Performance Evaluation of Shajalal Islami Bank 2010

Shahjalal Islami Bank Limited is going to complete eight years of service on May 10.

"With a thrust on small and medium enterprises (SMEs), our bank has played a proactive role in the development of the country's economy, and now we would like to strengthen the efforts to consolidate the position in near future," Managing Director of the bank Muhammad Ali told the FE in an interview recently.

He said SME and development of rural economy remain the vision of the SJIBL.

The Bank, which began commercial operation on May 10,2001, maintained and achieved strong position in all key areas covering capital adequacy, assets quality, management, earnings and liquidity in the year ended December 31, 2008.

The bank's net profit rose to Tk 817.70 million in 2008 against Tk 646.99 million in 2007. The bank's operating profit registered a 37.63 per cent growth in 2008 to Tk 1.81 billion.

The Bank began its journey with the initial capital of Tk 205 million and that surged to Tk 4.2 billion in 2008.

Deposits and total assets of the bank registered a whopping 61.54 per cent and 60.56 per cent growth respectively to reach Tk 36,538 million and Tk 45,515 million.

The paid-up capital rose to Tk 2.24 billion in 2008 against Tk 1.87 billion in 2007.

Capital adequacy of the bank stood at 14.24 per cent, which is 4.24 per cent above the stipulated rate of 10 per cent.

The chief executive of the third generation bank said: "We like to shift our focus from the big corporate houses to the micro areas so that the economic activities cannot remain confined, rather it spreads all over the country."

The Managing Director said he was optimistic that the new investment areas would play a vital role in creating adequate employment opportunities, income generation and poverty alleviation.

The investment under Rural Infrastructure Project will cover crop production and purchase of agriculture equipment through selected branches to develop the rural economy.

He said...