Another loan of Taka 325.56 million was also received from ADB for financing Agro business development. Ministry of Finance (GOB) and Bangladesh Bank are the other sources of finance. Total outstanding borrowing against utilization of funds from the above sources in 2008 was Taka 1,385.81 million against Taka 830.06 million in 2006. An amount of Taka 600.00 million was allocated by the GOB and disbursed to BASIC Bank to finance Agro-based industry. BASIC was included in this scheme for its outstanding performance.
Equity
Sustainable Growth Rate 29.71% 23.34%
2003
19.37%
2004
15.75%
2005
2006
15.97%
2007
The bank started its journey with paid-up capital of Taka. 80.00 million in 1989 and the same had increased to Taka 1,247.40 million in 2008. The bank has decided to issue 1 bonus share for every 20 shares and the paid-up capital of the bank would thus be raised to Taka 1,336.77 million if the proposed bonus share is approved. Cash dividend of Taka 62.37 million has also been proposed for the year 2008. With this cash dividend, total cumulative cash dividend of Taka 538.00 million would be paid to the government.
Statutory Reserve As per section 24 of the Bank Company Act1991, 20 % of profit before tax needs to be transferred to statutory reserve until the total Statutory Reserve becomes equal to Paid-up Capital. Accordingly, the statutory reserve of the bank will stand at Taka 1045.08 million after transfer of an amount of Taka 161.62 million from the profit of 2008. Shareholders' equity of the Bank would increase by Taka 357.59 million to Taka 2,596.58 million in 2008 from Taka 2,238.99 million in 2006 registering a sustainable growth rate of 15.97 percent.