“Financial Performance Evaluation of Dhaka Bank Limited”
Origin of the project: Practical knowledge is fundamental for the application of theoretical intelligence. Bearing this in mind an internship program was being included in the BBA curriculum by the authority of University Of Alternative Development. The goal of this analysis is to expose the student in the organizational work situation and also to provide an opportunity for applying classroom learning in practice. There are some differences between theories and practices. Internship program is a system by which we can accustom ourselves with the practical situation through the application of theoretical knowledge into real life; the gap between these two can be bridged up through this internship procedure. Topic for this internship report is “Financial Performance Evaluation of Dhaka Bank Limited” as I was placed in Local Branch (Motijheel). Background of the Report: After completing all the courses at University Of Alternative Development under the Bachelor of Business Administration Curriculum, I was placed by myself at DHAKA BANK LIMITED as part of the Internship Program requirement. This report is prepared for the internship program consisting of a major in depth study of the financial performance evaluation of DHAKA BANK LIMITED. Objectives: The first objective of writing the report will be to fulfill the requirements of the BBA program. Following are the main objectives: •
To be familiar with the history of DHAKA BANK LIMITED
Financial Performance Evolution of DHAKA BANK LIMITED through Ratio Analysis, financial statement analysis, critical analysis.
To recommend actions that may be necessary to redesign the investments of DHAKA Bank.
Sources and Methodology of the Study: In order to obtain the information required to write this paper, my paper have several sections, the most important of which are the introduction, literature review, different types of analysis, findings. For conducting the paper both primary and secondary source of information are useful. For my primary research I gathered information from the team management where I am doing my internship by face to face conversation with the employees and managers. To write the literature review, I used the internet mostly because I will find variety of information there. This also saved a lot of time as I used standard search engine like Google and yahoo and reference site. I also planned to use some related books, some research papers which might help me to do this report perfectly. Limitation of the Study: There are some limitations in my study. I faced some problems during the study, which are given below: Lack of time: The time period for this study was very short. I had only 8 weeks in my hand to complete this report, which was not enough. So, I could not go in depth analysis. Sometimes the officials were busy & were not able to give much time. Insufficient data: Some essentials information could not be collected due to confidentiality of business. Lack of Supervision: Few officials sometimes felt disturbed, when they were busy with their tasks. Sometimes, they didnâ€™t want to supervise due to pressure of work load. Other limitations: Frequent strikes and recent political instability of the country were some of the limitations
Until the early 1980s, the Government owned, controlled and directed Bangladeshâ€™s financial system with the objective of allocating funds to priority sectors. Bangladesh had virtually no private banking and role of the private sector was considered secondary. In the early 1980s, the Government began to reform the financial sector. This step initiated the change in our banking sector. With time this revolved and became one of the most booming private sectors of our country. Bangladesh Bank has created a favorable environment for the private banking sector, which attracts many investors to invest
in the financial market. Bangladesh has been doing very well in private sectors in recent years. Previously only government banks were here to serve the financial needs of consumers, but now varieties of services are offered by commercial banks which were not possible before. Financial assistance is very necessary to develop all the sectors of a country. Central bank boosts commercial banks to finance more and more in the agricultural sectors, pharmaceuticals sectors. Government puts pressure on these banks to provide loans to SMEs and individuals. Rules and regulations are implemented by the Government for the safety of the public funds, to ensure accountability of the banks and to help the public by providing various types of financial services. This report consists of the results of the 2010 study on time series ratio analysis and financial performance analysis of a listed private commercial bank in Bangladesh that is Dhaka Bank Ltd. The financial performance analysis will help to compare the financial performance of the company, with its own expectation. Both bankâ€™s vision is to have a poverty free Bangladesh in course of a generation in the new millennium, reflecting the national dream. Our vision is to build a society where human dignity and human rights receive the highest consideration along with reduction of poverty. Literature Review Ratio Analysis: Ratio Analysis is the starting point in developing the information desired by the analyst. Ratio analysis provides only a single snapshot, the analysis being for one given point or period in time. In the ratio analysis it is possible to define the company ratio with a standard one. Profitability Ratios Return on Equity (ROE): Return on equity measures a Bank's profitability by revealing how much profit a bank generates with the money shareholders have invested. The equation for ROE is
It measures the return on the money the investors have put into the company. This is the ratio potential investors look at when deciding whether or not to invest in the company. Net income comes from the income statement and stockholderâ€™s equity comes from the balance sheet. In general, the higher the percentage is the better. Return on Assets (ROA): ROA measures the efficiency with which the company is managing its investment in assets and using them to generate profit. It measures the amount of profit earned relative to the firmâ€™s level of
investment in total assets. Net Income is taken from the income statement, and total asset is taken from the balance sheet. The higher the percentage is better, because that means the company is doing a good job using its assets to generate sales. The equation for ROA is
Net interest Margin: Net Interest Margin (NIM) is a measurement of the difference between the interest income generated by banks or other financial institutions and the amount of interest paid out to their lenders. It is expressed as a percentage of what the financial institutions are earning minus the interest that it pays on borrowed funds to its investors. It examines how successful a firm's investment decisions are compared to its debt situations. A negative value denotes that the firm did not make an optimal decision, because interest expenses were greater than the amount of returns generated by investments. The equation for NIM is
Net Non Interest Margin: We calculate net non-interest margin in this way:
It is expressed as a percentage of how much noninterest revenue the financial institutions are earning minus the non-interest expense. Non-interest income includes revenues earned from loan and investments or fee income from fiduciary activities, services charges on deposit accounts, trading account gains and fees, revenues income from investment banking, security brokerage and insurance services. Non-interest expenses include salaries, wages and employee benefits. Net Operating Margin: A measure of how profitably the firm is operating. The ratio tells how well a company converts revenue from core operations into actual profit - how many cents of profit it gets from every dollar of sales. The operating margin shows how well the company controls costs. The equation is
Earning Per share (EPS): The portion of a company's profit allocated to each outstanding share of common stock. Earnings per share serve as an indicator of a company's profitability. It tells an investor how much of the company's profit belongs to each share of stock. The equation is
Net profit margin: It tells investors the percentage of money a company actually earns per dollar of sales. This number is an indication of how effective a company is at cost control. The higher the net profit margin is, the more effective the company is at converting revenue into actual profit. The net profit margin is a good way of comparing companies in the same industry. The equation is
Dividend Yield: This ratio shows how much a company pays out in dividends each year relative to its share price. In the absence of any capital gains, the dividend yield is the return on investment for a stock. Dividend yield is calculated as follows:
Tax Management ratio: It reflects the use of security gains or loss to minimize tax exposure. It indicates what portion of operating income generates net income after tax. The equation is
Expense Control Efficiency: It indicates the portion of revenue after the operating expense is deducted. Itâ€™s a measure of operating efficiency and expense control. The equation is
Asset Utilization Ratio: It measures the speed at which a business is able to turn assets into sales, and hence cash. The higher the ratio, the more effectively assets are used to generate revenue. The equation is
Funds Management Efficiency: The ratio shows a company's total assets per dollar of stockholders' equity. A higher Funds Management Efficiency indicates higher financial leverage, which means the company is relying more on debt to finance its assets. The equation is
Operating Efficiency ratio: The efficiency ratio gives us a measure of how effectively a bank is operating. It is the cost required to generate each dollar of revenue. The equation is
An increase means the company is losing a larger percentage of its income to expenses. If it is getting lower, it is good for the bank and its shareholders. This measures non-interest expenses as a proportion of operating revenue. Costs include salaries, technology, buildings, supplies, and administrative expenses. Revenue includes net interest income (interest revenue less interest expenses) plus fee income. Employee productivity Ratio: The equation is
The ratio measures the level of income that each employee generates. It helps to determine the efficiency of a bank in terms of employees. Market Position Price Earning Ratio (P/E): It is a measure of the price paid for a share relative to the annual profit earned by the firm per share. A high P/E suggests that investors are expecting higher earnings growth in the future compared to companies with a lower P/E. It gives us an indication of the confidence that investors have in the future prosperity of the business. The equation is
Market-Book Ratio: It measures how much a company is worth at present, in comparison with the amount of capital invested by current and past shareholders into it. This ratio is used by some investors or analysts as an indicator of over or undervaluation. If the balance sheet assets per share are much larger than the share price, this is taken to be a buy signal. The equation is
Leverage Ratio Debt Ratio: Debt Ratio is a ratio that indicates what proportion of debt a company has relative to its assets. The measure gives an idea to the leverage of the company along with the potential risks the company faces in terms of its debt-load. And the equation is
Debt to equity capital ratio: A ratio used to help determine how much shareholders would receive in the event of a company-wide liquidation. The ratio, expressed as a percentage, is calculated by dividing total shareholders' equity by total assets of the firm, and it represents the amount of assets on which shareholders have a residual claim. The figures used to calculate the ratio are taken from the company's balance sheet. The equation is
Interest Coverage Ratio: A ratio used to determine how easily a company can pay interest on outstanding debt. The interest coverage ratio is calculated by dividing a company's earnings before interest and taxes (EBIT) of one period by the company's interest expenses of the same period:
Liquidity Position Cash Position Indicator: The amount of cash that a company, investment fund or bank has on its books at a specific point in time. The cash position is a sign of financial strength and liquidity. In addition to cash itself, it will often take into consideration highly liquid assets such as certificates of deposit, short-term government debt and other cash equivalents.
Liquid Securities indicator: It indicates ratio between government securities and total assets which means how much marketable security a company can hold. The greater the value the more liquid the depository institutionâ€™s position tends to be.
Capacity Ratio: This ratio show negative liquidity. That means the more the ratio the less liquid the depositary institution is.
Overview of Dhaka Bank Limited: Bangladesh economy has been experiencing a rapid growth since the '90s. Industrial and agricultural development, international trade, inflow of expatriate Bangladeshi workers' remittance, local and foreign investments in construction, communication, power, food processing and service enterprises ushered in an era of economic activities. Urbanization and lifestyle changes concurrent with the economic development created a demand for banking products and services to support the new initiatives as well as to channelize consumer investments in a profitable manner. A group of highly acclaimed businessmen of the country grouped together to responded to this need and established Dhaka Bank Limited in the year 1995. The Bank was incorporated as a public limited company under the Companies Act. 1994. The Bank started its commercial operation on July 05, 1995 with an authorized capital of Tk. 1,000 million and
paid up capital of Tk. 100 million. The paid up capital of the Bank stood at Tk 2,659,597,763 as on March 31, 2012. The total equity (capital and reserves) of the Bank as on March 31, 2012 stood at Tk 6,036,368,754. The Bank has 54 Branches, 8 SME Service Centers, 7 CMS Units, 4 offshore Banking Unit across the country and a wide network of correspondents all over the world. The Bank has plans to open more Branches in the current fiscal year to expand the network. The Bank offers the full range of banking and investment services for personal and corporate customers, backed by the stateâ€“ofâ€“the-art technology and a team of highly motivated Professionals. As an integral part of our commitment to Excellence in Banking, Dhaka Bank now offers the full range of real-time online banking services through its all Branches, ATMs and Internet Banking Channels. Dhaka Bank Ltd. is the preferred choice in banking for friendly and personalized services, cutting edge technology, tailored solutions for business needs, global reach in trade and commerce and high yield on investments. Mission To be the premier financial institution in the country providing high quality products and services backed by latest technology and a team of highly motivated personnel to deliver Excellence in Banking. Vision At Dhaka Bank, we draw our inspiration from the distant stars. Our team is committed to assure a standard that makes every banking transaction a pleasurable experience. Our endeavour is to offer you razor sharp sparkle through accuracy, reliability, timely delivery, cutting edge technology, and tailored solution for business needs, global reach in trade and commerce and high yield on your investments. Goal Our people, products and processes are aligned to meet the demand of our discerning customers. Our goal is to achieve a distinction like the luminaries in the sky. Our prime objective is to deliver a quality that demonstrates a true reflection of our vision â€“ Excellence in Banking.
Financial Performance Evaluation have analyzed the performance of Dhaka Bank and INDUSTRY AVG in terms of – •
Cash position indicator:
We are observing fluctuations in the Cash Position Indicator ratio of Dhaka Bank. In 2007 their cash position indicator was 0.1197 which in the year 2012 decreased to 0.0828. The reason behind this decline is cash and deposits due from other banks are growing at a much slower rate than the total asset of the bank. This trend implies that the bank is becoming more and more weak to handle its immediate cash needs as the cash is the first line of defense against the deposit withdrawals and cash demands.
Liquid Securities indicator:
The bank has reduced its liquid securities over time significantly. In 2007 it was 0.19 and in 2012 it has decreased to 0.09. From the year 2008 Dhaka Bank has been able to maintain a stable ratio, although it dropped significantly in the year 2008 because they reduced their government securities by BDT 3103767400. Government securities are the most marketable securities and serves as a second line of defense after cash if any liquidity crisis arises. So reducing this security affects the liquidity condition of the bank.
We are observing an increasing trend in the capacity ratio of Dhaka Bank. That means the net amount of loans and leases are increasing at a higher rate compared to the increase in total assets. Loans and leases are the most illiquid among all the assets. We know that the more a bank facilitates loans, the
more its earnings go up. But at the same time its liquidity position goes down. The management should maintain a balance between the earnings and the liquidity. Leverage Position
Dhaka Bank has been able to maintain an average debt ratio of 0.94 all through 2007 to 2012. But we are observing a constant downward trend in the debt ratio. It means their total asset is increasing at a higher rate than their liabilities. As a result their leverage level is decreasing every year. This is good from a risk perspective, because higher leverage means higher earnings. Higher leverage also implies that the bank is exposed to higher risk. During good times when earnings are high, financial leverage is beneficial for a bank. But when the economy goes through recessionary periods, high financial leverage can be very risky.
Debt to equity capital ratio:
The debt to equity capital ratio of Dhaka Bank has decreased from .2514 in 2007 to .0960 in 2012. It means that their equity capital is increasing at a higher rate than their liability. This implies that their leverage and overall risk is decreasing. But it also means that their expected earnings might decrease due to decreasing leverage. So management should keep a close eye on this ratio. Efficiency Ratio
Tax Management Ratio:
We can see that in the year 2009 the tax management ratio of Dhaka Bank increased sharply. The reason behind this was that from the year 2008 to 2009 their net income grew substantially. And from 2010 we are observing a stable tax management ratio with an average of 0.6535. The management should try to maximize this ratio as much as possible because the tax is a direct cash expense which lowers the net income.
Expense Control Efficiency ratio:
For Dhaka Bank we are observing very inconsistent trend in their expense control efficiency ratio. Their expense control efficiency ratio rose in 2008 than it dropped in 2009 than again in 2010 it
increased very sharply and in 2011 it dropped again than again increased in 2012. The reason behind the sharp increase in the trend is that their net income before tax and gains grew substantially.
Degree of Asset Utilization:
For Dhaka Bank we are observing a gradual growth in their asset utilization ration except for the year 2012. In 2012 it decreased slightly because their total asset increased at a higher rate compared to their operating revenue. This fall in AU implies that more and more assets are becoming underutilized.
Funds Management Efficiency:
We are observing a constant decreasing trend in the Funds Management Efficiency of Dhaka Bank. This is happening because their total equity capital is increasing at a higher rate than their total asset.
It implies that the company is more depended on equity capital rather than on borrowed funds. As a result of this their risk is decreasing but at the same time their earnings is decreasing too.
Operating Efficiency ratio:
We are observing a very mixed trend in the operating efficiency ratio of Dhaka Bank. It implies that the bank has not been able to efficiently utilize its revenues to cover the operating expense. The quick fall during the year 2010 was because of a significant increase in their total operating expense.
Employee productivity Ratio:
Throughout the six years the employee productivity ratio for Dhaka Bank is showing an increasing trend although it showed a decline in 2012 from 2011. It means that the contribution per employee compared to the net operating income has been increasing. As a result the efficiency of the bank has increased. But we also have to keep in mind that the automation of various banking processes also contributed to the increased efficiency of the bank. Profitability Ratio
Return on Equity (ROE):
The ROE of Dhaka Bank shows that the share holders are receiving inconsistent returns thorough out the six years. On an average they are providing 25% return to their share holders. Though in 2010 their ROE rose sharply due to a sharp increase in their net income before tax, but again in 2011 it fell. It fell because their equity capital increased at a higher rate than their net income.
Return On Asset:
The ROA is also showing inconsistent result like the ROE. It was increasing throughout the year 2007 to 2009 but in 2010 it fell, because their assets increased at a higher rate compared to their net income. But in 2011 ROE went up again and continued to go up because of an increase of 877,360,768 in their net income compared an increase of BDT 22,858,699,798 in their total asset.
Net Interest Margin:
From the year 2007 to 2010 the net interest margin of Dhaka Bank fluctuates. But from 2010 to 2012 it became quite stable. The fluctuation happened due to uneven growth of interest income and interest expense compared to their total asset. In 2010 the ratio increased from .018 to .023 because of the substantial growth of their interest income. Their interest expense also grew but at a much slower rate, which in turn increased their net interest income. This eventually increased their net interest margin ratio.
Net Non Interest Margin:
We are observing a mixed trend in Dhaka Bankâ€™s net non interest margin. In the year 2010 their net non interest margin spiked because of a decrease in their non interest expense and increase in noninterest income, which increased the spread between noninterest income and expense. As a result
their net non interest margin went from -0.0017 to 0.0217. And from 2010 they maintained an average net non interest margin of 0.021.
Operating profit Margin:
From the year 2007 to 2009 the performance of Dhaka Bank was performing poorly in terms of operating profit margin. During this time their average operating profit margin was 0.0098. But in 2010 it rose sharply because of the significant increase in interest income. As a result, from 2010 to 2011 their average rose to 0.0453.
Net Profit Margin:
The NPM ratio for Dhaka Bank is showing a mixed trend. Through the year 2007 to 2010 it increased than in 2011 it decreased and then in 2012 it increased again. In 2010 it increased very sharply because of a substantial increase in their net income after tax compared to the growth of their total operating revenue.
Earning per Share (EPS):
Dhaka Bank is showing an inconsistent trend in their earning per share. During the year 2007 to 2008 their EPS was quite good but in 2009 it decreased very sharply because of stock split in 2009. But in 2012 their EPS decreased again, the reason behind this is that they issued 14.87 million new shares. Market Position
We are observing a decreasing trend in the P/E ratio of Dhaka Bank throughout the six years, except for the year 2007 and 2011. In 2007 the P/E ratio was very high 20.94; it implies that investors were willing to pay Tk 21 for Tk 1 return. That means the investors’ confidence on the bank was very high and they were expecting a high return. The bank’s growth potential was very high. After 2007 the
ratio started declining. But after 2008 it maintained a stable rate. In the year 2012 the ratio increased again because of a sharp increase in their market price per share.
The time series analysis reveals a mixed trend in the M/B ratio. In the year 2010, the ratio spiked to 4.2191 which means the investors were willing to 4 times the book value which indicates a higher expected return. The main reason behind this increase was that the market price of their shares increased to 1071 from 793. But in the year 2011, the ratio decreased from 4.219 to 3.1296. However in 2012 the M/B ratio increased again.
Dhaka Bank’s DPS was consistent during 2007-2008 period but it fell in 2009 because of stock split .In 2012 it fell to 1.60 from 3.50 in 2011.From her we can see that the company is not paying much
dividend. It does not mean that the company is doing bad. It is retaining its earnings not giving much dividend to make more investment that will increase the value of firm. Bank’s share price and its performance: The closing price of Dhaka Bank as of August 11, 2012 is BDT 17.8. The analysis showed that the market price per share fell sharply in the year 2011 and then in 2012 it increases, which was consistent with the earnings falling drastically in 2011 and increasing in 2012. So we can say that the current share price reflects the performance of the firm to some extent.
Suggestions to bank: •
As Dhaka Bank is using higher degree of leverage their risk is increasing. So, they should try to diversify the risk.
After increasing significantly in 2010 their ROE is showing a decreasing trend, the management should try to increase their net income. Because decreasing ROE might discourage the investors to invest in their company.
Their liquidity position is quite poor. So they should try to improve their position. One way of increasing the liquidity might be increasing the amount of cash they are holding in hand.
In their off balance sheet items they only showed their contingent liabilities. They could show their contingent assets. Also they keep the amount of their other commitments items blank. It should be transparent.
Recommendation for the Investors:
The analysis indicated that most of the ratios favor Dhaka Bank Ltd. According to the leverage, efficiency and profitability ratio analysis it was revealed that Dhaka Bank limited is in a better current position. Moreover, it was also revealed that Dhaka Bank’s growth potential is higher than Industry avg. And the P/E ratio shows that their shares are undervalued. So if the potential investors had to choose between these two company’s stocks, I would recommend them to buy the shares of Dhaka
Bank Limited. For the existing investors, the recommendation is to hold the shares for Dhaka Bank because they have a higher growth potential.
Conclusion: The main objective of this report was to evaluate the performance of Dhaka Bank compared to its competitor other banks, with an intention to clearly indicate which company’s share is more preferable. After analyzing both the banks performance through ratio analysis, time series analysis & cross sectional analysis I have come to the conclusion that in the course of six years the overall performance of Dhaka Bank was much better than that of other banks. And therefore Dhaka Bank’s share is more preferable to the investors
Rose. Peter S. Hudgins Sylvia C. “Bank Management and Financial Services” 7e, McGRAW-HILL
Annual reports of Dhaka Bank Ltd.
Ratios at a Glance INDUSTRY Debt Ratio Debt
capital ratio Times
Earned Return on Equity (ROE) Return on Asset (ROA) Net
AVG Dhaka Bank INDUSTRY AVG Dhaka Bank INDUSTRY AVG Dhaka Bank INDUSTRY AVG Dhaka Bank INDUSTRY AVG Dhaka Bank
Net Non Interest Margin Net
AVG Dhaka Bank INDUSTRY
INDUSTRY AVG Dhaka Bank
INDUSTRY AVG Dhaka Bank INDUSTRY
Net Profit Margin Earning per Share (EPS) Tax Management Ratio Expense Efficiency
AVG Dhaka Bank INDUSTRY AVG Dhaka Bank INDUSTRY AVG Dhaka Bank
INDUSTRY AVG Dhaka Bank
Degree of Asset Utilization
INDUSTRY AVG Dhaka Bank
AVG Dhaka Bank INDUSTRY
INDUSTRY P/E Ratio
DPS Dividend Yield Cash position indicator
AVG Dhaka Bank INDUSTRY AVG Dhaka Bank INDUSTRY AVG Dhaka Bank INDUSTRY AVG Dhaka Bank INDUSTRY AVG Dhaka Bank
INDUSTRY AVG Dhaka Bank
Debt Ratio Debt to equity capital ratio Interest Coverage Ratio Return on Equity (ROE) Return on Asset (ROA) Net Interest Margin
Total Liability / Total Asset Total Liability / Total Equity Capital EBIT/INT.Exp Net Income after Tax/ Total Equity Capital Net Income after Tax/ Total Asset (Interest Earnings-Interest Exp)/Total Asset
Net Non Interest Margin
(Non-Interest Earnings-Non-Interest Exp)/Total Asset
Net Operating Margin Net Profit Margin
(Operating revenue-Operating Exp)/Total Asset Net Income after Tax/Total Operating revenue Net Income after Tax/Number of equity shares
Earning per Share (EPS) Tax Management Ratio Expense Control Efficiency Degree of Asset Utilization Funds Management Efficiency Operating Efficiency ratio Employee productivity Ratio
Outstanding Net Income after Tax/Net Income before Tax Net Income before Tax & Gains (Losses)/Total Operating revenue Total Operating revenue /Total Asset Total Asset/Total Equity Capital Total Operating Exp/Total Operating revenue Net Operating Income/Number of full time
P/E Ratio M/B Ratio DPS Dividend Yield
equivalent employees Market Price per share/EPS Market Value per Share/Book Value per Share Dividends Paid/ Number of Shares Outstanding DPS/Current Share Price
Cash position indicator
Cash and Deposits Due from Other Banks/Total Assests
Liquid Securities indicator Capacity Ratio
Government Securities/Total Assets Net Loans & leases/Total Assets
Calculations for Dhaka Bank Limited Year 2007
Debt to equity 31265050018 1243576775 capital ratio
Interest 190066599 1540836908
Return on Equity 90066599 1243576775 (ROE)
Return on Asset 90066599 32508626793 (ROA)
Interest 510904574 32508626793
Net Non Interest -320837975 32508626793 Margin
Operating 190066599 32508626793 Margin
Profit 90066599 3001194399
per 90066599 4950129
Margin Earning Share (EPS) Tax
Ratio Calculations for Dhaka Bank Limited (Contd.)
Expense Control 190066599
position 3890581768 32508626793 indicator
Liquid Securities 6379123400 32508626793 indicator
Efficiency Degree of Asset Utilization Equity Multiplier Operating Efficiency ratio Employee productivity Ratio
Published on Oct 5, 2013
Until the early 1980s, the Government owned, controlled and directed Bangladesh’s financial system with the objective of allocating funds to...