Firms (RJSC), Dhaka & Wholly Owned Subsidiary of Jamuna
Bank Limited.
Date of Incorporation & Number February 07, 2011
Incorporation # C-90274/11
Date of DP registration Certificate September 24, 2012
Date & No. of DSE TREC September 01, 2021
DSE TREC # 255
Date & No. of CSE TREC October 28, 2013
CSE TREC # 147
Date & No. of CDBL DP September 24, 2012
DP # 53900
Authorized Capital Tk.100.00 Crore
Paid up Capital Tk.40.00 Crore
Address of Corporate Head Office Chinishilpa Bhaban (2nd Floor), 3 Dilkusha C/A, Dhaka-1000
Telephone 01708-423906
Email address [email protected]
Auditor of the Company Shafiq Mizan Rahman & Augustine
Key Information:
Sl. No. Particulars Unit
1 Broker License 02
2 Dealer ship License 02
3 Total Number of Workstations 09
4 Total Number of DSE Workstations 05
5 Total Number of CSE Workstations 04
6 No. of Authorized Representatives 10
VISION
• To be one of the most compliant and customer-oriented brokerage service providers, with priorities in creation of
long term and well-informed investors this will contribute to the development of the capital market and eventually
to the economy of the country.
• To become the best Securities House with a strong brand and enhancing value for the entire stakeholder through
excellence in performance and good governance.
Jamuna Bank Limited 341
MISSION
We aspire to be one of the most compliant and customer-oriented company, our priorities lie in creation of long term and
well-informed investors which will contribute to the development of the capital market and eventually to the economy
of the country. Our Mission statements are as follows:
• To be the Pioneer, not follower;
• To be Compliant in every respect;
• Knowledge Based Brokerage Service;
• Offer wide array of products and services that differentiate and excite all customer segments;
• Be the “Employer of choice” by offering an environment where people excel and leaders are created;
• Continuously challenge processes and platforms to enhance effectiveness and efficiency;
• Promote innovation and automation with a view to guaranteeing and enhancing excellence in service;
• Ensure respect for community, good governance and compliance in everything we do;
• We will deliver service excellence to all our customers, both internal and external,
• We will ensure to maximize shareholder’s value,
• We will constantly challenge our systems, procedures and training to maintain a cohesive and professional team in
achieving service excellence;
• We will create an enabling environment and embrace a team based culture where people will excel.
KEY STRENGTH
• Skilled and knowledgeable employees of Jamuna Bank Securities Limited.
• Realize the reputation of Jamuna Bank Securities Limited as wholly owned subsidiary of Jamuna Bank Limited.
• Sophisticated tools and financial analysis.
• Highly complained operating system. One of the most preferred brands Dedicated trader for every investor
• Secured custodianship of your asset
• Deposit and withdrawal through BEFTN /RTGS/Fund transfer
• High quality services at acceptable cost
Board of Directors
Mr. Md. Ismail Hossain Mr. Gazi Golam Murtoza Mr. Md. Abdur Rahman Mr. Mohammed Ali
Siraji Director Sarker Chowdhury
Chairman Director Director
Mr. Uttam Kumar Saha Professor Syed Ishtiaq Professor Anil Chandra Mr. Mohammed
Director Ahmad Saha Mozammel Hoque
Director Director Chief Executive Officer
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Annual Report 2022
Operational Environment
The functions of the Jamuna Bank Securities Limited are divided into two parts, Front Office and Back Office. The
operations of these two parts are equally important. Moreover, Front Office operations include all the customer
management functions including new beneficiary account opening, liaison maintaining with existing and potential
customers, acquiring buy and sell orders and executing them swiftly and accurately, co-ordinate with other departments.
In addition, Front office maintains phone calls, arranges meetings and is also providing the available and current price
sensitive news and other important news about the capital market of Bangladesh. Moreover, providing the daily portfolio
to the clients is another job of front office. After trade hours, saving the trade report is also a part of front office operation,
is performed at Head Office. Moreover, the back office operation of Jamuna Bank Securities Limited at Main branch
performs data entry of cash and cheque receipt and payment, data entry of newly opened BO Account’s information in
the back office and the data is also kept in the front office. Vouchers writing and documentation task is also performed
by back office.
In addition, Back-office operation also includes daily data entry of trade confirmation note in a recognized form.
Accounting and reconciliation, verification of deals, corrections, getting customer authorization and follow up with
customer and payment and settlement services is also the part of back office job of the Main Branch. Maintaining
different register including, client register, complaint register, attendance register with proper documentation process
is also job of Head Office. There are some other jobs, is performed by Jamuna Bank Securities Limited at Main branch.
For an example, morning discussion often happens with the participation of officials of all branch through updated
technology. Furthermore, officials of all branch keep in touch with the customer and inform them their current status
of their portfolio. Moreover, officials of all branches also will coordinate with other Branch. Moreover, other branch
client cheques will also be cleared in respective branches if any clients of other branch give cheque to main branch. This
procedure is supervised by monitoring Department and daily monitoring report submit to our senior authorities. Only
the withdrawals or requisition is proceed by our main branch back office through BEFTN/RTGS/Fund Transfer.
Functions of Jamuna Bank Securities Limited
Since the establishment of the company as a wholly owned subsidiary of the Jamuna Bank Limited, Jamuna Bank
Securities Limited is engaged in different functions to provide the promising services to its existing and potential clients
and stakeholders. It has developed a disciplined approach toward providing capital market services, including beneficial
owner accounts opening and maintaining, margin lone providing and with the research and publication. The main
functions operated by Jamuna Bank Securities Limited are as follows:
CDBL Services as full-service Depository Participant: Custodial Services:
• Bo (Beneficial Owner) accounts opening and • Jamuna Bank Securities Limited have an exclusive
maintenance arrangement for clients to keep their shares in safe
• Dematerialization and Re-materialization custody in our vault
• Transfers and multiple accounts movement • Safe Keepings of securities
• Pledging, un-pledging and confiscation • Research and Publication
• Lending and borrowing • Daily price information Market Overview, Daily Fact
• Corporate events announcement inquiry (Cash and Sheet
non-Cash) • Monthly report
• Free access to our company research reports through
our web-site
• Half yearly political and economic update
Jamuna Bank Limited 343
Sales and Brokerage Services: Value Added Services:
• Daily portfolio services through email
Brokerage services for Institutional Clients: • Daily trade confirmation through SMS service & email
• Foreign Fund Managers
• Insurance Companies CLIENT DATABASE SERVICES:
• Banks and Financial Institution JBSL has a good client base in trade. Both Individual and
• Trust institutional clients are maintaining their account with
• Corporation JBSL. Moreover, it has a good number of Foreign and NRB
• Brokerage Service for retail (Individual) Clients clients who have sizable portfolio investment.
• Provide Margin loan at competitive interest rate
• International and Domestic Placement of Securities
• Brokerage Services Trade Execution Dhaka and
Chittagong Stock Exchange Limited
• Pre-IPO private placement opportunities through
Merchant Banks
• Appointment of dedicated and skilled sales
representative
• Opportunities for trading in different financial
instruments.
SL. Particulars Direct Trading Margin Trading Account Non Resident Investors
No. Account Taka Account (NITA)
1 Eligibility Any Bangladeshi Any Bangladeshi Non-Resident individuals
Minimum 18 years Old Minimum 18 years (Foreigners and NRBs) Foreign
Old intuitions.
2 Account Opening Fee Tk. 500.00 Tk. 500 00 Tk. 500 00
3 CDBL Charge per year Tk.450.00 Tk.450.00 Tk.450.00
4 Minimum Deposit Tk. 500.00 Tk. 500 00 Tk. 500 00
5 Margin Loan Facility - As per BSEC Guideline -
6 Interest Rate - As per company policy -
7 Brokerage Commission As per company policy As per company policy As per company policy
Major Activities in 2022
• Obtained TREC of Dhaka Stock Exchange Limited (DSE).
• Obtained Stock Dealer & Stock Broker licensed from the Bangladesh Securities and Exchange Commission for DSE
TREC operation.
• Inauguration of Trading under Dhaka Stock Exchange Limited.
• Through in year 2022 Jamuna Bank Securities Limited develop a well-organized website to make them more
accessible to their existing and potential clients. In addition they should introduce online trading facilities for their
clients.
• Jamuna Bank Securities Limited introduce investor awareness program to produce wise and educated investor. In
this way both the clients and house will be benefitted.
• Jamuna Bank Securities Limited give more emphasize on the research and publications in 2022 & JBSL are confirmed
that research and publications are available to the clients.
• Branch offices are monitored by the management of the Jamuna Bank Securities Limited and we visit to the branch
office to have a look on the office.
• Jamuna Bank Securities Limited arranges seminar and workshop with the different stakeholder of this organization
about the investment of capital market to get the feedback from the clients.
• Jamuna Bank Securities Limited took effective initiative to make the all employees up to date about necessary rules
and regulation about the capital market of Bangladesh
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Annual Report 2022
Strategic Focus:
• Simplify your investments and save time by consolidating at Jamuna Bank Securities Limited a partner you can
trust.
• Get help with your portfolio from knowledgeable associates rewarded for service, not sales, so they have only your
best interests in mind.
• Enjoy competitive, straightforward trading rates and no hidden fees.
• Get access to sophisticated tools and analyses, including charts and stock screeners, news, and financial reports.
• We impress ourselves looking at our performance which is a testament to our strategy and the quality of our people
and clients around the globe.
Financial Highlights
Amount BDT in Million
Particulars 2022 2021 2020 2019 2018
Income Statement
Operating Income 22.27 21.21 18.13 20.09 19.83
Operating Expenses 11.93 5.67 2.41 2.74 2.03
Operating Profit 10.34 15.54 15.72 17.34 17.79
Profit/(loss) Before Income Tax 10.34 15.54 15.72 17.34 17.79
Net Profit 6.27 7.39 9.40 9.05 9.21
Balance Sheet
Total Asset 466.88 496.28 439.30 438.18 426.72
Total Liabilities 35.29 70.96 21.36 19.64 10.76
Total Equity 431.59 425.33 417.94 418.54 415.97
Total Equity and Liabilities 466.88 496.28 439.30 438.18 426.72
Capital Market Operating Environment in 2022:
Jamuna Bank Limited 345
Bangladesh’s stock market had a lackluster year in 2022 after posting double-digit returns for the previous two years.
Dhaka Stock Exchange (DSEX), the broad market index of the country, fell 8.1 per cent in 2022, while daily average
turnover fell by 35 per cent. If the “Floor Price” had not been enforced by the regulator during the second half of 2022, the
index’s decrease and the decline in daily average turnover could have been worse. In 2022, Foreign Portfolio Investors’
(FPI) involvement in Bangladesh’s stock market continued to decline. Foreign Investors’ participation in trading at the
premier bourse came down to a 10-year low in the calendar year. While dynamics of global fund flow and domestic
economic condition have been pointed out to be the reason for fund withdrawal by FPIs in 2022, the long-term trend of
net selling warrants further introspection.
Monthly capital market developments in Dhaka Stock Exchange (DSE)
(BDT in crore)
DSE Broad Market
Enlisted issues Issued Turnover
End Month Market Index Capitalization
(In number) Capital and during the
Capitalization (DSEX) as % GDP*
Debentures month
January’22 622 150510.30 556982.30 31261.22 6926.29 14.01
February’22 622 150535.50 543719.20 22099.85 6739.45 13.67
March’22 623 150679.40 539415.50 18542.81 6757.84 13.57
April’22 623 151067.60 536961.10 12105.13 6655.67 13.50
May’22 623 151400.50 516765.30 14464.51 6392.86 13.00
June’22 625 152159.30 517781.70 17939.78 6376.94 13.02
July’22 625 152343.90 502877.70 12284.12 6133.96 11.30
August’22 625 152640.50 518823.20 25472.40 6457.22 11.66
September’22 626 152753.70 519914.00 35480.24 6512.89 11.68
October’22 656 409351.90 766918.00 21091.73 6307.34 17.23
November’22 656 411293.50 762547.90 16327.03 6235.95 17.14
December’22 656 411716.10 760825.60 7231.40 6206.81 17.10
Source : Dhaka Stock Exchange, Dhaka.
Market Outlook for 2023:
Bangladesh is expected to face a uniquely challenging year in 2023 compounded both by internal issues and external
events such as the Russia-Ukraine war and its lasting effects which are beyond our control. Forex reserve situation and
ballooning crisis in the banking sector are the primary concerns for most institutional investors. Besides, Bangladesh
Bank in its monetary policy for the period January-June 2023 relaxed the lending rate cap for consumer loans, allowing
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Annual Report 2022
banks & financial institutions to hike it up to 3 percentage points from the level of 9 percent. It would lead to upsurge in
interest rates of deposits. Then the increased deposit rates might incentivized some investors to pullout money from the
capital market and invest rather in fixed income instruments which may create a negative impact in trading volume of
the capital market. Corporate profitability may also hit due to expected rise in cost of imported raw materials and cost
of financing. FPIs as well as domestic institutional investors are likely to take a wait and see approach as the economy
transpires as these twin factors unfold. Measures taken by regulatory bodies and the government will largely determine
whether and how long the investors will remain on the sideline.
In the long run, the economy is expected to grow considerably. As a result, we are expecting a vibrant capital market in
near future which is likely to bring more prospects for both local and foreign investors. Hence, we will act consequently
for the needed adjustment.
Strategy for 2023
• The main target of JBSL for the year 2023 to increase the number of BO accounts for the company as well as increase
clients’ funds. Targeted Individuals and Institutions should be approached frequently so that they become clients of
JBSL. Thus generate more commission income by increasing trade volume.
• Providing the clients research based investment support during buy and sell of securities so that they can make
profit. This would make them interested to do more trade resulting more revenue for JBSL;
• Attention would be given to increase Margin Loan to the potential clients to generate more interest income;
• And attention would be given to increase trade volume of Dealer account for making profit for JBSL.
All the expectations and projections depend on the future economic situation of the country. Capital market is a part of
the whole economy. The Government policies, role of regulators and stakeholders would determine the real picture of
the future capital market.
Increasing number of clients: At least 25% growth of existing client base
Branches in different region of Bangladesh: Opening new branches/digital booths /extension office in different location
or region of Bangladesh
New technology: To ensure smooth operation and constant usage, order transmission and other customer service
we are planning to introduce online trading facility. Incorporating easy tools, analysis, charts, stock screeners, news,
financial reports, technical expertise to ensure customers are well informed to take advantage of the said platform. We
are in pursuit of acquiring own OMS (Order Management System) for better trade execution.
Most experienced working force: JBSL has a reputation to recruit the most experienced personal to do its job done.
Dealing with enormous no of clients and also dealing with DSE, CSE and CDBL need dedication and skills. JBSL is
maintaining its excellence on its work that’s why it is one of the top brokerage houses in Bangladesh. We will continue to
provide training to officials to enhance their efficiency.
Simple margin loan facility: Maintaining all rules & regulations we will continue to offer margin loan facilities to the
investors with attractive rates.
Enhancing commission based income: We will offer reduce commission rates for large investors to enhance
commission based income.
Jamuna Bank Limited 347
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Annual Report 2022
Report of the Board Risk
Management Committee (BRMC)
Md. Hasan
Chairman, Risk Management Committee
Banking sector faced several challenges during the year increased liquidity by managing asset-liability position
2022 caused by the war in Ukraine, zero-Covid policy in and maintaining sufficient liquid assets. The Bank
China, energy shortages in Europe, and skyrocketing debt mainly focuses on digitalization for a seamless banking
burden in developing countries. Recent global interest experience and reducing operating costs. The Bank works
rate hike along with depreciation pressure on Taka made closely with regulators to ensure comply with regulatory
the external borrowings more expensive which in turn put requirements and maintain a strong financial position
risk in asset quality. In addition, to mitigate the pressure on through regular reporting, transparent communication
balance of payments BB’s intervention in foreign exchange and active engagement in regulatory discussions. The
market altogether with high credit demand deteriorated Bank is trying to explore new revenue streams to diversify
the liquidity condition in banking sector. However, overall income sources, and reduce reliance on traditional
banking sector exhibited mixed performances at the end banking activities by offering new products and services,
of 2022 as reflected by a rising ratio of non-performing expanding into new markets.
loans (NPLs) to total loans, a moderation in capital to
risk-weighted asset ratio (CRAR), an upward trend in the Formulation of the Committee:
growth of bank’s advances, a fall in the growth of bank’s The Board Risk Management Committee (BRMC) has been
deposits, worsening provision shortfall, an advancement formulated by the bank’s Board of Directors, in compliance
in profitability, and a deterioration of excess liquidity with Section 15Kha(3) of the Bank Company Act, 1991
condition in the banking industry. (as amended up to 2018) and subsequent BRPD circular
no.11 dated October 27, 2013, issued by Bangladesh
Jamuna Bank Limited being a proactive and progressive Bank. Presently the BRMC is constituted by the following
private sector Bank has taken several steps to combat the members of the Board:
present and upcoming risks. The Bank has strengthened Status in the
Sl. Name & Position in the Bank
its risk management practices to identify potential credit Committee
risks and has taken corrective action by enhancing credit 01. Mr. Md. Hasan, Director Chairman
appraisal processes, monitoring exposure levels, and
02. Mr. Md. Saidul Islam, Director Member
implementing robust internal controls. The Bank has
Jamuna Bank Limited 349
Status in the Meetings of the BRMC:
Sl. Name & Position in the Bank Bangladesh Bank advised the Bank to hold at least 4 (four)
Committee
meetings in a year. The BRMC held 5 (Five) meetings
03. Mr. Redwan-ul Karim Ansari, Director Member during 2022 having detailed discussions and review
04. Mr. Md. Belal Hossain, Director Member session with the Chief Risk Officer (CRO) regarding their
findings, observations and recommendations on issues of
05. Mr. Gazi Golam Murtoza, Director Member Bank affairs that need to be addressed.
Objectives of the Board Risk Management Committee Activities during the year 2022:
(BRMC): In 2022, the BRMC conducted 5 (five) scheduled meetings
This BRMC is established to play an effective role in and 36 (thirty six) memos were placed before the
mitigating impending risks arising from strategies committee. In discharging the responsibilities assigned
and policies formulated by the Board and to carry out to the BRMC, the committee reviewed significant issues
the assigned roles and responsibilities efficiently. The comprising different risk categories during the year. Some
committee assists the Board of Directors in fulfilling its key activities covered in different meetings of the BRMC
responsibilities for overseeing the bank’s risk management are listed below:
system and activities, including the review of major risk • Reviewed the Risk Based Capital Adequacy Report
exposures and the steps taken to monitor and control of the Bank from time to time against minimum
those exposures, as well as the myriad of risks faced by requirement.
the Bank in its business operations. All key risks such as • Reviewed and approved Bank’s ICAAP (Internal
Investment, Market, Operational, Liquidity, Information Capital Adequacy Assessment Process) document and
and Communication Technology, Strategic, etc., are SRP (Supervisory Review Process) return for onward
measured by the BRMC regularly through a set of defined submission to Bangladesh Bank.
risk indicators. The committee works very closely with the • Reviewed Risk Management Papers, discussed on the
Key Management Personnel and the Board in fulfilling minutes of Executive Risk Management Committee
its statutory, fiduciary and regulatory responsibilities for (ERMC) and with certain directions endorsed the
sound risk management. same for onward submission to Bangladesh Bank.
• Reviewed the quarterly Stress Testing Reports and
Main Responsibilities of the Committee: endorsed the same.
The roles and responsibilities of BRMC of Jamuna Bank • Followed up and monitored classified, rescheduled
Limited have been framed in line with the provision and written-off accounts and recovery status from
of DOS Circular No. 04 dated 08 October 2018 and other those accounts.
best practices and standards. Some important roles and • Reviewed the Comprehensive Risk Management
responsibilities are highlighted below: Report (CRMR)/ Monthly Risk Management Report
a. Exercising oversight, on behalf of the Board, of the (MRMR).
key risks of the bank. • Periodically reviewed the duration gaps of Bank’s
b. Formulating and reviewing (at least annually) risk assets and liabilities and advised the Management for
management policies and strategies for sound risk their prudent management.
management; • Periodically reviewed the Leverage Ratio (LR), Net
c. Monitoring implementation of risk management Stable Funding Ratio (NSFR) and Liquidity Coverage
policies & process to ensure effective prevention and Ratio (LCR) for prudential liquidity management.
control measures; • Annually reviewed Risk Appetite Statement (RAS) to
d. Supervising the activities of Executive Risk accept or to avoid the aggregate level and types of risk
Management Committee (ERMC); in order to achieve its annual business target.
e. Ensuring compliance of BB instructions regarding
implementation of core risk management; The Minutes of the BRMC Meetings containing various
f. Ensuring formulation and review of risk appetite, suggestions and recommendations to the management
limits and recommending these to Board of Directors were placed to the Board subsequently for review and the
for their review and approval; Board closely reviewed them.
g. Analyzing all existing and probable risk issues in
the meeting, taking appropriate decisions for risk Acknowledgment:
mitigation, incorporating the same in the meeting The members of the Board Risk Management Committee
minutes and ensuring follow up of the decisions for (BRMC) convey their heartiest gratitude and thanks to the
proper implementation; Board of Directors, Management, and Risk Management
h. Submitting proposal, suggestions & summary of Team of the Bank for their continuous and wholehearted
BRMC meetings to board of directors at least on support, assistance, and cooperation while committing
quarterly basis; to perform further duties and responsibilities in a more
i. Complying with instructions issued from time to time resilient way.
by the regulatory body;
j. Assessing overall effectiveness of risk management
functions on yearly basis.
Md. Hasan
Chairman of the Board Risk Management Committee
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Annual Report 2022
From the Desk of
Chief Risk Officer
Risk culture and its impact on effective risk
management must be a major concern for
the stakeholders of the Bank. A sound and
consistent risk culture encourages effective risk
management, promotes sound risk-taking and
ensures that risk-taking activities are recognized,
assessed, reported, and addressed in a timely and
effective manner. Jamuna Bank Limited develops
its risk awareness culture through policies,
examples, communication, and training of staffs
regarding their responsibilities for risk. The
Executive Risk Management Committee (ERMC)
and the Board Risk Management Committee
(BRMC) strongly emphasize on promotion of risk
awareness and encourage open communication
and challenge about risk-taking across the
organization as well as vertically to and from the
Board and Senior Management.
Md. Mukhlesur Rahman
Chief Risk Officer
Practicing sound risk management framework is crucial for Jamuna Bank Limited being a progressive and dynamic
banking sector. Risk Management should be a key concern private sector Bank formulated its own Risk Management
of Board of Directors to enhance corporate governance in Guidelines with the approval of the Board of Directors
any organization. In recognition to this, Basel Committee in line with “Risk Management Guidelines for Banks,
on Banking Supervision (BCBS) cited Risk Management October 2018” issued by Bangladesh Bank. The Bank
function as its 6th principle in its Guidelines on Corporate reviews the guidelines annually to establish a pragmatic
Governance Principles for Banks. To quote the Principle risk management culture for adapting with the changing
6: “Banks should have an effective independent risk environment and to provide a structured way of identifying,
management function, under the direction of a chief analyzing, and mitigating potential risks efficiently.
risk officer (CRO), with sufficient stature, independence,
resources and access to the board”. Risk culture and its impact on effective risk management
must be a major concern for the stakeholders of the Bank.
A strong governance structure is important to ensure A sound and consistent risk culture encourages effective
effective and consistent implementation of the Bank’s risk management, promotes sound risk-taking and
Risk Management Framework. Effective risk governance ensures that risk-taking activities beyond the institution’s
instigates a full-fledged risk management structure that risk appetite are recognized, assessed, reported, and
helps eliminating risk and managing risk decisively. addressed in a timely manner. Jamuna Bank develops its
Jamuna Bank’s risk governance framework is underlined risk culture through policies, examples, communication,
by three lines of defence as described in the guidelines on and training of staff regarding their responsibilities for
“Corporate Governance Principles for Banks” by the Basel risk. Every member of the bank are fully aware of his or
Committee on Banking Supervision as well as Bangladesh her responsibility regarding risks that he/she faces and
Bank’ guidelines for Risk Management. Each of the three how they are managed, considering risk tolerance.
lines of defence plays distinct roles in JBL’s broader
governance framework. Risk management is at the core of the operating structure
Jamuna Bank Limited 351
of the bank. Our risk management approach includes in developing countries, mounting inflationary and
minimizing undue concentrations of exposure, limiting exchange rate pressures are enhancing the frequency and
potential losses from stress events and ensuring the complexity of risks inherent in banking activities. Now
continued adequacy of all our financial resources. Our it is indispensable to ensure effective risk management
risk management processes have continued to prove practice within the Bank to conduct business successfully
effective throughout the year 2022. The Board and Senior and to maintain financial stability in the banking sector.
Management regularly review and monitor the risk profile Bank’s risk management activities will centre on managing
of the Bank. They remained closely involved in important default risk prudently and managing asset-liability
risk management initiatives, which have focused efficiently to achieve its target under challenging business
particularly on preserving appropriate levels of liquidity environment.
and capital, and effectively managing the risk portfolios.
Responsibility and accountability for risk management Jamuna Bank Limited is committed to ascertain risk
resides at all levels within the bank. management culture which may help other business
unit of the bank to attain a sustainable growth. We are
The entire risk profile of the Bank is constantly monitored focusing on addressing capital optimization, credit rating
by the Management under three lines of defence of the borrowers to minimize credit risk, technological
framework. The risk profile of the Bank is also quantified innovation for combating operational risk. We are
in terms of Pillar I and Pillar II of Basel III framework. boosting up the awareness among the employees on AML
Under Pillar I, the Bank assesses its minimum capital & CFT issues and overall Risk Management practice within
requirement against Credit, Market and Operational Risk the Bank. The Bank will continue its vigilant focus on its
on quarterly basis and reports the same to Bangladesh risk management capabilities that will help the Bank
Bank. The Bank also quantifies other risk areas as a part to navigate these headwinds, to ensure a sustainable,
of Internal Capital Adequacy Assessment Process under innovative, resilient and more convenient client-oriented
Supervisory Review Process of Pillar II on yearly basis, Bank.
which is also submitted to Bangladesh Bank. As per the
Pillar III of Basel III framework, the Bank has also been
making disclosures as per Basel III framework.
Md. Mukhlesur Rahman
The war in Ukraine, zero-Covid policy in China, Chief Risk Officer
energy shortages in Europe, skyrocketing debt burden
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Annual Report 2022
Report on Risk Management:
external borrowings more expensive which in turn put risk
1. Introduction:
in asset quality. In addition, to mitigate the pressure on
balance of payments BB’s intervention in foreign exchange
Risk is an integral part of banking business. Without
market altogether with high credit demand deteriorated
proper risk management, the various functions in a
the liquidity condition in banking sector. However, overall
banking institution cannot work together to achieve the
banking sector exhibited mixed performances at the end
bank’s objectives. Risk Management is an essential part
of 2022 as reflected by a rising ratio of non-performing
of helping the bank’s growth and promoting sustainability
loans (NPLs) to total loans, a moderation in capital to
and resilience. As banks accept deposits from customers
risk-weighted asset ratio (CRAR), an upward trend in the
and lend out money to businesses and individuals, they
growth of bank’s advances, a fall in the growth of bank’s
are exposed to various types of risks that can threaten
deposits, worsening provision shortfall, an advancement
their financial stability and reputation. Risk management
in profitability, and a deterioration of excess liquidity
in banking involves identifying, assessing, and mitigating
condition in the banking industry.
these risks to ensure the safety and soundness of the
institution.
Jamuna Bank Limited being a proactive and progressive
private sector Bank has taken several steps to combat the
Effective risk management is essential for banks to maintain
present and upcoming risks. The Bank has strengthened
the trust of their stakeholders, and comply with regulatory
its risk management practices to identify potential credit
requirements. It involves establishing a comprehensive
risks and has taken corrective action by enhancing credit
risk management framework that encompasses all aspects
appraisal processes, monitoring exposure levels, and
of the institution’s operations including credit risk, market
implementing robust internal controls. The Bank has
risk, liquidity risk, operational risk, and reputational risk.
increased liquidity by managing asset-liability position
and maintaining sufficient liquid assets. The Bank
As the banking industry continues to evolve and face
mainly focuses on digitalization for a seamless banking
new challenges, risk management remains a top priority.
experience and reducing operating costs. The Bank works
Banks must remain vigilant in identifying and addressing
closely with regulators to ensure comply with regulatory
emerging risks like cybersecurity threats, geopolitical
requirements and maintain a strong financial position
risks and climate-related risks to maintain the resilience
through regular reporting, transparent communication
of operations and protect the interests of the customers
and active engagement in regulatory discussions. The
and stakeholders.
Bank is trying to explore new revenue streams to diversify
Relationship between our local banks and internationally
income sources, and reduce reliance on traditional
recognized banks has expanded due to increase in
banking activities by offering new products and services,
foreign trade and commerce. The competition among
expanding into new markets.
the banks has increased and new and complex products/
services/technology platform have been introduced.
Jamuna Bank Limited formulated its own Risk Management
As a result, risk in the banking industry has increased
Guidelines with the approval of the Board of Directors
remarkably as compared to that of earlier time. It is
in line with “Risk Management Guidelines for Banks,
indispensable to ensure risk management culture/practice
October 2018” issued by Bangladesh Bank. The Bank has
at enterprise level to conduct business successfully with
reviewed the guidelines for the year 2023 to establish a
the internationally renowned banks, to upgrade the banks’
pragmatic risk management culture for adapting with the
financial soundness indicators to a satisfactory level, and
changing environment and to provide a structured way of
over all, to maintain financial stability in the banking
identifying, analyzing, combating and managing potential
sector.
risks efficiently.
Banking sector faced several challenges during the year
Risk management is at the core of the operating structure
2022 caused by the war in Ukraine, zero-Covid policy in
of the bank. Our risk management approach includes
China, energy shortages in Europe, and skyrocketing debt
minimizing undue concentrations of exposure, limiting
burden in developing countries. Recent global interest rate
potential losses from stress events and ensuring the
hike along with depreciation pressure on Taka made the
Jamuna Bank Limited 353
continued adequacy of all our financial resources. Our risk management processes have continued to prove effective
throughout 2022. The management of the bank closely involved in important risk management initiatives, like preserving
appropriate levels of liquidity and capital and monitoring effectiveness of managing the risk portfolios. Responsibility
and accountability for risk management resides at all levels within the bank.
2. Risk Management Framework:
A risk management framework is a set of components that provide the foundations and organizational arrangements
for designing, implementing, monitoring, reviewing and continually improving risk management throughout the
organization. Jamuna Bank Limited has developed the framework which follows the functional hierarchy to govern
and establish controlled environment. The framework is multidimensional and considered as an integral part of the
organizational structure. The framework allows to build a strong risk culture from the strategic level to operational
level. The Bank’s Risk Management Framework provides its Board and Management with tools to anticipate and manage
both the existing and potential risks considering changing risk profiles as dictated by changes in business strategies, the
external environment and/or the regulatory environment.
2.1 Risk Governance:
Risk governance refers to the structure, rules, processes and mechanisms by which decisions about risks are taken
and implemented. A strong governance structure is important to ensure effective and consistent implementation of
the Bank’s Risk Management Framework. The Board is ultimately responsible for the Bank’s strategic direction which
is supported by the risk appetite and relevant risk management frameworks, policies and procedures. The Board is
assisted by different risk committees and control functions in ensuring that the Bank’s Risk Management Framework
is effectively maintained. Effective risk governance instigates a full-fledged risk management structure that stresses
eliminating risk and managing risk decisively. It also engenders accountability, transparency, and coordination while
establishing policies, processes, and systems to implement risk-related decisions. Jamuna Bank’s risk governance
framework is underlined by three lines of defense as described in the guidelines on “Corporate Governance Principles
for Banks” by the Basel Committee on Banking Supervision as well as Bangladesh Bank’ guidelines for Risk Management.
The defense lines comprise the 1st Line of Defense, which incorporates relevant business lines and operational units,
the 2nd Line of defense, which contains independent risk management and control functions, the 3rd Line of defense,
which includes internal audit functions.
Business & Operation Unit:
• Owns and acknowledges risk
• Identifies and manages risk
First Line of • Conducts activities in line with the bank’s risk strategies and appetite
Defense
Risk Management Division (RMD):
• Facilitates enterprise-wide risk management functions independently
• Monitor compliance of risk strategies and appetite
• Identifies, monitors and escalates risks to the senior management
Second Line of • Monitoring and reporting of risk
Defense
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Annual Report 2022
Internal Audit
• Conducts risk-based and general audits
• Reviews to provide assurance that the overall governance framework is effective
Third Line of • Ensures that policies and processes are in place and consistently applied
Defense
2.2 Risk Culture:
Risk culture in a bank refers to the attitudes, values, beliefs, and behaviors of employees and management regarding risk
management. It encompasses the collective mindset of the organization towards risk, including how risks are identified,
assessed, monitored, controlled, and communicated. A strong risk culture is essential for a bank to effectively manage
risks and avoid financial losses. It involves creating an environment where everyone in the organization understands
the importance of risk management, is aware of the risks associated with their job function, and is accountable for
managing those risks. By embedding a strong risk culture throughout the organization, a bank can create a culture of
accountability, transparency, and trust that helps to mitigate risks and protect the interests of all stakeholders.
Jamuna Bank develops its risk culture through policies, examples, communication, and training of staff regarding their
responsibilities for risk. Every member of the bank are fully aware of his or her responsibility regarding risks that he/she
faces and how they are managed, considering risk tolerance and appetite. Jamuna Bank has strengthen its risk culture
through
a) Ensuring an open and respectful atmosphere in which employees feel encouraged to speak up when observing new
or excessive risks;
b) Clarifying the range of acceptable risks using an embedded risk appetite statement and various forms of
communication;
c) Ensuring effective and participative training session for all level of employees; and,
d) Aligning incentives with objectives and clarifying how breaches in policies/procedures will be addressed.
Reporting & Outlook at
Whistleblowing the top
Transparency & Common
Accountability Rudiments Values
of JBL’s Risk
Culture
Competencies Risk Orientation
Risk Strategy &
objective
2.3 Risk Management Structure:
The success of risk management will depend on the effectiveness of the risk management structure. The structure
should be comprehensive enough to capture all the material risks to which the bank is exposed. Risk Management
procedures are approved, monitored and mitigated at different stages of the bank with a combination of the Board and
its Committee, Management Level Committee and Risk Management Division.
The risk management structure with its three layers is as follows:
Jamuna Bank Limited 355
Risk Management Structure and Its Three Layers
Board of Directors
STRATEGIC LEVEL
Board Risk Management Committee (BRMC)
MANAGEMENT LEVEL
Supervisory Review Process Supervisory Review Process
(SRP) Team (SRP) Team
(Headed by MD/CEO) (Headed by MD/CEO)
OPERATIONAL LEVEL
Risk Management Division (RMD)
Credit Risk Market Risk Liquidity Risk Operational
Desk Desk Desk Risk Desk
Risk Research Stress Testing Basel
& Policy Desk Desk Implementation
Desk
2.3.1 Board of Directors
The Board of Directors of the bank shall give utmost importance on sound risk management practices. They will take
every possible initiative to keep various risks (credit, market, liquidity, operational risks etc.) within tolerable level. For
this purpose the board will play the following roles:
• Establishing organizational structure and ensuring that top management as well as staffs possess sound expertise
and knowledge to accomplish the risk management function properly;
• Assigning sufficient authority and responsibility to risk management related officials;
• Ensuring uninterrupted information flow to RMD for sound risk management;
• Continuously monitoring the bank’s performance and overall risk profile through reviewing various reports;
• Ensuring the formulation, review and implementation of appropriate policies, plans and procedures for risk
management;
• Defining and reviewing the risk appetite, risk tolerance, limit etc. in line with strategic planning;
• Making sure maintenance of adequate capital and provision to absorb losses resulting from risk;
• Ensuring effective internal control system;
• Monitoring the function of Board Risk Management Committee.
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Annual Report 2022
2.3.2 Board Risk Management Committee meetings regarding risk issues;
• Assessing requirement of adequate capital and
(BRMC):
ensuring maintenance of the same;
Board Risk Management Committee plays a vital role in
• Determining risk appetite, limits in line with strategic
the following aspects:
planning;
• Formulate and review the risk management strategies
• Contributing to formulation of risk policies for
and policies at least annually;
business units;
• Monitor and implement the risk management policies
• Handling “critical risks” (risks that require follow-up
& process;
and further reporting);
• Ensure construction of adequate organizational
• Following up reviews and reports from Bangladesh
structure;
Bank and informing BRMC the issues affecting the
• Supervise the activities of Executive Risk Management
bank’s operation.
Committee (ERMC);
• Ensuring arrangement of Annual Risk Conference in
• Ensure compliance of BB instructions regarding
the bank.
implementation of core risk management;
• Ensure formulation and review of risk appetite, limits
and recommending these to Board of Directors for 2.3.4 Risk Management Division:
their review and approval; Risk Management Division (RMD) of Jamuna Bank
• Analyze all existing and probable risk issues in Limited had been established in line with the directives
the meeting, take appropriate decisions for risk of Bangladesh Bank, for strengthening risk management
mitigation, incorporate the same in the meeting activities of the bank. The responsibility of the division is
minutes and ensure follow up of the decisions for to ensure effectiveness of the Core Risk Management of
proper implementation; the Bank and also to ensure the capital management of
• Submit proposal, suggestions & summary of BRMC the Bank under Basel Accords in line with the directives
meetings to board of directors at least on quarterly of Bangladesh Bank from time to time. The role of RMD is
basis; described as follows:
• Ensure sufficient & efficient staff resources for RMD; • Collecting and analyzing data/information
• Assess overall effectiveness of risk management for identifying risks and making appropriate
functions on yearly basis. recommendations for risk mitigation;
• Preparing risk management reports, arranging
monthly meeting of ERMC and preparing meeting
2.3.3 Executive Risk Management
minutes, disseminating the decisions to the
Committee (ERMC)
concerned divisions, monitoring and follow up of
For smooth functioning of risk management activities
implementation status;
of the Bank, a Board level and a Management level Risk
• Ensuring timely submission of risk management
Management Committees are parallelly working in the
reports, meeting minutes, compliance report and
Bank. The Management level Risk Management Committee
other documents to BB;
is headed by the Chief Risk Officer of the Bank and formed
• Assisting BRMC/ERMC by providing risk issues;
as per the TOR of Bangladesh Bank and conduct minimum
• Designing bank’s overall risk management strategy;
one monthly meeting. Major functions of ERMC are as
• Conducting, developing and overseeing Stress Testing
under:
activity;
• Developing and testing different models (such as VaR,
• Identifying, measuring and managing bank’s existing
HHI index, Collection scoring, Vintage curve etc.);
and potential risks;
• Supporting the board, BRMC and ERMC in
• Holding meeting at least once in a month based on the
formulation, review and approval of the enterprise-
findings of risk reports;
wide risk governance framework which includes the
• Ensuring incorporation of all the decisions in the
bank’s risk culture, risk appetite, risk limits, and MAT;
meeting minutes;
• Monitoring on ongoing basis the risk-taking activities
• Reviewing risks involved in new products and
and risk exposures and corresponding capital or
activities and ensuring that the risks can be measured,
liquidity needs (i.e. capital planning)
monitored, and controlled adequately;
• Communicating views of the board and senior
• Submitting proposals, suggestions & summary of
management throughout the bank;
ERMC meetings to CEO, BRMC;
• Monitoring compliance of irregularities found in core
• Implementing the decisions of BRMC and board
risk inspection reports of BB;
Jamuna Bank Limited 357
• Taking appropriate steps to control or mitigate risk
exposures and ensure reporting the same to senior
Standards
management and BRMC.
Standards are developed on an enterprise-wide basis, and
documented in a series of policies, manuals and handbooks
3. Risk Policies, Procedures, under the purview of Risk Management Division.
Process, Standards and Limits:
Limits
Policies and Procedures Controls risk-taking activities within the tolerances
Policies and procedures are essential to ensure that banks established by the Board and senior executive management.
operate efficiently, effectively and in compliance with Limits also establish accountability for key tasks in the
relevant laws and regulations. The Board of Directors and risk-taking process and establish the level or conditions
Senior Management have formulated risk management under which transactions may be approved or executed.
policies and procedures to deal with various risks that
arise from the bank’s business and operational activities. 4. Risk Management Process:
The bank’s policies and more detailed procedures provide
guidance for the day-to-day implementation of broad An effective risk management system includes the
risk strategies and limits designed to protect the bank implementation of clearly defined policies and processes
from imprudent and unwarranted risks. The Board of to facilitate the identification and quantification of risks
Directors and Senior Management review risk policies, inherent in a bank’s different activities. Risk Management
procedures, and limits on a yearly basis and updates them is a repetitive process that, with each cycle, can contribute
when necessary. Policies and procedures help to build progressively to organizational improvement by providing
trust with customers and stakeholders by demonstrating a management with a greater insight into risks and their
commitment to ethical and responsible behavior. impact. It is a series of multi-steps that, when undertaken
in sequence, enable continual improvement in decision-
Policies & Guidelines making.
Credit Risk Management Steps of Risk Management Process are as under:
Asset Liability Management Step-1-Communicate and Consult: This is a preparatory
step that aims to identify the responsible persons involved
Foreign Exchange in risk assessment and also the persons engaged in the
treatment, monitoring and review of risk.
Internal Control & Compliance
Step-2-Establish the Context: This is another preparatory
AML&TF Risk Management stage that closes to starting the formal risk management
process.
ICT Security
Step-3-Identify the Risks: The next step is to identify
Wholesale Borrowing & Funding possible risks that may affect, either negatively or
positively, the objectives of the business and the activity
Environmental & Social Risk Management under analysis.
Sustainable Finance Step-4-Analyze the Risks: The risk analysis step assists in
determining which risks have a greater consequence or
impact than others.
Process Step-5-Evaluate the Risks: Risk evaluation involves
The Risk Management Process is a structured approach comparing the level of risk found during the analysis
to identify, assess, prioritize and mitigate risks that could process with previously established risk criteria and
affect their operations, objectives or reputation. deciding whether these risks require treatment.
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Annual Report 2022
Step-6-Treat the Risks: Risk treatment is about considering options for treating risks, evaluating those options, preparing
the risk treatment plans and implementing those plans to achieve the desired outcome.
Step-7-Monitor the Risks: Risks need to be monitored periodically to cope up with changing circumstances. The risk
management process needs to be regularly repeated so that new risks are captured in the process and effectively managed.
Establish Context
Risk Assessment
Risk Identification
Communication Monitor and
and consultation Risk Analysis Review
Risk Evaluation
Risk Response
5. Risk Profile of JBL and Analysis of Risks by using Likelihood Scale
Risk Profile is the amount or type of risk a bank is exposed to. Forward Risk Profile is a forward looking view of how
the risk profile may change both under expected and stressed economics conditions. The risk management process is
commensurate with the risk profile. As a part of regulatory and global benchmarking, the Bank has developed its own
risk profile based upon six (6) core risks guidelines of Bangladesh Bank and Basel framework.
Development of risk profile assists in determining which risks have a greater consequence or impact than others. Thus
analyzing the likelihood and consequences of each identified risk and deciding which risk factors will potentially have
the greatest effect and should, therefore, receive priority with regard to how they will be managed. The level of risk is
analyzed by combining estimates of likelihood (table 1) and consequences (table 2),
Table 1 - Likelihood Scale
Rating LIKELIHOOD (The potential for problems to occur in a year)
5 ALMOST CERTAIN: will probably occur, could occur several times per year
4 LIKELY: high probability, likely to arise once per year
3 POSSIBLE: reasonable likelihood that it may arise over a five-year period
2 UNLIKELY: plausible, could occur over a five to ten year period
1 RARE: very unlikely but not impossible, unlikely over a ten year period
Table 2 – Loss or Damage Impact Scale
Rating POTENTIAL IMPACT (In terms of the objectives of the Bank)
5 CATASTROPHIC: most objectives may not be achieved, or several severely affected
4 MAJOR: most objectives threatened, or one severely affected
3 MODERATE: some objectives affected, considerable effort to rectify requires medical attention and has some
impact on overall health of the bank and also may impact on the economy the bank is operating in
2 MINOR: easily remedied, with some effort the objectives can be achieved
1 NEGLIGIBLE: very small impact, rectified by normal processes
Jamuna Bank Limited critically analyze the major and plausible risk issues faced throughout the year and based on that
the bank positions a total number of 11 risks which have 27 specific risks. JBL strives to lessen the impact by the way of
applying enhanced due diligence. Unprecedented events and environmental risks are addressed without delay to avoid
Jamuna Bank Limited 359
severe impact. The following Heat Map is helpful for risk managers and concerned committees to get a glimpse on the
risk profile and make the plan accordingly. It is to be noted here that, the Risk Heat Map shall be reviewed periodically
by Risk Management Division.
Sl. Risk Category Specific Risk Risk Position
1 Credit Risk Default Risk Critical
Recovery Risk Medium
Concentration Risk High
2 Liquidity Risk Funding Liquidity Risk Low
Market Liquidity Risk Medium
3 Market Risk Interest rate shock Medium
Equity shock Low
4 Operation Risk People Risk High
Process Risk Low
System Risk Medium
External Risk High
5 Reputation Risk Quality of Customer Service Medium
Penalty or fine Low
Negative media report Low
6 Residual Risk Documentation Error High
Valuation Error Medium
7 Settlement Risk Un-responded entries Medium
Non-repatriation Medium
8 Strategic Risk Strategy Positioning Risk Low
Implementation Risk Low
9 Technology Risk System Failure Risk Medium
Information Security Risk High
Business Continuity Risk Low
10 Legal Risk Compliance Risk High
AML/CFT Risk Medium
11 Env. & Social Risk Environmental Risk Medium
Social Risk Medium
Risk Positioning
Number of risks per each impact/likelihood scenario
Catastrophic 2 1 Critical 4% 1
Major 3 3 1 1 High 22% 6
Impact Moderate 3 3 3 1 Medium 44% 12
Minor 2 1 2 1 Low 30% 8
Negligible Total 100% 27
Rare Unlikely Possible Likely Almost Certain
Likeihood
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6. RISK MITIGATION METHODOLOGY
The success of banking operation largely depends on choosing the best equation between risk and return. This implies
that by nature the banking operation is subject to various risks. Risk Mitigation is the process by which an organization
introduces specific measures to minimize or eliminate unacceptable risks associated with its operations. Risk mitigation
measures can be directed towards reducing the severity of risk consequences, reducing the probability of the risk
materializing, or reducing the organizations exposure to the risk. The risk mitigation step involves development of
mitigation plans designed to manage, eliminate, or reduce risk to an acceptable level. Once a plan is implemented, it is
continually monitored to assess its efficacy with the intent of revising the course-of-action if needed.
The Bank has adopted a Sound Risk Mitigation Approach to ensure risk exposures within the Bank. Risks of the Bank
are mitigated consistently in line with the Board-approved risk appetite that supports the Bank’s strategy. The RMA sets
standardized practices to promote accountability and necessary oversight for the effective management of all these risk
types. As a part of regulatory and global benchmarking, the Bank has developed risk mitigation tactics based upon six
(6) core risks guidelines of Bangladesh Bank and Basel framework. The acknowledged risks which the Bank are currently
mitigating or intends to mitigate in the future are represented in the below diagram:
Identified Risk
Core Risk Pillar-I Pillar-II
Credit Risk Credit Risk Residual Risk
Foreign Exchange Risk Concentration Risk
Market Risk
Interest Rate Risk in the Banking Book
Asset Liability Risk
Operational Risk
Liquidity Risk
Money Laundering Risk
Reputation Risk
Internal Control & Compliance Risk
Strategic Risk
ICT Risk
Settlement Risk
Environmental & Climate Change Risk
Other Material Risk
6.1 Credit Risk:
Credit risk arises from the potential that a bank’s borrower will fail to meet its obligations in accordance with agreed
terms, resulting in a negative effect on the profitability and capital of the bank. Credit risk may arise from on balance
sheet claims such as loan and overdrafts as well as off balance sheet commitments such as guarantee, acceptance, letter
of credit etc. Bank uses different strategies such as collateral and guarantees etc. to mitigate credit risks. The existence
of credit risk mitigation is no substitute for proper loan underwriting and loan administration.
JBL has established a robust credit risk management system to proactively manage loan portfolio in order to minimize
losses. It has significantly improved risk management culture and established standard for segregation of duties and
responsibilities relating to Credit Operation of the Bank.
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Work flow chart of Credit Operation:
Branch Manager solicits business from customers
Customers formally apply to the Branch for credit
Branch RM and RO (Credit) prepares Credit Memorandum (proposal) and send to HO Business Division
(Corporate/SME/Retail)
Corporate/SME/Retail Division reviews the branch proposals and send to CRM Division with their
observations & recommendations
Credit anlysts at CRM Division appraise the proposal, assess the risks & mitigants and submits to concern
supervising Executive with summarized observations
Initiating Executive at CRM passes his/her comments on the merits/demerits of te proposed financing and
recommends the proposal for approval/decision of Approval Authority
The approval AUthority approves/declines the proposals
CRM Division prepares Sanction Advice and gets it signed by Appropriate Authority
Dispatch the sanction advice to proposal originating Branch, endorsing copy to concerned Business
Division (Corporate/SME/Retail) and Head Office CAM Division
Limit loading is conducted by CRM, HO in terms of sanction advice
Limit Authorization and Activation is done by CAM, HO in terms of sanction advice upon receipt of Loan
Documentation Checklist & Security Compliance Certificate from respective Branch
6.1.1 Approach to measure Credit Risk:
Internal Credit Risk Rating System (ICRRS) is an important tool for credit risk measurement as it helps banks to
understand various dimensions of risk involved in different credit transactions. The aggregation of such rating across
the borrowers, activities and the lines of business can provide better assessment of the quality of credit portfolio of a
bank or a branch. Well managed credit risk rating systems promote bank safety and soundness by facilitating informed
decision-making.
Following risk areas are addressed and assessed in credit sanctioning process:
Borrower Analysis: Reputation, education, experience, age and success history and net worth of the borrower are
considered to analyze a borrower. Any issues regarding lack of management depth, complicated ownership structures or
inter-group transactions are addressed in borrower analysis.
Industry Analysis: To analyze an industry JBL considers industry position i.e. threat & prospect in the industry, risk
factors pertaining to the industry, borrowers position or share in the industry.
Historical financial analysis: An analysis of a minimum of 3 years historical financial statements of the borrower is
being presented. The analysis addresses the quality and sustainability of earning, cash flow and the strength of the
borrower’s balance sheet.
Projected financial Performance: Where term facilities are being proposed, a projection of the borrower’s future
financial performance is required to be provided.
Technical feasibilities / Infrastructural facilities, Seasonality of demand, Debt-Equity Ratio, Account conduct of the
borrower, Security and other relevant factors are considered to assess credit risks.
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6.1.2 Mitigation measures of Credit risk:
• Ensure compliance with Credit Policy Guidelines and related strategies of the bank before approving any Credit
facility.
• Credit Marketing/Relationship, Credit Approval and Credit Administration activities have been separated.
• Analyze borrower’s repayment capacity through review of financial statements, key financial indicators/ratios.
• Internal Credit Risk Rating is being done in line with the Bangladesh Bank guidelines.
• Credit facilities are allowed after consideration of absolute due diligence.
• Ensure approved credit facilities are structured and designed appropriately in line with the needs of the customer
or applicant and their repayment capacity.
• Inherent risks in Credit proposal are being identified and mitigation steps are taken.
• Ensure a prudent level of credit portfolio diversification as per risk appetite of the Bank.
• Collateral is properly valued and verified by concerned officer in periodically basis.
• Credit delegations are specified for new/fresh limit, renewal or enhancement of limit, consumer/ retail loan,
personal loan etc.
• Adequate provision against Credit has been maintained.
• Adequate capital has been maintained for Credit risk under Basel III framework.
6.1.3 Monitoring Mechanism to Mitigate Credit risk:
• Monthly monitoring of sector and industry wise approved limit
• Ensure regular factory and business visit of the clients
• Review of financials in regular interval
• Review of industry report
• Early Alert Reporting Process
• Periodic Review of marginal clients
• Fresh valuation when the old one was done more than 3 years ago
• Collateral visit and documentation rechecking at the time of refinancing
• Analysis of overdue, NPL%, Provision coverage, recovery periodically.
Key Risk Assessment Measured in Frequency Mitigation
Tools Process
Monthly, Quarterly, ICAAP, MAT, RAS,
Portfolio Risk Reason for Growth MRMR, CRMR
Half Yearly, Yearly Limit, Standards
Sectoral Credit
HHI, Gini, SEI, SI Monthly, Quarterly,
Credit Concentration MRMR, CRMR Limit, Capital
Half Yearly, Yearly
Allocation
Coverage
Security/ Collateral/ Assessment, Stress MRMR, CRMR, Stress Monthly, Quarterly, Management Action
Margin Status Testing Testing Half Yearly, Yearly Trigger
Transition Management Action
Loan Catagorization Matrix, Reason for MRMR, CRMR, Stress
Quarterly Trigger, Special
& Classification classification, Stress Testing, ICAAP
Program
Testing.
Continuous Follow
Documentation MRMR, CRMR,
Half Yearly, Yearly up and Capital
Lapses Audit Report Review ICAAP
Allocation
Unplaned
Separate product and Management
Conversion and MRMR, CRMR Management Strategy
periodic review Requirement
Undrawn
Regulatory Single Borrower Monthly, Regulatory
Limit, Env. & Social Regulatory Format Management Strategy
Adherence Requirement
Risk Rating
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6.2 Market Risk:
Market risk is defined as the risk of losses in on and off-balance sheet positions arising from movements in market rates
or prices such as interest rates, foreign exchange rates, equity prices and commodity prices.
• Foreign Exchange Risk: Foreign exchange risk refers to the losses that an international financial transaction may
incur due to currency fluctuations. Also known as currency risk, FX risk and exchange-rate risk, it describes the
possibility that an investment’s value may decrease due to changes in the relative value of the involved currencies.
At Jamuna bank, treasury division is vested with dealing with risks associated with foreign exchange movements.
• Interest Rate Risk: Interest rate risk is the potential for investment losses that result from a change in interest rates.
If interest rates rise, for instance, the value of a bond or other fixed-income investment will decline.
• Equity Risk: Equity risk is defined as loses due to changes in market price of equity held by the Bank. To measure
and identify this risk, marks to market valuations of the equity instruments that are traded in secondary market are
made.
6.2.1 Mitigation Techniques of Market Risk:
• Limits- Foreign exchange dealing is done within the limits approved by the Board to the CEO or Head of Treasury.
Dealing limits are set according to the bank’s own requirements, market conditions, and the counterparty. The CEO
usually delegates the setting of limits to the Head of Treasury who, in turn, allocates limits to individual dealers.
• Stop-loss Limit- Every dealer is assigned a stop-loss limit to restrict intuition-driven trades. This is in line with the
organization’s portfolio and risk appetite. Limits are also set for individual deals and dealer portfolio positions. Stop-
loss limits to the Head of Business or CEO and the Head of Treasury are set by the Board and in turn, the Head of
Treasury allocates individual limits to the dealers.
• After-hours and Off-premises Dealings- Afterhours and off-premises dealings are strictly prohibited. The Head
of Treasury, with the approval of the Head of Business or CEO, might engage in after-hours and/or off-premises
dealings for taking or covering positions on a case-by-case basis.
• Valuation- The Treasury back-office evaluates all outstanding positions at current market rates (mark-to-market) to
determine their market value on a daily basis. The back-office also gathers market rates from independent sources,
i.e. other than the dealers of the same organization(s) to avoid any conflict of interest with reporting to the line
manager. This exercise provides information regarding the profitability or loss of outstanding contracts.
• Market trend of interest/profit rate is analyzed to make proper decision about interest/profit rate determination of
various deposits and credit/investment product of the bank which is monthly discussed in the ALCO meeting.
• Adequate capital is maintained against market risk under RBCA guideline of Bangladesh Bank.
• Scenario analysis for interest/profit rate risk is carried on through simple gap analysis and duration gap analysis.
• Risk appetite is outlined on different indicator of market risk.
6.2.2 Monitoring Mechanism of Market Risk:
• Conducting sensitivity analysis, Duration gap analysis periodically.
• Analyzing changes in net interest income
• Monitoring deviation from approved limit
• Tracking major changes in key economic indicators
• Staying updated about company performance
• Continuous monitoring of market development
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Key Risk Assessment Measured in Frequency Mitigation
Tools Process
Value at Risk, Management Action
Sensitivity, Interest Trigger, Stop Loss
Stress Testing, Monthly, Quarterly,
Market Sensitivity Rate Risk, Duration Cap, Counterparty
CRMR, MRMR Half Yearly, Yearly
Gap, Portfolio Cap, Capital
Analysis Allocation
Regulatory Risk Appetite, CRMR, Monthly, Half Yearly, Management Action
Compliance Investment Limit MRMR Yearly Trigger, Management
Strategy, Capital
Allocation
Concentration Risk HHI, Gini, SEI, SI ICAAP Yearly
Management Strategy
Macro Economic
Industry Outlook CRMR Half Yearly, Yearly Management Strategy
Review
6.3 Operational Risk:
Operational risk is the risk of loss due to errors, breaches, interruptions or damages—either intentional or accidental—
caused by people, internal processes, systems or external events. Compared with financial risk, operational risk is
more complex and more challenging to monitor, control and manage. Operational risk may arise from negligence and
dishonesty of the employees, lack of management supervision, inadequate operational control, lack of physical security,
poor technology, lack of automation, non-compliance of regularity requirements, internal and external fraud etc.
6.3.1 Mitigation Techniques of Operational Risk:
• Standard operating procedure is followed to conduct day to day activities of the bank. Bank has well articulated
operation manual, internal control and compliance manual, anti money laundering and terrorist financing manual,
accounting manual and ICT manual etc. to describe the standard operating procedure.
• Internal audit is conducted on different business and non-business on periodic basis.
• Adequate capital is maintained against operational risk under RBCA guideline of Bangladesh Bank.
• Risk appetite is outlined on different indicator of operation risk.
• External auditors regularly provide unbiased recommendations on the strengths or weaknesses of the bank’s
internal control system. They examine records and transactions and evaluate the accounting policy, disclosure
policy and methods of financial estimation. This allows the Board and the management to independently view
the bank’s overall control system. Along with the periodic Bangladesh Bank audit, other external auditors conduct
regular audits to ascertain control lapses within the system.
6.3.2 Monitoring Mechanism of Operational Risk:
• Top management reviews
• Reconciliations of key accounts and balances
• Set independent verification procedures
• Internal audits
• External audits
• Pending document reporting & action planning
• Credit review meetings
• Network & system monitoring
• Context analysis as part of strategic planning process
Jamuna Bank Limited 365
Key Risk Assessment Mitigation
Tools Process
Assessment of Crop
Corporate Governance &
Governance Status and
Strategic risk
Strategic risk
Management Action
Control Lapses in Opr. Attachment, Risk Control,
Process Self Assessment
Trigger, Escalation,
Capital Allocation
Incident Reporting,
Fraud & all other Opr. risks Internal Audit, Key Risk
Indicators (KRI)
6.4 Liquidity Risk:
Liquidity risk is the risk that a given security or asset cannot be traded quickly enough in the market to prevent a loss
(or make the required profit) or when a bank is unable to fulfill its commitments in time when payment falls due. Thus,
liquidity risk can be of two types:
a) Funding liquidity risk: the risk that bank will be unable to meet its current and future cash flow and collateral needs
without affecting its daily operations or its financial condition.
b) Market liquidity risk: the risk that bank cannot easily offset or sell a position without incurring a loss because of
inadequate depth in the market.
Advance-
deposit ratio
Wholesale
Statutory borrowing
Liquidity limit
Ratio utilization
Maximum
Cash cumulative
Reserve outflow
Ratio (MCO)
Liquidity
Risk
Liquid asset
Indicators Liquidity
to short-term coverage
liability ratio (LCR)
Liquid asset Net stable
to short-term funding ratio
deposit (NSFR)
Structural
liquidity
Profile
6.4.1 Mitigation Techniques of Liquidity Risk:
• JBL has following different processes, tools and systems to mitigate its liquidity risk at operational level:
° Assets-Liability Management Guidelines
° Wholesale Borrowing and Funding Guidelines
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° Liquidity Contingency Plan
° Management Action Trigger
• Bank follows Bangladesh Bank’s guideline on CRR, SLR, LCR and NSFR
• Risk appetite is outlined on different indicator of liquidity risk.
• Liquidity position is reviewed in the monthly ALCO and ERMC meeting and appropriate decision is taken based on
the market trend. Following liquidity indicators are used:
° Advance-deposit ratio
° Wholesale borrowing limit utilization
° Maximum cumulative outflow (MCO)
° Liquidity coverage ratio (LCR)
° Net stable funding ratio (NSFR)
° Structural liquidity Profile analysis
° Liquid asset to short-term deposit
° Liquid asset to short-term liability
° Cash Reserve Ratio
° Statutory Liquidity Ratio
6.4.2 Monitoring Mechanism of Liquidity Risk:
• Conducting periodical stress Test
• Tracking balance sheet movement and key ALM ratios
• Tracking major changes in key economic indicators
• Monitoring key Liquidity ratios like AD ratio, CRR, SLR, LCR and NSFR regularly.
Key Risk Assessment Mitigation
Measured in Frequency
Tools Process
Stress Testing,
Stress Testing, LCR, Monthly, Quarterly,
Market Sensitivity CRMR, MRMR,
NSFR Half Yearly, Yearly
ICAAP
Management Action
Trigger, Escalation to
CRMR, MRMR, Monthly, Half Yearly,
Liquidity Ratio CRR, SLR, MCO, AD Senior Management,
ICAAP Yearly
ALCO, Capital
Allocation
Duration Gap, Stress Testing,
Monthly, Quarterly,
Maturity Mismatch Structured Liquidity CRMR, MRMR,
Half Yearly, Yearly
Profile ICAAP
6.5 Internal Control and Compliance Risk:
Internal control and compliance is a process designed to provide reasonable assurance regarding the achievement of
objectives in the following categories:
• Effectiveness and efficiency of operations
• Reliability of financial reporting and
• Compliance with applicable laws, regulations and internal policies
A sound internal control function plays an important role in contributing to the effectiveness of the internal control
system.
6.5.1 Mitigation Techniques of Internal Control and Compliance Risk:
Jamuna Bank Limited has a robust organizational structure to enable the prudent management of Internal Control &
Compliance risk. It has also a structured Internal Control & Compliance Division (IC&CD) with three following distinct
units headed by a senior-level executive.
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• Audit and Inspection Unit
• Compliance Unit
• Monitoring Unit
As per guidelines of Bangladesh Bank, the Board of Directors and Senior Management of our bank have taken several steps
for establishing appropriate culture to facilitate an effective internal control process and for monitoring its effectiveness
on an ongoing basis. Accordingly Senior Management Team (SMT) has reviewed the internal control mechanism of
the Bank, e.g Effectiveness of Internal Control Environment; Objective of Internal Control; Internal Control Policy
Guidelines; Organization Structure; and Internal Control Process of the Bank. The team also reviewed the key points of
Bangladesh Bank’s last Inspection Report on ICC along with the Bank’s Compliance thereof.
6.5.2 Monitoring Mechanism of Internal Control and Compliance Risk:
• Monitor internal control and compliance risk profiles on an on-going basis.
• Ensure that the scope and frequency of the audit plan/ program is appropriate to the risk exposures.
• Determine that senior management takes appropriate corrective actions when compliance failures are identified.
• Analyze the timeliness and accuracy of internal control and compliance risk reports to senior management and
board of directors.
Regularly review the following issues through CRMR and ICAAP report:
• No. of branches audited,
• Major irregularities found and officers involved.
• whether it is placed to audit committee,
• Action taken against the accused,
• No. of non-compliance
• Action taken for regularizing the non-compliant issues
Key Risk Assessment Mitigation
Measured in Frequency
Tools Process
No. of major
Internal Control
irregularities Management
and Compliance
found; Compliant Action Trigger,
Status of all
issues and Presented
inspection reports CRMR,
noncompliant Monthly, Half to Senior
of Bangladesh MRMR,
issues; Action Yearly, Yearly Management and
Bank, Internal & ICAAP
taken for Audit Committee
External Audit,
regularizing the of Board, Capital
Risk Control Self-
non-compliant Allocation
Assessment
issues
6.6 Money Laundering Risk:
Money laundering is the process of transforming the proceeds of crime into legitimate money or other assets. The
prevention of laundering the proceeds of crime has become a priority for all jurisdictions from which financial activities
are carried out. Both money laundering and terrorist financing can weaken individual financial institution and they are
also threats to a country’s overall financial sector reputation.
The money laundering is not a single act but a process accomplished in 3 basic stages which may comprise numerous
transactions by the launderers that could alert a financial institution to criminal activity:
• Placement- the physical disposal of the initial proceeds derived from illegal activity.
• Layering- separating illicit proceeds from their source by creating complex layers of financial transactions designed
to disguise the audit trail and provide anonymity.
• Integration- the provision of apparent legitimacy to wealth derived criminally.
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6.6.1 Mitigation Techniques of Money Laundering Risk:
• A separate division named as “Money Laundering & Terrorist financing Prevention Division” has been constituted
for overseeing and managing the matters pertaining to money laundering and terrorist financing (ML & TF) risk.
The division is responsible for cascading the fundamentals on anti money laundering (AML) & combating the
financing of terrorism (CFT) across the organization and facilitating all the internal and regulatory compliances
regarding AML & CFT.
• A Central Compliance Committee (CCC) has been formed which is headed by a DMD who is the Chief Anti Money
Laundering Compliance Officer (CAMLCO).
• “Guidelines on Prevention of Money Laundering and Terrorist Financing” has been reviewed & updated and
disseminated to all branches of the Bank in the year 2019 which was duly approved by the Board of Directors of the
Bank.
• Applies risk-based customer due diligence (CDD) measures, monitors business relationships, and transaction
pursuant to national regulations and international standards.
6.6.2 Monitoring Mechanism of Money Laundering Risk:
• Ensure implementation of annual “AML & CFT Compliance Programme”
• Monitor the overall status of Bank’s AML & CFT compliance activities
• Issue circulars/ instructions to branches on AML & CFT
• Arrange and impart training, workshop, seminar related to AML & CFT
• Present compliance status with recommendations before senior management
• Regularly review the following issues through CRMR, CTR, STR, and ICAAP report:
° Excessive cash movement
° Transaction volume exceeds the transaction limits
° Cash transactions that breach certain limit set by Bangladesh Bank
° Violation relating to Money Laundering
Key Risk Assessment Mitigation
Measured in Frequency
Tools Process
Excessive cash ECMR, CRMR, Daily, Monthly,
Reviews TP
movement MRMR Half Yearly
Transaction
volume exceeds Reviews TP and Management
Exception Report Monthly Action Trigger,
the transaction KYC Profile
limits Escalation
to Senior
Cash transactions Review the Cash Management and
that breach CTR, STR, CRMR, Monthly, Half Board of Directors
Transaction and
certain limit set by MRMR Yearly
Check List
Bangladesh Bank
Violation Risk Control Self-
relating to Money ICAAP, CRMR Half Yearly, Yearly
Assessment
Laundering
6.7 Information and Communication Technology (ICT) Risk:
Now, Banks have become more dependent on information and communication technology such as the internet, computer
and other electronic data to run their daily operations. With the onset of COVID-19, everything from individuals to
businesses heavily relies upon IT infrastructure, which is playing the instrumental role in shaping the virtual platforms
into natural means. Although technology emerged as the savior during the pandemic, it has also exposed us to the
greater risk due to the involvement of mass people and massive processes with technologies. This risk may arise from
malfunction of the system, failure of the network, lack of knowledge about the use of technology, virus attack, hacking,
cyber-attacks, etc.
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6.7.1 Mitigation Techniques of Information and Communication Technology (ICT) Risk:
• JBL has formulated Up-to-date ICT security policy that is aligned with the latest Bangladesh Bank ICT guidelines as
well as international standards.
• As part of the effective centralized management of Banking operations, a full-fledged Data Centre (DC) was
Established with sophisticated technologies.
• Jamuna Bank has established Disaster Recovery Site (DRS) at Bangabandhu Hi-Tech City in Kaliakair, Gazipur. This
DRS is equipped to protect loss of customers’ sensitive information and their transactions, in case of failure of
primary Data Centre (DC) due to any disaster.
6.7.2 Monitoring Mechanism of Information and Communication Technology (ICT) Risk:
• To minimize ICT risk, the Bank has embraced different core technological improvement initiatives e.g. relocation
and up gradation of Data Centre, purchase of new Core Banking Software (CBS), SMS alerts for all ADC transactions,
version update of Mobile banking and internet banking.
• For Cyber Security Management, a continuous awareness program for everyone, employees and clients about cyber
security goes round the years in JBL. The Bank reminds the employees about security in every possible way as a
continuous process.
• In practice, a handful of initiatives including firewalls, perimeter security, vulnerability testing and intrusion
prevention are in place to check and strengthen the preventive measures against cyber-attacks.
• An IT Audit Team has been formed to audit the Branches and related Divisions.
6.8 Residual Risk:
Risk Based Capital Adequacy (RBCA) framework and other supervisory regulations issued by Bangladesh Bank on credit
risk management allow Banks to offset credit or counterparty risk with collateral along with the legal and financial
documents. While the Bank uses different techniques to reduce its credit risk, improper application of these techniques
gives rise to additional risks that may render the overall risk management less effective. Accordingly, these additional
risks (e.g. documentation risk, valuation risk) are termed as Residual Risk. Residual Risk is a risk that arises mainly out
of the following situations:
• Error in Documentation
• Error in Valuation of Collateral
6.8.1 Mitigation Techniques of Residual Risk:
Jamuna Bank Limited manages residual risk in the following approach:
• Establish a policy or plan for reducing documentation lapses and valuation errors.
• Formulate a clearly defined valuation methodology for collateral security.
• Prepare a Material Documents Checklist and its risk weight.
• Allocate additional capital for residual risk in ICAAP report annually.
6.8.2 Monitoring Mechanism of Residual Risk:
• Prepare list of clients who have documentation lapses.
• Monitor and follow-up those clients who have error or lapses in documentation
• Review the clients’ audit objections at the time of credit appraisal whether it is renewal or enhancement.
• Ensure revaluation of collateral security in every three years.
6.9 Concentration Risk:
Concentration risk arises when any bank invests its most or all of the assets to single or few individuals or entities or
sectors or instruments. That means when any bank fails to diversify its loan and investment portfolios, concentration
risk emerges.
In the context of Pillar-2, concentration risk can be of following two types:
I. Credit Concentration Risk: When the credit portfolio of a bank is concentrated within a few individuals or entities
or sectors, credit concentration risk arises.
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II. Market Concentration Risk: When the investment Assessing above key indicators for all aspects of the bank
portfolio of a bank is concentrated within a few to mitigate Reputation Risk.
instruments or any instrument of few companies or
any instrument of few sectors, market concentration 6.10.2 Monitoring Mechanism of
risk arises. Reputation Risk:
• Regular monitoring of laws and regulations and
6.9.1 Mitigation Techniques of ensuring those are complied with
Concentration Risk: • Monitoring the non-financial reputational risk
JBL manage concentration risk by formulating Risk Appetite indicators and identifying matters of potential risk
Statement. Risk Limits for Sector-wise exposure, Division • Active evaluation to analyze impact on reputation
wise exposure, Group-wise exposure, Single borrower-wise • Regular tests and system up gradation to ensure the
exposure and Top borrower-wise exposure are fixed up in efficacy of the IT system
the Risk Appetite Statement. Bank also manage market
concentration risk by setting up investment limit, Foreign 6.11 Strategic Risk:
Exchange Dealers’ limit etc. Strategic risk means the current or prospective risk to
earnings and capital arising from imperfection in business
6.9.2 Monitoring Mechanism of strategy formulation, inefficiencies in implementing
Concentration Risk: business strategy, non-adaptability/ less adaptability with
Ensure compliance with the Risk Appetite Statement. the changes in the business environment and adverse
Monitor the Sector-wise exposure, Division wise exposure, business decisions. Strategic risk induces operational loss
Group-wise exposure, Single borrower-wise exposure, that consequentially hampers the capital base.
Top borrower-wise exposure, Instrument (financial
securities) wise investment, Sector-wise investment in 6.11.1 Mitigation Techniques of Strategic
listed instruments and Currency wise investment of Risk:
foreign exchange portfolio through CRMR, MRMR, ICAAP In this context following aspects is considered:
statement on regular basis. Ւ CAMELS rating – optimum level (satisfactory)
Ւ Operating expenses as % of operating income-
6.10 Reputation Risk: optimum level up to 45%
Reputation risk is the current or prospective risk to Ւ Classified loans as % of total outstanding loans-
earnings and capital that arise from decline in the customer optimum level up to 5%
base, costly litigation due to adverse perception of the Ւ Classified loan recovery as % of total classified
stakeholders. It originate from the lack of compliance loans- optimum level minimum 20%
with industry service standards or regulation, failure to Ւ Written-off loans as % of total classified loans-
meet commitments, inefficient and poor quality customer optimum level up to 15%
service, lack of fair market practices, unreasonably Ւ Interest waiver as % of total classified loans-
high costs and inappropriate business conduct. In a optimum level up to 5%.
nutshell, “reputation risk arises from the failure to
meet stakeholders’ reasonable expectation of bank’s 6.11.2 Monitoring Mechanism of Strategic
performance and behavior”. Reputation risk is a subset of Risk:
operational risk which can adversely affect the capital base • Analyze key financial indicators and discussion on
if the driving forces of the risk turn worse. variances from annual budget
• preparation of forecasts regularly and reviewing
6.10.1 Mitigation Techniques of Reputation reasons for variances
Risk: • Structured and systematic methods of gaining
Banks assess reputational risk by considering following colleagues’ views and feedback through Branch
key indicators: Managers’ Meeting with CEO and through Change
Ւ Credit Rating conducted by ECAIs Management initiatives
Ւ Internal fraud • Regular financial analysis to monitor returns of each
Ւ External fraud business vertical
Ւ Non-payment or delayed payment of accepted
bills (foreign & domestic) 6.12 Environmental and Social Risk:
Ւ Quality of customer service. Environmental and Social risk refers to the uncertainty
Jamuna Bank Limited 371
or probability of losses that originates from any adverse involved in processes which have negative impact on
environmental or climate change events (natural or environment and community.
manmade) and/or the non- compliance of the prevailing • Checking regulatory clearance documentation
national environmental regulations. This is a facilitating • Using Environmental & Social Risk Rating (ESRR), a
element of credit risk arising from environmental issues. semi-automated toolkit, to determine generic and
These can be due to environmental impacts caused by sector-specific environmental and social risks prior to
and / or due to the prevailing environmental conditions. financing.
Environmental and social risk can hamper the business • Not accepting mortgage of contaminated land as
stability of the borrowers in respect of both- i) profitability collateral.
and ii) reputation. Consequentially, the extent of risk for
the banks will be higher. 6.12.2 Monitoring Mechanism of
Environmental and Social Risk:
6.12.1 Mitigation Techniques of • Quarterly review of Environmental and social risk
Environmental and Social Risk: status of portfolio
• All credit proposals to be first screened against • Post-disbursement visit of Green establishment.
Exclusion List as per Environmental & Social Risk • Conducting Environmental and Social Due Diligence
Management (ESRM) Guidelines which have negative (ESDD) according to Bangladesh Bank directives.
social and environmental impact.
• Quarterly update of ESRR related activities to BRMC
• Not financing where operations of client are
7. Disclosures of Risk Reporting
Risk reporting is the vehicle for communicating the value that the Risk function brings to an organization. It involves
distribution of information on risks to internal and/or external stakeholders. Risk reports aggregate the measures of
risks, across products and businesses, are used to ensure compliance with policies, limits, and guidelines. They also
provide a clear statement of the amounts, types, and sensitivities of various risks in the banking operations. Senior
management and the Board use the information to visualize the bank’s risk profile and the performance of the portfolio.
Jamuna Bank Limited established a strong risk reporting in line with regulatory requirement and for internal analysis.
Bank submitted the following risk reports to Bangladesh Bank and other stakeholders on timely basis.
Name of the Report Impact Frequency
Risk Appetite Statement (RAS) It sets out the risk appetite, tolerance and limit for all the probable areas of risks Annually
like
Ւ Growth of total loans and advances
Ւ Credit concentration
Ւ Gross and net NPL to total loans
Ւ Rescheduled loans to total classified loans
Ւ Value at Risk (VAR) for securities and FX
Ւ Bucket-wise gap under structural Liquidity Profile (SLP)
Ւ Loss due to overall operational risk
Ւ Core risks rating etc.
Monthly Risk Provides a comprehensive overview of the Bank’s risk profile across the key risk Monthly
Management areas like:
Report (MRMR) • Capital adequacy
• Credit risk
• Market risk
• Information about profitability
• Liquidity risk
• Operational risk
• Audit compliance
• Reputational risk
• Money laundering risk
• Compliance of risk management
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Annual Report 2022
Name of the Report Impact Frequency
Comprehensive Risk Provides a comprehensive overview of the Bank’s risk profile across the key risk Half Yearly
Management areas like:
Report (CRMR) • Global Economic Outlook
• Bangladesh Economy
• Summary of the activities of Board Risk Management Committee
• Credit Risks Analysis
• Market Risk
• Liquidity Risk
• Operational Risk
• Reputational Risk
• Core Risk Management
• Compliance Risk
• Environmental & Social Risk Management
• Money Laundering Risk
Capital Adequacy • Quantifies capital charge for credit risk, market risk and operational risk Quarterly
• Defines the minimum capital requirement for the given risk profile
ICAAP Reporting • Quantifies the entire risk profile Annually
• Measures adequate capital requirement to support wide-ranging risks
• Ensures effective process is in place to determine internal capital targets
Market Discipline Bank disclose a set of information both quantitative and qualitative form on its Annually
(Disclosure assets, risk exposures, risk assessment processes to establish more transparent
requirement and more disciplined financial market so that stakeholders can assess the
under Pillar III of position of a bank.
Basel III)
Stress testing Conducts scenario analysis under a set of exceptional but plausible assumptions Quarterly
to find out imminent impacts on capital base. Following issues are considered
while conducting stress testing:
• Increase in NPLs in two particular sectors
• Negative shift in NPL categories
• Increase in NPLs due to default of a large borrower
• Increase in NPLs
• Equity price fluctuation
• Foreign exchange rate fluctuation
• Decrease in FSV in collateral
• Changes in interest rates
Duration Gap Analysis Indicates sensitivity to the market value of equity (MVE) Quarterly
of the Bank with a certain change in interest rate
Environmental & Social Risk • Ensures environmental and social risk management in the lending process Quarterly
Assessment • Measures E&S impact of the portfolios
A review report of Risk An effectiveness report is submitted to Bangladesh Annually
Management Policies Bank to demonstrate the yearly performance of RMD.
and effectiveness of risk
management functions
Recovery Plan for Bank Recovery Plan is developed by Bank to cope with severe stress events that Annually
threaten the financial and operational strength and viability of a bank. It helps
banks for preparing responses to the potential shocks in advance so that Bank
can act promptly and effectively in the event of a stress situation.
7.1 Risk Profile and Capital Allocation:
Jamuna Bank Limited determines the overall risk positions by calculating total Risk-Weighted Assets (RWAs) of credit,
market and operational risk at each quarter-end and allocated capital against them.
Capital allocation by risk types are as follows:
Tk. in Crore
Particulars 2021 2022
Credit Risk Weighted Assets 15,593.99 14,906.78
Market Risk Weighted Assets 1,972.01 1,853.52
Operational Risk Weighted Assets 1,697.87 1,763.05
Total Risk Weighted Assets 19,263.87 18,523.35
Jamuna Bank Limited 373
Particulars 2021 2022
Minimum Capital Requirement with Capital Conservation Buffer 2,407.98 2,315.42
Total Regulatory Capital 3,163.72 3,102.14
Available Capital for Pillar-2 Requirement 755.74 786.72
As per the risk profile, Credit Risk was accounted for 80% of total Risk-Weighted Assets (RWA) where the Market Risk and
Operational Risk were 10% and 10% respectively at the end of December-2022.
7.2 Capital Adequacy under Pillar I of Basel III: Minimum Capital Requirement (MCR)
Bank’s capital is the “cushion” for potential losses which protects the bank’s depositors or other borrowers. Capital
adequacy is the measure of the financial strength and sustainability of a bank. Thus, capital management is considered
as an integral part of the risk management of Jamuna Bank Limited. The Bank has a capital management process in
place to measure and monitor its available capital as per the guidelines on the Risk-Based Capital Adequacy Framework
in line with the Basel III issued by Bangladesh Bank.
As per Basel III Road Map, Minimum Capital Requirement (MCR) for the banks in Bangladesh is currently 10.00% of its
total RWA with the addition of Capital Conservation Buffer of 2.50% of total RWA from the year 2019.
Tk. in Crore
Particulars 2021 2022
Tier-1 Capital 2,018.80 2,084.55
Tier-2 Capital 1,144.92 1,017.59
Total Regulatory Capital 3,163.72 3,102.14
Total Risk Weighted Assets 19,263.87 18,523.35
Minimum Capital Requirement (MCR) 1,926.39 1,852.33
Capital to Risk Weighted Assets Ratio (CRAR) 16.42% 16.75%
Capital Conservation Buffer (CCB) 4.48% 5.25%
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Annual Report 2022
At the end of 2021 and 2022 Capital to Risk-Weighted Assets Ratio (CRAR) of Jamuna Bank Limited stood at 16.42% and
16.75% respectively which indicates that Bank is far above the Basel-III implementation road map of Bangladesh Bank to
maintain targeted CRAR of 12.50% with buffer.
7.3 ICAAP report under Pillar II of Basel III: Adequate Capital Requirement
Supervisory Review Process (SRP) is the second pillar of Basel III, where Banks maintain the adequate capital requirement
in addition to the MCR under pillar 1. The key principle of the supervisory review process (SRP) is that “banks have a
process for assessing overall capital adequacy in relation to their risk profile and a strategy for maintaining their capital
at an adequate level”. Jamuna Bank Limited prepares ICAAP report on an annual basis and maintains adequate level
of capital each year as per Bangladesh Bank’s Supervisory Review Evaluation Process (SREP). The Bank has perfectly
maintained adequate capital through rigorous oversight of the Bank’s SRP Team.
7.4 Market Discipline: Disclosure as per Pillar III of Basel III
Market discipline, which is pillar III of Basel III, aims to establish a transparent and disciplined financial market so
that stakeholders can measure the Banks’ position regarding holding of assets and to identify the risks relating to the
assets and capital adequacy to meet probable loss of assets. Thus, JBL has created a set of disclosure as per guidelines of
Bangladesh Bank which includes information on assets, risk exposure, risk assessment processes, and capital adequacy
to meet the risks. The disclosure has been reported in another section of this annual report.
7.5. Stress Testing Report
Jamuna Bank Ltd. conducts stress testing on some key parameters, which could adversely impact the Bank’s capital
adequacy, on a quarterly basis. It’s a simulation technique where the Bank assumes some hypothetical shock-events in
three different magnitudes, i.e. minor, moderate, and major. Stress Testing is a risk management tool that enables a Bank
to gauge the severity of the potential events in a structured way. The impact of this test is expressed through the change
in the overall CRAR of the Bank. The outcome of stress testing needs to be submitted to Bangladesh Bank upon review
of senior management and Board.
Stress Testing Result:
Fig. in percentage
2021 2022
Particulars CRAR after shock CRAR after shock
Minor Moderate Major Minor Moderate Major
Capital to Risk Weighted Asset Ratio (CRAR) before shock 16.42 16.75
Performing RMG loan directly downgraded to B/L 16.04 15.28 14.51 16.50 15.99 15.49
Performing Textile loan directly downgraded to B/L 16.39 16.33 16.26 16.70 16.60 16.51
Increase in NPLs due to default of Top large loan borrowers 12.92 9.03 6.60 12.84 8.85 5.29
Negative Shift in NPLs categories 16.21 16.00 15.58 16.34 15.49 14.83
Decrease in the FSV of the Collateral 16.22 16.02 15.61 16.44 16.12 15.49
Increase in NPLs 14.28 9.80 4.95 14.53 9.81 4.62
Interest Rate(simple sensitivity) 14.01 11.59 9.17 14.25 11.76 9.26
FEX : Currency Appreciation/Depreciation 16.34 16.26 16.18 16.69 16.63 16.57
Equity Shock 16.42 16.41 16.40 16.74 16.74 16.73
7.6 Duration Gap Analysis
Duration is the measure of the portfolio’s price sensitivity to changes in interest rates. The duration gap indicates how
the Market Value of Equity (MVE) of a Bank could change with a certain change in the interest rate. If the weighted
average duration of assets exceeds the weighted average duration of liabilities, the duration gap is said to be positive,
which implies that the assets are more interest-rate sensitive than the liabilities. Jamuna Bank prepares the report of
duration gap as a part of the stress testing and submits it to Bangladesh Bank on a quarterly basis.
Jamuna Bank Limited 375
7.7 Comprehensive Risk Management Report (CRMR):
Comprehensive Risk Management Report (CRMR) is a holistic approach towards risk reporting taken up by Bangladesh
Bank in addition to Monthly Risk Management Reporting (MRMR). Pursuant to the guidance of Bangladesh Bank,
Jamuna Bank submits Comprehensive Risk Management Report (CRMR) to Bangladesh Bank on a half yearly basis. That
CRMR encompasses a thorough and rigorous analysis of risk indicators including Credit risk, Market risk, Liquidity
risk, Operational risk, Reputational risk, Money Laundering risk, Compliance and other risk. Moreover, a robust set of
questionnaire is given to assess the Bank’s overall risk resilience capacity on qualitative basis. Bangladesh Bank provides
risk rating to the Banks on the basis of quantitative and qualitative information given in the CRMR.
7.8 Risk Appetite Statement
Bangladesh Bank (BB) introduced the risk appetite statement in 2015 vide DOS circular letter no.13 dated September
09, 2015. Later in 2018, Bangladesh Bank had prescribed a standard template for preparing the RAS. It was further
emphasized vide Risk Management Guidelines for Banks in 2018. Henceforth, Jamuna Bank has been preparing the RAS
and submits it to Bangladesh Bank annually upon review of senior management and approval of Board of Directors.
7.9 Recovery Plan
In order to cope with severe stress events that threaten the financial and operational strength and viability of a bank,
Bangladesh Bank has issued BRPD Circular No.03 dated 24 February 2022 to develop Recovery Plan for preparing
responses to the potential shocks in advance so that Bank can act promptly and effectively in the event of a stress situation.
In response to Bangladesh Bank Circular, Jamuna Bank Limited formulated an Executive Committee and a Working
Committee to develop a recovery plan for the Bank. The Executive Committee comprises with Senior Management,
CRO, CFO and other important divisional Heads of the bank and the Working Committee comprises with most talent
executives and officials of different relevant divisions of the bank. With a joint effort of different business units and
risk management units of the bank, Jamuna Bank Limited has developed the Recovery Plan-2022 and submitted it to
Bangladesh Bank after review and approval of Board Risk Management Committee and Board of Directors respectively.
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Annual Report 2022
Jamuna Bank Limited 377
BACKGROUND CAPITAL STRUCTURE
The following detailed qualitative and quantitative QUALITATIVE DISCLOSURES:
disclosures under Pillar-III of Basel-III are provided Capital Structure of JBL: Regulatory capital, as stipulated
in accordance with revised “Guidelines on Risk Based by the revised RBCA guidelines by BB, is categorized into
Capital Adequacy” for banks issued by Bangladesh Bank two tiers. The total regulatory capital will consist of sum of
in December 2014. These quantitative and qualitative the following categories:
disclosures are intended to complement the Minimum 1. Tier 1 Capital (going-concern capital)
Capital Requirement (MCR) under Pillar-I and Supervisory a) Common Equity Tier 1
Review Process (SRP) under Pillar-II of Basel-III. b) Additional Tier 1
2. Tier 2 Capital (gone-concern capital)
The purpose of these disclosures is to establish more Tier 1 capital (going-concern capital) is the capital which
transparent and more disciplined financial market so that can absorb losses without triggering bankruptcy of the
stakeholders can assess the position of the bank regarding bank. Tier 2 capital (gone-concern capital) is the capital
holding of assets and to identify the risks relating to the which will absorb losses only in a situation of liquidation
assets and capital adequacy to meet probable loss of assets. of the bank.
SCOPE OF APPLICATION Conditions for Maintaining Regulatory Capital: The Bank
complied with all the required conditions for maintaining
Scope of Application: The Risk Based Capital Adequacy regulatory capital as stipulated in the revised RBCA
framework applies to Jamuna Bank Limited (JBL) on guidelines by Bangladesh Bank as per following details:
‘Solo’ basis as well as ‘Consolidated’ basis as there are
two subsidiaries of the bank as on the reporting date • Common Equity Tier 1 of at least 4.5% of the total RWA.
i.e. December 31, 2022. The names of the two subsidiary ° Status of Compliance: Complied.
companies are Jamuna Bank Capital Management Limited • Capital Conservation Buffer at least 2.50% of the total
and Jamuna Bank Securities Limited. RWA.
° Status of Compliance: Complied.
Consistency and Validation: The quantitative disclosures • Tier-1 Capital will be at least 6.00% of the total RWA.
are made on the basis of consolidated audited financial ° Status of Compliance: Complied.
statements of JBL and its Subsidiaries as at and for the • Minimum Total Capital plus Capital Conservation
year ended December 31, 2022 prepared under relevant Buffer to RWA Ratio of 12.50%.
international accounting and financial reporting standards ° Status of Compliance: Complied.
as adopted by the Institute of Chartered Accountants of • Additional Tier 1 capital can be admitted maximum up
Bangladesh (ICAB) and related circulars/ instructions to 1.5% of the total RWA or 33.33% of CET1, whichever
issued by Bangladesh Bank from time to time. The assets, is higher.
liabilities, revenues and expenses of the subsidiaries ° Status of Compliance: Complied.
are combined with those of the parent company (JBL), • Tier-2 capital can be admitted maximum up to 4.00%
eliminating intercompany transactions. So, assets of of the RWA or 88.89% of CET1, whichever is higher.
the subsidiaries were risk weighted and equities of ° Status of Compliance: Complied.
subsidiaries were crossed out with the investment of JBL
while consolidating.
QUANTITATIVE DISCLOSURES:
The Bank had a Capital of BDT 3,102.14 crore comprising
Tier-1 capital of BDT 2,084.55 crore and Tier-2 capital of
BDT 1,017.59 crore on solo basis as on December 31, 2022.
The following table presents the details of capital as on
December 31, 2022:
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Annual Report 2022
(Taka in Crore)
1 Common Equity Tier-1 (Going Concern Capital) Consolidated Solo (Bank)
1.1 Fully Paid-up Capital 749.23 749.23
1.2 Non-repayable Share premium account - -
1.3 Statutory Reserve 749.23 749.23
1.4 General Reserve - -
1.5 Retained Earnings 313.72 321.08
1.6 Dividend Equalization Account - -
1.7 Minority interest in Subsidiaries - -
1.8 Actuarial Gain/Loss - -
1.9 Non-repatriable interest-free funds from Head Office - -
1.10 Other (if any item approved by Bangladesh Bank) - -
1.11 Sub-Total (1.1 to 1.10) 1,812.18 1,819.54
1.12 Shortfall in provisions required against Non-Performing Loans (NPLs) - -
1.13 Reciprocal Crossholding 4.71 3.95
1.14 Total Common Equity Tier-1 Capital {1.11 – (1.12 + 1.13)} 1,807.47 1,815.59
2 Additional Tier-1 Capital
2.1 Non-cumulative irredeemable preference shares - -
2.2 Instruments issued by the bank that meet the qualifying criteria for AT1 400.00 400.00
2.3 Minority Interest i.e. AT1 issued by consolidated subsidiaries to third parties - -
2.8 Reciprocal Crossholding 131.88 131.04
2.5 Total Additional Tier-1 Capital (2.1 to 2.8) 268.12 268.96
A. Total Tier-1 Capital (1.14 + 2.5) 2,075.59 2,084.55
3 Tier-2 Capital (Gone-Concern Capital)
3.1 General Provision 534.27 527.61
3.2 Revaluation Reserves - -
3.3 Subordinated debt 510.00 510.00
3.4 All other preference shares - -
3.5 Minority Interest i.e. Tier 2 issued by consolidated subsidiaries to third parties - -
3.6 Other (if any item approved by Bangladesh Bank) - -
3.7 Sub-Total (3.1 to 3.6) 1,044.27 1,037.61
3.8 Reciprocal Crossholding 20.04 20.02
B. Total Tier-2 Capital (3.7 - 3.8) 1,024.23 1,017.59
C. Total Eligible Capital (A+B) 3,099.82 3,102.14
CAPITAL ADEQUACY
QUALITATIVE DISCLOSURES:
Bank’s Approach to Assessing Capital Adequacy: As banks in Bangladesh are now in a stage of developing risk management
models, BB suggested using Standardized Approach for computation of the capital charge for credit risk and market risk.
The bank adopted the Basic Indicator Approach (BIA) as prescribed by Bangladesh Bank in determining capital charge
against operational risk. Under the Basic Indicator Approach (BIA), the capital charge for operational risk is a fixed
percentage (denoted by alpha) of average positive annual gross income of the bank over the past three years.
Jamuna Bank Limited 379
The bank focuses on strengthening and enhancing its risk management culture and internal control environment rather
than increasing capital to cover up weak risk management and control practices. The bank has been generating most of
its incremental capital from retained profit (stock dividend and statutory reserve transfer etc.) to support incremental
growth of Risk Weighted Assets (RWA). Therefore, the Bank’s Capital to Risk weighted Asset Ratio (CRAR) remains
consistently within the comfort zone after implementation of Basel-III from 01 January, 2015. During the year 2022, the
CRAR ranges from 15.11% to 17.05% on consolidated basis and from 15.17% to 17.13% on solo basis against minimum
requirement of 12.50% of RWA.
Assessing regulatory capital in relation to overall risk exposure of a bank is an integrated and comprehensive process.
The bank, through its Supervisory Review Committee and Risk Management Committee, takes active measures to
identify, quantify, manage and monitor all risks to which the Bank is exposed to. Assessment of capital adequacy will be
in alignment with the findings of these exercises.
QUANTITATIVE DISCLOSURES:
The following table shows component wise allocation of capital to meet three risks – Credit Risk, Market Risk and
Operational Risk. As on the reporting date, the bank maintained a Capital to Risk weighted Asset Ratio (CRAR) of 16.69%
on ‘Consolidated Basis’ and 16.75% on ‘Solo Basis’ against the regulatory requirement of 12.50%. The bank had an excess
capital of BDT 786.72 crore (Solo) and BDT 778.03 crore (consolidated) after meeting all three risks as on reporting date
as shown in the following table:
(Taka in Crore)
Capital Adequacy Consolidated Bank (Solo)
Capital requirement for Credit Risk 1,863.45 1,863.35
Capital requirement for Market Risk 236.74 231.69
Capital requirement for Operational Risk 221.60 220.38
Minimum Capital Requirement (MCR) with CCB 2,321.79 2,315.42
Total Capital to Risk Weighted Assets Ratio (CRAR) 16.69% 16.75%
CET- 1 Capital to RWA 9.73% 9.80%
Total Tier-1 Capital to RWA 11.17% 11.25%
Total Tier-2 Capital to RWA 5.51% 5.49%
Capital Conservation Buffer 5.17% 5.25%
Total Risk Weighted Assets 18,574.27 18,523.35
Total Capital Requirement 2,321.79 2,315.42
Total Capital Maintained 3,099.82 3,102.14
Available Capital for Pillar 2 Requirement 778.03 786.72
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Annual Report 2022
° Assessment of Credit Risk.
CREDIT RISK
° Internal Credit Risk Rating System.
° Identification and Mitigation of Credit Risk.
QUALITATIVE DISCLOSURES:
° Securities and their Valuation.
Credit risk is the risk of financial loss if a customer or
° Diversification of Loan Portfolio.
counterparty fails to meet a payment obligation under a
° Credit Approval Procedure.
contract. It arises principally from direct lending, trade
° Disbursement Process and Documentation.
finance and leasing business, but also from off balance
° Credit Monitoring. Review of Classification
sheet products such as guarantees and credit derivatives,
Position and Target.
and from the holdings of debt securities. JBL has standards,
° Management Action Triggers.
policies and procedures dedicated to controlling and
° Emphasizing on Secured Lending
monitoring risk from all such activities. Among the risks
° Policy for Delegation of Lending Authority.
the Bank engages in, credit risk generates the largest
° Renewal Frequency.
regulatory capital requirement.
° Third Party Service Provider.
° Release of Collateral/Debt Obligation.
Credit Risk Management Policies and Procedures:
Credit risk management is a robust process that enables
Methods used to measure Credit Risk: Internal Credit Risk
banks to proactively manage loan portfolio in order to
Rating System (ICRRS) is an important tool for credit risk
minimize losses and earn an acceptable level of return
measurement as it helps banks and financial institutions
for Shareholders. JBL embraces global best practices
to understand various dimensions of risk involved in
and chooses the technological initiatives to capture all
different credit transactions. The aggregation of such
key customer data, risk management and transaction
rating across the borrowers, activities and the lines of
information. Given the fast-changing dynamic global
business can provide better assessment of the quality of
economy and the increasing pressure of globalization,
credit portfolio of a bank or a branch. Well-managed credit
liberalization, consolidation and disintermediation, it is
risk rating systems promote bank safety and soundness by
essential that banks have robust credit risk management
facilitating informed decision-making. Rating systems
policies and procedures that are sensitive and responsive
measure credit risk and differentiate individual credits
to these changes.
and groups of credits by the risk they pose. This allows
bank management and examiners to monitor changes
JBL being a progressive and dynamic private sector Bank
and trends in risk levels. The process also allows bank
formulated its own Credit Policy Guidelines to efficiently
management to manage risk to optimize returns.
and professionally manage risks arising out of its credit
operation. The Credit Policy Guidelines was initially
The credit risk rating is done by assigning weightage
approved by the Board of Directors in its 59th meeting
accordance to the severity of risk. The primary risk
held on January 08, 2006. As per Credit Risk Management
areas are financial risk, performance behavior, business/
Guidelines of Bangladesh Bank, the credit policy of JBL
industry risk, management risk, security risk, relationship
has been reviewed regularly.
risk and compliance risk. These risk components are
further subdivided.
The Credit Policy Guidelines of JBL encompasses a wide
range of issues related to credit operation. The bank
A thorough credit risk assessment is being conducted
continually updates its policies to lead the ongoing
prior to the sanctioning of credit facilities. Thereafter it
improvement in the banking sector. The focal points of the
is done annually for each relationship. The result of this
JBL credit policy are:
assessment is presented in the credit proposal originated
° Organizational Structure
from the Relationship Manager.
° Segregation of Duties and Responsibilities.
° Objectives and application of Credit Policy.
Following risk areas are addressed and assessed in credit
° Lending policies and procedures.
sanctioning process:
° Environmental and Social Risk Grading
° Borrower Analysis: Reputation, education,
° Deviation from the Policy.
experience, age and success history and net
° Discourage Business for Bank’s Finance.
worth of the borrower are considered to
° Funded & Non-funded Credit Facilities.
analyze a borrower. Any issues regarding lack
° Product Parameter.
of management depth, complicated ownership
° Pricing of Credit Facilities.
structures or inter-group transactions are
Jamuna Bank Limited 381
addressed in borrower analysis. geographical, large borrower, top borrowers
° Industry Analysis: To analyze an industry JBL concentration and specific industry exposure cap
considers industry position i.e. threat & prospect is set in the policy.
in the industry, risk factors pertaining to the ° Head Office Organizational structure has
industry, borrowers position or share in the been segregated in line with CRM Guideline
industry. (Credit Marketing, Credit Approval and Credit
° Historical financial analysis: An analysis of Administration activities have been separated).
a minimum of 3 years historical financial ° Borrower’s Risk Rating are assigned and
statements of the borrower is being presented. mentioned in the credit proposal.
The analysis addresses the quality and ° All disbursement is authorized centrally in
sustainability of earning, cash flow and the the computer system only after confirming
strength of the borrower’s balance sheet. fulfillment of documentation requirement as per
° Projected financial Performance: Where term sanction term. There is no scope of disbursement
facilities are being proposed, a projection of without approval of the competent authority.
the borrower’s future financial performance is ° Credit Approval Authority has been clearly
required to be provided. defined in the policy.
° Technical feasibilities / Infrastructural facilities, ° Strong monitoring of loan portfolio is ensured by
Seasonality of demand, Debt-Equity Ratio, separate Credit Monitoring Department.
Account conduct of the borrower, Security and
other relevant factors are considered to assess Asset Impairment Policy: JBL follows central bank
credit risks. guidelines as its asset impairment policy. Bangladesh
Bank set loan impairment/classification criteria and
Credit Risk Management System: JBL has established provisioning policies vide BRPD Circular No. 14 Master
a robust credit risk management system to proactively Circular dated 23/09/12, BRPD Circular No. 19 dated
manage loan portfolio in order to minimize losses. It 27/12/12, BRPD Circular No. 05 dated 29/05/13, BRPD
has significantly improved risk management culture Circular No. 16 dated 18/11/14, BRPD Circular No. 08
and established standard for segregation of duties and dated 2/8/2015, BRPD Circular No. 12 dated 20/08/17,
responsibilities relating to Credit Operation of the Bank. BRPD Circular No. 15 dated 27/09/17, BRPD Circular No.
01 dated 20/02/18, BRPD Circular No. 07 dated 21/06/18,
The major steps taken by JBL to implement credit risk BRPD Circular No. 13 dated 18/10/18, BRPD Circular No.
management guidelines are: 03 dated 21/04/19, BRPD Circular No. 04 dated 19/03/20,
° It has formulated its own Credit Policy Guidelines BRPD Circular No. 16 dated 21/07/20 BRPD Circular No. 52
in line with the core risk guideline of Bangladesh dated 20/10/20. The summary of objective criteria of loan
Bank. classification and provisioning requirement are as below:
° The policy takes into account the sectoral,
Objective Criteria:
Unclassified
Type of Loan Sub-standard Doubtful Bad/Loss
Standard SMA
Continuous O<2 2≤O<3 3≤O<9 9≤O<12 O≥12
Demand O<2 2≤O<3 3≤O<9 9≤O<12 O≥12
Fixed Term* O<2 2≤O<3 3≤O<9 9≤O<12 O≥12
SAC&MC** O<12 12≤O<36 36≤O<60 O≥60
CMSME O<2 2≤O<6 6≤O<18 18≤O<30 O≥30
Note: O = Overdue, SMA = Special Mention Account, SAC = Short term Agricultural Credit, MC = Micro Credit, CMSME = Cottage, Micro
Small & Medium Enterprise.
* The amount of unpaid installment(s) will be treated as past due/overdue after six months of the expiry date for Fixed Term Loan.
** The Short-term Agricultural and Micro-Credit if not repaid within the fixed expiry date for repayment will be considered past due/
overdue after six months of the expiry date.
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Annual Report 2022
Rate of Provision:
Consumer Financing Loans
Cottage, to BHs/
Micro Medium MBs/SDs Credit All other
Particulars SAC & MC Other than
HF & Small Credit against Card Credit
HF Credit Shares
etc.
Standard 1% 2% 1% 0.25% 0.25% 2% 2% 1%
UC
SMA - 2% 1% 0.25% 0.25% 2% 2% 1%
SS 5% 20% 20% 5% 20% 20% 20% 20%
Classified DF 5% 50% 50% 20% 50% 50% 50% 50%
BL 100% 100% 100% 100% 100% 100% 100% 100%
Note: SAC = Short term Agricultural Credit, MC = Micro Credit, HF = Housing Finance, BHs/MBs/SDs = Loans to Brokerage
Houses/Merchant Banks/Stock Dealers
Further, during the COVID’19 pandemic and war situation Jamuna Bank Limited also strictly follows the BRPD Circular
No. 03 dated 31/01/21, BRPD Circular No. 05 dated 24/03/21, BRPD Circular No. 13 dated 27/06/21, BRPD Circular No. 19
dated 26/08/21, BRPD Circular Letter No. 50 dated 14/12/21, BRPD Circular Letter No. 51 dated 29/12/21, BRPD Circular
Letter No. 52 dated 29/12/21, BRPD Circular Letter No. 53 dated 30/12/21, BRPD Circular Letter No. 51 dated 18/12/22.
Base for Provision: Provision will be maintained at the above rate on the balance to be ascertained by deducting the
amount of ‘Interest Suspense’ and value of eligible securities from the outstanding balance of classified accounts.
QUANTITATIVE DISCLOSURES:
Total gross credit risk exposures broken down by major types of credit exposure: Bangladesh Bank guidelines on RBCA,
stipulated to segregate bank’s asset portfolio into different categories and the following table shows our gross exposure
in each asset category.
Major Types of Credit Exposure
As on December 31, 2022
(Taka in Crore)
Sl. Exposure Types Rating Consolidated Solo
1 Cash 366.30 366.29
2 Claims on Bangladesh Government & Bangladesh Bank 4,379.59 4,379.59
3 Claims on other Sovereigns & Central Banks - -
4 Claims on BIS, IMF & European Central Bank - -
5 Claims on Multilateral Development Banks (MDBs) - -
6 Claims on Public Sector Entities - -
7 Claims on Banks & NBFIs
i) Original maturity over 3 months 1 1,470.23 1,470.23
2,3 5.65 5.65
4,5 0.63 0.63
6 - -
Unrated 61.78 61.78
ii) Original maturity up to 3 months 462.65 462.65
8 Claims on Corporate 1 2,383.01 2,383.01
2 2,891.25 2,891.25
Jamuna Bank Limited 383
Sl. Exposure Types Rating Consolidated Solo
3,4 1,225.60 1,225.60
5,6 - -
Unrated 1,388.84 1,388.84
9 Claims on SME SME 1 - -
SME 2 7.80 7.80
SME 3 232.05 232.05
SME 4 9.67 9.67
SME 5 1.50 1.50
SME 6 - -
Unrated (Small Enterprise <BDT 3.00m) Unrated - -
Small Enterprise ≥ BDT 3.00m & Medium Enterprise Unrated 963.79 963.79
10 Claims under Credit Risk Mitigation
PSE - -
Banks & NBFIs 183.75 183.75
Corporate 4,328.98 4,328.98
Retail 306.39 306.39
SME 691.92 691.92
Consumer finance 118.42 118.42
Residential property 18.71 18.71
Commercial real estate - -
11 Claims categorized as retail portfolio (excluding SME, Consumer 13.82 13.82
Finance and Staff loan) up to 1 crore
12 Consumer finance 186.86 186.86
13 Claims fully secured by residential property 238.06 238.06
14 Claims fully secured by commercial real estate 23.08 23.08
15 1.Past Due Claims that is past due for 60 days or more
(Risk weights are to be assigned net of specific provision):
Where specific provisions are less than 20% of the outstanding amount of the past 477.94 477.94
due claim
Where specific provisions are no less than 20% of the outstanding amount of the past 268.97 268.97
due claim
Where specific provisions are more than 50% of the outstanding amount of the past 34.47 34.47
due claim
2. Claims fully secured against residential property that are past due for more than 3.68 3.68
60 days and/or impaired specific provision held there-against is less than 20% of
outstanding amount
3. Loans and claims fully secured against residential property that are past due for 1.25 1.25
more than 60 days and /or impaired and specific provision held there-against is more
than 20% of outstanding amount
16 Capital market exposure 189.25 81.56
17 Investment in equity and other regulatory capital instruments issued by other banks 434.42 575.27
and Merchant Banks/Brokerage Houses/Exchange Houses which are not listed in the
Stock Exchanges (other than those deducted from capital) held in banking book
18 Investments in venture capital - -
19 Investments in premises, plant and equipment and all other fixed assets 430.95 400.92
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Annual Report 2022
Sl. Exposure Types Rating Consolidated Solo
20 Claims on all fixed assets under operating lease - -
21 All other assets
i) Claims on GoB & BB 117.71 117.71
ii) Staff loan/investment 111.68 111.68
iii) Cash items in Process of Collection - -
iv) Claims on Off-shore Banking Units (OBU) - -
v) Other assets (not specified above) [Net of specific provision, if any] 252.52 240.32
Total: 24,283.17 24,274.09
Credit Exposure by Risk Weight: Risk-weighted asset is a bank’s assets and off-balance-sheet exposures, weighted
according to risk. Usually, different classes of assets have different risk weights associated with them. The calculation of
risk weights is determined by the revised “Guidelines on Risk Based Capital Adequacy” by BB. Banks need more capital
for assets where risk weight is higher and less capital for assets where risk weight is lower. The following table shows the
bank’s exposure under three main risk weight bands.
Credit Exposure under three main Risk Weight
(Taka in Crore)
Credit Exposure
Particulars Balance Sheet Off-Balance Sheet Total
Solo Conso. Solo Conso. Solo Conso.
Less than 100% risk weight 16,055.50 16,055.50 3,319.94 3,319.94 19,375.44 19,375.44
100% risk weight 5,106.38 5,148.62 1,144.98 1,144.98 6,251.36 6,293.60
More than 100% risk weight 3,112.21 3,079.05 646.21 646.21 3,758.42 3,725.26
Total 24,274.09 24,283.17 5,111.13 5,111.13 29,385.22 29,394.30
Geographical Distribution of Loans & Advances: Our business is concentrated in two major Divisions- Dhaka and
Chittagong as country’s business activities are concentrated in these two locations. The following table shows Loans &
Advances in different divisions:
Jamuna Bank Limited 385
(Taka in Crore)
Loans & Advances Percentage
Sl. No. Divisions
Solo Consolidated Solo Consolidated
1. Dhaka 14,816.90 14,924.58 82.09% 82.20%
2. Chittagong 1,657.47 1,657.47 9.18% 9.13%
3. Rajshahi 811.35 811.35 4.49% 4.47%
4. Sylhet 95.30 95.30 0.53% 0.52%
5. Khulna 246.79 246.79 1.37% 1.36%
6. Rangpur 245.23 245.23 1.36% 1.35%
7. Barishal 41.47 41.47 0.23% 0.23%
8. Mymensing 134.57 134.57 0.75% 0.74%
Total 18,049.08 18,156.76 100.00% 100.00%
Loans & Advances by Sector: Major sector wise Loans & Advances as on 31 December, 2022 was as below and the exposure
amount remained within the appetite of the bank.
(Taka in Crore)
Outstanding As % of Total Loans
Sl. No. Sector
Solo Consolidated Solo Consolidated
1) Agriculture 401.85 401.85 2.23% 2.21%
2) Industry 8,347.38 8,347.38 46.25% 45.97%
3) Trade & Commerce 5,762.56 5,762.56 31.93% 31.74%
4) Construction 964.20 964.20 5.34% 5.31%
5) Transport 15.84 15.84 0.09% 0.09%
6) Consumer Finance 690.47 690.47 3.83% 3.80%
7) Financial Institution 612.06 612.06 3.39% 3.37%
8) Miscellaneous 1,254.72 1,362.42 6.95% 7.50%
Total Loans & Advances 18,049.08 18,156.76 100% 100%
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Annual Report 2022
Residual Contractual Maturity of Loans and Advances (Solo):
(Taka in Crore)
Particulars Amount
Up to 1 Month 4,693.93
More than 1 Month but not more than 3 Months 2,537.10
More than 3 Months but not more than 1 year 4,944.59
More than 1 year but not more than 5 years 3,508.68
More than 5 years 2,364.78
Total 18,049.08
By major industry or counterparty wise distribution of impaired loans and past due loans:
(Taka in Crore)
Counterparty wise distribution of impaired and past due loans NPL SMA
Small & Medium Enterprise Financing 204.42 9.96
Consumer Financing (other than HF & LP) 3.36 0.15
Loans to BHs/MBs/SDs 120.46 -
Other than SMEF, CF, BHs/MBs/SDs 617.91 83.15
Housing Finance (HF) 5.61 -
Loans for Professionals to setup business (LP) - -
Credit Card 6.88 2.71
Short Term Agri. Credit 2.32 -
Microcredit - -
Off-Shore Banking - -
Staff Loan - -
Total Exposure 960.95 95.98
Jamuna Bank Limited 387
(Taka in Crore)
Particulars of specific and general provisions Amount
General provision for loans and advances 371.79
Special General provision-COVID-19 78.22
General provision for off-balance sheet exposures 77.60
Specific provision for loans and advances 263.84
Total Provision 791.45
Non-Performing Assets: Total non-performing loans ratio stands to 5.32% as on December 31, 2022 while it was 2.97%
in December 31, 2021.
(Taka in Crore)
Classification Status % of Total Loans Outstanding (Solo)
Standard 94.14% 16,992.15
Special Mention Account 0.53% 95.98
Sub-standard (SS) 0.71% 128.43
Doubtful (DF) 0.39% 70.67
Bad/Loss (B/L) 4.22% 761.85
Total 100.00% 18,049.08
Movement of Non-Performing Assets: The closing balance of non-performing loans and advances was BDT 960.95 crore
while it was BDT 519.39 crore in the opening balance of the year 2022. Movement of non-performing assets during the
year is presented in the following table:
(Taka in Crore)
Particulars Amount
1. Opening balance as on 01 January 2022 519.39
2. Additions during the year 1,125.32
3. Reductions during the year 683.76
4. Closing balance as on 31 December 2022 960.95
Non-Performing Assets (NPAs) to Outstanding Loans and advances 5.32%
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Annual Report 2022
Movement of specific provisions for NPAs is presented in following table:
(Taka in Crore)
Particulars Amount
1. Opening balance 147.20
2. Provision made during the year 205.64
3. Adjustment/ Write-off during the year (89.00)
4. Closing balance 263.84
EQUITIES: DISCLOSURE FOR BANKING BOOK POSITIONS
QUALITATIVE DISCLOSURES:
Equity risk is the risk that one’s investments will depreciate because of stock market dynamics causing one to lose
money. Investment of JBL in equity securities is broadly categorized into two parts: Securities (Shares-common or
preference, Mutual Fund) that are traded in the secondary market (trading book assets) and Un-quoted securities that
are categorized as banking book assets.
The capital charge for equities would apply on their current market value in bank’s trading book. This capital charge for
both specific risk and the general market risk will be at the rate of the required minimum capital adequacy ratio. This
is applied to all instruments that exhibit market behavior similar to equities. The instruments covered include equity
shares, whether voting or non-voting, convertible securities that behave like equities, for example: units of mutual
funds, and commitments to buy or sell equity.
QUANTITATIVE DISCLOSURES:
(Taka in Crore)
Solo Consolidated
Particulars
Cost Price Market Price Cost Price Market Price
Value of Quoted Share 5.71 5.03 33.13 24.97
Value of Unquoted Share 1.15 1.15 2.15 2.15
(Taka in Crore)
Particulars Solo Consolidated
The cumulative realized gains (losses) arising from sales and liquidations in the reporting period 0.15 1.53
Total unrealized gains (losses) (0.69) (8.17)
Total latent revaluation gains (losses) NIL NIL
Any amounts of the above included in Tier 2 capital NIL NIL
Capital requirements for equity position risk (Consolidated Basis):
(Taka in Crore)
Sl. No. Particulars Amount (Market Value) Weight Capital Charge
1 2 3 4=(2X3)
a) Specific Risk: 20.25 10% 2.03
b) General Market Risk: 20.25 10% 2.03
Total 4.05
Jamuna Bank Limited 389
INTEREST RATE RISK IN THE BANKING BOOK (IRRBB)
QUALITATIVE DISCLOSURES:
Interest Rate Risk is the potential that the value of the on-balance sheet and the off-balance sheet positions of the bank
would be negatively affected with the change in the interest rates. Interest Rate Risk in the banking book arises from
mismatches between the future yield of an asset and their funding cost. The immediate impact of changes in interest
rates is on the Bank’s net interest income (the difference between total interest income and the total interest expenses)
for particular period of time, while the long term impact is on the Bank’s net worth since the economic value of the
Bank’s assets, liabilities and off-balance sheet exposures are affected.
The process of interest rate risk management by the bank involves determination of the business objectives, expectation
about future macro-economic variables and understanding the money markets and debt market in which it operates.
Interest rate risk management also includes quantifying the appetite for interest rate risk to which bank is comfortable.
Asset Liability Committee (ALCO) monitors the interest rate movement on a regular basis. Duration Gap analysis is one
of the techniques by which JBL measures interest rate risk in the banking book on a quarterly basis. Duration is the
measure of a portfolio’s price sensitivity to changes in interest rates.
QUANTITATIVE DISCLOSURES:
The impact of interest rate movement:
Data of Interest Rate Risk
(Taka in Crore)
Particulars < 3 months 3-6 months 6-12 months
Total Rate Sensitive Assets 8,042.47 2,701.72 2,242.87
Total Rate Sensitive Liabilities 8,274.66 2,805.58 2,609.06
Gap -232.18 -103.85 -366.19
Cumulative Gap -232.18 -336.03 -702.22
Regulatory Capital 3,102.14 3,102.14 3,102.14
Total RWA 18,523.35 18,523.35 18,523.35
CRAR before Shock 16.75% 16.75% 16.75%
Interest Rate Sensitivity Analysis
(Taka in Crore)
Interest Rate Stress Test Minor Moderate Major
Assumed Changed in Interest Rate 1% 2% 3%
Net Interest Income Impact: <12 months -7.02 -14.04 -21.07
Capital after Shock 3,095.12 3,088.10 3,081.07
CRAR after Shock 16.71% 16.67% 16.63%
Change in CRAR after Shock -0.04% -0.08% -0.11%
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Annual Report 2022
Duration Gap Analysis
(Taka in Crore)
Minor Moderate Major
Duration GAP
1% 2% 3%
Change in Market Value of Equity -455.85 -911.70 -1,367.55
Regulatory Capital (after shock) 2,646.29 2,190.44 1,734.59
Total RWA(after shock) 18,523.35 18,523.35 18,523.35
CRAR after Shock 14.29% 11.83% 9.36%
MARKET RISK
QUALITATIVE DISCLOSURES:
Market risk is the risk that the value of a portfolio, either an investment portfolio or a trading portfolio, will decrease due
to the change in value of the market risk factors. The four standard market risk factors are equity prices, interest rates,
foreign exchange rates and commodity prices. The objectives of our market risk policies and processes are to obtain the
best balance of risk and return whilst meeting customers’ requirements. The primary categories of market risk for the
bank are:
Interest Rate Risk: The risk of loss resulting from changes in interest rates. As a result of mismatch of interest rates on
its assets and liabilities and/or timing differences in the maturity thereof.
Foreign Exchange Risk: It is the risk to earnings and capital arising from adverse movements in currency exchange rates.
It refers to the impact of adverse movement in currency exchange rates on the value of open foreign currency position.
There are also the risk of default of the counter parties and settlement risk.
Equity Risk: It is risk that results from adverse changes in the value of equity related portfolios.
Commodity Price Risk: Commodity price risk arises from changes in commodity prices and implied volatilities in
commodity options, covering energy, precious metals, base metals and agriculture. Currently we do not have any
exposure in commodity financing.
Market Risk Management: To manage, monitors & control the above risks the Bank has Risk Management Committee &
Asset-Liability Committee comprising the all Heads and Seniors Executives and Mid Officers etc. They set in every month
to discuss the matters and takes immediate steps as and when required to mitigate the issues.
To manage the interest rate risk, ALCO regularly monitors various ratios and parameters. Among the ratios, the key
ratios that ALCO regularly monitors are Liquid asset to total assets, Volatile Liability dependency ratio, medium term
funding ratio and short-term borrowing to Liquid assets ratio. ALCO also regularly monitors the interest rate sensitive
gap and duration gap of total portfolio.
To manage exchange rate risk, bank always keep its net open position within the limit set by central bank. Also to
manage exchange rate risk in cross currency, bank always square its position in cross currency or convert its exposure
to USD. For monitoring and controlling the risk Bank has made contacts with several foreign banks and closely monitors
the incoming and outgoing sources & payment schedule of foreign currency.
To manage equity risk, the bank ensures taking prudent investment decisions complying sectoral preference as per
investment policy of the bank and capital market exposure limit set by BB.
Jamuna Bank Limited 391
QUANTITATIVE DISCLOSURES:
Capital Required for Market Risk (Consolidated):
(Taka in Crore)
Particulars Amount
Capital requirements for:
Interest rate risk: 159.21
Equity position risk: 4.05
Foreign exchange risk; and 26.12
Commodity risk 0.00
Total Capital Required for Market Risk 189.39
OPERATIONAL RISK
QUALITATIVE DISCLOSURES:
Operational Risk is defined as the risk of direct or indirect loss resulting from inadequate or failed internal processes,
people and systems or from external events. This definition includes legal risk, but excludes strategic and reputation
risk.
Views of Board of Directors (BOD) on system to reduce Operational Risk:
The policy for operational risks including internal control and compliance risk is approved by the Board taking into
account relevant guidelines of Bangladesh Bank. Audit Committee of the Board directly oversees the activities of Internal
Control and Compliance (IC&CD) to protect against all operational risks.
As a part of continued surveillance, Strategic Review and Development Committee (Strat Com), Executive Risk
Management Committee (ERMC) regularly reviews different aspects of operational risk. The analytical assessment was
reported to the Board/Board Risk Management Committee/Audit Committee of the Bank for review and formulating
appropriate policies, tool & techniques for mitigation of operational risk.
The operational risk may be of this following category:
Ւ Internal Fraud.
Ւ External Fraud.
Ւ Employment practices & work plan.
Ւ Clients, products & business practice.
Ւ Damage of physical assets.
Ւ Business disrupt & system failure.
Ւ Execution, delivery & process management.
Ւ Legal risk.
Potential External Events:
Jamuna Bank Limited operates its business in an umbrella of inter connected socio-economic and political environment.
Few externalities affect business performance directly such as macro-economic conditions, regulatory policy changes,
changes in demand, status of infrastructure whereas few factors affect operations of the business directly or indirectly
such as force shut down due to political instability, threat of vandalism to the bank’s sophisticated physical outlets
including IT equipment etc.
Policies and processes for mitigating operational risk:
The policy for operational risks including internal control and compliance risk is approved by the Board taking into
account relevant guidelines of Bangladesh Bank. A policy guideline on Risk Based Internal Audit (RBIA) System is in
operation. As per RBIA, branches with high risk status and subjected to more frequent audit by Internal Control and
Compliance (IC&CD). IC&CD directly report to Audit Committee of the Board.
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Annual Report 2022
Currently, Jamuna Bank Limited is using some models or tools for mitigating operational risk such as Self-Assessment
of Anti-fraud Internal Control; Quarterly Operational Report (QOR) and Departmental Control Function Check List
(DCFCL) in line with the Bangladesh Bank’s relevant Instructions and recommendations. It is required to submit the
statement on Self-Assessment of Anti-fraud Internal Control to Bangladesh Bank on quarterly rest.
In addition, Bank’s Anti-Money laundering activities are headed by CAMLCO and their activities are devoted to protect
against all money laundering and terrorist finance related activities. The newly established Central Customer Service
& Complaint Management Cell was also engaged in mitigating the operation risks of the Bank. Apart from that, there
is adequate check and balance at every stage of operation, authorities are properly segregated and there is at least dual
control on every transaction to protect against operational risk.
Approaches for calculating capital charge for operational risk
The Bank follows the Basic Indicator Approach (BIA) as prescribed by BB through BRPD Circular No. 18 dated 21
December 2014 [Guidelines on Risk Based Capital Adequacy (Revised Regulatory Capital Framework for banks in line
with Basel III)].Under this approach, the capital charge for operational risk is a fixed percentage (denoted by alpha, α) of
average positive annual gross income of the bank over the past three. Figures for any year in which annual gross income
is negative or zero, should be excluded from both the numerator and denominator when calculating the average. The
capital charge for operational risk is enumerated by applying the following formula:
K = [(GI 1 + GI2 + GI3) α]/n
Where:
K = the capital charge under the Basic Indicator Approach
GI = only positive annual gross income over the previous three years (i.e., negative or zero gross income if any shall
be excluded)
α = 15 percent
n = number of the previous three years for which gross income is positive.
Besides, Gross Income (GI) is calculated as “Net Interest Income” plus “Net non-Interest Income”. The GI shall be:
a. Gross of any provisions (including interest suspense)
b. Gross of operating expenses, including fees paid to outsourcing service providers
c. Exclude realized profits/losses from the sale of securities held to maturity in the banking book
d. Exclude extraordinary or irregular items as well as categorize
e. Exclude income derived from insurance.
QUANTITATIVE DISCLOSURES:
Capital Required for Operation Risk (Consolidated):
Basic Indicator Approach
As on 31.12.2022
(Taka in Crore)
Capital Charge (15% of
Sl Operational Risk 2020 2021 2022
Gross Income)
1. Gross Income 1,137.27 1,118.93 1,289.42
177.28
2. Last 3 years Average annual Gross Income 1,181.87
Jamuna Bank Limited 393
leaving around one month cash requirement at all times to
LIQUIDITY RATIO
absorb unexpected cash movement. The excess liquidity
for over one month is managed on the basis of liquid assets
QUALITATIVE DISCLOSURES:
approach and as per guidelines.
Liquidity risk is the risk that a given security or asset
The Bank has to maintain liquid assets of at least 20% of
cannot be traded quickly enough in the market to prevent a
deposit liabilities in the form of cash or assets that can be
loss (or make the required profit) or when a bank is unable
converted into cash within a period not exceeding 30 days.
to fulfill its commitments in time when payment falls due.
Liquidity risk is monitored and evaluated daily by Treasury
to ensure that, over the short term and by major currency,
Views of Board of Directors (BOD) on system to
the profile of projected future cash inflows inadequately
reduce Liquidity Risk:
matched to the maturity of the liabilities.
Liquidity risk arises when the Bank is unable to meet its
payment obligations when they fall due and to replace
The Basel liquidity principles are implemented more
funds when they are withdrawn, in particular, its failure
specifically in the Bank’s overall liquidity risk framework
to meet obligations to repay depositors and fulfill
through the following:
commitments to lend.
° Board Risk Management Committee and Asset
& Liability Committee being focused on the
The appropriate and efficient management of liquidity is
liquidity strategy and management;
essential to JBL in ensuring the confidence of the financial
° Liquidity and Contingency Liquidity policies;
markets in order to pursue its identified business strategy.
° Liquidity Gap / Market Access Requirement
Additionally, the Bank manages risk in relation to:
analysis for daily management against liquidity
1. The mismatched funding of medium-term assets by
limits;
short term or retail liabilities, which can increase the
° Monitoring of Liquidity ratios to re-align short
potential for liquidity problems at a future date and
term and medium term structural imbalances;
2. Meeting regulatory requirements at all times
° Management of liquidity concentration risk for
Significant Funding Sources (large depositors);
The Bank at all times maintains financial resources,
° Liquidity Stress tests and the Contingency
including capital and liquidity resources, which are
funding plan.
adequate, both as to amount and quality, to ensure that
there is no significant risk that its liabilities cannot be met
Liquidity Monitoring and Control
as they fall due.
Market Risk Management has established a monitoring
and reporting framework for liquidity risk that provides
Treasury has overall responsibility for liquidity
pertinent information to ALCO.
management on a day-to-day basis and in the event of a
liquidity crisis. In normal conditions liquidity is managed
The following lists the salient aspects of monitoring that is
as per policy and guidelines already established.
done on a regular basis:
1. Monitoring of the implementation of the limits
To avoid the risk of liquidity related penalty or regulation
according to Market Risk Policy guidelines
on JBL, Market Risk Management advises immediately of
2. Timely detection and correction of deficiencies in the
any event that could adversely impact relationships with
policies, processes and procedures of liquidity gap risk
regulators. Bank complies with all regulatory reporting
3. Managing liquidity risk through on-going, periodic
requirements, terms and conditions for the operation of
and annual reviews
accounts with central banks in respect of liquidity risk.
4. Verifying the authenticity and availability of the
sources of funds available to the Bank
Liquidity Management Strategy:
The Bank applies a prudent mix of liquidity controls
Liquidity Stress Testing:
which provide security of access to funds without undue
As part of our Regulatory requirement our Risk
exposure to increased costs of funds from the liquidation
Management addresses unusual and unexpected events
of assets, or aggressive bidding for deposits. The Bank uses
to occur and accordingly prepares to face and survive
cash flow match approach and liquid assets approach.
such situations. This requires foreseeing situations under
Under the cash flow approach the Bank attempts to match
hypothetical scenarios considering the question ‘what-if’
the cash outflows against the contractual cash inflow
and development of stress tests in such scenarios. This
394
Annual Report 2022
enables the organization to be well equipped to cope with environment. It measures the need for liquid assets in a
the crisis situations when they arise. stressed environment, in which deposits and other sources
of funds (both unsecured and secured) run off, to various
Contingency Funding Plan: extents, and unused credit facilities are also drawn down
Contingency planning is a combination of early warning in various magnitudes.
procedures and advance preparation for potential high-
severity / low-probability liquidity events. In the unlikely Composition of High Quality Liquid Assets (HQLA):
event of a funding crisis, good contingency planning The HQLA of LCR consists of Cash, placements /Reverse
makes the difference between being in control and simply Repos and the investments in Govt. Security i.e. Treasury
reacting to events. Bills & Bonds which are included due to its repo-ability
characteristic.
The need for a robust contingency funding plan is driven
by the following factors: Net Stable Funding Ratio:
I. Bank can never avoid liquidity risk NSFR or Net Stable Funding Ratio is another new standard
II. As liquidity risk increases, it becomes even more un- introduced by the Basel Committee. The NSFR aims to
hedge able. limit over-reliance on short-term wholesale funding
III. It is too expensive to hold enough liquidity to survive a during times of abundant market liquidity and encourage
severe or prolonged funding crisis. better assessment of liquidity risk across all on- and off-
balance sheet items. The minimum acceptable value of
Therefore, contingency planning may be defined as the this ratio is 100 percent, indicating that available stable
bridge between the liquidity the bank chooses to hold and funding (ASF) should be at least equal to required stable
the maximum it might need. funding (RSF). ASF consists of various kinds of liabilities
and capital with percentage weights attached given their
Main Contributor: perceived stability. RSF consists of assets and off-balance
The main contributors to JBL, LCR on assets side are sheet items, also with percentage weights attached given
Treasury Bills & Bonds, and one of the instruments of Govt. the degree to which they are illiquid or “long-term” and
Borrowing, while on the liability side the major portion is therefore requires stable funding. The time horizon of the
deposits mainly contributed by our large corporate & retail NSFR is one year.
customers.
Currency Mismatch:
Liquidity Coverage Ratio: As outlined in guideline, while the LCR is expected
LCR or Liquidity Coverage Ratio is a new liquidity standard to be met on a consolidated basis and reported in a
introduced by the Basel Committee. This standard is built common currency, bank manages the liquidity needs in
on the methodologies of traditional liquidity coverage each significant currency. As indicated in the LCR, the
ratio used by banks to assess exposure to contingent currencies of the stock of HQLA are similar in composition
liquidity events. LCR aims to ensure that a bank maintains to the operational needs of the bank. Bank does not assume
an adequate level of unencumbered, high-quality liquid that currencies are transferable and convertible in a stress
assets that can be converted into cash to meet its liquidity period.
needs for 30 calendar days. LCR goes beyond measuring
the need for liquid assets over the next 30 days in a normal
QUANTITATIVE DISCLOSURES:
(Taka in Crore)
Particulars Amount/Ratio
Liquidity Coverage Ratio 170.93%
Net Stable Funding Ratio (NSFR) 114.64%
Stock of High Quality Liquid Assets 8,061.26
Total net cash outflows over the next 30 calendar days 4,716.24
Available amount of stable funding 24,155.93
Required amount of stable funding 21,070.39
Jamuna Bank Limited 395
LEVERAGE RATIO
Policies and processes for managing excessive on
and off balance sheet leverage:
QUALITATIVE DISCLOSURES:
There are approved limits for instruments both on-balance
sheet and off-balance sheet items. The limits are monitored
Views of BOD on system to reduce excessive leverage:
and enforced on a regular basis to protect against such
Transparent, non-risk based leverage ratio has been
risk.
introduced by Bangladesh Bank. The leverage ratio is
calibrated to act as a credible supplementary measure to
Approach for calculating exposure:
the risk based capital requirements. The leverage ratio is
Calculation of Leverage Ratio
intended to achieve the following objectives:
A minimum Tier 1 leverage ratio of 3% is being prescribed
both at solo and consolidated level.
a) Constrain the build-up of leverage in the banking
sector which can damage the broader financial system
Leverage Ratio =
and the economy
b) Reinforce the risk based requirements with an easy to
The exposure measure for the leverage ratio will generally
understand and a non-risk based measure
follow the accounting measure of exposure. In order to
measure the exposure consistently with financial accounts,
The policy for Leverage Ratio including off and on balance
the following will be applied by the bank:
sheet exposure and capital related policy. The Bank has
i) On balance sheet, non-derivative exposures will be net
a well-structured delegation and sub-delegation of credit
of specific provisions and valuation adjustments (e.g.
approval authority for ensuring good governance and
surplus/deficit on Available for sale (AFS)/ Held-for-
better control in credit approval system. The Board of
trading (HFT) positions).
Directors and its Executive Committee hold the supreme
ii) Physical or financial collateral, guarantee or credit
authority for any credit approval in line with the credit
risk mitigation purchased is not allowed to reduce on
committee consisting of the senior management of the
balance sheet exposure.
bank.
iii) Netting of loans and deposits is not allowed.
QUANTITATIVE DISCLOSURES:
(Taka in Crore)
Amount
Particulars
Consolidated Solo
A. Tier-1 Capital (considering all regulatory adjustments) 2,075.59 2,084.55
B. On balance sheet exposure 28,046.21 27,999.83
C. Off balance sheet exposure 5,331.50 5,331.5
D. Regulatory adjustments made to Tier 1 capital 136.58 134.99
E. Total exposure (B+C-D) 33,241.13 33,196.35
F. Leverage Ratio (A/E)*100 6.24% 6.28%
REMUNERATION
Qualitative Disclosures
(a) Information relating to the bodies that oversee remuneration:
The Board of Directors of the bank approves the remuneration proposals/changes as and when needed.
As per policy of the Board of Directors, the Human Resources Division fixes the remuneration of an employee and Financial
Administration Division is responsible to ensure the payment of the same.
Presently JBL does not have any external consultants to oversee remuneration.
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Annual Report 2022
Qualitative Disclosures
There is a broadband based pay role system for all of the employees who are working in the different Branches/areas of the
Bank. The Salary Structure of the Bank is based on Job Grades. Job grades are decided on the basis of an analytical assessment
of the position based on the size, responsibilities, decision-making authorities, nature and scope of the job. The employees of
the subsidiaries are also enjoying the same pay package. And there are no foreign subsidiaries of Jamuna Bank Ltd.
All of the Strategic Management Committee (STRATCOM) members are considered as material risk takers and are mostly senior
Managers. STARTCOM is the highest decision & policy making authority of the management comprising of Managing Director
and different business and support unit heads.
(b) Information relating to the design and structure of remuneration processes:
▷ The objectives of the Jamuna Bank’s Remuneration Policy are :
9 Attracting, developing and retaining the talents
9 To be one of the top paying Bank
▷ Key features include :
9 Performance based Pay package.
9 Leave fair Allowance equal to one basic salary at the time of his Annual Mandatory Leave.
9 Fixed Remuneration Component (All allowances other than Basic & House Rent)
9 Variable Remuneration Component (Basic Salary with House Rent Allowance)
▷ Salaries are confidential between the employees concerned and the Management. The salary ranges for the job grades are
reviewed from time to time by the management committee and approve by the Board of Directors based on :
a. Individual Performance
b. Market Movement
c. Market affordability
d. COLA (Cost of living adjustment)
▷ All types of remuneration (i.e. regular/contractual) are fixed by the relevant remuneration Committee. Remuneration of
all employees is based on their job grades. And there are no special criteria of remuneration for risk and compliance
employees in Jamuna Bank Limited.
(c) Description of the ways in which current and future risks are taken into account in the remuneration process:
Bank takes into account the following key risks when managing and determining remuneration arrangements:
a) Financial Risks;
b) Operational Risks;
c) Compliance Risks;
d) Market Risks;
e) Reputational Risks; and
f) Employee Turnover Risks
A SMART KPI approach has been adopted by the Board while evaluating the performance of each employee annually, all the
financial and non-financial indicators as per pre-determined set criteria are considered and accordingly the result of the
performance varies from one to another and thus affects the remuneration as well.
(d) Description of the ways in which the bank seeks to link performance during a performance measurement period with levels of
remuneration:
The Bank is solely depending on the contribution of its existing talents. Jamuna Bank Introduced a SMART KPI to evaluate
the performance of all categories of officials of the bank. The KPI has 2 (Two) parts i.e. in part-1 include (i) Core Business, (ii)
Operation & Cost Effective Program (iii) Customer Service & Compliance and in part-2 include (iv) Resources Development (v)
Behavioral Traits (vi) Personal Traits.
Decisions about Promotion, granting of yearly Increment, Leave Fare Assistance & Employees House Building Loan are directly
linked with employee’s individual performance against set key performance indicators.
(e) Jamuna Bank remuneration policy does not provide for deferred or variable remuneration.
(f) The Bank pays variable remuneration on cash basis (i.e. direct credit to the employee Bank account and/or Pay Order/Cheque),
as the case maybe, as per Employees’ Service Rule/Practice.
Bank provides annual increments based on performance to the employees with the view of medium to long term strategy.
Quantitative Disclosures
(g) There is no designated remuneration committee meeting held in the financial year. HR division is assigned to initiate any
change proposal on remuneration as per the compensation policy of the Bank and get necessary approval from BOD.
Remuneration paid to committee members – N/A (as all of the Members are already paid as employee)
Jamuna Bank Limited 397
Qualitative Disclosures
(h) Number of employees having received a variable remuneration award during the financial year –
Incentive Bonus – as per performance basis
No. of Employee received Bonus – 3789
Total Incentive Bonus : Tk. 62,00,00,000.00
Number and total amount of guaranteed bonuses (Festival Bonus) – 02 times
No. of Employee received Bonus – 3518 and Total Tk.25,94,93,000.00
Number and total amount of sign-on awards – N/A
Number and total amount of severance payments – 96 and Tk.26,69,78,667.83
(i) Jamuna Bank remuneration policy does not provide for deferred remuneration.
( j) Breakdown of amount of remuneration awards for the financial year to show :
(Fig in Lac)
Sl. No. Description Amount
1. Basic Salary 15,354.73
2. Allowances 14,513.70
3. Salary Casual Staffs 2,206.28
4. Gratuity 1,525.00
Fixed & Variable
5. Provident Fund Contribution 1,413.44
6. ESSS Fund Contribution 32.21
7. Incentive Bonus 6,200.00
8. Festival Bonus 2,594.93
Total Amount 43,840.29
(k) There are no deferred or retained remuneration exposures for employees of the Bank.
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Annual Report 2022
STATEMENT OF
NON-PERFORMING LOAN (NPL)
MANAGEMENT
As the world was facing Post-Covid challenges, unexpected • Revenue from reduction in provision requirements
war situation further threw the world and also Bangladesh through settlement of classified loans/rescheduling
into fresh economic challenges to overcome in 2022. Rising • Revenue from any recovery from written-off accounts
inflation and unrest in dollar market put the businesses • Revenue from recovery from unapplied interest
into vulnerable situation which naturally continued to put
pressure on banks’ NPL and profitability. As such, more NPL Management at Jamuna Bank Limited
focus in 2022 was on recovery from bad loans than on NPL management is one of the topmost priorities of
expanding business. Jamuna Bank. At Jamuna Bank, monitoring starts from the
very beginning of the business process. The steps of NPL
Jamuna Bank rightly turned its attention towards managing Management work flow are as follows:
its credit quality taking a holistic approach, strengthening
credit quality management both in the pre-credit and post- • Jamuna Bank has formulated its own credit policies
credit perspectives. The bank has enhanced delinquency in line with Bangladesh Bank guidelines and also
monitoring across the Bank to ensure follow-up right from the best practices which are guiding Bank’s business
the initial stages of non-payment. Jamuna Bank has a Law relationship teams to engage their best business
& Recovery Division (LRD), dedicated for management, efforts towards quality business through systematic
settlement and recovery of NPLs and problematic credits. management of any potential risk for being highly
Major responsibility of this Division is to formulate judicious in selecting borrowers.
strategy and action plans for minimizing risk, prevention • Our Credit Risk Management Team independently
of credit losses and maximizing recovery and rescheduling reviews the credit proposals submitted by relationship
and pursuing legal actions against the defaulters to recover managers independently, approves, recommends for
the bank’s dues at the earliest possible time. LRD works in onward approval where the potential risks are being
close collaboration and coordination with other divisions screened of ensuring adequate protection against any
like Corporate, CAD, Retail and all branches of the bank. latent NPL.
• The credit proposals are also being reviewed by the
LRD has gone through continuous improvement process Head Office Credit Review Committee consisting
in terms of structure and process. The LRD has a unit of top officials from different Divisions who put
comprising of competent lawyers and also officers with their valuable inputs/covenants, where necessary to
genuine credit and recovery background. The goal is minimize the risk of turning the loan into NPL.
to enhance the bank’s capacity to deal with NPLs, to • Even after approval of credit facilities, the post
enable business processes and structure to facilitate NPL approval activities like credit facility documentations
management, to improve and promote out of Court debt and executions are carried out by separate Division
settlement and to monitor and pursue the suits and cases. namely- Credit Administration Division and vetting of
credit facility and collateral documentations are taken
Contribution to Income by Effective Management of care of by separate Division namely Legal Division
NPL which are independent of reporting from business
Recovery from NPL/write-off accounts adds handsomely units to avoid conflict of interests.
to the bank’s profitability in the following manner: • Post disbursement activities like monitoring,
supervision, early alerts etc. are performed by Credit
• Interest revenue from rescheduled accounts upon Risk Management Division. Recovery, regularization,
realization of installments. rescheduling of non-performing assets, steps are
• Revenue from interest suspense on realization basis. initiated by Recovery Division which continuously
Jamuna Bank Limited 399
thrives for protection against NPLs. Regular due date sensitivity.
and overdue status, reminders through SMS, e-mails, • Prompt action on credit reports.
letters, telecommunications, meetings, discussions, • Capacity building of Recovery related RMs.
visits etc. with the clients are consistently carried out • Timely effective monitoring and follow up.
by the respective Divisions which facilitate managing • To ensure that funds are utilized for the purpose
NPL at the lowest possible level. for which they were sanctioned and to look into the
• For managing NPL cases arising out even after all matter that the terms and conditions are complied
the above mentioned efforts, dedicated teams are in with.
place to directly monitor, put into action and intensify • To monitor the project implementation for avoiding
recovery and collection drives through internal time lag and consequential cost overrun.
recovery officers and third party recovery agents • To evaluate the performance in terms of production,
where necessary. Legal Unit of the Division is well sales, profits on a periodic basis for ensuring that the
organized with the assistance of internal law officers borrower is adhering to the original plan and is having
and leading law firms of the country to ensure all out sufficient profits to service the debts as well as for the
legal actions for recovery of Bank’s dues. sake of maintaining normal business momentum.
• Risk Management Division, Credit Risk Management • To assess the impact of negative externalities on the
Division and Audit & inspection Division are performance of the company.
consistently reviewing and monitoring the • To detect the symptom of sickness at the early stage
implementation and execution policies, procedures, for initiating measures at the opportune moment.
systems; blowing whistles where necessary; updating
with approval of competent authority with various Performance Highlights 2022
stake-holding Divisions. • The NPL Ratio of the Bank stood at 5.32% from previous
• Top Management of the Bank is very vigilant to year’s 2.97% despite cash recovery of Tk.161.26 Crore
monitor and review all the relevant aspects; provides in 2022 due to inclusion of newly classified borrowers
necessary directions and guidance time to time in the NPL portfolio. Classified loans & advances have
to ensure asset quality maintaining the NPL Ratio increased mainly due to continuation of financial and
towards its desired goals outperforming the industry business constraints in the country after the financial
ratio. and economic shocks for the Covid-19 Pandemic and
• On top of all, there are several Recovery Task Forces recent Ukraine-Russia conflict from the beginning
which periodically monitor and review the NPL of last year. Moreover, many borrowers availed the
movement and performance in arresting NPL; provide moratorium facilities announced by Bangladesh Bank
necessary directions and guidance, thereby ensure for Covid-19 Pandemic but among these borrowers a
highest quality asset portfolio and maximize business large number have defaulted to repay their dues in
and profitability growth. 2022. There are also some willful defaulters who are
• Under the present overall socio-economic dynamics, not coming forward to adjust/settle their liabilities.
Jamuna Bank has prioritized to extend purpose- • Bank has recovered total Tk.1,612.56 million from
oriented credit facilities with required security/ NPLs, Stressed and written-off accounts in 2022
collateral support as their policy priority since registering 54.75% growth from 2021.
diversion of fund is one of the identified causes of loan • Total 200 cases/suits were disposed in 2022 as a result
default. So, it becomes an imperative need to keep a of vigorous monitoring and follow-up by LRD. The
close watch on the borrowers’ business operations number of cases/suits disposed in 2021 was 96.
and the movement of its financial indicators in an
empirical manner.
Jamuna Bank strictly follows the following strategies to
manage NPL of the bank:
• No compromise with due diligence in the sanctioning
process, keeping in mind “Prevention is better than
cure”.
• Action plan for existing and also probable NPLs.
• Identification of highly risk sensitive borrowers in the
credit portfolio.
• Identification of geographical area-wise risk
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Annual Report 2022
Looking Forward to 2023
Despite all the challenges looming in 2023, Jamuna Bank’s
main focus will be cash recovery from NPL and written
off accounts by further intensifying its efforts. Our key
initiatives will include the followings:
• Ensuring a holistic effort through both negotiation
and strong legal follow-up.
• Strengthening the account monitoring from both
Head office divisions and branches to maximize
recovery.
• Ensuring constant follow-up of rescheduled accounts
so that they do not deteriorate into NPL again.
• Ensuring accurate and timely MIS to facilitate
management decision.
• Focusing especially on Top-20 NPL and written-off
accounts as recovery from those accounts will add
great value to the bottom line.
• Collaborating closely with all divisions of the Bank to
expedite recovery process.
Loan Recovery Campaign (for the period 15-11-2022 to 30-12-2022):
For the recovery of classified and written off loans the management of the bank organized another campaign titled “Loan
Recovery Campaign” for the period 15-11-2022 to 30-12-2022. The Management also awarded employees for recovery of
classified and written off loans during the campaign.
Performance Loan Recovery Campaign (for the period 15-11-2022 to 30-12-2022):
Sl. No. Name of Zone Amount of Recovery (figure in million)
1 Rajshahi 156.31
2 Dhaka 156.27
3 Chattogram 91.73
4 Sylhet 3.83
5 Khulna 6.84
6 Mymensing 1.59
Total 416.56
Jamuna Bank Limited 401
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Annual Report 2022
About Sustainability Reporting
Sustainability at Jamuna Bank
Like other countries around the world, Bangladesh is highlight its efforts to drive sustainable business growth
dealing with the impact of global shocks – first from the along with innovative partnerships, social initiatives, and
pandemic and then from the ongoing war in Ukraine i.e. community engagement.
Rising global commodity prices, supply chain disruptions,
and slowdown in external demand have led to high The report provides an in-depth analysis of the impacts,
inflation, a sharp widening of the current account deficit, risks, and opportunities associated with the bank’s
depreciation of the taka and the rapid decline of foreign business activities and relationships. It also outlines the
exchange reserves etc. The robust economic recovery of bank’s sustainability strategy, management approaches,
Bangladesh from the COVID-19 pandemic was interrupted and measures. The report details specific sustainability
by Russia’s invasion in Ukraine. Jamuna Bank continues activities that were carried out in the year 2022, including
to forge ahead in the face of headwinds and declares the its efforts to promote sustainability in the communities it
second highest dividend in the banking sector in 2022 serves.
for shareholders. As a responsible stakeholder, Jamuna
Bank Ltd. (JBL) holds the conviction that sustainability in Jamuna Bank demonstrates its commitment to
business extends beyond just environmental conservation. transparency and accountability in its sustainability
It encompasses a holistic approach to uplift the economy, efforts. The report serves as a valuable tool for stakeholders
society, and community while adding financial value to to understand the bank’s sustainability performance and
the organization. JBL has demonstrated its commitment its plans for the future. By highlighting its sustainability
to sustainability through various initiatives, including the initiatives, the bank hopes to inspire others to take similar
growth of Green and Sustainable finance, in-house green actions and contribute to a more sustainable future.
practices, and a variety of Corporate Social Responsibility
(CSR) activities, such as education, health and well-being, Boundary of the Report
environmental management, sports & culture, disaster This report provides information on our social,
management, etc. environmental and governance achievements and
commitments for the period of January 01, 2022 to
The Bank also prioritizes good governance and has built December 31, 2022 and covers only banks operation run
a corporate culture within the organization that enhances by corporate office, its branches, SME service centers
employee satisfaction. JBL has shown its interest in and other direct networks in Bangladesh. Impacts of
green banking and sustainable finance by implementing the activities of our subsidiaries, NGO networks or our
automated electronic and paperless banking, promoting suppliers in other countries are not within the scope
sustainable projects, and raising awareness through of this report. Jamuna Bank has two local subsidiary
training and marketing. By doing so, JBL is taking active companies i.e. Jamuna Bank Capital Management Limited
steps to ensure that its business practices are sustainable and Jamuna Bank Securities Limited. As owner, the Bank
and benefit not only the organization but also the controls the activities of its subsidiaries. Jamuna Bank
environment and society. has a philanthropic organization namely Jamuna Bank
Foundation which has been serving since 2007 with the
Jamuna Bank Ltd. is taking significant steps to integrate objective of administering CSR activities of the Bank in a
sustainability practices into its business operations. By planned and integrated way.
identifying the factors that impact sustainability and
incorporating a sustainability disclosure into its annual
report, the bank has made managing sustainability a
Independent Sustainability
shared responsibility across all departments. The reporting Reporting
process is a key opportunity for Jamuna Bank to showcase Recognizing the significance of sustainability,
its commitment to corporate vision that goes beyond Jamuna Bank has published its first-ever Independent
financial success. Through the report, the bank aims to Sustainability Report for the year 2021, following the Core
Jamuna Bank Limited 403
Option of the Global Reporting Initiative (GRI) standard. 1. Responsible Banking
With the guidance of GRI and its nominated consulting We are dedicated to protecting our customers’
firm, Jamuna Bank has produced the report that meets the information and ensuring the security of their
global standard. financial assets. We have a strict zero-tolerance policy
for financial crime and are committed to conducting
This marks the beginning of a new journey for Jamuna business in a fair and responsible manner.
Bank as it continues to prioritize sustainability in its In addition to these security measures, we also believe
business practices. The publication of the Independent in promoting sustainable development by advancing
Sustainability Report demonstrates the bank’s responsible financing and financial inclusion. Our goal
commitment to transparency and accountability in its is to provide financial services to all members of society,
sustainability efforts and signals its intent to further including those who may have been traditionally
advance its sustainability journey. underserved or excluded from the financial system. By
taking a proactive stance on security and promoting
responsible financing, Jamuna Bank is working to
create a financial system that is inclusive, sustainable,
and benefits everyone. Our commitment to these
principles demonstrates our dedication to conducting
business in a way that is responsible, ethical, and in
line with our values.
2. Responsible Business Practices
To provide an inclusive work environment where
every employee has the opportunity to grow both
professionally and personally is one of our core
Approach to sustainability commitments. We believe that a diverse and
We take a long-term, integrated approach to conducting supportive workplace is essential to our success and
business by incorporating environmental, social and we strive to create a culture of inclusivity and respect
governance considerations into all of our operations. Our for all employees. As a responsible organization,
goal is to make a positive impact on people’s lives and we also recognize the importance of managing our
promote sustainable development. environmental impact and seek to influence our
supply chain towards more sustainable practices. We
are committed to reducing our carbon footprint and
promoting environmental conservation through our
operations.
In addition to these efforts, we also contribute 5% of
our pre-tax profit to the Jamuna Bank Foundation.
This investment supports social initiatives and helps to
improve the well-being of the communities we serve.
Our contributions also serve as a demonstration of
our commitment to make economic contributions to
To achieve this, we have focused on seven of the United the communities in which we operate and promote
Nations’ Sustainable Development Goals (SDGs) that align sustainable development.
with our operations and where we believe we can have the
greatest impact. To incorporate environmental and social 3. Creating Social Impact.
considerations into our business operations, to promote Corporate Social Responsibility (CSR) is a fundamental
sustainable development by focusing on the UN’s SDGs aspect of our business philosophy. Since our
and to take a long-term perspective and make a meaningful establishment, we have been actively contributing
impact on people’s lives, Jamuna Bank is working to create to the underprivileged segment of society through a
a more sustainable future for all. We believe that this range of CSR activities across Bangladesh.
approach will not only benefit our business but also the
environment and society as a whole. Our sustainability To further enhance our CSR efforts, we have established
strategy is driven by the following objectives: the Jamuna Bank Foundation, which is dedicated in
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Annual Report 2022
strengthening and streamlining our CSR program. The understand that our responsibilities extend beyond our
Foundation works towards improving socioeconomic shareholders, customers, and employees to the wider
development and has been supporting initiatives in communities we serve. To ensure that our sustainability
education, health, charity, medical treatment for the efforts are directed towards achieving our objectives, we
poor, donations, sponsoring sports, and disaster relief have established a clear strategic objective for each of our
efforts to promote sustainable communities and the sustainability focus areas. At the board level, the Board
environment. Risk Management Committee (BRMC) provides oversight
and support in areas such as sustainability strategy,
Our commitment to CSR has been recognized with the operational model, reporting, and frameworks. In
award of Best CSR Bank” consecutively in 2021 and compliance with Bangladesh Bank’s Sustainable Finance
2022 in the “The Annual Global Economics Awards” Department’s circular no. 02 dated December 1st, 2016,
program organized by the UK-based “The Global which outlines the formation and formulation of the terms
Economics” in Dubai, UAE. of reference for sustainable finance in banks and financial
institutions, Jamuna Bank has established a Sustainable
Sustainability Governance Finance Committee (SFC) and a Sustainable Finance Unit
We believe that conducting business responsibly, (SFU). The SFU works according to the terms of reference
sustainably and in alignment with our values is essential stipulated by the Bangladesh Bank to drive the bank’s
to building a successful and long-lasting enterprise. We sustainability efforts.
Board of Directors
Board Risk Management
Committee (BRMC)
Managing Director & CEO
Sustainable Finance
CRM Division
Committee
Sustainable Finance Unit
Enabling a Low-carbon Empowering Our People Embedding Responsible
and circular Economy and Communities Business Practices
Environmental Social Governance
material issues material issues material issues
Ւ Resource Ւ Health and Safety Ւ Corporate
Management Ւ People Governance
Ւ Local Environmental Ւ Community Ւ Ethical Business and
Protection Compliance
Ւ Risk Management
Jamuna Bank Limited 405
SUSTAINABILITY HIGHLIGHTS
167 Number of Deposit Account
BDT 41.38 billion
Number of Branches
1,097,933 Sustainable Finance (SF) Disbursed
106
Number of Sub-Branches
Number of Loan Account
20.82%
42 49,239 of Total Loan Disbursed
Number of Agent Outlet
BDT 4.83 billion BDT 3.97 billion BDT 2.80 billion
Green Finance (GF) Disbursed Sustainable Agricultural Disbursed Sustainable CMSME
25.42% 10% 7%
of Total Term Loan Disbursed of Total Sustainable Finance of Total Sustainable Finance
Disbursement Disbursement
12 %
of Total Sustainable Finance
Disbursement
BDT 4.23 billion BDT 25.55 billion Allocating 5% of
Socially Responsible Finance Other Sustainable Linked Finance
pre-tax profit for
10 %
of Total Sustainable Finance
61%
of Total Sustainable Finance
CSR
through Jamuna Bank Foundation
Disbursement Disbursement
each year
Women represented Contributed for CSR
37 20% BDT 340.20
Solar Powered Branch of all participants in the labor force
million in 2022
• Education: 16.67%
• Health: 30.10%
• Environment and Climate
change mitigation & adaptation
sector: 8.26%
• Others: 44.97%
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Annual Report 2022
List of Material Topics
With regards to Jamuna Bank, the material
topics represent four content areas (the best
interests of the customer, empowering society
and the community, employees’ quality of
life and wellbeing, and inhabiting with the
environment), which describe impacts on all
of the bank’s stakeholders. Material issues
are those that reflect our organization’s
most significant environmental, social and
governance impacts, or those that influence
the assessments and decisions of our internal
and external stakeholders. As a result of our
materiality process, we have identified 20
material sustainability issues. The material
issues for the sustainability report are listed
below:
Economic Environment Social
Serving a diverse range of clients Power consumption management and Encouraging a culture of conversation
Accessibility to Products and Services energy efficiency and openness with employees
Responsible and Ethical behavior Decreasing environmental impacts Competitive Benefit
Financial inclusion Controlling of paper resources Promoting diversity, equal
Process Digitization GHG emissions opportunities, and clarity
Governance and Accountability Environmental Compliance in Personal development and training
Prevention of corruption and money portfolio management Supporting an appropriate work
laundering environment
Responsible Tax management Health and safety of employees
Local community engagement,
impact assessments, and
development programs
Jamuna Bank Limited 407
Economic Performance
The economic aspect of sustainability refers to the effects that an organization has on the financial well-being of its
stakeholders and the economic systems it operates within, encompassing local, national, and global levels. It encompasses
a variety of topics such as the creation of economic opportunities, the use of natural resources in a responsible manner,
and the generation of wealth while minimizing negative impacts on the environment and society. The goal of the economic
dimension of sustainability is to ensure that economic growth and development are sustainable in the long term and
contribute to the overall well-being of individuals, communities, and the planet. The Economic Category illustrates the
flow of capital among different stakeholders, and the main economic impacts of the organization throughout society. As
one of the leading financial services provider in Bangladesh, Jamuna Bank Limited has an extensive role in the economy
and society. Jamuna Bank makes a positive difference to society and local, regional and national economies where we
operate through our community initiatives and investments. We help foster local economic development and stimulate
growth and innovation through loans, credit and other financing to organizations of all sizes.
Key priorities
Financial Employment Women Exchequer Community
Inclusion Creation Empowerment Contribution Welfare
Supporting
Grassroot
recovery of
Development
SMEs
Significance of our
Material Topic
Our Economic
SDG Alignment Jamuna Bank Responses
Material Topics L M H
1 2 3 4 5
Serving a diverse • We supported the economy by providing cash flow support,
range of clients lowering the cost of lending, and offering customers
uninterrupted access to banking services digitally.
• Number of Deposit A/C: 1,097,933
• Number of Loan A/c: 49,239
Accessibility to We strive to ensure that our customers have easy access to
Products and information, products and services offered by the Bank.
Services
Responsible and Our bank always maintained the fundamental principle of
Ethical behavior business regarding protecting customer privacy. Customer’s
information/ data is not available to anyone other than the client
himself and the Banks concerned personnel who is responsible
for maintaining the data. We haven’t received any complaints
relating to breach of customer privacy and loss of data.
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Annual Report 2022
Significance of our
Material Topic
Our Economic
SDG Alignment Jamuna Bank Responses
Material Topics L M H
1 2 3 4 5
Financial inclusion • Expanding our agent banking and other cost-effective
delivery channels i.e. sub-branches, collection booth etc.
for on boarding the under banked into the formal banking
system
• Nurturing healthy savings and investment habits
• Introducing low-cost, innovative financial products.
• 1,097,933 beneficiaries came under Jamuna Bank banking
service network
Process Digitization • Facilitating services using innovative technologies
• JBL has successfully implemented and optimized Real Time
Gross Settlement (RTGS) solution in branches. As a result,
customers are enjoying real time fund settlement facility.
• JBL also joined National Payment Switch Bangladesh
(NPSB) network which enabled the cardholders of the Bank
to enjoy cash withdrawal facility from other ATMs under
NPSB Network.
• Banking through SMS.
• Internet Banking Facilities
• We introduced Just Pay Smart Banking App for Smartphone
devices, which allow constant access to bank accounts of
the Customers. Customers can now get 24/7 access to JBL
account information and services from their phones. It is a
free service offered to all the JBL customers.
• E-Statement.
• The bank has an exclusive and very effective intranet
system for internal communication, information sharing,
employee education and electronic recording process.
• e-notice board, online leave management facility,
e-dispatch, and e-attendance for the employees.
• Circulars of Bangladesh Bank (BB) and JBL are instantly
circulated through intranet.
• Video conferencing has been introduced among Head Office
and other branch premises of the Bank in order to save
business travel time and fuel by holding virtual meeting.
Governance and • We have a sound governance culture.
Accountability • Clearly defined roles and responsibilities of CEO and the
Board.
• Strong Ethics & compliance ensured.
• Grievance management and counseling ensured.
• We also complied with relevant guidelines of Bangladesh
Bank as well as Bangladesh Securities and Exchange
Commission.
Prevention of • Ensuring follow of Employee Code of Conduct.
corruption and • Ensuring zero tolerance policy for fraudulent activities and
money laundering corruption.
• Promoting and encouraging Integrity amongst employees
through Chairman’s award program every year.
• Regular employee training on Anti-Money Laundering /
Combating the Financing of Terrorism.
Responsible Tax • Ensures proper tax management and compliance system.
management
Jamuna Bank Limited 409
Statement of Direct Economic value
generated and distributed for the year
ended 31 December, 2022
Value added is the wealth created by Jamuna Bank through its different banking operations. The Value added statement
shows the total wealth created, how it was distributed to meet certain obligations, reward those responsible for its
creation and the portion retained for the continued operation and expansion of JBL.
Amount in BDT million
Particulars 2022 % 2021 %
Income from Banking services 21,224.40 18,893.02
Less: Cost of services & Supplies (9,338.51) (8,511.94)
Value added by the Banking services 11,885.89 10,381.08
Other Operating Income 936.45 589.97
Less: Provision for Loan and Advances, Shares, etc. (2,430.39) (1,155.08)
Less: Operating expenses excluding staff costs and depreciation. 2,073.14 1,745.86
Value added 12,465.09 100% 11,561.84 100%
Distribution of value added
To Employees as salaries & allowances 4,384.03 35.17% 3,426.38 29.64%
Contribution to Jamuna Bank Foundation. 172.57 1.38% 211.82 1.83%
To Government as taxes 1,697.48 13.62% 1,547.74 13.39%
To Share holder as Dividend 1,311.14 10.52% 1,311.14 11.34%
Retained in the business 4,899.87 39.31% 5,064.76 43.81%
as capital and revenue reserve 4,416.58 4,657.47
as Depreciation 483.29 407.29
Total 12,465.09 100% 11,561.84 100%
Number of employees 3,782 3,346
Value added per employee 3.30 3.46
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Annual Report 2022
Economic Value Added (EVA) Statement
for the year ended 31 December, 2022
Economic value addition is a measure to calculate the economic value added by the enterprise to the stakeholders.
Economic value added (EVA) is a measure of a company’s financial performance based on the residual wealth calculated
by deducting its cost of capital from its operating profit, adjusted for taxes on a cash basis. EVA can also be referred
to as economic profit, as it attempts to capture the true economic profit of a company. The aim of EVA is to provide
management with a measure of their success in increasing shareholders wealth: a better measure than profit of how
much the company had made for shareholders
Amount in BDT million
Particulars 2022 2021
Net Operating profit before taxation and provision 5,709.31 5,179.70
Provision for taxes (1,697.48) (1,547.74)
Net Operating profit after tax (NOPAT) 4,011.83 3,631.96
Charges for capital
Capital employed 26,881.05 27,064.00
Cost of equity (%)* 9.91% 9.88%
Capital charge 2,663.91 2,673.92
Economic Value Added 1,347.92 958.04
Capital Employed as on December 31
Shareholders equity 19,748.74 21,369.33
Add: Cumulative provision for loan and off-balance sheets items 7,132.31 5,694.67
Average Shareholders’ Equity 26,881.05 27,064.00
* Cost of equity refers to a shareholder’s required rate of return on an equity investment. It is the rate of return that could have been
earned by putting the same money into a different investment with equal risk. Interest on 20 years Government Treasury Bond plus a
standard risk premium has been assumed to be the cost of equity.
Market Value Added (MVA) Statement for the year ended 31 December,
2022
Market Value Added (MVA) is the difference between the current market value of a company and the capital contributed by
the investors. Higher MVA is better for the organization. A high MVA indicates that the company has created substantial
wealth for the shareholders. A negative MVA means that the value of management’s actions and investments are less
than the value of the capital contributed to the company by the capital market.
Particulars 2022 2021
Face value per share (BDT) 10.00 10.00
Market Value per share (BDT) 21.30 23.50
Number of shares outstanding 749,225,650 749,225,650
Total market capitalization (BDT million) 15,958.51 17,606.80
Book value of paid up capital (BDT million) 7,492.26 7,492.26
Market Value added (BDT million) 8,466.25 10,114.55
Jamuna Bank Limited 411
Figure in BDT million
Concentration of Industrial Development by Jamuna Bank
Our Corporate lending business aides the overall economic expansion by supporting vital sectors of growth. The growth
of Textile, RMG and other manufacturing sectors, alongside the development of infrastructure and availability of power
and energy , is directly linked with contributions from the bank.
Customer Segment Outstanding amount in million BDT Percentage of composition
Corporate 128,315.16 71.09%
SME 21,981.87 12.18%
Retail 11,506.10 6.37%
Agri & Micro 4,018.45 2.23%
OBU, Credit Card & Others 14,669.21 8.13%
Total: 180,490.79 100.00%
Jamuna Bank has always focused on a balanced blend of asset portfolio efficiently distributed across industries. The
following table illustrates industry concentration of our asset portfolio. We have financed in different manufacturing
industries including the likes of Textile, RMG, Pharmaceuticals, Chemical, Cement, Food & Allied, Ship-Building, Ship-
Breaking, Power & Gas etc. constituting a chunk of 35.01% of total asset concentration. The next chunk of our asset
concentration went into the local trading industry constituting 38.44% of total asset concentration.
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Annual Report 2022
SL. Industry/Area Outstanding (Million Taka) Percentage
1 Agriculture, Fishing, and Forestry 4,018.45 2.23%
2 Textile 9,611.56 5.33%
3 RMG 11,228.16 6.22%
4 Pharmaceutical 594.90 0.33%
5 Chemical 422.52 0.23%
6 Cement 654.53 0.36%
7 Food & Allied Industries 6,685.30 3.70%
8 Ship Building Industries 103.96 0.06%
9 Ship Breaking Industries 502.25 0.28%
10 Power & Gas 965.17 0.53%
11 Other Manufacturing 32,419.05 17.96%
12 Service Industries 20,962.07 11.61%
13 Trade & Commerce 69,381.77 38.44%
14 Construction 10,094.13 5.59%
15 Transport 158.39 0.09%
16 Consumer financing 6,452.67 3.58%
17 Loans to financial institutions 6,120.58 3.39%
18 Miscellaneous 115.32 0.06%
Total* 180,490.79 100.00%
Export-Import Business basket. Export of Jute Yarn, Fabric (woven), Clothing,
JBL has been consistent in both of its import and export Accessories, Pet Bottle, Leather (crust & finished), bicycle,
business. However, in 2022, Import had increased to USD Agro-processed products etc. were the major items/
2,074.79 Million registering a positive growth of 6.76% commodities.
as compared to USD 1,943.41 million in 2021. Import of
capital machinery and mechanical appliances, electrical Contribution to the Retail Sector
equipment and parts thereof, Wheat, Edible Oil, Sugar, We believe in empowering individuals and families
Raw Cotton, Fabrics, Synthetic/ Mixed Yarn, Chemical by providing them with financial tools that meet their
products etc. were the major items/commodities imported evolving needs and aspirations. Our Retail Banking
through our Bank. division is dedicated to helping people turn their dreams
into reality by offering tailored products and services
that cater to their financial requirements at every stage
of their lives. Whether it is starting a business, buying a
home, saving for the future, or managing their day-to-day
finances, we are committed to providing our customers
with the support and guidance they need to achieve their
financial goals. We believe in empowering our customers
and fostering financial literacy, which we believe is key to
promoting wider financial inclusion in the country.
Aggregate exports increased to USD 1,711.80 million in 2022
from USD 1,345.54 million in 2021 registering a positive
growth of 27.22%. Ready made garments continued
to occupy an overwhelming share of the bank’s export
Jamuna Bank Limited 413
Finance for Rural Economic Development
Agriculture is also another key driving force of the economy
of Bangladesh. The overall economic development of
the country is closely interlinked with the development
of the agricultural sector. Agriculture makes the largest
contribution to favorable Balance of Payment position
through poverty alleviation, providing raw materials
for industry, reducing imports and enhancing exports.
Jamuna Bank continued its proactive policy and program
support to boost up agriculture financing. Jamuna Bank
also recognizes Agriculture & Rural Credit as one of the
major tools for ensuring “inclusion” of the rural people
Contribution in development for SME into the banking activities and plays a major role in the
Sector overall economic development of the country. To promote
Jamuna Bank recognizes the crucial role played by the this particular sector, Jamuna Bank Limited has disbursed
Micro, Small, and Medium Enterprises (MSMEs) in the Agricultural & Rural Credit of Tk.3106.60 million in the
development of the economy of Bangladesh. MSMEs are Financial year 2021-22.
known for their ability to stimulate private ownership and
entrepreneurial skills, adapt quickly to changing market
situations, generate employment, diversify economic
activities, and contribute to exports and trade. That is
why, Jamuna Bank has devised a comprehensive policy on
MSME financing, offering loan products and services that
help these enterprises grow and contribute more to the
Gross Domestic Product (GDP).
Sustainable Finance
We aspire to promote and support environmentally-sound
businesses and technologies through our lending business.
JBL has designed its products and services ensuring the
environmental benefit in the economy and society. The
products, services and Loans and Advances of the bank
play an important role in the lives of individuals, business
and communities. Our Bank extends credit facility to
clients whose business activities lessen ecological damage,
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Annual Report 2022
endorse energy efficiency and support communities who are vulnerable to climate change. By doing so, we ensure that
we constantly meet our stakeholders business needs and maintain customer’s trust and business continuity. As such, the
bank also contributes for socio-economic development of Bangladesh. The following initiatives have been taken by the
bank for sustainable business environment.
Ւ Selection of good borrower in respect of compliance & sustainability.
Ւ Environmental & Social risks are considered in all of our credit proposals, where appropriate.
Ւ All Credit proposals are taking into account of local laws and regulations and internationally acceptable environmental
and social standards where these are more stringent.
Ւ Risks associated with both environmental and social issues are being properly recognized, evaluated and where
appropriate mitigated.
Ւ Appropriate procedures are designed to meet these policy requirements e.g. project finance proposals are assessed
in accordance with international best practices.
Sustainable Finance Disbursement position for the year 2021 & 2022: (figure in million BDT)
Disbursement for Disbursement for
Category Sub-Category
the year 2022 the year 2021
Green Finance Renewable Energy 0.05 4.30
Energy & Resource Efficiency 1,784.77 2.20
Alternative Energy - -
Liquid Waste Management 4.76 -
Solid Waste Management - -
Recycling & Manufacturing of Recyclable Goods 389.03 0.03
Environment Friendly Brick Production - 89.37
Green/Environment Friendly Establishments 2,458.19 239.68
Green Agriculture - -
Green CMSME 2.20 -
Green SRF 187.45 15.00
(a) Total Disbursement in Green Finance 4,826.45 350.58
Sustainable Linked Finance Sustainable Agriculture 3,970.00 3,686.03
Sustainable CMSME 2,804.47 3,590.73
Socially Responsible Finance 4,229.33 2,305.35
Working Capital & Demand Loan for Green Products/ 7,546.55 1,024.37
Projects/Initiatives
Priority Green & Eco-Friendly Products for Trading Sector 18,000.68 70.63
(b) Total Disbursement in Sustainable Linked Finance 36,551.03 36,551.03
Total Disbursement in Sustainable Finance (a+b) 41,377.47 11,027.69
Sustainable Linked
Green Finance Sustainable Finance
Finance
• BDT 4,826.45 million • BDT 36,551.03 million • BDT 41,377.47 million
Jamuna Bank Limited 415
Contribution to National Exchequer
Jamuna Bank has transformed itself into one of the strongest and best-
run financial institutions of Bangladesh, leading the financial services
sector with responsibility and agility. Over the years, the bank has ensured
substantive contribution to the national economy, reflected in collecting BDT 5,234.02 550
Government revenues and depositing the same to the state purse, as per New Job created by
mn Exchequer the bank
the laws. The bank also deducts tax, VAT and excise duty at the time of contribution in
2022
making payments for goods and services. Besides these, the bank also pays
income tax.
Jamuna Bank’s national exchequer contribution over the past five years:
BDT 340.20 Financial inclusion
(Figure in BDT million)
mn CSR
Direct Tax Indirect Tax investment
Year Total
Withholding Corporate VAT Excise Duty
2018 2,107.51 1,317.35 250.51 284.18 3,957.55
2019 2,139.74 2,167.40 273.48 340.26 4,920.87
Women Community Welfare
2020 1,839.50 1,677.57 282.35 333.63 4,133.04 Empowerment
2021 2,217.80 1559.75 302.18 409.45 4489.17
2022 2,854.44 1,065.45 350.82 423.36 5,234.02
Economic Development through lending
Supporting jobs creation to Corporate, SME, Retail and Agricultural
sector
During 2022, we on boarded 550 employees, bringing the total headcount to
3782. The bank expended BDT 4,406.06 million as salaries and allowances
and BDT 4.42 million in training in 2022. Further, we continued to prioritise lending to Corporate, SME and Agricultural
sector, thereby helping accelerate both direct and indirect jobs creation. The bank also supports the livelihood of people
who are indirectly dependent on it, including suppliers, vendors, contractors and other business partners.
Supporting Community
Jamuna Bank has been playing pioneer role in the CSR activities since its inception through Jamuna Bank Foundation.
Jamuna Bank Foundation conducts multidimensional CSR activities regularly which has been elaborately discussed as
Corporate Social Responsibility (CSR) chapter of this report.
Indirect Economic Impacts
Financial Inclusion
In our country, many poor households that do not have any access to financial services. These economically
underprivileged people of the society may also not have proper documents to provide the banks for verification of
identity or income. Financial Inclusion aims to eliminate these barriers and provide economically priced financial
services to the less fortunate sections of the society so that they can be financially independent without depending
on charity or other means of getting fund that are actually not sustainable. We aim to democratise access to banking
services to more segments of the community by i) On boarding the unbanked people into the formal banking system, ii)
Nurturing healthy savings and investment habits and iii) Financing under served businesses and customers.
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Annual Report 2022
Financial
Inclusion at JBL
Conventional
Islami Banking Digital Banking Agent Banking
Banking
Al-Ihsan Islami SMS & Internet
Branches
Banking Service Banking
Shadhin (App
ATM
based)
Major initiatives are furnished below:
(a) Jamuna Bank School Account
Any Bangladeshi students of Primary, Secondary, Higher Secondary, Graduate and Post Graduate level with student
identity documents. Students having age under 18 years may open the account and the account will be treated as
minor account. The status of Jamuna Bank School Account at the year ended 2022 is furnished below:
Period Jamuna Bank Active School Account Deposited Amount (in BDT)
At the year end 2022 3712 54,19,559/-
(b) Jamuna Bank 10 Taka Account
In September of 2010, Bangladesh Bank instructed public banks to help the ultra-poor open the Tk-10 accounts
so that they can get the benefits of the safety net programs. In this backdrop, JBL started to open School Banking
Account in different educational institutions on regular basis. The use of the account has helped underprivileged
people engage in various economic activities and change their lives. The marginal and landless farmers, small shop
owners, hawkers and people affected by river erosion etc. are now in the Banking network under 10 Taka account.
Total deposit amount in 10 Taka account as on December 2022 is given below:
Period Jamuna Bank 10 Taka Active Account Deposited Amount (in BDT)
At the year ended 2022 543 26,10,733/-
(c) Jamuna Bank Agent banking
Our agent banking operation started in 2020 with the aim of extending formal banking services to individuals and
communities who were previously without access to traditional banking services. This includes populations that have
historically been considered difficult to reach due to various reasons, such as remote locations, low levels of financial
literacy, or lack of access to technology. By launching this innovative service, Jamuna Bank Limited is bridging the
gap between the unbanked and the formal banking sector, providing financial inclusion to those who previously
did not have access to essential banking services like savings and loan facilities. With its agent banking operation,
Jamuna Bank Limited is playing a crucial role in promoting financial literacy and empowering the underserved
communities by providing them with a range of affordable and accessible banking services. At present we have 42
agent banking outlets. Detailed information is furnished below:
Particulars Position
Number of Agent Banking Outlets 42
Number of account opened 6,414
Deposited amount (in BDT million) 353.84
Jamuna Bank Limited 417
Particulars Position
Loan Disbursed (in BDT million) 48.18
Disbursed foreign Remittance (in BDT million) 171.87
(d) Financing for Women Entrepreneur
The economic sustainability of a country is greatly dependent on the empowerment of women. Without empowering
women, it becomes difficult to achieve long-lasting and productive growth. Recognizing this significance, Jamuna
Bank has taken a step forward and created a special product called “Jamuna Nari Uddog” specifically for women
entrepreneurs. This product is designed to provide financial support to women entrepreneurs without the
requirement of any collateral security or processing fees. In addition to this specific product, the bank also offers
various other financing options to women entrepreneurs. Detailed information is furnished below:
Particulars Position as on 31st December 2022
Number of Women Entrepreneur 377
Outstanding Amount (in BDT million) 3,044.10
(e) Islami Banking Activities of the Bank:
Jamuna Bank Limited is dedicated to offering not only conventional banking services but also Islamic Banking
services based on the principles of Islamic Shari’ah. The Bank opened its first Islamic Banking branch in Nayabazar,
Dhaka, on October 25, 2003, followed by a second branch in Jubilee Road, Chattogram, on November 27, 2004. The
Bank operates these two branches with a commitment to providing Islamic Banking services that adhere to Islamic
values and norms. To meet the growing demand from customers, the Bank has decided to expand its Islamic Banking
services and now offers these services at all of its conventional branches through its Islami Banking Service Centers.
Under the brand name of Jamuna Al-Ihsan, the Bank provides comprehensive and high-quality Islamic Banking
services to customers across the country. With its commitment to serving the financial needs of its customers
in accordance with Islamic principles, Jamuna Bank Limited continues to be a leader in the provision of Islamic
Banking services.
(f) Internet Banking Service
With Jamuna Bank internet banking facility, customers can perform activities like: real-time fund transfers between
own accounts of JBL, real-time fund transfer to third party beneficiary accounts of JBL, interbank fund transfer
toother banks, credit card bill payment, utility bill payment, real-time balance enquiry, real-time account statement
download, instant recharge of prepaid/postpaid mobile account of any local telecom operator etc. Moreover, to
minimize risks, we introduced OTP and two-factor authentication for internet banking and e-commerce transactions.
(g) SMS Banking
SMS banking service provides instant notification about clients’ transactions as and when those take place. It helps
them to keep a watch on their accounts with a round-the-clock service. Every debit or credit in their accounts is
disclosed by SMS. Through our SMS banking customers are getting their account information instantly compared to
the traditional way of getting account information by visiting branches.
(h) Automated Teller Machine (ATM)
With 343 ATMs, the Bank offers 24/7 cash withdrawal and deposit services along with various other services such
as bKash cash withdrawal, utility bill payment, and balance inquiry. The Bank has joined the National Payment
Switch Bangladesh (NPSB) network, allowing its Debit Cardholders to enjoy cash withdrawal facilities from other
ATMs within the NPSB network. To further support green banking, the Bank has implemented the BACH and BEFTN
mechanisms for convenient payment activities.
To ensure customer transaction security, Jamuna Bank’s ADC Division has installed a CCTV system in all of its ATM
booths and has set up a central CCTV monitoring system. This specially designed system helps to prevent any form
of fraud or unwanted incidents and reduces the risk of security breaches. The Bank is dedicated to providing a secure
environment for its customers’ transactions.
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Annual Report 2022
(i) Shadhin
The Shadhin app is a mobile application that provides Jamuna Bank customers with access to
a wide range of banking services in a convenient and secure manner. As one of the leading 3rd
generation private commercial banks in Bangladesh, Jamuna Bank aims to provide its
customers with the best online banking experience possible. With the Shadhin app, customers
can perform a variety of account-related tasks, such as checking account balances, viewing transaction history,
transferring funds, paying bills, and more.
The app is available 24/7, which means that customers can perform transactions and access banking services at
any time, from anywhere in the world. This level of accessibility makes banking more convenient and less time-
consuming for customers. The app also offers various security features such as biometric login, one-time passwords,
and two-factor authentication, ensuring the safety of customers’ personal and financial information. Overall, the
Shadhin app offers a user-friendly and efficient way for Jamuna Bank customers to manage their accounts and
banking needs. It provides a secure and convenient platform for customers to access banking services, making it
easier to handle transactions and account-related tasks on-the-go.
Sustainable Procurement The Bank’s procurement policy sets clear requirements for
Jamuna Bank recognizes that procurement practices can suppliers to conduct business in a manner that aligns with
have significant effects on both local communities and the the Bank’s values and standards. This includes provisions
environment. With this in mind, the Bank is committed to relating to employment practices, health and safety, and
working with local suppliers who prioritize both economic environmental standards, among others. By adhering
and environmental responsibility. to these principles, Jamuna Bank is demonstrating its
commitment to responsible and sustainable procurement,
To facilitate this effort, the General & Common Services and working to minimize its impact on the environment.
Division (GCSD) of the Bank is engaged for managing the
procurement process. The GCSD provides essential support Supporting Local Procurement
services to the various functional divisions and branches The Bank continued to support the national economy in
of the Bank, ensuring smooth operations and enabling the 2022 by contracting with locally based suppliers. In 2022,
Bank to achieve its goals and objectives effectively. our local suppliers represented 98.3% of our total spending
on suppliers.
By working closely with responsible suppliers, Jamuna
Bank is able to make a positive impact on the communities Anti-Corruption:
it serves while also promoting environmentally sustainable At Jamuna Bank, we have a strict policy of zero tolerance
practices. Through its commitment to responsible for any form of corruption, in accordance with our Code of
procurement, the Bank is demonstrating its commitment Business Conduct and Ethics, our values and beliefs, and
to supporting local businesses and protecting the national and international laws. Our Board of Directors,
environment. CEO, Head of Money Laundering and Terrorist Financing
Department, Head of Internal Control & Compliance
Sustainability Screening of Our Suppliers Department, and all members of senior management are
Jamuna Bank is committed to minimizing its impact on the firmly committed to promoting and upholding the values
environment and reducing costs through its procurement of integrity, transparency, and accountability in all areas of
processes. To ensure these objectives are met, the Bank the Bank’s operations.
has established checkpoints in its procurement practices.
We are dedicated to fostering a culture of compliance
The General & Common Services Division (GCSD) plays a in which bribery and corruption are never acceptable.
key role in promoting sustainable procurement practices This means that all employees of the Bank, at all levels,
and supporting suppliers in their social and environmental are expected to adhere to the highest standards of ethical
responsibilities. Through awareness-raising initiatives behavior in all domains of the Bank’s operations, as well
and ongoing engagement with suppliers, the Bank strives as in all external interactions. Any violations of these
to promote responsible business practices and align its standards may result in disciplinary action, up to and
procurement processes with its ethical standards. including termination of employment.
Jamuna Bank Limited 419
The Bank takes any allegations of unethical conduct To ensure the security of our payment systems and prevent
very seriously and thoroughly investigates all cases of any potential exploitation for illegal activities, Jamuna
suspected violations. If any conduct is found to be in Bank has put in place robust measures based on the
breach of the Bank’s standards, appropriate sanctions are Prevention of Money Laundering Act 2012 and subsequent
applied in accordance with our policy. Additionally, those amendments. We have implemented strict internal rules
who engage in illegal activity may be subject to criminal and established processes that are in line with the relevant
sanctions under the law. laws and regulations to minimize the risks associated with
Jamuna Bank is committed to maintaining the highest money laundering. Our “Know Your Customer” process
standards of ethical behavior and integrity in all of and transaction monitoring systems, along with regular
its operations, and takes a zero-tolerance approach to reconciliation of customer databases against sanctioned
corruption. By promoting transparency, accountability, lists, ensure that we remain compliant and prevent any
and compliance, we are working to ensure that the Bank potential criminal activity.
operates in a manner that is consistent with our values and
in accordance with the law. Prevention of Money Laundering and
Combating Terrorist Financing
At Jamuna Bank, the commitment to maintaining ethical Bangladesh is fully committed to remain at the forefront
standards and integrity is upheld through regular internal of global efforts to fight against money laundering and
audits conducted by the Internal Control & Compliance terrorist financing. In line with international standards and
Department (ICCD). These audits take place throughout initiatives, Bangladesh has passed the Money Laundering
the year and are performed at all branches and Head Office Prevention Act (MLPA), 2012 and Money Laundering
Divisions of the Bank. The results of the audits, along with Prevention Rules, 2019, as well as the Anti-terrorism Act
any reports related to violations, are then submitted to the (ATA), 2009 and Anti-terrorism Rules, 2013 to stringent
Audit Committee of the Board of Directors. punishments for the offence. Jamuna Bank Limited is
also committed to the effective implementation of the
The Audit Committee plays a critical role in ensuring that internationally accepted 40 recommendations as because
the Bank adheres to its ethical standards. This committee Bangladesh is a member country of the Asia Pacific Group
meets periodically and directly reports to the Board of (APG) on money laundering and terrorist financing.
Directors. The Committee reviews the reports submitted AML/CFT program of the Jamuna Bank Limited is
by the ICCD and provides feedback to the Board of formulated and directed by the Top Management of
Directors when necessary. This system of regular audits the Bank. The program includes sound ML/TF risk
and review by the Audit Committee helps to ensure that the management, which are as follows:
Bank remains accountable and transparent, and that any ▷ Assessment, understanding, management and
potential violations are promptly identified and addressed. mitigation of risks
▷ Customer acceptance policy
▷ Customer and beneficial owner identification,
At Jamuna Bank, we take a proactive approach towards verification, sanction screening and risk profiling
promoting a culture of integrity and transparency. We ▷ Ongoing monitoring of transaction/KYC
believe that education and training are key drivers in ▷ Management information
instilling the values of ethical conduct in our employees. ▷ Reporting of suspicious transaction
That’s why we have made it mandatory for all employees to
participate in relevant training sessions on a regular basis, Considering the size and range of activities, variability of
including new employees within their first year of joining. situation, nature of operations and degree of ML & TF risk
Jamuna Bank Limited has taken following measures to
The Anti-Corruption Programme of the Bank is designed comply and ensure effective implementation of regulatory
to raise awareness and understanding of corruption and directives, guidance notes and instructions:
to emphasize the zero-tolerance stance we have towards 9 Introducing of risk-based approach (risk register) at
any form of corrupt practices. The training sessions cover branch level
various aspects of the Bank’s internal rules and regulations, 9 Implementation of real-time automated name
including the recommended channels for reporting and screening solution for sanction screening
escalating any potential violations. This ongoing training 9 Implementation of negative/adverse news screening
helps to reinforce our commitment to ethical behavior and solution at head office level
to maintain a work environment free from corruption. 9 Introducing of automated National ID verification tool
for customer identification
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Annual Report 2022
9 Implementation of automated risk profiling system in Management of Jamuna Bank Limited is crave to introduce
CBS a robust automated transaction monitoring system to
9 Implementation of automated transaction profile reduce trade based money laundering and credit backed
monitoring system money laundering risk as well as to establish a general
9 Analyzing of CTR for identification of unusual framework for the fight against money laundering and
transaction terrorist financing.
9 Implementation of automated vassal tracking solution
to monitor cross border business In this regard Management has nominated BAMLCO for
each branch with assigning clear responsibilities and
Intends of Jamuna Bank Limited is to uphold the advised them to discharge their day-to-day business
national, international standards, legislations and activities inconformity with the prevailing law, rules
recommendations. We have been examining our Anti and regulatory directives. Management also nominated
Money Laundering strategies, goals and objectives on experienced bankers as DCAMLCO and CAMLCO at Head
an ongoing basis and maintain an effective Anti Money Office level with sufficient authority to monitor branch
Laundering program for the Bank’s business that reflects performance and to uphold overall AML compliance level
the best practices for diversified global financial services. of the bank.
Jamuna Bank Limited 421
Environment Related Initiative
The recently concluded 27th Conference on Climate Change, COP 27, in short finally agreed to set up a loss and damage
fund to pay reparations to developing nations ravaged by extreme weather events caused by climate change. Bangladesh
is also working to cope up with COP 27 issues by addressing climate change aspects.
The Bank recognizes the need for greater social and environmental responsibility, and identifies the potential business
opportunities that come with it. Sustainability is at the forefront of JBL’s operations and is considered as an integral aspect
of the Bank’s daily functioning. JBL is dedicated to continuously enhancing its environmental and social performance,
referred to as its corporate footprint. We recognize our responsibility to support the minimum consumption of energy,
water and other limited resources, taken electricity, fuel, toner and computer paper consumption into consideration.
The Bank believes in promoting sustainable growth, which satisfies the needs of the present generation without
compromising the ability of future generations to meet their own needs. JBL is fully committed to following ethical,
social, and environmental criteria in all its business dealings and decision-making processes.
Significance of our
Our Material Topic
Environmental SDG Alignment Jamuna Bank Responses
L M H
Material Topics
1 2 3 4 5
Power • Our electricity consumption
consumption decreased by 26% compared to
management 2021.
and energy • Electricity consumption per
efficiency employee was 1,976 kwh in 2022
• Fuel for Generator (Liters)
increased by 34.71% compared
to 2021
• Fuel for Car (Liters) decreased by
14.16% compared to 2021.
• We are using maximum Day light.
We know that Improvements in
energy efficiency are generally
achieved by adopting a more
efficient technology.
• Being a green bank, Jamuna
Bank has Installed LED lighting,
fluorescent lighting & solar panel
as well as using natural skylight
windows in its Corporate Head
Office that reduce the amount
of energy required to attain the
same level of lighting compared
to using traditional incandescent
light bulbs.
Decreasing Jamuna Bank’s direct environmental
environmental impacts are limited to paper,
impacts energy, water consumption, and the
greenhouse gases (GHG) emissions they
produce. JBL is an environmentally
responsible bank,for which, the bank is
trying to reduce the negative impacts on
environment by initiating its activities.
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Annual Report 2022
Significance of our
Our Material Topic
Environmental SDG Alignment Jamuna Bank Responses
L M H
Material Topics
1 2 3 4 5
Controlling of • Internal communications of the
paper resources Bank are done through emails.
• All staffs have dedicated email
IDs for office use. Customer
communications are being done
through emails, SMS also.
• One side used papers are also
used for printing draft copies of
the office assignments.
• the Bank has been optimizing
its internal operations
through moving to a paperless
environment
• During 2022, total 37.69 tones
paper saved valuing BDT 6.71
million
GHG emissions GHG emissions from
• Fuel (Car) was 566 MT
• Fuel for Generator was 254 MT
• Electricity 3,232 MT
Environmental • Jamuna Bank Ltd.(JBL) has
Compliance designed its products and services
in portfolio ensuring the environmental
management benefit in the economy and
society.
• Environmental & Social risks are
considered in all of our credit
proposals, where appropriate.
• All Credit proposals are taking
into account of local laws and
regulations and internationally
acceptable environmental and
social standards where these are
more stringent.
Major in-house Green activities:
Jamuna Bank Ltd. places great importance on environmental responsibility and the preservation of natural resources.
In an effort to promote sustainable and eco-friendly practices, the bank has implemented a number of initiatives aimed
at reducing its carbon footprint. These initiatives are built around the fundamental 3R principle of Reduce, Reuse, and
Recycle and encompass a wide range of environmentally-friendly measures. For reducing the carbon footprint within
the organization, Jamuna Bank has initiated different diverse but integrated approaches toward green management
which includes, but not limited to the followings:
i. Communication with the customers are mostly being done through SMS, e-mails, instead of letter of communication.
ii. Encourage the clients to use ATM cards instead of cheque books.
iii. Online and electronic banking have been encouraged to reduce the use of paper and other resources required in
banking with physical presence.
iv. Communications within the organization are mostly being completed through e-mails.
v. Introduction of e-filing.
vi. Meeting and Training Programs are being conducted through digital platform.
vii. Solar energy is being used to power 36 Branches in the country.
viii. Solid waste management system has been introduced to several branches.
ix. Maximum utilization of day-light for office.
x. Auto sensor power switch system has been installed in the workplace, specially in Head Office.
xi. Double-side printing to save paper and eco-font in printing to reduce use of ink.
xii. Keeping AC temperature at 24 degree in summer.
Jamuna Bank Limited 423
xiii. Switching-off fans, lights, air coolers etc. during office exit.
xiv. Lesser Corporate Business Travel to save energy.
xv. Reduce wastage of water through the use of hose timer in the faucet.
xvi. Develop corporate culture to check emails everyday among employees.
xvii. Start sending meeting invitation, presentation and meeting minutes etc. in e-form instead of printed form.
xviii. Introduced Tele conference and video conference to avoid travelling.
Environmental Conservation in Business Centers
Particulars 2022
Number of online Branches 167
Number of online Sub-Branches 106
Number of Solar Powered Branches 37
Number of ATM Booths 343
Number of Agent Outlets 42
Number of Internet Banking users 2785
Number of Shadhin Mobile App users 19600
Number of branches powered by solar energy 37
Number of ATM booths powered by solar energy 37
Digital Banking
We are prioritizing the digitalization of Particulars Quantity Consumption saved
banking services and internal processes Number of total JBL Debit card punched through JBL 9,21,688 BDT 3.55 mn
to both decrease usage and improve ATM booth in 2022
customer services and efficiency. At Number of total JBL Credit Card punched in 2022 4,200 BDT 0.02 mn
present, our Bank has Real Time Online EFTN-Outward 1,023,327 BDT 3.94 mn
Core Banking Solution and number of EFTN-Inward 681,750 BDT 2.62 mn
Value Added Services (VAS) like SWIFT, RTGS-Outward 125,856 BDT 0.48 mn
ATM Operation, National Payment
RTGS-Inward 95,590 BDT 0.37 mn
Switch, VISA Card, Mobile Financial
Transaction in POS through Debit and Credit Card 392,760 BDT 1.51 mn
Service (MFS), SMS Banking, Internet
On the basis of cost of per page of MICR Cheque book Tk. 3.85 (SB)
Banking service, Mobile Banking, BACH
Number of total Transaction notification sent to 8,791,413 BDT 9.93 mn
& EFTN, Trade Finance Processing
customers through SMS in the year 2022
Center (TFPC), RTGS & different types
Total promotional SMS sent to customers in 2022 8,750,273 BDT 9.89 mn
of utility bill collection like WASA,
Email Delivered (approx) 2,167,257 BDT 2.45 mn
DPDC, TITAS, Bkash etc. in highly
E-Statement of Credit Card 102,000 BDT 0.12 mn
secured manner.
on the basis of cost of per page of computer paper Tk.1.13
Total consumption saved BDT 34.88 mn
At Jamuna Bank Limited, we strive to promote sustainability and environmental consciousness among our customers.
One way we do this is by encouraging the use of digital services, particularly e-statements. Our customers receive regular
communications highlighting the ease and security of opting for e-statements instead of paper-based statements.
Additionally, we have implemented features within our ATM systems that promote environmentally friendly practices,
such as a “Green Banking” message that reminds users not to print their transaction slips if it’s not necessary. We also
offer the convenience of setting up debit and credit card PINs through our ATM machines or mobile financial services,
eliminating the need for paper-based PINs sent through postal mail.
Inter Bank Communication through FTP /intra-mail
We are encouraging on line communication like FTP and intra-mail instead of printed documents. We are also using
both side of paper for printing purpose. Energy saving bulbs are being installed and other measures are being taken for
lesser use of energy.
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Digital HR
With the support of the internal software talents Human Resource Division has successfully launched Human Resource
Information System (HRIS) which saved the money of the stakeholders. We are creating the competency inventory to use
the right man in the right place.
Solar panels at Bank premises
Till date the Bank has installed solar panels at 37 branches and ATM Booth as part of its commitment to the usage of
renewable energy resources.
Information on environmental footprint
Jamuna Bank is committed to reducing its environmental impact and promoting sustainable practices. To achieve this,
the bank has implemented the 3R principles of Reduce, Reuse, and Recycle in its day-to-day operations. One notable
example of the bank’s green initiatives is the Jamuna Bank Tower located at Bir Uttam A.K. Khandakar Road, Gulshan-1,
Dhaka. This building has been designed to minimize its environmental footprint through features such as the use
of natural light, the incorporation of renewable energy sources, and the implementation of energy-efficient lighting
controls. The bank also prioritizes green features in its branches and other offices, by choosing environmentally-friendly
furniture and fixtures, such as those that comply with Green guard standards, and those that have low toxicity levels.
The bank’s direct environmental impacts are mainly related to paper, energy, and water consumption, as well as the
greenhouse gas emissions that result from these activities.
Paper consumption:
Jamuna Bank places a strong emphasis on reducing its environmental impact through internal and external
communication methods. The bank utilizes electronic means such as emails and SMS to communicate with both its staff
and customers. This not only streamlines communication, but also helps to reduce the consumption of paper. The bank
has made a conscious effort to move towards a paperless environment and has introduced products and services that
aim to eliminate the need for paper-based transactions.
In 2022, Jamuna Bank was able to save a total of 37.69 metric tons of paper, which is equivalent to a savings of BDT 6.71
million. The bank only uses external suppliers for the necessary papers it needs. To further reduce its impact, the bank
implements the 3R approach of reducing, reusing, and recycling. The bank makes use of both sides of paper for printing
draft copies, and any remaining paper deemed as waste is shredded and recycled for use as raw materials.
Materials 2020 2021 2022
Printing paper use (tones)* 107.46 123.87 106.52
Paper consumption in Amount (BDT million) 15.72 18.12 18.96
Paper consumption per employee (KG) 34.59 34.39 25.54
Paper consumption per employee (in BDT million) 0.0051 0.0054 0.0050
Paper saved (tones) 0 3.71 37.69
Paper saved in Amount (BDT million) 0 0.54 6.71
* Printing paper includes A4 (normal & offset) and B4 (normal & offset) paper used in our offices and branches
Paper Saved = Estimated Requirement - Actual consumption (or use)
Estimated Requirement as per base rate = Per employee consumption in 2020 X No. of employee
Energy Consumption within the Organization:
Jamuna Bank recognizes the importance of energy efficiency as a key aspect of reducing its environmental impact and
carbon footprint. Electricity from the grid is the main source of energy consumption for the bank, while fuels such as
diesel are used to generate on-site electricity for its branches and offices. To improve energy efficiency and minimize
environmental impact, the bank has implemented various initiatives such as monitoring and controlling energy
consumption, promoting green IT practices, using energy-efficient equipment, and exploring the use of renewable
energy sources.
Jamuna Bank Limited 425
In line with its commitment to sustainable practices, Jamuna Bank has installed solar panels at 72 locations, including 37
branches and 37 ATM booths, to utilize renewable energy. The bank has also adopted energy-saving measures in its office
premises, such as using LED and fluorescent lighting, solar panels, and natural skylight windows. The energy-efficient
central air conditioning system in the office also ensures proper cooling while maintaining energy efficiency.
In addition, Jamuna Bank encourages its employees to use eco-friendly modes of transportation, such as electric vehicles,
for their personal travel. Energy consumption incurred through business travel, such as air, train, and bus fare, is also a
concern for the bank and it is continuously working to reduce such energy consumption.
Indirect Energy:
Electricity consumption
Particulars 2020 2021 2022
Total Consumption (kWh) 8,744,793 10,158,235 7,472,230
Total Consumption in Gigajoules (GJ) 31,481.25 36,569.65 26,900.03
Electricity consumption per employees 2,815 kWh 3,036 kWh 1,976 kWh
Direct Energy:
Banks total direct energy consumption comes from fuel consumption. The details of which furnished below:
Vehicle Fleet Fuel Consumption
Particulars 2020 2021 2022 % increased/decreased compared to 2021
Fuel for Generator (Liters) 74847 80,246 108,101 34.71%
Fuel for Car (Liters) 270640 280750 241,008 -14.16%
Fuel for Generator (GJ) 3,008.67 3,225.7 4,345.36
Fuel for Car (GJ) 10,879.09 11,285.48 9,688.03
Water Consumption
Jamuna Bank Limited places a strong emphasis on the efficient use of water as a resource. The bank recognizes that
access to clean and safe drinking water is essential for its employees, and therefore, it has taken several measures to
ensure its availability. The primary source of water for the bank is through a government-operated water supply line.
The water is stored in a water tank and is used primarily for drinking purposes by the employees. The bank is conscious
about the water usage and does not generate any water waste. In addition to the water supply from the government line,
the bank also procures purified drinking water from external suppliers to ensure its employees have access to clean and
safe drinking water. The bank is committed to maintaining the highest standards of health and safety for its employees
and takes every precaution to ensure that the water consumed by them is of the highest quality.
Water Consumption
Particulars 2020 2021 2022 % increased/decreased compared to 2022
Total Utility Water Consumption (m3) 233263 252345 211924 -16%
Total Water consumption per employee (m3) 75.08 70.06 56.03
GHG Emissions
Jamuna Bank Limited recognizes the impact that its operations and vehicles have on the environment. The bank operates
vehicles that run on diesel and gasoline, and also relies on diesel-powered generators. These activities directly contribute
to the emission of greenhouse gases (GHG) into the atmosphere. Additionally, the bank is aware that its consumption
of electricity from the Bangladesh national grid indirectly contributes to GHG emissions. The bank is committed to
reducing its environmental impact and working towards a more sustainable future.
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Annual Report 2022
Sl. No. Energy source Unit Consumption Converted into Gigajoule CO2 Emissions in Metric Tons
1. Gas (CNG) m3 - - -
2. Fuel for Car Liters 241008 9,688.03 566
3. Fuel for Generator Liters 108101 4,345.36 254
4. Electricity Kwh 7472230 26,900.03 3232
Ref: https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator#results
Awareness/Capacity Building:
We believe that education and capacity building are essential components of our organization. To achieve this goal,
we have established the Jamuna Bank Training Academy, a dedicated division that provides training on various topics
related to the banking industry. The academy, in collaboration with our Sustainable Finance Unit, has organized and
conducted multiple training sessions on green banking and sustainable finance throughout the year 2022. These sessions
were aimed at raising awareness and promoting best practices in the field. To track our progress and measure the impact
of these training sessions, we have compiled the number of participants who attended these training sessions for the
year 2022, quarter by quarter.
(a) Workshop on “Transforming Towards Green & Sustainable Economy in Bangladesh and Refinance Schemes of
Bangladesh Bank
Jamuna Bank Training Academy organized a workshop titled “Transforming Towards Green & Sustainable Economy
in Bangladesh and Refinance Schemes of Bangladesh Bank” in the seminar room of Jamuna Bank Tower Gulshan,
Dhaka. Mr. Md. Rajab Ali, Honorable Director, Sustainable Finance Department, Bangladesh Bank and Mr. Amitabh
Chakraborty, Additional Director conducted the workshop. Jamuna Bank’s Additional Managing Director and Head of
Sustainable Finance Committee Mr. Md. Abdus Salam, Deputy Managing Director Mr. Noor Mohammed, Senior Officials
along with notable number of esteemed customers of Jamuna Bank, 150 more officers of corporate office and various
branches participated in the workshop directly or online platform.
(b) Workshop Titled “Revised ESRM Guideline of Bangladesh Bank & its Compliance”
Jamuna Bank Limited 427
A workshop titled “Revised ESRM Guideline of Bangladesh Bank & its Compliance” was held at the Jamuna Bank Tower
Seminar Room under the initiative of Jamuna Bank Training Academy. Mr. Md. Rajab Ali, Director, Sustainable Finance
Department, Bangladesh Bank and Mr. Amitabh Chakraborty, Additional Director conducted the workshop. Jamuna
Bank’s Additional Managing Director and Head of Sustainable Finance Committee Mr. Md. Abdus Salam, Deputy
Managing Director and Head of Business and Corporate Banking Division Mr. Mohammed Fazlur Rahman Chowdhury,
Senior Vice President of Sustainable Finance Unit Md. Prashanta Samir along with 150 officials of Jamuna Bank’s
corporate office and various branches attended the workshop directly and online.
(c) Workshop Titled “Reporting on Sustainable and Green Finance & Investment Activities”
A workshop titled “Reporting on Sustainable and Green
Finance & Investment Activities” was held at the Jamuna
Bank Tower Seminar Room under the initiative of Jamuna
Bank Training Academy. Mr. Md. Rajab Ali, Director, and
Ms. Rabeya Khandaker, Additional Director of Sustainable
Finance Department, Bangladesh Bank, conducted
the workshop. Jamuna Bank’s Senior Vice President of
Sustainable Finance Unit Mr. Md. Prashanta Samir along
with 150 officials of Jamuna Bank’s corporate office and
various branches attended the workshop directly and
virtually.
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Social Initiative
Sustainable Human Resource Management
JBL recognizes its employees as the greatest asset and cornerstone of success, embodying discipline, efficiency,
exceptional customer service, quality, and teamwork, and driving the bank’s phenomenal achievements. The bank is
dedicated to fostering employee growth and commitment by offering a supportive and safe work environment, skill
and merit-based recruitment and selection, a highly competitive remuneration package, and ongoing training and
development, career growth opportunities, and succession planning. JBL prioritizes a high-performance culture and
a caring work atmosphere where employees can escalate grievances and receive counseling, ultimately committing to
providing its employees with the resources and support they need to succeed and maintain market leadership.
• Healthy and sustainable working environment:
Constant consideration is given to the health and safety of our employees, primarily through the implementation
of appropriate security measures. Employees enjoy favorable working hours in order to maintain a healthy balance
between their professional and personal interests. The company has installed fire safety alarms, fire extinguishers,
and emergency exits in all of its buildings to protect its employees in the event of a fire. To create a healthy working
environment, the company provides central air conditioning, an ambient lighting system, a canteen, separate prayer
rooms for men and women, adequate sanitary facilities, and so on.
• Handsome monetary benefits
To standout in the industry and to create core competencies of the bank for harvesting competitive advantage
and to be one of the top leaders, we have smoothened a trajectory of not only making profit but also a center for
service excellence. The Bank recognizes the need for remuneration policies to be competitive and these have been
designed to correspond to individual qualification, skill, performance, contribution and responsibility ensuring a
real differentiation amongst other companies. The Bank revised its remuneration packages according to Bangladesh
Bank’s guideline with effect from April 01, 2022.
Key Employee Benefits: JBL management intensively thinks of the employee benefits to groom and grow its employee
for a longer period.
Yearly Incentive Bonus at the first week of the year
Competitive Employee House Building Loan (EHBL)
Employee Group Health Insurance Benefit
Accelerated Promotion for High Performing Employees
Pay for Performance and Special Increments for high
performing employees
02 Gratuity for each year on eligibilty
Festival Bonus, LFA etc.
Jamuna Bank Limited 429
• Appropriate appreciations regarding achievements
JBL has a well-designed Reward & Recognition program that focuses on the actions, efforts, behavior, and performance
of its employees. Our Key Performance Indicator (KPI) system enables us to place an emphasis on the growth of our
employees and identify their learning and career development requirements. Annual incentive programs are utilized
to reward the short-term business results that generate significant value for the company. They are a reward for the
collective achievement of predetermined corporate results, to which each individual contributed.
• Training and development arrangements
Jamuna Bank Ltd puts great emphasis on training and provides resources and opportunities for development to the
employees. The aim of training is for employees to master the knowledge, skill and behaviors emphasized in training
programs and to apply them to their day-to-day activities. JBL acknowledge and support the need for employees
to balance work and personal interests and encourage flexibility wherever possible. Effectively designed training
programs targeting the right group of employees are conducted on a regular basis.
Jamuna Bank had conducted total 49 in house training courses and 60 training were provided to the employees
using external organization. Total 2331 employees have participated in the internal training and 151 employees have
participated in the external training & development programs during the year
Significance of our
Material Topic
Our Social
SDG Alignment Jamuna Bank Responses
Material Topics L M H
1 2 3 4 5
Encouraging Jamuna Bank relies on openness to public
a culture of disclosure, high transparency, and accountability
conversation to promote the long-term viability of company and
and openness society.
with employees
Competitive • JBL strongly emphasizes on healthy and
Benefit energized workplace to create competitive
mind set up among the individuals to enhance
quality, efficiency and skills resulting into
better performance to reach the goal. The
better talent is acquired and retained with
competitive pay.
• Yearly Incentive Bonus at the first week of the
year
• Competitive Employee House Building Loan
(EHBL)
• Non Executives Car Facilities for High
Performers
• Employee Group Health Insurance Benefit
• Accelerated Promotion for High Performing
Employees
• Pay for Performance and Special Increments
for high performing employees
• Gratuity for each year on eligibility.
• Festival Bonus, LFA, Health Insurance.
Promoting • The Bank has put in place a clearly defined
diversity, equal Recruitment policy which steers the diversity
opportunities, in recruitment from different channels, hiring
and clarity of larger numbers in view of the emerging
requirements as projected by the strategic
workforce planning.
• Male representation 80%.
• Female representation 20%.
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Annual Report 2022
Significance of our
Material Topic
Our Social
SDG Alignment Jamuna Bank Responses
Material Topics L M H
1 2 3 4 5
Personal • Jamuna Bank Ltd. puts great emphasis
development on training and provides resources and
and training opportunities for development to the employ.
• We conducted total 15 training course in house
and 60 training were provided to the employees
using external organization in 2022.
• Total 2331 employees have participated in the
training & development programs during the
year
Supporting an • Adequate attention is always accorded to the
appropriate health and safety of our employees, primarily
work through providing safeguards to company with
environment appropriate security arrangements.
• Employees enjoy favorable working hours
so that they can ensure a balance between
professional and personal interests.
• The company has fire safety alarms, fire
extinguishers and emergency exit in its all
premises in order to safeguard the employee’s
event of conflagration.
Health and • The health and safety of our employees is a key
safety of focus at our company.
employees • During the Covid-19 pandemic we continued
work from home initiatives to ensure health
and safety of the employees.
• Encouraged employees to take COVID-19
vaccine.
• We conduct annual fire drills, facilitated
access to round-the-clock medical support
and educate our employees on all possible
health and safety matters to ensure a safe and
efficient workplace.
• Provident Fund benefits are given to the
employees of the Bank in accordance with the
locally registered Provident Fund Rules
• Gratuity scheme covers all permanent
employees of the Bank. The gratuity is
calculated on the basis of last basic pay and
is payable at the rate of two months basic
pay for every completed year of service upon
full filling the eligibility criteria instead of
accounting for gratuity from the year of joining
as per IAS 19.
• Employees Welfare Fund
• Women Maternity Leave.
• Group Life Insurance
• Hospitalization Insurance
Local Please refer to the ‘Communities and Societies’ part
community of stakeholders’ engagement. We also elaborately
engagement, discussed these issues in our Corporate Social
impact Responsibility Chapter of this report.
assessments,
and
development
programs
Recruitment
A career at Jamuna Bank Limited offers an opportunity to influence career growth and eventually also lead to social
mobility. We want our employees to have a clear vision for the business and to foster enthusiasm to drive superior
performance. In the year 2022, JBL has increased its human capital through recruitment of 111 Experienced Banker and
fresh 34 MT/PO.
Jamuna Bank Limited 431
Diversity in Workplace
An optimal manpower mix is a prerequisite for the nourishment and growth of the business. Jamuna Bank Limited
encourages open and respectful communication and create a supportive and inclusive work environment that values
diversity and encourages employees to bring their whole selves to work.
The Bank has put in place a clearly defined Recruitment policy which steers the diversity in recruitment from different
channels, hiring of larger numbers in view of the emerging requirements as projected by the strategic workforce
planning. However, the female representation in the Management/supervisory position of the bank is still insufficient in
comparison to male representation, standing at only 3 female and 201 male out of 204 employees.
Gender diversity among all employees:
Gender 2020 No. of Employee 2021 No. of Employee 2022 No. of Employee
Male 2584 2766 3093
Female 512 580 689
Total 3096 3346 3782
Gender diversity among employees by region in 2022:
No. of Employees
Region Total No. of Employees
Male Female
Barishal 43 4 47
Chattogram 431 46 477
Dhaka 2017 549 2566
Mymensingh 52 10 62
Khulna 111 19 130
Rajshahi 262 26 288
Rangpur 139 26 165
Sylhet 38 9 47
Total 3093 689 3782
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Annual Report 2022
All employees by age group:
No. of Employees
Age group Percentage
Male Female Total
Less than 30 years 488 187 675 18%
30 to 50 years 2395 481 2876 76%
Over 50 years 210 21 231 6%
Grand Total 3093 689 3782
Occupational Health & Safety (OHS)
The health and safety of its employees is a priority for Jamuna Bank at all times. To do this, the bank has put in place a
number of measures designed to lower the risk of work-related illness, injury, or mortality. The right layout and décor
of the office, upkeep of a clean and hygienic workplace, regular awareness seminars on physical and psychosocial well-
being, and email notifications and alerts for emergencies are just a few of the measures that fall under this category.
Additionally, the bank organizes fire drills, contributes to the cost of medical care, and follows the Central Bank’s rules
for fire safety.
The bank has a dedicated Fire & Safety Team in place to handle any fire and safety issues that may occur in order to
better improve the health and safety of its personnel. Basic instructions for using fire and safety equipment are widely
displayed in the bank’s offices, and all security guards have received basic fire and safety training and are prepared to
manage fire and safety issues. The bank also has its own fire and safety inspection and monitoring procedures, which
guarantees that any problems are swiftly handled and fixed. Last but not least, all branch locations are equipped with
emergency exits, giving staff members a secure way to flee in the case of a crisis.
Besides, all employees of the Bank, 689 female and 3093 male, avail group health insurance benefits. Employees also have
access to Jamuna Bank free treatment center where employees can go for treatment free of charge. JBL always provides
incentive bonus during the first day of the year & last year was not an exception. JBL also offers retirement provisions to
its employees (653 female and 2630 male). JBL has renewed its employee health insurance agreement with Progati life
Insurance for three years which is a positive step towards ensuring the well-being and security of its employees. The
commitment to providing quality healthcare coverage shows the Bank values the health and satisfaction of its workforce.
This move will provide peace of mind to employees and their families and contribute to a positive work environment.
Customer Privacy
At Jamuna Bank, we are dedicated to providing exceptional service to our valued customers in every interaction. We are
committed to delivering a positive customer experience and ensuring customer satisfaction at all times. Our efficient
and effective grievance resolution process is in place to promptly address any customer concerns and ensure that they
are resolved to their complete satisfaction.
We believe that customer feedback, including complaints, is an important tool in improving our products and services.
Our active Complaint Management Cell, operating under the supervision of the Banking Operations Division, is
available across all of our geographical divisions to listen to customer feedback and resolve any issues. The Cell follows
a streamlined and systematic approach to settling customer complaints and ensuring that customer issues are resolved
in a timely and satisfactory manner.
Customers can lodge complaints through e-mail at “[email protected]”. Alternatively, customer may
contact withthe below address through letter or over phone :
Address: Complaint Cell, Jamuna Bank Tower, Plot# 14, BirUttam A. K. Khandaker Road, Block# C, Gulshan-1, Dhaka, Bangladesh.
Phone: +8809610005678
Email: [email protected]
Jamuna Bank Limited 433
At Jamuna Bank, we believe that ethical behavior is essential to maintaining the trust and confidence of our customers,
shareholders, and the wider community. That is why we have established a comprehensive ‘Employee Code of Ethics and
Business Conduct’ to guide our employees in making the right decisions, based on integrity and professionalism. This
code lays out the principles and values that all employees are expected to follow, including:
• Protecting the privacy and confidentiality of customer information
• Preventing money laundering, fraud, and other illegal activities
• Avoiding drug and substance abuse in the workplace
• Safeguarding the Bank’s assets and resources
• Avoiding conflicts of interest and other unethical practices
• Encouraging and promoting a culture of transparency and accountability
• Ensuring the security and protection of customer data and information
We believe that by adhering to these ethical standards, we can foster a positive work environment and build long-
lasting relationships with our customers. Our employees are encouraged to report any concerns or violations of the
code of ethics, and the Bank has implemented measures to protect whistleblowers from retaliation. By upholding these
ethical standards, Jamuna Bank is able to deliver on its commitment to providing superior services to its customers and
contributing to the development of the wider community.
Community Outreach
Jamuna Bank Limited recognizes the importance of Corporate Social Responsibility (CSR) and is dedicated to making
a positive impact on society. The Bank’s Board of Directors approved a contribution to the Jamuna Bank Foundation
of not less than 5.00% of its Pre-Tax profit, to broaden the reach of its CSR initiatives. The Jamuna Bank Foundation
is a philanthropic organization that strives to be an ethical and responsible partner to its customers, shareholders,
employees, communities, and other stakeholders.
Over the past 15 years, the Jamuna Bank Foundation has made significant contributions in the fields of education and
health for underprivileged and destitute individuals, disaster management, environmental preservation, sports, art and
culture, and other initiatives that support the economic development of the country. The Foundation’s commitment to
making a positive impact on society and its dedication to integrity and ethical conduct make it a valuable partner to the
communities it serves.
For details please see the Corporate Social Responsibility Chapter of this report.
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Annual Report 2022
Jamuna Bank Limited 435
MESSAGE FROM THE
CHAIRMAN
Jamuna Bank Foundation
Al-Haj Nur Mohammed
Chairman, Jamuna Bank Foundation
Dear Stakeholders, liquidity all around the globe, we are proudly steering
the Bank in the right direction and embedding the value
Assalamu alaikum wa rahmatullah. of Corporate Social Responsibility (CSR) in its business
philosophy.
It is a pleasure to write to you as the Chairman of the
Jamuna Bank Foundation. Over the past 12 months, we’ve With the aim of strengthening the CSR program and
been forced to confront the interlocking challenges facing streamlining the activities in a more systematic,
our world. The ongoing war in Ukraine, geopolitical structured, and sustainable manner, Jamuna Bank Limited
tensions that have divided our continent, and a global established “Jamuna Bank Foundation (JBF)” in 2007.
slowdown of growth. It has been a year of economic Since its inception, JBF has been playing a pioneering
uncertainty, with the banking sector facing arguably the role in CSR activities. Over the past 15 (fifteen) years of its
biggest macroeconomic challenges of the modern era. journey, JBF went ahead with its unwavering commitment
However, in light of these external obstacles, the progress to improving the lives of the underprivileged, poor, and
we’ve made at Jamuna Bank Ltd. is all the more impressive. destitute. Its activities encompass a wide area, e.g.,
Education, Pro-Poor healthcare, environmentally friendly
Jamuna Bank Limited is a banking company but its green products, alternative energy use, capacity building,
objective is not to make profit only, but also to be sensitive helping the destitute, against drug abuse, improving
and committed to its social responsibilities. The Board of ethical and religious values, preserving national heritage,
Directors of the Bank made provision for Jamuna Bank helping to overcome natural disasters and calamities,
Foundation at 5.00% of the pre-tax profit of Jamuna Bank humanitarian services, improving the standard of living
Limited each year. Since its inception, Jamuna Bank by creating job opportunities for the destitute, eradicate
Limited has been contributing to the underprivileged extreme poverty and hunger. In recognition, UK-based
segment of society with a variety of CSR activities across “The Global Economics” awarded Jamuna Bank Ltd. with
the country. Despite the ongoing geo-political instabilities the “Best CSR Bank” award for 02 (two) consecutive years
and economic crises affecting banking sectors and market 2021 & 2022. “The Global Economics” also awarded the
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Annual Report 2022
undersigned “Best CSR Personality” for contributing towards Corporate Social Responsibility (CSR) for the year 2022.
UK-based “The Global Economics” awarded Al-Haj Nur UK-based “The Global Economics” awarded Jamuna Bank
Mohammed, Chairman of Jamuna Bank Foundation as Ltd. with the “Best CSR Bank in Bangladesh” for the year
“Best CSR Personality” for his outstanding contributions 2022
towards Corporate Social Responsibility (CSR) for the year
2022.
The benefits of CSR go much further than just improving trust and image; rather, it actively invests in community efforts
and improves the community’s and consumers’ ability to engage in meaningful ways with an organization. Jamuna Bank
has always been committed to such causes and stood behind distressed people in times of great difficulty. In 2022, we
have spent a total of BDT 340.20 million on the welfare of society in the following areas:
BDT 102.40 mn BDT 28.10 million BDT 56.70 mn BDT 153.00 mn
Healthcare Environment and Education Others
Climate change
mitigation & adaptation
sector
30.10% 8.26% 16.67% 44.97%
Education Jamuna Bank Foundation’s education scholarships and
Bangladesh has certainly made remarkable progress established themselves at various levels of society today.
in expanding primary education, especially raising the
enrollment of students and bringing up gender parity.
Unfortunately, due to poverty, many meritorious students
fall behind and, as a result, they are dropouts at the
graduation level. To assist those underprivileged students,
Jamuna Bank Foundation introduced scholarships for
unprivileged & disabled but meritorious students in 2007,
intended to remove barriers of many economic hardship-
hit deserving students so that they can achieve their desired
level of education and contribute to building the nation.
Currently, 375 underprivileged, disabled but meritorious
students are getting scholarships under the program. Since
its inception in 2007, a total of 1108 students have received
Jamuna Bank Limited 437
We have established Jamuna Foundation Nursing College at Bank Foundation Physiotherapy Center at MHB Bhabon,
Dhanmondi 9 / A, Dhaka with the aim of producing skilled Mohakhali, Dhaka with experienced professionals.
nurses in the health sector in the country. Currently, the
institute is offering Basic B.Sc. in Nursing and Post Basic Every year we organize free surgery camps for cleft lip,
B.Sc. in Nursing courses, approved by Bangladesh Nursing palate, and burn patients. Plastic surgery and other
Council, affiliated with Dhaka University. In the 1st year necessary operations were conducted by specialist
B.Sc. final exam, all students of Jamuna Foundation physicians of the Stichting Interplast Holland Netherlands.
Nursing College passed successfully and one of them got In the last 5 Free Plastic Surgery Camps, a total of 2,361
5th position centrally (among all nursing colleges of our patients received free treatment, including 771 surgeries.
country). In continuation of this process, JBF organized a 02 week
long Free Plastic Surgery Camp for cleft lip, palate,
With a view to developing skilled human resources in the and burn patients at Munshiganj General Hospital by
computer and ICT sector in the country, we have established specialized doctors from the Netherlands in the year 2022.
Jamuna Bank Institute of ICT (JBIICT) at Jamuna Bank Around 634 patients were treated free of cost and 250
Foundation Complex, House No: 29, Road No: 2, Block: C, patients were registered for plastic surgery.
Chanduddyan Housing Ltd., Mohammadpur, Dhaka-1207,
where 312 nos. students in total 22 batches have completed In 2022, we inaugurated “Jamuna Bank Foundation
their office management courses so far. We have also Diagnostic Centre”, “Jamuna Bank Foundation Dental
established 14 nos. computer training centers in different Clinic”, “Jamuna Bank Foundation Eye Hospital” and “After
places in the country to help achieve the Government’s Care Center” for the treatment of drug addicts at Jamuna
goal of building a SMART Bangladesh. Bank Foundation Complex in Mohammadpur, Dhaka
for providing medical services at a reduced cost to the
At Jamuna Bank Foundation Complex in Mohammadpur, underprivileged sections of the society.
Dhaka, we have established a Free primary School for
slum-dwelling children, Jamuna Bank Foundation Autism During the year, we also organized a blood donation
School named Prodeep for ensuring the education of a program on the occasion of the 47th Martyrdom
child with a disability and Jamuna Bank Madrasah to Anniversary of Father of the Nation Bangabandhu Sheikh
motivate children to learn, Holly Quran. We have also Mujibur Rahman and Victory Day. Employees and staff of
established 157 Holly Quran learning centers for old the bank donated blood to those programs.
aged people with the aim of spreading Islamic education
across the country. Jamuna Bank DP Primary School has Environmental and Climate Change mitigation &
been established at Atlapur, Rupganj to ensure primary adaptation
education for all. We have also established 13 nos. sewing Environmental & Climate protection is among the
machine training centers across the country to empower most pressing global challenges of our time. We very
the underprivileged women of society. seriously take these concerns into account in all aspects
of our business, including minimizing damage to our
Healthcare activities own ecological footprint. We are steadily improving our
During the year, Jamuna Bank Foundation organized 21 energy efficiency. We organize tree plantation programs in
free medical camps throughout the country where no. of different areas of the country throughout the year. In our
patients treated 70,200 and for a free eye operation, 6,428 infrastructure improvement in remote/ underprivileged
people were selected. JBF also organized 48 free mobile areas program, we installed deep tubewells at Changerchor,
medical camps in different slum areas of Dhaka City in the Motlab, Chandpur, established a solar village at Char
year 2022 where no. of patients treated were 14,146. Tertakia, P.S. Pakundia under Kishoregonj district, and
established a model village in Sena Para remote area
In the year 2022, we have introduced another two units under Thakugaon district. We also provide monetary &
of Jamuna Bank Foundation Kidney Dialysis Center at other support to the people affected by calamities such as
Rupgonj, Narayongonj, and Munshigonj, with a pledge to floods, fire, famine, cyclones & other natural calamities
serve the helpless people more. Our 04 units of JBF Kidney and donate the Prime Minister’s Relief and Welfare fund
Dialysis Centers (Shantinagor, Dhaka Unit, Laksham, regularly to tackle the hardships that occur due to natural
Comilla Unit, and Rupgonj, Narayangonj unit & Munshigonj calamities.
Unit) have provided 18,922+ dialysis services to kidney
patients since inception. We also inaugurated ‘Jamuna
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Annual Report 2022
Disaster Management Sports & Culture
This year, we donated 75,000 blankets to the Prime Jamuna Bank Foundation patronizes the development
Minister’s Relief and Welfare Fund for onward distribution of our sports. Jamuna Bank sponsored Dhaka Platoon at
to the destitute and cold-affected people of the country. In Bangabandhu BPL T20 League 2019-20. The foundation has
addition, we have also distributed 84,000+ blankets among donated 5 million BDT as a co-sponsor to the Bangladesh
the winter-affected people. We also arranged a whole night Olympic Association, which has organized the 11th SA
blanket distribution program for the people of Dhaka city Games in Dhaka. Moreover, the foundation has donated a
who were passing the night footpath last winter. new car worth 1.5 million to the Bangladesh Cricket Board.
The foundation has also issued a donation to Sheikh Jamal
Besides, we donated BDT 100 million to the ‘Prime Dhanmondi Club.
Minister’s Relief and Welfare Fund’ for Flood Affected
People and BDT 40 million to the Prime Minister’s Ashrayan Besides, we have been organizing seminars on antidrug and
Project-2 aimed at providing houses to the underprivileged drug-free society with the participation of bank employees
and homeless people across the country. in every division of the country and on Independence
Day, International Mother Language Day, every year. On
We provided financial assistance and food items to flood the occasion of Victory Day, we organize art competitions.
affected areas of the country and families severely affected During the month of Ramadan, we have been organizing
by covid-19 in different areas of the country, distributed discussion meetings on “The Meaning of Holy Ramadan,
food items on the occasion of holy Ramadan, and clothes Holy Life of the Prophets” and “Qirat Competition among
during the Eid festival among the underprivileged section the children of the employees of Jamuna Bank Limited”.
of society.
Financial support Government & Non-Government
Income generating activities for the underprivileged Organizations and poor people
population Jamuna Bank Foundation (JBF) has been providing
We have established 13 nos. Sewing Training Center for financial assistance to various Government and Non-
underprivileged women and distributed sewing machines Government organizations throughout the year. We
to many women in different districts of Bangladesh. Our provided financial support to poor freedom fighters as well
aims are to the empowerment of underprivileged women as other poor people for treatment & education purposes.
so that they can earn for themselves and support their We donated BDT 0.50 million to National Heart Foundation,
families. Through this initiative, we also raised awareness Sylhet; BDT 5 million for the construction of the Liberation
among the community members regarding the rights of War Museum; Wheel Chair among Autistic people, and
women and the importance of women being able to earn. provided financial support for cancer treatment to Singer
This enabled many families that were once unable to ensure Sabina Yesmin. We have been providing donations for the
education for their children or even eat three meals a day to establishment/renovation of Mosques across the country
improve overall living standards. It is heartwarming to see on a case-to-case basis and introduced the “Disable
women taking up the role of bread earners to support their Marriage Scheme” to support disabled poor people,
families in a country where women are often discouraged “Bidhoba Boyosko Bhata” to those old widow women who
to even go out of their houses, let alone get a job. are not getting benefits from the Government as well as
“Disable Rehabilitates scheme” to support to the disabled
Nurses are the most numerous and vital professional people for their treatment.
healthcare providers and the demand for their services
continues to grow. To produce qualified nurses and quality CSR Policy
education, we have established Jamuna Foundation Our Corporate Social Responsibility (CSR) Policy aims
Nursing College (JBNC) at Dhanmondi 9 / A, Dhaka. to promote awareness and understanding of the values
and importance of community development among
Knowing the importance of ICT, Jamuna Bank Foundation all employees of the Bank and provide them with
has established “Jamuna Bank Institute of Information, opportunities to participate in community development
Communication & Technology” (JBIICT) at House No: activities. Besides, the upgradation of Jamuna Bank’s CSR
29, Road No: 2, Block: C, Chanduddyan Housing Ltd. policy in line with Bangladesh Bank’s new CSR Guideline
Mohammadpur, Dhaka-1207 with the motive of providing has been accomplished. The Foundation follows the
free ICT training among the poor but meritorious students. policy’s objectives and the SFU’s guidance for performing
We have also established 14 nos. computer training CSR activities.
centers in different places in the country to help achieve
the Government’s goal of building a SMART Bangladesh.
Jamuna Bank Limited 439
Ongoing projects Acknowledgement
Jamuna Bank Old Home I would like to place on record my sincere gratitude to the
By this time construction work on the 2-story building Hon’ble Board of Directors and Shareholders for selecting
(first phase) of a planned 10-storied building of Jamuna me as the Chairman of Jamuna Bank Foundation. We
Bank Old Home at Mekail Nagar, Keraniganj, has been have much more elaborate planning. InshaALLAH! These
completed to accommodate old aged helpless people initiatives will be implemented gradually with the aim &
having no place on the earth to stay. The second phase of objective of mitigate the sufferings and miseries of the
the building is under construction. A local businessman people around us & betterment our nation.
AL-Haj Zulhash donated 10 bighas of land for establishing
this old home. Ma -Assalam.
Healthcare Center
The establishment of healthcare centers at Laksham Al-Haj Nur Mohammed
Cumilla, Barura, Cumilla, and Rugonj, Narayangonj are in Chairman, Jamuna Bank Foundation
progress. In this regard, we have already acquired land and
floated tenders for construction works.
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Annual Report 2022
CSR and Our Contribution to Achieving the Goals of Sustainable
Development
Corporate Social Responsibility (CSR) is now being
considered as an acceptable tool all over the world to
promote equitable and sustainable development, maintain
consistent higher growth of the economy, decrease
the inequality of a society and mitigate environmental
degradation. CSR is an integral part of our Bank’s culture.
As a responsible corporation, we respect the interests of our
stakeholders—our shareholders, employees, customers,
suppliers, teaming partners, and the wider community—
and we actively seek opportunities both to improve the
environment and to contribute to the well-being of the
communities in which we do business. UK-based “The Global Economics” awarded Jamuna Bank Limited as “Best
CSR Bank” in Bangladesh consecutively for the years 2021 and 2022.
Besides, the Bank management’s great importance is attached to the seventeen goals of sustainable development that
were set by the United Nations (SDGs) in 2015. Jamuna established a separate philanthropic organization in the name
of ‘Jamuna Bank Foundation’ to do its CSR activities. Since inception, Jamuna Bank Foundation (JBF) has been playing
pioneer role in the CSR activities. Over the past 15(fifteen) years of its journey, JBF went ahead with its unwavering
commitment to improve lives of the underprivileged poor and destitute.
Year after year, we at JBF are keen on adopting and supporting initiatives, activities and programs that deliver a positive
and sustainable impact on our communities and which have become an integral part of our CSR strategy. As such, we
strive to develop and update this strategy on a regular basis, based on assessing the changing needs of our communities.
Accordingly, our role has not been limited to merely supporting said initiatives, but we have become partners in social,
charitable and philanthropic endeavors.
SDG Mapping Implementation in Jamuna Bank Ltd.
Jamuna Bank Foundation tries to promote healthy communities
through CSR activities and contributes well-being & productivity of
the country.
To provide better access to educational opportunities for those in
needs towards enhancing their employ ability and to ensure inclusive
& balanced society Jamuna Bank Foundation provides educational
support to the society.
For a safe, resilient and sustainable environment of the country in
times of adversity and disaster towards enabling them to rebuild
their lives and
livelihoods Jamuna Bank provides support to the society.
Jamuna Bank Limited 441
CSR activities of Jamuna Bank Foundation
Jamuna Bank Foundation (JBF), a philanthropic organization of Jamuna Bank Limited always tries to be a responsible
partner of our customers, shareholders employees, communities, and other stakeholders attaching highest priority to
ethical conduct and integrity. Over the past 15 years Jamuna Bank Foundation (JBF) has played an important role in the
field of Education & Health of underprivileged/destitute segment of the society, Disaster Management, Environment,
Sports, Art and Culture etc. to ensure economic development of the Country.
According to CSR Policy Guidelines of Bangladesh Bank,
circulated in January, 2022, all banks should spend expected
level from their net profit after tax for annual CSR activities.
To achieve this objective, Jamuna Bank allocated 5% of
its pre-tax profit for conducting CSR activities which are
being spent on various CSR activities through the Jamuna
Bank Foundation. During the year 2022, Jamuna Bank
contributed BDT 172.58 million to JBF for administering
their philanthropic activities.
Jamuna Bank Foundation spent total BDT 340.20 million for the welfare of the society during the year 2022.
Last 5 (five) years CSR expenditure (figure in BDT million):
Expenditure
CSR Initiatives Alignment to SDG
2022 2021 2020 2019 2018
Education 56.70 40.60 15.10 16.42 12.00 Goal 4: Quality Education
Goal 5: Gender Equality
Health 102.40 178.00 77.60 31.30 24.20 Goal 3: Good Health and Well-being
Goal 11: Sustainable Cities and Communities
Environment and Climate 28.10 54.60 182.00 39.76 87.1 Goal 13: Climate Action
change mitigation Goal 15: Life on Land
Others 153.00 26.40 69.4 22.32 20.5 Goal 5: Gender Equality
Goal 13: Climate Action
Goal 11: Sustainable Cities and Communities
Total 340.20 299.60 344.10 109.8 143.8
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Annual Report 2022
EDUCATION
Jamuna Bank Foundation established
• Jamuna Foundation Nursing College.
• Jamuna Bank Institute of Information,
Donated BDT 56.70 375 Communication & Technology.
million to Education Students are enjoying • 14 nos. Computer training center.
Sector Jamuna Bank • Primary School for the slum dwellers.
15,771 beneficiaries Foundation’s stipend • Jamuna Bank DP Primary School.
facility. • PRODEEP Jamuna Bank Foundation
Autism School
• 157 Holy Quran learning centre.
1.1 Scholarship program
Bangladesh has certainly made remarkable progress in expanding the primary education especially raising enrollment
of the students and bringing gender parity. Unfortunately, due to poverty, many meritorious students fall behind and
as result, they are dropouts in the graduation level. To assist those underprivileged students Jamuna Bank Foundation
took an initiative for the following Scholarship programme intended to remove barriers of many economic hardship-hit
deserving students so that they can achieve their desired level of education and contribute to building the nation.
A B
Scholarship for the unprivileged & GPA-5 Scholarship among the
disabled but meritorious students Offspring of employees of Jamuna
Bank Limited
These eligible students are getting Tk.5,000/- for book Purchase & Tk.1,000/- for convenience in cash at a time each and
monthly Tk.3000/- scholarship will be given to each student that allow them to pursue graduation and post-graduation
level studies. From 2007 to till date 1108 nos student received stipend from Jamuna Bank Foundation. Currently 375
students are enjoying Jamuna Bank Foundation’s stipend facility among them 49 students are disabled. Besides, 5 no.
of disabled students of University of Dhaka are getting Scholarship every year (25,000/- each) and 15 others students are
getting stipend every month.
Many students have successfully completed their studies
through Jamuna Bank Foundation scholarships, among
them 187 students have completed their study. Presently 156
students are studying under graduation and post graduation
in Engineering (among them 3 students are studying in
BUET), 09 students in Medical College, 50 students in Dhaka
University, 10 students in Agricultural University, 10 students
in law profession and others are also studying in various
reputed Colleges/Universities. 01 awardees have joined the
BCS Police Cadre who has enjoyed scholarship benefits of
Jamuna Bank Foundation since 2007 and 03 awardees are
engaged in medical profession. In this journey of changing
Jamuna Bank Limited 443
students’ lives, they are not only builders of themselves, but also playing an important role in the development of their
families, society and nation.
Scholarship Giving Ceremony-2020, 2021 & 2022 to unprivileged students. Al-Haj Nur Mohammed, Chairman, Jamuna
Bank Foundation graced the occasion as Chief Guest in the scholarship program and presented scholarships to 124
students. Mirza Elias Uddin Ahmed, Managing Director & CEO, Jamuna Bank Foundation presided over the program.
1.2. Jamuna Foundation Nursing College
Jamuna Foundation Nursing College(JBNC), a standard nursing education centre established at Dhanmondi 9 / A, Dhaka
in the year 2021 by Jamuna Bank Foundation, is a philanthropic organization of Jamuna Bank Limited of Bangladesh, to
make high-quality, values-oriented education more accessible to all in Dhaka. JBNC offers Basic B.Sc in Nursing (Course
Duration: 04 years, Session Start: January and Available Seats: 30) and Post Basic B.Sc in Nursing (Course Duration: 02
years, Session Start: July and Available Seats: 20) courses, approved by Bangladesh Nursing Council, affiliated by Dhaka
University, approved by Ministry of Health and Family Welfare. In the 1st year B.Sc final exam, all students of Jamuna
Foundation Nursing College (JBNC) have passed successfully and one of them got 5th position centrally (among the all
nursing college of our country).
Jamuna Bank Foundation Nursing College also signed a Memorandum of Understanding (MoU) with Bangladesh
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Annual Report 2022
Specialized Hospital. Under the agreement, Bangladesh Specialized Hospital will provide clinical training to the students
of Jamuna Foundation Nursing College and provide employment to the graduates.
Chairman of Jamuna Bank Foundation Al-Haj Nur Mohammed, Director of the Bank Kanutosh Majumder, Managing
Director and CEO Mirza Elias Uddin Ahmed, Director and CEO of Bangladesh Specialized Hospital Al Imran Chowdhury
and Managing Director Engineer M.A. Kabir were present at the program.
1.3 Jamuna Bank Institute of Information, Communication & Technology (JBIICT)
Jamuna Bank Foundation has established “Jamuna Bank Institute of Information, Communication & Technology” (JBIICT)
at House No: 29, Road No: 2, Block: C, Chanduddyan Housing Ltd. Mohammadpur, Dhaka-1207 with a motive to provide
free ICT training among the poor but meritorious students. The formal inauguration of ICT training course started on
April, 2017. Initially, the Institute is offering course on Office Management (Ms-Word, Ms-Excel, Ms-PowerPoint, etc).
Duration of the course is 03 months. About 312 nos students completed their Office Management program in 22 batches.
Year wise course completion status is depicted below:
Jamuna Bank Limited 445
1.4 Establishment of 14 nos. Computer training center for young people and students
Since inception Jamuna Bank Foundation established 14 computer training center for improvement of basic computer
skills of the students of the school which will help them later to define their career goals, entrepreneurship, and job
opportunities. JBF also providing fees to trainers for smooth running of those Computer Training Centers. Few of them
are depicted below:
List of Computer Training Centers:
1. Jamuna Bank BSC Nursing Computer Laboratory” at
Bangabandhu Sheikh Mujib Medical University
2. Jamuna Bank Badhir Computer Training Center at
Bangladesh National Federation of the Deaf, 174,
Shahid Nazrul Islam Avenue, Dhaka-1000.
3. Computer Lab at RD High School, Kazipur Sirajgonj.
4. Computer training center at Goalgunni, Munshigonj.
5. Computer training center at College Road, Bhober
Char, Gazaria, Munshigonj.
6. Computer training center at Baushia, Munshigonj.
Computer training center at College Road, Bhober Char, 7. Computer training center Guagachia, Munshigonj.
Gazaria, Munshigonj. 8. Computer training center at Thakurgaon.
9. Computer training center at Kashinathpur, Pabna.
10. Computer training center at Gouripur, Cumilla.
11. Computer training center at Rangpur, Sadar, Ranpur
12. Computer training center at Kaunia, Ranpur
13. Computer training center at Pirgacha, Rangpur
14. Computer training center at Rupgonj, Narayangonj
1.5 Primary School for the slum dwellers
We know that access to basic education lies at the heart of development of the Country. Knowing the importance of
education, a free primary school under Bank’s CSR activities program has been established under the auspices and
finance by Jamuna Bank Foundation with a view to come along side the children of slum dwellers who are in darkness
and yet to be enlightened by formal education. Free primary school has been shifted to new premises of Jamuna Bank
Complex at House No: 29, Road No: 2, Block: C, Chanduddyan Housing Ltd. Mohammadpur, Dhaka-1207.
Primary School for the slum dwellers at Jamuna Bank Complex, House No: 29, Road No: 2, Block: C, Chanduddyan
Housing Ltd. Mohammadpur, Dhaka-1207
At present about 110 students are completing their primary education in different classes under free primary school.
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Annual Report 2022
1.6 Jamuna Bank DP Primary School
At its initiative and finance Jamuna Bank Foundation established Jamuna Bank DP Primary School at Atlapur, Rupgonj,
where innocent students are getting educational support for being ideal citizens for the country.
1.7 PRODEEP Jamuna Bank Foundation Autism School
In the world, about 1% of children suffer from autism. We assume that the figure would be more than that in our
country. But there are not enough good quality autism schools in the country. Moreover, the existing autism schools
in the country are very expensive compared to regular schools. As such a major percentage of children are deprived of
special education. Considering the improvement of this special sector Jamuna Bank Foundation established PRODEEP
Jamuna Bank Foundation Autism School. Currently 14 no Autism students are getting special education support in this
school.
1.8 Establishment of Holy Quran learning centre
Jamuna Bank Foundation established Madrasa at Jamuna
Bank Complex with an intention to come along side the
children of slum dwellers who are in darkness and yet to
be enlightened by formal religious education. 131 female
and 101 male students have completed their religious
education from Jamuna Bank Madrasha. Currently, 30
male students and 50 female students are pursuing their
religious education from the Madrasha.
Jamuna Bank Madrasha at Jamuna Bank Complex, House
No: 29, Road No: 2, Block: C, Chanduddyan Housing Ltd.,
Mohammadpur, Dhaka-1207
Jamuna Bank Limited 447
Establishment of 157 Senior citizen Holy Quran learning centre
Jamuna Bank Foundation has established 157 adult Quran learning centers in different parts of the country, including 08
Quran learning centers for women. A large number of elderly people are learning the Holy Quran from Quran Education
Centers.
1.9 Establishment of Mujib Corners
(1) Jamuna Bank Ltd. inaugurated Mujib Corners at its Head Office of the Bank and few other branches on the occasion
of birth centenary of the Father of the Nation Bangabandhu Sheikh Mujibur Rahman Jamuna Bank.
Mujib Corner at Bank’s Head Office
Mujib Corner at Bank’s Rajshahi Branch Mujib Corner at Bank’s Kurigram Branch
Establishment of Mujib Corners at Jamuna Bank Foundation Complex
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Annual Report 2022
HEALTH
JBF Kidney Dialysis Newly Inaugurated
Organized 21 free Organized 48 Free
Centers (Shantinagor, 1. JBF Diagnostic Center
medical camps in 2022 Mobile medical camps
Dhaka Unit, Laksham, at Mohammadpur
throughout the country at different slum areas
Comilla Unit, and Dhaka
Patient treated of Dhaka City in the year
Rupgonj, Narayangonj 2. JBF Dental Clinic
70,200. 2022
unit) have provided at Mohammadpur
6,428
people were selected for Patient treated 14,146
18,922+ dialysis Dhaka
services to kidney 3. JBF Eye Hospital
free eye operation
patients since inception. at Mohammadpur
Dhaka
4. JBF Physiotherapy
Center at Mohakhali,
Dhaka
5. JBF Dialysis
Center at Rupgonj,
Narayangonj and
Munshiganj
1. Free Medical camps across the country
Jamuna Bank Foundation is working with the poor segment of the people to ensure proper health care facility among
the people of the country, The Foundation is always beside all walks of people of the society, who have no such ability to
get medication/ treatment. Jamuna Bank Foundation organized free Eye Camp, Diabetes, Gynae and General treatment
services with providing medicine at different areas of the country each year.
A team of well-known eye specialist, physicians, dentist, dermatologist and general practice doctors attended the camp.
The doctors examined and diagnosed every patient individually. They checked eyes, lungs, functioning of heart, other
Jamuna Bank Limited 449
parts of body and gynae patients. Prescribed medicines were given free of charge by the Jamuna Bank Foundation.
During the year Jamuna Bank Foundation organized 21 free medical camps throughout the country and provided free
medical services to the 70,200 patients throughout the country and 6,428 people were selected for free eye operation.
A few depiction of Country wide Free Eye Camp, Diabetes, Gynae and General Treatment Services by Jamuna
Bank Foundation in the year 2022 :
Free Medical Camps in 2022
21 nos. 70,200 people 6,428 people
Medical Camps were given free treatment were selected for eye
with medicine operation
Sl. Total
Date Camp General Diabetes Gynae Pediatric Dental Ortho Eye Total
No. Operation
1 07.01.2022 Balushair High 1107 183 513 388 0 0 991 3182 189
School, Narsingdi.
2 14.01.2022 Mirkadim, 806 211 358 243 0 0 1429 3,047 390
Munshigonj
3 15.01.2022 Gozaria, 585 255 312 230 0 0 1102 2484 273
Munshigognj
4 20.03.2022 Haragach, 1084 260 800 440 0 0 1169 3753 -
Rangpur
5 21.03.2022 Kaunia, Rangpur 1480 318 955 501 0 0 1167 4421 226
6 25.03.2022 Gouripur, Cumilla 518 182 353 293 0 0 584 1930 106
7 26.03.2022 Barura, Cumilla 1249 319 517 427 0 0 1242 3754 203
8 13.05.2022 Sirajdikhan, 729 222 454 351 0 0 1003 2759 253
Munshigonj
9 14.05.2022 Shibaloy, 794 201 291 152 0 0 752 2190 208
Manikgonj
10 15.05.2022 Shibpur, Norsingdi 886 140 515 378 0 0 614 2533 206
11 27.05.2022 Lohojong, 882 202 525 296 0 0 951 2856 300
Munshigonj
12 28.05.2022 Baliakandi, 1294 156 352 413 0 0 921 3136 342
Gozaria,
Munshigonj
13 04.06.2022 Madargonj, 699 230 260 451 0 0 1142 2782 397
Jamalpur
14 30.07.2022 Doulotpur, Khulna 661 279 232 206 300 0 1264 2942 386
15 20.08.2022 Sonagazi, Feni 625 185 412 264 298 356 662 2802 279
16 26.08.2022 Kazipur, Sirajgonj 1206 366 423 300 300 221 1535 4,351 608
17 27.08.2022 Aminpur,Pabna 983 380 506 580 334 378 1502 4,663 652
18 19.10.2022 Kaunia, Rangpur 899 176 436 497 505 434 1098 4045 729
19 20.10.2022 Nojirerhut, Sadar, 928 270 542 438 485 427 1193 4283 -
Rangpur
20 21.12.2022 Haragach, Kaunia, 847 432 831 507 229 210 1142 4198 344
Ranpur
21 22.12.2022 Pirgacha, Rangpur 912 404 837 420 400 275 841 4089 337
Total 19174 5371 10424 7775 2851 2301 22304 70200 6428
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Annual Report 2022
Free eye, gynecology, diabetes, heart disease, pediatrics and general medical camp at Pawtana hat,Pirgaccha,Rangpur.
2. Free Medical Service & Medicine Distribution Center at Bishwa Ijtema
The second-largest Muslim congregation in the world after the Hajj is held in Tongi, Dhaka, Bangladesh beside the
Turag River. Hundreds of thousands of devotees from 150 countries join in this global congregation including more
than twenty thousand foreign delegates from all over the world thronged the bank of Turag river to listen to scholars
reciting and explaining verses from the Quran and to renew their commitment to Islamic values. To provide free medical
treatment and medicine to the devotee, Jamuna Bank Foundation every year arranged makeshift medical center at the
Bishwa Ijtema at Tongi, Dhaka. During the ijtema, devotees received round-the-clock health care and free medicines
from the center. About 35,000 Muslims have been served in Bishwa Ijtema-2023. Bishwa Ijtema Committee and Gazipur
City Corporation always appreciate us for arranging such treatment services for the Muslims at Bishwa Ijtema.
Jamuna Bank Limited 451
3. Free Mobile Medical Service arranged by Jamuna Bank Foundation
Jamuna Bank Foundation introduced free Mobile Medical Service on
November 15, 2021 for the poor/under privileged people who are deprived
of medical facilities. At present this service is available on every Wednesday
in different slum areas of Dhaka City where underprivileged people are Free Mobile Medical Camp-2022
getting medical advice of Specialist Doctors. At the same time free medical 48 nos
examination and medicine are being provided in the camp. In the future, Free Mobile camps
this mobile medical service will be spread across the country. 14,146 People
Received medical treatment
During the year, JBF organized 48 mobile medical camps in different areas
of Dhaka City where a total 14,146 no. people have taken free treatment
with free medicine.
4. Jamuna Bank Foundation Kidney Dialysis Center, Shantinagar, Dhaka
Jamuna Bank Foundation which a non-profit charitable organisation, has
Jamuna Bank Foundation Kidney Dialysis
set up a non-profit 10 bed dialysis centre in October 2018 in the capital Centers, Shantinagar, Dhaka
city at Chameli bag, Shantinagar in the name of Jamuna Bank Foundation
Kidney Dialysis Center. This center provides subsidised dialysis treatment
for both newly diagnosed patients with kidney failure and maintenance 16,495 dialysis services have been
treatments for those patients who have chronic kidney failure especially provided to the patients since inception.
for the needy members of our community so that these patients will not Total Dialysis Machine = 10
be deprived of treatment. Through a combination of skilled staff and No of Shift = 2
state-of-the-art dialysis machines, the center’s main goal is to provide Total Staff= 18
life sustaining treatment to patients at a minimum cost with little or no
kidney function so that they can live their lives and function in society.
We also provide comprehensive renal care either free-of-cost or at largely
subsidized rates to poor patients who cannot afford the cost of treatment.
Jamuna Bank Foundation is contributing average monthly subsidy
amounting BDT 8.59 lac per month for smooth operation of this Kidney
Dialysis Center, Shantinagar, Dhaka.
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5. Jamuna Bank Foundation Dialysis Center at Laksham, Cumilla
amuna Bank Foundation established another 2 bed dialysis centre at JT
Jamuna Bank Foundation Kidney Dialysis
Tower, Holding # 104/2, Ward# 8, by pass road, Laksham, Cumilla on 16th Centers, Laksham, Cumilla
October 2020. This center provides subsidised dialysis treatment for both
newly diagnosed patients with kidney failure and maintenance treatments
for those patients who have chronic kidney failure especially for the needy 2365 dialysis services have been
members of our community so that these patients will not be deprived provided to the patients since inception.
of treatment. Jamuna Bank Foundation is contributing average monthly Total Dialysis Machine = 2
subsidy amounting BDT 2.70 lac per month for smooth operation of No of Shift = 2
Jamuna Bank Foundation Kidney Dialysis Center, Laksham unit. Total Staff= 7
6. Jamuna Bank Foundation Dialysis Center at Rupgonj, Narayangonj
The number of kidney patients in the country is increasing day by day. There are about 2 crore kidney patients in
Bangladesh, of which 40,000 suffer kidney failure every year and 75% of them die due to lack of dialysis or kidney
transplant treatment. In addition, 20 thousand patients die every year due to sudden kidney failure. There are many
kidney patients among the poor and middle class, who require regular dialysis. Dialysis has to be continued for a long
time. But the cost is very high.
To make dialysis services accessible to people, Jamuna Bank Foundation has set up another dialysis center with 05 nos
modern dialysis machine at Rupganj, Narayanganj. This center has been providing subsidized dialysis treatment for both
newly diagnosed patients with kidney failure and maintenance treatments for those patients who have chronic kidney
failure, especially for the needy members of our community so that these patients will not be deprived of treatment.
Jamuna Bank Foundation is contributing an average monthly subsidy amounting to BDT 3.20 lac per month for the
smooth operation of Jamuna Bank Foundation Kidney Dialysis Center, Rupgonj Unit.
Jamuna Bank Limited 453
Honorable Minister of Textiles and Jute Ministry Golam Dastagir Gazi, Bir Protik, MP was present as the Chief Guest in the inauguration
ceremony of Jamuna Bank Foundation Dialysis Center at Rupgonj, Narayangonj. Hasina Gazi, Mayor of Tarabo Pouroshova was also
present in the inauguration ceremony program. Chairman of Jamuna Bank Foundation, Al-Haj Nur Mohammed was present as a
special guest. Honorable Directors of the bank Gazi Golam Ashria and Gazi Golam Murtoza, Managing Director and CEO of the Bank
Mirza Elias Uddin Ahmed and higher officials from head office, employees from nearest branches and other local dignitaries were
also present at the program.
7. Jamuna Bank Foundation Dialysis Center in Munshiganj
Jamuna Bank Foundation Dialysis Center, Munshigonj Unit, was inaugurated in Mushiganj, with a pledge to serve the
helpless people. Al-Haj Nur Mohammed, the former MP, Director of Jamuna Bank Limited and Chairman, Jamuna Bank
Foundation, was present as the chief guest and inaugurator of the program. Director of the bank Kanutosh Majumder
was present as special guest. The Managing Director and CEO, Mirza Elias Uddin Ahmed, presided over the program,
with the presence of higher officials from the head office, nearest branch managers and officers of the bank, and a large
number of people.
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8. Jamuna Bank Foundation Physiotherapy Center at MHB Bhabon,
Mohakhali, Dhaka
Jamuna Bank Foundation inaugurated physiotherapy center at MHB Bhabon, Mohakhali, Dhaka with experienced
professionals. Currently we are providing following Physiotherapy treatment:
• Back pain and Sciatica • Workplace injuries
Relief. • Neurological Disorder
• PLID. • Arthritis
• Muscle weakness
• Neck pain and stiffness. • Post-plaster joint
• Shoulder Pain/ frozen stiffness
shoulder. • Joint pain after
• Elbow, Wrist and Hand chikungunya and
dengue
Pain.
• Old aged complexities
• Hip and Knee Pain. • Parkinson’s disease
• Arthritis. • Autism/cerebral palsy/
• Foot and Ankle Pain. CP
• Sports injuries • GBS/MND/DMD
• Vehicle accidents
• Strains and sprains
9. Free Plastic Surgery Camp
Jamuna Bank Foundation has been organizing free plastic surgery camps each year for poor burnt people and people
suffering from cleft lips and palate at a free of cost. Plastic surgery and other necessary operations were conducted by
specialist physicians of the Stichting Interplast Holland Netherlands. In the last 5 Free Plastic Surgery Camps total 2,361
patients were received free treatment including 771 surgeries.
In continuation of this process, JBF organized 02 weeks long (from November 20, 2022) Free Plastic Surgery Camp for
cleft lip, palate, and burn patients at Munshiganj General Hospital by specialized doctors from the Netherlands. Around
634 patients were treated free of cost and 250 patients were registered for plastic surgery. Honorable Minister Md. Tazul
Islam, MP, Ministry of Local Government, Rural Development and Cooperatives attended the surgery camp as Chief
Guest. Al-Haj Nur Mohammed, Chairman of Jamuna Bank Foundation presided over the program. Alongside, Managing
Director and CEO of the bank, Mirza Elias Uddin Ahmed, higher officials from the Bank’s Head Office, local public
representatives, and dignitaries were also present at that time.
Jamuna Bank Limited 455
Al-Haj Nur Mohammed, Chairman, Jamuna Bank Foundation is interacting with the physicians of Stitching Interplast Holland,
Netherlands at the event.
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10. Inauguration of “Jamuna Bank Foundation Complex”
With the initiative and funding of Jamuna Bank Foundation, “Jamuna Bank Foundation Complex” comprising 8 (Eight)
service oriented activities i.e. non-profit Holy Quran Education Center, Free Medical Center, Sewing Training Center,
Diagnostic Center, Eye Hospital, Autism School, Dental Clinic and Drug Rehabilitation Center has been inaugurated
at Mohammadpur, Dhaka . The program was inaugurated by Local Government, Rural Development and Cooperatives
Minister Md. Tajul Islam, Textiles and Jute Minister Golam Dastagir Gazi (BirProtik) and Al-Haj Nur Mohammed,
Chairman, Jamuna Bank Foundation. The bank’s Managing Director and CEO Mirza Elias Uddin Ahmed and other
Directors of the bank were present at the time.
1st Floor - Free Treatment Center
Jamuna Bank Foundation Diagnostic
Center Sewing Machine Training center
for underprivileged women Holly Quran
Teaching Center
2nd Floor & - PRODEEP Jamuna Bank Foundation
3rd Floor Autism School
4th Floor - Jamuna Bank Foundation Dental Clinic
5th Floor & - Jamuna Bank Foundation Eye Hospital
6th Floor - Jamuna Bank Foundation After Care
7th Floor & Hospital & Rehabilitation Center
Jamuna Bank Limited 457
Local Government, Rural Development and Cooperatives Minister Md. Tajul Islam, Textiles and Jute Minister Golam Dastagir Gazi
(BirProtik) and Al-Haj Nur Mohammed, the then Chairman of Jamuna Bank Limited along with other honorable Directors of the
Bank inaugurated Jamuna Bank Foundation Diagnostic Center, PRODEEP Jamuna Bank Foundation Autism School, Jamuna Bank
Foundation Dental Clinic, Jamuna Bank Foundation Eye Hospital & Jamuna Bank Foundation After Care Hospital & Rehabilitation
Center at “Jamuna Bank Foundation Complex”, Chand Uddayan, Mohammadpur, Dhaka. Other honorable Directors and Managing
Director of the bank were present at the time.”
a. Jamuna Bank Foundation Diagnostic Center
Jamuna Bank Foundation Diagnostic Center Ltd. is
established to provide best quality patient care services.
The accurate & timely reporting plays an important role
in supporting medical decisions for the best patient care.
Our clinical laboratory is equipped with latest state of the
art technology which enables Reduced Human Handling
Error & provides reliable accurate test results within
fastest time period.
b. Jamuna Bank Foundation Dental Clinic
Jamuna Bank Foundation Dental Clinic is a standard,
dependable and technology driven modern dental clinic.
The professionals and expertise are committed to meet all
your dental needs in an environment of serene privacy,
comfort and professionalism. New and updated concepts
are always endured here to provide you with a world of
exquisite dentistry. We are open 9 AM to 3PM at your
service.
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c. Jamuna Bank Foundation Eye Hospital
Jamuna Bank Foundation established an Eye Hospital at
Jamuna Bank Complex, Mohammadpur, Dhaka, as eye
care sector is growing rapidly in Bangladesh. The aim
of Jamuna Bank Foundation Eye Hospital is to provide
specialized ophthalmological services with emphasis on
quality & affordability. Jamuna Bank Foundation also has
a Pharmacy and a Spectacles shop to provide high quality
spectacles and medicine to our valued patients. We have
best quality consultants and support staffs to provide the
best eye care services to the valued patients.
d. Jamuna Bank After Care centre/Rehabilitation Center
Rehabilitation becomes essential when an individual loses
direction into the wrong path and needs to be brought
back to the right one. It is a challenging situation when
an individual must learn to live an addiction free life
after going through the treatment. In view of helping the
society, the Jamuna Bank Foundation established an “After
Care Centre” for Drug addicted people at Jamuna Bank
Complex, Chand Uddayan, Mohammadpur, Dhaka. Here,
complete treatment and training is provided to patients,
wherein they are given occupational, vocational and
physical therapy depending on each ones’ needs.
e. Free medical treatment (general medicine and pediatric services) at Jamuna Bank
Foundation Complex
Jamuna Bank Foundation has been providing free medical
treatment to poor people as well as employees of the
Bank at Jamuna Bank Foundation Complex. At present,
General Medicine Treatment is being provided from 10 am
to 6 pm on Sunday to Thursday of the week and Pediatric
treatment is being provided from 4 pm to 8 pm on Tuesday
to Thursday of the week.
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11. Voluntary Blood Donation Program by Jamuna Bank Foundation
(11.1) Blood donation program On the occasion of the 47th Martyrdom Anniversary of
Father of the Nation Bangabandhu Sheikh Mujibur Rahman
On the occasion of the 47th Martyrdom Anniversary of Father of the Nation Bangabandhu Sheikh Mujibur Rahman
and the National Mourning Day, a discussion meeting, dowa mahfil and voluntary blood donation program were held
under the initiative of Jamuna Bank and Jamuna Bank Foundation. Honorable Minister for Local Government, Rural
Development and Co-operatives Md. Tajul Islam was present as the Chief Guest on the occasion. Honorable Directors,
other high officials, officers of the Bank’s head office and all the employees of branches/sub-branches of the Bank were
present in the program in person and virtually.
(11.2) “Voluntary Blood Donation and a Discussion Meeting” at Corporate office, Dhaka
and Chokoria, Cox’s Bazar:
Jamuna Bank Foundation organized “Voluntary Blood Donation and a Discussion Meeting” at Corporate
office, Dhaka and Chokoria, Cox’s Bazar was organized on the occasion of victory day. Chairman of Jamuna
Bank Foundation, Al-Haj Nur Mohammed was present as chief guest and inaugurator in both programs.
Honorable Director Kanutosh Majumder was present as special guest and Managing Director & CEO of
the bank Mirza Elias Uddin Ahmed presided over those programs. Md. Abdus Salam, Additional Managing
Director of the bank, Deputy Managing Directors, Branch managers and all employees of Dhaka and
Chattogram Zone and adjacent branches were also present at those programs physically and virtually. About
185 employees and staff of the bank donated blood in those programs.
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At Corporate office, Dhaka
At Chokoria, Cox’s Bazar
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ENVIRONMENTAL AND CLIMATE
CHANGE MITIGATION & ADAPTATION
1. Tree plantation program
The plants and trees play a very vital role in sustaining life and ecosystem on earth and, therefore, the importance of
tree plantation must be understood. They inhale carbon dioxide and exhale the life-giving oxygen. Plants and trees also
provide food, fuel, wood, flowers and many other important items. They are also natural source of food and habitat for
birds and wildlife and play a significant role in ecosystem. Trees also absorb other harmful gases from the atmosphere,
thus, making the air pure and fresh. Considering the importance of tree plantation, we have carried out tree planting
programs at different areas of the Country, some of the pictures are given below:
A tree plantation program organized at the premises of Jamuna Bank Foundation Old Home
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Tree plantation program at Raipura, Narshingdi
2. Deep Tube-well installation at Changerchor, Motlab, Chandpur
To supply clean water to village people of Changerchor, Motlab, Chandpur a deep tube-well was installed in that area
with the initiative and finance of Jamuna Bank Foundation in the year 2016.
3. Jamuna Bank Solar Village established at Kishoregonj District
As a part of CSR activities, Jamuna Bank Foundation developed Char Terotakia, a remote char area where no electricity
is available, as ‘Solar Energized Village’ in Kishoregonj District which was inaugurated on April 11, 2011. The Objective
of the establishment of Solar Village is to promote the life standard of far flung village dwellers & unprivileged people of
the country. Earlier many poor & meritorious students of the village cannot study due to want of kerosene oil. We have
arranged Solar light for every family in this village. Henceforth, the students of that village can study at night by using
solar light, the villagers can perform all works of the night continuously and without any hindrance/barrier.
4. Model Village at Thakurgaon
A model village (Adarsha Gram) has been established at Singpara village under Thakurgaon district sponsored by Jamuna
Bank Foundation. The objective of the establishment of Model Village is to promote the life-standard of remote village
dwellers & unprivileged people of the society as CSR activities of Jamuna Bank Ltd.
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DISASTER
MANAGEMENT
• Distributed 75,000 blankets to the PM’s • Donated Tk.100 million to ‘Prime
Relief and Welfare Fund Minister’s Relief and Welfare Fund’ for Flood
• Besides, 84,029 blankets were also Affected People
distributed among the distress people of the • Donated Tk.40 million to the Prime
country. Minister’s Ashrayan Project-2 aimed at
providing houses to the underprivileged and
homeless people across the country
1. Jamuna Bank Limited Donated Tk.100 million to ‘Prime Minister’s Relief
and Welfare Fund’ for Flood Affected People
Jamuna Bank Limited donated Tk.10 crore to ‘Prime Minister’s Relief and Welfare Fund’ for Flood affected people. Prime
Minister Sheikh Hasina virtually joined the function through a video conference from her official residence Ganobhaban.
Al-Haj Nur Mohammed, Chairman, Jamuna Bank Foundation and Md. Mahmudul Hoque, Director, Jamuna Bank Limited
handed over the cheque to Dr. Ahmad Kaikaus, Prime Minister’s Principal Secretary at the program at Prime Minister’s
Office in Dhaka. Among others, Md. Nazrul Islam Mazumder, Chairman, Bangladesh Association of Banks (BAB), high
officials of Prime Minister’s Office were also present on the occasion.
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2. Jamuna Bank Donated Blankets to the Prime Minister’s Relief and
Welfare Fund
Jamuna Bank donates blankets to the Prime Minister’s Relief and Welfare Fund every year Fund for onward distribution
to the destitute and cold-affected people of the Country. In continuation of this Jamuna Bank Foundation donated 75,000
blankets to the Prime Minister’s Relief and Welfare Fund in the year 2022.
Prime Minister Sheikh Hasina received a token blanket from Al-Haj Nur Mohammed, Chairman, Jamuna Bank
Foundation and Mirza Elias Uddin Ahmed, Managing Director and CEO, Jamuna Bank Limited at the program at Prime
Minister’s Office in Dhaka. Md Nazrul Islam Mazumder, Chairman of Bangladesh Association of Banks, was present on
the occasion among others.
3. Jamuna Bank made donations to Prime Minister’s Ashrayan Project-2
As part of Corporate Social Responsibility (CSR), Jamuna Bank Limited donated Tk.40.00 million to the Prime Minister’s
Ashrayan Project-2 aimed at providing houses to the underprivileged and homeless people across the country. Al-Haj
Nur Mohammed, Chairman, Jamuna Bank Foundation handed over the donation cheque for Tk. 40.00 million to Prime
Minister Sheikh Hasina at the program at Prime Minister’s Office in Dhaka. Md Nazrul Islam Mazumder, Chairman of
Bangladesh Association of Banks, was present on the occasion among others.
Jamuna Bank Limited 465
4. Jamuna Bank Foundation also distributed 84029 Pieces blanket in the
year 2022 like other years among the distressed people of the cold affected
areas of the Country.
Blankets Distribution at Gazaria Munshigonj Blankets Distribution at Rampal Union, Munshigonj
5. Whole night Blanket Distribution among the street people
Every year, Jamuna Bank distributes blankets throughout the night to help the underprivileged and cold-stricken
people in Dhaka city who spend the night on the footpath. In continuation of previous years, Chairman of Jamuna Bank
Foundation, Al-Haj Nur Mohammed distributed around 2000 blankets to the underprivileged and cold-stricken people in
Tejgaon, Dhaka Varsity area, Panthapath, Karwan Bazar, Hight Court Mazar Road, Katabon, Nabisco Mour, Bijoy Sarani
and Dhaka Medical College adjacent areas of Dhaka city throughout the night. During this time, the bank’s Managing
Director and CEO Mirza Elias Uddin Ahmed along with the senior staff of the bank’s head office and the branch heads of
different branches of Dhaka spontaneously participated in the blanket distribution.
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6. Emergency disaster relief
As part of its social responsibility, Jamuna Bank Foundation stands beside the affected people of the country whenever
there arises any such situation due to natural disaster, pandemic etc. JBF distributes financial assistance, food, clothes
etc items to the affected people. JBF also distributes food items among the poor families on the occasion of holy Ramadan
and clothes during the Eid festival.
Jamuna Bank Foundation relief containing food Items distributed among 3,000 families who are severely affected by Padma river
erosion and Covid-19 at Tongibari, Louhojong Thana, Munshiganj district, Munshiganj Sadar and Naria Upazila of Shariatpur.
Jamuna Bank Limited 467
INCOME GENERATING ACTIVITIES FOR
THE UNDERPRIVILEGED POPULATION
1. Establishment of 13 nos. sewing training Center for female.
Jamuna Bank Foundation has established 13 nos Sewing Training Center for the underprivileged women and distributed
sewing machines to many women in different districts of Bangladesh. Our aims is to empowerment of underprivileged
women so that they can earn for themselves and support their families. Through this initiative, we also raised awareness
among the community members regarding the rights of women and the importance of women being able to earn. This
enabled many families that were once unable to ensure education for their children or even eat three meals a day to
improve overall living standards. It is heartwarming to see women taking up the role of bread earners to support their
families in a country where women are often discouraged to even go out of their houses let alone get a job.
List of sewing training center established by
Jamuna Bank
1. Sewing training center at Rupganj,
Narayongonj
2. Sewing training center at Luxmipur
Sadar, Luxmipur
3. Sewing training center at Kazipur,
Sirajgonj
4. Sewing training center at Goalgunni,
Munshigonj
5. Sewing training center at Gozaria,
Munshigonj
Sewing training center at Gazaria Pilot Girls High School, Gazaria, 6. Sewing training center at Baushia,
Munshiganj Munshigonj
7. Sewing training center at Guagachia,
Munshigonj
8. Sewing training center at Thakurgaon
9. Sewing training center at Kashinathpur,
Pabna
10. Sewing training center at Bhoberchor,
Munshigonj
11. Sewing training center at Shibchor,
Madaripur
12. Sewing training center at Gopalganj
13. Sewing training center at Jamuna Bank
Complex, House No: 29, Road No: 2,
Sewing training center at Jamuna Bank Complex, House No: 29, Road No: Block: C, Chanduddyan Housing Ltd.
2, Block: C, Chanduddyan Housing Ltd. Mohammadpur, Dhaka-1207. Mohammadpur, Dhaka-1207.
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2. Distribution of sewing machines among the helpless poor women
Jamuna Bank Foundation also distributed sewing machines among the helpless poor women for the purpose of self-
employment in different districts of Bangladesh.
Sewing training center at Luxmipur Sadar, Luxmipur
Sewing machine distribution at Gazaria, Munshiganj
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Sewing machine distribution at Bhoberchor, Munshigonj
2. Jamuna Foundation Nursing College at Dhanmondi
To produce highly competent nurses JBF has established Jamuna Foundation Nursing College at Dhanmondi which will
support in socio-economic development of the Country.
3. Jamuna Bank Institute of Information, Communication & Technology
(JBIICT)
Jamuna Bank Foundation has established “Jamuna Bank Institute of Information, Communication & Technology”
(JBIICT) with a motive to provide free ICT training among the poor but meritorious students so that they may become
competent in the job sectors and self-sufficient.
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INFRASTRUCTURE IMPROVEMENT IN
REMOTE/ UNDERPRIVILEGED AREAS
1. Old Home for the neglected old aged persons:
In today’s world people are very busy due to various reasons
the main one being money-making or work. There are some
people who only care about money and think their parent as
a burden. Some people are forced to be involved in money
making for their living. Even if they wish to its difficult
to look after their parents. IN both cases the children
abandon them is such a situation the old age homes play
an important role. If elders are kept here they will have
company regular medical checks and a time of their
own. People can play, interact and relax at the same time.
Considering the necessity of the Old Home, Jamuna Bank
Foundation has started to complete the construction works
of Jamuna Bank Old Home at Mekail Nagar, Keranigonj. A
local business man AL-Haj Zulhash donated 10 bigha land
for establishing this Old home. 2 storied out of 10 storied building of Jamuna Bank Old home. In this regard a master
plan was also approved by the Foundation to establish a 10(ten) storied building to accommodate people having no place
in the earth to stay. Here old aged people but poor will be able to stay free of cost, option is there for middle income and
high income class may stay with minimum cost. We will start the operational activities of Old home shortly
Few Pictures of the newly constructed Old home building
NEWLY CONSTRUCTED 2 (TWO) STORIED BUILDING OF OLD HOME
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PICTURE OF ANOTHER ROOM WITH TWO BEDS, AN One part of reading room where the old people will pass
ATTACHED TOILET WITH A VERANDA their time by reading news paper, books, novels
2. Other Initiatives:
Jamuna Bank Foundation is always keen to support remote/underprivileged people. In this connection, JBF undergoes
different infra-structural activities as and when needed. Some examples include Deep Tube-well installation at
Changerchor, Motlab, Chandpur, Establishment of Solar Village at Kishoregonj District, Model Village (Adarsha Gram)
at Thakurgaon etc.
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SPORTS AND CULTURE
Jamuna Bank Foundation patronizes for the development of our sports. Besides, we have been organizing seminars
on anti-drug and drug free society with the participation of bank employees in every division of the country and on
Independence Day, International Mother Language Day every year. On the occasion of Victory Day, we organize art
competitions. During the month of Ramadan, we have been organizing discussion meetings on “The Meaning of Holy
Ramadan, Holy Life of the Prophets” and “Qirat Competition among the children of the employees of Jamuna Bank
Limited”.
1. Anti Drug Rally & Seminar
Drug abuse is a gruesome menace in the society with grave biological, social, financial, psychological and security
effect on the individuals, families and the community. It is a curse of the modern free world and the scientific and
technological civilization. The widespread abuse of drugs has become a human tragedy. In Bangladesh about 80 per cent
of the drug addicts are adolescents and young men of 15 to 30 years of age. Drug abuse is now prevalent everywhere i.e.
in the workplace, parks, slums, markets and even in the house, streets, educational institutions both in rural and urban
areas. Virtually all segments of society are severely affected by this problem.
Jamuna Bank foundation as a part of its anti-drug movement organizing series of seminars/symposia in different areas
of the country in each year with a view to make aware the people of the society/community and also employees of the
Bank as regard to severe impact of drugs addiction. On the occasion of the International Anti-Drug Day, a seminar was
organized by the Jamuna Bank Foundation on “What we need to do to protect ourselves from the menace of drugs”. Al-
Haj Nur Mohammed, Chairman, Jamuna Bank Foundation was present as the Chief Guest at the seminar. Directors of
the bank Kanutosh Majumder and Md. Ismail Hossain Siraji were special guests. Managing Director and CEO of the Bank
Mirza Elias Uddin Ahmed presided over the seminar. Additional Managing Director Md. Abdus Salam along with officers
and employees of all the branches of the head office and the bank were present in-person and virtually.
Jamuna Bank Limited 473
2. Donation of Tk.70.00 lac for Joybangla Festival.
Jamuna Bank donated Tk.70.00 lac for Joybangla Festival held on March 07, 2022 on the occasion on Mujib Centenary.
3. Donation of Tk.1.00 lac for patronizing Clemon Indoor Uni Cricket-2022.
Jamuna Bank donated Tk.1.00 lac for patronizing Clemon Indoor Uni Cricket-2022 held from May 28, 2022 to June 02,
2022 at ‘Mirpur Indoor Stadium’.
4. Donation of Tk. 1.00 lac on occasion of the reunion of students of
Boshikpur D.S.U. Kamil Madrasha, Lakshmipur, Chittagong.
Jamuna Bank donated Tk.1.00 lac on occasion of the reunion of students of Boshikpur D.S.U. Kamil Madrasha,
Lakshmipur, Chittagong.
5. Contributed towards the development of Bangladesh sports:
Jamuna Bank Foundation patronizes for the development of our sports. Jamuna Bank Sponsored Dhaka Platoon at
Bangabandhu BPL T20 league 2019-20. The foundation has donated 5 million BDT as a co-sponsor to Bangladesh Olympic
Association that has organized 11th SA Games in Dhaka. Moreover, the Foundation has donated a new car worth of 1.5
million to Bangladesh Cricket Board. The foundation has also issued donation for Sheikh Jamal Dhanmondi Club.
6. Seminar on “Momentous and Importance of Independence Day”
March 26 is the national independence day of Bangladesh. This day is celebrated all over the Bangladesh and also all
over the world. It commemorates the country’s declaration of independence from Pakistan on late hours of 25 March
1971 and the start of Bangladesh Liberation War in 1971. The day is a memorial to the deaths of thousands of innocent
civilians who died in the subsequent Bangladesh Liberation War. Jamuna Bank Foundation is also organizing seminar on
the “Importance and Momentous of Great Independence Day” each year.
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Mr. Golam Dastagir Gazi, Bir Protik, Honorable Minister, Ministry of Textile & Jute of Government of the People’s
Republic of Bangladesh was present at a seminar in this regard.
7. Seminar on “Momentous and Importance of International Mother
Language Day”
International Mother Language Day (IMLD) is a worldwide annual observance held on 21 February to promote awareness
of linguistic and cultural diversity and promote multilingualism. First announced by UNESCO on 17 November 1999, it
was formally recognized by the United Nations General Assembly in a resolution establishing 2008 as the International
Year of Language. On this occasion, JBF organizes Seminar on “Momentous and Importance of International Mother
Language Day” every year.
Mr. Md. Tazul Islam, Honorable Minister, Ministry of Local Government, Rural Development & Co-operatives was
present at a seminar in this regard.
Jamuna Bank Limited 475
8. Seminar on importance of the Holy Ramadan, Holy lives of the Prophets
and Qirat Competition among the offspring of the Employees of Jamuna
Bank
Jamuna Bank always gives priority and emphasizes on religious spirit and belief of the Muslim Community. To discharge
the responsibility towards religion organized seminar each year on “Importance of Holy Ramadan & Qirat Competition
Program”. In the year 2022, Jamuna Bank Foundation organized a Qiraat competition and a discussion meeting on the
significance of the Holy month of Ramadan and the lives of the Prophets in Dhaka. Director of Jamuna Bank Limited
and Jamuna Bank Foundation Al-Haj Nur Mohammed was present as the chief guest on the occasion. The Directors of
the bank Kanutosh Majumder, Shaheen Mahmud, Md. Ismail Hossain Siraji and Independent Directors Md. Humayun
Kabir Khan, Md. Abdul Jabber Chowdhury, Md. Abdur Rahman Sarker and M. Murshidul Huq Khan were present as
special guests. Managing Director and CEO of the bank Mirza Elias Uddin Ahmed presided over the program. Officers
and employees of the bank’s head office and all branches of Dhaka City and nearby districts along with all the officers
and employees nationwide were present physically and virtually on the occasion.
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9. Art Competition on the occasion of Victory Day
December 16 is a national victory day of Bangladesh. This day is celebrated all over the country and in the whole world.
This day is locally known as “Bijoy Dibos”. Here, “Bijoy” means “Victory” and “Dibos” means “Day”. On this day in 1971,
West Pakistani (Present Pakistan) Army surrendered to the Bangladesh after the 9 month long liberation war and as
result, Bangladesh gained her victory. Now this day is a national holiday in Bangladesh and people celebrate this day
with great joy. On the occasion of victory day Jamuna Bank Foundation organizes Art Competition every year.
10. Financial Contribution for Liberation War Museum:
Jamuna Bank Foundation donated BDT 5 million for the noble cause of construction of the Liberation War Museum. In
the meantime, Jamuna Bank Foundation also donated BDT 1 million to muktijoddha sangsad.
Jamuna Bank Limited 477
OTHERS
1. Jamuna Bank Medical College and Hospital (Under Construction)
With the initiative and finance of Jamuna Bank Foundation, the construction works of Jamuna Bank Medical College
and Hospital has been started at Khadon, Rupshi, Narayangonj, where medical services will be provided at free of cost/
less cost for the poor patient and also arrangement of medical study for the poor meritorious students. 19 katha land has
been purchased for establishing the medical college.
Mr. Golam Dastagir Gazi, Bir Pratik,MP, the present Minister for
Ministry of Textiles and Jute for laid down of foundation Stone
for establishment of world standard Medical College at Rupshi,
Rupgonj near Dhaka. His wife Mrs. Hasina Gazi was also present
in the inauguration program.
2. Other Initiatives:
Jamuna Bank Foundation has also undergone different supporting initiatives as and when needed. Some examples
include:
a. Contributed of an Ambulance to Munshigonj Police Line, Munshigonj.
b. Donated of Tk.5.00 lac to National Heart Foundation, Sylhet.
c. Aided financial support for cancer treatment to Singer Sabina Yesmin.
d. Provided transportation service to Hajj Pilgrims.
e. Donation for establishment/renovation of Mosques across the country.
f. Provides financial support to Government & Non-Government organization.
g. Provides financial support to poor people for treatment, educational purpose etc.
h. Provides financial support to poor Freedom fighters.
i. Donated Wheel Chairs among Autistic (Protibondi).
j. Introduced Disable Marriage Scheme to support the disable poor people, Bidhoba Boyosko Bhata to support those
old widow women who are not getting benefit from the Government, Disable Rehabilitates scheme to support to the
disabled people for their treatment.
478
Annual Report 2022
Annual Picnic 2022
Venue : “Dhali’s Amber Resort”, near Ichapura Bazar,
Sirajdikhan, Munshigonj
Date : 15th October, 2022
Timing : 7:00 a.m to 6:30 p.m
The most awaited day of the year was the Annual Picnic of the Bank to “Dhali’s Amber Resort”. Honorable Directors, high
officials, employees of Head Office, Branches, Sub-Branches and SME Service Centers of the bank were participated in
the Picnic along with spouse and children.
“Dhali’s Amber Resort” gave an experience of being surrounded by greenery and the beauty of nature. Upon arrival at the
resort, everyone is served breakfast. Then everyone looked around the resort and took pictures. The children of the bank
officials and employees played in the Kids Zone of the resort. After that, the picnic was inaugurated by the honorable
directors and high officials of the Bank. Al-Haj Nur Mohammad, Director of Jamuna Bank Ltd. & Chairman, Jamuna
Bank Foundation addressed the function. Then different types of sports are organized. The funniest was the prize-giving
ceremony and the raffle draw. Throughout the day everyone enjoys the picnic. We leave the resort at 6:30 PM.
We arrived at Dhali’s Amber Resort at 8:30 a.m in the morning Al-Haj Nur Mohammad, Director of Jamuna Bank Ltd. &
and everyone is served breakfast Chairman, Jamuna Bank Foundation and Mr. Mirza Elias Uddin
Ahmed, Managing Directors of the Bank along with other high
officials supervised the management of the picnic spot.
Jamuna Bank Limited 479
Honorable Directors/Independent Directors of the bank were Part of the family members of the Directors present at the picnic
present at the picnic
Al-Haj Nur Mohammad, Director of Jamuna Bank Ltd. & Chairman, Jamuna Bank Foundation addressed the gathering.
Al-Haj Nur Mohammad, Director of Jamuna Bank Ltd. & A snapshot of the picnic spot
Chairman, Jamuna Bank Foundation exchanged greetings with
all present at the picnic.
480
Annual Report 2022
The picnic activities of the bank started with the children’s race of the officers and employees of different ages.
Kids ‘Dress up as you like’ competition Women’s pillow passing game
The most interesting was the race of the directors present at the The directors present took part in the Hari Bhanga competition
picnic at the picnic which was a lot of fun
Children of the officers and employees of the bank took part in the Quran recitation program
Jamuna Bank Limited 481
Delicious lunch were served among all
Distribution of prizes among the sports winning participants
Raffle draw held at the picnic The winner of the raffle draw
482
Annual Report 2022
The winner of the raffle draw The winner of the raffle draw
The winner of the raffle draw The winner of the raffle draw
The winner of the raffle draw The winner of the raffle draw
Jamuna Bank Limited 483
484
Annual Report 2022
Independent Auditor’s Report
To The Shareholders of Jamuna Bank Limited
Report on the Audit of the Consolidated and Separate Financial Statements
Opinion Basis for Opinion
We have audited the consolidated financial statements of We conducted our audit in accordance with the
Jamuna Bank Limited and its subsidiaries (the “Group”) as International Standards on Auditing (ISAs). Our
well as the separate financial statements of Jamuna Bank responsibilities under those standards are further
Limited (the “Bank”), which comprise the consolidated described in the Auditors’ Responsibilities for the Audit of the
and separate balance sheets as at 31 December 2022 and Consolidated and Separate Financial Statements section of our
the consolidated and separate profit and loss accounts, report. We are independent of the Group and the Bank in
consolidated and separate statements of changes in equity accordance with the International Ethics Standards Board
and consolidated and separate cash flow statements for for Accountants’ Code of Ethics for Professional Accountants
the year then ended, and notes to the consolidated and (IESBA Code), Bangladesh Securities and Exchange
separate financial statements, including a summary of Commission (BSEC) and Bangladesh Bank, and we have
significant accounting policies. fulfilled our other ethical responsibilities in accordance
with the IESBA Code and the Institute of Chartered
In our opinion, the accompanying consolidated financial Accountants of Bangladesh (ICAB) Bye Laws. We believe
statements of the Group and separate financial statements that the audit evidence we have obtained is sufficient and
of the Bank give a true and fair view of the consolidated appropriate to provide a basis for our opinion.
balance sheet of the Group and the separate balance sheet
of the Bank as at 31 December 2022, and of its consolidated Key Audit Matters
and separate profit and loss accounts and its consolidated Key audit matters are those matters that, in our
and separate cash flows for the year then ended in professional judgement, were of most significance in our
accordance with International Financial Reporting audit of the consolidated and separate financial statements
Standards (IFRSs) as explained in note 2.00. of the current period. These matters were addressed in
the context of our audit of the consolidated and separate
financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion
on these matters.
Description of key audit matters Our Response to the key audit matters
1. Measurement of Provision for Loans and Advances:
The process for estimating the provision for loans and advances We tested the design and operating effectiveness of key controls
portfolio associated with credit risk is significant and complex. focusing on the following:
For the individual analysis, these provisions consider the • Tested the Credit monitoring and provisioning process;
estimates of future business performance and the market value • Identification of loss events, including early warning and
of collateral provided for credit transactions. default warning indicators;
• Reviewed quarterly Classification of Loans (CL);
For the collective analysis, these provisions are manually • Followed Bangladesh Bank’s Circulars and Guidelines.
processed that deals with voluminous databases, assumptions • Our substantive procedures in relation to the provision for
and calculations for the provision estimates of complex design loans and advances portfolio comprised the following:
and implementation. • Reviewed the adequacy of the general and specific provisions
in line with related Bangladesh Bank’s Guidelines.
At year end 2022 the Bank reported total gross loans and advances • Assessed the methodologies on which the provision
of BDT 180,490.79 million (2021: BDT 174824.78 million) and amounts based, recalculated the provisions and tested the
provision for loans and advances of BDT 7138.43 million (2021: completeness and accuracy of the underlying information;
BDT 5,690.78 million). and
• Finally, compared the amount of provision requirement
as determined by Bangladesh Bank inspection team to the
actual amount of provision maintained.
See Note No. 8.8, 8.8.1, 8.00 and 13.00 to the financial statements
Jamuna Bank Limited 485
Description of key audit matters Our Response to the key audit matters
2. Valuation of Treasury Bills and Treasury Bonds:
The classification and measurement of treasury bills and treasury We tested the design and operating effectiveness of key controls
bonds require significant judgment and complex estimates. focusing on the classification and measurement of treasury bills
and treasury bonds.
In the absence of a quoted price in an active market, the fair value
of treasury bills and treasury bonds is determined using complex We tested a sample of the valuation models and the inputs used
valuation techniques which takes into consideration of direct or in those models, using a variety of techniques applicable in the
indirect unobservable market data and complex pricing models. circumstances.
Finally, we have assessed the appropriateness and presentation
of disclosures against relevant accounting standards and
Bangladesh Bank guidelines.
See Note No 3.02.2 and 7.1 to the financial statements
3. Legal and Regulatory Matters:
We focused on legal and regulatory matters because the Bank We obtained an understanding of the Bank’s key controls over the
operates in a legal and regulatory environment that is exposed legal provision and contingencies process.
to significant litigation and similar risks arising from disputes
and regulatory proceedings. Such matters are subject to many We enquired to those charged with governance to obtain their
uncertainties and the outcome may be difficult to predict. view on the status of all significant litigation and regulatory
matters.
These uncertainties inherently affect the amount and timing
of potential outflows with respect to the provisions and other We enquired of the Bank’s internal legal counsel for all significant
contingent liabilities. litigation and regulatory matters and inspected internal notes
and reports. We also received formal confirmations from external
counsel.
We assessed the methodologies on which the provision
amounts are based, recalculated the provisions, and tested the
completeness and accuracy of the underlying information.
We also assessed the Bank’s provisions and contingent liabilities
disclosure.
4. IT Systems and Controls :
Our audit procedures have a focus on IT systems and controls due We tested the design and operating effectiveness of the Bank’s IT
to the pervasive nature and complexity of the IT environment, the access controls over the information systems that are critical to
large volume of transactions processed in numerous locations financial reporting.
daily and the reliance on automated and IT dependent manual
controls. We tested IT general controls (logical access, changes management
and aspects of IT operational controls). This included testing that
Our areas of audit focus included user access management, requests for access to systems were appropriately reviewed and
developer access to the production environment and changes to authorized. We tested the Bank’s periodic review of access rights.
the IT environment. These are key to ensuring IT dependent and We inspected requests of changes to systems for appropriate
application-based controls are operating effectively. approval and authorization.
See Note No. 3.15.6 to the financial statements
Other Information
Management is responsible for the other information. The other information comprises all of the information in the
Annual Report other than the consolidated and separate financial statements and our auditors’ report thereon. The
Annual Report is expected to be made available to us after the date of this auditor’s report.
Our opinion on the consolidated and separate financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information identified
above when it becomes available and, in doing so, consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
When we read the annual report, if we conclude that there is a material misstatement therein, we are required to
communicate the matter to those charged with governance.
486
Annual Report 2022
Responsibilities of Management and Those As part of an audit in accordance with ISAs, we exercise
Charged with Governance for the Consolidated professional judgement and maintain professional
and Separate Financial Statements and Internal skepticism throughout the audit. We also:
Controls • Identify and assess the risks of material misstatement
of the consolidated and separate financial statements,
Management is responsible for the preparation and fair whether due to fraud or error, design and perform
presentation of the consolidated financial statements of audit procedures responsive to those risks, and obtain
the Group and also separate financial statements of the audit evidence that is sufficient and appropriate
Bank in accordance with IFRSs as explained in note 2.00, to provide a basis for our opinion. The risk of not
and for such internal control as management determines is detecting a material misstatement resulting from fraud
necessary to enable the preparation of consolidated and is higher than for one resulting from error, as fraud
separate financial statements that are free from material may involve collusion, forgery, intentional omissions,
misstatement, whether due to fraud or error. The Bank misrepresentations, or the override of internal control.
Company Act, 1991 and the Bangladesh Bank Regulations • Obtain an understanding of internal control relevant to
require the Management to ensure effective internal audit, the audit in order to design audit procedures that are
internal control and risk management functions of the appropriate in the circumstances.
Group. The Management is also required to make a self- • Evaluate the appropriateness of accounting policies
assessment on the effectiveness of anti-fraud internal used and the reasonableness of accounting estimates
controls and report to Bangladesh Bank on instances of and related disclosures made by management.
fraud and forgeries. • Conclude on the appropriateness of management’s use
of the going concern basis of accounting and, based
In preparing the consolidated and separate financial on the audit evidence obtained, whether a material
statements, management is responsible for assessing uncertainty exists related to events or conditions that
the Group’s and the Bank’s ability to continue as a going may cast significant doubt on the Group’s and the Bank’s
concern, disclosing, as applicable, matters related to going ability to continue as a going concern. If we conclude
concern and using the going concern basis of accounting that a material uncertainty exists, we are required to
unless management either intends to liquidate the Group draw attention in our auditor’s report to the related
and the Bank or to cease operations, or has no realistic disclosures in the consolidated and separate financial
alternative but to do so. statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the
Those charged with governance are responsible for audit evidence obtained up to the date of our auditor’s
overseeing the Group’s and the Bank’s financial reporting report. However, future events or conditions may
process. cause the Group and the Bank to cease to continue as
a going concern.
Auditor’s Responsibilities for the Audit of • Evaluate the overall presentation, structure and
the Consolidated and Separate Financial content of the consolidated and separate financial
statements, including the disclosures, and whether
Statements
the consolidated and separate financial statements
represent the underlying transactions and events in a
Our objectives are to obtain reasonable assurance about
manner that achieves fair presentation.
whether the consolidated and separate financial statements
• Obtain sufficient appropriate audit evidence regarding
as a whole are free from material misstatement, whether
the financial information of the entities or business
due to fraud or error, and to issue an auditor’s report that
activities within the Group to express an opinion on the
includes our opinion. Reasonable assurance is a high
consolidated financial statements. We are responsible
level of assurance, but is not a guarantee that an audit
for the direction, supervision and performance of the
conducted in accordance with ISAs will always detect a
group audit. We remain solely responsible for our audit
material misstatement when it exists. Misstatements can
opinion.
arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably
We communicate with those charged with governance
be expected to influence the economic decisions of users
regarding, among other matters, the planned scope
taken on the basis of these consolidated and separate
and timing of the audit and significant audit findings,
financial statements.
including any significant deficiencies in internal control
that we identify during our audit.
Jamuna Bank Limited 487
We also provide those charged with governance with 2022 of two subsidiaries namely, Jamuna Bank
a statement that we have complied with relevant Securities Limited and Jamuna Bank Capital
ethical requirements regarding independence, and to Management Limited have been audited by
communicate with them all relationships and other Shafiq Mizan Rahman & Augustine and ACNABIN
matters that may reasonably be thought to bear on our respectively and have been properly reflected in the
independence, and where applicable, related safeguards. consolidated financial statements;
d) in our opinion, proper books of accounts as required
From the matters communicated with those charged by law have been kept by the Group and the Bank
with governance, we determine those matters that were so far as it appeared from our examination of those
of most significance in the audit of the consolidated and books;
separate financial statements of the current period and e) the records and statements submitted by the branches
are therefore the key audit matters. We describe these have been properly maintained and consolidated in
matters in our auditors’ report unless law or regulation the financial statements;
precludes public disclosure about the matter or when, in f) the consolidated balance sheet and consolidated
extremely rare circumstances, we determine that a matter profit and loss account together with the annexed
should not be communicated in our report because the notes dealt with by the report are in agreement with
adverse consequences of doing so would reasonably be the books of account and returns;
expected to outweigh the public interest benefits of such g) the expenditures incurred by the Bank were for the
communication. purpose of the Bank’s business for the year;
h) the consolidated financial statements of the Group
Report on other Legal and Regulatory Requirements and the separate financial statements of the Bank
In accordance with the Companies Act, 1994, the Securities have been drawn up in conformity with prevailing
and Exchange Rules 2020, the Bank Company Act, 1991 rules, regulations and accounting standards as well as
and the rules and regulations issued by Bangladesh Bank, related guidance issued by Bangladesh Bank;
we also report that: i) adequate provision for loan and advance, other assets
a) we have obtained all the information and explanations and other items has been maintained as per letter
which to the best of our knowledge and belief were from Bangladesh Bank ref#DBI-5(IS)/153/2023-534
necessary for the purpose of our audit and made due dated April 27, 2023;
verification thereof; j) the information and explanations required by us have
b) to the extent noted during the course of our audit work been received and found satisfactory;
performed on the basis stated under the Auditor’s k) we have reviewed over 80% of the risk weighted assets
Responsibilities for the audit of the consolidated and of the Bank and spent over 6,136 person hours; and
separate Financial Statements section in forming l) Capital to Risk-weighted Asset Ratio (CRAR) as
the above opinion on the consolidated financial required by Bangladesh Bank has been maintained
statements of the Group and the separate financial adequately during the year.
statements of the Bank and considering the reports
of the Management to Bangladesh Bank on antifraud
internal controls and instances of fraud and forgeries
as stated under the Responsibilities of Management Md. Shafiqul Islam FCA
Dated: Dhaka
and Those Charged with Governance for the April 27, 2023 Enrolment # 595
Consolidated and Separate financial statements and Partner
internal controls for the financial statements and Shafiq Basak & Co.
internal control: Chartered Accountants
° internal audit, internal control and risk DVC: 2304270595AS755907
management arrangements of the Group and
the Bank as disclosed in the financial statements
appeared to be materially adequate;
° nothing has come to our attention regarding
material instances of forgery or irregularity or
administrative error and exception or anything
detrimental committed by employees of the Bank
and its related entities.
c) financial statements for the year ended 31 December
488
Annual Report 2022
Jamuna Bank Limited and its Subsidiaries
Consolidated Balance Sheet
As at 31 December 2022
31.12.2022 31.12.2021
Note
Taka Taka
PROPERTY AND ASSETS
Cash 4(a) 12,572,050,809 10,564,229,609
Cash in hand (including foreign currencies) 4.1(a) 3,662,984,671 3,038,472,619
Balance with Bangladesh Bank and its agent banks 4.2(a) 8,909,066,138 7,525,756,990
(including foreign currencies)
Balance with other banks and financial institutions 3,105,349,444 2,535,284,872
In Bangladesh 5.1(a) 2,432,861,612 1,988,700,069
Outside Bangladesh 5.2(a) 672,487,833 546,584,802
Money at call on short notice 6(a) 1,084,573,350 1,201,200,000
Investments 7(a) 76,759,073,370 68,067,839,161
Government 7.1(a) 70,558,425,589 62,515,960,294
Others 7.2(a) 6,200,647,781 5,551,878,867
Loans and advances 8(a) 181,567,644,474 175,952,488,387
Loans, Cash credit, Overdrafts, etc. 8.1(a) 165,875,722,971 162,376,260,735
Bills purchased & discounted 8.2(a) 15,691,921,503 13,576,227,652
Fixed Assets including premises, furniture and fixtures 9(a) 4,309,474,750 3,563,709,428
Other assets 10(a) 3,702,355,476 2,935,904,052
Non-Banking assets - -
Total assets 283,100,521,673 264,820,655,509
Liabilities
Borrowings from other banks, financial institutions 11(a) 13,994,454,847 8,598,036,993
and agents
Deposits and other accounts 12(a) 225,033,524,952 212,043,649,037
Current/Al-wadeeah current accounts and other accounts 12.2(a) 54,704,631,474 42,892,532,604
Bills payable 12.3 4,509,734,148 4,966,825,875
Savings/Mudaraba savings bank deposits 27,436,338,978 24,804,444,163
Fixed/Mudaraba fixed Deposits 12(b) 81,780,019,525 81,687,076,875
Bearer certificates of deposit - -
Short notice deposits 12(c) 17,180,541,965 12,445,497,484
Deposit under special scheme 38,327,175,927 44,560,704,753
Foreign currency deposit 1,095,082,934 686,567,283
Other liabilities 13(a) 13,697,408,148 11,293,769,231
Subordinated Debt 13 (c) 10,700,000,000 11,600,000,000
Total Liabilities 263,425,387,947 243,535,455,261
Capital / shareholders’ equity
Paid up capital 14 7,492,256,500 7,492,256,500
Statutory reserve 15 7,492,256,500 7,492,256,500
Other reserve 16(a) 1,553,357,296 3,088,224,261
Non controling interest 16(b) 1,647 1,651
Retained earnings 17(a) 3,137,261,783 3,212,461,335
Total shareholders’ equity 19,675,133,726 21,285,200,248
Total liabilities and shareholders’ equity 283,100,521,673 264,820,655,509
Jamuna Bank Limited 489
Jamuna Bank Limited and its Subsidiaries
Consolidated Balance Sheet
As at 31 December 2022
31.12.2022 31.12.2021
Note
Taka Taka
OFF-BALANCE SHEET ITEMS
Contingent liabilities 18(a)
Acceptances & endorsements 37,001,469,815 38,979,082,832
Letters of guarantee 23,658,309,436 19,785,722,785
Irrevocable letters of credit 29,378,262,430 28,802,934,777
Bills for collection 21,942,920,914 15,217,714,400
Other contingent liabilities 94,200,000 435,620,674
112,075,162,595 103,221,075,468
Other commitments
Documentary credits and short term trade related transactions - -
Forward assets purchased and forward deposits placed - -
Indrawn note issuance and revolving underwriting facilities - -
Indrawn formal standby facilities, credit lines and other
- -
commitments
- -
Total Off-Balance Sheet items including contingent liabilities 112,075,162,595 103,221,075,468
The annexed notes 01 to 51 form an integral part of the financial statements
Managing Director Director Director Chairman
Signed in terms of our separate report of even date
Place: Dhaka Md. Shafiqul Islam FCA
Dated: April 27, 2023
Enrolment # 595
Partner, Shafiq Basak & Co.
Chartered Accountants
Date: April 27, 2023
DVC: 2304270595AS755907
490
Annual Report 2022
Jamuna Bank Limited and its Subsidiaries
Consolidated Profit and Loss Account
For the year ended 31 December 2022
2022 2021
Note
Taka Taka
Interest Income & profit on investment 20(a) 12,337,782,018 11,106,002,420
Less: Interest/profit on deposits and borrowings, etc. 21(a) 9,338,510,110 8,511,938,950
Net interest income/net profit on investments 2,999,271,908 2,594,063,470
Investment income 22(a) 5,943,964,872 5,709,347,259
Commission, exchange and brokerage 23(a) 3,006,304,432 2,150,904,698
Other operating income 24(a) 944,678,365 597,093,786
9,894,947,669 8,457,345,743
Total operating income (A) 12,894,219,577 11,051,409,213
Salary and allowances 26(a) 4,391,241,883 3,425,687,911
Rent, Taxes, Insurance, Electricity, etc. 27(a) 746,885,895 728,367,953
Legal expenses 17,076,338 12,490,882
Postage, Stamps, Telecommunication, etc. 28(a) 104,733,057 89,356,127
Stationery, Printings, Advertisements, etc. 29(a) 302,428,742 238,452,365
Managing Director’s salary & fees 30(a) 14,821,935 13,880,000
Directors’ fees 31(a) 9,982,796 9,463,198
Auditors’ fees 32(a) 828,000 770,500
Charges on loan losses - -
Depreciation and repairs of bank’s assets 33(a) 531,902,691 433,243,395
Other expenses 34(a) 1,035,220,354 864,704,744
Operating expenses (B) 25(a) 7,155,121,690 5,816,417,075
Profit before provision (C = A-B) 5,739,097,887 5,234,992,138
Provision for loans and advances/investments 35(a) 2,338,897,524 999,940,324
Provision for off balance sheet exposures 36(a) 25,633,000 184,229,583
Other provisions 64,384,941 10,250,693
Provision for diminution in value of investments 38 15,623,885 (30,480,192)
Total provision (D) 2,444,539,350 1,163,940,408
Profit before taxation (C-D) 3,294,558,537 4,071,051,730
Provision for taxation
Current tax 13.8(a) 1,700,088,727 1,570,947,490
Deferred tax 13.8.3 5,355,567 (12,361,120)
1,705,444,294 1,558,586,369
Net profit after taxation Attributable to: 1,589,114,244 2,512,465,361
Shareholders of JBL 1,589,114,254 2,512,465,313
Non controling interest (11) 49
Appropriations:
Statutory reserve - 225,203,059
Interest on perpetual bond 340,210,000 -
Retained surplus during the year 1,248,904,244 2,287,262,302
Earnings per share (EPS) 39(a) 2.12 3.35
The annexed notes 1 to 51 form an integral part of the consolidated profit and loss account.
Managing Director Director Director Chairman
Signed in terms of our separate report of even date
Place: Dhaka Md. Shafiqul Islam FCA
Dated: April 27, 2023 Enrolment # 595
Partner, Shafiq Basak & Co.
Chartered Accountants
Date: April 27, 2023
DVC: 2304270595AS755907
Jamuna Bank Limited 491
Jamuna Bank Limited and its Subsidiaries
Consolidated Cash Flow Statement
For the year ended 31 December 2022
2022 2021
Particulars
Taka Taka
Cash flows from operating activities
Interest receipts 12,488,412,634 12,212,378,863
Interest payments (6,788,490,286) (8,603,080,621)
Dividend receipts 5,999,528 3,722,186
Income received from investments 5,655,487,872 5,381,928,159
Fees and commission receipts 3,006,304,432 2,150,904,698
Recoveries on loans previously written off 237,222,120 80,409,176
Payments to employees (4,406,063,818) (3,439,567,911)
Payments to suppliers (543,460,620) (440,735,815)
Income taxes paid (1,912,291,241) (2,149,541,858)
Receipts from other operating activities 707,385,272 514,068,105
Payments to other operating activities (1,529,974,042) (1,305,428,165)
(i) Operating profit before changes in operating assets and liabilities 6,920,531,852 4,405,056,818
Increase /Decrease in operating assets & liabilities
Loans and advances (5,615,156,087) (12,044,459,581)
Other assets (1,975,752,812) (1,049,423,646)
Deposit from other banks 1,376,957,000 12,511,370,857
Deposit from customers 9,062,899,090 8,534,982,106
Other current liabilities (603,548,874) (3,866,653,635)
(ii) Cash received from operating assets and liabilities 2,245,398,317 4,085,816,100
Net cash flow from operating activities (A)=(i+ii) 9,165,930,167 8,490,872,917
Cash flows from investing activities
Proceeds from sale/purchase of Govt. securities (8,042,465,295) (15,858,248,907)
Proceeds/ (Payments) for purchase of securities (648,768,914) (1,001,637,810)
Purchase of property, plant & equipment (1,197,820,703) (418,959,228)
Net cash flow from investing activities (B) (9,889,054,911) (17,278,845,945)
Cash flows from financing activities
Increase/ (Decrease) of long term borrowings 5,396,417,854 1,550,308,454
Dividend paid (1,311,144,888) (1,311,144,888)
Issue of subordinated bond (900,000,000) 3,150,000,000
Net cash flow from financing activities (C) 3,185,272,966 3,389,163,567
Net Increase/ Decrease in cash and cash equivalents D = (A+B+C) 2,462,148,222 (5,398,809,462)
Cash and cash equivalents at beginning of the year (E) 14,302,647,081 19,701,456,542
Cash and cash equivalents at end of the year (D+E) (*) 16,764,795,303 14,302,647,081
(*) Closing cash & cash equivalent
Cash in hand (including foreign currency) 3,662,984,671 3,038,472,619
Balance with Bangladesh bank and its agent banks 8,909,066,138 7,525,756,990
Balance with other bank’s and financial institutions 3,105,349,444 2,535,284,872
Money at call on short notice 1,084,573,350 1,201,200,000
Prize bond in hand 2,821,700 1,932,600
16,764,795,303 14,302,647,081
The annexed notes 1 to 51 form an integral part of the consolidated cash flow statement.
Managing Director Director Director Chairman
Signed in terms of our separate report of even date
Place: Dhaka
Dated: April 27, 2023
492
Jamuna Bank Limited and its Subsidiaries
Consolidated Statement of Changes in Equity
For the year ended 31 December 2022
Revaluation Assets Reserve Non
Paid up Statutory Retained
Particulars Reserve of Revaluation for Start Total controling Total Equity
Capital Reserve Earnings
Securities Reserve Up Fund interest
Statement of Changes in Equity 7,492,256,500 7,492,256,500 1,973,250,803 1,063,497,554 51,475,903 3,212,461,335 21,285,198,596 1,651 21,285,200,247
Adjustment of OCI reserve for Investment in 2,855,517 2,855,517 2,855,517
securities (JBSL)
Prior year adjustment (7) 7
Restated balance as at 01 January 2022 7,492,256,500 7,492,256,500 1,973,250,803 1,063,497,554 51,475,903 3,215,316,852 21,288,054,113 1,658 21,288,055,771
- -
Surplus/deficit on account of revaluation of - - - -
properties
Surplus/deficit on account of revaluation of - - (1,550,681,390) - - (1,550,681,390) - (1,550,681,390)
investments
- - - - - - -
Net gains and losses not recognized in the - - (1,550,681,390) - - (1,550,681,390) - (1,550,681,390)
income statement
Dividend (Cash) - - - - (1,311,144,888) (1,311,144,888) - (1,311,144,888)
- - - -
Transfer to Start Up Fund for 2022 - - - - 15,814,425 (15,814,425) - -
- -
Net profit for the year - - - - 1,248,904,244 1,248,904,244 (11) 1,248,904,233
Balance as at 31 December 2022 7,492,256,500 7,492,256,500 422,569,413 1,063,497,554 67,290,328 3,137,261,783 19,675,132,079 1,647 19,675,133,726
Balance as at 31 December 2021 7,492,256,500 7,492,256,500 1,973,250,803 1,063,497,554 51,475,903 3,212,461,335 21,285,198,596 1,651 21,285,200,247
Jamuna Bank Limited
Managing Director Director Director Chairman
Place: Dhaka
493
Annual Report 2022
Dated: April 27, 2023
Jamuna Bank Limited
Balance Sheet
As at 31 December 2022
31.12.2022 31.12.2021
Note
Taka Taka
PROPERTY AND ASSETS
Cash 4 12,571,980,079 10,564,223,206
Cash in hand (including foreign currencies) 4.1 3,662,913,941 3,038,466,216
Balance with Bangladesh Bank and its agent banks 4.2 8,909,066,138 7,525,756,990
(including foreign currencies)
Balance with other banks and financial institutions 5 3,105,349,444 2,535,284,872
In Bangladesh 5.1 2,432,861,612 1,988,700,069
Outside Bangladesh 5.2 672,487,833 546,584,802
Money at call on short notice 6 1,084,573,350 1,201,200,000
Investments: 7 76,394,561,632 67,674,395,753
Government 7.1 70,474,125,589 62,383,960,294
Others 7.2 5,920,436,043 5,290,435,459
Loans and advances 8 180,490,792,226 174,824,783,176
Loans, Cash Credit, Overdrafts, etc. 8.01 164,798,870,723 161,248,555,524
Bills purchased & discounted 8.02 15,691,921,503 13,576,227,652
Fixed assets including premises, furniture and fixtures 9 4,009,159,693 3,272,109,854
Other assets 10 4,980,301,274 4,249,509,526
Non-banking assets - -
Total assets 282,636,717,699 264,321,506,387
LIABILITIES AND CAPITAL
Liabilities
Borrowings from other banks, financial institutions and 11 13,994,454,847 8,598,036,993
agents
Deposits and other accounts 12 225,070,781,926 212,052,499,067
Current/Al-wadeeah current accounts and other accounts 12.2 54,677,380,055 42,868,558,959
Bills payable 12.3 4,509,734,148 4,966,825,875
Savings/Mudaraba savings bank deposits 27,436,338,978 24,804,444,163
Fixed/Mudaraba fixed deposits 81,780,019,525 81,687,076,875
Bearer certificates of deposit - -
Short notice deposits 17,245,050,359 12,478,321,159
Deposit under special scheme 38,327,175,927 44,560,704,752
Foreign currency deposit 1,095,082,934 686,567,283
Other liabilities 13 13,122,742,901 10,701,638,552
Subordinated Debt 13 (b) 10,700,000,000 11,600,000,000
Total liabilities 262,887,979,673 242,952,174,613
Capital/shareholders’ equity
Paid up capital 14 7,492,256,500 7,492,256,500
Statutory reserve 15 7,492,256,500 7,492,256,500
Other reserve 16 1,553,357,296 3,088,224,261
Retained earnings 17 3,210,867,729 3,296,594,513
Total shareholders’ equity 19,748,738,025 21,369,331,774
Total liabilities and shareholders’ equity 282,636,717,699 264,321,506,387
494
Annual Report 2022
Jamuna Bank Limited
Balance Sheet
As at 31 December 2022
31.12.2022 31.12.2021
Note
Taka Taka
OFF-BALANCE SHEET ITEMS
Contingent liabilities
Acceptances & endorsements 37,001,469,815 38,979,082,832
Letters of guarantee 18.1 23,658,309,436 19,785,722,785
Irrevocable letters of credit 18.2 29,378,262,430 28,802,934,777
Bills for collection 18.3 21,942,920,914 15,217,714,400
Other contingent liabilities 94,200,000 435,620,674
Total 112,075,162,595 103,221,075,468
Other commitments
Documentary credits and short term trade related transactions - -
Forward assets purchased and forward deposits placed - -
Undrawn note issuance and revolving underwriting facilities - -
Undrawn formal standby facilities, credit lines and other - -
commitments
Total - -
Total Off-Balance sheet items including contingent liabilities 112,075,162,595 103,221,075,468
The annexed notes 01 to 51 form an integral part of the financial statements
Managing Director Director Director Chairman
Signed in terms of our separate report of even date
Place: Dhaka Md. Shafiqul Islam FCA
Dated: April 27, 2023
Enrolment # 595
Partner, Shafiq Basak & Co.
Chartered Accountants
Date: April 27, 2023
DVC: 2304270595AS755907
Jamuna Bank Limited 495
Jamuna Bank Limited
Profit and Loss Account
For the year ended 31 December 2022
2022 2021
Particulars Note
Taka Taka
Interest income/profit on investment 20 12,324,570,245 11,106,905,492
Less: Interest/profit paid on deposits and borrowings, 21 9,338,510,110 8,511,938,950
etc.
Net interest income 2,986,060,135 2,594,966,542
Investment income 22 5,918,558,912 5,649,900,343
Commission, exchange and brokerage 23 2,981,268,069 2,136,218,160
Other operating income 24 936,457,453 589,967,278
Total operating Income (A) 12,822,344,569 10,971,052,323
Salary and allowances 26 4,369,210,927 3,412,500,093
Rent, Taxes, Insurance, Electricity, etc. 27 745,259,727 727,485,061
Legal expenses 16,904,088 12,373,557
Postage, Stamps, Telecommunication, etc. 28 104,202,682 89,107,167
Stationery, Printings, Advertisements, etc. 29 301,851,506 238,093,007
Managing Director’s salary & fees 30 14,821,935 13,880,000
Directors’ fees 31 9,169,996 8,503,998
Auditors’ fees 32 690,000 690,000
Charges on loan losses - -
Depreciation and repairs of bank’s assets 33 528,611,673 430,689,672
Other expenses 34 1,022,306,744 858,031,048
Total operating Expenses (B) 7,113,029,278 5,791,353,603
Net Profit/(loss) before taxation & provisions (C=A-B) 5,709,315,291 5,179,698,719
Provision for loans and advances 35 2,337,636,152 999,009,789
Provision for off balance sheet exposures 36 25,633,000 184,229,583
Others provision 13.6 64,384,941 10,250,693
Provision for diminution in value of investments 37 2,735,947 (38,412,813)
Total provision (D) 2,430,390,040 1,155,077,252
Total profit before taxes (C-D) 3,278,925,251 4,024,621,468
Provision for taxation for the year
Current tax 13.8 1,693,540,979 1,559,753,765
Deferred tax 13.8.2 3,941,743 (12,017,214)
1,697,482,722 1,547,736,551
Net profit after taxation 1,581,442,530 2,476,884,917
Appropriations:
Statutory reserve 15 - 225,203,059
Interest on perpetual bond 340,210,000 -
Retained Surplus during the year 17 1,241,232,530 2,251,681,858
Earnings per share (EPS) 39 2.11 3.31
The annexed notes 01 to 51 form an integral part of the financial statements
Managing Director Director Director Chairman
Signed in terms of our separate report of even date
Place: Dhaka Md. Shafiqul Islam FCA
Dated: April 27, 2023 Enrolment # 595
Partner, Shafiq Basak & Co.
Chartered Accountants
Date: April 27, 2023
DVC: 2304270595AS755907
496
Annual Report 2022
Jamuna Bank Limited
Cash Flow Statement
For the year ended 31 December 2022
2022 2021
Note
Taka Taka
Cash flows from operating activities
Interest receipts 12,475,200,861 12,213,281,935
Interest payments (6,788,490,286) (8,603,080,621)
Dividend receipts 5,999,528 3,722,186
Income received from investments 5,630,081,912 5,322,481,243
Fee and commission receipts 2,981,268,069 2,136,218,160
Recoveries on loans previously written off 237,222,120 80,409,176
Payments to employees (4,384,032,862) (3,426,380,093)
Payments to suppliers (543,158,570) (440,433,765)
Income taxes paid (1,900,908,268) (2,138,158,885)
Receipts from other operating activities 40 699,164,360 506,941,597
Payments for other operating activities 41 (1,529,974,042) (1,305,428,165)
(i) Operating profit before changes in operating assets and liabilities 6,882,372,822 4,349,572,768
Increase/Decrease in operating assets & liabilities
Statutory deposit - -
Loans and advances (5,666,009,050) (12,166,350,036)
Other assets (1,068,474,383) (37,804,057)
Deposit from other banks 1,376,957,000 12,511,370,857
Deposit from customers 9,091,306,035 8,528,281,750
Other current liabilities 42 (1,435,105,743) (4,851,993,008)
(ii) Cash received from operating assets and liabilities 2,298,673,859 3,983,505,506
Net cash flow from operating activities (A)=(i+ii) 9,181,046,681 8,333,078,275
Cash flows from investing activities
Proceeds from sale/(purchase) of Govt. securities (8,089,276,195) (15,858,656,607)
Proceed/ (Payments) for purchase of securities (630,000,585) (845,790,812)
Purchase of property, plant & equipment (1,184,958,972) (416,592,602)
Net cash flow from investing activities (B) (9,904,235,751) (17,121,040,021)
Cash flows from financing activities
Increase/ (Decrease) of long term borrowings 5,396,417,854 1,550,308,454
Dividend paid (1,311,144,888) (1,311,144,888)
Issue of subordinated bond (900,000,000) 3,150,000,000
Net cash flow from financing activities (C) 3,185,272,966 3,389,163,567
Net Increase/ Decrease in cash and cash equivalents D= (A+B+C) 2,462,083,896 (5,398,798,179)
Cash and Cash Equivalents at beginning of the year (E) 14,302,640,677 19,701,438,856
-
Cash and cash equivalents at end of the year (D+E) (*) 16,764,724,573 14,302,640,677
(*) Closing cash & cash equivalent
Cash in hand (including foreign currency) 3,662,913,941 3,038,466,216
Balance with Bangladesh Bank and its agent banks 8,909,066,138 7,525,756,990
Balance with other bank’s and financial institutions 3,105,349,444 2,535,284,872
Money at call on short notice 1,084,573,350 1,201,200,000
Prize bond in hand 2,821,700 1,932,600
16,764,724,573 14,302,640,677
The annexed notes form an integral part of the cash flow statement.
Managing Director Director Director Chairman
Signed in terms of our separate report of even date
Place: Dhaka
Dated: April 27, 2023
Jamuna Bank Limited 497
498
Jamuna Bank Limited
Statement of Changes in Equity
For the year ended 31 December 2022
(Amount in Taka)
Revaluation Assets
Statutory Reserve for Retained
Particulars Paid up Capital Reserve of Revaluation Total
Reserve Start Up Fund Earnings
Securities Reserve
Balance as at 01 January 2022 7,492,256,500 7,492,256,500 1,973,250,803 1,063,497,554 51,475,903 3,296,594,513 21,369,331,773
Changes in accounting policy - - - - - -
Restated balance as at 01 January 2022 7,492,256,500 7,492,256,500 1,973,250,803 1,063,497,554 51,475,903 3,296,594,513 21,369,331,773
Surplus/deficit on account of revaluation of investments - - (1,550,681,390) - - (1,550,681,390)
Currency translation difference - - - - - -
Net gains and losses not recognized in the income - - (1,550,681,390) - - (1,550,681,390)
statement
Net Profit for the year - - - - 1,241,232,530 1,241,232,530
Dividend (Cash) - - - (1,311,144,888) (1,311,144,888)
- -
Transfer to Start Up Fund for 2022 15,814,425 (15,814,425) -
- - - - - -
Balance as at 31 December 2022 7,492,256,500 7,492,256,500 422,569,413 1,063,497,554 67,290,328 3,210,867,729 19,748,738,025
-
Balance as at 31 December 2021 7,492,256,500 7,492,256,500 1,973,250,803 1,063,497,554 51,475,903 3,296,594,513 21,369,331,773
* As a primary dealer we have invested in government securities and Held for Trading (HFT) securities are revaluated each week using Marking to Market concept.
Managing Director Director Director Chairman
Place: Dhaka
Dated: April 27, 2023
Jamuna Bank Limited
Liquidity Statement
(Asset and Liability Maturity Analysis)
As at 31 December 2022
(Amount in Taka)
Particulars Upto 1 month 1 - 3 months 3 - 12 months 1 - 5 years More than 5 years Total
Assets
Cash in hand 12,571,980,079 - - - - 12,571,980,079
Balance with other banks & financial institutions 989,322,499 616,026,945 1,500,000,000 - - 3,105,349,444
Money at call on short notice 1,084,573,350 - - - - 1,084,573,350
Investment 5,923,257,743 - 4,128,572,852 7,640,202,726 58,702,528,311 76,394,561,632
Loans & Advances 43,178,860,000 23,398,760,000 78,088,980,000 21,512,882,212 14,311,310,014 180,490,792,226
Fixed assets including premises, furniture and fixtures - - - 12,350,239 3,996,809,454 4,009,159,693
Other Assets 320,798,946 2,101,657,152 - 2,554,230,742 3,614,433 4,980,301,274
Total assets 64,068,792,618 26,116,444,098 83,717,552,852 31,719,665,919 77,014,262,213 282,636,717,699
Liabilities
Borrowings from Bangladesh Bank, other banks, financial institutions and agents 1,430,000,000 516,463,500 8,697,713,126 3,350,278,221 - 13,994,454,847
Deposits and other accounts 84,404,818,000 59,359,318,000 25,502,536,000 20,956,818,000 34,847,291,926 225,070,781,926
Other liabilities 1,057,913,197 - 11,386,648,881 678,180,823 10,700,000,000 23,822,742,901
Total liabilities 86,892,731,197 59,875,781,500 45,586,898,007 24,985,277,044 45,547,291,926 262,887,979,674
Net liquidity (22,823,938,579) (33,759,337,402) 38,130,654,846 6,734,388,875 31,466,970,286 19,748,738,025
* As a primary dealer we have invested in long term government securities as well as we have managed counter fund from inter-bank or customers as short term settlement. In this regard, our
upto 3 month bucket gap is negative.
Managing Director Director Director Chairman
The following assumptions have been applied in preparing the maturity analysis:
i) Balance with other banks and financial institutions, Money at call on short notice are on the basis of their maturity.
ii) Investments are on the basis of their maturity.
iii) Loans and advances are on the basis of their maturity.
iv) Fixed assets including premises land & buildings, furniture & fixtures are on the basis of their useful life.
Jamuna Bank Limited
v) Other assets are on the basis of their adjustment.
vi) Borrowings from Bangladesh Bank, other banks, financial institutions and agents are on the basis of their payment.
vii) Deposits and other accounts are on the basis of their maturity and payment.
499
Annual Report 2022
viii) Provision and other liabilities are on the basis of their adjustment.
Jamuna Bank Limited and its Subsidiaries
Notes to the Financial Statements
For the year ended 31 December 2022
1.00 Reporting entity
1.01 Legal status and nature of the company
Jamuna Bank Limited (the “Bank”) was incorporated in Bangladesh on 02 April 2001 as a public limited company
under the Companies Act, 1994. The Bank within the stipulations laid down by the Bank Companies Act, 1991
(as amended in 2018) and directives as received from Bangladesh Bank and applicable to it from time to time
provides all types of commercial banking services. The registered office of the Bank is located at JBL Tower, Plot
no.-14, Bir Uttam A. K. Khandaker Road, Block-CWS (C), Gulshan Model town, Dhaka –1212. The Bank has one
hundred sixty seven (167) branches (including 2 Islamic Banking Branches) with no overseas branches as at 31
December 2022. The consolidated financial statements of the Bank as at and for the year ended 31 December
2022 comprise financial statements of the Bank and its subsidiaries (together referred to as the “Group” and
individually as “Group entities”).
1.02 Nature of the business
The principal activities of the bank are providing all kinds of commercial banking services to its customers.
The other activities of the bank are providing of all kinds of islamic banking services to its customers through
Islamic Banking branches.
1.03 Jamuna Bank Capital Management Limited
Jamuna Bank Capital Management Limited is a subsidiary company of Jamuna Bank Limited holding 99.99984%
of total paid-up capital incorporated as a private limited company on 23 December 2009 with the Registrar of
Joint Stock Companies & Firms, Dhaka vide certificate of incorporation no. C-81290/09. The main objectives
of the company for which it was established are to carry out the business of full-fledged merchant banking
activities like issue management, portfolio management, underwriting etc.
1.04 Jamuna Bank Securities Limited
Jamuna Bank Securities Limited is a subsidiary company of Jamuna Bank Limited holding 99.99995% of total
paid-up capital incorporated as a private limited company on February 07, 2011 with the Registrar of Joint
Stock Companies & Firms, Dhaka vide certificate of incorporation no. C-90274/11.The main objectives of the
company for which was established for brokerage services to the investors.
1.05 Off-shore banking unit
Off-shore Banking Unit (OBU) is a separate business unit of Jamuna Bank Limited, governed under the rules
and guidelines of Bangladesh Bank. The Bank obtained the Off-shore Banking Unit permission vide Bangladesh
Bank’s letter no. BRPD (P-3) 744 (107)/ 2009-4642 dated 22 December 2009. The Bank commenced operation
of this unit from 22 April 2010 and its office is located at 116 Gulshan Avenue, Gulshan-2, Dhaka. Separate
financial statements for Off-shore Banking Unit are enclosed in Annexure- H.
1.06 Islamic Banking
The Bank obtained the Islamic Banking branches permission vide letter no. BRPD(P)745(55)/2003-3220 and
BRPD(P)745(55)/2005-235 The bank operates Islamic Banking in 2 (two) branches designated for the purpose of
complying with the rules of Islamic Shariah. The financial statements of the branches have also been prepared
as per the Bank Companies Act, 1991, (As amended 2018) International Accounting Standards/ International
Financial Reporting Standards and guidelines issued by the Accountancy & Auditing organization for Islamic
Financial Institutions for which a separate set of books and records are being maintained. As per Bangladesh
Bank BRPD circular no. 15, dated 09 November 2009, separate statements of accounts of consolidated accounts
of 2 (two) Islamic Banking branches are enclosed in Annexure- I.
2.00 Basis of preparation of the financial statements
2.01 Statement of compliance
2.01.1 Departures from IFRS
The financial statements of the Bank are prepared on a going concern basis under historical cost convention
and in accordance with First Schedule (Sec-38) of the Bank Companies Act, 1991,as amended in 2018, other
circulars of Bangladesh Bank, International Accounting Standards (IAS), the Companies Act, 1994, the Listing
Rules of the Stock Exchange, the Securities and Exchange Rule 1987 and other laws and regulations applicable
in Bangladesh. In case any requirement of provisions and circulars issued by Bangladesh Bank differs with
those of other regulatory authorities, the provisions and circulars issued by Bangladesh Bank shall prevail.
As such the Group and the Bank have departed from those contradictory requirements of IFRSs in order to
comply with the rules and regulations of Bangladesh Bank which are disclosed below:
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Annual Report 2022
i) Investment in shares and securities
IFRS: As per requirements of IFRS 9, investment in shares and securities generally falls either under “at fair
value through profit and loss account” or under “at fair value through other comprehensive income” where
any change in the fair value of securities measured “at fair value through profit and loss account” is taken to
profit and loss account and any change in the fair value of securities measured “at fair value through other
comprehensive income” is transferred to equity through other comprehensive income.
Bangladesh Bank: As per BRPD circular no. 14 dated 25 June 2003 investments in quoted shares and unquoted
shares are revalued at the period end at market price and as per book value of last audited balance sheet
respectively. Provision should be made for any loss arising from diminution in value of investment; otherwise
investments are recognized at costs.
ii) Revaluation gain/loss on Government securities
IFRS: As per requirement of IFRS 9, where securities T-bills and T-bonds will fall under the category of “held
for trading”, are measured at fair value and any change in the fair value of held for trading assets is recognized
through profit and loss account.
Securities T-bills designated as held to maturity are measured at amortized cost method and interest income is
recognized through the profit & loss account.
Bangladesh Bank: HFT securities are revalued on the basis of mark to market and at period end any gains on
revaluation of securities which have not matured as at the balance sheet date are recognized in other reserves
as a part of equity and any losses on revaluation of securities which have not matured as at the balance sheet
date are charged in the profit and loss account. Interest on HFT securities including amortization of discount
are recognized in the profit and loss account. HTM securities which have not matured as at the balance sheet
date are amortized at the year end and gains or losses on amortization are recognized in other reserve as a part
of equity.
iii) Provision on loans and advances
IFRS: As per IFRS 9 an entity should start the impairment assessment by considering whether objective
evidence of impairment exists for financial assets that are individually significant. For financial assets are not
individually significant, the assessment can be performed on an individual or collective (portfolio) basis.
Bangladesh Bank: As per BRPD circular no. 14 dated 23 September 2012, BRPD circular no. 3 dated 21 April 2019
and BRPD circular no. 05 dated 29 May 2013 a general provision at 0.25% to 5% under different categories of
unclassified loans (good/standard loans) has to be maintained regardless of objective evidence of impairment.
Also provision for sub-standard loan, doubtful loans and bad losses has to be provided at 20%, 50% and 100%
respectively for loans and advances depending on the duration of overdue. For the impact of global pandemic,
Covid-19 in business, as per BRPD Circular-56, dated 10 December, 2020, the requirements has been taken into
consideration. Again as per BRPD circular no. 10 dated 18 September 2007, a general provision at 1% is required
to be provided for all off-balance sheet exposures. Such provision policies are not specifically in line with those
prescribed by IFRS 9.
iv) Recognition of interest in suspense
IFRS: Loans and advances to customers are generally classified as ‘loans and receivables’ as per IFRS 9 and
interest income is recognized through effective interest rate method over the term of the loan. Once a loan is
impaired, interest income is recognized in profit and loss account on the same basis based on revised carrying
amount.
Bangladesh Bank: As per BRPD circular no. 03 dated April 21, 2019 and BRPD circular no. 14 dated 23 September
2012, once a loan is classified, interest on such loans are not allowed to be recognized as income, rather the
corresponding amount needs to be credited to an interest in suspense account, which is presented as liability
in the balance sheet.
v) Other comprehensive income
IAS: As per IAS 1 Other Comprehensive Income is a component of financial statements or the elements of
Other Comprehensive Income are to be included in a Single other Comprehensive Income (OCI) Statement.
Bangladesh Bank: Bangladesh Bank has issued templates for financial statements which will strictly be
followed by all banks. The templates of financial statements issued by Bangladesh Bank do not include Other
Comprehensive Income nor the elements of Other Comprehensive Income allowed to include in a Single Other
Comprehensive Income (OCI) Statement. As such the company does not prepare the other comprehensive
income statement. However elements of OCI, if any, are shown in the statements of changes in equity.
vi) Provision for Gratuity
IAS: As per IAS 19, actuarial valuation has to be carried out with sufficient regularity to ensure that the
provision for gratuity is accounted for fairly. Moreover, provision has to be maintained for gratuity for all of its
employees from their date of joining.
Jamuna Bank Limited 501
Bangladesh Bank: The Bank has a policy to pay gratuity on the basis of last basic pay and is payable at the rate
of two months basic pay for every completed year of service upon fulfilling the eligibility criteria. The eligibility
criteria of accounting for gratuity is 6 (six) years of continued service with the Bank or a period of 3 (three) years
with any other Bank and 3 (three) years with Jamuna Bank Limited. The Bank management has accounted for
gratuity using this system instead of accounting for gratuity from the year of joining as per IAS 19.
vii) Financial instruments – presentation and disclosure
In several cases Bangladesh Bank guidelines categorize, recognize, measure and present financial instruments
differently from those prescribed in IFRS 9. As such some disclosure and presentation requirements of IFRS 7
and IAS 32 cannot be made in the Financial Statements.
viii) Repo transactions
IFRS: When an entity sells a financial asset and simultaneously enters into an agreement to repurchase the
asset (or a similar asset) at a fixed price on a future date (repo or stock lending), the arrangement is accounted
for as a deposit, and the underlying asset continues to be recognized in the entity’s financial statements. This
transaction will be treated as loan and the difference between selling price and repurchase price will be treated
as interest expense.
Bangladesh Bank: As per BRPD guidelines, when a bank sells a financial asset and simultaneously enters into
an agreement to repurchase the asset (or a similar asset) at a fixed price on a future date (repo or stock lending),
the arrangement is accounted for as a normal sales transactions and the financial assets are derecognized in
the seller’s book and recognized in the buyer’s book.
ix) Financial guarantees
IFRS: As per IFRS 9, financial guarantees are contracts that require an entity to make specified payments
to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due in
accordance with the terms of a debt instrument. Financial guarantee liabilities are recognized initially at their
fair value, and the initial fair value is amortized over the life of the financial guarantee. The financial guarantee
liability is subsequently carried at the higher of this amortized amount and the present value of any expected
payment when a payment under the guarantee has become probable. Financial guarantees are included within
other liabilities.
Bangladesh Bank: As per BRPD 14 dated 25 June 2003, financial guarantees such as L/C, L/G will be treated as
Off-Balance Sheet items. No liability is recognized for the guarantee except the cash margin.
x) Cash and cash equivalent
IAS: Cash and cash equivalent items should be reported as cash item as per IAS 7.
Bangladesh Bank: Some cash and cash equivalent items such as ‘money at call and on short notice’, Treasury
bills, Prize bond are not shown as cash and cash equivalent. Money at call and on short notice presented on the
face of the balance sheet, and Treasury bills, Prize bonds are shown in Investments.
xi) Non-banking asset
IFRS: No indication of Non-banking asset is found in any IFRS.
Bangladesh Bank: As per BRPD 14 dated 25 June 2003, there must exist a face item named Non-banking asset.
xii) Cash flow statement
IAS: Cash flow statement can be prepared using either in direct method or in indirect method. The presentation
is selected to present these cash flows in a manner that is most appropriate for the business or industry. The
method selected is applied consistently.
Bangladesh Bank: As per BRPD 14 dated 25 June 2003, cash flow is the mixture of direct and indirect method.
xiii) Balance with Bangladesh Bank: (CRR)
IAS: Balance with Bangladesh Bank should be treated as other asset as it is not available for use in day to day
operations as per IAS 7.
Bangladesh Bank: Balance with Bangladesh Bank is treated as cash and cash equivalents.
xiv) Presentation of intangible asset
IAS: Intangible asset must be identified and recognized, and the disclosure must be given as per IAS 38.
Bangladesh Bank: There is no requirement for regulation of intangible assets in BRPD 14 dated 25 June 2003.
xv) Off-balance sheet items
IFRS: There is no concept of off-balance sheet items in any IFRS; hence there is no requirement of disclosure
of off-balance sheet items on the face of the balance sheet.
Bangladesh Bank: As per BRPD 14 dated 25 June 2003, off balance sheet items (e.g. Letter of credit, Letter of
guarantee etc.) must be disclosed separately in face of balance sheet.
xvi) Disclosure of appropriation of profit
IFRS: There is no requirement to show appropriation of profit in the face of statement of comprehensive
income.
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Bangladesh Bank: As per BRPD 14 dated 25 June 2003, off balance sheet items (e.g. Letter of credit, Letter of
guarantee etc.) must be disclosed separately in face of balance sheet.
xvii) Loans and advance (net of provision)
IFRS: Loans and advances should be presented net of provisions.
Bangladesh Bank: As per BRPD 14 dated 25 June 2003, provision on loans and advances are presented separately
as liability and cannot be netted off against loans and advances.
The financial statements of the Islamic banking branches have also been prepared as per Bank Companies Act
1991 as amended in 2018, IFRSs and other prevailing laws and regulations applicable in Bangladesh.
xviii) Provision of rebate for good borrower
BRPD Circular Letter No. 04 dated 16 May 2019 was issued by the Bangladesh Bank which instructed Banks to
provide 10% rebate on the interest/profit collected from good borrowers subject to some qualifying criteria.
The aforementioned circular goes on to clarify that such rebate may be availed to the good borrowers at the
year end. Tk.100.00 lac already kept as provision for good borrower by the Bank.
xix) Provision for climate risk fund
GBCSRD Circular No. 04 dated 9 July 2015 was issued by Bangladesh Bank which instructed Banks to maintain
a climate fund of 10% of the CSR budget. During the period ended 31 December 2022, the bank kept provision
inline with the circular.
2.01.2 The Bank’s compliance with related pronouncements by Bangladesh Bank:
i) Internal control
The objective of internal control is to ensure that management has reasonable assurance that (i) operations are
effective, efficient and aligned with strategy, (ii) financial reporting and management information is reliable,
complete and timely accessible, (iii) the entity is in compliance with applicable Laws and Regulations as well as
its internal policies and ethical values including sustainability, and (iv) assets of the company are safeguarded
and frauds, forgeries & errors are prevented or detected.
Jamuna Bank has established an effective internal control system whose primary aim is to ensure the overall
control of risks and provide reasonable assurance that the objectives set by the Bank will be met. It has
designed to develop a high level risk culture among the personnel of the Bank, establish efficient and qualified
operating model of the Bank, ensure reliability of internal and external information including accounting and
financial information, secure the Bank’s operations and assets, and comply with laws, regulatory requirements
and internal policies.
The Board of Directors of Jamuna Bank, through its Audit Committee, periodically reviews the effectiveness
of Banks internal control system covering all the material controls, including financial, operational and
compliance controls, risk management systems, the adequacy of resources, qualifications and experience
of staff of the accounting and financial reporting function, training programs, budget, etc. The Board Audit
Committee reviews the actions taken on internal control issues identified by the Internal & External Auditors
and Regulatory Authorities. It has active oversight on the internal audits independence, scope of work
and resources and it also reviews the functions of Internal Control & Compliance Division of Head Office,
particularly the scope of the annual audit plan and frequency of the internal audit activities.
During the year ended 31 December 2022, ICCD conducted inspection on most of the Branches/ Divisions of
Head Office of the Bank and submitted reports presenting the findings of the audits/ inspections. The bank
conducted the risk grading of branches as per Bangladesh Bank guideline. The ICCD plan and perform the
audit accordingly. Necessary control measures and corrective actions have been taken on the suggestions or
observations made in these reports. The reports or key points of the Reports have also been discussed in the
meetings of the Audit Committee of the Board and necessary steps have been taken according to the decision
of the said Committee for correct functioning of Internal Control & Compliance.
ii) Internal audit
Internal Audit is the continuous and systematic process of examining and reporting on the activities of an
organization undertaken by the specially assigned officers. Internal Auditor works as the Eyes & Ears of the
Management.
Internal Audit Mechanism is used as an important element to ensure good governance of JBL. Internal Audit
Activity of JBL is effective and it provides Senior Management with a number of important services. These
include detecting and preventing fraud, testing internal control, Monitoring and compliance with own policies
& procedures, applicable rules & regulations, instructions/guidelines of Regulatory Authority etc. Our team
carry out Comprehensive inspection, Special inspection & Surprise inspection and investigation, etc. in order
to help avoiding any fraudulent activities which in turn would strengthen the bank to set up sound structural
base.
Jamuna Bank Limited 503
iii) Fraud and forgeries
Fraud can happen anywhere. Though, only relatively few major frauds are picked up by the media, huge sums
are lost by all kinds of businesses against large number of frauds. The risks of fraud is increasing day by day
as a result of growing globalization, more competitive markets, rapid developments in technology, periods of
economic difficulty, etc. Banks by virtue of the nature of activities undertaken and its operating environment
are vulnerable to frauds, which takes place when aggressive business strategy and process for quick growth
is adopted without adequate/ appropriate internal controls or non-adhering to operating standards/ controls.
In the recent past, incidence of frauds in the Banking industry has increased to some extent, which calls for
concerted steps in investigating the frauds and identifying the fraudsters for eventual criminal prosecution
and internal punitive action.
It will never be possible to eliminate all frauds and no system is completely fraud proof, since many fraudsters
are able to bypass control systems put in place. JBL pays attention on anti-fraud internal controls for prevention
of fraud and forgery. JBL assesses /evaluates the effectiveness of its Anti-Fraud Internal Control measures on
quarterly basis as per the items/ areas mentioned in the prescribed checklist of Bangladesh Bank. During the
year, few fraudulent losses arises due to creation of fake loan accounts and unauthorized fund transfer from
one account to another account.
iv) Risk management
The risky nature of Banking business has caused the Central Bank to be much concerned about the risk factors
affecting the financial position of the banks. In this connection every Central Bank has come forwarded to
establish a general framework to defeat risk factors considering the laws of the land. Bangladesh bank has also
undertaken an overall core-risk management project under which every bank is bounded to the authoritative
covenants to install risk management system.
Jamuna Bank Limited has established approved policies in compliance with Central bank’s guidelines covering
major areas such as (i) Credit risk management (b) Foreign exchange risk management (c) Asset liability
management (d) Money laundering risk (e) Internal control & compliance (f) Information and communication
technology security risk.
Jamuna Bank Limited has adopted Risk Management Guidelines formulated by Bangladesh Bank. The purpose
of the guidelines is to inform management about the loopholes of full fledged implementation of Core risks
management, improve risk management culture, restructure minimum standards and assist in the ongoing
improvement.
In compliance with the requirements of Bangladesh Bank guidelines, Risk Management Division monthly
prepare Risk Management Paper (RMP) and the paper is reviewed in the meeting of Risk Management
Committee to have their opinion/decision on the issues identified in RMP.
2.02 Functional and presentation currency
These financial statements are presented in Bangladesh Taka, which is the Bank’s functional currency. Except
as otherwise indicated, financial information presented in Taka has been rounded to the nearest integer.
2.03 Use of estimates and judgments
The preparation of financial statements requires management to make judgments, estimates and assumptions
that affect the application of accounting policies and the reported amounts of assets, liabilities, income and
expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates
are recognized in the period in which the estimates is revised and in any future periods affected.
2.04 Reporting period
These financial statements cover one calendar year from 01 January 2022 to 31 December 2022.
2.05 Statement of cash flows
Cash flow statement has been prepared in accordance with the BRPD circular no. 14, Dated: 25 June 2013 issued
by the Banking Regulations and Policy Department of Bangladesh Bank.
2.06 Foreign currency conversion
Transaction in Foreign Currencies are translated into Bangladesh Taka and recorded at the ruling Exchange
rates applicable on the dates of transactions in accordance with International Accounting Standards (IAS) – 21
“The Effects of Changes in Foreign Exchange Rates”. As such -
i) Assets and liabilities denominated in foreign currency are translated into Bangladesh Taka at the balance
sheet date at mid rates.
ii) Transactions in foreign currencies are converted into Bangladesh Taka currency at average exchange rate
of such transactions and any gains or losses thereon are adjusted to revenue through foreign exchange
trading account.
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Assets and liabilities have been converted into Taka Currency @ US$ 1 = Tk. 103.2927 which represents the year
end spot mid rate of exchange as at 31 December 2022 and the income and expenses have been converted into
Taka Currency @ US$ 1=Tk. 93.88 which represents the average rate for the year 2022.
2.07 Statement of liquidity
The liquidity statement has been prepared in accordance with the remaining maturity grouping of the value of
the assets and liabilities for the year ended 31 December 2022.
3.00 Significant Accounting Policies
3.01 Consolidation Procedure
The consolidated financial statements include the financial statements of Jamuna Bank Limited and its
subsidiaries- Jamuna Bank Capital Management Limited and Jamuna Bank Securities Limited made up to the
end of the financial year.
The consolidated financial statements have been prepared in accordance with International Accounting
Standard 27: Separate Financial Statements and International Financial Reporting Standard 10: Consolidated
Financial Statements . The consolidated financial statements are prepared to a common financial year ended
31 December 2022.
Subsidiary
Subsidiary is that enterprise which is controlled by the Bank. Control exists when the Bank has the power,
directly or indirectly, to govern the financial and operating policies of an enterprise from the date that control
commences until the date that control ceases. The financial statements of subsidiary are included in the
consolidated financial statements from the date that control effectively commences until the date that the
control effectively ceases. Subsidiary companies are consolidated using the purchase method of accounting.
3.01.1 Transactions eliminated on consolidation
Intra-group balances, and income and expenses (except for foreign currency transaction gains or losses) arising
from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealized
losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of
impairment.
3.01.2 Non-controlling interest
For each business combination, the Group elects to measure any non-controlling interests in the acquire either:
● at fair value; or
● at their proportionate share of the acquirer’s identifiable net assets, which are generally at fair value.
Changes in the Group’s interest in a subsidiary that do not result in a loss of control are accounted for as
transactions with owners in their capacity as owners. Adjustments to non-controlling interests are based on a
proportionate amount of the net assets of the subsidiary.
Subsidiaries are the entities controlled by the Group. The financial statements of subsidiaries are included in
the consolidated financial statements from the date that control commences until the date that control ceases.
3.02 Assets and basis of their valuation
3.02.1 Cash and cash equivalents
Cash and cash equivalents include notes and coins on hand, unrestricted balances held with Bangladesh Bank
and its agent bank, balance with other banks and financial institutions, money at call and on short notice,
investments in treasury bills and prize bond.
3.02.2 Investments
All investment securities are initially recognized at cost, including acquisition charges associated with the
investment. Premiums are amortized and discounts are accredited.
Held to maturity
Investments which have, ‘fixed or determinable payments’ and are intended to be held to maturity are classified
as ‘Held to Maturity’.
Held for trading
Investment classified in this category are acquired principally for the purpose of selling or repurchasing in
short trading or if designated as such by the management.
Re-measured bond
As per DOS circular letter no. 2 dated 19 January 2012, Treasury bond held in HFT category by the Primary
Dealer (PD) may be re-measured at amortized cost instead of fair value.
Revaluation
As per the DOS Circular letter no. 5 dated 26 May 2008, HFT securities are revaluated each week using Marking
to Market concept and HTM securities are amortized once a year according to Bangladesh Bank guidelines.
Jamuna Bank Limited 505
Value of investments has been shown as under:
Items Assessment of accounting
Bangladesh Bank bills Amortized value
Government treasury bills-HTM Amortized value
Government treasury bills-HFT Market value
Government treasury bonds-HTM Amortized value
Government treasury bonds-HFT Market value
Prize bond & other bonds Cost price
Unquoted shares (Ordinary) At cost (as per BRPD circular 14 dated June 25, 2003 )
Quoted shares (Ordinary) At cost (provision made for any shortfall arising due
to reduce market price from cost price)
3.02.3 Loans & advances and provision
Interest is calculated on daily product basis but charged and accounted for quarterly on accrual basis. Interest
on classified loans is kept in interest suspense account as per Bangladesh Bank guidelines and such interest is
not accounted for as income until realized from borrowers. Interests are not charged on bad / loss loans as per
instructions of Bangladesh Bank. Advances are stated at gross value.
Provision for loans and advances is made on the basis of year-end review by the management and on the basis
of instructions contained in Bangladesh Bank BRPD Circular No-14 dated 23 September 2012, BRPD Circular
No-5, dated 29 May 2013, BRPD Circular No.15, dated 29 September, 2017, BRPD Circular No.16, dated 21 July,
2020 and BRPD Circular No.52, dated 20 October, 2020, BRPD Circular No.56, dated 10 December 2020, BRPD
Circular No. 03, dated 31 January 2021, BRPD Circular No. 05, dated 24 March 2021, BRPD Circular letter No. 51,
dated 29 December 2021 & BRPD Circular letter No. 53, dated 30 December 2021 and other related circulars, at
the following rates:
Particulars Rate
General provision on
a. Consumer financing (House financing and loans to professional) 2%
b. House Financing 1%
c. Small and medium enterprise financing (SMEF) 0.25%
d. Short term agriculture & micro credit 0.25%
e. Loans to BHs/ MBs/ Sds against shares etc 2%
f. Loans to Professionals 2%
f. All other credit 1%
Specific provision on
a. Substandard loans and advances
i. Short term agri. Credit, micro credit & SME 5%
ii. Other than short term agri. Credit, micro credit & SME 20%
b. Doubtful loans and advances
i. Short term agri. Credit, micro credit & SME 20%
ii. Other than short term agri. Credit, micro credit & SME 50%
c. Bad/Loss loans and advances 100%
Loans and advances are written off to the extent that there is no realistic prospect for recovery as per guideline
of Bangladesh Bank. However, write off will not reduce the claim against the borrower. Detailed records for all
such write-off accounts are maintained.
3.02.4 Property, plant and equipment and their depreciation
Recognition and measurement
Items of fixed assets excluding land are measured at cost/revaluation less accumulated depreciation and
accumulated impairment losses, if any. Land is measured at cost/revaluation.
Cost includes expenditure that are directly attributable to the acquisition of asset and bringing to the location
and condition necessary for it to be capable of operating in the intended manner.
When parts of an item of fixed asset have different useful lives, they are accounted for as separate items (major
components) of fixed assets.
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The gain or loss on disposal of an item of fixed asset is determined by comparing the proceeds from disposal
with the carrying amount of the item of fixed asset, and is recognized in other income/other expenses in profit
or loss.
Property, Plant and Equipment are recognized as assets in accordance with International Accounting Standards
(IAS) 16 “Property Plant and Equipment”.
Subsequent costs
The cost of replacing a component of an item of fixed assets is recognized in the carrying amount of the item
if it is probable that the future economic benefits embodied within the part will flow to the Group and its cost
can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day
servicing of fixed assets are recognized in profit or loss as incurred.
Depreciation
During the period under audit, depreciation is charged at the following annual rates on straight-line method
on all fixed assets except land. Depreciation has been charged on addition during the period when respective
assets put into use and in case of sale, up to the date of sale.
Name of the assets Rate of depreciation
Building 2.50%
Furniture & fixture 10%
Office equipment 15%
Computer 15%
Motor vehicle 20%
Books 20%
3.02.5 Other Assets
Other assets include all balance sheet accounts not covered specifically in other areas of the supervisory activity
and such accounts may be quite insignificant in the overall financial condition of the Bank.
3.02.6 Non-banking assets
Non-banking assets are acquired on account of the failure of a borrower to repay the loan on time after receiving
the decree from the Court regarding the right and title of the mortgage property. The Bank has been awarded
ownership of the mortgage properties according to the verdict of the Honorable Court in accordance with the
section 33 (7) of “Artha Rin Adalat-2003”. The value of Non-Banking Assets has been determined and reported in
the financial statements on the basis of valuation report of an Independent valuer.
3.02.7 IFRS 16: Leases
Jamuna Bank Limited has applied IFRS 16: “Leases” for the first time with the date of initial application of 1
January 2021 using modified retrospective approach where the bank measured the lease liability at the present
value of the remaining lease payments and recognized a right-of-use asset at the date of the initial application
on a lease by lease basis.
In according to IFRS 16 Leases, a contract is, or contains, a lease if it conveys the right to control the use of an
identified asset for a period of time in exchange for consideration.
Control is conveyed where the customer has both the right to direct the identified asset’s use and to obtain
substantially all the economic benefits from that use.
An asset is typically identified by being explicitly specified in a contract, but an asset can also be identified by
being implicitly specified at the time it is made available for use by the customer.
Upon lease commencement the bank recognizes a right-of-use asset and a lease liability. The right-of-use asset
is initially measured at the amount of the lease liability plus any initial direct costs incurred by the Bank.
Adjustments may also be required for lease incentives, payments at or prior to commencement and restoration
obligations or similar. After lease commencement, the Bank measures the right-of-use asset using a cost model.
Under the cost model a right-of-use asset is measured at cost less accumulated depreciation and accumulated
impairment.
The lease liability is initially measured at present value of the future lease payments discounted using the
discount rate implicit in the lease. Subsequently, the lease liability is adjusted for interest and lease payments,
as well as the impact of lease modifications, amongst others.
The Bank has elected to account for short-term leases and leases of low-value assets using the practical
expedients. Instead of recognizing a right-of-use asset and lease liability, the payments in relation to these are
recognized as an expense in profit or loss on a straight-line basis over the lease term.
On the statement of financial position, right-of-use assets have been included in property, plant and equipment
and lease liabilities have been included in other liabilities.
Jamuna Bank Limited 507
On transition to IFRS 16 the weighted average incremental borrowing rate applied to lease liabilities recognized
under IFRS 16 was 4%.
At the year end, the bank has total 157 branches out of which 153 branches are leased from different lessor.
While implementing IFRS-16 ‘leases’, we have considered 149 branches for which the underlying asset is of low
value, in accordance with Para 5(b), and Appendix B3-B8 of IFRS-16. Therefore, these 149 branches have been
exempted from being recognized as lease assets/liabilities and the remaining 4 branches have fallen under the
scope of IFRS-16.
3.03 Liabilities and basis of their valuation
3.03.1 Deposits and other accounts
Deposits by customers and banks are recognized when the bank enters into contractual provisions of
the arrangements with the counter parties, which is generally on trade date, and initially measured at the
consideration received.
3.03.2 Other liabilities
Other liabilities comprise items such as provision for loans and advances/investments, provision for taxation,
interest payable, interest suspense, accrued expenses, obligation under finance lease etc. Other liabilities are
recognized in the balance sheet according to the guidelines of Bangladesh Bank, Income Tax Ordinance 1984
and internal policy of the Bank.
3.03.2 Provision for liabilities
A provision is recognized in the balance sheet when the bank has a legal or constructive obligation as a result
of a past event and it is probable that an outflow of economic benefit will be required to settle the obligations,
in accordance with the IAS - 37 “Provisions, Contingent Liabilities and Contingent Assets”.
3.03.3 Share Capital
Ordinary shares are classified as equity when there is no contractual obligation to transfer cash or other
financial assets.
3.03.4 Authorized Capital
Authorized capital is the maximum amount of share capital that the Bank is authorized by its Memorandum
and Articles of Association.
3.03.5 Paid up Capital
Paid up capital represents total amount of shareholders’ capital that has been paid in full by the ordinary
shareholders. Holders of ordinary shares are entitled to receive dividends as declared from time to time and are
entitled to vote at shareholders’ meetings. In the event of a winding-up of the Bank, ordinary shareholders are
ranked after all other shareholders and creditors and are fully entitled to any residual proceeds of liquidation.
3.04 Non controlling interest in subsidiaries
Non controlling interest in business is an accounting concept that refers to the portion of a subsidiary
corporation’s stock that is not owned by the parent corporation. The magnitude of the Non controlling interest
in the subsidiary company is always less than 50% of the outstanding shares, else the corporation would cease
to be a subsidiary of the parent. Non controlling interest is reported on the consolidated income statement as
a share of profit belonging to Non controlling shareholders.
3.05 Statutory reserve
The Bank Companies Act, 1991 (as amended 2018) requires the bank to transfer 20% of its current year’s profit
before tax to reserve until such reserve equals to its paid up capital. The Bank maintained it’s statutory reserve
account equivalent to paid up capital.
3.06 Contingent liabilities, commitments and other off-balance sheet settlements
A contingent liability is -
A possible obligation that arises form past events and the existence of which will be confirmed only by the
occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the
Bank; or
A present obligation that arises from past events but it is not recognized because:
* it is not probable that an outflow of resources embodying economic benefits will be required to settle the
obligation; or
* the amount of the obligation cannot be measured with sufficient reliability.
Contingent liabilities are not recognized but disclosed in the financial statements unless the possibility of an
outflow of resources embodying economic benefits is reliably estimated.
3.07 Revenue recognition
The revenue during the period under audit is recognized satisfying the conditions as specified in International
Financial Reporting Standards (IFRS) 15 “Revenue Recognition”. Details are as under:
3.07.1 Interest/profit income
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i. Interest is calculated on daily product on unclassified loans and advances but charged on quarterly and
monthly basis, where applicable.
ii. Interest is charged on classified loans and advances by crediting interest suspense account as per BRPD
Circular No 14 dated 23 September 2012 and such interest is taken into income account upon realization.
Interest on credit card outstanding is calculated on daily product but charged on monthly basis.
iii. Commission and discounts on bills purchased and discounted are recognized at the time of realization.
iv. For Islamic Banking, profit is charged on unclassified investments on daily product basis and charged to
the clients on quarterly and monthly basis, where applicable.
v. Islamic Banking branches calculate profit on classified investments and credits the same to profit
suspense account until realization.
3.07.2 Fees, commission and discounts income
Fees, commission and discounts on bills purchased and discounted are recognized at the time of realization.
3.07.3 Investment income
Interest income on investments is recognized on accrual basis. Capital gain on investments in shares is also
included in investment income. Capital gain is recognized when it is realized.
3.08 Interest/profit paid and other expenses
In terms of the provisions of IAS-1 “Presentation of Financial Statements” interest/profit and other expenses are
recognized on accrual basis.
3.09 Taxation
a) Current tax
Provision for current tax has been made @ 37.50% as prescribed in the Finance Act, 2022 of the profit made by
the Bank considering major taxable allowances and disallowances.
b) Deferred tax
Deferred tax is calculated on the taxable/deductible temporary differences between tax base amount and
carrying amount of assets and liabilities as required by International Accounting Standard (IAS)-12 “Income
Taxes”.
Deferred tax normally results in a liability being recognized within the Balance Sheet. Deferred tax is recognized
on differences between the carrying amounts of assets and liabilities in the financial statements and the
corresponding tax bases used in the computation of taxable profit, and are accounted for using the balance
sheet liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences
and deferred tax assets are recognized to the extent that it is probable that taxable profits will be available
against which deductible temporary differences, unused tax losses or unused tax credits can be utilized. Such
assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial
recognition (other than in a business combination) of other assets and liabilities in a transaction that affects
neither the taxable profit nor the accounting profit. Deferred tax assets and liabilities are offset when there
is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to
income taxes levied by the same taxation authority and the company intends to settle its current tax assets and
liabilities on a net basis.
3.10 Provision for nostro accounts
As per instruction contained in the circular letter no. FEPD (FEMO)/01/2005-677 dated September 13, 2005
issued by Foreign Exchange Policy Department of Bangladesh Bank, Bank are required to make provision
regarding the un-reconciled debit balance of nostro account over more than 3 months as on the reporting date
in these financials. Since there is no un-reconciled entries which are outstanding more than 3 months. As such,
the Bank does not require to make provision.
3.11 Employee benefits
The retirement benefits accrued for the employees of the Bank during reporting period have been accounted
for in accordance with the provisions of IAS-19 “Employees Benefit”.
3.11.1 Provident fund
Provident Fund benefits are given to the employees of the Bank in accordance with the locally registered
Provident Fund Rules. This Fund is being operated under a Trustee Board. This fund got approval from the
National Board of Revenue (NBR) on 28 August 2002. All employees of the bank are contributing 10% of the
basic salary as subscription to the fund. The bank also contributes equal amount to the fund.
3.11.2 Employees Welfare Fund
The Bank operates an Employees Welfare Fund and it is operated by a separate Board of Trustees and a Fund
Rules of the Bank.
Jamuna Bank Limited 509
3.11.3 Gratuity
The Bank operates a funded gratuity scheme approved by the National Board of Revenue (NBR) on 04 April
2010. In the Bank gratuity scheme covers all permanent employees of the Bank. The company made provision
to meet-up claim of out going employees. The gratuity is calculated on the basis of last basic pay and is payable
at the rate of two months basic pay for every completed year of service upon full filling the eligibility criteria
instead of accounting for gratuity from the year of joining as per IAS 19. The eligibility criteria for accounting
for gratuity is 6 (six) years of continued service with the Bank or a period of 3 (three) years with other Banks and
3 (three) years with Jamuna Bank Limited.
3.11.4 Incentive bonus
An incentive bonus is given to the employees in every year. The incentive bonus amount is paid annually,
normally in first month of every following the year and the costs are accounted for in the period to which it
relates.
3.12 Number of employees
The number of employees engaged for the whole year or part thereof who received a total yearly remuneration
of Tk 36,000 or above were 3,782 in 2022 and 3,347 in 2021.
3.13 Earnings per share (EPS)
Earnings per share have been calculated in accordance with IAS-33:”Earnings per Share”. The Group and the
Bank present basic and diluted earnings per share (EPS) data for its ordinary shares. basic EPS is calculated
by dividing the profit or loss attributable to ordinary shareholders of the Group/Bank by the weighted average
number of ordinary shares outstanding during the period. Diluted EPS is determined by adjusting the profit
or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding
for the effects of all dilutive potential ordinary shares, which comprise share options granted to employees.
3.14 Reconciliation of inter-bank/books of accounts
Books of Accounts with regard to inter–bank (in Bangladesh & out side Bangladesh) and inter–branch have
been reconciled and there is no material difference, which might effect the financial statements significantly.
Reconciliation statement with Bangladesh Bank enclosed in Annexure- A-1.
3.15 Risk management
In banking organization, risk is the possibility that outcome of an action or event could bring up adverse
impact. Such outcome could either result in a direct loss of earnings/capital or may result in imposition of
constraints on banks’ ability to meet their business objectives. Risk is the outcome of losses due to sudden
downturn in economy or falling interest rates. Banks have to rely on their capital as a buffer to absorb such
losses. The types and degree of risks an organization may be exposed depend upon a number of factors such as
its size, complexity business activities, volume etc. Initially Bangladesh Bank has issued guidelines on six core
risk areas and accordingly scheduled banks operating in Bangladesh has implemented the guidelines for better
risk management practice. Implementation of core risk management guidelines by Jamuna Bank Limited (JBL)
and its status are discussed below.
3.15.1 Credit risk management
Credit risk arises while the borrowers or counterparty to a financial transaction fails to discharge an obligation
as per agreed covenants, resulting in financial loss to the Bank. Credit exposures may arise from both the
banking and trading books as well as Off-Balance sheet exposures. Credit risk is managed in the JBL through a
framework that spell out policies and procedures covering the measurement and management of credit risk.
There is a clear segregation of duties between transaction originators in the businesses and approvers in the
Risk function. All credit exposure limits are approved within a defined credit approval authority framework.
Credit policies and standards are considered and approved by the Board of Directors.
Credit rating and measurement
Risk measurement plays a central role, along with judgment and experience, in informing risk taking and
portfolio management decisions. It is a primary area for sustained investment and senior management
attention. The standard credit risk grading (CRG) system is used in both Corporate and SME Banking. The
grading is used to assess the client along with a range of quantitative and qualitative factors. Our credit grades
against Corporate & Medium clients are supported by external credit grades, and ratings assigned by external
ratings agencies.
Credit approval
Major credit exposures to individual borrowers, groups of connected counterparties and portfolios of retail
exposures are reviewed by the Head Office Credit Committee (HOCC) and HOCC recommend the loan to the
approval authority. All credit approval authorities are delegated by the Board of Directors to executives based
on their capability, experience & business acumen. Credit origination and approval roles are segregated in all
cases.
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Credit monitoring
We regularly monitor credit exposures, portfolio performance, and external trends through relationship and
corporate administration team at Branch and Head Office. Internal risk management reports containing
information on key environmental, political and economic trends across major portfolios; portfolio delinquency
and loan impairment performance; as well as credit grade migration are presented to risk committees (HOCC
and PAMC). The HOCC & PAMC meets regularly to assess the impact of external events and trends on the credit
risk portfolio and to define and implement our response in terms of appropriate changes to portfolio shape,
underwriting standards, risk policy and procedures. Accounts or portfolios are placed on Early Alert (EA)
when they display signs of weakness or financial deterioration, for example, where there is a decline in the
customer’s position within the industry, a breach of covenants, non-performance of an obligation, or there are
issues relating to ownership or management.
Such accounts and portfolios are subjected to a dedicated process overseen by the Monitoring & Recovery
Division. Account plans are re-evaluated and remedial actions are agreed and monitored. Remedial actions
include, but are not limited to, exposure reduction, security enhancement, exiting the account or immediate
movement of the account into the control of Recovery unit. In Retail/Consumer Banking, portfolio delinquency
trends are monitored continuously at a detailed level. Individual customer behavior is also tracked and
informed in lending decisions. Accounts which are past due are subject to a collections process, monitored
in collaboration with the Relationship manager by the Risk function. Charged-off accounts of the Bank are
managed by specialist recovery teams.
Concentration risk
Credit concentration risk is managed within concentration caps set for counterparty or groups of connected
counterparty, for industry sector; and for product. Additional targets are set and monitored for concentrations
by credit committee. Credit concentrations are monitored by the responsible risk committees in each of the
businesses and concentration limits that are material to the Bank are reviewed and approved at least annually
by the Board of Directors.
Credit risk mitigation
Potential credit losses from any given account, customer or portfolio are mitigated using a range of tools such
as collateral, netting agreements, insurance, and other guarantees. The reliance that can be placed on these
mitigates is carefully assessed in light of issues such as legal certainty and enforceability, market valuation
correlation and counterparty risk of the guarantor. Risk mitigation policies determine the eligibility of
collateral types. Collateral types which are eligible for risk mitigation include: cash; residential, commercial
and industrial property; fixed assets such as motor vehicles, plant and machinery; marketable securities;
commodities; bank guarantees; and letters of credit. Collateral is valued in accordance with our credit policy,
which prescribes the frequency of valuation for different collateral types, based on the level of price volatility
of each type of collateral. Collateral held against impaired loans is maintained at fair value.
3.15.2 Foreign exchange risk
Foreign exchange risk is the risk that an investment’s value changing due to changes in currency exchange
rates. The risk that an investor will have to close out a long or short position in a foreign currency at a loss
due to an adverse movement in exchange rates. The risk is most acute for businesses that deal in more than
one currency. However, other businesses are indirectly exposed to foreign exchange risk if, for example, their
business relies on imported products and services.
Foreign exchange risk should be managed where fluctuations in exchange rates impact the business profitability.
Sources of foreign exchange risk :
Foreign exchange risk for a business may arise from a number of sources, including:
· where the business is related to imports or exports
· where other costs, such as capital expenditure, are denominated in foreign currency
· where export bill is received in foreign currency
· where other income, such as royalties, interest, dividends etc., is received in foreign currency
· where the loans are denominated (and therefore payable) in foreign currency
· where the business has offshore assets such as operations or subsidiaries that are valued in a foreign
currency, or foreign currency deposits.
Methods of measuring foreign exchange risk:
There are many ways to measure foreign exchange risk, ranging from simple to complex measures. Following
are some of the examples of the simpler measures which can be applied and understood by most businesses :
· MIS of foreign currency exposures
· Table of projected foreign currency cash-flows
· Sensitivity analysis
· Value at risk
Jamuna Bank Limited 511
Like other banks and financial institutions, Jamuna Bank Ltd. is also exposed to Foreign Exchange Risk that
sprouts externally due to convergence and divergence of many factors in the international market. The foreign
exchange business of the bank, fully backed by the underlying transactions, is well-managed as per Bank’s
internal risk management policies and guidelines and the guidelines of Bangladesh Bank (Central Bank of
Bangladesh) . The Asset Liability Management Committee (ALCO) of the bank, headed by the Managing
Director & CEO, reviews the risk management position of the bank on regular intervals and provides insights
and guidelines to the Treasury Division to manage the foreign exchange risk of the Bank with minimum
financial impact.
3.15.3 Asset Liability Management Risk
The Bank has established an Asset Liability Committee (ALCO) contains 10 (ten) members headed by Managing
Director. The committee meets at least once in every month. The main responsibilities of ALCO are to look
after the Financial Market activities, manage liquidity and interest rate risk, understand the market position
and competition etc. The Asset Liability Management Committee also monitored the balance sheet risk. The
balance sheet risk is defined as potential changes in earnings due to change in rate of interest and exchange
earnings which are not of trading nature. To support ALM process, the most important strategy of the ALM of
the Bank is medium to short-term funding and adequate liquidity both in local and foreign currency all time
at the most appropriate funding cost. An important objective of ALCO is to provide cost effective funding to
finance the asset growth and trade related transactions, optimize the funding cost, increase spread with the
lowest possible liquidity, maturity, foreign exchange and interest rate risks.
3.15.4 Internal control and compliance risk:
Internal controls are the policies and procedures established and implemented alone, or in concert with other
policies or procedures, to manage and control a particular risk or business activity, or combination of risks or
business activities, to which the Bank is exposed to or in which it is engaged.
Objective of internal control:
The primary objective of internal control system in a bank is to help the bank perform better through the use of
its resources. Through internal control system bank identifies its weaknesses and takes appropriate measures
to overcome the same. The main objectives of internal control are as follows :
· Efficiency and effectiveness of activities (performance objectives)
· Reliability, completeness and timelines of financial and management information (information objectives)
· Compliance with applicable laws and regulations (compliance objectives), Risk Recognition and
Assessment:
· Internal control system has been designed in such a way to recognize and assess all of the material risks
that could adversely affect the achievement of the Bank’s goals.
· Effective risk assessments identify and consider both internal and external factors.
· Risk assessment by Internal Control System differs from the business risk management process which
typically focuses more on the review of business strategies developed to maximize the risk/reward
trade-off within the different areas of the Bank. The risk assessment by Internal Control focuses more
on compliance with regulatory requirements, social, ethical and environmental risks those affect the
banking industry.
3.15.5 Money laundering risk:
Money Laundering Risk is one of the 6(six) core risk elements in banking business. Money Laundering Risk
is defined as reputational and legal risk under operational risk and expenses incurred as penalty for being
non-complied in prevention of money laundering. In order to manage the AML risk, the bank has set up an
effective Anti-Money Laundering programme in line with Anti-Money Laundering Act, 2012 as amended 2015
and Bangladesh Bank guidance which has been updated through inclusion of Anti-Terrorist Act, 2012. The
Bank has developed manuals for prevention of money laundering and introduced know Your Customer (KYC)
program and Transaction Profile (TP) including uniform A/c opening form at branch level for meticulous
compliance. The Bank recognizes this risk as a separate classification emphasizing due importance for being
compliant on it by way of making conversant of all Executives/Officers through issuing Circulars and providing
necessary training of AML and CFT issues by AML Division of the Bank.
Designation of anti money laundering compliance officers (AMLCO):
The Bank has designated a Chief Anti-Money Laundering Compliance Officer (CAMLCO) at its Head Office who
is empowered with sufficient authority to implement and enforce anti-money laundering policies, procedures
and measures and who reports directly to Senior Management and the Board of Directors. This provides
evidence of Senior Management’s commitment to efforts to combat money laundering and terrorist financing
and more importantly, provides added assurance that the officers have sufficient clout to investigate potentially
suspicious activities.
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3.15.6 Information communication technology risk
In the year 2022 Bank has taken different initiatives to minimize ICT risks. Throughout the year Bank has
initiated different projects considering Risk Management into consideration.
In the year 2012, the ICT Policy of the Bank was revised and amended to cope up with the recent ICT trends
and risks. IT Audit Team performed comprehensive IT Audit on different aspects of IT for the Data Centre,
Disaster Recovery Site and also for branches. The audit recommendations and suggestions were considered
and accordingly steps were taken to minimize associated ICT Risks.
Bank has arranged awareness programs and trainings on the field of ICT Risk and its mitigation for both
business and technical human resources, from top management to the trainee officers. The idea behind this
practice was to increase average ICT knowledge of the Bank through which probability of occurrence of policy
noncompliance in the Bank will be minimized. A special session on ICT Risk Management was organized by
Information Technology Division of the Bank.
Bank has amended its Risk Management Policy as per the standard Risk Management frameworks, which has
been approved by the Board of Directors of the Bank. Practice of this Risk Management Policy has already been
started in the organization in ICT fields in the vision of minimizing the ICT Risks.
Fault tolerant hardware along with high availability infrastructure was considered during procurement of
different hardware for commenced Projects of 2013. This will ensure hardware failure risks to minimize.
The pursuit to control ICT risks was repeated throughout the year. This endeavor will further continue in the
year 2022.
3.15.7 Interest rate risk
Interest rate risk may arise either from trading portfolio or non-trading portfolio. The trading portfolio of the
Bank consists of Government treasury bills of 28 days maturity. The short-term movement in interest rate is
negligible or nil. Interest rate risk of non-trading business arises from mismatches between the future yield
of an asset and its funding cost. Asset Liability Committee (ALCO) monitors the interest rate movement on a
regular basis.
3.15.8 Equity risk
Equity risk arises from movement in market value of equities held. The risks are monitored by Investment
Committee under a well designed policy framework. The market value of equities held was, however, lower
than the cost price at the balance sheet date
3.15.9 Operational Risk
Operational risk may arise from error and fraud due to lack of internal control and compliance. Management
through Internal Control and Compliance Division controls operational procedure of the Bank. Internal Control
and Compliance Division undertakes periodical and special audit of the branches and divisions at the Head
Office for review of the operation and compliance of statutory requirements. The Audit Committee of the Board
subsequently reviews the reports of the Internal Control and Compliance Division.
3.15.10 Risk Management Committee Disclosures
The Board of Directors constituted with the following members of the Risk Management Committee of
the Board, the third Committee of the Board besides the Executive Committee and the Audit Committee in
accordance with Bank Company (Amendment) Act 2018 and it does comply with the BRPD Circular no. 11,
dated October 27, 2013.
Sl. Status with
Name of Member Status with Bank
No Committee
1 Mr. Md, Hasan Director Chairman
2 Mr. Md. Saidul Islam Director Member
3 Mr. Redwan-ul Karim Ansari Director Member
4 Md. Belal Hossain Director Member
5 Mr. Gazi Golam Murtoza Director Member
The Risk Management Committee of the Board has been formed after the Central Bank’s instruction issued in
October 27, 2013. The Committee conducted 6 (Six) meeting during the year where the following important
issues were discussed / reviewed:
i) Review the internal limit of sector and area wise exposure of the Bank;
ii) Review the internal limit against off-balance sheet exposure;
iii) Centralization process of the Bank;
iv) Compliance of core risk inspection by Bangladesh Bank;
v) Strengthening and updating risk management system of the Bank;
vi) Review the internal capital adequacy assessment process;
Jamuna Bank Limited 513
vii) Maximization of collateral securities on account of top borrowers to reduce probable impact on CAR due
to instance of default;
viii) Focus on rewarding business like Fuel, Energy and Fertilizer etc..
ix) Imposing cap for commodity financing;
x) Review the business continuity plan and disaster recovery;
xi) Review the quarterly Risk Management paper and Stress Testing report;
xii) Comprehensive Risk rating provided by Bangladesh Bank;
xiii) Formation of Basel Unit;
xiv) Arrangement of regular training and workshop for head office and branch officials to create awareness;
xv) Review the revised green banking policy, green strategic plan and green office guide;
xvi) Monitoring of large loans and work order financing;
xvii) Stock monitoring through routine and surprise physical inspection of the premises of the borrowers.
3.16 Compliance of International Accounting Standards (IAS) and International Financial Reporting Standards
(IFRS)
The Institute of Chartered Accountants of Bangladesh (ICAB) is the sole authority for adoption of International
Accounting Standards (IAS) and International Financial Reporting Standards (IFRS). While preparing the
financial statements, the Bank applied most of the IASs and IFRSs as applicable.
Name of the IAS IAS No Status
Presentation of Financial Statements 1 Complied with some departure (Note 2.01.1)
Inventories 2 N/A
Statement of Cash Flows 7 Complied with some departure (Note 2.01.1)
Accounting Policies, Changes in Accounting 8 Complied
Estimates and Errors
Events after the Reporting Period 10 Complied
Income Taxes 12 Complied
Property, Plant and Equipment 16 Complied
Employee Benefits 19 Complied with some departure (Note 2.01.1)
Accounting for Government Grants and 20 N/A
Disclosure of Government Assistance
The Effects of Changes in Foreign Exchange 21 Complied
Rates
Borrowing Costs 23 Complied
Related Party Disclosures 24 Complied
Accounting and Reporting by Retirement 26 Complied
Benefit Plans
Separate Financial Statements 27 Complied
Investment in Associates and joint ventures 28 N/A
Financial Instruments: Presentation 32 Complied with some departure (Note 2.01.1)
Earning Per Share 33 Complied
Interim Financial Reporting 34 Complied
Impairment of Assets 36 Complied
Provisions, Contingent Liabilities and 37 Complied
Contingent Assets
Intangible Assets 38 Complied
Financial Instruments: Recognition & 39 Complied with some departure (Note 2.01.1)
Measurement
Investment Property 40 N/A
Agriculture 41 N/A
Name of the IFRS IFRS No. Status
First-time adoption of International Financial 1 N/A
Reporting Standards
Share based Payment 2 N/A
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Business Combinations 3 Complied
Insurance Contract 4 N/A
Non-current Assets Held for sale and 5 N/A
Discontinued Operations
Exploration for and Evaluation of Mineral 6 N/A
Resources
Financial Instrument: Disclosures 7 Complied with some departure (Note 2.01.1)
Operating Segments 8 Complied with some departure (Note 2.01.1)
Financial Instruments: Recognition and 9 Complied
Measurement
Consolidated Financial Statements 10 Complied
Joint Arrangements 11 N/A
Disclosure of Interests in Other Entities 12 Complied
Fair Value Measurement 13 Complied
Regulatory Deferral Accounts 14 N/A
Revenue from Contracts with Customers 15 Complied
Leases 16 Complied
* N/A = Not Applicable
** Relevant disclosures are made according to the requirement of Bangladesh Bank.
3.17 General
i) Figures of previous years have been rearranged wherever considered necessary to conform to the current
year’s presentation.
ii) Figures have been rounded off to the nearest Taka.
iii) Expenses are shown including Value Added Tax (VAT) where applicable.
Jamuna Bank Limited 515
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Note
Taka Taka
4 Cash
Cash in hand (Note: 4.1) 3,662,913,941 3,038,466,216
Balance with Bangladesh Bank and its agent banks (Note: 4.2) 8,909,066,138 7,525,756,990
12,571,980,079 10,564,223,206
4 (a) Consolidated Cash
Jamuna Bank Limited 12,571,980,079 10,564,223,206
Jamuna Bank Capital Management Limited 60,400 10
Jamuna Bank Securities Limited 10,330 6,393
12,572,050,809 10,564,229,609
4.1 Cash in hand (including foreign currencies)
Local currency 3,632,734,523 3,026,244,957
Foreign currency 30,135,559 12,210,525
Offshore Banking unit 43,859 10,734
3,662,913,941 3,038,466,216
4.1 (a) Consolidated Cash in hand
Jamuna Bank Limited 3,662,913,941 3,038,466,216
Jamuna Bank Capital Management Limited 60,400 10
Jamuna Bank Securities Limited 10,330 6,393
3,662,984,671 3,038,472,619
4.2 Balance with Bangladesh Bank and its Agent Bank
Balance with Bangladesh Bank
Local currency 8,437,460,878 7,463,451,127
Foreign currency 471,605,260 62,305,863
8,909,066,138 7,525,756,990
Balance with Sonali Banks
Local currency - -
8,909,066,138 7,525,756,990
4.2 (a) Consolidated Balance with Bangladesh Bank and its agent bank(s)
Jamuna Bank Limited 8,909,066,138 7,525,756,990
Jamuna Bank Capital Management Limited - -
Jamuna Bank Securities Limited - -
8,909,066,138 7,525,756,990
4.3 Statutory Deposits
Cash Reserve Requirement (CRR) and Statutory Liquidity Requirement (SLR) have been calculated and
maintained as per Section 33 of the Bank Company Act. 1991 & amended Act 2018 and MPD circular No. 03
dated 09 April 2020.
The Cash Reserve Requirement on the Bank’s time and demand liabilities of October’2022 at the rate of 4% for
conventional and islamic has been calculated and maintained with Bangladesh Bank in current account. 13%
Statutory Liquidity Ratio for conventional and 5.50% Statutory Liquidity Ratio for islamic wing has also been
maintained in the form of treasury bills, bonds and debentures including FC balance with Bangladesh Bank.
Both the reserves maintained by the Bank are in excess of the statutory requirements, as shown below:
(a) i) Cash Reserve Requirement (CRR): 4% of Average Demand & Time Liabilities (Conventional)
Required Reserve 8,232,226,000 7,188,055,765
Actual Reserve held with Bangladesh Bank:
Balance with Bangladesh Bank current account 8,504,310,087 7,289,110,387
Surplus / (deficit) 272,084,087 101,054,622
Maintained (%) 4.13 4.06
ii) Cash Reserve Requirement (CRR): 4% of Average Demand & Time Liabilities (Islamic)
Required Reserve 158,788,000 163,853,986
Actual Reserve held with Bangladesh Bank:
Balance with Bangladesh Bank current account 164,049,746 177,003,447
Surplus / (deficit) 5,261,746 13,149,461
Maintained (%) 4.13 4.32
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Note
Taka Taka
(b) i) Statutory Liquidity Requirement (SLR): 13% of Average Demand & Time Liabilities (Conventional)
Required Reserve 27,252,793,000 23,688,586,229
Actual Reserve held 71,529,570,964 64,755,721,730
Surplus / (deficit) 44,276,777,964 41,067,135,501
Maintained (%) 34.12 35.54
Statutory Liquidity Requirement (SLR) required of Tk.2,725.27 crore but Bank maintained Tk.7,152.95 crore.
We have to maintain surplus amount of Tk.4,427.68 crore as Jamuna Bank Ltd involved in Primary Dealing (PD)
operation and secondary trading activities.
ii) Statutory Liquidity Requirement (SLR): 5.50% of Average Demand & Time Liabilities (Islamic)
Required Reserve 218,333,500 225,299,231
Actual Reserve held 804,434,572 778,965,530
Surplus / (deficit) 586,101,072 553,666,299
Maintained (%) 20.26 19.02
5 Balance with Other Banks and Financial Institutions
In Bangladesh (Note: 5.1) 2,432,861,612 1,988,700,069
Outside Bangladesh * (Note: 5.2) 672,487,833 546,584,802
3,105,349,444 2,535,284,872
* Details are given in Annexure-A
5.1 In Bangladesh
In Current & SB Deposit Account
AB Bank Limited 1,059,833 1,059,833
Agrani Bank Ltd. 4,958,352 -
Janata Bank Limited 4,620,625 584,258
Sonali Bank Ltd. 279,021,867 230,716,173
Standard Chartered Bank 26,829,588 7,166,682
The City Bank Limited 344,401 220,785
316,834,666 239,747,731
In Short notice deposit Account
AB Bank Limited 857,926 855,155
Bank Al- Falah 23,915 23,989
Export Import Bank Limited 532,349 6,738,092
Mercantile Bank Limited 569,797 3,973,476
Modhumoti Bank Limited 112,261 112,871
National Bank Limited 24,399,758 721,976
National Commerce and Credit Bank Ltd. 200,000,000 -
Prime Bank Limited 138,197 138,679
Shajalal Islami Bank Limited 641,813 634,443
Social Islami Bank Limited 577,263 5,973,203
The Trust Bank Limited 31,588,267 29,480,455
259,441,545 48,652,338
In Fixed Deposit with Other Banks
National Bank Limited - 600,300,000
Islami Bank Bangladesh Ltd. 206,585,400 -
Bengal Commercial Bank Ltd. 150,000,000 -
356,585,400 600,300,000
In Fixed Deposit with Other Financial Institutions
IDLC Finance Limited - 600,000,000
Industrial Promotion & Development Co. Ltd. (IPDC) 1,500,000,000 500,000,000
1,500,000,000 1,100,000,000
2,432,861,612 1,988,700,069
Jamuna Bank Limited 517
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Note
Taka Taka
5.1(a) Consolidated Balance - in Bangladesh
Jamuna Bank Limited 2,432,861,612 1,988,700,069
Jamuna Bank Capital Management Limited 45,611,969 29,972,310
Jamuna Bank Securities Limited 18,896,425 2,851,365
2,497,370,005 2,021,523,745
Less: Inter-company transaction
Jamuna Bank Capital Management Limited 45,611,969 29,972,310
Jamuna Bank Securities Limited 18,896,425 2,851,365
2,432,861,612 1,988,700,069
5.2 Outside Bangladesh
AB Bank Limited Mumbai India 1,092,096 15,817,040
Axis Bank Ltd, Mumbai, India 36,981,391 31,340,050
Bank Al Bilad, Riyadh, KSA 2,943,514 1,326,642
Bank of Bhutan, Bhutan 6,152,877 5,863,987
Bank of Huzhou Co. Ltd. 978,578 134,736
Commerzbank AG, Germany 48,913,907 10,834,327
Citi Bank N.A. New York 18,032,340 -
Habib American Bank, New York, NY USA 78,502,282 74,371,008
Habib Bank AG Zurich, Switzerland 2,300,264 3,396,149
ICIC Bank Limited, Hong Kong 11,933,204 7,504,370
ICIC Bank Limited, India 112,193,034 15,674,432
Mashreq Bank Mumbai, India 41,324,110 38,520,208
Mashreqbank psc - IBF Limited New York 206,593,753 233,969,843
Mashreqbank psc -DUBAI 2,972,593 1,249,838
Nepal Bangladesh Bank Limited Katmandu, Nepal 3,913,812 4,239,764
Standard Chartered Bank, Colombo-Srilanka 2,750,735 2,765,449
Standard Chartered Bank, Karachi, Pakistan 21,392,557 1,268,259
Standard Chartered Bank, London 3,595,651 5,073,167
Standard Chartered Bank, Mumbai -India 43,278,467 2,740,296
Standard Chartered Bank, New York 18,588,996 87,701,135
Standard Chartered Bank, Tokyo, Japan 8,053,672 2,794,103
672,487,833 546,584,802
5.2(a) Consolidated Balance - outside Bangladesh
Jamuna Bank Limited 672,487,833 546,584,802
Jamuna Bank Capital Management Limited - -
Jamuna Bank Securities Limited - -
672,487,833 546,584,802
5.3 Maturity Grouping of Balance with Other Banks and Financial Institutions
On demand 989,322,499 786,332,534
One month term 259,441,545 48,652,338
3 months term 356,585,400 600,300,000
6 months term 1,500,000,000 1,100,000,000
1 year term - -
2 years term - -
3 years term - -
3,105,349,444 2,535,284,872
6 Money at Call on Short Notice
Banking Sector 464,817,150 171,600,000
Banking Sector-OBU 619,756,200 1,029,600,000
Non - Banking financial Institutions - -
1,084,573,350 1,201,200,000
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Note
Taka Taka
6(a) Consolidated Money at Call on Short Notice
Jamuna Bank Limited 1,084,573,350 1,201,200,000
Jamuna Bank Capital Management Limited - -
Jamuna Bank Securities Limited - -
1,084,573,350 1,201,200,000
7 Investments
Government (Note: 7.1) 70,474,125,589 62,383,960,294
Others (Note: 7.2) 5,920,436,043 5,290,435,459
76,394,561,632 67,674,395,753
7(a) Consolidated Investments
Jamuna Bank Limited 76,394,561,632 67,674,395,753
Jamuna Bank Capital Management Limited 270,058,031 228,362,366
Jamuna Bank Securities Limited 94,453,706 165,081,042
76,759,073,370 68,067,839,161
7.1 Government Investments
Bangladesh Bank bills (HFT) (a)
Treasury bills (HFT) (b) 542,367,597
Treasury bills (HTM) (b) - -
Treasury bonds (HFT) (c) 35,044,928,646 30,082,790,442
Treasury bonds (HTM) (c) 29,867,734,442 29,628,410,803
Asset Pledge as security 2,411,955,255 -
Treasury bonds (Remeasured) 630,067,656 696,576,156
Treasury bonds (Special Fund bond) 800,000,293 800,000,293
Prize bonds 2,821,700 1,932,600
69,299,875,589 61,209,710,294
In Islamic Banking Branches
Islami Investment Bond (d) 1,174,250,000 1,174,250,000
70,474,125,589 62,383,960,294
a) Bangladesh Bank Bills
Up to 364 days - -
- -
b) Treasury Bills
Up to 364 days 2,954,322,852 -
2,954,322,852 -
c) Treasury Bond
2 years term 1,029,980,811 -
5 years term 6,610,221,915 6,075,945,070
10 years term 14,371,564,239 11,772,715,286
15 years term 17,773,843,803 14,746,813,133
20 years term 26,557,120,269 28,612,304,205
66,342,731,037 61,207,777,694
d) Islami Bond
5 years and above 1,174,250,000 1,174,250,000
1,174,250,000 1,174,250,000
7.1(a) Consolidated Government Investments
Jamuna Bank Limited 70,474,125,589 62,383,960,294
Jamuna Bank Capital Management Limited - -
Jamuna Bank Securities Limited 84,300,000 132,000,000
70,558,425,589 62,515,960,294
7.2 Others Investments
Shares and bonds (Note: 7.2.1) 5,920,436,043 5,290,435,459
5,920,436,043 5,290,435,459
Jamuna Bank Limited 519
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Note
Taka Taka
7.2(a) Consolidated others Investments
Jamuna Bank Limited 5,920,436,043 5,290,435,459
Jamuna Bank Capital Management Limited 270,058,031 228,362,366
Jamuna Bank Securities Limited 10,153,706 33,081,042
6,200,647,781 5,551,878,867
7.2.1 Cost and Market Value of Shares as on 31 December 2022 are as follows:
Market value
Particulars Quantity Cost price (Taka)
(Taka)
Ordinary Shares
Dhaka Bank Ltd. 700,000 10,120,381 9,240,000
EXIM Bank Ltd. 1,176,494 15,294,304 12,235,538
NCC Bank Ltd. 104,000 1,085,209 1,435,200
Southeast Bank Ltd. 1,309,251 20,237,965 18,067,664
United Commercial Bank Ltd. 715,000 10,400,748 9,295,000
Bonds:
AB Bank 3rd Subordinated Bond 1,955,000,000 1,955,000,000
One Bank 3rd Subordinated Bond 1,300,000,000 1,300,000,000
Trust Bank Ltd. (Perpetual Bond) 650,000,000 650,000,000
NCC Bank Ltd. (Perpetual Bond) 400,000,000 400,000,000
Pubali Bank Ltd. (Perpetual Bond) 816,765,000 816,765,000
Bank Asia Ltd. (Perpetual Bond) 730,000,000 730,000,000
Equity Shares
Central Depository Bangladesh Ltd 1,142,361 3,138,890 3,138,890
SWIFT 24 8,393,546 8,393,546
5,920,436,043 5,913,570,837
Quoted Shares
Dhaka Bank Ltd. 700,000 10,120,381 9,240,000
EXIM Bank Ltd. 1,176,494 15,294,304 12,235,538
NCC Bank Ltd. 104,000 1,085,209 1,435,200
Southeast Bank Ltd. 1,309,251 20,237,965 18,067,664
United Commercial Bank Ltd. 715,000 10,400,748 9,295,000
57,138,608 50,273,401
Bonds:
UCB 2nd Subordinated Bond
AB Bank 3rd Subordinated Bond 1,955,000,000 1,955,000,000
One Bank 3rd Subordinated Bond 1,300,000,000 1,300,000,000
Trust Bank Ltd. (Perpetual Bond) 650,000,000 650,000,000
NCC Bank Ltd. (Perpetual Bond) 400,000,000 400,000,000
Pubali Bank Ltd. (Perpetual Bond) 816,765,000 816,765,000
Bank Asia Ltd. (Perpetual Bond) 730,000,000 730,000,000
5,851,765,000 5,851,765,000
Unquoted Shares
Central Depository Bangladesh Ltd 1,142,361 3,138,890 3,138,890
SWIFT 24 8,393,546 8,393,546
11,532,436 11,532,436
Total 5,920,436,043 5,913,570,837
520
Annual Report 2022
31.12.2022 31.12.2021
Note
Taka Taka
7.2.2 Market price of investment and required provision as on 31 December 2022
Gain/(Loss)
Cost price Market value
Name of the company Quantity Required
(Taka) (Taka)
provision
Dhaka Bank Ltd. 700,000 10,120,381 9,240,000 (880,381)
EXIM Bank Ltd. 1,176,494 15,294,304 12,235,538 (3,058,767)
NCC Bank Ltd. 104,000 1,085,209 1,435,200 349,991
Southeast Bank Ltd. 1,309,251 20,237,965 18,067,664 (2,170,301)
United Commercial Bank Ltd. 715,000 10,400,748 9,295,000 (1,105,748)
AB Bank 3rd Subordinated Bond 1,955,000,000 1,955,000,000 -
One Bank 3rd Subordinated Bond 1,300,000,000 1,300,000,000 -
Trust Bank Ltd. (Perpetual Bond) 650,000,000 650,000,000
NCC Bank Ltd. (Perpetual Bond) 400,000,000 400,000,000
Pubali Bank Ltd. (Perpetual Bond) 816,765,000 816,765,000 -
Central Depository Bangladesh Ltd 1,142,361 3,138,890 3,138,890 -
SWIFT 24 8,393,546 8,393,546 -
5,190,436,043 5,183,570,837 (6,865,206)
7.3 Maturity Grouping of Investments
On Demand 5,923,257,743 5,292,368,059
Not more than 1 month - -
More than 1 month but not more than 3 months - -
More than 3 months but not more than 1 year 4,128,572,852 1,174,250,000
More than 1 year but not more than 5 years 7,640,202,726 6,075,945,070
More than 5 years 58,702,528,311 55,131,832,624
76,394,561,632 67,674,395,753
8 Loans & Advances
Loans, cash credit, overdrafts and lease etc. (Note: 8.01) 164,798,870,723 161,248,555,524
Bills purchased and discounted (Note: 8.02) 15,691,921,503 13,576,227,652
Payable in Bangladesh 2,260,667,876 1,459,279,913
Payable outside Bangladesh 13,431,253,627 12,116,947,739
180,490,792,226 174,824,783,176
8 (a) Consolidated Loans & Advances
Jamuna Bank Limited 180,490,792,226 174,824,783,176
Jamuna Bank Capital Management Limited 1,711,488,632 1,734,264,459
Jamuna Bank Securities Limited 22,066,839 -
182,224,347,697 176,559,047,635
Less: Inter-company transaction
Jamuna Bank Capital Management Limited 646,771,529 542,808,908
Jamuna Bank Securities Limited 9,931,694 63,750,340
181,567,644,474 175,952,488,387
8.01 Loans, Cash Credit and Overdrafts etc.
Agriculture loan 4,018,451,739 3,279,859,237
Cash credit 8,487,991,577 8,610,166,444
Credit Card 991,055,830 727,536,827
Demand loan 889,832,397 893,768,690
EDF loan 15,802,006,512 14,154,720,182
Hire purchase 2,592,300,612 2,551,249,390
House building loan 113,007,610 108,141,521
Lease finance 2,108,825,371 2,098,490,455
Loan against imported merchandise 1 1
Loan against packing credits 834,711,970 703,720,099
Loan against trust receipt 4,837,290,468 5,943,591,983
Loans (General) 1,046,992,197 1,403,399,805
Jamuna Bank Limited 521
31.12.2022 31.12.2021
Note Taka Taka
Overdraft 23,547,376,838 19,940,371,741
Payment against document 3,786,599,192 275,621,148
Personal loan for women 11 11
Real estate financing 1,081,419,655 1,117,320,981
Retail credit 4,145,521,312 3,187,734,610
Small and Medium Enterprise 21,849,684,478 22,312,191,336
Staff loan 851,863,444 1,056,646,141
Term Loan 44,910,501,243 43,675,635,995
Time Loan 18,114,343,742 26,179,516,385
Off Shore Banking Unit (OBU) 670,502,720 749,272,935
160,680,278,917 158,968,955,918
In Islamic Banking Branches
Bai-Muazzal 3,281,989,290 1,838,073,152
Bai-Muazzal (SME) 132,188,490 198,228,610
HPSM-Staff & Car loan Staff 48,209,182 17,624,383
MPI trust receipt 412,954,808 140,138,964
Murabaha 243,250,035 85,534,496
4,118,591,806 2,279,599,606
164,798,870,723 161,248,555,524
8.1(a) Consolidated Loans, Cash Credit, Overdrafts and Lease etc.
Jamuna Bank Limited 164,798,870,723 161,248,555,524
Jamuna Bank Capital Management Limited 1,711,488,632 1,734,264,459
Jamuna Bank Securities Limited 22,066,839 -
166,532,426,194 162,982,819,983
Less: Inter-company transaction
Jamuna Bank Capital Management Limited 646,771,529 542,808,908
Jamuna Bank Securities Limited 9,931,694 63,750,340
165,875,722,971 162,376,260,735
8.02 Bills Purchased and Discounted (excluding treasury bills)
Payable Bangladesh-Main operation 2,260,667,876 1,459,279,913
Payable outside Bangladesh-Main operation 1,669,976,550 405,285,121
Payable outside Bangladesh-Off Shore Banking Unit 11,761,277,077 11,711,662,619
15,691,921,503 13,576,227,652
8.2(a) Consolidated Bills Purchased and Discounted (excluding treasury bills)
Jamuna Bank Limited 15,691,921,503 13,576,227,652
Jamuna Bank Capital Management Limited - -
Jamuna Bank Securities Limited - -
15,691,921,503 13,576,227,652
8.03 Maturity Grouping of Loans & Advances as follows
Payable on demand 43,178,860,000 49,056,700,000
Not more than three months 23,398,760,000 25,805,100,000
More than 3 months but not more than 1 year 78,088,980,000 44,164,500,000
More than 1 year but not more than 5 years 21,512,882,212 40,084,408,238
More than 5 years 14,311,310,014 15,714,074,938
180,490,792,226 174,824,783,176
522
Annual Report 2022
31.12.2022 31.12.2021
Note
Taka Taka
8.04 Concentration of Advances
Advances to allied concerns of Directors 132,360,699
Advances to Chief Executives and other Officers 1,151,326,183 1,074,220,582
Customer Groups:
Agricultural & Fisheries 4,018,451,741 3,279,859,237
Industry wise 74,778,539,956 74,804,870,156
Small and Cottage 8,699,813,911 8,186,101,452
Advances to other Customers 91,842,660,436 87,347,371,050
180,490,792,226 174,824,783,176
8.05 Information of Large Loan
Number of the clients 35 39
Amount of outstanding advances (funded & non-funded) 98,202,839,656 108,438,421,747
Details information for the year ended 31 December 2022 have been given in (Annex-B)
8.06 Sector wise loans & advances % of total loan
Agricultural & Fisheries 2.23% 4,018,451,741 3,279,859,237
Large & Medium Scale Industry 17.30% 31,223,732,459 31,085,739,264
Working Capital 24.13% 43,554,807,497 43,719,130,893
Export Credit 7.08% 12,772,030,363 12,303,023,591
Commercial Credit 26.11% 47,119,109,143 45,576,163,576
Small and Cottage Industries 4.82% 8,699,813,911 8,186,101,452
Others 18.34% 33,102,847,112 30,674,765,164
100% 180,490,792,226 174,824,783,176
8.07 Geographical location wise loans & advances
a) Urban % of total loan
Dhaka Division 74.51% 134,484,684,226 124,545,721,294
Chittagong Division 7.52% 13,574,762,000 17,851,772,172
Sylhet Division 0.46% 834,959,000 889,185,042
Rajshahi Division 4.01% 7,245,095,000 6,741,588,852
Khulna Division 1.54% 2,778,085,000 2,680,822,489
Barishal Division 0.23% 414,759,000 428,201,333
Mymensingh Division 0.89% 1,597,895,000 1,330,520,742
Rangpur Division 0.56% 1,015,108,000 1,847,604,685
89.72% 161,945,347,226 156,315,416,609
b) Rural
Dhaka Division 7.99% 14,417,950,000 13,116,823,305
Chittagong Division 1.08% 1,941,045,000 2,998,116,850
Sylhet Division 0.07% 118,419,000 164,894,940
Rajshahi Division 1.09% 1,958,663,000 1,711,647,048
Mymensingh Division 0.02% 40,908,000 -
Rangpur Division 0.04% 68,460,000 517,884,424
10.28% 18,545,445,000 18,509,366,567
100% 180,490,792,226 174,824,783,176
Jamuna Bank Limited 523
31.12.2022 31.12.2021
Note Taka Taka
8.8 Classification of Loans & Advances as per Bangladesh Bank circular no. BRPD Circular No-14 dated 23 September
2012, BRPD Circular No-5, dated 29 May 2013, BRPD Circular No.15, dated 29 September, 2017, BRPD Circular
No.16, dated 21 July, 2020, BRPD Circular No.56, dated 10 December 2020, BRPD Circular No. 03, dated 31 January
2021, BRPD Circular No. 05, dated 24 March 2021, BRPD Circular letter No. 51, dated 29 December 2021 & BRPD
Circular letter No. 53, dated 30 December 2021 and other related circulars.
% of Total Loans
Unclassified & Special Mention Account 94.68% 170,881,292,226 169,630,835,176
Substandard 0.71% 1,284,300,000 505,406,000
Doubtful 0.39% 706,700,000 269,602,000
Bad or loss 4.22% 7,618,500,000 4,418,940,000
100% 180,490,792,226 174,824,783,176
8.8.1 Particulars of Required Provision for Loans and Advances
General provision:
Base for
Status Rate (%) Provision Provision
provision
Loans, advances & lease (Excluding SMA) 170,422,203,000 Various 2,872,453,818 3,105,073,486
Special Mention Account (SMA) 1,158,662,774 Various 37,515,474 211,445,302
Special provision for COVID-19 23,592,512,000 Various 782,179,000 746,542,000
Off Balance Sheet Various 776,063,000 750,430,000
4,468,211,292 4,813,490,788
Specific provision:
Status Base for provision Rate (%) Provision Provision
Sub-standard 283,509,000 Various 68,843,350 81,751,936
Doubtful 221,034,000 Various 157,902,717 283,950,000
Bad/loss 1,108,631,000 100% 1,108,631,000 946,200,000
1,335,377,067 1,311,901,936
Total provision 5,803,588,359 6,125,392,723
Additional provision requirement as per Bangladesh Bank & external auditor 2,110,900,000 315,820,000
Required provision for Loans and Advances 7,914,488,359 6,441,212,723
8.9 Particulars of Loans/Investments, Advances and Lease
i) Loans considered good in respect of which the bank is fully secured ; 155,858,184,773 139,917,984,216
ii) Loans considered good in respect of which the bank holds no security
1,786,216,603 2,900,284,898
other than the debtors personal guarantee;
iii) Loans considered good secured by the personal undertakings of one
22,846,390,850 32,006,514,062
or more parties in addition to the personal guarantee of the debtors;
180,490,792,226 174,824,783,176
524
Annual Report 2022
31.12.2022 31.12.2021
Note Taka Taka
iv) Loans adversely classified; provision not maintained their against; - -
v) Loans due by directors or officers of the bank company or any of these 1,151,326,183 1,074,220,582
either separately or jointly with any other persons;
vi) Loans due by companies or firms in which to directors of the bank
have interests as directors, partners or managing agents or incase of - -
private companies as members;
vii) Maximum total amount of advances including temporary advance
made at any time during the year to directors or managers or officers of 1,151,326,183 1,074,220,582
the bank or any of them either separately or jointly with any other persons;
viii) Maximum total amount of advances, including temporary advance
granted during the year to the companies or firms in which the directors
- -
of the bank are interested as directors, partners or managing agents or
in the case of private companies as member;
ix) Due from banking companies; - -
x) Amount of classified loans on which interest has not been charged,
- -
should be mentioned as follows:
a) decrease/increase in provision, amount of loan written off and
- -
amount realized against loans previously written off;
b) amount of provision kept against loan classified as on the date of
2,638,377,067 1,472,021,035
preparing balance sheet;
c) interest creditable to the interest Suspense A/c; - -
xi) Cumulative amount of written off loans and the amount written
off during the current year should be shown separately. The amount
9,385,215,519 6,716,489,108
of written off loan for which lawsuit has been filed should also be
mentioned;
8.9.1 The amount of written off loan for which lawsuit has been filed
Written off loan for which lawsuit has been filed amount of Tk.9,380,831,199
8.9.2 The amount of written off loans during the current year
The amount of written off loans during the current year 1,763,851,325 1,653,768,843
8.9.3 Number of loan accounts written off during the year 154 131
8.10 Bill Purchased & Discounted as per Maturity Grouping in the following order
Repayable within 1 month 2,015,253,240 1,743,542,801
1 month above less than 3 months 2,741,516,818 2,371,886,478
3 months above less than 6 months 764,464,065 661,393,710
6 months above 10,170,687,380 8,799,404,663
15,691,921,503 13,576,227,652
8.11 Listing of Assets Pledged as Security/Collaterals/ Securities against Loan/Investment Including Bills Purchased and
Discounted
Collateral of movable/immovable assets 94,436,167,352 97,465,005,740
Local banks and financial institutions guarantee 30,542,961 35,970,572
Government guarantee -
Export documents 23,477,303,383 17,408,102,765
Fixed deposits receipts 3,351,679,556 2,312,201,270
FDR of other banks 151,352,104 167,892,250
Government bonds 8,714,595 3,568,977
Personal guarantee 13,180,854,051 13,235,709,366
Other securities 45,854,178,223 44,196,332,236
180,490,792,226 174,824,783,176
Jamuna Bank Limited 525
31.12.2022 31.12.2021
Note Taka Taka
8.12 Classification of Loans & Advances as per economic purpose
Agriculture 4,018,451,741 3,279,859,237
Industry
a) Term loan 39,923,546,370 39,271,840,716
b) Working capital 43,554,807,497 43,719,130,893
Trade & Commerce
a) Retail trading 7,195,331,102 7,382,753,331
b) Wholesale trading 11,095,206,065 11,142,339,771
c) Export Financing 8,841,385,935 7,665,812,727
d) Import Financing 18,081,472,186 16,348,325,921
e) Lease Finance 7,000,121,323 6,752,580,342
f) Others 3,746,978,467 3,950,164,212
Construction
a) Housing 3,766,265,090 2,884,425,485
b) Other than housing 6,327,865,774 5,856,518,623
Transport
a) Road Transport 158,386,902 185,379,378
b) Air Transport - -
Consumer Financing 6,453,172,487 6,230,787,928
Miscellaneous 4,635,879,786 6,578,636,963
Bills purchased & discounted 15,691,921,503 13,576,227,652
180,490,792,226 174,824,783,176
8.13 As per letter no. 178/FRC/APR/2021/27(45) dated 09 December 2021 issued by the Financial Reporting Council
(FRC) regarding the compliance of BRPD Circular Letter no. 04 dated 04 January 2021 and BRPD Circular letter
no. 35, dated 06 July 2021, the status of the Bank on December 31, 2022 was as follows:
Compliance BRPD Circular letter no. 04* Compliance BRPD Circular letter no. 35**
Particulars
No of files % of compliance No. of files % of compliance
Complied files 397 397
100% 100%
Total files 397 397
*BRPD Circular Letter no.04: Regarding the collection of audited Financial Statements and statutory audit
report for sanctioned/renewed investments.
**BRPD Circular Letter no.35: Regarding the verification of audited financial statements through Document
Verification System (DVS) developed by ICAB.
Note: Newly established limited companies projected Financial Statements are accepted.
9 Fixed/Leased Assets Including Premises, Furniture & Fixture (WDV)
Cost:
Land 1,471,500,000 1,471,500,000
Building 589,027,301 589,027,301
Furniture & Fixture 1,311,619,298 920,838,962
Equipments 1,246,061,399 921,089,981
Computer 1,818,612,385 1,366,065,874
Vehicles 95,390,738 85,390,738
Right of use Assets as per IFRS-16* 275,617,713 239,340,341
6,807,828,834 5,593,253,197
Less: Accumulated Depreciation on fixed assets 2,577,368,077 2,225,003,758
Less: Accumulated amortization of leased assets/RoU 221,301,064 96,139,584
4,009,159,693 3,272,109,854
526
Annual Report 2022
31.12.2022 31.12.2021
Note Taka Taka
Right of Use (RoU) assets comprise of lease liabilities which is the present value of lease payments against rented
premises. Any contractual obligation for use of any rented/leased premises or assets for a period exceeding
twelve months and/or exceeding the threshold for low value asset, and substantially risks and benefits related
to ownership of those rented premises/assets transfer to the bank, are recognised as RoU assets as per IFRS 16
‘Leases’.Right of use Assets (RoU) are measured at cost less any accumulated depreciation and adjusted for any
measurement of lease liabilities (Note-3.02.7).
Details are shown in Annexure - C
9(a) Consolidated Fixed assets/non-current assets including premises, furniture and fixtures
Cost:
Jamuna Bank Limited 6,807,828,834 5,593,969,715
Jamuna Bank Capital Management Limited 15,283,626 10,820,398
Jamuna Bank Securities Limited 296,585,914 292,776,192
7,119,698,374 5,897,566,304
Accumulated depreciation/amortization:
Jamuna Bank Limited 2,798,669,141 2,321,859,861
Jamuna Bank Capital Management Limited 8,631,057 9,422,441
Jamuna Bank Securities Limited 2,923,426 2,574,575
2,810,223,624 2,333,856,876
Written Down Value 4,309,474,750 3,563,709,428
10 Other Assets
i) Investment in shares of subsidiary companies:
a) In Bangladesh (Note: 10.5) 1,399,998,200 1,399,998,200
b) In Outside Bangladesh - -
ii) Stationery, Stamps, Printing materials in stock etc. 28,011,097 25,058,469
iii) Advance Rent (Note: 10.7) 290,248,129 276,086,846
iv) Interest/profit receivable (Note: 10.6) 1,254,824,591 1,122,977,735
v) Balance with Brokerage houses 2,536,031 1,096,977
vi) Security deposit 3,614,434 3,353,718
vii) Preliminary exp, formation and organization expense,
renovation/development expenses and Pre-paid exp. - -
viii) Branch adjustment -
ix) Suspense account (Note: 10.1) 846,832,561 382,280,027
x) Others (Note: 10.2) 1,154,232,542 1,038,654,490
xi) Other assets-Off Shore Banking Unit 3,690 3,065
4,980,301,274 4,249,509,526
10(a) Consolidated Other assets
Jamuna Bank Limited 4,980,301,274 4,249,509,526
Jamuna Bank Capital Management Limited 84,262,048 48,249,533
Jamuna Bank Securities Limited 37,790,354 38,143,193
5,102,353,676 4,335,902,252
Less: Inter-company transaction:
Jamuna Bank Capital Management Limited 999,998,400 999,998,400
Jamuna Bank Securities Limited 399,999,800 399,999,800
3,702,355,476 2,935,904,052
10.1 Investment in subsidiaries
Jamuna Bank Capital Management Limited 999,998,400 999,998,400
Jamuna Bank Securities Limited 399,999,800 399,999,800
1,399,998,200 1,399,998,200
Jamuna Bank Limited 527
31.12.2022 31.12.2021
Note Taka Taka
10.2 Advance Rent
Advance Rent 347,206,943 325,300,264
Less: Adjustment against right-of-use assets (IFRS 16) 56,958,814 49,213,418
290,248,129 276,086,846
10.3 Interest/profit receivable
Interest receivable against investment 1,099,399,572 816,922,099
Interest/profit receivable against loans & advances & others 155,425,020 306,055,636
1,254,824,591 1,122,977,735
This amount represents that interest/profit receivable from various deposits made by the Bank to other banks/
Financial institutions.
10.4 Suspense's Account
Amount of Suspense’s Account represents amount paid against opening of new branches and other advances
payments against various contracts.
10.5 Others
Advance against insurance premium 57,300,131 7,124,247
Advance against Land & Building 221,921,100 554,200
Advance against supply of goods/service 211,814,079 706,089,475
Cash remit/TT 60,300,644 2,460,000
Clearing adjustments 2,410,126 7,232,668
Adjusting account debit Balance 973,516 5,843,155
Protested bill 178,907,962 178,907,962
Misc. Asset 420,604,983 130,442,782
1,154,232,542 1,038,654,490
10.5.a Adjusting Account Debit Balance
EFTN settlement - 16,757
Foreign currency gain receivable 813,000 2,528,000
Account receivable (Bond interest) 160,516 3,298,398
973,516 5,843,155
10.6 Non-income Generating Classification of Other Assets
Stationery, Stamps, Printing materials in stock, etc. 28,011,097 25,058,469
Advance Rent 290,248,129 276,086,846
Interest/profit receivable - -
Security deposit 3,614,434 3,353,718
Suspense account - -
Advance against insurance premium 57,300,131 7,124,247
Advance against Land & Building 221,921,100 554,200
Advance against supply of goods/service 211,814,079 706,089,475
Cash remit/TT 60,300,644 2,460,000
Clearing adjustments 2,410,126 7,232,668
Adjusting account debit Balance 973,516 5,843,155
Protested bill 178,907,962 178,907,962
Misc. Asset 420,604,983 130,442,782
1,476,106,202 1,343,153,523
11 Borrowing from Bangladesh Bank and Other Bank/Financial Institutions
Bangladesh Bank 3,350,278,221 1,156,693,436
Call deposit 1,946,463,500 2,700,000,000
Outside Bangladesh 8,697,713,126 4,741,343,557
13,994,454,847 8,598,036,993
528
Annual Report 2022
31.12.2022 31.12.2021
Note Taka Taka
11(a) Consolidated Borrowing from Bangladesh Bank and Other Financial Institutions
Jamuna Bank Limited 13,994,454,847 8,598,036,993
Jamuna Bank Capital Management Limited - -
Jamuna Bank Securities Limited - -
13,994,454,847 8,598,036,993
Less: Inter-company transaction
Jamuna Bank Capital Management Limited - -
Jamuna Bank Securities Limited - -
13,994,454,847 8,598,036,993
11.1 As per Following Segregation
Secured by Call Money Receipt (CMR) - -
Secured by Treasury bills - -
Secured by others 13,994,454,847 8,598,036,993
Unsecured - -
13,994,454,847 8,598,036,993
11.2 Maturity Grouping of the Borrowings from Bangladesh Bank and Other Financial Institutions
Payable on demand 1,430,000,000 3,740,000,000
Not more than three months 516,463,500 2,328,226,092
More than 3 months but not more than 1 year 8,697,713,126 509,600,000
More than 1 year but not more than 5 years 3,350,278,221 2,020,210,901
More than 5 years - -
13,994,454,847 8,598,036,993
12 Deposits and Other Accounts
Current deposit & other accounts (Note: 12.2) 54,677,380,055 42,868,558,959
Bills payable (Note: 12.3) 4,509,734,148 4,966,825,875
Savings/Mudaraba savings deposits 27,436,338,978 24,804,444,163
Fixed/Mudaraba fixed deposits 81,780,019,525 81,687,076,875
Short notice deposit 17,245,050,359 12,478,321,159
Deposit under special scheme 38,327,175,927 44,560,704,752
Foreign currency deposit 1,095,082,934 686,567,283
225,070,781,926 212,052,499,067
12(a) Consolidated Deposits and Other Accounts
Current deposit & other accounts 12.2 (a) 54,704,631,474 42,892,532,604
Bills payable 12.3 4,509,734,148 4,966,825,875
Savings/Mudaraba savings deposits 27,436,338,978 24,804,444,163
Fixed/Mudaraba fixed deposits 12(b) 81,780,019,525 81,687,076,875
Short notice deposit 12(c) 17,180,541,965 12,445,497,484
Deposit under special scheme 38,327,175,927 44,560,704,752
Foreign currency deposit 1,095,082,934 686,567,283
225,033,524,952 212,043,649,037
12.1 As per Following Segregation
Inter Bank Deposits 16,795,400,000 15,418,443,000
Other Deposits 208,275,381,926 196,634,056,067
225,070,781,926 212,052,499,067
12.2 Current Deposit and Other Accounts
Current deposit including OBU 16,691,452,368 15,104,215,884
Sundry deposit 34,337,504,128 26,738,049,828
Security deposit 72,900,793 790,305
Interest/profit Payable 3,575,522,766 1,025,502,942
54,677,380,055 42,868,558,959
Jamuna Bank Limited 529
31.12.2022 31.12.2021
Note Taka Taka
12.2(a) Consolidated current Deposit and Other Accounts
Jamuna Bank Limited 54,677,380,055 42,868,558,959
Jamuna Bank Capital Management Limited 27,251,419 23,973,645
Jamuna Bank Securities Limited - -
54,704,631,474 42,892,532,604
Less: Inter-company transaction
Jamuna Bank Capital Management Limited - -
Jamuna Bank Securities Limited - -
54,704,631,474 42,892,532,604
12.3 Bills Payable
DD payable 1,917,140 1,957,670
P.O issued 4,507,817,008 4,964,868,205
4,509,734,148 4,966,825,875
12(b) Consolidated fixed deposit
Jamuna Bank Limited 81,780,019,525 81,687,076,875
Jamuna Bank Capital Management Limited - -
Jamuna Bank Securities Limited - -
81,780,019,525 81,687,076,875
Less: Inter-company transaction
Jamuna Bank Capital Management Limited - -
Jamuna Bank Securities Limited - -
81,780,019,525 81,687,076,875
12(c) Consolidated Short notice deposit
Jamuna Bank Limited 17,245,050,359 12,478,321,159
Jamuna Bank Capital Management Limited - -
Jamuna Bank Securities Limited - -
17,245,050,359 12,478,321,159
Less: Inter-company transaction
Jamuna Bank Capital Management Limited 45,611,969 29,972,310
Jamuna Bank Securities Limited 18,896,425 2,851,365
17,180,541,965 12,445,497,484
12.4 Maturity Grouping of Deposit and Other Accounts
Payable on demand 84,404,818,000 51,808,600,000
Not more than three months 59,359,318,000 70,896,200,000
More than 3 months but not more than 1 year 25,502,536,000 31,877,700,000
More than 1 year but not more than 5 years 20,956,818,000 24,173,351,923
More than 5 years 34,847,291,926 33,296,647,144
225,070,781,926 212,052,499,067
13 Other Liabilities
Provision for unclassified loans and advances (Note: 13.1) 3,717,869,291 3,472,219,689
Special General provision-COVID-19 (Note: 13.8) 782,179,000 746,542,000
Provision for classified loans and advances (Note: 13.2) 2,638,377,067 1,472,021,036
Provision for Off Balance Sheet Exposures (Note: 13.3) 776,063,000 750,430,000
Interest suspense account (Note: 13.4) 1,847,924,266 1,873,966,378
Provision for other (Note: 13.5) 265,298,658 204,164,807
Provision for diminution in value of investments (Note: 13.6) 6,865,206 4,129,260
Provision for income tax (Note: 13.7) 678,180,823 885,548,112
Deferred Tax liability (Note: 13.7.2) 5,822,470 1,880,728
Incentive bonus 620,000,000 473,200,000
Accrued profit on investment 180,802,467 -
Contribution to JBL Foundation (Note: 34.1) 172,575,013 211,822,182
Branch adjustment 69,167,032 115,748,010
Adjusting account credit 1,057,913,197 336,592,206
Lease liabilities as per IFRS-16* 23,517,667 100,232,727
Other liabilities-including Off Shore Banking Unit 280,187,743 53,141,418
13,122,742,901 10,701,638,552
* As per note 3.02.7, in accordance with IFRS-16, the Bank has recognised the lease liabilities.
Unclaimed dividend amount of Tk.8.09 crore as on December 31, 2022.
530
Annual Report 2022
31.12.2022 31.12.2021
Taka Taka
13(a) Consolidated Other Liabilities
Jamuna Bank Limited 13,122,742,901 10,701,638,552
Jamuna Bank Capital Management Limited 1,196,071,110 1,124,878,253
Jamuna Bank Securities Limited 35,297,360 73,811,672
14,354,111,371 11,900,328,477
Less: Inter-company transaction
Jamuna Bank Capital Management Limited 646,771,529 542,808,906
Jamuna Bank Securities Limited 9,931,694 63,750,340
13,697,408,148 11,293,769,231
13.1 Provision for unclassified loans and advances
Balance at the beginning of the year 3,472,219,689 3,394,219,689
Add: Provision made during the year 245,649,602 78,000,000
3,717,869,291 3,472,219,689
13.2 Special General provision-COVID-19
Balance at the beginning of the year 746,542,000 501,249,311
Add: Provision made during the year 35,637,000 245,292,689
782,179,000 746,542,000
Less: Adjustment during the year - -
782,179,000 746,542,000
13.3 Provision for classified loans and advances
Balance at the beginning of the year 1,472,021,035 1,527,384,000
Add: Provision made during the year 2,056,349,550 675,717,100
3,528,370,585 2,203,101,100
Less: write off provision during the year 889,993,518 731,080,065
2,638,377,067 1,472,021,035
Total provision maintained for loans and advances (Notes: 13.1+ 13.2) 6,356,246,359 4,944,240,725
13.4 Provision for Off Balance Sheet Exposures
Balance at the beginning of the year 750,430,000 566,200,417
Add: Provision made during the year 25,633,000 184,229,583
776,063,000 750,430,000
Less: Adjustment during the year -
776,063,000 750,430,000
13.5 Interest Suspense Account
Balance at the beginning of the year 1,873,966,378 1,736,123,895
Add: Amount transferred during the year - 933,330,763
1,873,966,378 2,669,454,657
Less: Amount recovered during the year 26,042,112 453,220,858
Less: Amount written-off/waive during the year - 342,267,422
1,847,924,266 1,873,966,378
13.6 Provision for other
Provision for other assets:
Balance at the beginning of the year 192,395,037 183,914,114
Less: Adjustment during the year 1,481,320 71,992
190,913,717 183,842,122
Add: Provision made during the year for other assets - -
Add: Provision for protested bill 62,217,975 8,552,915
(a) 253,131,692 192,395,037
Provision for good borrowers:
Balance at the beginning of the year 10,000,000 10,000,000
Add: Provision made during the year - -
(b) 10,000,000 10,000,000
Jamuna Bank Limited 531
31.12.2022 31.12.2021
Notes Taka Taka
Provision for Zakat Fund:
Balance at the beginning of the year 1,769,770 2,924,304
Less: Paid during the year 1,769,770 2,924,304
- -
Add: Provision made during the year 2,166,966 1,769,770
( c) 2,166,966 1,769,770
The Board of Directors of Jamuna Bank Limited in its 283rd meeting held on 30-03-2016 approved for payment of Zakah
(Zakat) @2.58% (as per solar year) on the proportionate reserves of Islami Banking out of total reserves.
Total provision (a+b+c) 265,298,658 204,164,807
13.7 Provision for diminution in value of investments
Balance at the beginning of the year 4,129,260 42,542,073
Provision made during the year (Note: 37) 2,735,947 (38,412,813)
6,865,206 4,129,260
13.8 Provision for Income Tax
Advance tax
Balance of advance income tax on 01 January 9,325,256,089 7,187,097,204
Add: Paid during the year 1,900,908,268 2,138,158,885
Total (A) 11,226,164,357 9,325,256,089
Provision
Opening Balance on 10,210,804,201 8,651,050,436
Add: Provision made for the year 1,693,540,979 1,559,753,765
- -
Total (B) 11,904,345,180 10,210,804,201
Net balance at December 31 {C = (A-B)} 678,180,823 885,548,112
Corporate tax position of the bank has been shown in Annexure - D
13.8.1 Provision for income tax has been made during the year @ 37.50% as prescribed by the Finance Act 2021-
2022 on the accounting profit made by the Bank after considering some of the add back to income and
disallowances of expenditure as per Income Tax Ordinance and Rules 1984.
13.8(a) Consolidated Provision for Current Tax
Jamuna Bank Limited 1,693,540,979 1,559,753,765
Jamuna Bank Capital Management Limited 4,574,112 6,095,232
Jamuna Bank Securities Limited 1,973,636 5,098,493
1,700,088,727 1,570,947,490
13.8.2 Deferred Tax Liabilities
Opining Balance 1,880,728 13,897,942
Add: Addition/(adjustment) during the year 3,941,743 (12,017,214)
Closing balance 5,822,470 1,880,728
Deferred tax liability for depreciation on fixed assets:
Total taxable temporary difference 318,081,307 491,152,518
Total taxable Deductible difference 302,554,719 486,137,244
Net taxable temporary difference 15,526,588 5,015,274
Deferred tax liabilities (Effective tax rate 37.50%) 5,822,470 1,880,728
13.8.3 Consolidated Deferred Tax Liabilities/(Assets) during the year
Jamuna Bank Limited 3,941,743 (12,017,214)
Jamuna Bank Capital Management Limited 1,532,557 (366,603)
Jamuna Bank Securities Limited (118,733) 22,697
5,355,567 (12,361,120)
532
Annual Report 2022
31.12.2022 31.12.2021
Notes Taka Taka
13.8(b) Consolidated Provision for Deferred Tax liabilities/(Assets)
Jamuna Bank Limited 5,822,470 1,880,728
Jamuna Bank Capital Management Limited -
Jamuna Bank Securities Limited
5,822,470 1,880,728
13.9 Reconciliation of Inter-bank/ Inter-Branch Transaction
Branch adjustment account represents outstanding Inter-branch and Head Office transactions (Net)
originated but yet to be responded by the balance sheet date. The un-reconciled entries for responding as of
31 December 2022 are given below:
Particulars Number of unreconciled entries Amount
Debit Credit Debit Credit
Up to 3 months - - - -
Over 3 months but within 6 months - - - -
Over 6 months but within 9 months - - - -
Over 9 months but within 12 months - - - -
Over 12 months and more - - - -
13 (b) Subordinated Debt
Subordinated Bond Note: 13(b).1 6,700,000,000 8,500,000,000
Perpetual Bond Note: 13(b).2 4,000,000,000 3,100,000,000
10,700,000,000 11,600,000,000
13(b).1 The Bank issued fully redeemable, non-convertible, unsecured subordinated bond at different percentage (% ) coupon rate.
Detail list of subordinated debt holders are shown below:
Name of party
Agrani Bank Limited 300,000,000 400,000,000
BRAC Bank Limited 180,000,000 270,000,000
Bengal Commercial Bank Ltd. 150,000,000 150,000,000
City Bank Limited 780,000,000 1,040,000,000
Community Bank Ltd. 100,000,000 100,000,000
Eastern Bank Limited 160,000,000 240,000,000
Janata Bank Limited 2,490,000,000 2,570,000,000
Mutual Trust Bank Limited 60,000,000 90,000,000
National Bank Limited 300,000,000 400,000,000
Pubali Bank Limited 120,000,000 180,000,000
Sonali Bank Limited 500,000,000 900,000,000
Southeast Bank Limited 200,000,000 300,000,000
National Credit & Commerce Bank Limited 180,000,000 240,000,000
Standard Bank Limited 200,000,000 300,000,000
United Commercial Bank Ltd. 900,000,000 1,200,000,000
Uttara Bank Limited 80,000,000 120,000,000
6,700,000,000 8,500,000,000
13(b).2 Detail list of perpetual debt holders are shown below:
The Bank issued private placement of unsecured, Non-convertible and Floating Rate Perpetual Bond.
Name of party
Community Bank Limited 150,000,000 150,000,000
IPDC Finance Limited 100,000,000 100,000,000
Mercantile Bank Limited 400,000,000 400,000,000
Mutual Trust Bank Limited 650,000,000 650,000,000
Midland Bank Ltd. 250,000,000 250,000,000
NRB Commercial Bank Ltd. 400,000,000 400,000,000
United Commercial Bank Ltd. 700,000,000 -
One Bank Ltd. 1,350,000,000 1,150,000,000
4,000,000,000 3,100,000,000
Jamuna Bank Limited 533
31.12.2022 31.12.2021
Notes Taka Taka
13 (c) Consolidated Subordinated Debt
Jamuna Bank Limited 10,700,000,000 11,600,000,000
Jamuna Bank Capital Management Limited - -
Jamuna Bank Securities Limited - -
10,700,000,000 11,600,000,000
14 Share Capital
Authorized capital
The Authorized Share Capital of the Bank amounts to Taka. 10,000,000,000 divided into 1,000,000,000
Ordinary Shares of Taka 10 each.
Issued, Subscribed and Fully paid up Capital
Taka 7,492,256,500 divided into 749,225,650 Ordinary Shares of Taka 10 each.
Paid up Capital 7,492,256,500 7,492,256,500
Add: Share Dividend (stock) - -
7,492,256,500 7,492,256,500
14.1 Percentage of Shareholdings at the Closing Date
Amount in Taka Percentages (%)
Particulars
31 December, 22 31 December, 21 31 December, 22 31 December, 21
Sponsors 3,468,062,890 3,637,496,710 46.29% 48.55%
Financial Institutions 486,224,610 588,604,330 6.49% 7.86%
Foreign investors 36,921,430 42,958,230 0.49% 0.57%
Non-resident Bangladeshi - - - -
General Public 3,501,047,570 3,223,197,230 46.73% 43.02%
Total 7,492,256,500 7,492,256,500 100% 100%
14.2 Shareholding Range on the Basis of Shareholdings at 31 December 2022:
Shareholding range Number of shareholders Shares Percentage (%)
01 to 499 6,142 1,151,122 0.15
500 to 5,000 9,688 19,008,351 2.54
5,001 to 10,000 998 7,117,688 0.95
10,001 to 20,000 490 7,075,216 0.94
20,001 to 30,000 208 5,173,862 0.69
30,001 to 40,000 89 3,160,223 0.42
40,001 to 50,000 64 2,989,456 0.40
50,001 to 100,000 130 9,697,175 1.29
100,001 to 1,000,000 180 55,388,430 7.39
1,000,001 and over 96 638,464,127 85.22
Total 18,085 749,225,650 100.00
14.3 Raising of share capital
Given below is the history of raising of share capital of Jamuna Bank Limited:
Accounting year Declaration No of share Value in capital Cumulative
2001 Opening capital 39,000,000 390,000,000 390,000,000
2003 10% Bonus share 3,900,000 39,000,000 429,000,000
2005 25% Bonus share 21,450,000 214,500,000 643,500,000
2006 Initial Public Offer (IPO) 42,900,000 429,000,000 1,072,500,000
2006 14.29% Bonus share 15,321,420 153,214,200 1,225,714,200
2007 7.14% Bonus share 8,755,100 87,551,000 1,313,265,200
2008 23.50% Bonus share 30,861,730 308,617,300 1,621,882,500
2009 37.50% Bonus share 60,820,590 608,205,900 2,230,088,400
2010 Right Issue 74,336,280 743,362,800 2,973,451,200
2010 22% Bonus share 65,415,926 654,159,260 3,627,610,460
2011 Share issue to Mrs. Ayesha Hussain 2,079,330 20,793,300 3,648,403,760
2011 23% Bonus share 83,913,286 839,132,860 4,487,536,620
2013 15% Bonus share 67,313,049 673,130,490 5,160,667,110
2014 19% Bonus share 98,052,675 980,526,750 6,141,193,860
2017 22% Bonus share 135,106,264 1,351,062,640 7,492,256,500
749,225,650 7,492,256,500
534
Annual Report 2022
31.12.2022 31.12.2021
Notes Taka Taka
14.4 Capital Adequacy of the Bank
In terms of section 13 (2) of the Bank Companies Act. 1991 (as amended in 2018) and Bangladesh Bank BRPD
circular no. 13 dated 21 December, 2014 required capital of the Bank at the close of business on 31 December
2022 was Taka 2,315.42 crore as against available Tier-I capital of Taka 2,084.55 crore and supplementary
capital of Taka 1,017.59 crore making a total capital of Taka 3,102.14 crore thereby showing a surplus capital/
equity of Taka 786.72 crore at that date. Details are shown bellow:
Tier- I Capital (Going concern capital)
Common Equity Tier-I Capital (CET-I)
Paid up Capital 7,492,256,500 7,492,256,500
Share Premium account - -
Statutory Reserve 7,492,256,500 7,492,256,500
Retained Earnings 3,210,867,729 3,296,594,513
Less: Regulatory adjustments
(Investment in own CET-1 Instruments/Shares) (39,462,814) (43,071,531)
Total Common Equity Tier-I Capital (CET-I) (1) 18,155,917,915 18,238,035,982
Additional Tier-I capital (AT-I)
Instrument issued by the Bank (Perpetual Bond) 4,000,000,000 1,950,000,000
(1,310,400,748) -
Total additional Tier-I capital (AT-I) (2) 2,689,599,252 1,950,000,000
Total Tier- I Capital (Going concern capital) (1+2) 20,845,517,167 20,188,035,982
Tier-2 Capital (Gone concern capital)
General provision of unclassified Loan & Advances & 5,276,111,291 4,969,191,689
off Balance sheet
Subordinated bond 5,100,000,000 6,700,000,000
Less: Regulatory adjustments (Reciprocal (200,237,965) (220,000,000)
crossholdings)
Tier -II capital 10,175,873,326 11,449,191,689
Tier -I & Tier- II capital 31,021,390,493 31,637,227,671
Total Risk Weighted Assets (as per BASEL-III guideline) 185,233,478,687 192,638,704,393
Required Capital 23,154,184,836 24,079,838,049
Details are shown in Annexure - F
Actual Capital Held:
Core Capital 20,845,517,167 20,188,035,982
Supplementary Capital 10,175,873,326 11,449,191,689
31,021,390,493 31,637,227,671
Capital adequacy ratio % (Required 12.50%) 16.75 16.42
Actual Capital Held (%):
Core capital to Risk Weighted Assets 11.25% 10.48%
Supplementary capital to Risk Weighted Assets 5.49% 5.94%
15 Statutory Reserve
Opening balance 7,492,256,500 7,267,053,441
Add: Addition during the year - 225,203,059
7,492,256,500 7,492,256,500
As per Section 24 (1) of the Bank Companies Act, 1991, every banking company shall create a statutory reserve, if the amount of
such fund together with the amount in the share premium is less than its paid up capital, it shall transfer at an amount not less
than 20% of profit before taxes to statutory reserve fund. Jamuna Bank Ltd. has already maintained the required fund equivalent
to paid up share capital for statutory reserve.
16 Other Reserves
Investment Revaluation Reserve (HFT) (Note: 16.1) 422,569,413 1,973,250,803
Assets Revaluation Reserve (Note: 16.2) 1,063,497,554 1,063,497,554
Reserve for Start Up Fund (Note: 16.3) 67,290,328 51,475,903
1,553,357,296 3,088,224,261
Jamuna Bank Limited 535
31.12.2022 31.12.2021
Notes Taka Taka
16(a) Consolidated Other Reserves
Jamuna Bank Limited 1,553,357,296 3,088,224,261
Jamuna Bank Capital Management Limited - -
Jamuna Bank Securities Limited - -
1,553,357,296 3,088,224,261
16.1 Investment Revaluation Reserve (HFT)
Opening balance 1,973,250,803 5,914,364,707
Addition/Adjustment during the year (1,550,681,390) (3,941,113,904)
422,569,413 1,973,250,803
16.2 Assets Revaluation Reserve
Opening balance 1,063,497,554 1,063,497,554
Addition/Adjustment during the year - -
1,063,497,554 1,063,497,554
In terms of International Accounting Standard (IAS)-16, ‘Property, Plant and Equipment’, and instruction contained in
BRPD circular no. 10 dated 25 November, 2002 issued by Bangladesh Bank, all the immovable properties of the Bank has
been revalued by a professionally qualified valuation firm of the country in the year 2010 and also the valuation report
certified then by our external auditor. Accordingly, revaluation surplus of Taka 106.00 crore has been included in equity.
16.3 Reserve for Start Up Fund
Opening balance 51,475,903 -
Fund transfer for the year 2020 - 26,707,054
Fund transfer for the year 2021 - 24,768,849
Fund transfer for the year 2022 15,814,425
67,290,328 51,475,903
Bangladesh Bank has issued SMESPD circular no. 04 dated 29 March 2021 instructing commercial banks to constitute their
own and separate “Start-up Fund” for lending to the startup companies. Jamuna Bank Ltd. transfer 1% of it’s net profit
after tax to Start Up Fund each year.
16(b) Non controlling interest
Jamuna Bank Capital Management Limited
Paid up capital 1,000,000,000 1,000,000,000
Retained earnings (105,188,878) (106,605,265)
Total net assets 894,811,122 893,394,735
(i) Non controlling interest @ .00016% 1,432 1,445
Jamuna Bank Securities Limited
Paid up capital 400,000,000 400,000,000
Retained earnings 31,593,577 25,327,456
Total net assets 431,593,577 425,327,456
(ii) Non controlling interest @ 0.00005% 216 213
Total Non controlling interest before adjustment (i+ii) 1,647 1,658
Adjustment for prior year error (7) (7)
Total Non controlling interest (i+ii) 1,640 1,651
17 Retained earnings
Opening balance 3,296,594,513 2,407,533,447
Less: Transfer to Start Up fund 15,814,425 51,475,903
Less: Dividend distributed for last year 1,311,144,888 1,311,144,888
1,969,635,200 1,044,912,656
Add: Addition for current year 1,241,232,530 2,251,681,857
3,210,867,729 3,296,594,513
17(a) Consolidated retained earnings
Opening balance 3,212,461,335 2,287,819,874
536
Annual Report 2022
31.12.2022 31.12.2021
Notes Taka Taka
Add: Adjustment of OCI reserve for Investment in securities (JBSL) 2,855,517 -
Less: Transfer to Start Up fund 15,814,425 51,475,903
Less: Transfer to Statutory reserve - 225,203,059
Less: Dividend distributed for last year 1,311,144,888 1,311,144,888
1,888,357,539 699,996,024
Add: Addition for current year 1,248,904,244 2,512,465,311
3,137,261,783 3,212,461,335
Net profit attributable to ordinary shareholder
Attributable to:
Shareholders of JBL 1,589,114,254 2,512,465,311
Non controlling interest:
Jamuna Bank Capital Management Limited (13) 45
Jamuna Bank Securities Limited 3 4
1,589,114,244 2,512,465,359
18 Contingent Liabilities
18.1 Letters of Guarantee
Letters of Guarantee (Local) 23,646,609,436 19,774,022,785
Letters of Guarantee (Foreign) 11,700,000 11,700,000
23,658,309,436 19,785,722,785
18.2 Irrevocable Letters of Credit
Letters of Credit 29,378,262,430 28,802,934,777
29,378,262,430 28,802,934,777
18.3 Bills for Collection
Outward local bills for collection 1,206,400 -
Foreign DOC bill collection 5,042,393,608 4,413,687,479
Inward local bills for collection 16,899,320,906 10,804,026,921
21,942,920,914 15,217,714,400
18(a) Consolidated contingent liabilities
Acceptances & Endorsements
Jamuna Bank Limited 37,001,469,815 38,979,082,832
Jamuna Bank Capital Management Limited - -
Jamuna Bank Securities Limited - -
37,001,469,815 38,979,082,832
Letters of Guarantee
Jamuna Bank Limited 23,658,309,436 19,785,722,785
Jamuna Bank Capital Management Limited - -
Jamuna Bank Securities Limited - -
23,658,309,436 19,785,722,785
Irrevocable Letters of Credit
Jamuna Bank Limited 29,378,262,430 28,802,934,777
Jamuna Bank Capital Management Limited - -
Jamuna Bank Securities Limited - -
29,378,262,430 28,802,934,777
Bills for Collection
Jamuna Bank Limited 21,942,920,914 15,217,714,400
Jamuna Bank Capital Management Limited - -
Jamuna Bank Securities Limited - -
21,942,920,914 15,217,714,400
Jamuna Bank Limited 537
31.12.2022 31.12.2021
Notes Taka Taka
Other Contingent Liabilities
Jamuna Bank Limited 94,200,000 435,620,674
Jamuna Bank Capital Management Limited - -
Jamuna Bank Securities Limited - -
94,200,000 435,620,674
19 Profit & Loss Account
Income
Interest, discount and similar income 12,324,570,245 11,106,905,492
Commission, custody and brokerage 1,171,192,865 1,126,036,377
Dividend Income 5,999,528 3,722,186
Investment income 5,912,559,384 5,646,178,157
Exchange gain on foreign bill purchased 1,810,075,204 1,010,181,784
Other Operating Income 936,457,453 589,967,278
22,160,854,679 19,482,991,273
Expenses
Interest and similar expenses 9,338,510,110 8,511,938,951
Administrative expenses 5,607,433,743 4,526,033,158
Other Operating expenses 1,022,306,744 858,031,048
Depreciation on banking assets 483,288,791 407,289,398
16,451,539,388 14,303,292,555
Profit before tax & provision 5,709,315,291 5,179,698,718
20 Interest Income & profit on investment
Interest/profit on loan and advances-Main operation (Note: 20.1) 11,107,678,839 10,610,254,026
Interest on loan and advances-Off Shore Banking Unit 923,991,039 339,017,680
Interest on call loan 54,802,826 16,153,056
Interest/profit on deposit to other bank / Financial Inst. 84,563,408 94,552,672
Interest on Foreign Currency account 153,534,132 46,928,058
12,324,570,245 11,106,905,492
538
Annual Report 2022
31.12.2022 31.12.2021
Notes
Taka Taka
20(a) Consolidated Interest Income
Jamuna Bank Limited 12,324,570,245 11,106,905,492
Jamuna Bank Capital Management Limited 47,970,880 53,834,098
Jamuna Bank Securities Limited 721,502 -
12,373,262,627 11,160,739,590
Less: Inter-company transaction
Jamuna Bank Capital Management Limited 34,185,239 52,775,558
Jamuna Bank Securities Limited 1,295,370 1,961,612
12,337,782,018 11,106,002,420
20.1 Interest on Loan & Advances
Interest on agriculture loan 301,811,273 184,518,426
Interest on SME 1,666,756,059 1,681,839,992
Interest on loans (General) 53,137,265 55,304,958
Interest on demand loan 58,678,093 45,096,308
Interest on loan against trust receipt (LTR) 418,617,643 415,381,881
Interest on packing credit 56,140,276 34,431,402
Interest on house building loan 8,905,032 7,377,569
Interest on real estate 104,494,920 103,203,503
Interest on hire purchase 200,542,549 227,976,868
Interest on lease finance 190,239,976 197,320,789
Interest on payment against documents (PAD) 67,409,013 79,146,112
Interest on cash credit (Hypo) 709,268,102 621,114,057
Interest on secured overdraft Share/FDR 195,494,809 167,175,063
Interest on secured overdraft (F.O) 39,529,627 25,767,782
Interest on secured overdraft (work order) 319,130,363 334,262,984
Interest on secured overdraft (export) 7,693,637 5,666,874
Interest on secured overdraft (special scheme) 266,222,609 282,053,214
Interest on secured overdraft (General/PO) 1,166,590,691 1,081,341,918
Interest on house building loan staff 35,846,460 32,453,932
Interest on salary/any purpose loan/Other staff loan 101,367,816 104,119,268
Interest on term loan 2,631,196,926 3,053,657,730
Interest on time loan 1,222,162,734 1,109,462,812
Interest on local document bill purchased 217,963,439 74,598,405
Interest on foreign document bill purchased (Doc.) 15,009,411 1,309,250
Interest on EDF 166,596,341 106,868,351
Interest on Retail Credit 38,769,039 36,330,254
Interest Rec.on Special credit Facility for COVID 370,216,715 138,519,099
Interest on transport/auto/car loan 17,567,816 12,148,465
Interest on Credit Card 155,350,382 111,347,645
Interest on others 8,258,098 27,383,897
10,810,967,114 13,176,382,126
In Islamic Banking branches:
Profit on Bai-Muazzal (General/Com./others) 205,777,411 138,982,002
MPI Trust Receipt 25,673,082 34,237,970
Profit on Murabaha (Import bill) 3,013,959 716,474
Profit on local document bill purchased (LDBP) 40,830 13,992,946
Profit on PAD/MIB 2,198,836 1,692,489
Profit on SME Finance 3,788,038 9,292,979
Profit Received on Time loan (Covid -19) 14,403,879 7,076,737
Profit Received On OD (Stimulus Package) 8,328,138 -
Profit on Hire Purchase 33,487,552 47,083,621
296,711,726 253,075,218
11,107,678,839 10,610,254,026
Jamuna Bank Limited 539
31.12.2022 31.12.2021
Notes
Taka Taka
21 Interest/profit on Deposit & Borrowings etc.
Interest/profit paid on deposits (Note: 21.1) 8,551,131,244 7,749,670,872
Interest paid on call loan 187,419,708 80,308,139
Interest/profit paid on borrowing-Main operation (Note: 21.2) 599,959,158 681,936,669
Interest/profit paid on borrowing-Off Shore Banking Unit - 23,271
9,338,510,110 8,511,938,950
21(a) Consolidated Interest on Deposit & Borrowings etc.
Jamuna Bank Limited 9,338,510,110 8,511,938,950
Jamuna Bank Capital Management Limited 34,185,239 52,775,558
Jamuna Bank Securities Limited 1,295,370 1,961,612
9,373,990,719 8,566,676,120
Less: Inter-company transaction
Jamuna Bank Capital Management Limited 34,185,239 52,775,558
Jamuna Bank Securities Limited 1,295,370 1,961,612
9,338,510,110 8,511,938,950
21.1 Interest on Deposits
Interest on savings deposit 492,814,739 403,647,171
Interest on Short notice deposit 470,607,354 259,584,527
Interest on fixed deposit 3,616,205,699 2,893,422,423
Interest on monthly saving scheme 1,753,000,688 1,850,423,387
Interest on RFCD/ NFCD 970,355 228,749
Interest on Other scheme Deposits 1,930,466,126 2,125,306,476
8,264,064,963 7,532,612,733
Profit on deposits from Islamic branches:
Profit on Mudaraba savings deposit 4,482,070 5,358,854
Profit on Mudaraba Short notice deposit 20,925,696 4,657,506
Profit on Mudaraba term deposit 184,479,433 122,879,295
Profit on Other scheme Deposits 77,179,083 84,162,484
287,066,281 217,058,139
8,551,131,244 7,749,670,872
21.2 Interest/profit paid on borrowing-Main operation
Interest on subordinated bond 579,324,035 641,720,656
Interest on borrowing from Bangladesh Bank 20,635,123 40,216,013
599,959,158 681,936,669
22 Investment Income
Income from treasury bill 179,558,959 3,089,261
Income from treasury bond 5,148,598,223 4,634,721,377
Income from interest on subordinated debt 435,726,000 346,021,228
Interest received on REPO of Treasury Bills 21,958,416 1,023,225
Dividend Income 5,999,528 3,722,186
Capital gain on sale of Govt. securities 125,208,454 697,820,686
Capital Gain/(loss) on sale of shares 1,509,331 (36,497,619)
5,918,558,912 5,649,900,343
22(a) Consolidated Investment Income
Jamuna Bank Limited 5,918,558,912 5,649,900,343
Jamuna Bank Capital Management Limited 15,385,904 44,806,727
Jamuna Bank Securities Limited 10,020,056 14,640,189
5,943,964,872 5,709,347,259
Less: Inter-company transaction
Jamuna Bank Capital Management Limited - -
Jamuna Bank Securities Limited - -
5,943,964,872 5,709,347,259
540
Annual Report 2022
31.12.2022 31.12.2021
Notes
Taka Taka
23 Commission, Exchange, Custody & Brokerage Income
Commission ( Note: 23.1) 1,171,192,865 1,126,036,377
Exchange Gain from foreign currencies ( Note: 23.2) 1,810,075,204 1,010,181,784
Offshore banking unit - -
2,981,268,069 2,136,218,160
23(a) Consolidated Commission, Exchange, Custody & Brokerage Income
Jamuna Bank Limited 2,981,268,069 2,136,218,160
Jamuna Bank Capital Management Limited 20,883,101 14,258,460
Jamuna Bank Securities Limited 4,153,262 428,078
3,006,304,432 2,150,904,698
23.1 Commission
Commission on LC/Bills 805,996,549 729,502,947
Commission on Bank Guarantee 179,724,254 232,477,384
Underwriting Commission 24,662,493 37,844,740
Commission as Rebate 143,074,052 107,226,189
Commission on Other Banking Service 17,735,516 18,985,116
1,171,192,865 1,126,036,377
23.2 Exchange Gain from foreign currencies
On foreign bill purchased and dealing 2,025,725,485 1,139,577,648
Less: Exchange Loss 215,650,281 129,395,865
1,810,075,204 1,010,181,784
24 Other Operating Income
Charges on account closing 1,627,884 1,774,181
Charges on RTGS/clearing 11,616,062 2,015,250
Reimbursement from VISA 9,478,939 2,488,369
Cheque book issuance fee 19,631,814 15,798,597
Service charge 190,224,256 127,239,032
Postage charges recovery 17,154,895 20,395,519
SWIFT, Telephone, telex & e-mail recovery 56,689,570 54,652,506
Documentation/ Processing Charge 32,650,193 20,250,749
Rent on locker 3,979,444 4,352,800
Risk fund 71,750 49,000
Recovery of loan previously written off 237,222,120 80,409,176
Profit on Sale of Fixed Assets 70,974 2,616,505
Other receipts 337,736,316 248,854,068
Offshore Banking unit 18,303,237 9,071,526
936,457,453 589,967,278
24(a) Consolidated Other Operating Income
Jamuna Bank Limited 936,457,453 589,967,278
Jamuna Bank Capital Management Limited 842,400 988,095
Jamuna Bank Securities Limited 7,378,512 6,138,413
944,678,365 597,093,786
25 Operating Expenses
Administrative Expenses
Salary and allowances 4,369,210,927 3,412,500,093
Rent, taxes, insurance, electricity, etc. 745,259,727 727,485,061
Legal expenses 16,904,088 12,373,557
Postage, stamps, telephone, etc. 104,202,682 89,107,167
Stationery, Printings, Advertisements, etc. 301,851,506 238,093,007
Directors' fees 9,169,996 8,503,998
Auditors' fees 690,000 690,000
Managing Director's salary & fees 14,821,935 13,880,000
Repairs and maintenance of bank's assets 45,322,882 23,400,274
5,607,433,743 4,526,033,158
Jamuna Bank Limited 541
31.12.2022 31.12.2021
Notes
Taka Taka
Other Operating Expenses
Depreciation 483,288,791 407,289,398
Other Expenses 1,022,306,744 858,031,048
1,505,595,535 1,265,320,446
7,113,029,278 5,791,353,603
25(a) Consolidated Operating Expenses
Jamuna Bank Limited 7,113,029,278 5,791,353,603
Jamuna Bank Capital Management Limited 21,357,898
Jamuna Bank Securities Limited 3,705,574
7,113,029,278 5,816,417,075
26 Salary and Allowances
Basic Salary 1,523,760,388 1,337,688,893
Allowances 1,584,911,747 1,291,618,449
Salary Casual Staff 220,123,470 174,070,169
Bonus 876,349,869 549,081,949
Gratuity 152,500,000 50,000,000
Employees Welfare Fund 3,221,020 2,928,200
Off Shore Banking Unit 8,344,433 7,112,433
4,369,210,927 3,412,500,093
26(a) Consolidated Salary and Allowances
Jamuna Bank Limited 4,369,210,927 3,412,500,093
Jamuna Bank Capital Management Limited 17,063,027 12,427,073
Jamuna Bank Securities Limited 4,967,929 760,745
4,391,241,883 3,425,687,911
27 Rent, Taxes, Insurance, Electricity, etc.
Rent ( Note: 27.1) 459,314,051 422,263,636
Rates & taxes 21,625,317 55,392,561
Insurance expenses ( Note: 27.2) 127,215,977 136,595,273
Electricity bill 119,031,724 102,860,062
WASA & Gas Bill 4,739,872 3,675,193
Generator fuel & others 13,332,786 6,698,336
745,259,727 727,485,061
27.1 Rent
Rent expenses 558,315,699 512,157,832
Less: Adjustment with depreciation arises against right-of-use assets (IFRS 16) 101,720,400 95,415,721
456,595,299 416,742,111
Add: Finance cost for right of use of asset (IFRS 16 lease) 2,718,752 5,521,525
459,314,051 422,263,636
*Due to the first time adoption of IFRS 16, rental expense was transferred to depreciation of Right of use
Assets (RoU) and profit expense of lease liabilities.
27.2 Insurance Expenses
On Cash on transit, Cash in safe & Cash on counter 23,361,434 21,317,789
On Vehicles 5,299,579 5,297,086
Deposit insurance premium 75,459,853 86,953,836
Group insurance 17,176,580 18,825,747
On others 5,918,532 4,200,816
127,215,977 136,595,273
27(a) Consolidated Rent, Taxes, Insurance and Electricity, etc.
Jamuna Bank Limited 745,259,727 727,485,061
Jamuna Bank Capital Management Limited 1,571,926 836,364
Jamuna Bank Securities Limited 54,242 46,527
746,885,895 728,367,953
542
Annual Report 2022
31.12.2022 31.12.2021
Notes
Taka Taka
28 Postage, Stamps, Telephone bill etc.
Postage Charges 20,493,330 19,340,122
Online/ VSAT Charges 31,419,083 34,369,426
SWIFT Charges 13,035,986 12,908,140
Reuter Charges 2,566,379 2,288,027
Fax, Telex & Internet charges 428,447 327,587
Telephone bill 36,179,509 19,813,809
Telephone bill of Off Shore Banking Unit 79,947 60,056
104,202,682 89,107,167
28(a) Consolidated Postage, Stamps, Telecommunication etc.
Jamuna Bank Limited 104,202,682 89,107,167
Jamuna Bank Capital Management Limited 423,375 188,960
Jamuna Bank Securities Limited 107,000 60,000
104,733,057 89,356,127
29 Stationery, Printing and Advertisements, etc.
Office stationery 25,577,377 21,349,900
Printing stationery 16,826,108 20,615,404
Security stationery 11,930,188 23,399,232
Computer paper 195,379 379,156
Computer printer tonner & cartridge 12,180,231 9,157,217
Servicing of IT equipments 74,762,459 6,351,779
Software maintenance 95,946,380 82,794,131
Publicity and advertisement 64,091,668 73,889,826
Off Shore Banking Unit 341,717 156,363
301,851,506 238,093,007
29(a) Consolidated Stationery, Printing and Advertisements, etc.
Jamuna Bank Limited 301,851,506 238,093,007
Jamuna Bank Capital Management Limited 334,613 311,743
Jamuna Bank Securities Limited 242,623 47,615
302,428,742 238,452,365
30 Managing Director's Salary and fees
Basic Salary 8,388,710 7,800,000
Allowances 4,003,225 3,650,000
Bonus 2,430,000 2,430,000
14,821,935 13,880,000
30(a) Consolidated Managing Director's Salary and fees
Jamuna Bank Limited 14,821,935 13,880,000
Jamuna Bank Capital Management Limited - -
Jamuna Bank Securities Limited - -
14,821,935 13,880,000
31 Directors' Fees
Directors fees 4,144,000 4,368,000
Meeting expenses 5,025,996 4,135,998
9,169,996 8,503,998
Each Director is paid Tk. 8,000/- per meeting per attendance.
31(a) Consolidated Directors' Fees
Jamuna Bank Limited 9,169,996 8,503,998
Jamuna Bank Capital Management Limited 557,600 748,000
Jamuna Bank Securities Limited 255,200 211,200
9,982,796 9,463,198
Jamuna Bank Limited 543
31.12.2022 31.12.2021
Notes
Taka Taka
32 Auditors' Fees
Auditors' fees 690,000 690,000
32(a) Consolidated Auditors' Fees
Jamuna Bank Limited 690,000 690,000
Jamuna Bank Capital Management Limited 115,000 57,500
Jamuna Bank Securities Limited 23,000 23,000
828,000 770,500
33 Depreciation and repairs of bank's assets
Repair, renovation & maintenance including Off Shore Banking Unit ( Note: 33.1) 45,322,882 23,400,274
Depreciation including Off Shore Banking Unit 483,288,791 407,289,398
528,611,673 430,689,672
33.1 Repair, renovation & maintenance including Off Shore Banking Unit
Spare parts & equipment 41,336,981 19,440,615
Repair of fixed assets 2,990,430 3,010,174
Tree/plant expenses 995,471 949,486
45,322,882 23,400,275
33(a) Consolidated Depreciation/amortization and repairs of bank's assets
Jamuna Bank Limited 528,611,673 430,689,672
Jamuna Bank Capital Management Limited 2,942,167 2,405,241
Jamuna Bank Securities Limited 348,851 148,482
531,902,691 433,243,395
34 Other Expenses
Bank charges 17,703,253 13,296,001
Security services 321,898,818 299,412,810
Other professional charges 16,701,454 14,929,046
Entertainment 73,077,314 48,236,549
Car expenses 132,045,996 127,433,162
Books, newspaper & magazine 789,941 809,939
Subscription & Donation 119,678,250 11,553,450
Traveling expenses (TA/DA) 38,764,011 17,557,306
Conveyance, labor charges 26,719,107 31,746,261
Business development expenses 61,624,129 45,219,786
Training expenses 4,420,617 7,218,227
Liveries and uniform 2,740,104 1,518,947
Utility 2,429,715 2,423,048
Drinking Water 2,880,483 2,508,184
Annual General Meeting (AGM) 2,193,459 710,717
CDBL/Stock Exchanges charge 1,466,002 228,907
Sanitation & cleaning services 5,447,074 1,988,670
Photograph & photocopy 657,500 607,293
Cash carrying / remit. charge 9,537,292 9,280,415
Sundry expenses 8,706,490 9,369,361
Off Shore Banking Unit 250,723 160,784
Contribution to Jamuna Bank Foundation Note-34.1 172,575,013 211,822,182
1,022,306,744 858,031,048
544
Annual Report 2022
31.12.2022 31.12.2021
Notes
Taka Taka
34.1 Contribution to Jamuna Bank Foundation
Profit before charging contribution to Jamuna Bank Foundation 5,881,890,304 5,391,520,901
Less: Total provision during the period 2,430,390,040 1,155,077,252
Pre-tax profit before charging contribution to JBF 3,451,500,264 4,236,443,650
* Contribution @5% on pre-tax profit 172,575,013 211,822,182
* The Board of Directors of Jamuna Bank Limited in its 371st meeting held on 24-08-2020 approved for
contribution to the fund of the Jamuna Bank foundation at the rate of not less than 5.00% of Pre-Tax profit of
the Bank to broaden the CSR activities of the Bank’s Foundation.
34(a) Consolidated Other Expenses
Jamuna Bank Limited 1,022,306,744 858,031,048
Jamuna Bank Capital Management Limited 8,281,164 4,265,691
Jamuna Bank Securities Limited 4,632,446 2,408,005
1,035,220,354 864,704,744
35 Provision for Loans & Advances
Unclassified loans, advances and others 245,649,602 78,000,000
Special General provision-COVID-19 35,637,000 245,292,689
Classified loans & advances 2,056,349,550 675,717,100
2,337,636,152 999,009,789
1% additional special General provision-COVID 19 has been kept as per BRPD Circular letter no. 56 dated 10 December,
2020 and another 2% additional special General provision-COVID 19 has been kept as per BRPD Circular letter no. 50 dated
14 December, 2021.
35(a) Consolidated Provision for Loans, Advances and Lease
Jamuna Bank Limited 2,337,636,152 999,009,789
Jamuna Bank Capital Management Limited 744,038 153,560
Jamuna Bank Securities Limited 517,334 776,975
2,338,897,524 999,940,324
36 Provision for off Balance Sheet Exposures
Provision during the year 25,633,000 184,229,583
25,633,000 184,229,583
36(a) Consolidated Provision for off Balance Sheet Exposures
Jamuna Bank Limited 25,633,000 184,229,583
Jamuna Bank Capital Management Limited - -
Jamuna Bank Securities Limited - -
25,633,000 184,229,583
37 Provision for Diminution in Value of Investments
Provision to be maintained for the year (Note-7.2.2) 6,865,206 4,129,260
Provision has already been maintained last year 4,129,260 42,542,073
2,735,947 (38,412,813)
38 Consolidated Provision for Diminution in Value of Investments
Jamuna Bank Limited 2,735,947 (38,412,813)
Jamuna Bank Capital Management Limited 11,168,830 5,678,052
Jamuna Bank Securities Limited 1,719,108 2,254,570
15,623,885 (30,480,192)
39 Earning per Share
Net profit after tax (Numerator) 1,581,442,530 2,476,884,917
No. of ordinary shares outstanding (Denominator) 749,225,650 749,225,650
2.11 3.31
Earnings per share has been calculated in accordance with IAS-33 :"Earnings Per Share".
Jamuna Bank Limited 545
31.12.2022 31.12.2021
Notes
Taka Taka
39(a) Consolidated Earning per Share
Net profit after tax (Numerator) 1,589,114,254 2,512,465,311
No. of ordinary shares outstanding (Denominator) 749,225,650 749,225,650
2.12 3.35
40 Receipt from Other Operating Activities
Charges on account closing 1,627,884 1,774,181
Charges on RTGS/clearing 11,616,062 2,015,250
Reimbursement from VISA 9,478,939 2,488,369
Cheque book issuance fee 19,631,814 15,798,597
Service charge 190,224,256 127,237,032
Postage charges recovery 17,154,895 20,395,519
SWIFT, Telephone, telex & e-mail recovery 56,689,570 54,652,506
Documentation/ Processing Charge 32,650,193 20,250,749
Rent on locker 3,979,444 4,352,800
Risk fund 71,750 49,000
Other receipts 337,736,316 248,856,068
Offshore Banking Unit 18,303,237 9,071,526
699,164,360 506,941,597
41 Payment to Other Operating Activities
Rent, taxes, insurance. 608,155,345 614,251,471
Legal expenses 16,904,088 12,373,557
Auditors' fees 690,000 690,000
Directors' fees 9,169,996 8,503,998
Bank charges 17,703,253 13,296,001
Security services 321,898,818 299,412,810
Other professional charges 16,701,454 14,929,046
Entertainment 73,077,314 48,236,549
Car expenses 132,045,996 127,433,162
Books, newspaper & magazine 789,941 809,939
Subscription & Donation 119,678,250 11,553,450
Traveling expenses 38,764,011 17,557,306
Conveyance, labor charges 26,719,107 31,746,261
Repair Renovation & Maintenance 45,322,882 23,400,274
Business development expenses 61,624,129 45,219,786
Training expenses 4,420,617 7,218,227
Liveries and uniform 2,740,104 1,518,947
Annual Gen. Meeting Expenses 2,193,459 710,717
CDBL/ Stock Exch. Charge 1,466,002 228,907
Utility 2,429,715 2,423,048
Sanitation & cleaning 5,447,074 1,988,670
Photograph & photocopy 657,500 607,293
Cash carrying / remit. charge 9,537,292 9,280,415
Drinking Water Bill 2,880,483 2,508,184
Sundry expenses 8,706,490 9,369,361
Offshore Banking Unit 250,723 160,784
1,529,974,042 1,305,428,165
42 Other Current Liabilities
Adjusting account credit 721,320,990 (113,431,126)
Accrued profit on investment 180,802,467 (104,482,380)
Interest suspense account (26,042,112) 137,842,483
Incentive bonus 146,800,000 23,200,000
Payment of Contribution to JBL Foundation (211,822,182) (228,964,818)
Payment of Zakat Fund (1,769,770) (2,924,304)
546
Annual Report 2022
31.12.2022 31.12.2021
Notes
Taka Taka
Branch Adjustment (46,580,978) 115,748,010
Other liabilities -Off shore banking Unit 227,046,325 (58,262,808)
Loans & advances written off (889,993,518) (731,080,065)
Assets revaluation reserve (1,534,866,965) (3,889,638,000)
(1,435,105,743) (4,851,993,008)
43 Calculation of Net Cash Flow per Share (NOCFPS)
Net Cash flow from operating activities (Solo) 9,181,046,681 8,333,078,275
Net Cash flow from operating activities (Consolidated) 9,165,930,167 8,490,872,917
Number of Share 749,225,650 749,225,650
Net operating cash flow per share (Solo) 12.25 11.12
Net operating cash flow per share (Consolidated) 12.23 11.33
It is observed that the Net Operating Cash Flow per Share (NOCFPS) for the year ended December 31, 2022 has increased
comparing to the corresponding year as loan disbursement was lower than that of deposit procurement.
44 Reconciliation of statement of cash flows from operating activities
Profit before provision 5,709,315,291 5,179,698,718
Adjustment for non cash items:
Depreciation on fixed asset 483,288,791 407,289,398
Profit on sale of fixed assets (70,974) (2,616,505)
6,192,533,109 5,584,371,611
Adjustment with non-operating activities:
Accounts receivable on loans & advances 150,630,616 1,106,376,443
Accounts payable on deposits 2,550,019,824 (91,141,669)
Contribution to Jamuna Bank Foundation 172,575,013 211,822,182
Accounts receivable on investments (282,477,472) (323,696,914)
2,590,747,981 903,360,043
Changes in operating assets and liabilities
Changes in loans & advances (5,666,009,050) (12,166,350,036)
Changes in other assets (1,068,474,383) (37,804,057)
Changes in borrowings from banks 1,376,957,000 12,511,370,857
Changes in deposit and other accounts 9,091,306,035 8,528,281,750
Changes in other liabilities (1,435,105,743) (4,851,993,008)
2,298,673,859 3,983,505,506
Income Tax Paid (1,900,908,268) (2,138,158,885)
Net cash flows from operating activities 9,181,046,681 8,333,078,276
44.1 No. of Branches (Including SME/Krishi centers) 167 157
During the year 2022, 10 (ten) new branches were opened at the end of the year.
45 No. of Meetings:
Board meetings 22 18
Executive committee meetings 21 25
Audit committee meetings 8 8
Risk management committee meetings 6 8
Shariah supervisory committee meetings 3 2
45.1 Events after the reporting period
The Board of Directors in its 422nd meeting held on 27th April, 2023 has recommended cash dividend @ 17.50%
and stock dividend 8.50% subject to the approval of the shareholders at the next Annual General Meeting.
Jamuna Bank Limited 547
31.12.2022 31.12.2021
Notes
Taka Taka
46 Shareholding Pattern
Breakup of shareholding pattern as per clause 1.5 (xxi) of Securities and Exchange Commission notification
no No.SEC/CMRRCD/2006-158/134/Admin/44 dated 07 August 2012 issued under Section 2CC of the Securities
and Exchange Ordinance, 1969, is as follows:
Sl. No. Name of the Company % of Shareholding
1. Jamuna Bank Capital Management Limited 99.99984%
2. Jamuna Bank Securities Limited 99.99995%
46 (A) Related Party Disclosures
i) Names of the Directors together with a list of entities in which they have Interest Note-46.3
ii) Significant contracts where Bank is a party and wherein Directors have interest during the year 2022: Nil
iii) Shares issued to Directors and Executives without consideration or exercisable at a discount Nil
iv) Related party transactions
Name of Directors Relationship Nature of Loan Amount Status
1. Al-Haj Nur Mohammed Director Credit Card BDT 16,825 Regular
2. Mr. Gazi Golam Murtoza Director Credit Card BDT 103,771 Regular
3. Md. Mahmudul Hoque Director Credit Card BDT 5,637 Regular
v) Disclosure of transaction regarding Directors and their related concerns Nil
vi) Business other than banking business with any relation concern to the Directors as per Section 18(2) of the
Bank Companies Act, 1991 as amended 2018.
Service receiving companies where the Directors interest subsisted during the year:
Name of party Relationship Nature of transaction Amount
Gazi Satellite Television Ltd. Director Advertisement (Electronic media) 2,300,000
Somoy Media Ltd. Director Advertisement (Electronic media) 690,000
vii) Investment in the Securities of Directors and their related concern
46.1 Business with subsidiary
For the year 2022
Nature of Opening
Organization Addition Adjustment Closing Balance
Transactions Balance
Jamuna Bank Capital Management Ltd.
Short Notice Deposit 30,205,854 659,183,189 643,880,161 45,508,882
Secured Overdraft 542,808,908 369,987,152 266,024,531 646,771,529
Jamuna Bank Securities Ltd.
Short Notice Deposit 2,851,364 1,425,698 2,934,242 1,342,820
Secured Overdraft 63,750,340 15,949,703 69,768,349 9,931,694
548
Annual Report 2022
31.12.2022 31.12.2021
Notes
Taka Taka
46.2 Name of the Directors and their interest in bank
December December
Sl. Name of the Directors Status
2022 (%) 2021 (%)
1 Al-Haj Nur Mohammed Chairman 2.96% 2.96%
2 Engr. A.K.M. Mosharraf Hussain Director 2.00% 2.00%
3 Engr. Md. Atiqur Rahman Director 3.86% 3.86%
5 Mr.Gazi Golam Ashria Director 2.00% 2.00%
4 Mr. Fazlur Rahman Director 2.00% 2.00%
6 Mr. Md. Saidul Islam Director 2.00% 2.00%
7 Mr. Robin Razon Sakhawat Director 2.00% 2.00%
8 Mr. Redwan-Ul Karim Ansari Director 2.18% 2.18%
9 Mr. Md. Belal Hossain Director 2.03% 2.03%
10 Mr. Md. Mahmudul Hoque Director 2.00% 2.00%
11 Mr. Shaheen Mahmud Director 5.00% 5.00%
12 Mr. Md. Sirajul Islam Varosha Director 2.00% 2.00%
13 Mr. Kanutosh Majumder Director 2.06% 2.06%
14 Mr. Md. Ismail Hossain Siraji Director 2.00% 2.00%
15 Mr. Gazi Golam Murtoza Director 2.55% 2.55%
16 Mr. Md. Hasan Director 5.00% 5.00%
17 Mr. Abdur Rahman Sarker Independent Director 0.00% 0.00%
18 Mr. Md. Humayun Kabir Khan Independent Director 0.00% 0.00%
19 Mr. Md. Abdul Jabber Chowdhury Independent Director 0.00% 0.00%
20 Mr. M. Murshidul Huq Khan Independent Director 0.00% 0.00%
21 Mr. Mirza Elias Uddin Ahmed Managing Director 0.00% 0.00%
Jamuna Bank Limited 549
46.3 Name of the directors and their interest in different entities.
Position with the
Sl No. Name Designation Entities where they have interest
entities /companies
1. Al-Haj Nur Mohammed Chairman 1 Nur Star Engineering Ltd. Chairman
2 Australian International School, Bangladesh & Director
International Holdings Ltd.
3 Star Trading Corporation Proprietor
4 Modhumoti CNG Complex Proprietor
5 Jamuna Bank Capital Management Limited Director
2. Engr. A.K.M. Director 1. The Civil Engineers Limited Chairman
Mosharraf Hussain 2. Standard Fashions Ltd. Chairman
3. Standard Liquefied Petroleum Gas Ltd. Managing Director
4. Adhunik Plastic Industries Limited Managing Director
5. Amotex Limited Managing Director
6. International Trading Services Limited Managing Director
7 Kazipur Fashions Limited Managing Director
8 Peak Fashions Limited Managing Director
9 Standard Stitches Limited Managing Director
10 Standard Group Limited Managing Director
11 Shams Styling Wears Limited Managing Director
12 Sterling Designs limited Managing Director
13 Transworld Sweaters Limited Managing Director
14 Wear Mag Limited Managing Director
15 Your Fashion Sweater Limited Managing Director
16 Concorde Knitting and Dyeing Industries Ltd. Managing Director
17 Standard Global Economic Zone Ltd. Managing Director
18 Amann Bangladesh Limited Director
19 Inno Chemicals Limited Director
20 United Financial Trading Company Ltd. Director
3 Engr. Md. Atiqur 1. Amotex Limited Chairman
Rahman 2. International Trading Services Limited Chairman
3. Kazipur Fashions Limited Chairman
4. Peak Fashions Limited Chairman
5. Standard Stitches Limited Chairman
6. Standard Group Limited Chairman
7 Shams Styling Wears Limited Chairman
8 Sterling Designs limited Chairman
9 Transworld Sweaters Limited Chairman
10 Wear Mag Limited Chairman
11 Your Fashion Sweater Limited Chairman
12 Concorde Knitting and Dyeing Industries Ltd. Chairman
13 Inno Chemicals Limited Chairman
14 Adhunik Plastic Industries Limited Chairman
15 Standard Global Economic Zone Ltd. Chairman
16 Standard Liquefied Petroleum Gas Ltd. Chairman
17 Standard Retail Ltd. Chairman
18 The Civil Engineers Limited Managing Director
19 Standard Fashions Limited Managing Director
20 Amann Bangladesh Limited Director
22 United Financial Trading Company Ltd. Director
4. Mr. Fazlur Rahman Director 1. Asgar Ali Hospital Ltd. Chairman and MD
2. Asgar Oil Mills Ltd. Chairman and MD
3. BRAC Banshkhali Tea & Co. Ltd. Chairman and MD
4. City Auto Rice & Dal Mills Ltd. Chairman and MD
5. City Composite Textile Ltd. Chairman and MD
6. City Dal Mills Ltd. Chairman and MD
7 City Economic Zone Ltd. Chairman and MD
550
Annual Report 2022
Position with the
Sl No. Name Designation Entities where they have interest
entities /companies
8 City Edible Oil Ltd. Chairman and MD
9 City Feed Products Ltd. Chairman and MD
10 City Hi-tech Park Ltd. Chairman and MD
11 City LPG Ltd. Chairman and MD
12 City Modern Agro Ltd. Chairman and MD
13 City Navigation Limited Chairman and MD
14 City Oil Mills Ltd. Chairman and MD
15 City PET Industries Ltd. Chairman and MD
16 City Sugar Industries Ltd. Chairman and MD
17 City Tea Estate Ltd. Chairman and MD
18 City Polymers Ltd. Chairman and MD
19 CSI Power & Energy Ltd. Chairman and MD
20 F.Rahman Oil Mills Ltd. Chairman and MD
21 Farzana Oil Refineries Ltd. Chairman and MD
22 Hamida Plastic Containers Limited Chairman and MD
23 Hasan Containers Ltd. Chairman and MD
24 Hasan Flour Mills Ltd. Chairman and MD
25 Hasan Plastic Industries Ltd. Chairman and MD
26 Hasan Printing & Packaging Ind. Ltd. Chairman and MD
27 International Oil Mills Ltd. Chairman and MD
28 Khan Brothers Ship Building Ltd. Chairman and MD
29 Latin Pharma Ltd. Chairman and MD
30 New Sagurnal Tea Co. Ltd. Chairman and MD
31 Rahima Food Corporation Ltd. Chairman and MD
32 Rahman Synthetics Ltd. Chairman and MD
33 Rupshi Flour Mills Ltd. Chairman and MD
34 Rupshi Feed Mills Ltd. Chairman and MD
35 Safe Shipping Lines Ltd. Chairman and MD
36 Shampa Flour Mills Ltd. Chairman and MD
37 Somay Media Ltd. Chairman and MD
38 Speech Bubble Communications Ltd. Chairman and MD
39 The City Chittagong Traders Ltd. Chairman and MD
40 Van Ommeran Tank Terminal (BD) Ltd. Chairman and MD
41 Hasan Securities Ltd. Chairman
42 U.K. Bangla Paper Ltd. Chairman
43 U.K. Bangla Cement Ltd. Chairman
44 Progressive Brokers Ltd. Chairman
45 Hoshendi Economic Zone Ltd. Managing Director
46 City Seed Crushing Industries Ltd. Managing Director
47 Deepa Food Products Ltd Managing Director
48 Dhaka Salt & Chemicals Ltd Managing Director
49 Dhaka Sugar Ltd. Managing Director
50 Hoshendi Ship Builders Ltd. Managing Director
51 M.A. Kalam & Co. Ltd. Managing Director
52 Purbogan Economic Zone Ltd. Managing Director
53 Rupshi Food Ltd. Managing Director
54 Rupshi Seed Crushing Ltd. Managing Director
55 VOTT Oil Refineries Ltd. Managing Director
5. Mr. Gazi Golam Ashria Director 1. Gazi Sattelite Television Ltd. Chairman
2. Gazi Infrastructure Development Co. Ltd. Chairman
3. Gazi Networks Ltd. Vice Chairman
4. Gazi Communications Ltd. Vice Chairman
5. Gazi Renewable Energy Ltd. Vice Chairman
6. Star Rubber Industries Proprietor
7. Gazi Trade International Proprietor
8. Gazi Rubber Plantation Proprietor
9. Gazi Rubber Processing Plant Proprietor
10 Gazi Enterprise Proprietor
11 Gazi Tyres Limited Director
12 Gazi Industrial Park Limited Director
13 Desh Television Ltd. Director
Jamuna Bank Limited 551
Position with the
Sl No. Name Designation Entities where they have interest
entities /companies
6. Mr. Md. Saidul Islam Director 1. Frox Media Limited Managing Director
2. Eco Advanced Construction Materials Co. Ltd Chairman
3. Fabian Industries Limited Director
4. Fabian Thread Limited Director
5 Fabian Multiplex Industries Ltd. Director
6 Fabitex Industries Limited Director
7 AIRMATH Solution Proprietor
7. Mr. Robin Razon Director 1. Robintex (Bangladesh) Ltd. Director
Sakhawat 2. Complex (Bangladesh) Ltd. Managing Director
3. Robin Knitwear Limited Director
4. Germanbangla Chemical Ltd. Managing Director
8. Mr. Redwan-ul Karim Director 1. Panacea Systems Ltd. MD & Shareholder
Ansari 2. Circle Fintech Ltd. MD & Shareholder
3 Karim Leathers Ltd. Shareholder
4 Kamtex Limited MD & Shareholder
5 Inqline Limited Director
9. Mr. Md. Belal Hossain Director 1. Belcon Company (Pvt.) Ltd. Managing Director
2. Nadia Food & Agro Industry (Pvt.) Ltd. MD & Shareholder
3. B.H. Spcialised Cold Storage (Pvt.) Ltd. MD & Shareholder
4. B. H. Hitech Food Ind. (Pvt.) Ltd. MD & Shareholder
5. M/s. Belal Hossain Proprietor
6. M/S.Bandhu Rice Mill Proprietor
7. M/S.New National Automatic Rice Mill Proprietor
10. Mr. Md. Mahmudul 1. Anlima Yarn Dyeing Limited Managing Director
Hoque 2. Allied Enterprise (Pvt.) Limited Chairman and MD
3. Anlima Buildtech Limited Chairman and MD
4. Anlima Petroleum Limited Chairman and MD
5. Anlima Textile Limited Chairman and MD
6. Anlima Meghnaghat Power Plant Limited Chairman and MD
7. Anlima Chemicals Limited Chairman and MD
8. Precision Energy Limited Chairman and MD
9. Anlima Energy Limited Chairman and MD
10. Mirzapur Green City Partner
11. International Holdings Limited Director
(Australian International School)
11. Mr. Shaheen Mahmud Director 1. Cotton Dyeing & Finishing Mills Ltd. Chairman
2. Pacific Cotton Ltd. Chairman
3. Cotton Line (BD) Ltd. Chairman
4. Cotton N Cotton Garments Ind. Ltd. Chairman
5. BG Tel Ltd. Chairman
6. Bigstar Solution Ltd. Chairman
7. Simran Velley Ltd. Chairman
8. FINTRA Securities Ltd. Chairman
12. Mr. Md. Sirajul Islam 1 Amazon Tex Knit Fashion Limited Chairman
Varosha 2 Wari Golden Hospital & Diagnostic Complex Ltd. Director
3 S.V. Tobacco Company Proprietor
4 S.H Trading Co. Proprietor
5 Siraj Varosha Jute Mills Ltd. Managing Director
6 Jamuna Bank Capital Management Ltd. Chairman
13. Mr. Kanutosh Majumder Director 1 Jamuna Bank Capital Management Ltd. Director
14. Mr. Md. Ismail Hossain Director 1. Ismail Leather Goods & Footwear Exporters Ltd. Managing Director
Siraji 2. Reliance Tannery Ltd. Director
3. Assarunnesa Memorial Hospital Proprietor
4. Reliance Footwear Proprietor
5. Shahjahan Dairy Farm Proprietor
6. Jamun Bank Securities Ltd. Chairman
552
Annual Report 2022
Position with the
Sl No. Name Designation Entities where they have interest
entities /companies
15. Mr. Gazi Golam Director 1. Gazi Networks Ltd. Managing Director
Murtoza 2. Gazi Renewable Energy Company Ltd. Managing Director
3. Gazi Infrastructure Development Co. Ltd. Managing Director
4. G Park Limited Managing Director
5. Gazi Sattelite Television Ltd. Director
6. Gazi Pipes Proprietor
7. Gazi Foundry Proprietor
8. Gazi Communications Proprietor
9. Gazi International BD Proprietor
10. MG International Proprietor
11. Gazi Doors Proprietor
Position with the
Sl No. Name Designation 12. Entities
Jamun Bank where they
Securities Ltd. have interest Director
entities /companies
16. Mr. Md. Hasan Director 1. Asgar Ali Hospital Ltd. Director
2. Asgar Oil Mills Ltd. Director
3. BRAC Banskhali Tea Co. Ltd. Director
4. City Auto Rice & Dal Mills Ltd. Director
5. City Dal Mills Ltd. Director
6 City Composite Textile Ltd. Director
7 City Economic Zone Ltd. Director
8 City Edible Oil Ltd. Director
9 City Feed Products Ltd. Director
10 City Modern Agro Ltd. Director
11 City Navigation Limited Director
12 City Ploymers Ltd. Director
13 City Tea Estate Ltd. Director
14 F. Rahman Oil Mills Ltd. Director
15 Farzana Oil Refineries Ltd. Director
16 Hamida Plastic Containers Limited Director
17 Hasan Containers Ltd. Director
18 Hasan Flour Mills Ltd. Director
19 Hasan Plastic Industries Ltd. Director
20 Hasan Printing & Packaging Ind. Ltd. Director
21 Hasan Securities Ltd. Managing Director
22 International Oil Mills Ltd. Director
23 Khan Brothers Ship Building Ltd. Director
24 Latin Pharma Ltd. Director
25 M.A. Kalam& Co. Ltd. Director
26 New Sagurnal Tea Co. Ltd. Director
27 Progressive Brokers Ltd. Managing Director
28 Purbogan Economic Zone Ltd. Director
29 Rahima Food Corporation Ltd. Director
30 Rahman Synthetics Ltd. Director
31 Rupshi Feed Mills Ltd. Director
32 Rupshi Flour Mills Ltd. Director
33 Rupshi Foods Ltd. Director
34 Safe Shipping Lines Ltd. Director
35 Shampa Flour Mills Ltd. Director
36 Somoy Media Limited Director
37 Speech Bubble Communications Ltd. Director
38 U.K. Bangla Paper Ltd. Managing Director
39 U.K. Bangla Cement Ltd. Managing Director
40 Van Ommeran Tank Terminal (BD) Ltd. Director
17. Mr. Md. Abdur Independent
1 Jamuna Bank Securities Ltd. Director
Rahman Sarker Director
18. Mr. Md. Humayun Independent 1. Creative Paper Mills Ltd. Director
Kabir Khan Director 2. South East Shipping Corporation Managing Director
3. Jamuna Bank Capital Management Ltd. Director
19. Md. Abdul Jabber Independent
Chowdhury Director
20. M. Murshidul Huq Independent
Khan Director
Jamuna Bank Limited 553
47 Audit Committee
a) Particulars of Audit Committee
Audit Committee was constituted/reconstituted by the Board of the Directors of the Bank in the light of Bangladesh
Bank Guideline(s) as well as Notification(s) time to time issued by the Bangladesh Securities and Exchange
Commission (BSEC). The Board of Directors reconstituted the Audit Committee consisting of following members
of the Board of Directors of the Bank :
Members of the Audit Committee of the Board of Directors:
Sl. Relationship with the
Name Position Education qualification
No# Bank
1. Mr. Md. Abdur Rahman Sarker Independent Director Chairman M. A in Economics from Rajshahi
University and has extensive banking
experience of 40 years. He started his
career in 1973 as a Probationary Officer
with Janata Bank Limited and afterwards,
he served in National Bank Limited in
different capacities over 25 years. Lastly, he
appointed as Managing Director & CEO of
the National Bank Limited and served the
Bank for the period from 2007 to 2010. He
also served Shahjalal Islami Bank Limited
as Managing Director for the period of
2010-2013
2 Mr. Gazi Golam Ashria Director Member He did his graduation in Economics from
Saskatchewan, Canada.
Mr. Ashria is the Chairman of Gazi
Sattelite Television Ltd., Chairman
of Gazi Infrastructure Development
Company Limited, Vice-Chairman of Gazi
Networks Ltd., Vice-Chairman of Gazi
Communications Ltd., Vice-Chairman of
Gazi Renewable Energy Limited, Director
of Desh Television Ltd., Managing Director
of Gazi Tyres Limited, Managing Director
of Gazi Industrial Park Limited and
Proprietor of Star Rubber Industries,
Proprietor of Gazi Trade International,
Proprietor of Gazi Rubber Plantation,
Proprietor of Gazi Rubber Processing Plant
and Proprietor of Gazi Enterprise.
3. Mr. Robin Razon Sakhawat Director Member Bachelor’s degree in Financial Engineering
from Goethe University Frankfurt.
He is the Managing Director of Comptex
Bangladesh Ltd. & German Bangla
Chemical Ltd. and Director of Robintex
(Bangladesh) Ltd. & Robin Knitwear
Limited.
4. Mr. Md. Ismail Hossain Siraji Director Member He is a successful businessman in leather
and textile sector. He is associated with
number of business and industries. He is
the Managing Director of Ismail Leather
Goods & Footwear Exporters Ltd. He is
also the Director of Reliance Tannery
Ltd. Proprietor of Reliance Footwear,
Assarunnesa Memorial Hospital and
Shahjahan Dairy Farm.
5. Mr. Md. Abdul Jabber Independent Director Member He has extensive banking experience of
Chowdhury more than 45 years in both Nationalized
and Private Commercial Banks. He
obtained post-graduation degree from
Chittagong University
b) During the year ended 31 December 2022 , 8 (eight) meetings of the Audit Committee were held.
c) Steps have been taken for implementation of an effective internal control procedure of the Bank:
554
Annual Report 2022
The Audit Committee of the Board of Directors of Jamuna Bank carries out its responsibilities extensively and has
established adequate and effective internal control systems to safeguard the asset of the Bank and the interest of
the shareholders. The Committee is responsible to review the integrity of the financial statements of the Bank
and formal announcements relating to the Bank’s performance, monitoring and review the effectiveness of the
company’s internal audit function, etc. In the year 2022, the committee reviewed the reports of the Internal
Control and Compliance Division in respect of the operation of different Branches and Divisions of the Head
Office of the Bank, assessed risks associated with credit, trade finance & operations, sketched the strategies to
mitigate those risks and placed reports before the Board of Directors at intervals so as to ensure compliance and
mitigate risks in different arena of banking operations. The Audit Committee also evolved the policy outlines for
establishing corporate governance through the Board of Directors.
48 Shariah Supervisory Committee
The Board constituted Shariah Supervisory Committee of Jamuna Bank Ltd. with the following members:
Sl # Name Status with the Educational Status with the Bank
committee Qualification
1 Dr. Saikh Muhammad Mahadi Chairman Ph.D (Islamic -
Hasan Studies) DU
2 Mawlana Abdur Razzak Member Kamil Hadith, -
Tafsir, Arabic
Literature,
Fiquah
3 Hafez Mawlana Mufti Ruhul Member Post Graduate -
Amin (Arabic)
4 Hafez Mawlana Prof. Dr. Member Ph.D (DU) -
Shahidul Islam Barakati
5 Dr. Ahmadullah Trishali Member Phd -
6 Dr. Md. Anwar Hosain Molla Member Kamil, M.Phil, -
Ph.D
7 Mr. Mirza Elias Uddin Ahmed Member M.A Managing Director
During the year 2022, (3) three meetings of the Shariah Supervisory Committee were held.
During the year 2022, the following issues were discussed in the meetings:
* Shari`ah Inspection Report on the Islami Banking Branches.
* Different guidelines / policies for Islami Banking operations.
* Organizing Workshop / Training programs for the Officials of Islami Banking Branches and Al-Ihsan Islami
Banking Service Centers.
* Finalization of Rate of Profit for the Mudaraba Depositors of Islami Banking operations.
* Introducing and approval for different products of Islami Banking operations.
* Arranging awareness program for compliance with the Islami Shari`ah.
49 Information about Segment Reporting
The bank operates under the following business segments:
Particulars Conventional Islamic Total
Total Operating Income 12,592,581,200 229,763,369 12,822,344,569
Allocated Expenses 7,031,383,833 81,645,445 7,113,029,278
Operating Profit (Before Tax & Provision) 5,561,197,367 148,117,924 5,709,315,291
Total Provision (Loans/Advances & Others) 2,430,390,040 - 2,430,390,040
Profit Before Tax 3,130,807,327 148,117,924 3,278,925,251
Provision for Income Tax 1,697,482,722 - 1,697,482,722
Net Profit after taxation 1,433,324,606 148,117,924 1,581,442,530
Segment Assets 276,271,585,164 6,365,132,535 282,636,717,699
Segment Liabilities 256,522,847,138 6,365,132,535 262,887,979,673
Jamuna Bank Limited 555
The bank operates under the following geographical segments:
Off Shore
Particulars Bangladesh Total
Banking Unit
Total Operating Income 12,641,014,092 181,330,477 12,822,344,569
Allocated Expenses 7,104,012,458 9,016,820 7,113,029,278
Operating Profit (Before Tax & 5,537,001,634 172,313,657 5,709,315,291
Provision)
Total Provision (Loans/Advances & 2,430,390,040 - 2,430,390,040
Others)
Profit Before Tax 3,278,925,251 - 3,278,925,251
Provision for Income Tax 1,697,482,722 - 1,697,482,722
Net Profit after taxation 1,581,442,530 - 1,581,442,530
Segment Assets 269,584,607,505 13,052,110,194 282,636,717,699
Segment Liabilities 249,835,869,479 13,052,110,194 262,887,979,673
50 Highlights on the overall activities of the bank
Highlights on the overall activities of the bank have been furnished in
annexure-E.
51 Workers Participation Fund and Welfare Fund
SRO-336-AIN/2010 dated 5-10-2010 issued by the Ministry of Labour and Employment and published in Bangladesh
gazette on 07-10-2010 declaring the status of business of certain institutions and companies (like mobile operating
companies, mobile network service providing company, all Govt. and Non-Govt, money lending companies, all
insurance companies etc.) as “Industrial Undertakings” for the purpose of Chapter-xv of the Bangladesh Labor
Act, 2006 which deals with the workers participation in company’s profit by way of Workers Participation Fund
and Welfare Fund (WPFWF). The Bangladesh Labor Act, 2006 requires the “Industrial Undertakings” to maintain
provision for workers profit participation fund @5% on net profit. However, we have obtained legal opinion from
Legal advisor in this regard where it has been stated that Jamuna Bank Limited does not fall under this category.
Therefore, no provision in this regard has been made in the financial statements during the year under audit.
51.01 Covid-19
During the period, a global pandemic due to Corona Virus related respiratory disease commonly called as
COVID-19 and Government of Bangladesh has also taken a number of measures such as declaration of general
holiday, enforcement of lock down, social distancing etc. As a result of these measures all business and economic
activities are affected which also make huge impact to the economy. The business operation and profitability of
the Bank is also impacted due to COVID-19 and potential impact of operation and financial results.
Managing Director Director Director Chairman
556
Annexure- A
Balance with other Banks and financial institutions: Outside Bangladesh (Nostro Accounts)
As on 31 December 2022 As on 31 December 2021
Currency Amount Amount
SL NO. Name of The Foreign Bank Conversion Amount in Conversion Amount in
Name in Foreign in Foreign
Rate BDT Rate BDT
Currency Currency
1 AB Bank Limited Mumbai India ACUD 10,572.83 103.29 1,092,096 184,347.78 85.800 15,817,040
2 Axis Bank Ltd, Mumbai, India ACUD 358,025.21 103.29 36,981,391 365,268.65 85.800 31,340,050
3 Bank Al Bilad, Riyadh, KSA SAR 107,091.00 27.486 2,943,514 58,029.00 22.862 1,326,642
4 Bank of Bhutan, Bhutan ACUD 59,567.39 103.29 6,152,877 68,344.84 85.800 5,863,987
5 Bank of Huzhou Co. Ltd.. CNY 66,102.73 14.804 978,578 10,000.00 13.474 134,736
6 Citi Bank N.A Newyork USD 174,575.16 103.29 18,032,340
7 Commerzbank AG, Germany EURO 446,237.77 109.614 48,913,907 111,235.16 97.400 10,834,327
8 Habib American Bank, New York, NY USA USD 759,998.35 103.29 78,502,282 866,794.97 85.800 74,371,008
9 Habib Bank AG Zurich, Switzerland CHF 20,681.57 111.223 2,300,264 36,201.84 93.812 3,396,149
10 ICIC Bank Limited, Hong Kong ACUD 103.29 11,933,204 87,463.52 85.800 7,504,370
11 ICIC Bank Limited, India USD 1,086,166.15 103.29 112,193,034 182,685.69 85.800 15,674,432
12 Mashreq Bank Mumbai, India ACUD 400,068.06 103.29 41,324,110 448,953.47 85.800 38,520,208
13 Mashreqbank psc - IBF Limited New York USD 2,000,080.87 103.29 206,593,753 2,726,921.25 85.800 233,969,843
14 Mashreqbank psc -DUBAI AED 28,778.35 103.29 2,972,593 53,498.30 23.36 1,249,838
15 Nabil Bank Limited, Nepal ACUD 37,890.50 103.29 3,913,812 49,414.50 85.800 4,239,764
16 Standard Chartered Bank, Colombo-Srilanka ACUD 26,630.49 103.29 2,750,735 32,231.34 85.800 2,765,449
17 Standard Chartered Bank, Karachi, Pakistan USD 207,106.18 103.29 21,392,557 14,781.57 85.800 1,268,259
18 Standard Chartered Bank, London GBP 28,967.61 124.127 3,595,651 43,830.85 115.744 5,073,167
19 Standard Chartered Bank, Mumbai -India ACUD 418,988.63 103.29 43,278,467 31,938.18 85.800 2,740,296
20 Standard Chartered Bank, New York USD 179,964.28 103.29 18,588,996 117,483,101.07 0.747 87,701,135
21 Standard Chartered Bank, Tokyo, Japan ACUD 93,865.64 85.800 8,053,672 32,565.31 85.800 2,794,103
Total 672,487,833 Total 546,584,802
As on 31 December 2022 As on 31 December 2021
Currency Amount % Currency Amount %
USD 436,713,965 64.94% USD 325,283,543 59.51%
ACUD 155,480,364 23.12% ACUD 111,585,267 20.41%
SAR 2,943,514 0.44% SAR 1,326,642 0.24%
GBP 3,595,651 0.53% GBP 5,073,167 0.93%
EURO 48,913,907 7.27% EURO 10,834,327 1.98%
Jamuna Bank Limited
YEN 18,588,996 2.76% YEN 87,701,135 16.05%
CNY 978,578 0.15% CNY 134,736 0.02%
CHF 2,300,264 0.34% CHF 3,396,149 0.62%
557
Annual Report 2022
AED 2,972,593 0.44% AED 1,249,838 0.23%
Total 672,487,833 100% Total 546,584,802 100%
Annexure-A-1
Reconciliation statement of Balance with Bangladesh Bank
As at 31st December 2022
1) Balance with Bangladesh Bank-Taka account of the Bank
Detail Total
Balance as per Bank ledger 8,437,460,878
Unresponded credit entries in:
Bangladesh Bank statement 257,180,972
Jamuan Bank's ledger 1,158,399 258,339,371
8,695,800,249
Unresponded debit entries in:
Bangladesh Bank statement 11,805,554
Jamuna Bank's ledger 15,634,862 27,440,415
Balance as per Bangladesh Bank statement 8,668,359,833
2) Balance with Bangladesh Bank-Foreign currency of the Bank
Balance as per Bank ledger 471,605,260
Unresponded debit entries in:
Bangladesh Bank statement 240,903,496
Jamuna Bank's ledger 280,953,082 521,856,578
993,461,838
Unresponded credit entries in:
Bangladesh Bank statement 2,478,217
Jamuna Bank's ledger - (2,478,217)
Balance as per Bangladesh Bank statement 990,983,621
558
Annual Report 2022
Annexure-B
Details of Information on advances more than 10% of bank's total capital (Funded & Non funded)
Number of clients with amount of outstanding and classified loans to whom loans and advances sanctioned exceeds 10% of
total capital of the Bank. Total capital of the Bank was Tk.3,102.14 crore as at 31 December 2022 (Tk. 3,163.72 crore in 2021).
(Fig in crore)
Sl. Outstanding as on 31.12.2021 Outstanding as on 31.12.2020
Name of the Customer
No. Funded Non-Funded Total Funded Non-Funded Total
1 Abul Khair Group 59.61 472.56 532.17 129.27 572.57 701.84
2 Akij Group 575.79 247.82 823.62 150.31 2.24 152.55
3 Amber Group - 189.00 41.75 230.75
4 Badsha Textile Limited 14.11 407.52 421.63 73.21 144.07 217.28
5 Banglalink Digital Communications Limited - 66.37 66.37 - - -
6 BRAC 7.49 18.11 25.60 7.13 18.20 25.32
7 BRB Cables Industries Ltd 315.21 94.51 409.72 325.94 88.19 414.13
8 BSRM Group 146.86 187.63 334.48 35.73 268.32 304.05
9 Buro Bangladesh 163.60 103.64 267.23 192.21 120.75 312.96
10 Chakda Steel Re-Rolling Mills Ltd. - - - 80.71 241.69 322.40
11 DBL Group 133.89 80.09 213.99 170.17 92.92 263.08
12 Designtex Group - - - 346.29 184.73 531.03
13 Energypack Engineering Ltd. - - - 138.47 119.46 257.93
14 Fabrica Knit Composite 74.54 295.39 369.93 63.57 179.27 242.84
15 Grameenphone Limited - 0.30 0.30 250.00 0.30 250.30
16 Ha-Meem Spinning Mills Ltd. 194.56 28.96 223.52 73.38 61.28 134.67
17 Ilmeeyat Apparels Ltd. - - - 201.36 149.42 350.78
18 Jahangir & Others 171.06 113.12 284.18 221.18 128.82 350.01
19 KDS Group 87.77 - 87.77 - - -
20 KSRM Group 249.67 16.98 266.65 209.77 185.34 395.11
21 M.A Matin Cotton Mills Ltd. - - - 146.27 82.81 229.08
22 Masco Group 171.75 236.68 408.43 77.38 78.83 156.22
23 Meghna Group - 382.13 382.13 - 228.80 228.80
24 Meghna (M&U) Group 52.21 158.18 210.39 - - -
25 MIR Akhter 78.22 174.59 252.81 107.65 129.01 236.66
26 Nasir Group 141.75 118.50 260.26 145.96 159.06 305.01
27 NDE Group 191.43 254.12 445.55 86.93 182.69 269.62
28 Nitol Group 246.65 12.40 259.05 309.81 9.00 318.81
29 Osman Group - - - 141.89 142.59 284.48
30 Pran RFL Group 67.88 221.40 289.27 64.00 210.11 274.11
31 Popular Group 437.83 27.55 465.38 - - -
32 RAK Group - - - 163.03 48.30 211.33
33 Robi Axiata Ltd - 22.07 22.07 350.00 19.28 369.28
34 Rupayan Housing Estate Ltd. - - - 264.27 - 264.27
35 Shah Fatehullah Group 132.57 261.53 394.10 36.28 271.94 308.22
36 Shirin Spinning Mills Ltd 277.82 162.12 439.94 213.60 69.74 283.34
37 Sharmin Group 229.32 56.92 286.24 - - -
38 Spectra Group 44.20 82.93 127.12 44.84 48.18 93.02
39 T.K Group 98.34 191.10 289.44 11.40 411.51 422.90
40 S. N. Corporation - - - 422.97 - 422.97
41 Teletalk Bangladesh Ltd. - 131.15 131.15 - 149.76 149.76
42 United Group 21.09 82.05 103.14 36.17 57.03 93.20
43 VSL 221.91 30.04 251.95 - - -
44 Walton Group 152.69 23.79 176.48 85.07 59.62 144.70
45 Western Engineering Pvt. Ltd. 258.49 39.72 298.21 229.80 91.23 321.02
Total 5,018.32 4,801.96 9,820.28 5,795.01 5,048.83 10,843.84
Jamuna Bank Limited 559
Annexure-C
560
Jamuna Bank Limited
Schedule of Fixed/Leased Assets
As on 31 December 2022
Amount in Taka
COST DEPRECIATION/AMORTIZATIOIN
Written down
Addition Dep. Charged Balance
Particulars Balance as on Balance as on Rate Balance as on Value as on
during the Adjustment during the Adjustment as on 31.12.2022
01.01.2022 31.12.2022 01.01.2022
Year year 31.12.2022
Main Operation
Land 1,471,500,000 - - 1,471,500,000 0% - - - - 1,471,500,000
Building 589,027,301 - 589,027,301 2.5% 44,287,676 14,234,404 58,522,081 530,505,220
Furniture & Fixture 920,533,978 394,656,268 3,880,206 1,311,310,040 10% 575,224,374 80,327,980 3,518,606 652,033,748 659,276,292
Equipment 919,490,862 327,650,956 2,780,500 1,244,361,318 15% 650,060,035 88,113,173 2,244,387 735,928,821 508,432,498
Computer 1,366,065,874 452,546,511 1,818,612,385 15% 874,851,088 171,509,150 - 1,046,360,238 772,252,147
Vehicles 85,390,738 10,000,000 95,390,738 20% 79,097,895 3,942,604 - 83,040,499 12,350,239
Books 239,340,341 36,277,372 - 275,617,713 - 96,139,584 125,161,480 - 221,301,064 54,316,649
Right of Use of Assets (RoU) - - - - - -
Off Shore Banking Unit 304,984 4,274 - 309,258 10% 231,035 - 231,035 78,223
Furniture & Fixture 1,599,119 100,962 1,700,081 15% 1,251,655 1,251,655 448,426
Equipment
As on 31.12.2022 5,593,253,197 1,221,236,344 6,660,706 6,807,828,834 2,321,143,343 483,288,791 5,762,993 2,798,669,141 4,009,159,693
As on 31.12.2021 5,186,922,636 419,654,256 12,607,178 5,593,969,715 1,926,275,899 407,289,398 11,705,436 2,321,859,861 3,272,109,854
Annual Report 2022
Annexure - D
Schedule of tax position (last 10 years) as on 31 December 2022
Tax provision Tax as per Excess / (Shortage)
Accounting Year Assessment Year Present status
as per accounts assessment order of provision
2013 2014-15 1,124,113,176 1,113,797,204 10,315,972 Settled
2014 2015-16 473,559,097 441,983,690 31,575,407 Settled
2015 2016-17 513,732,755 556,396,692 (42,663,937) Settled
2016 2017-18 1,013,913,827 1,088,326,259 (74,412,432) Settled
2017 2018-19 1,349,578,080 1,312,423,228 37,154,852 Settled
1,315,348,386 &File submitted
2018 2019-20 1,315,348,386 - under process
File submitted
2019 2020-21 2,167,397,206
2,167,397,206 - & under process
File submitted
2020 2021-22 1,677,568,230
1,677,568,230 - & under process
File submitted
2021 2022-23 1,559,753,765
1,559,753,765 - & under process
File yet to
2022 2023-24 1,693,540,979
1,693,540,979 - be submitted
Total 12,888,505,501 4,512,927,073 8,375,578,428
Jamuna Bank Limited 561
Annexure -E
Highlights of the overall activities of the Bank
Sl.No# Particulars 2022 2021
1 Paid up Capital Taka 7,492,256,500 7,492,256,500
2 Total Capital Taka 31,021,390,493 31,637,227,671
3 Capital surplus/(deficit) Taka 7,867,205,657 7,557,389,622
4 Total Assets ( excluding off balance sheet items) Taka 282,636,717,699 264,321,506,387
5 Total Deposits Taka 225,070,781,926 212,052,499,067
6 Total Loans & Advances Taka 180,490,792,226 174,824,783,176
7 Total Contingent Liabilities & Commitments Taka 112,075,162,595 103,221,075,468
8 Advance Deposit Ratio % 77.41% 77.56%
9 % of classified loans against Total Loans % 5.32% 2.97%
10 Profit after taxation & provisions Taka 1,581,442,530 2,476,884,917
11 Amount of classified loans Taka 9,609,500,000 5,193,948,000
12 Provision kept against Classified loan Taka 2,638,377,067 1,472,021,036
13 Cost of Fund ( Deposit cost & overhead cost) % 7.53% 7.10%
14 Cost of deposit % 4.64% 4.60%
15 Interest Earning Assets Taka 174,081,892,521 172,580,987,514
16 Non-interest earning Assets Taka 24,666,790,491 23,491,558,413
17 Return on Assets (ROA) % 0.58% 0.98%
18 Return on Investment (ROI) % 8.22% 9.52%
19 Income from Investment Taka 5,918,558,912 5,649,900,343
20 Earning per Share (Taka) Taka 2.11 3.31
21 Net asset value per share Taka 26.36 28.52
22 Net income per share Taka 2.11 3.31
23 Net Operating Cash Flow per Share (NOCFS) Taka 12.25 11.12
24 Market value per share Taka 21.30 23.40
25 Price Earning Ratio Times 10.09 7.09
Previous year's figures have been rearranged to conform to the current year's presentation.
562
Annual Report 2022
Annexure - F
Jamuna Bank Limited
Minimum Capital Requirement (MCR) as per BASEL-III-Solo
As on 31 December 2022
Particulars Amount (Tk.)
A. Eligible Capital:
1. Tier-1 (Core Capital) 18,155,917,915
2. Additional Tier-I capital 2,689,599,252
3. Tier-2 (Supplementary Capital) 10,175,873,326
4. Tier-3 (eligible for market risk only) -
5. Total Eligible Capital (1+2+3) 31,021,390,493
B. Total Risk Weighted Assets (RWA): 185,233,478,687
C. Capital Adequacy Ratio (CAR) (A4/B)*100 16.75%
D. Core Capital to RWA (A1/B)*100 11.25%
E. Supplementary Capital to RWA (A2/B)*100 5.49%
F. Minimum Capital Requirement (MCR) 23,154,184,836
Risk Weighted Assets (RWA)-Solo
Sl # Particulars Amount (Tk.)
A. Credit Risk: 149,067,767,472
On-Balance sheet 118,625,699,751
Off- Balance sheet 30,442,067,721
B. Market Risk 18,535,222,659
C. Operational Risk 17,630,488,556
Total: RWA (A+B+C) 185,233,478,687
Minimum Capital Requirement (MCR) as per BASEL-III-Consolidated
Particulars Amount (Tk.)
A. Eligible Capital:
1. Tier-1 (Core Capital) 18,074,657,808
2. Additional Tier-I capital 2,681,270,862
3. Tier-2 (Supplementary Capital) 10,242,313,935
4. Tier-3 (eligible for market risk only) -
5. Total Eligible Capital (1+2+3) 30,998,242,605
B. Total Risk Weighted Assets (RWA): 185,742,664,401
C. Capital Adequacy Ratio (CAR) (A4/B)*100 16.69%
D. Core Capital to RWA (A1/B)*100 11.17%
E. Supplementary Capital to RWA (A2/B)*100 5.51%
F. Minimum Capital Requirement (MCR) 23,217,833,050
Risk Weighted Assets (RWA)-Consolidated
Sl # Particulars Amount (Tk.)
A. Credit Risk: 149,075,663,035
On-Balance sheet 118,633,595,315
Off- Balance sheet 30,442,067,720
B. Market Risk 18,938,902,643
C. Operational Risk 17,728,098,723
Total: RWA (A+B+C) 185,742,664,401
Jamuna Bank Limited 563
Annexure - G
As per Bank Companies Act, 1991 as amended Article 38 (1st schedule) and DOS Circular no.06, dated 15.07.2010 of
Bangladesh Bank, we disclose the amount of securities put under Repo & Reverse Repo as follows:
A.1. Disclosure regarding outstanding Repo as on 31 December 2022:
Amount (1st leg
Sl No Counter Party Name Agreement Date Reversal Date
cash consideration)
1 Bangladesh Bank 26-12-2022 02-01-2023 1,253,053,566
2 Bangladesh Bank 27-12-2022 03-01-2023 1,807,586,876
3 Bangladesh Bank 28-12-2022 04-01-2023 608,954,422
4 Standard Chartered Bank 29-12-2022 02-01-2023 2,755,102,546
5 NCC bank Limited 29-12-2022 01-01-2023 1,005,021,792
Total 7,429,719,202
A.2. Disclosure regarding outstanding Reverse Repo as on 31 December 2022:
Amount (1st leg
Sl No Counter Party Name Agreement Date Reversal Date
cash consideration)
1 Nil
Total
B. Disclosure regarding overall transaction of Repo and Reverse Repo:
Maximum Daily average
Minimum outstanding
Particulars outstanding during outstanding during
during the Year
the Year the Year
Securities sold under Repo :
1 With Bangladesh Bank 300,465,924 2,008,948,673 61,375,400
2 With other Banks & FI 13,086,032 4,816,422,653 854,942,101
Securities purchased under Reverse Repo:
1 From Bangladesh Bank - - -
2 From other Banks & FI 102,614,384 2,008,448,904 111,340,508
564
Annual Report 2022
Annexure - H.1
Jamuna Bank Limited
(Off-shore Banking Unit)
Balance Sheet
As at 31 December 2022
31.12.2022 31.12.2021
Notes
USD Taka Taka
PROPERTY AND ASSETS
Cash 425 43,859 10,734
Cash in hand (including foreign currencies) 425 43,859 10,734
Balance with Bangladesh Bank and Sonali Bank
(including foreign currencies) - - -
Balance with other banks and financial - - -
institutions
In Bangladesh - - -
Outside Bangladesh - - -
Money at call and short notice 6,000,000 619,756,200 1,029,600,000
Investment - - -
Government - - -
Others - - -
Loans, advances and leases 3 120,354,873 12,431,779,797 12,460,935,554
Loans, cash credits, overdrafts etc. 6,491,289 670,502,720 749,272,935
Bills purchased and discounted 113,863,585 11,761,277,077 11,711,662,619
Fixed assets including premises, furniture and 4 5,099 526,649 421,413
fixtures
Other assets 5 36 3,690 3,065
Non-banking assets - - -
Total property & Assets 126,360,432 13,052,110,194 13,490,970,766
LIABILITIES AND EQUITY
Equity
Translation reserve - - -
Liabilities
Borrowings from other banks, financial 6 84,204,529 8,697,713,126 4,741,343,557
institutions
Deposit and other accounts 7 80,329 8,297,361 6,894,251
Other liabilities 8 42,075,575 4,346,099,708 8,742,732,958
Total Liabilities 126,360,432 13,052,110,194 13,490,970,766
Jamuna Bank Limited 565
Annexure - H.1
Jamuna Bank Limited
(Off-shore Banking Unit)
Balance Sheet
As at 31 December 2022
31.12.2022 31.12.2021
Notes
USD Taka Taka
OFF-BALANCE SHEET ITEMS
Contingent liabilities - - -
Acceptances and endorsements - - -
Letter of credit - - -
Letter of guarantee - - -
Bills for collection - - -
Other contingent liabilities - - -
Other commitments - - -
Documentary credit and short term trade-related - - -
transactions
Forward assets purchased and forward deposits placed - - -
Undrawn note issuance and revolving underwriting - - -
facilities
Undrawn formal standby facilities, credit lines and other - - -
commitments
Total Off-Balance Sheet Items including Contingent - - -
liabilities
The annexed notes form an integral part of the Balance Sheet.
566
Annual Report 2022
Annexure - H.2
Jamuna Bank Limited
(Off-shore Banking Unit)
Profit and Loss Account
For the year ended 31 December 2022
2022 2021
Notes
USD Taka Taka
Operating Income
Interest income 9 9,842,256 923,991,039 339,017,680
Less: Interest paid on deposits and borrowings 10 8,105,707 760,963,799 188,480,375
Net interest income 1,736,549 163,027,240 150,537,306
Investment income - - -
Commission / fees, exchange earnings and brokerage 11 - - -
Other operating income 12 194,964 18,303,237 9,071,526
Total Operating Income (A) 1,931,513 181,330,477 159,608,831
Operating Expenses
Salary and allowances 13 88,884 8,344,433 7,112,433
Rent, taxes, insurance, electricity etc. 14 - - -
Postage, stamp, telecommunication etc. 15 852 79,947 60,056
Stationery, printing, advertisement etc. 16 3,640 341,717 156,363
Depreciation and repairs and maintenance of bank’s
17 - - 105,371
assets
Other expenses 18 2,671 250,723 160,784
Total operating expenses (B) 96,046 9,016,820 7,595,007
Profit/(Loss) before provision (A-B) 1,835,467 172,313,657 152,013,825
The annexed notes form an integral part of the Profit and Loss Account.
Jamuna Bank Limited 567
Jamuna Bank Limited
(Off-shore Banking Unit)
Cash Flow Statement
For the year ended 31 December 2022
2022 2021
USD Taka Taka
A. Cash flow from operating activities
Interest receipts 9,842,256 923,991,039 339,017,680
Interest payments (8,105,707) (760,963,799) (188,480,375)
Payment to employees (88,884) (8,344,433) (7,112,433)
Payment to suppliers (4,492) (421,664) (216,418)
Receipts from other operating activities 194,964 18,303,237 9,071,526
Payment to other operating expenses (2,671) (250,723) (266,155)
Operating profit before changes in operating assets and liabilities (i) 1,835,467 172,313,657 152,013,825
Increase / (decrease) in operating assets and liabilities
Loans and advances to customers 282,263 29,155,757 (3,632,880,706)
Other assets (6.0) (625) (49)
Deposits from customers 13,584 1,403,111 (2,135,985)
Other liabilities (42,564,801) (4,396,633,250) 649,542,125
Cash received from operating assets and liabilities (ii) (42,268,960) (4,366,075,007) (2,985,474,616)
Net cash flow from operating activities (A=i+ii) (40,433,493) (4,193,761,350) (2,833,460,791)
B. Cash flow from investing activities
Purchase of property, plant & equipment (1,019) (105,236) (2,595)
Net cash used in investing activities (B) (1,019) (105,236) (2,595)
C. Cash flow from financing activities
Borrowing from other bank 38,302,509 3,956,369,569 2,832,918,938
- -
Net cash used in financing activities (c) 38,302,509 3,956,369,569 2,832,918,938
Net increase in cash (A+B+C) (3,967,470) (409,810,675) (152,558,273)
Opening Cash and cash equivalent as at 01 January 9,967,894 1,029,610,734 1,182,169,007
Cash and cash equivalent as at 31 December 6,000,424 619,800,059 1,029,610,734
568
Annual Report 2022
Jamuna Bank Limited
(Off-shore Banking Unit)
Notes to the Financial Statements
For the year ended 31 December 2022
1. Status of the units:
Off-shore Banking Unit (OBU) is a separate business unit of Jamuna Bank Limited, governed under the Rules and Guidelines
of Bangladesh Bank. The Bank obtained the Offshore Banking Unit permission vide letter no. BRPD (P-3) 744 (107)/ 2009-4642
dated 22 December, 2009. The Bank commenced operation of this unit from 22 April, 2010 and its office is located at 116
Gulshan Avenue, Gulshan-2, Dhaka.
1.1 Principal activities
The principal activities of the units are to provide all kinds of commercial banking services to its customers through its off-
shore Banking Units in Bangladesh.
2. Significant accounting policy
2.1 Basis of accounting
The accounting records of the unit are maintains in USD forms and the financial statements are made up to 31 December each
year, and are prepared under the historical cost convention and in accordance with first schedule of Bank Companies Act (BCA)
1991 as amended by Bangladesh Bank (Central Bank) BRPD Circular No.14 dated 25 June 2003, other Bangladesh Bank circulars,
International Financial Reporting Standards adopted as International Accounting Standards (IAS), the Companies Act 1994,
the Listing Regulations of the Stock Exchanges, the Securities and Exchange Rule 1987 and other laws and rules applicable in
Bangladesh on a going concern basis.
2.2 Use of estimates and judgments
The preparation of financial statements requires management to make judgment, estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets, liabilities, income and expenses, actual results may
differ from these estimates.
2.3 Foreign currency transaction
Foreign currency transaction are converted into equivalent Taka using the ruling exchange rates on the dates of respective
transactions as per IAS-21”The Effects of Changes in Foreign Exchange Rates”. Foreign currency balances held in US Dollar are
converted into Taka at weighted average rate of inter-bank market as determined by Bangladesh Bank on the closing date of
every month. Balances held in foreign currencies other than US Dollar are converted into equivalent US Dollar at buying rates
of New York closing of the previous day and converted into Taka equivalent.
2.4 Fixed assets and depreciation
a) All fixed assets are stated at cost less accumulated depreciation as per IAS-16 “Property, Plant and Equipment”. The cost of
acquisition of an asset comprises its purchases its purchase price and any directly attributable cost of bringing the assets to its
working condition for its intended use inclusive of inward freight, duties and non-refundable taxes.
b) Depreciation is charged for the year at the following rates on straight line method on all fixed assets.
Category of fixed assets Rate
Furniture and fixtures 10%
Office equipment 15%
2.5 Allocation of common expenses
Establishment expenses in the nature of rent, rates, taxes, electricity and lighting and audit fee have not been separately
accounted for in the Financial Statements.
2022 2021
USD Taka Taka
3. Loans and advances
3.1 Loans, cash credits and overdrafts etc.
In Bangladesh
Overdraft - - -
Term loan 6,491,289 670,502,720 749,272,935
Loan against Accepted Bills - - -
Payment against documents - - -
6,491,289 670,502,720 749,272,935
Outside Bangladesh - - -
6,491,289 670,502,720 749,272,935
Jamuna Bank Limited 569
2022 2021
USD Taka Taka
3.2 Bills purchased and discounted
Payable in Bangladesh
Inland bills purchased 10,018,094.30 1,034,796,009 799,971,487
Payable outside Bangladesh - - -
Foreign bills purchased and discounted 103,845,490 10,726,481,068 10,911,691,132
113,863,585 11,761,277,077 11,711,662,619
120,354,873 12,431,779,797 12,460,935,554
3.3 Maturity grouping of bills purchased and discounted
Payable within 1 month - - -
Over 1 month but less than 3 months - - -
Over 3 months but less than 1 year 113,863,585 11,761,277,077 11,711,662,619
1 year or more - - -
113,863,585 11,761,277,077 11,711,662,619
3.4 Geographical location - wise loans and advances
Dhaka Division 120,354,873 12,431,779,797 12,460,935,554
Chittagong Division - - -
120,354,873 12,431,779,797 12,460,935,554
3.5 Sector - wise loans
In Bangladesh
Government and autonomous bodies - - -
Financial institutions (Public and Private) - - -
Other public sector - - -
Private sector 120,354,873 12,431,779,797 12,460,935,554
120,354,873 12,431,779,797 12,460,935,554
Outside Bangladesh - - -
120,354,873 12,431,779,797 12,460,935,554
4 Fixed assets including furniture & fixture and office equipment at WDV
Furniture & fixture 757 78,223 73,949
Office equipment 4,341 448,426 347,463
5,099 526,649 421,413
5. Other assets
Stamp in hand 36 3,690 3,065
Balance with main operation - - -
36 3,690 3,065
6 Borrowing from other Banks/Financial Institutions 84,204,529 8,697,713,126 4,741,343,557
7. Deposits and other accounts
Current deposits & other accounts 80,329 8,297,361 1,863,402
Savings Deposits - - 40,755
Fixed Deposits - - 4,990,094
80,329 8,297,361 6,894,251
7.1 Maturity grouping deposits
Repayable on demand; 80,329 8,297,361 1,863,402
Repayable within 1 month; - - 40,755
Over 1 month but within 6 months; - - 3,992,075
Over 6 months but within 1 year; - - 998,019
Over 1 year but within 5 years; - - -
80,329 8,297,361 6,894,251
8. Other liabilities
Accrued interest - - -
Adjusting account credit 40,189 4,151,196 3,422,448
Balance with main operation 42,035,386 4,341,948,511 8,739,310,510
42,075,575 4,346,099,708 8,742,732,958
570
Annual Report 2022
2022 2021
USD Taka Taka
9. Interest income
Interest on advances 9,842,256 923,991,039 339,017,680
9,842,256 923,991,039 339,017,680
10. Interest paid on deposit and borrowings
Interest on deposits - 23,271
Interest on borrowings 5,078,334 476,753,998 -
Interest on borrowings from main operation 3,027,373 284,209,802 188,457,104
8,105,707 760,963,799 188,480,375
11. Commission / fees, exchange earnings and brokerage
Commission & fees - -
Exchange gain and brokerage - - -
- - -
12. Other operating income
Documentation & processing charge 152,422 14,309,376 7,515,220
Miscellaneoue earnings 42,542 3,993,861 1,556,305
194,964 18,303,237 9,071,526
13. Salaries and allowances
Basic pay 35,418 3,325,042 2,945,039
Allowances 36,713 3,446,659 2,954,373
Salary casual staff 5,381 505,144 330,122
Bonus 7,602 713,702 587,047
Provident fund 3,770 353,886 295,853
88,884 8,344,433 7,112,433
14. Rent, taxes, insurance and electricity etc.
Rent, rates and taxes - - -
Insurance - - -
Electricity - - -
- - -
15. Postage, stamp and telecommunication etc.
Postage - - -
Tele communication 852 79,947 60,056
852 79,947 60,056
16. Stationery, printing and advertisement etc.
Stationery 748 70,247 66,223
Computer expenses 2,892 271,470 90,140
3,640 341,717 156,363
17. Depreciation and repairs and maintenance of bank’s assets
Depreciation - -
Furniture & fixtures - 81,787
Equipment & machinery - 23,584
Repair, renovation & maintenance - - -
- - 105,371
18. Other expenses
Bank charge 965 90,559 15,343
Entertainment 1,138 106,857 81,651
Books, newspaper, magazine 28 2,606 2,523
Local conveyance 540 50,701 61,267
2,671 250,723 160,784
19. General
19.1 Assets and liabilities have been converted into Taka Currency @ US$ 1 = Tk. 103.2927 which represents the year
end spot mid rate of exchange as at 31 December 2022 and the income and expenses have been converted into
Taka Currency @ US$ 1=Tk. 93.88 which represents the average rate for the year 2022.
Jamuna Bank Limited 571
Annexure-I.1
Jamuna Bank Limited
Balance Sheet (Islamic Banking)
As at 31 December 2022
31.12.2022 31.12.2021
NOTES
Taka Taka
PROPERTY AND ASSETS
Cash 91,264,557 52,546,072
Cash in hand 1 91,164,572 52,446,087
Balance with Bangladesh Bank and its agent banks 2 99,985 99,985
Balance with other banks and financial institutions 3 - -
Investments 4 4,666,951,798 2,766,552,621
Investment, Murabaha and Bai-Muazzal etc. 4,576,352,041 2,633,391,985
Bills purchased & discounted 90,599,757 133,160,636
Fixed assets including premises, furniture and fixture 5 5,236,589 2,798,564
Other assets 6 1,601,679,591 1,367,393,310
Total property and assets 6,365,132,535 4,189,290,567
LIABILITIES AND CAPITAL
Facilities from Bangladesh Bank - -
Deposits and other accounts 7 6,153,767,770 4,152,270,162
Al- wadiah current accounts and other accounts 747,842,951 836,491,115
Bills payable 18,977,337 18,295,077
Mudaraba savings bank deposits 255,574,751 268,887,043
Mudaraba term deposits 4,188,138,231 1,979,507,812
Mudaraba short notice deposits 138,542,719 174,921,586
Deposit under special scheme 804,681,693 873,798,154
Foreign currency deposit 10,089 369,376
Other liabilities 8 211,364,765 37,020,405
Total liabilities 6,365,132,535 4,189,290,567
572
Annual Report 2022
Annexure-I.1
Jamuna Bank Limited
Balance Sheet (Islamic Banking)
As at 31 December 2022
31.12.2022 31.12.2021
NOTES
Taka Taka
OFF-BALANCE SHEET ITEMS
Contingent liabilities:
Acceptances & endorsements 287,549,787 1,750,921,060
Letters of guarantee 335,742,690 332,880,233
Irrevocable letters of credit 657,202,663 1,627,669,308
Bills for collection 442,744,770 568,322,634
Other contingent liabilities -
1,723,239,911 4,279,793,236
Other commitments:
Documentary credits and short term trade related transactions - -
Forward assets purchased and forward deposits placed - -
Indrawn note issuance and revolving underwriting facilities - -
Indrawn formal standby facilities, credit lines and other commitments - -
- -
Total Off-Balance Sheet items including contingent liabilities 1,723,239,911 4,279,793,236
The annexed notes form an integral part of the balance sheet.
Jamuna Bank Limited 573
Annexure-I.2
Jamuna Bank Limited
Profit and Loss Account (Islamic Banking)
For the year ended 31 December 2022
2022 2021
NOTES
Taka Taka
Particulars
Investment income 10 440,558,836 409,263,285
Profit paid on deposits and borrowings etc. 11 282,749,127 219,702,425
Net investment income 157,809,709 189,560,860
Commission, exchange and brokerage income 12 58,677,776 52,433,833
Other operating income 13 13,275,884 8,008,842
Total operating income (A) 229,763,369 250,003,535
Operating expenses
Salary and allowances 14 61,802,945 52,154,384
Rent, taxes, insurance, electricity, etc. 15 9,654,800 9,015,635
Legal expenses 216,682 103,535
Postage, stamps, telecommunication, etc. 16 826,780 582,169
Stationery, printings, advertisements, etc. 17 995,444 939,826
Depreciation and repairs and maintenance of assets 18 1,074,960 1,456,365
Other expenses 19 7,073,834 6,524,254
Total operating expenses (B) 81,645,445 70,776,168
Profit before provisions (A-B) 148,117,924 179,227,367
The annexed notes form an integral part of the profit and loss account.
574
Annual Report 2022
Jamuna Bank Limited
Cash Flow Statement (Islamic Banking)
For the year ended 31 December 2022
2022 2021
NOTES
Taka Taka
Particulars
Cash flows from operating activities
Investment income receipts 440,558,836 409,263,285
Profit paid on deposits (282,749,127) (219,702,425)
Fee and commission receipts 58,677,776 52,433,833
Payments to employees (61,802,945) (52,154,384)
Payments to suppliers (2,038,906) (1,625,530)
Receipts from other operating activities 20 13,275,884 8,008,842
Payments to other operating activities 21 (17,123,906) (15,863,386)
(i) Operating profit before changes in operating assets and liabilities 148,797,611 180,360,235
Increase /Decrease in operating assets & liabilities
Investments to customers (1,900,399,177) 1,299,314,375
Other assets (234,286,281) 923,161,798
Deposit from customers & banks 2,001,497,608 (2,139,188,171)
Other current liabilities 174,344,360 (91,783,354)
(ii) Cash received from operating assets and liabilities 41,156,510 (8,495,351)
Net cash from operating activities (A)=(i+ii) 189,954,122 171,864,884
Cash flows from investing activities
Income received from investments - -
Payments for purchase of securities - -
Purchase of property, plant & equipment (3,117,713) (663,319)
Adjustment for property, plant & equipment - -
Net cash flow from investing activities (B) (3,117,713) (663,319)
Cash flows from financing activities
Payments for borrowings - -
Profit transfer to head office (148,117,924) (179,227,367)
- -
Net cash flow from financing activities (‘C) (148,117,924) (179,227,368)
Net Increase/ Decrease in cash and cash equivalent (A+B+C) 38,718,485 (8,025,803)
Cash and cash equivalents at beginning year 52,546,072 60,571,874
Cash and cash equivalents at end of the period (*) 91,264,557 52,546,072
(*) Closing cash & cash equivalent
Cash in hand (including foreign currency) 91,164,572 52,446,087
Balance with Bangladesh Bank and its agent banks 99,985 99,985
Balance with other bank’s and financial institutions - -
91,264,557 52,546,072
The annexed notes form an integral part of the cash flow statement.
Jamuna Bank Limited 575
576
Annexure-J
Jamuna Bank Limited
Schedule of Fixed Assets (Islamic Banking)
As at 31 December 2022
COST DEPRECIATION
Written
Particulars Addition Dep. Rate Charged down as on
Balance as on Balance as on Balance as on Balance as on
during the Adjustment during the Adjustment 31.12.2022
01.01.2022 31.12.2022 01.01.2022 31.12.2022
year year
Furniture & Fixture 9,559,940 289,716 9,849,656 10% 9,028,805 75,416 - 9,104,221 745,436
Equipment & Machinery 20,454,951 2,827,997 - 23,282,947 15% 18,187,522 604,272 - 18,791,794 4,491,154
As on 31.12.2022 30,014,891 3,117,713 - 33,132,604 27,216,327 679,688 - 27,896,014 5,236,589
As on 31.12.2021 29,351,572 663,319 - 30,014,891 26,083,458 1,132,868 - 27,216,327 2,798,564
Annual Report 2022
Jamuna Bank Limited
Notes to the Financial Statements (Islamic Banking)
For the year ended 31 December 2022
31.12.2022 31.12.2021
Taka Taka
1. Cash in Hand
Local currency 91,164,572 52,446,087
Foreign currency - -
91,164,572 52,446,087
2. Balance with Bangladesh Bank and its Agent Bank
Local currency 99,985 99,985
Foreign currency - -
99,985 99,985
3. Balance with Other Banks and Financial Institutions
In Bangladesh - -
Outside Bangladesh - -
- -
4. Investments
Investment, Murabaha, Bai-Muazzal etc. (Note: 4.1) 4,576,352,041 2,633,391,985
Bills Purchased (Note: 4.2) 90,599,757 133,160,636
4,666,951,798 2,766,552,621
4.1 Investment, Murabaha, Bai-Muazzal etc.
Bai-Muazzal 3,285,445,529 1,860,482,631
MPI trust receipt 412,954,808 140,138,964
Murabaha 243,250,035 85,534,496
HPSM-Staff 19,078,109 17,574,383
Hire Purchase 451,695,233 310,805,946
Retail credit 24,580,256 17,331,223
Employee car loan 6,783,929 3,295,730
Small and Medium Enterprise 132,564,141 198,228,611
4,576,352,041 2,633,391,985
4.2 Bills Purchased and Discounted
Payable in Bangladesh 90,599,757 133,160,636
Payable outside Bangladesh - -
90,599,757 133,160,636
4.3 Maturity-wise Classification of Investments
Repayable on demand 486,763,072 288,551,438
Not more than 3 months 1,536,827,227 911,025,778
Over 3 month but within 1 year 1,976,920,781 1,171,911,690
Over 1 year but within 5 years 498,897,147 295,744,475
More than 5 years 167,543,570 99,319,239
4,666,951,798 2,766,552,621
4.4 Geographical Location wise Investments
a) Urban % of total loan
Dhaka Division 86.02% 4,014,375,292 2,197,276,990
Chittagong Division 13.98% 652,576,505 569,275,631
100% 4,666,951,798 2,766,552,621
Jamuna Bank Limited 577
31.12.2022 31.12.2021
Taka Taka
5. Fixed Assets including Premises, Furniture & Fixture
Furniture & Fixture 745,436 531,135
Equipments & Machineries 4,491,154 2,267,429
Details are shown in Annexure - J 5,236,589 2,798,564
6. Other Assets
i) Stationery, Stamps, Printing materials in stock etc. 194,612 136,847
ii) Advance Rent 4,796,850 6,736,002
iii) Profit Receivable 8,532,662 14,439,275
iv) Security deposit 45,400 45,400
v) Branch adjustment 1,584,052,185 1,346,000,733
vi) Suspense account (Note: 6.1) 32,772 35,053
vii) Others (Note: 6.2) 4,025,110 -
1,601,679,591 1,367,393,310
6.1 Suspense’s Account
Amount of Suspense’s Account represents advances payments against various contracts.
6.2 Others
Advance against insurance premium - -
Misc. Asset 4,025,110 -
4,025,110 -
6.3 Non-income Generating Classification of Other Assets
Stationery, Stamps, Printing materials in stock, etc. 194,612 136,847
Advance Rent 4,796,850 6,736,002
Interest receivable 8,532,662 14,439,275
Security deposit 45,400 45,400
Branch adjustment 1,584,052,185 1,346,000,733
Misc. Asset 4,025,110 -
1,601,646,819 1,367,358,257
7. Deposits and Other Accounts
Al- Wadiah Current Accounts and other Accounts (Note: 7.2) 747,842,951 836,491,115
Bills Payable (Note: 7.3) 18,977,337 18,295,077
Mudaraba Savings Bank Deposits 255,574,751 268,887,043
Mudaraba Term Deposits 4,188,138,231 1,979,507,812
Mudaraba Short Notice Deposits 138,542,719 174,921,586
Deposit under special Scheme 804,681,693 873,798,154
Foreign Currency Deposit 10,089 369,376
6,153,767,770 4,152,270,162
7.1 As per following segregation
Inter Bank Deposits 2,322,452,217 -
Other Deposits 3,831,315,553 4,152,270,162
6,153,767,770 4,152,270,162
7.2 Al- Wadiah Current Accounts and Other Accounts
Current deposit 137,735,992 175,258,407
Sundry deposit 523,072,207 643,249,313
Profit Payable 87,034,751 17,983,395
747,842,951 836,491,115
7.3 Bills Payable
DD payable 1,600 1,600
P.O issued 18,975,737 18,293,477
18,977,337 18,295,077
578
Annual Report 2022
31.12.2022 31.12.2021
Taka Taka
7.4 Maturity Grouping of Deposit and Other Accounts
Repayable on demand 799,989,810 539,795,121
Repayable within 1 month 861,527,488 581,317,823
Over 1 month but within 6 months 2,276,894,075 1,536,339,960
Over 6 months but within 1 year 799,989,810 539,795,121
Over 1 year but within 5 years 738,452,132 498,272,419
Over 5 years but within 10 years 676,914,455 456,749,718
6,153,767,770 4,152,270,162
8. Other Liabilities
Interest suspense account 25,849,486 34,424,598
Accrued profit on investment 180,802,467 -
Adjusting account credit 4,712,812 2,595,807
211,364,765 37,020,405
9. Profit & Loss Account
Income
Profit, discount and similar income (Note: 10) 440,558,836 409,263,285
Fess, Commission and Brokerage (Note: 9.1) 37,284,565 44,575,850
Gain arising from dealing in foreign currencies (Note: 9.2) 21,393,211 7,857,983
Other Operating Income (Note: 13) 13,275,884 8,008,842
512,512,495 469,705,960
Expenses
Profit and similar expenses (Note: 11) 282,749,127 219,702,425
Administrative expenses (Note: 9.3) 73,891,923 63,119,046
Other operating Expenses 7,073,834 6,524,254
Depreciation on banking assets (Note: 18) 679,688 1,132,868
364,394,572 290,478,593
Profit before tax & provision 148,117,924 179,227,367
9.1 Commission & Brokerage Income
Commission 37,284,565 44,575,850
Brokerage - -
37,284,565 44,575,850
9.2 Exchange Gain
On foreign bill purchased 21,393,211 7,857,983
- -
21,393,211 7,857,983
9.3 Administrative Expenses
Salary and allowances 61,802,945 52,154,384
Rent, taxes, insurance, electricity, etc. 9,654,800 9,015,635
Legal expenses 216,682 103,535
Postage, stamps, telecommunication, etc. 826,780 582,169
Stationery, Printings, Advertisements, etc. 995,444 939,826
Repairs and maintenance of bank’s assets 395,272 323,497
73,891,923 63,119,046
10. Investment Income
Profit on Investment (Note: 10.1) 305,388,920 259,914,117
Profit on deposit to other bank / Financial Inst. -
305,388,920 259,914,117
Profit received on JBL General account 135,169,915 149,349,168
440,558,836 409,263,285
Jamuna Bank Limited 579
31.12.2022 31.12.2021
Taka Taka
10.1 Profit on Investment (Loan & Advances)
Profit on Bai-Muazzal (General/Com./others) 197,133,092 119,591,866
MPI Trust Receipt 25,670,425 34,237,970
Profit on Murabaha (Import) 3,013,959 716,474
Profit on local document bill purchased (LDBP) 7,209,764 14,505,739
Profit on Time Loan (Covid-19) 25,554,648 8,873,140
Profit on PAD/MIB 2,198,005 1,691,990
Profit on SME finance 11,239,014 33,050,100
Profit on employee car loan 268,581 163,218
Profit on Hire Purchase 33,101,431 47,083,621
305,388,920 259,914,117
11. Profit paid on Deposit & Borrowings etc
Profit paid on deposits (Note: 11.1) 282,332,835 217,062,097
Profit paid on borrowing from BB - -
282,332,835 217,062,097
Profit paid on JBL General account 416,292 2,640,328
282,749,127 219,702,425
11.1 Profit Paid on Deposits
Profit paid on Mudaraba Savings Deposit 4,482,070 5,358,854
Profit paid on Mudaraba Short Notice Deposit 20,925,696 4,657,506
Profit paid on Mudarba Term Deposit 180,320,233 122,879,294
Profit paid on Scheme Deposit 76,604,836 84,166,442
282,332,835 217,062,097
12. Commission, Exchange & Brokerage Income
Commission 37,284,565 44,575,850
Exchange gain (Note: 9.2) 21,393,211 7,857,983
58,677,776 52,433,833
13. Other Operating Income
Charges on clearing returned & house 26,409 86,462
Service charge 1,874,669 1,176,896
Postage charges recovery 105,170 111,400
Writr off loan recovered 40,800 81,600
Telephone, telex & e-mail 1,755,348 1,919,300
Documentation/ Processing Charge 28,428 10,860
Cheque Issuence Fees 196,294 211,491
Other receipts 9,248,767 4,410,832
13,275,884 8,008,842
14. Salary and Allowances
Basic Salary 27,001,826 23,989,969
Allowances 31,990,180 25,486,028
Salary Casual Staff 2,810,939 2,678,387
61,802,945 52,154,384
15. Rent, Taxes, Insurance, Electricity, etc.
Rent 7,416,599 7,721,029
Insurance expenses (Note: 15.1) 730,073 504,168
Electricity bill 1,177,103 535,863
WASA & Gas Bill 148,180 149,618
Generator fuel 182,845 104,957
9,654,800 9,015,635
15.1 Insurance Expenses
On Cash on transit, Cash in safe & Cash on counter 548,256 504,168
Vehicle 181,817 -
730,073 504,168
16. Postage, Stamps, Telecommunication etc.
Postage Charges 71,056 81,549
Online/ VSAT Charges 207,109 145,739
Tele communication 548,615 354,881
826,780 582,169
580
Annual Report 2022
31.12.2022 31.12.2021
Taka Taka
17. Stationery, Printing and Advertisements etc.
Office stationery 381,933 300,429
Printing stationery 65,718 108,176
Security stationery 150,982 122,477
Ribbon, Diskette, Cable etc. 155,885 149,582
Software maintenance 240,926 259,162
995,444 939,826
18. Depreciation and Repairs and Maintenance of Assets
Repair, renovation & maintenance 395,272 323,497
Depreciation 679,688 1,132,868
1,074,960 1,456,365
19. Other Expenses
Security services 2,353,505 2,603,700
Entertainment 868,258 719,821
Car expenses 2,842,836 2,118,781
Books, newspaper & magazine 16,800 20,141
Traveling expenses 169,345 166,048
Conveyance, labour charges 316,283 325,263
Liveries and uniform 29,952 27,000
Business development - 65,769
Drinking Water 45,937 39,175
Sanitation & cleaning 306,264 41,922
Photograph & photocopy 6,043 5,342
Cash carrying / remit. charge 2,400 303,833
Sundry expenses 116,212 87,459
7,073,834 6,524,254
20. Receipt from Other Operating Activities
Charges on clearing returned 26,409 86,462
Service charge 1,874,669 1,176,896
Postage charges recovery 105,170 111,400
Writr off loan recovered 40,800 81,600
Telephone, telex & e-mail 1,755,348 1,919,300
Documentation/ Processing Charge 28,428 10,860
Cheque Issuance Fees 196,294 211,491
Other receipts 9,248,767 4,410,832
13,275,884 8,008,842
21. Payment to Other Operating Activities
Rent 7,416,599 7,721,029
Insurance expenses (Note: 15.1) 730,073 504,168
Electricity bill 1,177,103 535,863
WASA & Gas Bill 148,180 149,618
Generator fuel 182,845 104,957
Repair, renovation & maintenance 395,272 323,497
Security & cleaning services 2,353,505 2,603,700
Entertainment 868,258 719,821
Car expenses 2,842,836 2,118,781
Books, newspaper & magazine 16,800 20,141
Traveling expenses 169,345 166,048
Conveyance, labour charges 316,283 325,263
Liveries and uniform 29,952 27,000
Business development - 65,769
Drinking Water 45,937 39,175
Sanitation & cleaning 306,264 41,922
Photograph & photocopy 6,043 5,342
Cash carrying / remit. charge 2,400 303,833
Sundry expenses 116,212 87,459
17,123,906 15,863,386
Jamuna Bank Limited 581
582
Annual Report 2022
Independent Auditor’s Report
To the Shareholders of Jamuna Bank Capital Management Limited
Report on the Audit of the Financial Statements
Opinion Other Information
We have audited the financial statements of Jamuna Bank Management is responsible for the other information.
Capital Management Limited (the “Company”), which The other information comprises all of the information
comprise the statement of financial position as at 31 included in the Annual Report other than the financial
December 2022, the statement of profit or loss and other statements and our auditor’s report thereon. The Annual
comprehensive income, statement of changes in equity Report of its parent, Jamuna Bank Limited, is expected
and statement of cash flows for the year then ended, and to be made available to us after the date of this auditor’s
notes to the financial statements, including a summary report.
of significant accounting policies and other explanatory
information. Our opinion on the financial statements does not cover
other information and we do not express any form of
In our opinion, the accompanying financial statements assurance conclusion thereon.
give a true and fair view of the financial position of Jamuna
Bank Capital Management Limited as at 31 December In connection with our audit of the financial statements,
2022, and of its financial performance and its cash flows our responsibility is to read the other information
for the year then ended in accordance with International identified above when it becomes available and, in doing
Financial Reporting Standards (IFRSs). so, consider whether the other information is materially
inconsistent with the financial statements or our
Basis for Opinion knowledge obtained in the audit or otherwise appears to
We conducted our audit in accordance with International be materially misstated.
Standards on Auditing (ISAs). Our responsibilities under
those standards are further described in the Auditor’s When we read the annual report, if we conclude that
Responsibilities for the Audit of the Financial Statements there is a material misstatement therein, we are required
section of our report. We are independent of the Company in to communicate the matter to those charged with
accordance with the ethical requirements that are relevant governance.
to our audit of the financial statements in Bangladesh,
and we have fulfilled our other ethical responsibilities Responsibilities of Management and Those
in accordance with the requirements. We believe that Charged with Governance for the Financial
the audit evidence we have obtained is sufficient and Statements
appropriate to provide a basis for our opinion. Management is responsible for the preparation and fair
presentation of the financial statements in accordance
Emphasis of Matter with IFRSs, and for such internal control as management
Without modifying our opinion, we draw attention to the determines is necessary to enable the preparation
fact as disclosed in: of financial statements that are free from material
misstatement, whether due to fraud or error.
i. Note # 15 to the financial statements, which describe
the matter related to recognition of deferred tax In preparing the financial statements, management is
liabilities or assets. responsible for assessing the Company’s ability to continue
ii. Note # 20.3.1 to the financial statements, which as a going concern, disclosing, as applicable, matters
describes that the Company has given margin loans related to going concern and using the going concern
to the sponsors/directors of Nurany Dying & Sweaters basis of accounting unless management either intends to
Limited through their BO accounts whereas the shares liquidate the Company or to cease operations, or has no
in their BO accounts are ‘Lock-in Shares’ and there is realistic alternative but to do so.
a risk of recovery of these margin loans. However,
the Company has kept provision of Tk. 20.67 crore in Those charged with governance are responsible for
respect of these margin loans. overseeing the Company’s financial reporting process.
Jamuna Bank Limited 583
Auditor’s Responsibilities for the Audit of a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related
the Financial Statements
disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion. Our
Our objectives are to obtain reasonable assurance about
conclusions are based on the audit evidence obtained
whether the financial statements as a whole are free from
up to the date of our auditor’s report. However, future
material misstatement, whether due to fraud or error,
events or conditions may cause the Company to cease
and to issue an auditor’s report that includes our opinion.
to continue as a going concern.
Reasonable assurance is a high level of assurance, but is
• Evaluate the overall presentation, structure and
not a guarantee that an audit conducted in accordance
content of the financial statements, including the
with ISAs will always detect a material misstatement
disclosures, and whether the financial statements
when it exists. Misstatements can arise from fraud or
represent the underlying transactions and events in a
error and are considered material if, individually or in the
manner that achieves fair presentation.
aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these
We communicate with those charged with governance,
financial statements.
among other matters, the planned scope and timing of
the audit and significant audit findings, including any
As part of an audit in accordance with ISAs, we exercise
significant deficiencies in internal control that we identify
professional judgment and maintain professional
during our audit.
skepticism throughout the audit. We also:
We also provide those charged with governance with
• Identify and assess the risks of material misstatement
a statement that we have complied with relevant
of the financial statements, whether due to fraud
ethical requirements regarding independence, and to
or error, design and perform audit procedures
communicate with them all relationships and other
responsive to those risks, and obtain audit evidence
matters that may reasonably be thought to bear on our
that is sufficient and appropriate to provide a
independence, and where applicable, related safeguards.
basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher
than for one resulting from error, as fraud may Report on Other Legal and Regulatory
involve collusion, forgery, intentional omissions, Requirements
misrepresentations, or the override of internal We, as required by the Companies Act, 1994, the Securities
control. and Exchange Rules, 1987 and other applicable laws and
• Obtain an understanding of internal control relevant regulations, also report that:
to the audit in order to design audit procedures that
are appropriate in the circumstances. i) we have obtained all the information and explanations
• Evaluate the appropriateness of accounting policies which to the best of our knowledge and belief were
used and the reasonableness of accounting estimates necessary for the purposes of our audit and made due
and related disclosures made by management. verification thereof;
• Conclude on the appropriateness of management’s use ii) in our opinion, proper books of account as required
of the going concern basis of accounting and, based by law have been kept by the Company so far as it
on the audit evidence obtained, whether a material appeared from our examination of these books; and
uncertainty exists related to events or conditions that iii) the Company’s statement of financial position and
may cast significant doubt on the Company’s ability statement of profit or loss and other comprehensive
to continue as a going concern. If we conclude that income dealt with by the report are in agreement with
the books of account and returns.
Signed for and on behalf of
ACNABIN
Dhaka Chartered Accountants
17 APR 2023
Md. Moniruzzaman, FCA
Partner
ICAB Enrollment No. 787
DVC:2304180787AS339590
584
Annual Report 2022
Jamuna Bank Capital Management Limited
Statement of Financial Position
As at 31 December 2022
31.12.2022 31.12.2021
Note
Taka Taka
ASSETS
Non-Current Assets 6,652,569 1,397,957
Property, Plant and Equipment 5 6,652,569 542,726
Deferred Tax Assets 15 - 855,231
Current Assets 2,111,481,079 2,040,848,678
Cash and Cash Equivalents 6 45,672,369 29,972,320
Investments 7 270,058,031 228,362,366
Loans and Advances 8 1,711,488,632 1,734,264,459
Receivables from Brokers 9 73,253,630 28,074,840
Advance Income Tax 10 10,758,618 17,392,868
Other Current Assets 11 249,800 2,781,825
TOTAL ASSETS 2,118,133,648 2,042,246,635
EQUITY AND LIABILITIES
Equity 894,811,122 893,394,735
Paid-up Capital 12 1,000,000,000 1,000,000,000
Retained Loss 13 (105,188,878) (106,605,265)
Liabilities
Non-Current Liabilities - -
Current Liabilities 1,223,322,526 1,148,851,900
Secured Over Draft 14 646,771,529 542,808,908
Deferred Tax Liabilities 15 677,326 -
Lease Obligation 16 2,707,100 -
Clients Deposits 17 27,251,415 23,973,648
Payables to Brokers 18 65,888,225 24,698,512
Payables to Clients 19 8,116,711 3,799,459
Provision for Margin Loans 20 432,452,987 431,708,949
Provision for Diminution in Value of Investments 21 26,158,116 14,989,286
Provision for Income Tax 22 11,802,856 19,510,656
Other Liabilities 23 1,496,262 87,362,483
Total Liabilities 1,223,322,526 1,148,851,900
TOTAL EQUITY AND LIABILITIES 2,118,133,648 2,042,246,635
The annexed notes from 1 to 41 form an integral part of these financial statements.
Chief Executive Officer Director Chairman
This is the statement of financial position referred to in our separate report of even date.
Signed for and on behalf of
Dhaka ACNABIN
17 APR 2023 Chartered Accountants
Md. Moniruzzaman, FCA
Partner
ICAB Enrollment No. 787
DVC:2304180787AS339590
Jamuna Bank Limited 585
Jamuna Bank Capital Management Limited
Statement of Profit or Loss and Other
Comprehensive Income
For the year ended 31 December 2022
2022 2021
Note
Taka Taka
Operating Income
Interest Income 24 47,970,880 53,834,098
Less: Interest Expenses 25 34,185,239 52,775,558
Net Interest Income 13,785,641 1,058,540
Income from Investment 26 15,385,904 44,806,727
Fees and Charges 27 20,883,101 14,258,460
Other Operating Income 28 842,400 988,095
37,111,405 60,053,282
Total Operating Income (A) 50,897,046 61,111,822
Operating Expenses
Salaries and Allowances 29 17,063,027 12,427,073
Rent, Taxes, Insurance and Electricity 30 1,571,926 836,364
CDBL Charges 31 2,136,498 1,057,523
Legal Expenses 32 172,250 117,325
Postage, Stamps and Telecommunication 33 423,375 188,960
Stationery, Printing and Advertisements 34 334,613 311,743
Directors’ Fees and Other Expenses 35 557,600 748,000
Auditor’s Fee 36 115,000 57,500
Depreciation on Property, Plant and Equipment 37 2,942,167 2,405,241
Other Expenses 38 6,144,666 3,208,168
Total Operating Expenses (B) 31,461,121 21,357,898
Profit before Provisions (A-B)=C 19,435,925 39,753,924
Provisions against Margin Loans and Investments
General Provision 20.1 (227,758) (1,834,136)
Special Provision 20.2 971,796 1,987,696
Provision for Equity Shortfall and Doubtful Margin Loans 20.3 - -
Provision for Diminution in Value of Investments 21.1 11,168,830 5,678,052
Total Provision (D) 11,912,868 5,831,612
Profit before Tax (C-D)=E 7,523,056 33,922,312
Less: Income Tax Expenses 6,106,670 5,728,628
Current Tax 39 4,574,112 6,095,232
Deferred Tax 39 1,532,557 (366,603)
Net Profit after Tax (F) 1,416,387 28,193,684
Other Comprehensive Income (G) - -
Total Comprehensive Income (F+G) 1,416,387 28,193,684
The annexed notes from 1 to 41 form an integral part of these financial statements.
Chief Executive Officer Director Chairman
This is the statement of profit or loss and other comprehensive income referred to in our separate report of even date.
Signed for and on behalf of
ACNABIN
Dhaka Chartered Accountants
17 APR 2023
Md. Moniruzzaman, FCA
Partner
ICAB Enrollment No. 787
DVC:2304180787AS339590
586
Jamuna Bank Capital Management Limited
Statement of Changes in Equity
For the year ended 31 December 2022
(Amount in Taka)
Particulars Paid-up Capital Retained Loss Total Equity
Balance as at 01 January 2022 1,000,000,000 (106,605,265) 893,394,735
Add: Net Profit for the year - 1,416,387 1,416,387
Balance as at 31 December 2022 1,000,000,000 (105,188,878) 894,811,122
For the year ended 31 December 2021
Particulars Paid-up Capital Retained Loss Total Equity
Balance as at 01 January 2021 1,000,000,000 (135,966,515) 864,033,485
Add: Net Profit for the year - 28,193,684 28,193,684
Add: Previous year provision - 1,868,106 1,868,106
Less: Tax for previous year provision - 700,540 700,540
Balance as at 31 December 2021 1,000,000,000 (106,605,265) 893,394,735
The annexed notes from 1 to 41 form an integral part of these financial statements.
Chief Executive Officer Director Chairman
Jamuna Bank Limited
Dhaka
17 APR 2023
587
Annual Report 2022
Jamuna Bank Capital Management Limited
Statement of Cash Flows
For the year ended 31 December 2022
2022 2021
Note
Taka Taka
A. Cash flows from operating activities
Interest income 24 47,970,880 53,834,098
Interest expense paid 25 (34,185,239) (52,775,558)
Income from investment 26 15,385,904 44,806,727
Fees and charges 27 20,883,101 14,258,460
Advance income tax 10.1 (5,647,663) (3,914,859)
Other operating income 28 842,400 988,095
Operating expenses paid in cash (27,476,983) (15,819,305)
Cash generated from operating activities before changes in
operating assets and liabilities 17,772,400 41,377,658
Increase/(decrease) in operating liabilities
Secured Over Draft 103,962,621 (123,762,108)
Lease obligation 2,707,100 (650,518)
Deposits from customers 3,277,767 16,650,311
Payables to brokers 41,189,712 (3,808,127)
Payables against sale proceeds 4,317,253 (14,741,993)
Other liabilities (86,908,193) 43,909,211
(Increase)/decrease in operating assets
Loans and advances 22,775,827 183,413,598
Receivables from brokers (45,178,789) 11,006,167
Other current assets 2,532,025 (2,515,724)
48,675,323 109,500,818
Net cash flow from operating activities 66,447,723 150,878,476
B. Cash flows from investing activities
Acquisition of property, plant and equipment 5 (9,052,009) (2,259,576)
Investments 7 (41,695,665) (136,372,612)
Net cash used in investing activities (50,747,674) (138,632,188)
C. Cash flows from financing activities - -
D. Net increase in cash and cash equivalents (A+B+C) 15,700,049 12,246,288
E. Unrealized foreign exchange gain/(loss) - -
F. Cash and cash equivalents at the beginning of the year 29,972,320 17,726,033
G. Cash and cash equivalents at the end of the year (D+E+F) 45,672,369 29,972,320
The annexed notes from 1 to 41 form an integral part of these financial statements.
Chief Executive Officer Director Chairman
Dhaka
17 APR 2023
588
Annual Report 2022
Jamuna Bank Capital Management Limited
Notes to the Financial Statements
As at and for the year ended 31 December 2022
1. Company and its activities
1.1 Legal status and nature of the company
Jamuna Bank Capital Management Limited (hereinafter called “JBCML” or the “company”) was established on
23 December 2009 vide reg. # C-81290/09 under the Companies Act, 1994 as a private company limited by shares.
The company is a subsidiary of Jamuna Bank Limited. The registered office of the company is situated at Hadi
Mansion (3rd Floor), 2, Dilkusha C/A, Dhaka-1000. The company started its operation on 10 April 2011.
The company has achieved an unparallel reputation as a leading Merchant Banker through providing portfolio
management services by maintaining a high level of professional expertise and integrity in client relationship.
1.2 Principal activities and nature of operation
The main objectives of the company are to act as a full-fledged merchant banker & portfolio manager to provide
the following services:
i. Underwrite public issue of shares and debentures or bonds of issues (Public Limited Companies);
ii. Underwrite shares and debentures issues of Publicly traded companies;
iii. Manage public issues of issuers of shares, debentures and bonds of companies intending to float shares and
debentures for public subscription;
iv. Manage right shares/debentures of issuers;
v. Manage portfolio of investments in securities (equity shares and fixed income securities) on behalf of clients
under different modes of Investment Account;
vi. Arrange for Pre-IPO private placement arrangements for investors; and
vii. To participate in Pre-IPO private placement arrangements for Jamuna Bank Limited.
1.3 Regulatory Authorities
i. Bangladesh Securities and Exchange Commission (BSEC);
ii. Dhaka Stock Exchange Limited (DSE); and
iii. Chittagong Stock Exchange Limited (CSE).
2. Basis of preparation and significant accounting policies
2.1 Statement of compliance
The financial statements have been prepared and the disclosures of information have been made in accordance
with the Companies Act, 1994, the Securities and Exchange Rules, 1987, International Financial Reporting
Standards (IFRSs) and other applicable laws and regulations.
2.2 Other regulatory compliances
As required, Jamuna Bank Capital Management Limited also complies with the applicable provisions of the
following major laws/ statutes:
- Securities and Exchange Ordinance, 1969;
- Securities and Exchange Rules, 1987;
- Securities and Exchange Commission (Merchant Banker and Portfolio Manager) Rules, 1996;
- Income Tax Ordinance, 1984;
- Income Tax Rules, 1984;
- Value Added Tax and Supplementary Duty Act, 2012;
- Value Added Tax and Supplementary Duty Rules, 2016;
- Negotiable Instruments Act, 1881; and
- Other applicable laws and regulations.
2.3 Basis of measurement
The financial statements, except statement of cash flows, have been prepared on accrual basis of accounting
under the historical cost convention.
Jamuna Bank Limited 589
2.4 Functional and presentational currency
These financial statements are presented in Bangladeshi Taka (BDT/Taka/Tk.) which is the functional currency
of the company. The amounts in these financial statements have been rounded off to the nearest integer.
2.5 Components of Financial Statements
- Statement of Financial Position
- Statement of Profit or Loss and Other Comprehensive Income
- Statement of Changes in Equity
- Statement of Cash Flows
- Notes to the Financial Statements
2.6 Use of estimates and judgments
Preparation of financial statements requires management to make judgments, estimates and assumptions that
affect the reported amount of assets and liabilities, income and expenses. These financial statements contained
information about the assumptions it made about the future and other major sources of uncertain estimation
at the end of the reporting period that have a significant risk of resulting in a material adjustment to the
carrying amount of assets, liabilities, income and expenses within the next financial year. In accordance with
the guidelines as prescribed by IAS 37: Provisions, Contingent Liabilities and Contingent Assets. Provisions are
recognized in the following situation:
i) When the company has an obligation as a result of past events,
ii) When it is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation; and
iii) Reliable estimates can be made of the amount of the obligation.
2.7 Consistency
In accordance with the IFRS framework for the presentation of financial statements together with IAS 1 and
IAS 8, Jamuna Bank Capital Management Limited applies the accounting disclosure principles consistently
from one period to the next. Where selecting and applying new accounting policies, changes in accounting
policies, corrections of errors, the amounts involved are accounted for, retrospectively, in accordance with the
requirement of IAS 8. We, however, have applied the same accounting principles in 2022 as was for in financial
statements for 2021.
2.8 Going Concern
The company has adequate resources to continue in operation for the foreseeable future. For this reason the
directors continue to adopt going concern basis in preparing the financial statements. The current credit
facilities and adequate resources of the company provide sufficient funds to meet the present requirements of
its existing businesses and operations.
2.9 Reporting period
The financial statements of the company cover 01 (one) year from 01 January 2022 to 31 December 2022 and is
followed consistently.
3. Significant Accounting Policies
The accounting policies set out below have been applied consistently (otherwise as stated) to all periods
presented in these financial statements.
3.1 Property, plant and equipment
3.1.1 Recognition and Measurement
Property, plant and equipment are stated at cost or revalued amount, if any, less accumulated depreciation
in compliance with International Accounting Standard (IAS)-16: Property, Plant and Equipment. The cost of
acquisition of an asset comprises its purchase price and any directly attributable cost of bringing the asset to its
location and condition for its intended use inclusive of inward freight, duties and non-refundable taxes.
3.1.2 Subsequent costs
The cost of replacing part of an item of property, plant and equipment are recognized in the carrying amount of
the item if it is probable that the future economic benefits embodied within the part will flow to the Company
and its cost can be measured reliably. The costs of the day-to-day servicing of property, plant and equipment are
recognized in the Statement of Profit or Loss and Other Comprehensive Income as incurred.
590
Annual Report 2022
3.1.3 Depreciation & Amortization
Depreciation is charged using straight-line method on all assets of property, plant and equipment. Depreciation
is charged from the date when the assets are ready to use. Depreciation rates are as follows:
Nature of Assets Rate of Depreciation
Furniture and fixtures 10%
Office equipments 15%
Computer software 15%
3.2 Intangible Assets
Acquired computer software is capitalized on the basis of the costs incurred to acquire and bring to use the
specific software. These costs are amortized over their estimated useful lives.
3.2.1 Recognition and Measurement
In accordance with IAS 38, an intangible asset is recognized if it is probable that the expected future economic
benefits, which are attributable to the asset, will flow to the company entity; and the cost of the assets can be
measured reliably. In addition, it is measured at cost less accumulated amortization and impairment loss, if any,
in the statement of financial position.
3.2.2 Subsequent expenditure
Subsequent expenditure on intangible assets is capitalized only when it increases the future economic benefits
embodied in the specific assets to which it relates.
3.2.3 Amortization
Amortization is calculated using the straight-line method to write down the cost of intangible asset to its residual
values at 15%.
3.3 Impairment
The carrying value of the Company’s assets other than inventories, are reviewed at closing date to determine
whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is
estimated. An impairment loss is recognized whenever the carrying amount of the asset or its cash-generating
unit exceeds its recoverable amount. Impairment losses, if any, are recognized in the statement of profit or loss
and other comprehensive income.
3.4 Statement of Cash Flows
The statement of cash flows show changes in cash and cash equivalents during the financial year. It has reported
cash flows during the year classified by operational activities, investing activities and financing activities. It is
prepared under indirect method in accordance with IAS 7: Statement of Cash Flows.
3.5 Cash and cash equivalents
Cash and cash equivalents include cash in hand and cash at bank which are held and are available for use by the
Company without any restriction. There is insignificant risk of change in the value of the above items.
3.6 Margin loans to customer
JBCML extends margin loan facility to the portfolio of investors at an agreed ratio (between investors deposit
and loan amount) of purchased securities against the respective investor account. The investors are required to
maintain the margin in accordance with the set rules and regulations. The margin is monitored on daily basis as
it changes due to the fluctuation in market price of shares. If the margin falls below the minimum requirement,
the investors are required to deposit additional fund to maintain margin as per rules and regulations otherwise
the securities are sold to bring the margin to the required level.
3.7 Investments in securities
Investments in listed securities are recognized at cost. In case of diminution of market value compared to cost,
provision is made on portfolio basis but no unrealized gain is accounted for when market value exceeds cost.
3.8 Recognition and measurement of financial Instruments
In accordance with IFRS 9: Financial Instruments, financial assets may be recognized at fair value, with a gain
or loss taken to the Statement of Profit or Loss and Other Comprehensive Income at net investment income. A
financial asset or financial liability is classified as held for trading if it is acquired or incurred principally for the
purpose of selling or repurchasing in the near term.
Jamuna Bank Limited 591
3.8.1 Recognition and measurement of financial assets
Financial Assets
Financial assets of the company include cash and cash equivalents, accounts receivable and other receivables.
The company initially recognizes receivable on the date they are originated. All other financial assets
are recognized initially on the date at which the company becomes a party to the contractual provisions of
the transaction. The company derecognizes a financial asset when and only when the contractual rights or
probabilities of receiving the cash flows from the asset expire or it transfers the right to receive contractual cash
flows on the financial assets in a transaction in which substantially all the risk and rewards of ownership of the
financial assets are transferred. JBCML extends margin loan facility to Investors’ Descretionary Accounts @50%.
Besides, the company invests in the capital market to maintain its own portfolio.
Financial Liabilities
JBCML has a Secured Over Draft (SOD) loan account with Dilkusha Branch of Jamuna Bank Limited with the
limit of Tk. 90 (ninety) crore @8.5% interest per annum.
3.9 Provision for income tax
Provision for income tax is made on the basis of company’s computation based on the best estimate of taxable
profit in accordance with the Income Tax Ordinance, 1984.
3.10 Revenue recognition
Revenue is recognized only when it is probable that the economic benefits associated with the transaction will
flow to the enterprise and in accordance with IFRS 15: Revenue from Contracts with Customers.
3.10.1 Transaction/Settlement fee
Transaction/settlement fee is recognized as income when selling or buying order is executed.
3.10.2 Interest income from margin loan
Income from margin loan is recognized on accrual basis. Such income is calculated considering daily margin
loan balance of the respective customers. Income is recognized on quarterly basis.
3.10.3 Dividend income and gain/(loss) on sale of marketable securities
Dividend income is recognized when receipt or payment right is established whereas profit or loss arising from
the sale of securities is accounted for only when shares are sold in the market and profit is realized or loss is
incurred.
3.11 IFRS 16: Leases
JBCML applied IFRS 16: Leases for the first time with the date of initial application on 01 January 2020 using
modified retrospective approach where the company measured the lease liability at the present value of the
remaining lease payments and recognized a right-of-use asset at the date of the initial application on a lease by
lease basis.
The company has renewed its previous lease agreement and capitalized the lease rental for its 01 (one) floor
space of a building during the year. Subsequently before capitalization of the rental payment, the company has
considered the compliance criteria of IFRS 16 and applied accordingly.
According to IFRS 16, a contract is, or contains, a lease if it conveys the right to control the use of an identified
asset for a period of time in exchange for consideration.
An asset is typically identified by being explicitly specified in a contract, but an asset can also be identified by
being implicitly specified at the time it is made available for use by the customer.
Upon lease commencement, the company recognizes a right-of-use asset and a lease liability. The right-of-
use asset is initially measured at the amount of the lease liability plus any initial direct costs incurred by the
company. Adjustments may also be required for lease incentives, payments at or prior to commencement and
restoration obligations or similar. After lease commencement, the company measures the right-of-use asset
using a cost model. Under the cost model a right-of-use asset is measured at cost less accumulated depreciation.
The lease liability is initially measured at present value of the future lease payments discounted using the
discount rate implicit in the lease. Subsequently, the lease liability is adjusted for interest and lease payments,
as well as the impact of lease modifications, amongst others.
On the statement of financial position, right-of-use assets have been included in non-current assets portion and
lease obligations have been included in current liabilities portion.
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Annual Report 2022
3.12 Income tax expenses
Income tax expenses comprise current and deferred tax. Income tax expense is recognized in the Statement of
Profit or Loss and Other Comprehensive Income except to the extent that it relates to items recognized directly
in equity, in which case it is recognized in equity.
3.12.1 Current tax
Income tax expense is recognized in Statement of Profit or Loss & Other Comprehensive Income. Current tax
is the expected tax payable on the total taxable income for the year using tax rates enacted or substantially
enacted as of reporting date and any adjustment to tax payable in respect of previous years. The Company is a
full-fledged merchant bank as per Income Tax Law and provision for tax has duly been made. The rate of tax is
37.5%.
3.12.2 Deferred tax
The company has recognized deferred tax using balance sheet method in compliance with the provisions of IAS
12: Income Taxes. The company’s policy of recognizing deferred tax assets or liabilities is based on temporary
differences (taxable or deductible) between the carrying amount (book value) of assets and liabilities for financial
reporting purposes and its tax base, and accordingly, deferred tax income or expenses have been considered to
determine net profit after tax and Earnings per Share (EPS).
3.13 Provision for diminution in value of investments
Provision should be made for any loss arising from diminution in value of investments. Hence, difference
between cost and market value of investments is determined. Accordingly, as per BSEC circular, we have to
maintain full provision for diminution in value of investments within 31 December 2023 through maintaining
quarterly installment basis.
3.14 Events after the Reporting Period
Events after the reporting period, also known as non-adjusting events, are disclosed in the notes when material
as well as provide additional information about the company’s position at the period end date.
3.15 General
i) Figures have been rounded off to the nearest integer.
ii) Previous year’s figures have been rearranged wherever considered necessary to conform to the current
year’s presentation.
4. Financial Risk Management
4.1 Credit Risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails
to meet its contractual obligations and arises principally from the Company’s loans and advances to customers
and investment securities. These loans and advances are fully covered by the securities held by the customer.
With respect to credit risk arising from the other financial assets of the Company, the maximum exposure is
equal to the carrying amounts of the financial assets.
4.2 Market Risk
Market risk is the risk of losses due to fluctuation or volatility of market price of investments in shares. The
company’s activities may give rise to risk at the time of settlement of transactions and trades.
4.3 Liquidity Risk
Liquidity risk is the risk that the company will not be able to meet its financial obligations as they fall due. The
company’s approach to managing liquidity (cash and cash equivalents) is to ensure, as far as possible, that it
will always have sufficient liquidity to meet its liabilities under both normal and stressed conditions without
incurring unacceptable losses or damage to the company’s reputation. Typically, the company ensures that it
has sufficient cash and cash equivalents to meet expected operational expenses, including financial obligations
through preparation of the cash flow forecast based on time line of payment of the financial obligation and
accordingly, arrange for sufficient liquidity/ fund to make the expected payment within due date.
This note presents information about the Company’s exposure to each of the above risks, the Company’s
objectives, policies and resources for measuring and managing risk, and the Company’s management of
capital. The Management has overall responsibility for the establishment and oversight of the Company’s risk
management framework.
Jamuna Bank Limited 593
31.12.2022 31.12.2021
Taka Taka
5. Property, Plant and Equipment
(A) Cost
i) Freehold Assets
Opening Balance 6,231,617 5,880,655
Add: Addition during the year 857,915 350,962
7,089,532 6,231,617
ii) Right of Use Assets (Leasehold assets)
Opening Balance - 1,824,937
Add: Addition during the year 8,194,094 1,908,614
8,194,094 3,733,551
Less: Adjustment of Lease - -
8,194,094 3,733,551
Total Cost (A) 15,283,626 9,965,167
(B) Accumulated Depreciation
i) Freehold Assets
Opening Balance 5,688,890 5,557,251
Add: Charged during the year 210,802 131,639
5,899,692 5,688,890
ii) Right of Use Assets (Leasehold assets)
Opening Balance - 1,459,949
Add: Charged during the year 2,731,365 2,273,601
2,731,365 3,733,551
Total Accumulated Depreciation (B) 8,631,057 9,422,441
Written Down Value (A-B) 6,652,569 542,726
A schedule of property, plant and equipment is given in Annexure-A.
Jamuna Bank Capital Management Limited has implemented the renewed lease agreement occupying 3,670
square feet floor space at 3rd Floor of Hadi Mansion with a tenure of 03 (three) years, i.e. till 31 December 2024.
6. Cash and Cash Equivalents
Cash in Hand 60,400 10
Cash at Bank (Note: 6.1) 45,611,969 29,972,310
45,672,369 29,972,320
6.1 Cash at Bank
Name of the Bank Type of Account Account No.
Januna Bank Ltd. SND 1201000016154 35,141,604 29,125,306
Januna Bank Ltd. SND 1201000016165 10,214,397 594,937
Januna Bank Ltd. SND 1201000016176 253,416 248,166
Januna Bank Ltd. SND 1201000016358 2,552 3,901
45,611,969 29,972,310
7. Investments
Shares in IPO & Secondary Market (Note: 7.1) 260,058,031 228,362,366
Shares in Private Placement (Note: 7.2) 10,000,000 -
270,058,031 228,362,366
594
Annual Report 2022
31.12.2022 31.12.2021
Taka Taka
7.1 Investments in Shares in IPO & Secondary Market
Opening Balance 228,362,366 91,989,754
Add: Investments made during the year 31,695,665 136,372,612
260,058,031 228,362,366
The details of investments in shares in IPO & secondary market are given in Annexure-B.
7.2 Investments in Shares in Private Placement
EXPOTRADE International (BD) Ltd. 10,000,000 -
8. Loans and Advances
Portfolio Loan A/C - Investors’ Discretionary Account (IDA) 1,711,488,632 1,734,264,459
Negative equity of different margin accounts of the investors with zero shares amounting to Tk. 72,761,924 has
been adjusted from the operating profit for the year 2022.
9. Receivables from Brokers
BD Sunlife Securities Ltd. 62,069,677 -
Green Delta Securities - DSE - 287,796
Hazi Ammed & Brothers - 72,452
Innova Securities Ltd. (DSE) 3,083,595 -
International Leasing Securities Ltd. (ILSL) - DSE 102,446 623,649
Multi Securities & Services Ltd. (MSSL) - DSE 92,761 1,507,705
Prime Bank Securities Ltd. - DSE - 8,403,080
Reliance Brokerage Services Ltd. - DSE 3,889,942 1,033,975
Reliance Brokerage Services Ltd. - CSE 120,818 -
Sheltech Brokerage Ltd. - DSE - 1,788,553
United Financial Trading Co. Ltd. (UFTCL) - DSE 47,818 11,582,214
Jamuna Bank Securities Ltd. - DSE 3,846,562 -
Own Portfolio 10 2,775,416
73,253,630 28,074,840
10. Advance Income Tax
Opening Balance 17,392,868 13,478,009
Add: Paid during the year (Note: 10.1) 5,647,663 3,914,859
23,040,531 17,392,868
Less: Settlement of previous years’s tax liability 12,281,912 -
10,758,618 17,392,868
10.1 Advance Tax Paid during the Year
Advance Tax on SND interest 33,293 35,666
Advance Income Tax - DCT 4,491,947 2,317,784
Advance Tax on Dividend Income 1,122,423 1,561,409
5,647,663 3,914,859
Year-wise payments for advance income tax are as follows:
Up to 2011 14,860,949 14,860,949
Year 2012 43,756,210 43,756,210
Year 2013 73,496,377 73,496,377
Year 2014 75,886,389 75,886,389
Year 2015 40,242,261 40,242,261
Year 2016 15,026,949 15,026,949
Year 2017 30,126,812 30,126,812
Year 2018 9,821,381 9,821,381
Year 2019 2,460,531 2,460,531
Year 2020 2,205,827 1,713,880
Year 2021 5,397,075 3,397,075
Year 2022 3,155,716 -
316,436,477 310,788,814
Less: Settlement of previous years’s tax liability
Up to 2021 - 293,395,947
Up to 2022 305,677,859 -
305,677,859 293,395,947
10,758,618 17,392,868
Jamuna Bank Limited 595
31.12.2022 31.12.2021
Taka Taka
*Advance income tax paid during the year 2022:
For the year 2020 491,947
For the year 2021 2,000,000
For the year 2022 3,155,716 31.12.2022 31.12.2021
Total 5,647,663 Taka Taka
11. Other Current Assets
Dividend Receivable - 2,184,261
Accrued Interest - -
Advance Rent - -
Advance - 329,364
Security Deposit 201,000 204,500
Prepaid Expenses 34,500 46,000
Stock of Stationery 14,300 17,700
249,800 2,781,825
12. Share Capital
Authorized Capital
30,000,000 Ordinary Shares of Tk. 100 each 3,000,000,000 3,000,000,000
Issued, Subscribed and Paid-up Capital
10,000,000 Ordinary Shares of Tk. 100 each 1,000,000,000 1,000,000,000
Details of shareholding are as follows:
Sl. # Name of the Shareholder % of Holding No. of Share
01 Jamuna Bank Limited 99.99984% 9,999,984 999,998,400 999,998,400
02 Abu Khair Mohammad Sakhawat 0.00001% 1 100 100
03 Md. Ismail Hossain Siraji 0.00001% 1 100 100
04 Al-haj M.A. Khayer 0.00001% 1 100 100
05 Engr. A.K.M. Mosharraf Hussain 0.00001% 1 100 100
06 Engr. Md. Atiqur Rahman 0.00001% 1 100 100
07 Golam Dastagir Gazi, Bir Protik 0.00001% 1 100 100
08 Fazlur Rahman 0.00001% 1 100 100
09 Al-haj Nur Mohammed 0.00001% 1 100 100
10 Md. Tajul Islam 0.00001% 1 100 100
11 Al-haj Md. Rezaul Karim Ansari 0.00001% 1 100 100
12 Md. Belal Hossain 0.00001% 1 100 100
13 Md. Mahmudul Hoque 0.00001% 1 100 100
14 Md. Sirajul Islam Varosha 0.00001% 1 100 100
15 Kanutosh Majumder 0.00001% 1 100 100
16 Gazi Golam Murtoza 0.00001% 1 100 100
17 Shaheen Mahmud 0.00001% 1 100 100
100% 10,000,000 1,000,000,000 1,000,000,000
13. Retained Loss
Opening Balance (106,605,265) (135,966,515)
Add: Net profit for the year 1,416,387 28,193,684
Add: Adjustment for previous year provision - 1,868,106
(105,188,878) (105,904,726)
Less: Tax for previous year provision - 700,540
(105,188,878) (106,605,265)
Provision for rent was kept in the year 2019 which was not adjusted against rent expense as the expense was not
incurred in that year. Later in the year 2021, the said provision was added to the retained earnings as the expense
was not expected to be claimed by the parent, Jamuna Bank Limited. Accordingly, 37.5% of further tax provision
was added to the said provision amount in the year 2021.
596
Annual Report 2022
31.12.2022 31.12.2021
Taka Taka
14. Secured Over Draft
Opening Balance 542,808,908 666,571,016
Add: Addition during the year 1,402,000,000 726,528,984
Excise duty 50,000 40,000
Interest charged 34,185,239 65,297,169
1,979,044,147 1,458,437,169
Less: Repayment during the year 1,332,272,618 915,628,261
646,771,529 542,808,908
JBCML has been maintaining Secured Over Draft (SOD) loan account with Dilkusha Branch of Jamuna Bank
Limited vide account no. 5008000010930 with the limit of Tk. 90.00 (ninety) crore only.
15. Deferred Tax Liabilities/(Assets)
Taxable/
Deferred Tax
Accounting (Deductible)
Particulars Tax Base Tax Rate Liabilities/
Base Temporary
(Assets)
Difference
Freehold Assets 1,189,840 2,139,265 (949,426) 37.50% (356,035)
Right of Use Assets 5,462,729 - 5,462,729 37.50% 2,048,524
Lease Liabilities (2,707,100) - (2,707,100) 37.50% (1,015,162)
Total 677,326
Total balance of negative equity in margin loan accounts is Tk. 30.14 crore (Annexure-C) as at 31 December
2022. Against this amount, provision of Tk. 43.25 crore (Note # 21) has been maintained up to the year 2022.
JBCML management has decided to consider full provision for negative equity in margin loan accounts into
determining deferred tax liabilities or assets within the earliest possible time.
Further noted here that considering the nature of capital market, there is a chance of making gain from the
investments in share in IPO & secondary market. Also, JBCML is making capital gains from its sale of shares in
the market. In that aspect, full provision for unrealized loss on marketable securities has not been considered
into determining deferred tax liabilities or assets this year, but the management has decided to consider the full
provision amount within the earliest possible time.
Opening Balance (855,231) (488,627)
Add: Deferred Tax Liabilities/(Assets) during the year 1,532,557 (366,603)
677,326 (855,231)
Deferred tax liabilities or assets have been recognized and measured in accordance with the provisions of IAS
12: Income Taxes.
16. Lease Obligation
Opening Balance - 650,518
Add: Addition during the year 8,194,094 1,908,614
Interest Expense 636,401 82,068
8,830,495 2,641,200
Less: Paid during the year 6,123,395 2,641,200
2,707,100 -
17. Clients Deposits
Investors’ Discretionary Accounts (IDA) 12,902,723 9,016,072
Non-Investors’ Discretionary Accounts (NIDA) 14,348,692 14,957,576
27,251,415 23,973,648
18. Payables to Brokers
BD Sunlife Securities Ltd. 61,307,780 -
Green Delta Securities - DSE - 3,375,977
Hazi Ammed & Brothers 21,112 5,973
International Leasing Securities Ltd. (ILSL) - DSE 219,794 618,957
Multi Securities & Services Ltd. (MSSL) - DSE 474,461 1,574,310
Prime Bank Securities Ltd. - DSE - 8,371,742
Reliance Brokerage Services Ltd. - DSE 983,877 906,485
Sheltech Brokerage Ltd. - DSE - 629,867
United Financial Trading Co. Ltd. (UFTCL) - DSE 371,226 9,215,202
Jamuna Bank Securities Ltd. - DSE 2,509,974 -
65,888,225 24,698,512
Jamuna Bank Limited 597
31.12.2022 31.12.2021
Taka Taka
19. Payables to Clients
Investors’ Discretionary Accounts (IDA) 5,172,177 2,431,357
Non-Investors’ Discretionary Accounts (NIDA) 2,944,534 1,368,101
8,116,711 3,799,459
20. Provision for Margin Loans
General Provision (Note: 20.1) 17,114,886 17,342,645
Special Provision (Note: 20.2) 46,481,300 45,509,504
Provision for Equity Shortfall and others (Note: 20.3) 368,856,801 368,856,801
432,452,987 431,708,949
20.1 General Provision
Opening Balance 17,342,645 19,176,781
Add: Provision adjusted during the year (227,758) (1,834,136)
17,114,886 17,342,645
As per circular no. SEC/CMRRCD/2006-159/Adminstration/1-29 dated 02 October 2007, JBCML has maintained 1%
general provision on outstanding margin loan amount as at 31 December 2022 due to price fluctuating situation
in the capital market.
20.2 Special Provision
Opening Balance 45,509,504 43,521,807
Add: Provision made during the year 971,796 1,987,696
46,481,300 45,509,504
The Board of Directors of the company in its 12th Board Meeting held on 30 October 2011 decided to create
and maintain 5% special provision on the operating profit of the company every year for compensating loss
generated from margin loan accounts. Accordingly, 5% special provision has been maintained for the year 2022.
20.3 Provision for Equity Shortfall and Doubtful Margin Loans 368,856,801 368,856,801
20.3.1 Breakdown of provision for equity shortfall and doubtful margin loans
Total Equity Shortfall as at 31 December 2022 (Annexure-C) 301,405,108 358,157,166
Less: General Provision (Note: 20.1) 17,114,886 17,342,645
Special Provision (Note: 20.2) 46,481,300 45,509,504
63,596,186 62,852,148
Net equity shortfall 237,808,922 295,305,018
Required provision as per BSEC circular (A) 47,561,784 -
Provision for doubtful margin loans (B) 206,730,513 -
Total required provision (A+B) 254,292,297 -
Opening Balance of Provision 368,856,801 368,856,801
The net provision for equity shortfall of JBCML stands at Tk. 23.78 crore whereas the required provision of
such shortfall of the company stands at Tk. 4.76 crore (Tk. 23.78 crore/5 quarters) in accordance with circular
no. BSEC/SRI/NE/2020/606 dated 28 December 2022 and the company has kept the same for the year ended 31
December 2022. In addition, JBCML management has decided to release Tk. 20.67 crore from the remaining
amount of provision for equity shortfall and doubtful margin loans and keep the same against the margin loans
given to the sponsors/directors of Nurany Dying & Sweaters Limited through their BO accounts and the shares in
their BO accounts are ‘Lock-in Shares’. However, the total maintained provision for equity shortfall and doubtful
margin loans of the company for the year ended 31 December 2022 is Tk. 36.89 crore.
21. Provision for Diminution in Value of Investments
Opening Balance 14,989,286 9,311,234
Add: Provision made during the year (Note: 21.1) 11,168,830 5,678,052
26,158,116 14,989,286
21.1 Provision made during the year
Total unrealized loss on own portfolio 70,833,438 26,345,389
Less: Opening Balance 14,989,286 9,311,234
Additional unrealized loss during the year 55,844,152 17,034,156
Provision made during the year 11,168,830 5,678,052
598
Annual Report 2022
31.12.2022 31.12.2021
Taka Taka
As per circular no. BSEC/SRI/NE/2020/606 dated 28 December 2022, JBCML has to maintain full provision for
diminution in value of investments within 31 December 2023 through maintaining quarterly installment basis,
i.e. 05 (five) installments. Accordingly, the company has maintained provision of Tk. 1.12 crore (Tk. 5.58 crore/5
quarters) for the year 2022.
22. Provision for Income Tax
Opening Balance 19,510,656 12,714,884
Add: Provision made during the year 3,627,611 5,268,877
Previous year provision - 700,540
Short provision for previous year (2020) 946,501 826,354
Total Provision during the year 24,084,768 19,510,656
Less: Adjustment during the year 12,281,912 -
11,802,856 19,510,656
23. Other Liabilities
VAT Payable 212,972 53,803
TDS Payable to NBR 112,159 31,688
Sundry Creditors (Note: 23.1) 4,612 16,112
Payable to CDBL 21,423 19,323
Sundry Deposit - Contractors 23,720 23,720
Payable to Portfolio Account Holders 103,126 -
Interest Suspense Account (Note: 23.2) - 85,976,312
Provision for Expenses (Note: 23.3) 1,018,251 1,241,526
1,496,262 87,362,483
23.1 Sundry Creditors
PF payable due to settlement 4,371 4,371
Undisbursed dividend payable against clients’ investment 240 240
C.T. Karim & Partners - 11,500
4,612 16,112
23.2 Interest Suspense Account
As per policy of JBCML, the company charges interest and interest suspense on margin loans disbursed to
Investors’ Discretionary Account (IDA) clients on quarterly basis. As at 31 December 2022, the interest suspense
and margin loan amount of Nurany Dying & Sweaters Limited stands at Tk. 4.47 crore and Emerald Oil Industries
Limited stands at Tk. 0.01 crore. The management of JBCML has decided to adjust the total interest suspense and
margin loan amount of Tk. 4.48 crore with loan balance.
Sl. # Client Code No. Name of the Company
01 1189, 1190, 1191, 1192, 1193 Nurany Dying & Sweaters Limited
02 1113 Emerald Oil Industries Limited
23.3 Provision for Expenses
Auditor's Fee 115,000 57,500
Electricity Bill 95,000 54,318
Leave Fare Assistance (LFA) 165,667 15,688
Security Services Bill 36,300 36,300
Cleaning Services Bill 23,100 20,900
Telephone Bill 5,200 400
Office Rent - 837,729
CDBL Charges 470,000 55,000
Utility Charges 37,985 106,191
VAT and Tax Consultancy 70,000 57,500
1,018,251 1,241,526
Provision for rent was kept in the year 2019 which was not adjusted against rent expense as the expense was not
incurred in that year. Later in the year 2021, the said provision was added to the retained earnings as the expense
was not expected to be claimed by the parent, Jamuna Bank Limited. Accordingly, 37.5% of further tax provision
was added to the said provision amount in the year 2021.
Jamuna Bank Limited 599
2022 2021
Taka Taka
24. Interest Income
JBCML Investors A/C 152,757 259,065
JBCML Brokers A/C 105,361 68,629
JBCML General A/C 24,941 23,691
JBCML Public Issue Application A/C 35 5,272
Portfolio Loan A/C - IDA 47,687,786 53,477,441
47,970,880 53,834,098
JBCML charges interest on margin loans allocated to its IDA clients. Interest is charged on quarterly basis at
different rates on daily product basis.
25. Interest Expense
Bank Interest 34,185,239 52,775,558
26. Income from Investment
Dividend Income 5,702,634 7,882,045
Capital gain on sale of shares 9,683,271 36,924,682
15,385,904 44,806,727
27. Fees and Charges
Settlement Fee (Note: 27.1) 20,725,001 14,101,360
Documentation Charge 45,000 32,000
BO A/C Maintenance Fees 103,050 117,300
BO A/C Opening Fees 10,050 7,800
20,883,101 14,258,460
27.1 Settlement Fee
Investors Discretionary Accounts (IDA) 17,878,596 10,801,459
Non Investors Discretionary Accounts (NIDA) 2,846,405 3,299,900
20,725,001 14,101,360
28. Other Operating Income
Other Charges and Fees Income 842,400 988,095
29. Salaries and Allowances
Salaries and Allowances 13,953,446 10,252,603
Bonus 1,405,633 1,083,210
Leave Fare Assistance (LFA) 500,000 51,456
Company’s Contribution to Employees’ Provident Fund 586,828 457,040
Wages of Casual Employees 431,100 556,996
Other Allowances 186,020 -
Executive Car Loan* - 25,768
17,063,027 12,427,073
*JBCML provided car facility to its Executives as per Employees Service Rules of Jamuna Bank Limited. For this
purpose JBCML borne majority of the cost of acquisition and the remaining amount of the cost was borne by
the Executives themselves. Jamuna Bank Limited provided the facility to JBCML for a tenure of 06 (six) years.
After the tenure or settlement of the loan with Jamuna Bank Limited by JBCML, the title/ownership of the car
got transferred to the name of the respective Executives. Therefore, the amount was presented under the head
of Salaries and Allowances as part of employees’ benefit by JBCML.
30. Rent, Taxes, Insurance and Electricity
VAT on Leased Assets 429,941 396,180
Electricity Bill 1,141,985 440,184
1,571,926 836,364
31. CDBL Charges 2,136,498 1,057,523
32. Legal Expenses
Consultancy Fee 82,500 117,125
Other Legal Expenses 89,750 200
172,250 117,325
600
Annual Report 2022
2022 2021
Taka Taka
33. Postage, Stamps and Telecommunication
Stamp, Cartridge and Paper 32,855 6,500
Telephone-Office 4,800 9,432
Telephone-Residence 87,000 26,000
Mobile Bill 200,500 45,667
Courier 8,820 15,636
Internet/Online Charges 89,400 85,725
423,375 188,960
34. Stationery, Printing and Advertisements
Printing Stationery 62,359 61,238
Security Stationery 35,900 25,550
Office Stationery 193,328 176,093
Computer Paper, Ribbon and Cartridge 33,826 39,662
Newspaper and Magazine (Advertisement) 9,200 9,200
334,613 311,743
35. Directors’ Fees and Other Expenses
Honorarium 557,600 748,000
36. Auditor’s Fee 115,000 57,500
37. Depreciation on Property, Plant and Equipment 2,942,167 2,405,241
38. Other Expenses
Fuel and Gas 162,000 149,774
Newspapers, Magazines, Books and Periodicals 14,525 5,396
Repair and Maintenance 219,933 213,196
Entertainment 1,360,605 736,957
Conveyance 147,553 138,268
Utility Bill 487,899 74,106
Fees and Renewals 408,188 438,584
Sanitaion & Cleaning Expenses 145,036 130,194
Cleaning Services 280,375 266,525
Security Guard 435,600 617,100
Donation - 50,000
Business Development Expenses 448,475 105,470
Travelling Expenses 1,092,492 -
Miscellaneous Expenses 81,681 40,517
Interest Expense of Lease Obligation 636,401 82,068
Bank Charges and Commission 223,903 160,013
6,144,666 3,208,168
39. Income Tax Expenses
Current Tax 4,574,112 6,095,232
Deferred Tax 1,532,557 (366,603)
6,106,670 5,728,628
40. Events after the Reporting Period
There is no significant event subsequent to the statement of financial position date to report which had an
influence on the statement of financial position or the statement of profit or loss and other comprehensive
income as at and for the year ended 31 December 2022.
41. Related Party Transactions
During the year, the company carried out transactions with related parties in the normal course of business. The
name of the related parties and nature of these transactions have been set out in accordance with the provisions
of IAS 24: Related Party Disclosure.
Nature of Net Transaction Outstanding as Outstanding as
Name of Party Relationship
Transaction during the year at 31.12.2022 at 31.12.2021
Jamuna Bank Ltd. Parent Company SOD Loan 103,962,621 646,771,529 542,808,908
Total 103,962,621 646,771,529 542,808,908
Jamuna Bank Limited 601
Annexure-A
602
Jamuna Bank Capital Management Limited
Schedule of Property, Plant and Equipment
As at 31 December 2022
(Amount in Taka)
Cost Accumulated Depreciation & Amortization
Adjustment/ Adjustment/ Written Down
Particulars Addition Charged Value as at
Balance as at (Disposal) Balance as at Rate Balance as at (Disposal) Balance as at
during the during the 31.12.2022
01.01.2022 during the 31.12.2022 (%) 01.01.2022 during the 31.12.2022
year year
year year
a) Freehold Assets
Furniture & Fixtures 1,337,313 39,780 - 1,377,093 10 1,193,951 50,819 - 1,244,770 132,323
Office Equipments 2,465,044 818,135 - 3,283,179 15 2,075,543 155,594 - 2,231,136 1,052,043
Computer Software 2,429,260 - - 2,429,260 15 2,419,396 4,389 - 2,423,785 5,474
Sub-total 6,231,617 857,915 - 7,089,532 5,688,890 210,802 - 5,899,692 1,189,840
b) Leasehold Assets
Building Floor - 8,194,094 - 8,194,094 - - 2,731,365 - 2,731,365 5,462,729
Sub-total - 8,194,094 - 8,194,094 - 2,731,365 - 2,731,365 5,462,729
Total as at 31 December 2022 6,231,617 9,052,009 - 15,283,626 5,688,890 2,942,167 - 8,631,057 6,652,569
As at 31 December 2021
Cost Accumulated Depreciation & Amortization
Adjustment/ Adjustment/ Written Down
Particulars Addition Charged Value as at
Balance as at (Disposal) Balance as at Rate Balance as at (Disposal) Balance as at
during the during the 31.12.2021
01.01.2021 during the 31.12.2021 (%) 01.01.2021 during the 31.12.2021
year year
year year
a) Freehold Assets
Furniture & Fixtures 1,337,313 - - 1,337,313 10 1,107,216 86,735 - 1,193,951 143,362
Office Equipments 2,114,082 350,962 - 2,465,044 15 2,035,028 40,515 - 2,075,543 389,501
Computer Software 2,429,260 - - 2,429,260 15 2,415,007 4,389 - 2,419,396 9,863
Sub-total 5,880,655 350,962 - 6,231,617 5,557,251 131,639 - 5,688,890 542,726
b) Leasehold Assets
Building Floor 1,824,937 1,908,614 - 3,733,551 - 1,459,949 2,273,601 - 3,733,551 -
Sub-total 1,824,937 1,908,614 - 3,733,551 1,459,949 2,273,601 - 3,733,551 -
Total as at 31 December 2021 7,705,591 2,259,576 - 9,965,167 7,017,200 2,405,241 - 9,422,441 542,726
Annexure-B
Jamuna Bank Capital Management Limited
Investments in Shares in IPO & Secondary Market
As at 31 December 2022
(Amount in Taka)
Average Cost per Total Cost Market Price per Unrealized (Loss)/
Sl. No. Name of the Company No. of Shares Total Market Value
Share Value Share Profit
i ii iii iv v = (iii x iv) vi vii =(iii x vi) viii = (v - vii)
Banks & Financial Institutions
1 Prime Bank Limited 500,000 23.87 11,936,845 19.20 9,600,000 (2,336,845)
2 Mercantile Bank Limited 525,000 15.86 8,328,390 13.60 7,140,000 (1,188,390)
3 Dutch-Bangla Bank Limited 38,500 75.51 2,907,325 62.60 2,410,100 (497,225)
4 Eastern Bank Limited 66,341 34.68 2,300,455 31.80 2,109,652 (190,804)
5 IDLC Finance Limited 52,500 63.72 3,345,313 46.50 2,441,250 (904,063)
6 LankaBangla Finance 275,000 36.93 10,156,595 26.00 7,150,000 (3,006,595)
7 Delta Brac Housing Finance Corporation 31,863 76.44 2,435,617 57.80 1,841,722 (593,896)
8 Social Islami Bank Limited 111,075 15.48 1,719,380 12.30 1,366,223 (353,157)
Engineering
9 Navana CNG Limited 236,155 64.35 15,196,610 24.20 5,714,951 (9,481,659)
10 GPH Ispat Limited 94,950 52.89 5,021,657 44.80 4,253,760 (767,897)
11 Mir Akhter Hossain Limited 60,325 77.46 4,672,585 50.80 3,064,510 (1,608,075)
Fuel & Power
12 Summit Power Limited 450,000 44.04 19,819,223 34.00 15,300,000 (4,519,223)
13 Power Grid Co. of BD 157,000 64.89 10,187,729 52.40 8,226,800 (1,960,929)
14 Titas Gas T & D Co. Ltd. 205,000 47.80 9,798,151 40.90 8,384,500 (1,413,651)
15 GBB Power Limited 250,000 32.18 8,046,171 19.30 4,825,000 (3,221,171)
Jamuna Bank Limited
Textile
16 Kattali Textile Ltd. 1,607,490 38.55 61,964,755 23.70 38,097,513 (23,867,242)
603
Annual Report 2022
Average Cost per Total Cost Market Price per Unrealized (Loss)/
604
Sl. No. Name of the Company No. of Shares Total Market Value
Share Value Share Profit
i ii iii iv v = (iii x iv) vi vii =(iii x vi) viii = (v - vii)
17 Paramount Textile Limited 65,500 90.27 5,912,465 77.00 5,043,500 (868,965)
18 Ring Shine Textiles Ltd. 1,306 8.89 11,605 9.80 12,799 1,194
Mutual Fund
19 Trust Bank 1st Mutual Fund 400,000 7.69 3,074,619 5.60 2,240,000 (834,619)
20 Green Delta Mutual Fund 150,000 9.58 1,437,153 6.90 1,035,000 (402,153)
21 PHP 1st Mutual Fund 450,000 7.53 3,390,078 5.20 2,340,000 (1,050,078)
Pharmaceuticals
22 ACI Limited 86,100 290.10 24,977,905 260.20 22,403,220 (2,574,685)
23 Active Fine Chemicals Limited 340,000 28.25 9,603,868 19.30 6,562,000 (3,041,868)
24 The ACME Laboratories Ltd. 115,000 105.45 12,126,474 85.00 9,775,000 (2,351,474)
Cement
25 Premier Cement Mills Limited 32,398 80.84 2,618,959 44.50 1,441,711 (1,177,248)
Food and Allied
26 British American Tobacco Bangladesh Co. 31,705 601.42 19,068,105 518.70 16,445,384 (2,622,721)
Ltd.
Total 6,333,208 260,058,031 189,224,593 (70,833,438)
Annual Report 2022
Annexure-C
Jamuna Bank Capital Management Limited
Statement of Equity Shortfall
As at 31 December 2022
Particulars Amount in Taka
Opening Balance of Negative Equity 358,157,166
Add: Addition/(adjustment) of Negative Equity during the year (56,752,058)
Closing Balance of Negative Equity 301,405,108
Jamuna Bank Limited 605
Annexure-D
Jamuna Bank Capital Management Limited
Statement of Doubtful Margin Loans
As at 31 December 2022
(Amount in Taka)
Sl. Client Loan Amount
Name of Sponsor/Director Name of Company
No. Code No. as at 31.12.2022
01 1189 Rehana Alam Nurany Dying & Sweaters Limited 47,538,631
02 1190 S.K Nur Mohammad Azger Nurany Dying & Sweaters Limited 13,599,900
03 1191 Sk. Nurul Alam Nurany Dying & Sweaters Limited 56,218,764
04 1192 Daudpur Soya Processing Industries Ltd. Nurany Dying & Sweaters Limited 5,954,544
05 1193 Daudpur Rice Mills Limited Nurany Dying & Sweaters Limited 83,418,674
Total 206,730,513
606
Annual Report 2022
Jamuna Bank Limited 607
Independent Auditor’s Report To the Shareholders of
Jamuna Bank Securities Limited
Report on the Audit of the Financial Statements
Opinion
we have audited the financial statements of “JAMUNA BANK SECURITIES LIMITED” Which comprise the financial
position as on 31 December 2022, statement of Comprehensive Income, statement of changes in equity and statements
of cash flows for the period then ended, and notes to the financial statements, including a summary of significant
accounting policies.
In our opinion, the accompanying financial statements give true and fair view of the financial position of the company
as at 31 December 2022, and of its financial performance and its cash flows for the period then ended in accordance with
International Financial Reporting Standards (IFRSs), the companies Act 1994 and other applicable laws and regulations.
Basis for Opinion
We conducted our audit in accordance with international Standards on Auditing (ISAs) our responsibilities under
those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section
of our report. We are independent of the Company in accordance with the International Ethics Standards Board for
Accountants’ Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are
relevant to our audit of the financial statements in Bangladesh, and we have fulfilled our other ethical responsibilities
in accordance with these ethical requirements. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Going Concern
The company earned profit during the year.
Reporting on other information
Management is responsible for the other information. The other information comprises all of the information in the
Annual Report other than the financial Statements and our auditor’s report thereon. The Annual Report expected to be
made available to us after the auditor’s report.
Our Opinion on the financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information identified
above when it becomes available and, in the financial statements of our knowledge obtained in the audit otherwise
appears to be materially misstated.
Responsibilities of Management and Those Charged with Governance for the Financial
Statements and Internal Controls.
Management is responsible for the preparation and fair presentation of the financial statements in accordance with
IFRSs, the Companies Act 1994 and other applicable laws and regulation and for such internal control as management
determines is necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that include our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
ISAS will always detect a material misstatement when is exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion.
608
Annual Report 2022
• The risk of not detecting a material misstatement resulting from fraud is higher than for on resulting from error, as
fraud may involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are requiring to draw attention in our auditor’s report to the related disclosures in the financial statements
or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to
cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.
• Obtain sufficient appropriate audit evidence regarding the financial statements information of the entities or
business activities within the Company to express an opinion on the financial statements. We are responsible for the
direction, supervision and performance of the Company audit. We remain solely responsible for our audit opinion.
• We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
identity during our audit.
• We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and the communicated with them relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.
• From the matters communicated with those charged with governance, we determine those matters that were of
most significance in the audit of the financial statements of the current period and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure
about the matter should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
Report on other Legal and Regulatory Requirements
In accordance with International Financial Reporting Standards (IFRS) the Companies Act 1994 and other applicable
Laws, Rules and Regulations issued by the appropriate authority, we also report the following:
• We have obtained all the information and explanations which to the best of our knowledge and belief were necessary
for the purposes of our audit and made due verification thereof;
• In our opinion, proper books of accounts as required by law have been kept by the Company so far as it appeared
from our examination of these books;
• The financial statements dealt with by the report are in agreement with the books of account.
Dated: Dhaka
Augustine Dipk Karmakar,Fca
09 Mar 2023
Shafiq Mizan Rahman & Augustine
Chartered Accountants
Dvc: 2303090989as985834
Jamuna Bank Limited 609
Jamuna Bank Securities Limited
Statement of Financial Position
As at 31 December 2022
Amount in Tk. Amount in Tk.
Note
31.12.2022 31.12.2021
ASSETS
Non-Current Assets
Property, Plant and Equipment 5 3,662,489 201,618
Membership of Chittagong Stock Exchange Ltd. 6 280,000,000 280,000,000
TREC of Dhaka Stock Exchange Limited 7 10,000,000 10,000,000
Total Non Current Assets 293,662,489 290,201,618
Current Assets
Investment 8 94,453,706 165,081,042
Accounts Receivable 9 7,565,354 7,918,193
Advance, Deposit & Prepayments 10 30,225,000 30,225,000
Margin Loan to Client 11 22,066,839 -
Cash and Cash Equivalent 12 18,906,755 2,857,758
Total Current Assets 173,217,654 206,081,993
Total Assets 466,880,143 496,283,611
EQUITIES AND LIABILITIES
Equities
Share Capital 13 400,000,000 400,000,000
Retained Earnings 31,582,782 25,327,456
Total Equity 431,582,782 425,327,456
Accounts Payable 14 19,261,172 581,868
Liability for Expenses 15 372,011 24,180
Provision for Income Tax 16 2,784,886 4,169,505
Special Provision 17 2,947,597 2,430,261
Secured Overdraft 18 9,931,694 63,750,340
Total Current Liabilities 35,297,360 70,956,155
Total Equities and Liabilities 466,880,143 496,283,611
The annexed notes form an integral part of the Financial Statements.
Chairman Director Chief Executive Officer
Signied in terms of our separate report of even date annexed.
AUGUSTINE DIPAK KARMAKAR, FCA
Dated: Dhaka SHAFIQ MIZAN RAHMAN & AUGUSTINE
09 Mar 2023 CHARTERED ACCOUNTANTS
DVC: 2303090989AS985834
610
Annual Report 2022
Jamuna Bank Securities Limited
Statement of Profit or Loss and other
Comprehensive Income
For the Year ended 31 December 2022
Amount in Tk. Amount in Tk.
Particulars Notes
31.12.2022 31.12.2021
Operating Income 19 12,253,276 6,566,491
Less : Operating Expenses 20 10,631,291 3,705,574
Income from Operation 1,621,985 2,860,917
Add: Non Operating Income 21 10,020,056 14,640,189
11,642,041 17,501,106
Less : Financial Expenses 1,295,370 1,961,612
Comprehensive Income/(Loss) before Income Tax 10,346,671 15,539,494
Less : Income Tax Provision 16.3 1,854,903 5,121,190
Comprehensive Income/(Loss) after Income Tax 8,491,768 10,418,304
Less : Special Provision 17 517,334 776,975
Unrealized gain/(Loss) from invest in equity held for trading 17.1 (1,719,108) (2,254,570)
Comprehensive Income/(Loss) after Income Tax and provision 6,255,326 7,386,759
The annexed notes form an integral part of the Financial Statements.
Chairman Director Chief Executive Officer
Signied in terms of our separate report of even date annexed.
AUGUSTINE DIPAK KARMAKAR, FCA
Dated: Dhaka SHAFIQ MIZAN RAHMAN & AUGUSTINE
09 Mar 2023 CHARTERED ACCOUNTANTS
DVC: 2303090989AS985834
Jamuna Bank Limited 611
612
Jamuna Bank Securities Limited
Statement of Changes in Equity
As at 31 December 2022
(Amount in Taka)
OCI reserve for Investment in
Particulars Paid up Capital Retained Earnings Total
securities
Balance as on 01 January 2022 400,000,000 - 25,327,456 425,327,456
-
Adjustment of OCI reserve for Investment in securities - - -
-
Net Profit for the year - 6,255,326 6,255,326
-
Balance as on 31 December 2022 400,000,000 - 31,582,782 431,582,782
As at 31 December 2021
OCI reserve for Investment in
Particulars Paid up Capital Retained Earnings Total
securities
Balance as on 01 January 2021 400,000,000 2,855,517 15,085,180 417,940,697
Adjustment of OCI reserve for Investment in securities - (2,855,517) 2,855,517 -
-
Net Profit for the year - 7,386,759 7,386,759
Balance as on 31 December 2021 400,000,000 - 25,327,456 425,327,456
Chairman Director Chief Executive Officer
Signied in terms of our separate report of even date annexed.
AUGUSTINE DIPAK KARMAKAR, FCA
Dated: Dhaka SHAFIQ MIZAN RAHMAN & AUGUSTINE
09 Mar 2023 CHARTERED ACCOUNTANTS
DVC: 2303090989AS985834
Annual Report 2022
Jamuna Bank Securities Limited
Statement of Cash Flows
For the Year ended 31 December 2022
Amount in Tk. Amount in Tk.
31.12.2022 31.12.2021
Cash Flows from Operating Activities:
Collection from Customers 721,502 35,735
Income from Investment 10,020,056 20,126,523
Other Operating Income 11,531,776 469,146
Payment to Employees (4,967,929) (760,745)
Payment to Suppliers (334,234) (388,342)
Payment for Other Operating Expenses (4,632,446) (4,369,617)
Interest paid (1,295,370) -
Income Taxes paid (3,239,522) (7,468,114)
(i) Operating profit before changes in operating assets and liabilities 7,803,833 7,644,586
Increase/Decrease in operating assets & liabilities
Change in Current Assets 352,839 (30,598,188)
Change in Current Liabilities 16,960,196 (11,074,790)
(ii) Cash received/ (used) from operating assets and liabilities 17,313,035 (41,672,978)
Net Cash Flow from Operating Activities (A) = (i+ii) 25,116,868 (34,028,392)
Cash Flow from Investing Activities:
Acquisition of non-current assets (3,809,722) (107,050)
Acquisition of DSE TREC - (10,000,000)
Margin loan to clients (22,066,839) -
Proceeds from sale/(purchase) of securities 70,627,336 (21,728,955)
Net Cash Used in Investing Activities (B) 44,750,775 (31,836,005)
Cash Flow from Financing Activities:
Secured Overdraft (53,818,646) 62,238,859
Net Cash Flow from Financing Activities (C) (53,818,646) 62,238,859
Net Increase/ Decrease in cash and cash equivalents D= (A+B+C) 16,048,997 (3,625,538)
Cash and Cash Equivalents at beginning of the year (E) 2,857,758 6,483,296
Cash and cash equivalents at end of the year (D+E) (*) 18,906,755 2,857,758
(*) Closing cash & cash equivalent:
Cash in hand 10,330 6,393
Cash at bank 18,896,425 2,851,365
Total Cash & Bank Balance 18,906,755 2,857,758
Chairman Director Chief Executive Officer
AUGUSTINE DIPAK KARMAKAR, FCA
Dated: Dhaka SHAFIQ MIZAN RAHMAN & AUGUSTINE
09 Mar 2023 CHARTERED ACCOUNTANTS
DVC: 2303090989AS985834
Jamuna Bank Limited 613
Jamuna Bank Securities Limited
Notes to the Financial Statements
For the Year ended 31 December 2022
1. Background of the company
Jamuna Bank Limited is one of the leading private commercial banks in the country. The Bank has been carrying
out its banking business efficiently since its incorporation in 2001. The Bank is offering various banking services
to the customers through its wide branch network at different locations of the country.
The Board of Directors of the Bank felt necessary to make its presence in the growing capital market of our
country and decided to form a fully owned subsidiary company in the name of Jamuna Bank Securities Limited
to provide state of the art brokerage services to the investors.
Jamuna Bank Securities Limited has been incorporated as a private limited Company with Registrar of Joint
Stock Companies & Firms, Dhaka on 07 February 2011 bearing number C-90274/11. The authorized capital and
paid up capital of the company is Tk.100.00 crore (Taka one hundred crore) and Tk.40.00 crore (Taka forty crore)
respectively.
The Company applied to Chittagong Stock Exchange (CSE) for a membership of the Exchange to start its
brokerage business and accordingly CSE issued membership certificate no.147 to the company. The company
applied for Stock -Broker and Stock -Dealer licenses from the Bangladesh Securities and Exchange Commission
(BSEC) and subsequently received it from BSEC on June 13, 2012. The Company has started its operation since
February 18, 2013.
2. Significant Accounting Policies
2.1 Basis of Presentation of Financial Statements
The financial statements of the company have been prepared applying accrual basis of accounting under the
historical cost convention in accordance with Bangladesh Financial Reporting Standards.
2.2 Revenue Recognition
The revenue during the period under audit is recognized satisfying the conditions as specified in International
Accounting Standards (IAS) 18 “Revenue Recognition”.
2.3 Depreciation
During the period under Audit, Depreciation is charged at rates varing from 10% to 15% based on the nature &
useful lives of the assets. Depreciation has been charged on addition during the period when respective assets
put into use and in case of sale.
The rates of depreciation used on a straight-line method are as follows:
Office Equipments 15%
Furniture & Fixtures 10%
Computer & Accessories 15%
2.4 Statement of Cash Flows
The statement of cash flows is prepared in accordance with International Accounting Standard (IAS) 7 “Cash
Flow Statement”.
2.5 Investment and Provision
Investment values and classification are assessed under the International Accounting Standard (IAS) 25
“Accounting for Investments” which is shown bellow:
Items Assessment of Accounting
Investment in marketable Shares Market price
Investment in Bond & Others Cost price
Financial assets (held for trading) measured at fair value through profit & loss account (Note-17.1) as per
International Financial Reporting Standard (IFRS-9).
614
Annual Report 2022
2.6 Taxation
Provision for tax has been made @27.50% and other deducing rates as prescribed in the Finance Act, 2022 of the
profit made by the Jamuna Bank Securities Limited considering major taxable allowances and disallowances.
2.7 General
Figures in the financial statements have been rounded off to the nearest Taka.
3.0 Going concern
The financial statements have been prepared on a going concern basis assuming that the entity is able to
continue as a viable entity for the foreseeable future and that there is no material uncertainty.
4.0 Related party disclosure
As per International Accounting Standards (IAS 24) , parties to be related if one of the party has the ability to
control the other party or exercise significant influence over the other party in making financial and operating
decisions. All transactions were carried out in the ordinary course of business on an arm’s length basis, no
related party transactions were incurred during this financial year.
4.1 General
i) Figures of previous years have been rearranged wherever considered necessary to conform to the current
year’s presentation.
ii) Figures have been rounded off to the nearest Taka.
iii) Expenses are shown including Value Added Tax (VAT) where applicable.
Amount in Tk. Amount in Tk.
31.12.2022 31.12.2021
5. Property, Plant and Equipment
a. At Cost:
Opening Balance 2,776,192 2,669,142
Add: Addition during the year 3,809,722 107,050
Less: Adjustment during the year - -
6,585,914 2,776,192
b. Less: Accumulated Depreciation:
Opening Balance 2,574,575 2,426,093
Less: Adjustment during the year - -
Add: Charged during the year 348,851 148,482
2,923,426 2,574,575
Written Down Value (a - b) 3,662,488 201,618
A schedule of Property, Plant and Equipment is given at Annexure-A
6. Membership of Chittagong Stock Exchange Limited
Value of Shares of CSE (4,287,330 shares @Tk.10 each) 42,873,300 42,873,300
Add: Goodwill 237,126,700 237,126,700
Total 280,000,000 280,000,000
This represents the acquisition of CSE membership. According to Exchange Demutualization Act 2013 and
Bangladesh Securities and Exchange Commission (BSEC) has approved Demutualization scheme. Chittagong
Stock Exchange PLC (CSE) has allotted total 4,287,330 ordinary shares at a face value of Taka 10.00 each against
acquisition cost of Taka 2,80,000,000. Out of the shares allotted CSE has transferred 1,714,932 shares to BO
account of the company. The remaining balance of 25,72,398 shares has been kept under blocked account.
Since there is no active market for shares of CSE, the fair value of the said investments could not be reliably
measured. As such, excess amount paid over the share value considered as goodwill.
7. TREC of Dhaka Stock Exchange Limited
Registration fee 10,000,000 10,000,000
10,000,000 10,000,000
Jamuna Bank Limited 615
Amount in Tk. Amount in Tk.
31.12.2022 31.12.2021
8. Investment
Investment in Marketable Shares (Annexure - B) 10,153,706 11,043,542
Investment in listed securities under IPO - 22,037,500
Investment in Govt. Treasury Bond (Note: 8.1) 84,300,000 132,000,000
Total 94,453,706 165,081,042
8.1 Investment in Govt.Treasury Bond
Instrument Name Instrument ID
20 Y BGTB 25/07/2032 BD0932041207 3,800,000 3,800,000
15 Y BGTB 17/04/2028 BD0928391152 5,000,000 5,000,000
15 Y BGTB 29/07/2030 BD0930041159 8,700,000 8,700,000
10 Y BGTB 13/05/2012 BD0922461100 - 7,500,000
10 Y BGTB 11/04/2012 BD0922381100 - 88,700,000
20 Y BGTB 29/07/2035 BD0932041204 8,000,000 8,000,000
20 Y BGTB 29/07/2035 BD0922381100 3,300,000 3,300,000
20 Y BGTB 26/06/2036 BD0939391209 2,000,000 2,000,000
10 Y BGTB 22/01/2030 BD0930261104 5,000,000 5,000,000
15 Y BGTB 28/11/2033 BD0933141154 48,500,000 -
Total 84,300,000 132,000,000
9. Accounts Receivable
Receivable from Dhaka Stock Exchange Limited 1,221,297 -
Dividend Receivables 2,193,665 1,714,932
Receivable from Clients 24,121 5,325
Advance for Expenses 430,000 370,000
Advance for rent 1,672,125 2,407,860
Accrued Interest on Treasury Bond 2,024,146 3,420,076
Total 7,565,354 7,918,193
10. Advance, Deposit & Prepaments
Deposit (Note: 10.1) 30,225,000 30,225,000
Total 30,225,000 30,225,000
10.1 Deposits
Security Deposit to CDBL 200,000 200,000
Clearing House Deposit to CSE 25,000 25,000
Security Deposit to DSE 30,000,000 30,000,000
Total 30,225,000 30,225,000
11. Margin Loan to Client 22,066,839 -
12. Cash and Cash Equivalent
Cash in Hand 10,330 6,393
Cash at Banks (Note: 12.1) 18,896,425 2,851,365
18,906,755 2,857,758
12.1 Cash at Banks
Corporate A/C# 0006-0320001765, Jamuna Bank Ltd., Dilkusha Br. 1,746 108,017
Dealer A/C# 0006-0320001774, Jamuna Bank Ltd., Dilkusha Br. 15,255 5,455
CCBA A/C# 0006-0320001783, Jamuna Bank Ltd., Dilkusha Br. 1,316,348 2,727,363
CCBA A/C# 1123435850001, The City Bank Ltd., Motjheel Br. 17,520,563 -
Dealer A/C# 3103435850001, The City Bank Ltd., Motjheel Br. 33,042 -
PIA A/C# 0006-0320001630, Jamuna Bank Ltd., Dilkusha Br. 9,471 10,530
18,896,425 2,851,365
616
Annual Report 2022
Amount in TK. Amount in TK.
31.12.2022 31.12.2021
13. Share Capital
Authorized Capital
10,000,000 Ordinary Shares of Tk.100 each 1,000,000,000 1,000,000,000
Issued, Subscribed and Paid up Capital
4,000,000 Ordinary Shares of Tk.100 each 400,000,000 400,000,000
Details of shareholdings are as under:
Sl. Name of the shareholders % of Holdings No. of Share
1 Jamuna Bank Limited 99.999950 3,999,998 399,999,800 399,999,800
2 Mr. Mirza Elias Uddin Ahmed 0.000025 1 100 100
3 Mr. Uttam Kumar Saha 0.000025 1 100 100
4,000,000 400,000,000 400,000,000
14. Accounts Payable
Payable to Dhaka Stock Exchange Limited 6,416 -
Payable to Clients 19,245,092 572,204
Payable to client (CCBA interest ) 5,664 5,664
Payable to Suppliers 4,000 4,000
19,261,172 581,868
15. Liability for Expenses
Audit fees payable 23,000 23,000
VAT Payable 6,970 1,166
Tax Payable 8,934 -
Rent Payable 283,804 -
Payable to CDBL 12,289 -
Unclaimed Dividend 14 14
Payable for Internet bill 37,000 -
372,011 24,180
16 Provision for Income Tax
Current tax (Note: 16.1) 2,684,159 3,950,045
Deferred tax (Note: 16.2) 100,727 219,460
2,784,886 4,169,505
16.1 Provision for current Tax
Opening balance as on 01 January 42,258,264 37,159,771
Add: provision made during the year (Note: 16.1.1) 1,973,636 3,692,257
Add: short provision made for the year 2016 & 2017 - 1,406,236
44,231,900 42,258,264
Advance Tax
Opening balance as on 01 January 38,308,219 30,840,105
Add: Paid during the year 3,239,522 7,468,114
41,547,741 38,308,219
Net balance at December 2,684,159 3,950,045
16.1.1 Provision made during the year
Comprehensive Income/(Loss) before Income Tax 10,346,671 15,539,494
Adjustment for separate consideration:
Less: Capital gain from sale of shares (4,151,968) (3,825,227)
Add: Accounting depreciation 348,851 148,482
Less: Tax depreciation (84,840) (84,840)
Less: Dividend income (2,902,764) (2,236,383)
Income from business or profession 3,555,950 9,541,526
Jamuna Bank Limited 617
Amount in TK. Amount in TK.
31.12.2022 31.12.2021
Sum up:
Tax on income from business or profession @ 27.50% 977,886 2,862,457
Tax on Capital gain from sale of shares @10% 415,197 382,523
Tax on dividend @20% 580,553 447,277
Current year provision made during the year 1,973,636 3,692,257
Add: short provision made for the year 2016 & 2017 - 1,406,236
1,973,636 5,098,493
16.2 Provision for deferred tax
Opening balance as on 01 January 219,460 196,763
Add: Provision made during the year (Note: 16.2.1) (118,733) 22,697
100,727 219,460
16.2.1 Deferred tax liability for depreciation on fixed assets:
Total taxable temporary difference 348,851 148,482
Total taxable deductible difference 780,609 72,826
Net taxable temporary difference (431,758) 75,656
Deffered tax liabilities (Effective tax rate 27.50%) (118,733) 22,697
Add: short provision for previous year 2016 - 723,131
Add: short provision for previous year 2017 - 683,105
- 1,406,236
Total (118,733) 1,428,933
16.3 Cutrrent year provision for Income Tax
Current tax (Note: 16.1.1) 1,973,636 5,098,493
Deferred tax (Note: 16.2) (118,733) 22,697
1,854,903 5,121,190
17. Special Provision
Opening Balance 2,430,261 1,653,286
Add: Addition during the Period 517,334 776,975
Total 2,947,595 2,430,261
The Board of Director of the company decided to create 5% special provision on the operating profit for
compensating loss generated from margin loan & others which was approved 10th Annual General Meeting
(AGM) of the shareholders of the company held on 13 May, 2021.
17.1 Unrealized gain/(Loss) from invest in equity held for trading
Cost value of marketable Shares 14,127,384 13,298,112
Market value of marketable Shares 10,153,706 11,043,542
3,973,678 2,254,570
Add/Less: Previous year provision 2,254,570 -
Charged during the year (1,719,108) (2,254,570)
18 Secured Overdraft 9,931,694 63,750,340
Jamuna Bank Limited, Foreign Exchange Branch, Dhaka
(A/C No. 00180133010801)
19 Operating Income
Bokerage Commission (Note-19.1) 4,153,262 428,078
Other Operating Revenue (Note-19.2) 7,378,512 6,138,413
Interest Income from Margin Loan (Note-19.3) 721,502 -
Total 12,253,276 6,566,491
19.1 Brokerage Commission-CSE
DSE 4,068,502 -
CSE 84,760 428,078
4,153,262 428,078
618
Annual Report 2022
Amount in TK. Amount in TK.
31.12.2022 31.12.2021
19.2 Other Operating Revenue
Dividend Income 2,902,764 2,236,383
Capital Gain on Sales of Shares 4,151,968 3,825,227
BO Maintenance Fees 30,600 30,150
BO Opening Fees 50,500 5,000
Documentation Fees 13,000 -
Other Income 227,980 36,068
Cheque Dishonur Fees 500 -
IPO Processing Fee 1,200 5,585
Total 7,378,512 6,138,413
19.3 Interest Income from Margin Loan 721,502 -
20. Operating Expenses
Salaries and Allowances (Note-22) 4,967,929 760,745
Rates & Taxes (Note-23) 54,242 46,527
Telecommunication Expenses (Note-24) 107,000 60,000
Stationery ( Note-25) 242,623 47,615
Directors’ Fee including 15% VAT ( Note-26) 255,200 211,200
Audit fee 23,000 23,000
Depreciation on Property, Plant and Equipment (Annexure-A) 348,851 148,482
Other Expenses ( Note-27) 4,632,446 2,408,005
10,631,291 3,705,574
21. Non Operating Income Amount in TK. Amount in TK.
Income from Govt.Treasury Bond 31.12.2022
10,020,056 31.12.2021
14,640,189
22. Salary and Allowances
Salary and Allowances 4,452,610 640,238
Bonus 334,799 62,465
Leave Fare Assistance 58,946 21,295
Contribution to Employees’ Provident Fund 121,574 36,747
Total 4,967,929 760,745
23. Rates & Taxes
Rates & Taxes 54,242 46,527
Total 54,242 46,527
24. Telecommunication
Internet Charges 107,000 60,000
Total 107,000 60,000
25. Stationery
Printing Stationery 83,026 5,000
Office Stationery 159,597 42,615
Total 242,623 47,615
26. Directors’ Fees
Board meeting attendance fees 232,000 192,000
Add: VAT @10% 23,200 19,200
Total 255,200 211,200
27. Other Expenses
Fees & Charges (Note: 27.1) 443,767 2,161,984
Office Rent 3,405,646 -
Newspapers bill 2,744 2,440
Entertainment 239,737 85,383
Conveyance 29,490 47,800
Bank Charges and Commission 125,343 81,328
Repair and Maintanence 20,390 -
Postage & courier bill 1,035 180
Jamuna Bank Limited 619
Amount in TK. Amount in TK.
31.12.2022 31.12.2021
Software Maintenance Fees 57,780 28,890
Electricity Bill 61,339 -
Dish Cable Bill 3,010 -
Cleaning Service Bill 71,300 -
Security Service Bill 108,900 -
Drinking Water Bill 4,465
Legal & Professional Bill 57,500 -
Total 4,632,446 2,408,005
27.1 Fees & Charges
CDS Connection 6,000 6,000
Settlement Fees-CDBL - 23,132
Transfer fee 8 162
BO Maintenance Charges 23,800 23,450
BO Opening Charges 35,850 3,500
Fixed commission and contract charge - 386,828
TC renewal & application fee - 15,000
AR application fee - 10,000
Commission & contract charge - 53,608
Investor protection fund- broker 90 180
Investor protection fund- dealer 19 24
Fess of electronic subscription system- IPO 3,000 27,000
Fees & Charges of DSE - 128,000
Fees & Charges of BSEC 375,000 1,485,100
Total 443,767 2,161,984
Chairman Director Chief Executive Officer
Dated: Dhaka
09 Mar 2023
620
Annexure-A
Jamuna Bank Securities Limited
Property, Plant and Equipment Schedule
As at 31 December 2022
(Amount in Taka)
Cost Depreciation
Written Down
Particulars Balance as During the year Balance as on Balance as on During the year Balance as Value as on
Rate% 31.12.2022
on 01.01.2022 Addition Adjustment 31.12.2022 01.01.2022 Adjustment Charged on 31.12.2022
Office Equipments 109,928 140,328 - 250,256 15 109,927 - 6,000 115,927 134,329
Furniture & Fixtures 952,714 870,294 - 1,823,008 10 846,736 - 126,198 972,934 850,074
Computer & Accessories 1,188,250 2,799,100 - 3,987,350 15 1,092,613 - 216,653 1,309,266 2,678,084
System Software 107,300 - - 107,300 15 107,299 - - 107,299 1
Back Office Software 418,000 - - 418,000 15 418,000 - - 418,000 1
As on 31.12.2022 2,776,192 3,809,722 - 6,585,914 2,574,575 - 348,851 2,923,426 3,662,489
As on 31.12.2021 2,669,142 107,050 - 2,776,192 2,426,093 - 148,482 2,574,575 201,618
Jamuna Bank Limited
621
Annual Report 2022
622
Annexure-B
Jamuna Bank Securities Limited
Market price of investment and required provision
as at 31 December 2022
Sl. No. Instrument Quantity Total Cost Market Value Unrealised Gain/(Loss) Required provision
1 ABBANK 16,166 300,054 160,043 (140,011)
2 BSRMSTEEL 3,300 292,949 210,870 (82,079)
3 CENTRALPHL 3,000 68,229 35,700 (32,529)
4 DELTASPINN 43,560 778,210 370,260 (407,950)
5 FIRSTBANK 240,559 2,768,789 2,357,478 (411,311)
6 FIRSTFIN 5,890 166,437 32,395 (134,042)
7 KPCL 50,000 1,330,998 1,330,000 (998)
8 NCCBANK 26,901 372,956 371,233 (1,723)
9 PHPMF1 500,000 3,595,748 2,600,000 (995,748)
11 PRIMEBANK 35,000 759,962 672,000 (87,962)
12 ROBI 30,000 1,332,403 900,000 (432,403)
13 SALAMCRST 10,000 481,307 333,000 (148,307)
14 SOUTHEASTBANK 7,594 103,174 104,797 1,623
15 TITASGAS 12,000 1,127,175 490,800 (636,375)
16 TALLUSPIN 18,700 648,992 185,130 (463,862)
Total 14,127,384 10,153,706 (3,973,678)
Calculation of deferred Tax
Tax purpose
Fixed Asset Schedule
As on 31 December 2022
Opening Balance as Addition during Balance as on Rate Tax Dep. Charges Accounting dep. Written down
Particulars Adjustment
on 01.01.2022 the Year 31.12.2022 (%) during YR during the year value
Office Equipment 39,782 140,328 180,110 20% 27,017 6,000 153,094
Furiniture & Fixture 461,361 870,294 - 1,331,655 10% 99,874 126,198 1,231,781
Computer & Accessories 106,315 2,799,100 - 2,905,415 30% 653,718 216,653 2,251,697
System Software 14,196 - - 14,196 0% - - 14,196
Total 621,654 3,809,722 - 4,431,376 780,609 348,851 3,650,767
Tax depreciation 780,609
Accounting Depreciation 348,851
Taxable temporary difference 431,758
Deferred tax liability @27.50% 118,733
Jamuna Bank Limited
623
Annual Report 2022
624
Annual Report 2022
Branch Directory
1. DHAKA ZONE (80)
MOHAKHALI BRANCH (BRANCH ID:001) NAYABAZAR ISLAMI BAKING BRANCH (BRANCH ID:0012)
Address: Altaf Tower, 34, Mohakhali C/A, Bir Uttam A. K. Address: 10/3, Malitola, North South Road, Dhaka-1100
Khandokar Road, Dhaka North City Corp, Gulshan, Dhaka. Name of the Manager: Md. Moazzem Hossain
Name of the Manager: Md. Abdus Salam Designation: SVP and Head of Branch
Designation: AMD and Head of Branch Tel:PABX-88-02-9571685, 9553977, 9554472,
Tel:9887269, 9899455, 9889273-4 02-9556527(Manager), 02-9583416 (Op. Manager)
Email: [email protected] Email: [email protected]
SONARGAON ROAD BRANCH (BRANCH ID:002) KONABARI BRANCH (BRANCH ID:0016)
Address: National Plaza, 109, Bir Uttam CR Datta Road, Address: Plot # S-66(West Part), BSCIC Shilpa Area, Konabari,
Sonargaon Road, Dhaka Gazipur
Name of the Manager: Sarder Md. Hafizul Alam Name of the Manager: Md. Mahabub Alam Pramanik
Designation: VP and Head of Branch Designation: AVP and Head of Branch
Tel:9670655, 9677050 Tel:9297182 & 9297183 (PABX)
Email: [email protected] Email: [email protected]
MOULVIBAZAR BRANCH (BRANCH ID:003) FOREIGN EXCHANGE BRANCH (BRANCH ID:0018)
Address: Mostakim Mansion, 77/3, Moulvi Bazar, Dhaka Address: 64, Motijheel C/A, Dhaka
Name of the Manager: Mr. Mohammad Saifuddin Sarker Name of the Manager: Md. Shahid Ullah
Designation: VP and Head of Branch Designation: SVP and Head of Branch
Tel:02- 57315026, 02-57315974-5 Tel:9571365 (PABX) 9561330 (D) 9564258 (D) 7120331(M)
Email: [email protected] Email: [email protected]
DILKUSHA BRANCH (BRANCH ID:006) CHISTIA MARKET BRANCH (BRANCH ID:0020)
Address: 33, Dilkusha C/A, Dhaka Address: Chistia Market, 393/B, Elephant Road (2nd Floor),
Name of the Manager: Mr. Noor Mohammed Dhanmondi, Dhaka
Designation: DMD and Head of Branch Name of the Manager: Mr. Abdullah- Al- Hasan
Tel:9565608, 9551419(PABX), 9555795 (Manager CC)
Email: [email protected] Designation: AVP and Head of Branch
Tel:9673742, 9670135,
Email: [email protected]
SHANTINAGAR BRANCH (BRANCH ID:009)
Address: Green City Edge Holding no.89, Kakrail, Ward no.19,
P.S: Ramna, Dhaka South City Corporation, Dhaka BALIGAON BRANCH (BRANCH ID:0022)
Name of the Manager: Mohammad Mohsin Address: Baligaon Graden City, Vill/ Area: Baligaon Bazar,
Designation: AVPand Head of Branch Mouza: Hat Baligaon, Union: Baligaon, Thana: Tongibari, Dist:
Tel:88-02-58315179, 9358194 (PABX), 8301012 Fax: 88-02- Munshiganj
58315649 Name of the Manager: Maniruzzaman Khan
Email: [email protected] Designation: SAVP and Head of Branch
Tel: 02-7617076-77
Email: [email protected]
GULSHAN BRANCH (BRANCH ID:0010)
Address: 116 Gulshan Avenue, Gulshan-2, Dhaka.
Name of the Manager: Mr. Kumar Kishore Jewel NARAYANGANJ BRANCH (BRANCH ID: 0023)
Designation: VPand Head of Branch Address: Holding No-Old-137, New-207, B.B. Road, Chashara,
Tel:9840350 9859425 (PABX) 9841281 (PABX) Narayanganj
Email: [email protected] Name of the Manager: Md. Mominul Hoque (Manager CC)
Designation: VP (Contractual) and Head of Branch
Tel:7635166, 7630900
DHANMONDI BRANCH (BRANCH ID:0011) Email: [email protected]
Address: House # 17/A, Road # 6, Dhanmondi R/A, Dhaka
Name of the Manager:Shakil Bodruddoza Shams
Designation: EVP and Head of Branch MOTIJHEEL BRANCH (BRANCH ID: 0024)
Tel:58613920, 58611550, 9634447, 9676553 (PABX), 58611551, Address: Surma tower, 59/2, Purana Paltan, Dhaka-1000
58615492(Fax) Name of the Manager: Mr. Mohammad Amzad Hossain
Email: [email protected] Designation: SVPand Head of Branch
Tel:9554474, 9551606
Email: [email protected]
Jamuna Bank Limited 625
DHOLAIKHAL BRANCH (BRANCH ID:0027) JURAIN-SME BRANCH (BRANCH ID:0047)
Address: 119/B/1 New, Distillary Road, Sutrapur,Dhaka Address: 16/2, Jurain (2nd Floor),Setu Market, Kadamtaly,
Name of the Manager: Mr. Chan Mia Dhaka
Designation: VPand Head of Branch Name of the Manager: Md. Zakir Hossain
Tel:47441705, 47441706, 47440457(Manager) Designation: VPand Head of Branch
Email: [email protected] Tel:47442851(GB), 47442854 (MANAGER), 47442852 (FAX)
Email: [email protected]
BANANI BRANCH (BRANCH ID:0030)
Address: Green Grandeur, Block-E, Kamal Ataturk Avenue, GAZIPUR CHOWRASTABRANCH (BRANCH ID:0050)
Banani, Dhaka. Address: 1428 (1st floor), Chandona Chowrasta, Bason Union,
Name of the Manager:Mr. Md. Abul Hasan Mia Joydevpur, Gazipur.
Designation: EVPand Head of Branch Name of the Manager: Abdullah Akram
Tel:9822107, 9822108 Designation: SAVP and Head of Branch
Email: [email protected] Tel:02-9262174 02-9262138
Email: [email protected]
ASHULIA BRANCH (BRANCH ID:0031)
Address: 1159, Nigar Plaza & Hakim Plaza, Jamghara, Ashulia, SAVAR BRANCH (BRANCH ID:0051)
Dhaka Address: “Amin Tower”, Holding no.44/A, (1st Floor) Bazar
Name of the Manager: A.H.M Emrul Hasan (Manager CC) Road, Ward no.: 3, Thana: Savar, Savar Pouroshova, Dist:
Designation: AVP and Head of Branch Dhaka.
Tel:7788493, 7788437 Name of the Manager: Md. Zikrul Haque
Email: [email protected] Designation: SAVP and Head of Branch
Tel:02-7744884, 02-7744883
Email: [email protected]
MAWNA BRANCH (BRANCH ID:0032)
Address: Hazi Jonab Ali Tower, Holding no-276, Ward No.08,
Dhaka-Mymensingh Road, Mawna Chowrasta, Sreepur, RAYERBAG BRANCH (BRANCH ID:0053)
Gazipur. Address: Holding No. 1296, Jnantabag, Rayerbag, Donia
Name of the Manager: Mohammad Nurul Huda Union, Shampur, Dhaka.
Designation: SVP and Head of Branch Name of the Manager:Mohammad Rabiul Islam (Manager CC)
Tel:06825-51336, 52200 Designation: SAVP and Head of Branch
Email: [email protected] Tel:02-7552012 ,02-7552014 ,02-7552017
Email: [email protected]
AGANAGAR BRANCH (BRANCH ID:0036)
Address: Islam Plaza, Shahid Delwar Hossain Road, East MUNSHIGONJ-SME BRANCH (BRANCH ID:0054)
Aganagar, P.S: South Keranigonj, Dhaka Address: J.H. City Center (1st Floor), 223 Jubilee Road,
Name of the Manager: Mr. Maniruzzaman Munshigonj
Designation: FAVPand Head of Branch Name of the Manager: Mr. Md. Samsuzzoha
Tel:7762295-8 Designation: VP and Head of Branch
Email: [email protected] Tel:02-7620220 02-7620221
Email: [email protected]
UTTARA BRANCH (BRANCH ID:0037)
Address: Giant Business Tower, Plot No. 3 and 3A, Sector 3,
ISLAMPUR BRANCH (BRANCH ID:0060)
Uttara, Dhaka.
Address: Khales Mansion, 108/A, Islampur Road, Dhaka
Name of the Manager: Md. Moniruzzaman Khan
Name of the Manager: Md. Nahid Reaz (Manager CC)
Designation: EVPand Head of Branch
Designation: SAVP and Head of Branch
Tel:PABX: 8933059, 48959346, 48950701, Direct: 7912862
Tel:57395978, 57393317 . 57393324, 5739137I, Fax: 57391370
Email: [email protected]
Email: [email protected]
MIRPUR BRANCH (BRANCH ID:0042)
RINGROADBRANCH (BRANCH ID:0061)
Address: 203/A, 203/1, Senpara Parbata (1st & 2nd floor),
Address: Rahbar Tower, Janata Housing, Holding No - 75 & 76,
Mirpur-10, Dhaka-1216
Adabar, Dhaka.
Name of the Manager: Md. Abu Taher
Name of the Manager : Mr. Md Mainul Hasan
Designation: VP and Head of Branch
Designation: SAVP and Head of Branch
Tel:029034833, 029034866, Fax: +88-02-9024744
Tel:02-9103121
Email: [email protected]
Email: [email protected]
MALIBAGH BRANCH (BRANCH ID:0043)
RUPSHI BRANCH (BRANCH ID:0063)
Address: 67, Khilgaon Chowdhury Para, D.I.T Road,
Address: Haji Julhas Bhuyan Shopping Complex, Holding No.:
Dhaka-1219
413 (2nd Floor), Ruipshi Busstand, Narayangonj
Name of the Manager: Mr. A.K.M. Khairul Basher
Name of the Manager:Md. Faruq Iqbal
Designation: VPand Head of Branch
Designation: VP and Head of Branch
Tel:9338251, 8319595
Tel:01915 482 172
Email: [email protected]
Email: [email protected]
626
Annual Report 2022
TONGI BRANCH (BRANCH ID:0065) TANBAZARBRANCH (BRANCH ID:0080)
Address: Holding No. 12/2, Bepari Market (1st floor), Tongi Address: Hashem Trade Center (1st floor),Holding no-55/40,
College Gate, PS: Tongi, Dist: Gazipur S.M. Maleh Road, Ward No.15,Tanbazar, Narayangonj.
Name of the Manager: Mr. Md. Rabiul Islam Name of the Manager: Mohammod Rafiqul Islam
Designation: SAVP and Head of Branch Designation: AVP and Head of Branch
Tel:02-9817464 Tel:02-7630533-34, 01777743609
Email: [email protected] Email: [email protected]
PROGATISARANI BRANCH (BRANCH ID:0067) DAKKHINKHAN BRANCH (BRANCH ID:0081)
Address: Hazi Ahmed Plaza, Holding No. Ka - 70, Kuril, Address: SS Tower, Holding No.663, Haji Camp Sharak, ward
Progoti Sharani, Badda, Dhaka No-03, Thana-Dakshinkhan, Dhaka North City Corporation,
Name of the Manager: Md. Atiqur Rahman Dist.:Dhaka
Designation: AVP and Head of Branch Name of the Manager: Mr. Md. Shazzadur Rahman
Tel:02- 8416318-19 Designation: AVPand Head of Branch
Email: [email protected] Tel:+880-2-8957526, 8956594 Fax: +88-02-8956740,
Email: [email protected]
TONGIBARI BRANCH (BRANCH ID:0072)
Address: Talukder Super Market (Ground floor & 1st Floor), MIRPUR-1BRANCH (BRANCH ID:0088)
College Road, P.S. Tongibari , Dist.- Munshigonj Address: Apon Aungina, Mirpur City Center, Holding:3/A,
Name of the Manager: Md. Atiq Ullah Darus Salam Road, Mirpur-1, Dhaka.
Designation: AVP and Head of Branch Name of the Manager: Md. Hafizur Rahman
Tel:0691-74119 0691-74126 Designation: VP and Head of Branch
Email: [email protected] Tel:02-9026156(D) 02-9026157 PABX Fax: 02-9026158
Email: [email protected]
LALMATIA BRANCH (BRANCH ID:0074)
Address: Midus Center, Holding # 05, Road# 16, Dhanmondi, RUPGONJ BRANCH (BRANCH ID:0089)
Dhaka Address: Sayjuddin Villa, Dakkhin
Name of the Manager: Ms. Nafisa Habib Nabogram,Rupgonj,Narayangonj.
Designation: VP and Head of Branch Name of the Manager: Md. Khorshed Alam
Tel:02-9102514, 02-9129316, 02-9129326, 01684886452, Designation: VP and Head of Branch
01867877371 Tel:01914248066
Email: [email protected] Email: [email protected]
GOURIPUR BRANCH (BRANCH ID:0076) KALAMPUR BRANCH (BRANCH ID:0090)
Address: Samiha Plaza (1st & 2nd Floor), Union-Gouripur, Address: Kalu Gazi Super Market, 46/3, Saturia Balia Road,
Ward # 03,P.S.-Daudkandi, Dist-Comilla. Kalampur Bazar, Dhamrai, Dhaka
Name of the Manager: Md. Mahadi Hossain Bhuiyan Name of the Manager: Debashis Kundu
Designation: SEOand Head of Branch Designation: FAVP and Head of Branch
Tel:01766310388 Tel:01963602038
Email: [email protected] Email: [email protected]
KANCHPURBRANCH (BRANCH ID:0077) BHOBERCHAR BRANCH (BRANCH ID:0091)
Address: Rahman Plaza, Kanchpur, Sonargaon, Narayangonj. Address: Mohammad Ali Prodhan Plaza, (2nd Floor),
Name of the Manager:Mr. Abul Kalam Azad Bhoberchor Bus Stand, Gajarea, Munshigonj
Designation: AVP and Head of Branch Name of the Manager: Md. Afzal Hossain (Manager CC)
Tel:01966448400 Email: manager.kanchpur@jamunabank. Designation: FAVP and Head of Branch
com.bd Tel: 01911663341
Email: [email protected]
CHANDRA BRANCH(BRANCH ID:0078)
Address: Nasrin Complex (1st Floor), Gazipur Tangail Highway
Road, Union: Chandra, P.S: Kaliakoir, Dist: Gazipur. KAMARPARA BRANCH (BRANCH ID:0093)
Name of the Manager: Rashed Bin Hamid (Manager CC) Address: Mollah Complex, First Floor, Kamarpara,
Designation: FAVP and Head of Branch Horirampur, Turag, Dhaka
Tel:06822-51842-3, Fax: 06822-51844 Email: manager.chandra@ Name of the Manager: A.S.M. Mahibul Hassan Khan
jamunabank.com.bd Designation: AVPand Head of Branch
Tel:02-8982105 02-8981097 Fax-02-8982106
Email: [email protected]
BHULTABRANCH (BRANCH ID:0079)
Address: Nur Mansion Market, Gaawsia, R.S Dag No.42, R.S
Khatian No. 353, J.L No. 207, Mouja- Golakandail, Union- MADHOBDI BRANCH(BRANCH ID:0094)
Golakandail, Ward No.4, P.S-Rupganj, , Dist- Narayanganj Address: G. S. Tower, 232 Par Kashipur, Girls School Road,
Name of the Manager: Mohammad Kamruzzaman Madhabdi Bazar, Madhabdi, Norshingdi.
Designation: SAVP and Head of Branch Name of the Manager: Mr. Md. Rafiqul Islam
Tel:01713329304 Designation: SAVP and Head of Branch
Email: [email protected] Tel:02-9446546 029446547(PABX) Fax-02-9446546
Email: [email protected]
Jamuna Bank Limited 627
GULSHAN LINK ROADBRANCH (BRANCH ID:0095) ATLAPUR BRANCH (BRANCH ID:00116)
Address: Wakil Tower, TA-131, Gulshan Badda Link Road, Address: Rahman Mansion, Mouza: Kurail, Union: Bholabo,
Badda, Dhaka Upozilla: Rupgonj, Dist:Narayangonj
Name of the Manager: Syed Zaved Ahsan (Manager CC) Name of the Manager: Mohammad Borkot Ullah
Designation: SAVP and Head of Branch Designation: AVP and Head of Branch
Tel:02-222295146, 02-222295167, 02-222280341(Manager) Tel:01713329351
Email: [email protected] Email: [email protected]
KERANIGONJ BRANCH(BRANCH ID:0097) BINODPUR BRANCH(BRANCH ID:00117)
Address: Sara Complex, Zinzira, Aganagar, Keranigonj, Dhaka. Address: Jahanara Mansion, Mouza: West Muktarpur, Ward
Name of the Manager: Md. Raziur Rahman no.05, Union: Ponchoshar, Upozilla: Munshigonj, District:
Designation: SAVPand Head of Branch Munshigonj
Tel:02-7764481 02-7764482 Fax-02-7764483 Name of the Manager: Mr. Anwar Hossain
Email: [email protected] Designation: SAVP and Head of Branch
Tel:01715013319
Email: [email protected]
CHANDPUR BRANCH(BRANCH ID:0099)
Address: Mia Mansion, Holding No:0140, Ward No:06, Comilla
Road, Pourashova: Chandpur, Thana: Chandpur Sadar, Dist: SHIMRAIL BRANCH (BRANCH ID:00121)
Chandpur Address: Haji Ahsanullah Super Market, Holding no.22,
Name of the Manager:Mr. Md. Ataur Rahman Dhaka-Chittagong Road, Ward no.01, Narayangonj City
Designation: AVP and Head of Branch Corporation, Thana: Siddhirgonj, District: Narayangonj
Tel:0841-67850(Direct), 0841-67851, 0841-67852 (PABX) Name of the Manager: Ahmed Faizus Saleheen
Email: [email protected] Designation: SAVP and Head of Branch
Tel: 01815007004
Email: [email protected]
NARAYANGONJ LINK ROADBRANCH (BRANCH ID:00101)
Address: Rani (Maa) Plaza, Shibu Market, Mouza: Khizirpur,
Union: Fatullah, Thana: Fatullah, Dist: Narayanganj STAFF QUARTER BRANCH (BRANCH ID:00122)
Name of the Manager: A.H.M. Momenur Rahman Address: Haji Hossain Plaza, Demra Road, Ward no.70, Thana:
Designation: SAVP and Head of Branch Demra, Dhaka South City Corporation, District: Dhaka
Tel:7643590 (D), 7643588 (PABX), 7643589 (FAX) Name of the Manager: Mohammad Jashim Uddin
Email: [email protected] Designation: AVP and Head of Branch
Tel: 02-7500214,7500215,7500216
Email: [email protected]
MURAPARA BRANCH (BRANCH ID:00103)
Address: Ismail Bhaban, Daag No# RS-56, SA-323 CS-41,
Khatian No# Namjari 262, RS-46, SA-274, CS-14,Mouja# JL 129, SHIBPUR BRANCH (BRANCH ID:00123)
Murapara, Rupgonj, Narayangonj Address: Dream Plaza, Madrasha Road, Ward no.03,
Name of the Manager: Md. Amdadul Huq Rabbani Pourosova: Shibpur, Upozilla: Shibpur, Dist: Norshingdi.
Designation: FAVP and Head of Branch Name of the Manager: Muhammed Golam Sattar
Tel:01799997180, Designation: FAVP and Head of Branch
Email: [email protected] Tel:06256-75171, 06256-75172
Email: [email protected]
SREENAGAR BRANCH (BRANCH ID:00108)
Address: Sreenagar Shopping Complex, Union: Sreenagar, P.S: NIMTOLA BRANCH (BRANCH ID:00127)
Sreenagar, Dist: Munshigonj Address: Shahab Uddin Plaza, Sirajdikhan Road, Union:
Name of the Manager: Mr. N M Shafiul Azam Khan Keyain, Thana: Sirajdikhan, District: Munshigonj
Designation: AVP and Head of Branch Name of the Manager: Mr. Shaik Md. Nawab Sharif
Tel:01777743624, Designation: FAVP and Head of Branch
Email: [email protected] Tel: 01799997206 (Manager)
Email: [email protected]
ELEPHANT ROAD BRANCH (BRANCH ID:00111)
Address: Mohsin Tower, Holding no.235/1, Elephant Road, NAWABPUR BRANCH (BRANCH ID:00129)
Ward no.18, P.S:New Market, Dhaka South City Corporation, Address: Aftabuddin Molla & Haji Emdadul Huq Electric
Dhaka. Market, (1st, 2nd & 3rd floor), Holding no. 132, 132/1, 132/2,
Name of the Manager: Biplob Kumar Chakraborty Ward no.74, BCC Road, Nawabpur, Thana:Wari, Dhaka South
Designation: VP and Head of Branch City Corporation, Dhaka.
Tel: 9673092, 9673093, 01799997211, FAX: 9673067 Name of the Manager: Mr. S.M. Mofizur Rahman
Email: [email protected] Designation: VP and Head of Branch
Tel: 01711388650 (Manager)
Email: [email protected]
KANCHAN BRANCH (BRANCH ID:00112)
Address: Haji Abdul Hannan Market, Holding no.22, Ward
no.06, Pauroshova: Kanchan, Thana: Rupgonj, Narayangonj
Name of the Manager: Mr. Akramul Gani
Designation: AVP and Head of Branch
Tel: 01554323178,
Email: [email protected]
628
Annual Report 2022
JOYPARA BRANCH (BRANCH ID:00131) GULSHAN CORPORATE BRANCH (BRANCH ID:00142)
Address: Haji Adalot Complex, Village & Mouza: Lotakhola, Address: Plot: 14, Block: C, Bir Uttam A. K. Khandaker Road,
Union: Raipara, Thana: Dohar, District: Dhaka Gulshan-1, Dhaka-1212
Name of the Manager: Mr. Md. Fayz Ullah Name of the Manager: Md. Roquib Uddin
Designation: AVP and Head of Branch Designation: EVP and Head of Branch
Tel:0 1911403703 (Manager) Tel: 01731711977
Email: [email protected] Email: [email protected]
BELDI BRANCH (BRANCH ID:00132) ALDI BAZAR BRANCH (BRANCH ID:00143)
Address: Haji Afsar Uddin Super Market, Ward no: 04, Address: Mim Centre (1st floor), Aldi Bazar, Union: K.
Daudpur Union Parishad, Mouza & Thana: Beldi, Upazilla: Shimulia, Thana:Tongibari, Dist: Munshiganj
Rupgonj, District: Narayangonj Name of the Manager: Molla Md. Harun Or Rashid
Name of the Manager: Mr. Kamruzzaman Mollah Designation: VP and Head of Branch
Designation: SEO and Head of Branch Tel:01711704033
Tel: 01937084688 (manager) Email: [email protected]
Email: [email protected]
KACHUA BRANCH (BRANCH ID:00144)
RAHIMANAGARBRANCH (BRANCH ID:00134) Address: Mayazan Plaza, Holding no. 130 & 131/1 , Ward : 08,
Address: Khalil Plaza(1st floor), Rahimanagar Uttar Bazar, Dhan Bazar, Thana: Kachua, Dist: Chandpur
Thana: Kachua, District: Chandpur Name of the Manager: Mr. Md. Shah Alam Molla
Name of the Manager: Mohammad Nizam Uddin Designation: AVP and Head of Branch
Designation: FAVP and Head of Branch Tel:01812901702
Tel:01782442555, 01301601936 Email: [email protected]
Email: [email protected]
BOARD BAZAR BRANCH (BRANCH ID:00148)
NITAIGONJ BRANCH (BRANCH ID:00135) Address: Mollah Tower, 1st Floor, Holding: 1134/3, Ward:35,
Address: Holding:16, R.K Das Road, Ward:15, Dhaka-Mymensingh Road, Thana: Gacha, Gazipur City
Narayangonj City Corporation, Thana: Narayangonj Sadar, Corporation, Gazipur
Dist:Narayangonj Name of the Manager: Muhammad Golam Sarwar
Name of the Manager: Md. Kamal Hossain Designation: AVP and Head of Branch
Designation: FAVP and Head of Branch Tel: 01716100114
Tel: 01911663341 Email: [email protected]
Email: [email protected]
JAMALDI BRANCH (BRANCH ID: 00153)
BSCIC BRANCH (BRANCH ID:00136) Address: Neyamot Shukria Shopping Complex (1st floor),
Address: BSCIC Hossiary I/A, Plot no: B-380, Union: Jamaldi Bus Stand, Plot no.RS :336, Mouza: Jamaldi, Union:
EnayetNagar, Thana: Fatullah, Dist: Narayangonj Hossendi, Ward no: 06, Thana: Gazaria, District: Munshiganj
Name of the Manager: Mr. Md. Hedayet Ullah Name of the Manager: Mr. Abu Jafar Md. Saiful Islam Sarker
Designation: AVP and Head of Branch Designation: SEO and Head of Branch
Tel: 02-47671141 Tel: 01717481733
Email: [email protected] Email: [email protected]
SIRAJDIKHAN BRANCH (BRANCH ID:00137) SONARGAON JANPATH ROAD BRANCH (BRANCH ID: 00156)
Address: Sikder Mansion, SirajdiKhan Bazar, Munshigonj Address: TSL Tower, 1st & 2nd Floor, Plot No-43, Sector-12,
Name of the Manager: Mr. M.A Shiddikur Rahman Sonargaon Janapath Road, Ward no.51, Dhaka North City
Designation: FAVP and Head of Branch Corporation, Thana- Uttara, Dhaka-1230
Tel: 01712135172 Name of the Manager: Mr. Khondaker Shafiur Rahman
Email: [email protected] Designation: SAVP and Head of Branch
Tel: 01713329405
Email: [email protected]
TEJGAON BRANCH (BRANCH ID:00140)
Address: Famrose Apparels, Holding no: 159/D, Ward no:
24, Tejgaon Industrial Area, Dhaka North City Corporation, MANIKGANJ BRANCH (BRANCH ID: 00157)
Thana: Tejgaon, Dist: Dhaka Address: Tufan Ali Plaza (1st & 2nd Floor), Holding no.64/65,
Name of the Manager:Mr. Imtiaz Ahamed Bhuiyan Shahid Rafique Road, Ward no.06, Manikganj Pourashova,
Designation: EVP (Contractual)and Head of Branch Thana- Manikganj Sadar, Manikganj
Tel:01312630326 Name of the Manager: Mohammad Tabarak Hossain
Email: [email protected] Designation: AVP and Head of Branch
Tel: 01717150037
Email: [email protected]
NARSHINGDI BRANCH (BRANCH ID:00141)
Address: South Park Building, C & B Road, Holding no. 127,
Ward no. 04, Narshingdi Pourashava, Thana: Narshingdi, Dist:
Narshingdi
Name of the Manager:Mr. Muhammad Moniruzzaman
Designation: SAVP and Head of Branch
Tel: 01716454433
Email: [email protected]
Jamuna Bank Limited 629
MALIRONKA BAZAR BRANCH (BRANCH ID: 00158) BHATIYARI BRANCH(BRANCH ID:0017)
Address: Hazi Md Montu Bepari Shopping Complex, Dag No: Address: Newaz Market, Bhatiyari Uttar Bazar, Sitakunda,
RS 305, Khatian RS 479,Mouja: Vogdia, Union: Bejgaon, Ward: Chittagong
4, P.S: Louhojong, Munshigan Name of the Manager: Md. Sumsul Alam Bhuiyan (Manager
Name of the Manager: A.T.M. Nurul Ahad CC)
(Manager CC) Designation: AVP and Head of Branch
Designation: AVP Tel: 0312780025,0312781244 Direct 0312780365 Fax 0312783464
Tel: 01724462734 Email: [email protected]
Email: [email protected]
JUBILEE ROAD BRANCH(BRANCH ID:0019)
ABDULLAHPUR BRANCH (BRANCH ID: 00159) Address: Modina Tower, 57 Jubilee Road, Kotwali, Ctg.
Address: Vill: Abdullahpur, Dag No. RS 1029, Khatian RS Name of the Manager: Mr. Md. Yusuf
749, Mouja: Abdullahpur, Ward: 8, Union: Teghria, PS: South Designation: SVP and Head of Branch
Keraniganj, Dhaka Tel: 031616266, 031632486
Name of the Manager: Mr. Mohammad Abdus Shobhan Email: [email protected]
Designation: AVP and Head of Branch
Tel: 01713329450
Email: [email protected] BASHURHATBRANCH (BRANCH ID:0026)
Address: Basurhat Bazar, Companigonj, Noakhali
Name of the Manager: Mr. Javedul Islam (Manager CC)
BANASREE BRANCH (BRANCH ID: 00163) Designation: FAVP and Head of Branch
Address: Nahar Orchid, 2nd Level, Holding No: H-1, Block: Tel:0322356031-32
H, Banasree Main Road, Ward No: 04, Dhaka South City Email: [email protected]
Corporation, Rampura, Dhaka.
Name of the Manager: Mr. Md. Shibbir Ahmed Salim
Designation: SAVP and Head of Branch BAHADDARHATBRANCH (BRANCH ID:0028)
Tel: 01913018222 Address: 1070 Rahman Centre, Bahadderhat Moar, Chittagong
Email: [email protected] Name of the Manager: Mr. Kazi Shamsul Haque
Designation: VP and Head of Branch
Tel:031-657773(Manager), 031-657774, 031-657768-69 (PABX)
SIPAHIPARA BRANCH (BRANCH ID: 00166) Email: [email protected]
Address: Mondol Plaza (2nd Level), Dag No: RS 270, 271,
Khatian No: RS 70, Mouza: Rampal, Union: Rampal, PS:
Munshiganj Sadar, Dist: Munshiganj KADAMTOLIBRANCH (BRANCH ID:0035)
Name of the Manager: Mr. Sharif Uddin Mahmud Address: Khaleque Mansion, 1167, D.T. Road, Kadamtoli,
(Manager CC) Chittagong
Designation: FAVP and Head of Branch Name of the Manager: Md. Noman-Ur Rashid
Tel: 01536170204 Designation: AVP and Head of Branch
Email: [email protected] Tel: 031-2514178, 031-713757 (PABX)
Email: [email protected]
CUMILLA BRANCH (BRANCH ID:0038)
Address: Trical Tower (Ground Floor), 634/581,
South Thakur Para, Laksam Road, Cumilla.
Name of the Manager: Mr. Mohammad Jashim Uddin
2. CHATTOGRAM ZONE (27) Designation: VP and Head of Branch
Tel: 081-69235 , 081-68007
AGRABAD BRANCH (BRANCH ID:005) Email: [email protected]
Address: Frox Tower, 40 Agrabad C/A, Chittagong
Name of the Manager: Md. Shahid Ullah
Designation: EVP and Head of Branch AZADIBAZAR BRANCH (BRANCH ID:0039)
Tel:0312525690 (Cr), 0312520235 (OpMan), 0312525691(FEx), Address: Nozir Market, Azadi Bazer, 18/ Dharmapur Union,
0312529611(BACH/GB), 031727727, 0312523272, 0312528792, Fatikchari, Chittagaong-4358.
0312528793, 0312511611, 0312520234, 0312523271(FAX) Name of the Manager: Mohd. Osman Gani Siddique
Email: [email protected] Designation: SAVP and Head of Branch
Tel: 01730-084063
Email: [email protected]
KHATUNGONJ BRANCH (BRANCH ID:0015)
Address: Mukta Market, 268 Khatungonj, Chittagong
Name of the Manager: Md. Manjurul Ahsan Shah LAKSHAMBRANCH (BRANCH ID:0040)
Designation: EVP and Head of Branch Address: 967, A.B. Plaza, Choul Bazar, Laksam, Cumilla
Tel:88-031-2863410, 031-625454(PABX) 88-031-2852195(Direct) Name of the Manager: Md. Alim Ullah
Email: [email protected] Designation: VP and Head of Branch
Tel: 08032-51305
Email: [email protected]
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Annual Report 2022
ANDERKILLA BRANCH (BRANCH ID:0041) NATHERPETUA BRANCH (BRANCH ID:0085)
Address: Bashar Chamber, Holding No-479/510, Andorkilla, Address: M. A. Hashem Plaza, Thana: Monohorgonj, District:
Kotwaly, Chittagong Comilla.
Name of the Manager: Mr. Md. Abdul Razzak (Manager CC) Name of the Manager: Mr. Tanvir Rahman
Designation: FAVP and Head of Branch Designation: FAVP and Head of Branch
Tel: 031617524-5, Tel: 01727377727
Email: [email protected] Email: [email protected]
FENI BRANCH (BRANCH ID:0049) CHOWMUHUNI BRANCH (BRANCH ID:0087)
Address: Holding No. 952, Jagannath Bari Road, (S.S.K Road), Address: Morshed Alam Complex, 2nd Floor, DB Road,
Feni Chowmuhani, Begumgonj, Noakhali
Name of the Manager: Javed Md. Monzurul Haque Zinnah Name of the Manager: Mr. Prabir Kumar Majumder (Manager
Designation: AVP and Head of Branch CC)
Tel: 0331-62435, 0331-62437 Designation: SEO
Email: [email protected] Tel:0321-51247(Direct), 0321-51245, 01766679967,
Fax: 0321-51254
Email: [email protected]
NASIRABADBRANCH (BRANCH ID:0055)
Address: PWD Plot.10,Bayazid Bostami Road,Bakhtiar Center,
East Nasirabad,Panchlais,Ctg BIZRA BAZARBRANCH (BRANCH ID:0092)
Name of the Manager: A.K.M. Saifuddin Chowdhury Address: Alamgir Complex, Bizra Bazar, Laksham, Comilla.
Designation: AVP and Head of Branch Name of the Manager: Mr. Md. Iqbal Hossain
Tel:031-2583670,2583672-3, Designation: FAVP and Head of Branch
Email: [email protected] Tel:01957820940 (M), 01705017093
Email: [email protected]
DEWANHAT BRANCH (BRANCH ID:0066)
Address: 230/250 Hazi Jamir Ambia Plaza (1st Floor), D. T. Road, SUAGAZI BRANCH (BRANCH ID:0098)
Dewanhat, Chittagong Address: Suagonj Bazar, Mouza: Dori Botgram, Union: West
Name of the Manager: Hasan Mohammad Masud Jorkanon, Thana: Sadar South, Dist: Comilla
Designation: AVP and Head of Branch Name of the Manager: Mr. Mohammad Anwar Hossain
Tel: 031-2529714-16 Designation: FAVP and Head of Branch
Email: [email protected] Tel:01799997191,
Email: [email protected]
BARURA BRANCH (BRANCH ID:0073)
Address: Holding No. F 322,Aknur Bhuiyan Complex,Barura HAJIGONJ BRANCH (BRANCH ID:00104)
Bazar, Address: Three Star Super Market, Ward NO:05,
Ward No. 03,Barura, Cumilla Hajigonj Pouroshove, P.S: Hajigonj, Chandpur
Name of the Manager: Mr. Md. Jahangir Alam Name of the Manager: Mr. Mohammed Abdul Malek
Designation: AVP and Head of Branch Designation: AVP and Head of Branch
Tel:08027-52500(Direct) , 08027-52490 Tel:08424-75167, 08424-75168
Email: [email protected] Email: [email protected]
LOHAGORA BRANCH (BRANCH ID:0075) NANGOLKOT BRANCH (BRANCH ID:00119)
Address: Holding # RS 691, Best Chowdhury Plaza (2nd Floor), Address: Haji Ali Akbar Plaza, Nangolkot Bazar, Holding no:
Amirabad, Ward-01, Lohagara Sadar, Chittagong. 284,
Name of the Manager: Md. Aminur Rahman Chowdhury Ward no: 03, Pourosova: Nangolkot, Upozilla: Nangolkot,
Designation: SAVP and Head of Branch District: Cumilla
Tel:03034-56061-3 Name of the Manager: Mohammed Jahangir Alam
Email: [email protected] Designation: SAVP and Head of Branch
Tel: 08033-66010
Email: [email protected]
CHOKORIA BRANCH (BRANCH ID:0082)
Address: Four Star Market, Holding#1127, Main Road,Chokoria,
Cox’s Bazar. MONOHORGONJ BRANCH (BRANCH ID:00124)
Name of the Manager: Md. Shahed Ali Sikder Address: Abdul Ali Plaza, Monohorgonj Bazar, Mouza:
Designation: FAVP and Head of Branch Hatirpar, Ward No: 06, Union: Moishatua, P.S: Monohorgonj,
Tel: 03422-56302(D) 03422-56303(PABX) Fax: 03422-56301 Dist: Comilla
Email: [email protected] Name of the Manager: Mohammed Shorwardy
Designation: FAVP and Head of Branch
Tel: 01727377727,
RAIPUR BRANCH (BRANCH ID:0083) Email: [email protected]
Address: Hazi Akbar Super Market,Holding # 226/02,Cinema
Hall Road,Raipur,Laxmipur
Name of the Manager: Md. Mosharaf Hossain
Designation: FAVPand Head of Branch
Tel:03822 56404, Email: [email protected]
Jamuna Bank Limited 631
KANDIRPARBRANCH (BRANCH ID:00149) CHAPAINAWABGONJ-SME BRANCH (BRANCH ID:0052)
Address: 104, Nurjahan Trade Center (2nd FIoor), Cumilla Address: 12/13, Zhilim Road (1st Floor), Boro Indera,
City Corporation, Victoria College Road, Kandirpar, Ward: 11, Chapainawabgonj
Thana: Adarsha Sadar, Dist: Cumilla Name of the Manager: Md. Asif Adnan (Manager CC)
Name of the Manager: Mohammad Noor-E-Alam Siddiqui Designation: SEO
Designation: AVP and Head of Branch Tel:0781-51553, 0781-51554
Tel: 01720535424 Email: [email protected]
Email: [email protected]
KAZIPUR-SMEB RANCH (BRANCH ID:0056)
CHOWK BAZAR RANCH (BRANCH ID:00167) Address: Kazipur Pourashava, Ward-04, PS- Kazipur, Dist.-
Address: S M Tower (1st and 2nd Floor), Holding No: 115-116, Sirajgonj
Grand Trank Road, Ward No: 12, Cumilla City Corporation, Name of the Manager: Md. Abul Kaesh
Dist: Cumilla. Designation: FAVP and Head of Branch
Name of the Manager: Mr. Bhanu Ranjan Das Tel:07525-56234, 07525-56233
Designation: AVP and Head of Branch Email: [email protected]
Tel: 01973762444
Email: [email protected]
SHERPUR-SME BRANCH (BRANCH ID:0058)
Address: Al-Haj Jubbar Tower, 1st Floor, Holding No: 2341,
Ward No: 08, Dhaka-Bogura Highway, Sherpur Powrasava, Dist:
Bogura
Name of the Manager: Md. Ahsanul Hoque
Designation: AVP and Head of Branch
3. RAJSHAHI ZONE (17) Tel:05029-77326 05029-77 325
Email: [email protected]
MOHADEVPUR BRANCH (BRANCH ID:0013)
Address: Charmatha, Mohadevpur, Naogaon PABNABRANCH (BRANCH ID:0064)
Name of the Manager: Mr. AFM Monzurul Hasan Address: Holding No 790,A. Hamid Road, Pabna Sadar, Pabna.
Designation: AVP and Head of Branch Name of the Manager: Mr. Md. Hafizur Rahman
Tel: 88-07426-75137 Designation: AVP and Head of Branch
Email: [email protected] Tel:0731-64274, 0731-64201
Email: [email protected]
NAOGAON BRANCH (BRANCH ID:0014)
Address: Gitanjoli Shopping Center, Holding#321(2nd floor), NATORE BRANCH (BRANCH ID:0070)
Main Road, Naogaon Address: Holding No. Ka-572, Kanaikhali, Dhaka, Road,
Name of the Manager: A.H.M. Raihanul Alam Ward No. 04, Powrashava - Natore, Natore
Designation: AVP and Head of Branch Name of the Manager: Mr. Md. Abul Kalam Azad
Tel: 074161840 Designation: AVP and Head of Branch
Email: [email protected] Tel:0771-66627, 0771-66628
Email: [email protected]
BOGURA BRANCH (BRANCH ID:0021)
Address: 898 (New), Kabi Nazrul Islam Sarak, Borogola, Bogra BHAWANIGONJ BRANCH (BRANCH ID:00102)
Name of the Manager: Mr. Md. Mosaddak Hossain Address: Jalal Shopping Complex, Holding No: 516, College
Designation: AVP and Head of Branch Road, Ward No: 05, Pouroshova: Bhawanigonj, Thana:
Tel:05169834, 05169835 Bagmara, Dist: Rajshahi
Email: [email protected] Name of the Manager: Md. Shamsud Dowla
Designation: FAVP and Head of Branch
RAJSHAHI BRANCH (BRANCH ID:0025) Tel:07222-56079, 07222-56080(PABX)
Address: Swoscho Tower (1st floor), 189, Shekherchalk, Email: [email protected]
Alupatty, Ghoramara, Boalia, Rajshahi
Name of the Manager: Mr. Md Hasanur Rahman MANDA BRANCH (BRANCH ID:00106)
Designation: SAVP and Head of Branch Address: Doctor Market, Vil: Deluabari, Union: Kusumba, P.S:
Tel: 0721-776077, 0721-812568-69 Manda, Naogaon
Email: [email protected] Name of the Manager: Mr. Md. Faruk Ahmed
Designation: AVP and Head of Branch
SIRAJGANJ BRANCH (BRANCH ID:0029) Tel: 01775604052,
Address: Hossain Plaza, 973,974,975 SS Road, Sirajgonj-6700 Email: [email protected]
Name of the Manager: Md. Abdul Mannan
Designation: SAVP and Head of Branch DHUNOT BRANCH (BRANCH ID:00118)
Tel:0751-64377-78 Address: Huzaifa Mansion, Holding no.305, Dhunot Bazar
Email: [email protected] Road, Ward no.3, Pourosova: Dhunot, Upozilla: Dhunot,
District: Bogra
Name of the Manager: Md. Shahab Uddin (Manager CC)
Designation: FAVP and Head of Branch
Tel:05023-56193-95 01799997201
Email: [email protected]
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Annual Report 2022
CHARGHAT BRANCH (BRANCH ID:00126) SETABGONJBRANCH (BRANCH ID:0057)
Address: Alauddin Plaza, Charghat Bazar, Holding no: 252/1, Address: Setabgonj Chourasta, PS : Bochagonj, Dist. Dinajpur.
Ward no: 06, Pouroshova & Thana: Charghat, Dist.: Rajshahi Name of the Manager: Md. Kamruzzaman Sarker (Manager
Name of the Manager: Mr. Md. Shahidur Rahman CC)
Designation: FAVP and Head of Branch Designation: SEO
Tel:07223-56071, 07223-56068, 07223-56070(Manager) Tel: 05325-73152
Email: [email protected] Email: [email protected]
SALONGA BAZAR BRANCH (BRANCH ID:00133) PIRGACHA BRANCH (BRANCH ID:00100)
Address: Dr. Mohammad Ali New Market, Mouza :Moddhapara Address: Mouza: Goabari, Union:7 Pirgacha, Thana: Pirgacha,
Vormohani, Union: 4 no. Ghurka Union Parishod, Thana: Dist: Rangpur
Salonga, Upazilla: Raigonj, Dist: Sirajgonj Name of the Manager: Mr. Md. Yasir Arafat (Manager CC)
Name of the Manager: Mr. Md. Kamruzzaman (Manager CC) Designation: SEO and Head of Branch
Designation: SEO and Head of Branch Tel: 0522-656012(Direct) 0522-656013(Fax)
Tel:01712638966 01717246910 Email: [email protected]
Email: [email protected]
KAUNIA BRANCH (BRANCH ID:00110)
PANCHBIBI BRANCH (BRANCH ID:00138) Address: Baghdad Market, Union-5 no. Balapara, Thana-
Address: Dam Dama Super Market,Hili Road, Holding no:27- Kaunia, Dist-Rangpur
30, Ward no:05, Panchbibi Pourashava, Thana: Panchbibi, Dist: Name of the Manager: Md. Mahbubul Karim
Joypurhat Designation: FAVP and Head of Branch
Name of the Manager: Mr. Md. Rakibul Kabir (Manager CC) Tel:01719347883,
Designation: FAVP Email: [email protected]
Tel: 01788963855
Email: [email protected]
SAIDPUR BRANCH (BRANCH ID:00113)
Address: Dr.Hafiz Tower, Holding no.372, Shahid Dr. Zikrul
KASHINATHPUR BRANCH (BRANCH ID:00145) Haque Road,
Address: Elahi Market, 1st floor, Union: Kashinathpur, Ward no.11, Pauroshova: Saidpur, Upozilla: Saidpur, District:
Thana:Sathia, Dist: Pabna Nilphamari
Name of the Manager: Mr. Md. Anisur Rahman Name of the Manager: Md. Mostaharul Islam
Designation: FAVP and Head of Branch Designation: FAVP and Head of Branch
Tel: 01712638966 Tel: 01773772001(Man), 01712512293(Op. Man)
Email: [email protected] Email: [email protected]
KURIGRAMBRANCH (BRANCH ID:00130)
Address: Gonir Uddin Market, Holding no:22, Goshpara, Bazar
Road, Ward no:03, Pouroshova: Kurigram, Thana: Sadar,
District: Kurigram
4. RANGPUR ZONE (12) Name of the Manager: Mr. Md Kamrul Hasan
Designation: AVP and Head of Branch
DINAJPURBRANCH (BRANCH ID:0033) Tel: 01728357898
Address: 562/533 & 563/534, Nimla, Dinajpur Email: [email protected]
Name of the Manager: Mr. Md. Alamgir Hossain
Designation: SAVP and Head of Branch JALDHAKA BRANCH (BRANCH ID:00139)
Tel:0531-51849 Address: Chowdhury Super Market, Jaldhaka Bazar Road,
Email: [email protected] Holding no:0376-02, Ward no: 02,Jaldhaka Pourashava, Thana:
Jaldhaka, Dist: Nilphamari
THAKURGAON BRANCH (BRANCH ID:0045) Name of the Manager: Mr. Sufi Md. Mostafa Jaman
Address: Masud Heights (1stfloor), Shahid Mohammad Ali Designation: FAVP and Head of Branch
Road, Thakurgaon-5100 Tel: 01730090086
Name of the Manager: Kazi Imrul Kayes (Manager CC) Email: [email protected]
Designation: FAVP and Head of Branch
Tel:0561-52585 ,0561-52617 HATIBANDHABRANCH (BRANCH ID:00146)
Email: [email protected] Address: Moulotan Plaza, 1st Floor, Union: Sindurna, Ward:
09, Thana: Hatibandha, Dist:Lalmonirhat
RANGPUR BRANCH (BRANCH ID:0048) Name of the Manager: Md. Mahbubur Rahman
Address: Majeda Complex, Holding No: 0023-01/02, Designation: FAVP and Head of Branch
Station Road, Thana: Kotowali, Dist: Rangpur Tel: 01913390810
Name of the Manager: Mr. G.M. Kamrul Hasan Email: [email protected]
Designation: SAVP and Head of Branch
Tel: 0521-53773, 0521-53844
Email: [email protected]
Jamuna Bank Limited 633
PANCHAGHAR BRANCH (BRANCH ID:00154) FARIDPUR BRANCH (BRANCH ID:0086)
Address: slambag, Holding- 0099, (1st Floor) Ward no. Address: Holding No.27, Chawkbazar, Central Road, Faridpur
03, Panchagarh Pourashova, Thana- Panchagarh Sadar, Name of the Manager: Md. Abul Khaer (Manager CC)
Panchagarh Designation: FAVP
Name of the Manager: Mr. Md. Rashed Mamun Tel:0631-62462(Direct), 0631-62464, Fax: 0631-62463
Designation: FAVP and Head of Branch Email: [email protected]
Tel: 01712470115
Email: [email protected]
BHOLA BRANCH (BRANCH ID:00107)
Address: Nabarun Center, Holding no: 337-341, Ward no:07,
DEBIGONJ BRANCH (BRANCH ID:00165) Bhola Pouroshova, Bhola
Address: Holding: 11, Ward No: 5, Pourosova: Debiganj, PS: Name of the Manager: Pulak Saha (Manager CC)
Debiganj, Dist: Panchagarh Designation: SEO
Name of the Manager: Md. Mahfuz Alam Tel:0491-62022 (Manager), 0491-62023, 0491-62024 (Fax)
Designation: FAVP Email: [email protected]
Tel: 01712512293
Email: [email protected]
GOPALGONJ BRANCH (BRANCH ID:00109)
Address: Solaiman Mansion (1st Floor), 108 DC Road,
Ward No-05, Gopalgonj Sadar, Gopalgonj
Name of the Manager: Mr. Sukdeb Kundu
Designation: SAVP and Head of Branch
Tel: 02-6681146, 02-6681147
5. KHULNA ZONE (18) Email: [email protected]
KUSHTIA BRANCH (BRANCH ID:0034) SATKHIRA BRANCH (BRANCH ID:00115)
Address: 21-22, NS Road, MH Bhaban, Roxy More, Kushtia Address: “Khan Complex”, Holding no.2692, Abul Kashem
Name of the Manager: Md. Mofizur Rahman Road, Ward no. 08, Pourosova: Satkhira, Upozilla: Satkhira
Designation: FAVP and Head of Branch Sador, District:Satkhira
Tel: 071-73729 Name of the Manager: Gazi Mosharraf Hossain
Email: [email protected] Designation: FAVP and Head of Branch
Tel:0471-62600, 0471-62588
MADARIPUR SME/KRISHI BRANCH (BRANCH ID:0044) Email: [email protected]
Address: Holding No.676, Puran Bazar, New Market Complex,
Madaripur DARSHANA BRANCH (BRANCH ID:00120)
Name of the Manager: Md. Ziaul Haque Address: Nuru Mia Super Market, Holding no.565, Darshana
Designation: AVP and Head of Branch Rail Bazar
Tel: 0661-61342 Ward no. 03, Pourosova: Darshana, Upozilla: Damurhuda,
Email: [email protected] District:Chuadanga.
Name of the Manager: Md. Arif Hossain (Manager CC)
BARISHAL BRANCH (BRANCH ID:0046) Designation: SEO
Address: Nasir Complex, Holding No.105, Sadar Road, Barisal Tel:07632-51028-29
Name of the Manager: Monoj Kumar Sen Email: [email protected]
Designation: AVP and Head of Branch
Tel: 0431-2176977 PATUAKHALI BRANCH (BRANCH ID:00125)
Email: [email protected] Address: Khandoker Tower, Holding No: 189-190, Natun Bazar,
Sador Road, Ward No: 05, Pouroshova: Patuakhali, Dist:
JASHOREB RANCH (BRANCH ID:0059) Patuakhali
Address: Chopola Complex, Holding No:09, R.N Road, Ward Name of the Manager: Md. Ayub Ali
No:02, Jessore Pouroshova, P.S:Kotowali, Jessore Designation: FAVP and Head of Branch
Name of the Manager: Mohammad Kabir Hossain Tel:0441-64478, 0441-64494, 0441-64443(Direct)
Designation: VP and Head of Branch Email: [email protected]
Tel:0421-51154 , 0421-51153
Email: [email protected] KAZIRHAT BRANCH (BRANCH ID:00150)
Address: New Market (1st Floor), Kazir Hat, Plot No# SA
KHULNA BRANCH (BRANCH ID:0084) 479,519; Union# Borokandi, PO & Mouza# Dubishaibor, Ward
Address: 144 Sir Iqbal road, Thana: Sadar, Ward: 21, Khulna. No# 2, P.S# Jajira, Shariatpur
Name of the Manager: Md. Sabbir Ahmed Khan Name of the Manager: Md. Salim
Designation: VP and Head of Branch Designation: SEO and Head of Branch
Tel:041-730428(PABX), 041-730432, 041-730429 (Fax) Tel: 01912388612 (Manager)
Email: [email protected] Email: [email protected]
634
Annual Report 2022
DUMURIA BRANCH (BRANCH ID:00151) BEANIBAZAR BRANCH (BRANCH ID:007)
Address: Dumuria Bazar (Beside Press Club and in front of Address: City Centre (1st floor), South Beani Bazar, Sylhet
Bus stand), Plot No# SA-03, BRS-15, Union# Dumuria 11, PO & Name of the Manager: Md. Mosharof Hossen
Mouza# Dumuria, Khulna Designation: SEO and Head of Branch
Name of the Manager: Md. Abdul Hakim (Manager CC) Tel:08223-56132,
Designation: SEO Email: [email protected]
Tel: 01719000734
Email: [email protected]
SYLHET BRANCH (BRANCH ID:008)
Address: Firoz Center (1st Floor), Holding # 891-KA,
JHENAIDAH BRANCH (BRANCH ID:00152) Chowhatta,
Address: Alam Tower, Holding no # 120, Agnibina Road, Ward Ward # 17, Sylhet City Corporation, Kotwali, Sylhet.
no# 5, JhenaidahPourashova, P.S# JhenaidahSadar, Jhenaidah Name of the Manager: Md. Shamsul Alom Chowdhury
Name of the Manager: Mr. Md. Atiyar Rahman Designation: SAVP and Head of Branch
Designation: FAVP and Head of Branch Tel:0821-725409, 0821-725239
Tel: 01915503944 Email: [email protected]
Email: [email protected]
MOULVIBAZAR-SME BRANCH (BRANCH ID:0068)
MAGURA BRANCH (BRANCH ID:00160) Address: Holding:988(1st & 2nd Floor),Rahman Plaza, Sayed
Address: Khandakar Plaza, Holding No: 0151, Colleger Road Mujtaba Ali Road,
Magura, Ward No: 9, Pourosova: Magura, PS: Magura Sadar, Ward No. 05, Powrashava - Moulvi Bazar,Moulvi Bazar
Magura. Name of the Manager: Mr. Muhammad Zhorul Islam
Name of the Manager: Mr. Md. Joynal Abedin Designation: FAVP and Head of Branch
Designation: AVP and Head of Branch Tel:0861-63708, 0861-63709
Tel: 01911974710 Email: [email protected]
Email: [email protected]
ASHUGONJ BRANCH (BRANCH ID:0071)
LOHAGARA BRANCH (BRANCH ID:00161) Address: London Plaza,Pora Gudam,Ashugonj
Address: Holding No:89, Sonapotti Road, Ward No: 4, WestBazar,Brahmanbaria
Pourosova: Lohagora, PS: Lohagora, Narail Name of the Manager: Mr. Ahsan Sikder
Name of the Manager: Mr. Md. Yousuf Hossain Designation: AVP and Head of Branch
Designation: FAVP and Head of Branch Tel:08528-74696-97, 08528-74645
Tel: 01713638803 Email: [email protected]
Email: [email protected]
SREEMANGAL BRANCH (BRANCH ID:00147)
GANGNI BRANCH (BRANCH ID:00162) Address: Kador Ali Tower, 1stFloor, Holding:0049-00,
Address: Mondol Super Complex (2nd Level), Holding No: 196, Habigonj-Sreemangal Road, Ward no.07, Pourashava & Thana:
Kushtia- Meherpur Road, Ward No: 04, Pourosova: Gangni, PS: Sreemangal, Dist: Moulvibazar
Gangni, Meherpur. Name of the Manager: Mr. Shuvashis Das
Name of the Manager: Mr. Md. Mahmudul Bashar (Manager Designation: FAVP and Head of Branch
CC) Tel: 01715035844
Designation: FAVP Email: [email protected]
Tel: 01711577806
Email: [email protected]
BANGA BRANCH (BRANCH ID:00164)
Address: Holding: 69, Shari Potti Road, Ward No: 8, Pourosova:
Bhanga, PS: Bhanga, Dist: Faridpur
Name of the Manager: Mr. Debashis Kumar Dey (Manager CC)
7. MYMENSING ZONE (07)
Designation: FAVP MYMENSINGH BRANCH (BRANCH ID:0062)
Tel: 01722640527 Address: Holding No.: 12-01 (1st & 2nd Floor), Ward No.: 08,
Email: [email protected] Swadeshi Bazar, Kotwali, Mymensingh
Name of the Manager: Mr. Md. Soruar Jahan
Designation: AVP and Head of Branch
Tel:091-63963, Fax : 091-63962
Email: [email protected]
6. SYLHET ZONE (06) SHERPUR BRANCH (BRANCH ID:0069)
Address: Holding:158 & 159(Ground and 1 st Floor),S. N.
GOALABAZAR BRANCH (BRANCH ID:004)
Complex, Shahid Bulbul Road, Ward No. 02, Powrashava -
Address: New Plaza, Goala Bazar, Osmaninagar, Balagonj,
Sherpur , Thana - Sherpur , Sherpur
Sylhet
Name of the Manager: Mohammad Mushfiqul Haque
Name of the Manager: Mr. Abu Saleh Md. Shamim
Designation: SEO and Head of Branch
Chowdhury
Tel:0931-61351 0931-61354
Designation: AVP and Head of Branch
Email: [email protected]
Tel:08242-56118, 08242-56122
Email: [email protected]
Jamuna Bank Limited 635
NETROKONA BRANCH (BRANCH ID:0096)
Address: Siddique Tower, 123 Choto Bazar Sarak, Netrokona
Sadar, Netrokona.
Name of the Manager: Khandakar Murshiduzzaman
Designation: AVP and Head of Branch
Tel:0951-61242 0951-61450 Fax-0951-61175
Email: [email protected]
TANGAIL BRANCH (BRANCH ID:00105)
Address: Chairman Plaza, Adalat Road, Ward No-13, Tangail
Pouroshova, Tangail
Name of the Manager: Mr. Bashudeb Sarkar (Manager CC)
Designation: SEO
Tel:01928701474,
Email: [email protected]
JAMALPUR BRANCH (BRANCH ID:00114)
Address: Sormon Plaza, Holding no.935, Station Road, Ward
no.05, Pauroshova: Jamalpur, Upozilla: Jamalpur Sador,
Dist.:Jamalpur
Name of the Manager: Mr. Abdullah Al- Mamun
Designation: AVP and Head of Branch
Tel: 01714098236
Email: [email protected]
KISHOREGONJ BRANCH (BRANCH ID:00128)
Address: Macca Tower, Boro Bazar Road, Holding no.
662,664,665, Ward no.06, Pouroshova & Thana: Kishoregonj,
Dist.: Kishoregonj
Name of the Manager: Mr. Mamun Ahmed
Designation: FAVP and Head of Branch
Tel:01794655870
Email: [email protected]
MADARGANJ BRANCH (BRANCH ID:00155)
Address: Holding NO- 911, Gabergram, Dag No.3140, Ward
no.03,
Pourashava & Thana- Madarganj, Dist: Jamalpur.
Name of the Manager: Mr. Sanjoy Kumar Sarker
Designation: AVP and Head of Branch
Tel: 01730300500
Email: [email protected]
636
Annual Report 2022
Standard Disclosure Index-2022
Items Page Reference No.
Corporate Objectives, Values & Structure Clarity and presentation
Vision and Mission 16
Overall Strategic Objectives 18
Core Values and Code of Conduct/ Ethical Principles 16, 19
Profile of the Company 20
Director’s Profiles and Representation on Board of other companies & Organization Chart 47, 27, 28
Management Report/ Commentary and Analysis including Director’s Report/ Chairman’s Review/CEO’s Review etc.
A general review of the performance of the company 109, 254
Description of the performance of the various activities/products /segments of the company 4, 106, 76-91, 109, 219
and its group companies during the period under review. (Weightage to be given for pictorial /
graphical /tabular presentations)
A brief summary of the Business and other Risks facing the organization and steps taken to 353
effectively manage such risks
A general review of the future prospects/outlook. 209
Information on how the company contributed to its responsibilities towards the staff (including 227
health & safety)
Information on company’s contribution to the national exchequer & to the economy 122, 416, 408
Sustainability Reporting
Social Responsibility Initiatives ( CSR) 435
Environment related Initiatives 422
Environmental & Social Obligations 422, 435
Integrated Reporting 208
Appropriateness of Disclosure of Accounting Policies and General Disclosure
Disclosure of adequate and properly worded accounting policies relevant to assets, liabilities, 223, 500
Income and expenditure in line with best reporting standards.
Any Specific accounting policies 500
Impairment of Assets 382, 501, 505, 506
Changes in accounting policies/Changes in accounting estimates -
Accounting policy on subsidiaries( if there is no any subsidiary, full marks should be granted) 336
Segment Information: 106-109
- Comprehensive segment related information bifurcating Segment revenue, segment results and
segment capital employed
- Availability of information regarding different segments and units of the entity as well as non-
segmental entities/units
Segment analysis of:
- Segment Revenue
- Segment Results
- Turnover
- Operating Profit
- Carrying amount of Net Segment Assets
Financial Statements (Including Formats)
Disclosures of all contingencies and commitments 490
Jamuna Bank Limited 637
Items Page Reference No.
Comprehensive related party disclosures 182, 548
Disclosures of Remuneration & Facilities provided to Directors & CEO 183, 543
Statement of Financial Position / Balance Sheet and relevant schedules 489, 494
Income Statement / Profit and Loss Account and relevant schedules 491, 496
Statement of Changes in Equity / Reserves & Surplus Schedule 493, 498
Disclosure of Types of Share Capital 113, 118, 534
Statement of Cash Flow 492, 497
Consolidated Financial Statement (CFS) 489-493
Extent of compliance with the core IAS/IFRS or equivalent National Standards 514-515
Disclosures/ Contents of Notes to Accounts 500
Information about Corporate Governance
Board of Directors, Chairman And CEO 24, 47, 57, 135, 141, 150
Audit Committee (Composition, role, meetings, attendance, etc) Internal Control & Risk 127, 131, 143
Management
Ethics and Compliance 154
Remuneration and other Committees of Board 142-146
Human Capital 155, 234
Communication To Shareholders & Stakeholders 156-157
- Information available on website
- Other Information
Management Review and Responsibility 254
Disclosure by Board of Directors or Audit Committee on evaluation of quarterly reports 114
Any other investor friendly information 76-91, 208-246, 254-336, 402-429,
435
Risk Management & Control Environment
Description of the Risk Management Framework 348
Risk Mitigation Methodology
Disclosure of Risk Reporting
Stakeholders Information
Distribution of shareholdering (Number of shares as well as category wise, e.g Promoter group, 86
FII etc)
Shares held by Directors/Executives and relatives of Directors/Executives 118
Redressal of investors complaints 156
Graphical / Pictorial Data:
Earnings per Share 81
Net Assets
Stock Performance
Shareholder’s Funds
Return on Shareholders Fund
638
Annual Report 2022
Items Page Reference No.
Horizontal/ Vertical Analysis including following: 87-89
Operating Performance (Income Statement):
- Total Revenue
- Operating Profit
- Profit before Tax
- Profit after Tax
- EPS
Statement of Financial Position (Balance Sheet): 489-560
- Shareholder Fund
- Property Plant & Equipment
- Net Current Assets
- Long Term Liabilities/Current Liabilities
Profitability/Dividends/ Performance and Liquidity Ratios 77-80
- Net interest income ration
- Profit before provision and tax
- Price earnings ratio
- Capital adequacy ratio
- Return on Capital Employed
- Debt Equity Ratio
Statement of Value Added and its Distribution
Government as Taxes 410-416
Shareholders as dividend
Employees as bonus/remuneration
Retained by the entity
Market share information of the Company’s product/ services
Economic value added
Presentation of Financial Statements
Quality of the Report/ Layout of Contents -
Cover and printing including the theme on the cover -
Appropriateness and effectiveness of photographs and their relevance -
Effectiveness of Charts and Graphs -
Clarity, simplicity and lucidity in presentation of Financial Statements -
Timeliness in issuing Financial Statements and holding AGMs -
- 3 month’s time to produce the Annual Report and hold AGM are -considered reasonable for full
marks
- Delay after the initial period of 03 months - deducted of 2 marks to be made for each month
- If the period is over 6 months – no marks shall be awarded
Additional Disclosures 402-429
- Human Resource Accounting.
- Any other good disclosures like Independence Certification i.e. GNV/GRI
Specific Areas for Banking Sector
Disclosure of Ratings given by various rating agencies for the Bank and for its Instruments 91
issued by /of Bank. For eg. FD, CD, Tier I and Tier 11 Bonds
Details of Advances portfolio Classification wise as per the direction issued by the central bank 521-522, 524
of the respective countries
Disclosure for Non Performing assets: 399
- Movements in NPA
- Sector-wise breakup of NPA
- Movement of Provisions made against NPA
- Details of accounts restructured as per regulatory guidelines
Maturity Pattern of Key Assets and Liabilities (ALM) 525, 529, 530, 570, 577, 579
Classification and valuation of investments as per regulatory guidelines/Accounting Standards 524
Jamuna Bank Limited 639
Items Page Reference No.
Business Ratio/Information: 76-80
- Statutory Liquidity Reserve (Ratio)
- Net interest income as a percentage of working funds / Operating cost - Efficiency ratio
- Return on Average Asset
- Cost/Income ration
- Net Asset Value per Share
- Profit per employee
- Capital Adequacy ratio
- Cost of Funds
- Cash Reserve Ration/Liquid Asset Ration
- Dividend Cover ration
- Gross Non-Performing assets to gross advances / Non-Performing Loans (Assets) to total Loans
(Assets)
Note: Meaning of Working funds- These are total resources (total liabilities or total assets) of
a bank as on a particular date. Total resources include capital, reserves and surplus, deposits,
borrowings other liabilities and provision.
Details of credit concentration / Sector vise exposures 108-109, 265
The break-up of ‘Provisions and contingencies’ included in the Profit and Loss Account 545
Disclosure under regulatory guidelines 165, 166, 377
Details of Non-Statutory investment portfolio 519
Disclosure in respect of assets given on operating & finance lease 507, 508, 521
Disclosures for derivative investments -
Bank’s Network: List of Centers or Branches 625
640
Annual Report 2022
Glossary
A&IT Audit & Inspection Team ICAAP Internal Capital Adequacy Assessment Process
AAOIFI Auditing and Accounting Organization for Islamic ICCD Internal Control & Compliance Department
Financial Institution
ABCP Asset-backed commercial paper ICRRS Internal Credit Risk Rating System
ACB Audit Committee of the Board ICT Information & Communication Technology
AD Authorized Dealer IFSB Islamic Financial Services Board
ADP Automated Data Processing, IMM Internal model method
ADR Advance to Deposit Ratio IRB Internal ratings-based
ALCO Asset and Liability Management Committee IRC Incremental risk charge
ALM Asset and Liability Management IRRBB Interest Rate Risk in the Banking Book
AoA Article of Association ISA Interest Rate Sensitive Assets
ASA Alternative Standardized Approach ISIN International Securities Identification Number
ASF Available Stable Funding ISL Interest Rate Sensitive Liabilities
ATDTL Average Total Demand and Time Liabilities IT/IS Information technology/ Information System
ATM Automated Teller Machine KYC Know Your Customer
AVC Asset value correlation L/C Letter of Credit
BAS Bangladesh Accounting Standards LCR Liquidity Coverage Ratio
BACH Bangladesh Automated Clearing House LCY Local Currency
BACPS Bangladesh Automated Cheque Processing System LDCL Loan Documentation Check list
BB Bangladesh Bank LGD Loss Given Default
BCBS Basel Committee on Banking Supervision LTV Loan-to-value
BCP Basel Core Principles MAT Management Action Trigger
BEFTN Bangladesh Electronic Funds Transfer Network MCO Maximum Cumulative Outflow
BIA Basic Indicator Approach MCR Minimum Capital Requirement
BIS Bank for International Settlements MICR Magnetic Ink Character Recognition
BIU Basel Implementation Unit MD Managing Director
BFIU Bangladesh Financial Intelligence Unit MDB Multilateral Development Bank
BOD Board of Directors MIS Management Information System
BRMC Board Risk Management Committee MoA Memorandum of Association
CAR Capital Adequacy Ratio MtM Mark-to-Market
CCF Credit conversion factor MVE Market Value of Equity
CCPs Central counterparties NBFIs Non Bank Financial Institutions
CCR Counterparty credit risk NFI Net Fees Income
CD Certificate of Deposit NGOs Non Government Organizations
CDS Credit default swap NII Net Interest Income
CEO Chief Executive Officer NIM Net Interest margin
CET1 Common Equity Tier I NPAs Non Performing Assets
CFP Contingency Funding Plan NPLs Non Performing Loans
CIB Credit Information Bureau NSFR Net Stable Funding Ratio
Jamuna Bank Limited 641
CMT Contingency Management Team OBS Off-Balance Sheet
CP Commercial Paper OBU Off-shore Banking Unit
CP Credit Policy OTC Over-the-counter
CRAR Capital to Risk Weighted Asset Ratio PD Primary Dealer
CRM Credit Risk Mitigation PEST Political, Legal, Social and Technological analysis
CRMP Credit Risk Management Policy PNS Personal Net-Worth Statement
CRO Chief Risk Officer PSE Public sector entity
CAMLCO Chief Anti Money Laundering Compliance Officer PvP Payment-versus-payment
CBS Core Banking Solution QOR Quarterly Operations Report
CRR Cash Reserve Ratio RAF Risk Appetite Framework
CSR Corporate Social Responsibility RAR Risk Adjusted Return
CUSIP Committee on Uniform Security Identification RAS Risk Appetite Statement
Procedures
CVA Credit Valuation Adjustment RBA Ratings-based approach
DBPF Defined Benefit Pension Fund RBCA Risk Based Capital Adequacy
DCFCL Departmental Control Function Check List RJSC Registered Joint Stock Company
DMD Deputy Managing Director RM Relationship Management
DTAs Deferred Tax Assets RMD Risk Management Division
DVA Debit Valuation Adjustment RSF Required Stable Funding
DvP Delivery-versus-Payment RTGS Real Time Gross Settlement
EA Early Alert Reporting RWA Risk Weighted Asset
EAD Exposure at Default SLP Structural Liquidity Profile
ECAI External Credit Assessment Institution SLR Statutory Liquidity Requirement
EDP Electronic Data Processing SMEs Small & Medium-sized enterprises
EL Expected Loss SMT Senior Management Team
EPE Expected positive exposure SND Short Notice Deposit
ERMC Executive Risk Management Committee SREP Supervisory Review Evaluation Process
ESRR Environmental and Social Risk Rating SRP Supervisory Review Process
FCY Foreign Currency SWOT Strengths, Weaknesses, Opportunities, Threats
analysis
FIRB Foundation Internal Ratings-Based Approach SWIFT The Society for Worldwide Interbank Financial
Telecommunication
FRA Forward Rate Agreement TP Trading Profit
FX Foreign Exchange TSA The Standardized Approach
GDP Gross Domestic Product VaR Value at Risk
GFC Global Financial Crisis WBG Wholesale Borrowing Guidelines
GoB Government of Bangladesh YTM Yield To Maturity
HQLA High Quality Liquid Assets
642
Annual Report 2022
[email protected]/ deposited at the Registered Office of
the Bank no ( ) hours
attendance at the 22 Annual General Meeting (AGM) of the Bank to be held on
through Digital Platform.
No.
Jamuna Bank Limited 643
Note
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