Dissertation Report On
“Foreign Exchange Operations of Export Import
Bank of Bangladesh Limited”
Study Focused on Uttara Branch.
Supervised By:
Md. Asad Noor
Assistant Professor
Green Business School
Green University of Bangladesh
Submitted By:
Tanvir Islam Noman
ID: 211005013
Major: Finance
MBA
Dissertation Submitted in Partial Fulfillment of the Requirements for the Degree of
Master of Business Administration
Submission Date: 14th February 2022
Letter of Transmittal
Date: 14th February 2022
To
Md. Asad Noor
Assistant Professor
Green Business School
Green University of Bangladesh
Subject: Submission of Dissertation report on “Foreign Exchange Operations of Export
Import Bank of Bangladesh Limited” Study Focused on Uttara Branch.
Dear Sir,
With due respect, I would like to submit my Dissertation report on ―Foreign Exchange
Operations of Export Import Bank of Bangladesh Limited‖ Study Focused on Uttara Branch. I
am very much thankful to you for giving me the opportunity to do the report on this topic. The
Dissertation report has been completed by the knowledge, wisdom as well as practical
assignment that I have gathered from the course of MBA.
I have tried my level best to complete this Dissertation report meaningfully and correctly, as
much as possible. I hope you would be kind enough to accept my report. I will be very much
happy to provide further clarification regarding this report.
Yours Sincerely,
Tanvir Islam Noman
MBA
ID: 211005013
Major: Finance
Green Business School
Green University of Bangladesh
ii
Student’s Declaration
I am Tanvir Islam Noman, MBA, ID: 211005013, Green Business School, Green University
of Bangladesh hereby declares that the report entitled on ―Foreign Exchange Operations of
Export Import Bank of Bangladesh Limited‖ Study Focused on Uttara Branch, has been done
by me.
I also declare that this paper is my original work and has prepared for academic purpose which
is a part of MBA.
Yours Sincerely
Tanvir Islam Noman
MBA
ID: 193907001
Major: Finance
Green Business School
Green University of Bangladesh
iii
Supervisor’s Declaration
This is to certify that the report entitled on “Foreign Exchange Operations of Export Import
Bank of Bangladesh Limited” Study Focused on Uttara Branch is an original work as per
his declaration done by Tanvir Islam Noman student of MBA Program, MBA, ID:
211005013, Green Business School, Green University of Bangladesh. He has completed this
report under my supervision and guidance. Heis permitted to submit this report for the partial
fulfillment of the requirements for the degree of Master of Business Administration (MBA) at
Green University of Bangladesh.
I wish his success and prosperity.
Supervisor
Md. Asad Noor
Assistant Professor
Green Business School
Green University of Bangladesh
iv
Acknowledgement
All praise to Almighty Allah who has created me and has given me opportunities and strength to work
with people. With deep interest, I had started my work. My dissertation is just a part of MBA under the
department of Green University of Bangladesh (GUB). But I had gathered practical knowledge about
the banking activities, internal and external environment, policies, terms and conditions, rules
regulation, etc.
With due respect, I am grateful to all the faculty members of the MBA Program, who have significant
contribution in my academic carried along with the Dissertation in the MBA curriculum. I am greatly
indebted to Mr. Asad Noor, Assistant Professor, Green Business School, Green University of
Bangladesh who has supervised instructed & directed me to complete Dissertation.
I am also grateful to Senior Assistant VP of Uttara Branch of EXIM Bank Limited Md. Shahidul Islam
and Assistant VP Ms. Mahmuda Comor, Executive Officer (in Advance) Abdullah al Mamun,
Executive Officer (in Advance) Golam Mostofa, Principle Officer Ms. Shahanaz Akter, First Executive
Officer Ms.Farhana, Junior Officer Md. Tanvir Hasan, First Officer (in Cash) Jumur Rani, Junior
Officer (in Cash) Md. Mosur Rahman of EXIM Bank Limited who has helped me very much by
providing me various documents and information about the tropic of my Dissertation. The Regional
office other officers and staff also helped me by providing the relevant data and correct information. I
am also grateful to them.
Apart from all I humbly thanks all of my senior officer and colleagues who support me for completing
my Dissertation and it was an admirable privilege for me and truly honored to work with them
throughout my Dissertation.
v
Executive Summary
The aim of commercial banking is to earn profit through exchange of money & credit
instruments. It is a service oriented as well as profits oriented organization. The Bank divides its
operation mainly three parts- General Banking, Foreign Exchange and Loan & Advances. The
Dissertation report has been prepared on “Foreign Exchange Operations of Export Import Bank
of Bangladesh Limited” Study Focused on Uttara Branch. Bank has a significant role in the
economic development of the country. In order to developing the national economy, banks keep
in mind going for lending, maintaining safety, liquidity & profitability. The 1st chapter contains
the introduction, objectives, Rational, limitations etc. of the study & 2nd chapter described
Organizational profile of EXIM Bank. On the other hand the 3rd chapter deals with SWOT
analysis & BCG Matrix; the 4th chapter contains Ratio Analysis. On the 5th chapter discussed
with the Findings, Recommendations & conclusion part of the report.
vi
Background of the study
The dissertation report is a great opportunity to justify the theoretical knowledge in respect to the
practical world. So, it is a proper decision for the Department of Business Administration to introduce
this type of Dissertation Program for the students of MBA program for better understanding and
orientation with the practical job environment.
The dissertation report is prepared as requirement of MBA program of Green University of Bangladesh.
This report gives or focuses with clear idea with working experiences in EXIM to learn about the
activities and operational strategies of EXIM and how its activities are separate from the activities of
conventional banks of Bangladesh. Especially this report focuses on ―Foreign Exchange Operations of
Export
Import
Bank
of
Bangladesh
Limited‖
Study
Focused
on
Uttara
Branch.
vii
Table of Contents
Chapter
Chapter: 1
Introduction to Report
Introduction
Objective of the Study
Methodology of the study
Data Processing
Limitation of the study
Chapter: 2
Organizational Profile of EXIM Bank.
Description General Bank
Deposit product of EXIM Bank
Investment Products of the EXIM Bank Limited
Maintenance of Accounts with Bangladesh Bank/Other Banks
Importance of Bank Credit
Overview of Foreign Exchange
Some Definition of Foreign Exchange
Types of Letter of Credit
Parties to the Letter of Credit
Foreign Exchange Operation
Function of Import Section
Function of Export Section
Back To Back L/C
Chapter: 3
5
5
6
11
15
16
17
18
19
20
21
28
32
SWOT Analysis & BCG Matrix
SWOT analysis
Strengths
Weaknesses
Opportunities
Threats
BCG growth matrix
Chapter: 4
39
39
39
39
40
40
Ratio Analysis
Financial Ratio Analysis
Return on Asset
Return on Equity
Price Earnings Ratio
Earnings per Share
Chapter: 5
2
2
2
3
3
42
42
43
43
44
Findings, Recommendation & Conclusion
Findings
Conclusion
Recommendation
Bibliography
Appendix
47
47
48
49
50
viii
Chapter: 1
Introduction to Report
1.
Page 1
Introduction
EXIM Bank Ltd. as the name implies is not a new type of bank in some countries on the global
but is the first of its kind in Bangladesh. Its main objective is to provide necessary support to the
exporters and importers of the country. So foreign exchange activities get the highest
concentration by the bank.
The Uttara branch recently has achieve Authorized Dealership licenses from Bangladesh Bank.
The impact of this licensee cannot be analyzed as an activity was started from July. But some
problem are identified and suggestion and recommended to overcome those problems.
Before the licensee the percentage of foreign exchange income on total income shows a growing
rate. So, it is expecting that if proper strategies are taken the impact of foreign exchange income
will show a significant improvement. Besides as the Bank is setup with an objective to support
international transaction. So, the bank should provide specialized and efficient services to its
target customer.
Object of the study
This study focuses on the following specific objective:
 The report is aimed for an overview of foreign exchange Operations of EXIM Bank LTD.
 To know the operation of foreign exchange.
 To know the income from this section.
 To know the impact of this income on profitability of the branch.
 To suggest necessary measures for the development of the Bank
Methodology of the study
Sources of Data / Information
Data/information of the study have been collected from both sources i.e. Primary and secondary
sources.

Primary sources
 Conversation with bank officers.
 File study.
 Desk work.
 Personal observation.
1.
Page 2

Secondary sources
 Annual report of EXIM bank.
 Different publication of EXIM bank.
 Different books and journals.
Data processing
After the editing phase the collected data were analyzed by using necessary table.
Scope of study
The scope of study is limited to the Export Import Bank of Bangladesh Limited. This
Dissertation Report covers all the offers and services provided by Export Import Bank of
Bangladesh Limited to its elite group of customers. The report also covers the respective account
holders- their stature, class and diversity. The customers included in this report are provided with
the privilege of the luxury of firstly a personal Financial Consultant assigned as relationship
manager and secondly, a group of dedicated sales executive for the respective organizations who
will visit their office premises on regular frequency to meet their banking needs, in order to
provide them seamless professional services in a convenient manner.
Limitation of the study
The study also has some limitations. First of all data finding of EXIM bank of Bangladesh
limited was a trouble some work because of shortage of time. Secondly, adequate and in-depth
well-organized literature was not available because a few researchers endeavored to work on
such project in the past. It is a private bank so; they maintain some sort of secrecy in giving
information to the general public. The officers of EXIM Bank of Bangladesh Limited are always
busy with their works. As a result they could not make enough time to talk to me.
 This Report doesn’t show the total banking practices of EXIM Bank of Bangladesh ltd. Some
Department were ignored for study due to the time constraint.
 Some data could not been collected for secrecy of the management.
 The time stipulated for the Dissertation program for clear understanding the Banking practices
of EXIM Bank of Bangladesh ltd. was not adequate enough.
 There are some lacking in data collection from other Banks due to their privacy.
As the branch is new one and the Authorized licenses has been achieved two years ago so, there
was not an enough scope to analyzed the impact.
1.
Page 3
Chapter: 2
Organizational Profile of EXIM Bank.
1.
Page 4
Description General Bank
General Banking Department is a key point of all banking activities. It is the steerage point for
all kind of transaction of foreign exchange department and itself. It usually performs a lot of
important banking activities. It is the introductory department of the bank to its customers. The
Main Branch of EXIM Bank Limited has all the required sections of general banking and these
sections are run by manpower with high quality banking knowledge.
In EXIM Bank Limited the following departments are under general banking section:

Deposit Section

Cash Section

Bill Section (Remittance, Bills and endorsement)

Clearing Transfer Delivery and Internal Transfer Section

Account Section

Administrative Section
Deposit Products of the EXIM Bank Limited:

Al-Wadiah Deposit Account

Mudaraba Deposit Account

Mudaraba Savings Monthly Scheme – Money Grower

Mudaraba Income Scheme – Steady Money

Mudaraba Super Savings – Double in 6 years

Mudaraba Multiplus Saving – More than Triple in 10 Years

Mudaraba Education Savings – for Higher Education

Mudaraba Hajj Prokalpa

Mudaraba CREDIT CARDS

Foreign Currency Deposit A/C
Classification as per nature of Customers:

Individual Account

Joint Account

Proprietorship concern

Partnership firm

Private Limited Company
1.
Page 5

Public Limited Company

Club/Association/Society

Accounts of Government

Accounts of Corporation
Investment Products of the EXIM Bank Limited:

Corporate Finance

Commercial Finance

Industrial Finance

Project Finance

Lease Finance

Syndicate Finance

Hire Purchase Finance

Real Estate Finance
Account opening
In order to open an account the customer is first of all asked to fill the application form up given
by the bank. The requirement by the bank to open an account is:
1) Proposal for opening an account
2) Name and full address both present and permanent
3) Occupation
4) Letter of Introduction
This is a letter from the introduction who is a valid customer of the branch or the other branch
and maintaining any kind of account. The process of introducing a new customer can be done on
the form itself. There is a space in the application from where the introducer will write his/her
account number, address and he/she will sign as his/her specified signature.
A letter of introduction that always protects a banker in the following ways:

Protection against fraud,

Protection against under charged bankrupt,

Protection against inadvertent overdraft

Protection against negligence under sections 131 of NI Act

Protection against giving incorrect information to follow banker
1.
Page 6
Declaration of Nominee:
The person who wants to open an account can mention minimum one and maximum three
nominees. The application will give a declaration in the space given on the account form starting
the name, relation, age and percentage of share (if more than one). The account holder can
charge the nomination at any time and it would be only valid after the death of the
accountholder.
Specimen Signature:
The a applicant will sign on the application and he/she will be provided with a extra paper where
he/she will give three signature which he/she has to maintain all through till the time he/she
maintains the account.
Initial Deposits:
It is always a common practice among bankers to allow a new customer to open an account only
in cash.
Operating Instruction/Mandate in Writing
If any account holder wants his/her account to be operated by somebody else he/she will provide
the banker in writing stating about the operator.
Verification of documents:
The banker should verify some of important documents lime memorandum of association,
Article of Association. Bylaws cope etc. In other cases they verification of certain other
documents likes trust deed probate, letter of administration etc. may be necessary.
Pay in slip, Cheque book:
The customer is applied with a pay in slip book to use for depositing cash or cheque or bill into
account. The customer is also supplier with a cheque book for drawing money as and when the
customer wishes which normally contains 10, 20 or 50 blank forms.
Savings & Current Account:
This type of account is opened by both individual and business concerns. Frequent transactions
(deposits as well as withdrawals) are allowed in this type of account. A current account holder
can draw cheques on his account for any amount for any number of times in a day as the balance
in his account permits. This account provides no interest. The minimum balance to be maintained
is Tk. 1000. No new account can be opened a cheque. Papers needed to open a current account
with CHL are-
1.
Page 7
For Person (for both savings & current account):

Two copy passport size photograph attested by the introducer.

One copy passport size photograph of nominee attested by the applicant.

Citizenship certificate provided by the ward Commissioner/up Chairman/First 4 pages
photocopy of passport.

Copy of trade license (for businessman & current account)

Employment certificate (for service person & savings account)
Private Limited Joint Stock Company:

Memorandum of Association and Articles of Association duly certified by chairman or
secretary.

Resolution of the Board duly certified by chairman/Secretary authorizing to open the a/c
with the Bank and naming the persons who will operate the a/c as per provisions of
Articles of Association.

Corporate Agreement Form.

Certificate of Incorporation duly certified by Chairman/Secretary

List of Directors duly certified by Chairman/Secretary.
Public Limited Joint Stock Company:

Memorandum of Article of Association duly certified by Chairman/Secretary.

Certificate of incorporation duly certified by Chairman/Secretary.

Resolution of the Board duly certified by Chairman/Secretary authorizing to open the a/c
with the Bank and naming the persons who will operate the a/c as per provisions of
Articles of Association.

Corporate of Association.

Certificate of commencement of business.

List of Directors duly certified by Chairman/Secretary.
Clubs/Societies/Trustee/Associations/Non-trading Institutions etc.:

Photocopy of Registration certificate by Chairman/Secretary.

Copy Constitution/Bylaws of the Club/society/association duly certified by Chairman/
Secretary. Certified copy also is verified with the original by the concerned Bank officials
under seal and signature.
1.
Page 8

Account Agreement Form.

Resolution of the Managing Committee/Executive Committee authorizing opening the
A/C with the Bank naming persons who will operate the A/C.

List of Members of Managing Committee/Executive Committee certificate by
Chairman/Secretary.
Fixed Deposit Account:
These are deposit which is made with the bank for a fixed period specified in advance, the bank
need not maintain cash receive against deposits and therefore, bank gives high rate of interest on
such deposits. A FDR is issued to the depositor acknowledging receipt of the sum of money
mentioned therein. It also contains the rate of interest and the date on which the deposit will fall
due for payment. There is no cheque book issued on FDR.
There is a prescribe form opening FDR. No introducer and photograph is required for opening
this A/C. A minimum amount as determined by the Head office is required to open such A/C.
Sundry Deposit:
This type of deposit is not directly opened for the public. No application is required to open this
type of a/c. Any amount which cannot be debt or posted under any account head that amount is
kept under the head of sundry deposit account. There are some a/c which are not transacted very
frequent and sometime the customer encase their money through passbook but they forget to
mention their a/c or and sometime people deposit some amount in an a/c.
Resident foreign currency deposit (RFCD):
Specially designed foreign currency account for resident Bangladeshis offers wonderful
opportunity to build a deposit base in foreign currency. Helps make for overseas commitments
and dues like credit card bills, traveling, expense, recreation tours etc. This service is offered in
currencies like USD, GBP and Yen. The interest that SCB offers is very competitive, but the
deposit can only be made in foreign currency. The withdrawals can only be made in local
currency. It offers fund Remittance in LCY and FCY to any place in and out of the country.
Cash Department:
The cash department deals with all types of negotiable instruments, cash and other instruments
and treated as a sensitive section of the bank. Now a day in modern banking cash department
serves the following services –
1.
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
Receipt and Payment of Cash.

Balancing, Checking and safe custody of Cash.

Inter-Branch Remittance of Cash.

Maintenance of Accounts with Bangladesh Bank/Other Banks.

Insurance of cash.

Manage Excess or shortage of cash, mutilated defective notes.
Receipt of Cash:
Cash may be deposited either by deposit slip for SB/CD/CC accounts or other credit voucher like
single credit voucher, pay order/draft/TT application forms. Branches shall ensure the following:
Cash receiving officer shall check the deposit slip/ credit voucher/ application form as to its title
of the account, number and amount in words and figures.
The cash currency notes shall be counted physically/ by cash counties machines as per
denominations of the currency notes on the back of the voucher/ deposit slip. The officer will
enter the particulars in the cash receiving register and sign on the related deposit slip/ voucher
and affix Cash received stamp with date. He shall write the amount in words and figures in red
ink across the deposit slip/ voucher/ application form in token of receipt of the money. He shall
send the register along with the deposit slip/ voucher for singing on the same and authenticating
the receipt in the register by the in-charge of the department.

The officer in-charge shall retain the original of deposit slip and other vouchers and send
them to respective desk for posting/actions. The duplicate voucher shall be handed over
to the depositor/client.

At the close of the business the cash receiving officer shall add all the entries in the
register and if agreed with the actual cash received by him, shall hand over the register
for checking by officer-in-charge.

Receiving Cash officer will hand over the Cash to the entire cash in-charge duly checked
by him.
Payment of Cash:
Cash payment of different instruments is made in cash section. Procedure of Cash Payment
against cheque is discussed under elaborately. Cash Payment of cheque includes few steps:

First of all the clients come to the counter with the check and give it to the officer in
charge there. The officer checks whether there are two signatures on the back of the
1.
Page 10
cheque and checks his balance in the computer. After that the officer will give it to the
cash in charge.

Then the cash in charge verifies the signature from the signature card and permits the
officer in computer to debit the client’s account by giving posting. A posted seal with
teller number is given.

Then the cheque is given to the teller person and he after checking everything asks the
drawer to give another signature on the back of the cheque.

If the signature matches with the one given previously then the teller will make payment
keeping the paying cheque with him while writing the denomination on the back of the
cheque.
Balancing, Checking and Safe Custody of Cash:

At the close of business when cash receiving and payment registers are balanced. The
cash balance book is written and agreed with cash in hand. The book is signed jointly by
the cash officer and the supervising officer/manager.

Cash position Memo is written including details of denomination on the reverse. The
memo shall be signed by the Cash officer and Checking Officer.

Vault register shall be written with details of denominations and the checking officer
shall initial the register.

In presence of the checking officer the loose cash box is closed and the bundles are
placed in the safe inside strong room together with box and the keys are applied.

The Cash Position memo is sent to Account department for balancing of accounts of there
Brace.
Maintenance of Accounts with Bangladesh Bank/Other Banks:
An important duty of the cash section is to maintain a stable balance of account with Bangladesh
Bank. If the statutory reserve of the bank becomes downward from the margin then the bank has
to pay a high rate of interest for the deficit amount and also get an interest for excess money. So
that for showing good performance cash section has to deal a very sensitive and responsible job
for managing the balance of account with Bangladesh Bank.
To avoid the shortage of liquidity a bank also has to open short notice accounts with other banks.
For those deposits the bank gets a certain rate of interest.
1.
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Demand Draft (DD):
Local Draft is an instrument containing an order of the issuing branch upon another branch
known as Drawer branch for payment of a certain sum of money to the payee or to his order on
demand by the beneficiary presenting the draft itself.
ADD is issued and paid in four ways:
a) Against in Cash
b) Against in Cheque
c) Against in a Letter of Instruction
d) After receipt of Advice
Issuing of DD:
Against Cash-The customer is asked to complete DD application form which treated as credit
voucher for EXIM Bank Limited General Account. The voucher given to the customer to deposit
cash with the cash department. The cash department receives and delivers the vouchers to the
remittance department.
Against Cheque – The cheque is sent to concerned department for posting after the cheque is
passed.
Against a Letter of Instruction – The letter is sent to deposit department for verification of
signatures. The letter is attached with the debit voucher.
After receipt of Advice – On receipt of advice from issuing branched, the advices are recorded
on draft payable register as DD.
Payment of DD:
In Cash-The draft is received at the cash counter if it is not crossed and sent to remittance
department. The date, amount in words and figures, branch drawn upon and signatures on the
draft is checked. It is checked that the DD is tested and the test is agreed. The payee of the DD is
identified by a constituent/respectable a gentlemen acceptable to the branch and his signature is
verified by Deposit department. Particulars of the draft are verified from the register. Payment
date is noted in the register. The payment of DD also gives through clearing/transfer
delivery/cash transfer.
Telegraphic Transfer (TT):
It is an order from the issuing branch to the Drawer Bank/Branch for payment Application of a
certain sum of money to the beneficiary. Telex sends the payment instruction and funds are paid
1.
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to the beneficiary through his account maintained with the Drawer branch or through a pay order
if no a/c is maintained with the branch.
This service is near about end position because of entering new networking banking facility.
Now any client who has an account in EXIM Bank Limited of its any branch gets the facility to
debit or credit his account by any branch of EXIM Bank Limited from any where in the 35
online branches of EXIM Bank Limited.
Pay Order:
For issuing a pay order the client is to submit an Application to the Remittance Department in
the prescribed form (in triplicate) properly filled up and duly signed by applicant. The processing
of the pay order Application form, deposit of cash/cheque at the Teller’s counter and finally
issuing an order etc. are similar to those of processing of L.D. Application.
A pay order also issued and paid by three ways:
a)
Against/in Cash
b)
Against/in Cheque
c)
Against/in a Letter of Insurance
Pay-Slips:

A pay slip issued for the payment of expenditures or refund on behalf of the bank.

A pay slip is issued by credited the bill payable account.

A pay slip is paid in cash or through clearing/transfer delivery/cash transfer.
Balancing of remittance account:
DD Payable, TT payable, PO issued, DD paid without advice accounts should be balanced on
monthly basis. The balances are agreed with the figures of concerned subsidiary accounts.
Issuance of Duplicate Instruments:
In case of losing or not receiving by the beneficiary the instrument issuing bank can issue of
duplicate Pay-Order, demand Draft.
Cancellation of Instruments:
If any reason the issued pay Order or demand Draft is cancelled the branch cancelled the
instrument and kept with the debit voucher for pay order and for DD no draft should be allowed
to be cancelled without obtaining prior conformation from the draw branch.
1.
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Bills:
Cheques, drafts etc drawn on bank located outside clearing house are sent for collection. Main
branch collects its clients above mentioned instruments from other branches of EXIM Bank
Limited and branched other than EXIM Bank Limited. In case of outward bills for collection
customers account is debited for this purpose. So it place dual role as follows:
a)
Collecting Banker
b)
Paying Banker
Functions of the Department:
The following are the main functions performed by the department
a)
Preparing of outward and inward collection
b)
Inter-Branch transfer
c)
Batch posting and checking as and when required.
d) Other works as and when require
Applicability of Collection:
Bill Collection department is done when:
a) Paying bank is located outside Dhaka City
b)
Paying bank is other branches of EXIM Bank Limited situated inside Dhaka City.
a) Paying bank is located outside Dhaka City:
Bill department of Main branch, EXIM Bank Limited sends outward bills for collection (OBC)
to the concerned paying bank to get Inter Bank Credit Advice (IBCA) from paying Bank. If the
paying bank dishonors the instrument, the same is return to Main branch.
b) Paying bank is other branches of EXIM Bank Limited situated inside Dhaka City:
Bill department sends transfer delivery item to other branches of same bank, situated inside
DhakaCity, upon receiving IBCA customer’s a/c is credited.
Account Section:
Account section records day to day transaction of the branch including deposit inflow-outflow,
daily expanses and gives focus what are need for establishment of the branch means photocopy
paper, ink, shelf, desk etc. This section prepares statement daily, weekly, monthly, semi-yearly
and yearly.
This department also is called financial control department. In banking business transaction are
done every day is their transaction are to be recorded properly and systematically as the banks
1.
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deal with the depositors money. Any deviation in proper recording many hamper public
confidence and bank has to suffer a lot otherwise. Improver recording of transaction will lead to
the mismatch in the debit side and the credit side. To avoid these mishaps the bank provides a
separate department whose function is to check the mistake is passing voucher on wrong entries
or fraud or forgery.
Importance of Bank Credit
Macro and Micro Credit:
Credit is important for any financial institution as it generates profit and gear up economic
activities of the country. In other words, credit business and it is an input in the production
process of country.
Once credit inherent risk, the use of credit has to be planned in a way reap the benefits to
everyone concerned with credit portfolio. There are Macro and Micro aspects of credit planning.
The Macro aspect of credit planning is done by Bangladesh Bank while the Micro aspect is done
by the Commercial Banks.
The objectives of Macro credit program are:

To contain inflation

To maintain price stability

To increase production

To ensure balance development of all regions

To maintain socioeconomic priorities
The Micro aspect of credit programming has the following objectives:
To meet the requirements of the economy by taking into account the overall volume of credit
expansion. To increase in the money supply (Currency outside the banks + Demand deposit +
Time deposit). The credit planning has to be prepared at the Micro level by the individual bank.
That means, the banks are to formulate their own audit planning at the Micro Level in the context
of available funds for lending and as per guidelines of Bangladesh bank.
Macro:

Credit provides vital linkage among the government sector, Private sectors and Foreign
Sectors.

Credit is a determinant of money creation and hence of production consumption and
national income.
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
Credit influences import and capital movements.
Micro:

Two-way relationship between credit and deposits

Important activity of banks

Credit provides financing for imports, working capital and investment.
Nonetheless, the focal point in the preparation of credit planning is a careful assessment of the
available resources for lending at the disposal of a Bank. The Bank should put their endeavors to
finance credit expansion out of non-inflationary sources.
Overview of Foreign Exchange
Foreign Exchange Regulation Act, 1974
Foreign Exchange Regulation (PER) Act, 1947 (Act No. VH of 1947) enacted on 11th March,
1947 in the then British India provides the legal basis for regulating certain payments, dealings in
foreign exchange and securities and the import and export of currency and bullion. This Act was
first adapted in Pakistan and then, in Bangladesh. The Act is reproduced. Bangladesh Bank is
responsible for administration of regulations under the Act. Bangladesh Bank’s offices and their
jurisdictions provide a list. Basic regulations under the PER Act are issued by the Government as
well as by the Bangladesh Bank in the form of Notifications, which are published in the
Bangladesh Gazette. Notifications issued by the Bangladesh Government and the erstwhile
Government of Pakistan and the Bangladesh Bank and the erstwhile State Bank of Pakistan is
reproduced. Directions having general application are issued by the Bangladesh Bank in the form
of notifications, foreign exchange circulars and circular letters. The major objectives of the act
are to conserve the limited foreign exchange resources and to ensure that the available foreign
exchange is utilized only for priority requirements the economic and financial interests of
Bangladesh and the maintenance of the proper accounting of foreign exchange receipt and
payments. Bangladesh Bank is responsible for administration of regulations under the Act.
Bangladesh Bank reviews the exchange control measures from time to time and revises the
instructions on policy and measures, whenever necessary through different Foreign Exchange
(FE) circulars.
Bangladesh Bank: Bangladesh Bank (BB) means the Bangladesh Bank established under the
Bangladesh Bank Order, 1972 (President’s Order No. 127 of 1972).
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Taka: Taka means the Bangladesh Taka unless otherwise specified.
Dollar: Unless otherwise in publication shall mean the US dollar.
Authorized Dealers:
Wherever used in this publication, the term Authorized Dealer or AD would mean a bank
Authorized -by Bangladesh Bank to deal in foreign exchange under the FER Act, 19
Foreign Exchange Regulation Act, 1994
This Act regulates the exchange of foreign currencies, remittances and opening of foreign
currency account under various classifications. According to this law, FC Accounts can be
opened without initial deposits, and bears no interest and both the account holder and the
nominee can operate the account. The entire remittance from adored is free from income tax. It
also states the documents required for the opening of such account.
Some Definition of Foreign Exchange
Foreign exchange means foreign currency and includes all deposits, credits and balance of
payable in foreign currency as well as Draft, Traveler’s cheques, Letter of credit, Bills of
Exchange drawn in local currency but payable in foreign currency.
Foreign Exchange Regulation Act, 47, Sec 2 (a)
Foreign exchange means foreign currency and includes any instrument drawn, accepted, made
or issued under clause 13 of section 16 of the Bangladesh bank Order, 1972 all deposits and
credits and balances, Travelers cheques, Letter of credit and bills of exchange, expressed or
drawn in Bangladesh currency but payable in any foreign currency.
— Bangladesh bank order 1972.
The mechanism through which payments are effected between two countries having different
currency systems is termed as foreign exchange. It is related with the exchange method &
mechanism through which the payments in connection with international trade are transacted.
—A Banking Expert.
System or process of converting one national currency into another and of transferring money
from one country into another. —Dr. Paul Einzig.
Foreign Exchange Department
Foreign exchange department deals with foreign currency and the transaction of it. The major
jobs of this department are listed below:
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1. Letter of Credit (for Export and Import)
2. Dollar/Traveler’s Cheque (TC) Endorsement
3. Foreign Remittance
4. Foreign Currency Account
Types of Letter of Credit

REVOCABLE CREDIT:
A revocable credit is a credit which can be amended or canceled by the issuing bank at any time
without prior notice to the seller.

IRREVOCABLE CREDIT:
An irrevocable credit constitutes a definite undertaking of the issuing bank (since it cannot be
canceled without the agreement of all parties thereto). Provided that the stipulated documents are
presented and the terms and conditions are satisfied by the seller. An irrevocable credit can be
either confirmed or unconfirmed depending on the desire of the desire of the seller. This sort of
credit is always preferred to revocable letter or credit.

REVOLVING CREDIT:
The revolving credit is one, which provides for resorting the credit to the original amount after it
has been utilized. How much time it will be taking place must be specifically mentioned in the
credit. The revolving credit may be either cumulative or non-cumulative.

TRANSFERABLE CREDIT:
A transferable credit is one that can be transferred by the original beneficiary in full or in part to
one or more subsequent beneficiaries. Such credit can be transferred once only. Fractions of a
transferable credit can be transferred separately, provided partial shipments are not prohibited.

BACK TO BACK CREDIT:
The back to back credit is a new credit opened on the basis of an original credit in favor or
another beneficiary. Under back to back concept, the seller as the beneficiary of the first credit
offers it as security to the advising bank for the issuance of the second credit. The beneficiary of
the back to back to back credit may be located inside or the out side the original beneficiary’s
country.

ANTICIPATORY CREDIT:
The anticipatory credits make provision for pre-shipment payment to the beneficiary in
anticipation of his effecting the shipment as per L/C conditions.
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
RED CLAUSE:
When the clause of the credit authorizing the negotiating bank to provide pre-shipment advance
to the beneficiary is printed typed in red, the credit is called ―Red Clause letter of credit‖
Parties to the Letter of Credit
The Applicant
Importer -Applies for L/C
Issued Bank
It is the Bank which opens issues a L/C on behalf of the importer
Confirming Bank
It is the Bank, which adds its confirmation to the credit and it, is
done at the request of issuing Bank. Confirming Bank may or may
not be advising bank
Advising or Notifying It is the bank through which the L/C is advice to the Notifying
Bank
Bank exporter. This Bank is actually situated in exporter country.
It may also assume the role of confirming and /or negotiating bank
depending upon the condition of the L/C
It is the Bank which negotiated the bill and pays the amount to the
Negotiation Bank
beneficiary. The advising Bank and the negotiating bank may or
may not be the same
Sometimes it can also be confirming Bank accepting Bank lit is the
Accepting bank
Bank on which the bill will be drawn ( as per condition of the
credit) usually it is the issuing Bank
Reimbursing Bank
It is the bank ,which would reimburse the negotiating Bank after
getting payment
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Foreign Exchange Operation (Theoretical Aspects)
Introduction
In EXIM Bank limited foreign exchange is divided in to two parts according to the major
activities:

Import oriented foreign exchange activities.

Export oriented foreign exchange activities
There is also foreign Remittance operation that carries out by the foreign exchange department.
Import Section
The function of this section is mainly to deal with various components such as:

Letter of Credit (L/C)

Payment against Document (PAD)

Payment against Trust Receipt (PATR)

Loan against Imported Merchandise (LIM)
There are a number of formalities, which on Importer has to fulfill before import goods. These
formalities are explained bellow —
Import Registration Certificate (IRC)
The first thing one need to carry on a business of import is called Import Registration Certificate.
But registration is not required for import goods, which do not involved remittance of foreign
exchange like medicine; reading materials etc. can be imported without registration by the users
within monetary limit. Documents to be required for Import Registration Certificate are as
follows —

Income Registration Certificate

Nationality Certificate

Certificate from Chambers of Commerce and Industry Registered Trade

Association

Bank Solvency Certificate

Copy of Trade License

Requisite fees
On receiving application, the respective CCI&E officer will scrutinize the documents and
conduct physical verification and issue demand note to the prospective importers to furnish the
1.
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following papers through their nominated Bank
Partnership deed in case of partnership firms

Certificate of Registration, Memorandum and Articles of Association in case of Limited
Company.
After scrutinizing and verifying, the nominated Bank will forward the same to the respective
CCI&E office with forwarding schedule in duplicate through Banks representative. CCI&E then
issue Import Registration Certificate to the Applicant.
Function of Import Section
IMP-form
The form IMP contains the followings—

Name and address of the Authorized dealers.

Amount of remittance to be permitted (i.e./C amount)

LCA form no. Date and value in Taka.

Description of goods.

Invoice value in foreign currency, (i.e./C amount)

Country of origin.

Port of shipment.

Name of steamer / Airline

Port of importation.

Indenter’s name and address.

Indenter’s registration number with CCI & E and Bangladesh Bank.

Full name and address of the applicant.

Registration number of the applicant with CCI & E.

Type of LCAF
Import procedures
The procedures, which follows at the time of Import areas, follow —

The buyer and the seller conclude a sale contract provided for payment by documentary
credit.

The buyer instructs his Bank (the issuing Bank) to issue a credit in favor of the seller /
Exporter / Beneficiary.
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
The Issuing Bank then send message to another Bank (Advising Bank /Confirming Bank)
usually situated in the country of seller, advice or confirms the Credit Issue.

The Advising / confirming Bank then informs the seller through his Bank that the Credit
has been issued.

As soon as the seller receives the credit, if the credits satisfy him the he can reply that, he
can meet its terms and conditions, he is in position to load the goods and dispatch them.

The seller then sends the documents evidencing the shipment to the „! Bank where the
Credit is available (nominated Bank). This can be the ^ issuing Bank or Confirming
Bank; Bank named in the Credit as the paying, accepting and Negotiating Bank.

The Bank then checks the documents against the credit. If the documents meet the
requirements of the credit, the Bank then pay, accept or negotiate according to the terms
of credit. In the case of credit available by negotiation, Issuing Bank will negotiate with
recourse. The Bank, if other then the issuing bank, sends the documents to the issuing
Bank.

The issuing Bank checks the document and if they found that the document has meet the
credit requirements, they realize to the buyer upon payment of the amount due or other
terms agreed between him and the issuing Bank.

The buyer sends transport documents to the carrier who will then proceed to deliver the
goods.
An importer is required to have the followings to import through the bank:

A bank account in the bank.

Import Registration certificate.

Taxpaying identification number.

Performa invoice indent

Membership certificate

LCA (Letter of credit application) form duly attested.

One set of IMP form.

Insurance cover note with money receipts.

Others.
Typical Letter of Credit Transaction
In case of an L/C of a small amount only the prescribed application form i.e. the LCA (Letter of
1.
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credit application) form is enough to open an L/C. but when the L/C amount is reasonably high,
and then the importer is asked to submit a proposal to the bank authority to have a limit of L/C
amount. This proposal should be approved in the meeting of the executive committee of the
bank. The sufficient features of a proposal are —

Full particulars of bank account.

Nature of business.

Required amount of limit.

Payment terms and conditions.

Goods to be imported.

Offered security.

Repayment schedule.
A credit officer scrutinizes this application and accordingly prepares a proposal (CLP) and
forwards it to the Head office Credit Committee (HOCC). The committee, if satisfied, sanctions
the limits and returns back to the branch. Thus the importer is entitled for the limit.
L/C Application:
BDI provides a printed form for opening of L/C to the importer. This form is known as credit
application form. A special adhesive stamp is affixed on the form. While opening, the stamp is
cancelled. Usually the importer expresses his desire to open the L/C quoting the amount of
margin percentage. The importer gives the following information –

Full name and address of the importer

Full name and address of the beneficiary

Availability of the credit by sight payment acceptance/ negotiation/differed Payment

Time bar within which the document should be presented

Sales type (CFF/FOB/C&F)

Brief specification of commodities, price, and quantity, indent no, etc.

Country of origin

Bangladesh Bank registration No.

Import license/ LCAF No.

Account Number

Import Registration Certificate Number

Insurance cover note/Policy number, date, amount.
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
Name and address of the insurance company

Weather the partial shipment is allowed or not.

Weather the Trans shipment is allowed or not.

Last date of shipment.

Last date of negotiation

Other terms and condition if any.
Letter of Credit Authorized (LCA) Form:
The LCA form contains the followings —

Name and the address of the importer.

IRC No. and year of renewal.

Amount of L/C applied for.

Description of items/to is imported.

ITC number (s)/HS code.

Stamp and signature of the importer with seal.
Securitization of L/C Application:
The bank officials scrutinizes the application in the following mannersThe terms and condition of the L/C must be complied with UCPDC 500 and Exchange control &
import trade regulation.

Eligibility of goods to be imported.

The L/C must not be opened in favoring of the importer.

Radioactivity report in case of food item.

Survey reports or certificate in case of machinery.

Carrying vessel is not of Israel or Serbia- Montenegro.

Certificate declaring that the item is in operation not more than 5 years in case of car.
On scrutiny, if the application is found fit then the L/C is opened and particulars of the same are
recorded in the L/C register. Then the transmission of L/C is done through tested Telex or Fax to
advise the L/C to beneficiary. If the amount exceeds US$ 10,000 the bank takes the credit report
of the beneficiary (CIB report) to ensure the worthiness of the supplying goods.
Amendment of L/C:
Parties involved in L/C, particularly the seller and the buyer cannot always satisfy the terms and
conditions in full as expected due to some obvious and genuine reasons. In such a situation, the
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Credit should be amended. The bank transmits the amendment by tested telex to the advising
bank. In case of revocable credit, it can be amended or cancelled by the issuing bank at any
moment and without prior notice to the beneficiary. But incase of irrevocable letter of credit, it
neither be amended nor cancelled without the agreement of issuing bank, the confirming bank (if
any) and the beneficiary. If the L/C is amended, service charge and telex charge are debited from
the party account accordingly.
Adding Confirmation:
Add the confirming bank gives confirmation. An add confirmation Letter of Credit contains the
followings –

Letter of Credit (L/C) number

Date of Expiry

L/C amount

Port of discharge

Items to be imported

Charges on which party

Name and address of the applicant

Name of the advising bank

Name and address of the beneficiary

Name of the reimbursing bank

Tenor

Name of the confirming bank

Date of shipment

Port of loading
Presentation of the Documents:
The seller being satisfied with the terms and conditions of the credit proceeds to dispatch the
required goods to the buyer and after that he has to present the documents evidencing
dispatching of goods to the negotiating bank on or before stipulated expiry date of the credit.
After receiving all documents, the negotiating bank, then checks the documents against the
credit. If the documents are found in order, the bank will pay, accept or negotiate to bank. The
usual documents are —

Invoice

Non negotiable copy of bill of lading

Bill of lading

Bill of exchange

Shipping advice

Pre-shipment inspection report.

Packing list

Shipment certificate.

Certificate of origin
Examination Documents:
Export Import Bank of Bangladesh Limited (EXIM) officials check weather these documents has
any discrepancy or not. Here discrepancy means the dissimilarity of any documents with the
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terms and conditions of L/C.
Check lists of find our discrepancy:
Whether the presentation date is latter than the date of L/C expire date

Commercial invoice-How many

Packing list-How many

Delivery Chelan date is greater than the last shipment date

Export L/C is written in all the document

Amount is correct

Whether the shipment is partial check in the L/C

Bill of Exchange is dully presented

In delivery Challan there is counter signature by the proprietor of Importer

If the L/C is for cotton Yarn, than check whether they have submitted mushok-11 BTMA
certificate of production and country of origin etc
Retirement of Shipping Documents:
On security if it is found that, the documents drawn are in order EXIM, lodges the documents in
PAD and few vouchers are passed.
Retirement or Import Bills:

Importer will deposit the claim amount

Banker will prepare and pass Retirement Vouchers

Certifying Invoices

Passing of Vouchers

Entry in the Register

Endorsement in the B/E and transport document i.e. B/L AWB, TR etc.
At the end of the total procedure, taking the retirement of Import Bills/Clearing Certificate from
the Bank, the Importer will clear the goods from the port through the Clearing Agent and
Forwarding Agent.
On the other hand, completing the above all steps in the issuing Bank will prepare ―Foreign
Exchange Transaction Schedule‖ and send one copy to international division of Head Office and
another one copy to recommendation.
Payment Procedure of the Import Documents
This is the most sensitive task of the import department. The officials have to be very much
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careful while making payment. The task constitute the followingsDate of payment- Usually payment is made within seven days after the documents have been
received. If the payment is become differed, the negotiating bank may claim interest for making
delay.
Preparing sale memo- a sale memo is made at B.C rate to the customer. As the TT & O.D rate
is paid to the ID, the difference between these two rates is exchange trading. Finally an inter
branch exchange trading credit advice is sent to ID.
Requisition for foreign currency- for arranging necessary fund for payment a requisition is sent
to the ID.
Transmission of telex- a telex is transmitted to the correspondent bank ensuring the payment is
being made.
Loan against Imported Merchandise (LIM)
If the importer does not come to negotiate the shipping documents from the issuing bank then it
creates LIM through the bank clears the goods from the port and holds the goods in its
warehouse beside the above as soon as the imported goods come to the port the party may fall
into financial crisis and request the bank to clear the goods from the port making payment to the
exporter, in this case the party later may take the goods partly or fully from the banks by making
required payment (if he/she takes the goods time to time payment will be adjusted
simultaneously).
Export Section
By the term Export, we mean that carrying of anything from one country to another. On the other
hand Banker’s define Export as sending of visible things outside the country for dale. Export
Trade plays a vital role in the development process of an Economy. With the Export earning, we
meet our Import Bills.
The export trade of the country is regulated by the Import and Export (Control) Act, 1950. There
are some formalities, which an exporter has to fulfill before and after shipment of goods. No
exporter is allowed to export any commodity from Bangladesh unless he/she is registered with
Chief Controller of Export & Import (CCI&E) and holds valid Export Registration Certificate
(ERC). The ERC is required to be renewed every year and this task is generally done by the
bank. As per instruction by Bangladesh Bank, the bank has to report respective department of
Bangladesh bank by mentioning latest payment.
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Export Registration Certificate (ERC)
Similar to any other business, exporters are required to obtain ERC from the offices of the Chief
Controller of Import and Export (CCI&E). No person is allowed to export any goods from
Bangladesh without obtaining such ERC. For Registration, prospective Exporters required to
submit the following documents —

Application Form

Fees paid treasury Chillan

Asset certificate

Income Tax Clearance

Valid Trade License

Nationality Certificate

Bank’s Solvency Certificate

Registered Partnership Deed

Memorandum & Articles of Association
and Incorporation Certificate

Copy of rent receipt of the business firm

Copy of rent receipt of the business
premises.
On receipt of the above documents to the office of CCI&E, the applicant is required to deposit
required registration fee to the treasury office and receipted Challan should be sent to CCI&E
office for enabling there to issue ERC. Every year registered exporters are to make payment of
prescribed fee towards renewal of ERC.
Function of Export Section
EXP. Form
All Export of which the requirements of declaration vide para-1 of chapter XXI of Exchange
Control Manual of Bangladesh Bank applies must be declared on the EXP forms by the
customer, now issued by the Authorized Dealers. Motijheel Branch of EXIM Bank is an
Authorized Dealer, which supply EXP form to the exporters.
Disposal of Export Form:
Original
From Custom Authority to Bangladesh Bank after shipment goods.
Duplicate
From Negotiating Bank to Bangladesh Bank after Negotiation.
Triplicate
From Negotiating Bank to Bangladesh Bank after realization of the proceeds
of the Export Bill.
Quadruplicate
Retained by the Negotiating Bank as Office Copy.
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Followings Are Need to Be Examined
L/C Terms:
Each and every clause in the L/C must be complied with meticulously and ensure the following –

Documents are not stale

Documents are negotiated within the L/C validity. If credit expires on a recognized bank
holiday its life is automatically valid onto the next working day. This is to be stipulated
on the documentary schedule.

Documents value does not exceed the L/C
value.Draft:

Draft is to be examined as under

Draft must be dated

It must be made out in the name of the beneficiary bank to be endorsed to the order of the
bank

Bank must verify the signature of the drawer

Amount must be tallied with the invoice amount

It must be marked as drawn under L/C No, date, issued by, bank.
Invoice:

It is to be scrutinized to ensure the followings –

Invoice is addressed to the importer

Full description of merchandise as per L/C

Price, quantity, quality must be as per L/C terms

Must be language in the language of L/C

No other charges are permissible in the invoice beyond the stipulation on the L/C

The amount of draft and invoice must be same and within the L/C value

Required number of invoice must be submitted

Shipping mark and number of packing list must be identical

Invoice value must not be less than the value of declared in EXP form.

Must be correct on the basis of price, quantity as appear L/C
Export Procedure
A person eager to export should make application to obtain ERC from CCI&E office. Then the
person should take step for export purpose into the bank for obtaining EXP form. He must
1.
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submit following documents:

Trade license

Export Registration Certificate (ERC)

Certificate from concerned Government Organization
After satisfaction on the documents the banker will issue EXP form to the exporter. Now
exporter will be getting shipping and other documents from the shipment procedure. Exporter
should submit all these documents along with letter of indemnity to his bank for negotiation.
Discrepancy and Industry
After the shipment of goods, the exporter submits export documents to authorized dealer for
negotiation of the same. Here authorized dealer is exporter’s bank. The banker is to ascertain that
documents are strictly as per the terms of L/C before negotiation of the export bill; the banker
should scrutinize and examine each and every document with great care & must be go through
the original L/C in the time of scrutiny. Any kind of lacking can be classified as major or minor.
There may be some discrepancies which are removable. If the discrepancies are minor, the
export bill against submission of indemnity. Documents with discrepancy should be negotiated.
With the permission of the exporter, such documents are to be sent on collection.
Discrepancy and Industry
After the shipment of goods, the exporter submits export documents to authorized dealer for
negotiation of the same. Here authorized dealer is exporter’s bank. The banker is to ascertain that
documents are strictly as per the terms of L/C before negotiation of the export bill; the banker
should scrutinize and examine each and every document with great care & must be go through
the original L/C in the time of scrutiny. Any kind of lacking can be classified as major or minor.
There may be some discrepancies which are removable. If the discrepancies are minor, the
export bill against submission of indemnity. Documents with discrepancy should be negotiated.
With the permission of the exporter, such documents are to be sent on collection.
Negotiation
At the time of negotiation the checklist or required documents are as follows –
 Commercial Invoice 8 copies (4 original)
 Custom Invoice of Importer’s Country
 Packing List 8 copies (4 original)
 Original Certificate of Origin
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 Inspection Certificate by the Agent of Importer
 Acknowledgement Letter
 Frightful Letter etc.
All the documents are found strictly as per terms and conditions of L/C i.e. if the documents are
free from discrepancies or if the discrepancies are covered by Indemnity of the party, bank has to
negotiate the Export Bill for negotiation of cash export bills, the O.D buying rate prevailing on
the date of negotiation is applied conversion of the foreign currency into Bangladesh currency.
All transactions are reported through F.E.T sent daily to the international division Head Office,
Dhaka. On receipt of the F.E.T the head office credits the FBNA Account by debit the balance
with foreign Banks abroad Account after the process of the bill is realized. After negotiation of
the export bills, the documents are to be sent abroad (normally to the L/C Issuing Bank) as per
the instructions of L/C & claim reimbursement of the proceeds from the bank as mentioned in
the L/C.
Risk in Negotiation
If the Bank failed to indemnify any discrepancy in documents prepared by the Exporter and if
bank paid the demanded amount, bank will face huge loss. At that time, the Negotiating Bank
personally try to contact with party and if they agree to deliver the required documents then the
bank may get rid out from huge loss otherwise not. So, Banker-Customer relationship is very
important in this regard. Bank need to be very careful at the time of negotiation.
Banks Profit through Negotiation
A question can arise that if the risks involved there, why banks will go for negotiation. Because –

At first, through negotiation bank will earn a certain commission from the party without
involving any fund.

Bank will earn US$ from reimbursing bank from the foreign and bank is also earning
commission from that.

If the payment make overdue, on that time branch of the concerned bank will earn
interest from that amount.
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Back To Back L/C (BTB L/C)

Back To Back L/C Opens:
It is a secondary letter of credit opened by the advising bank in favor of a
domestic/foreign supplier on behalf of the beneficiary original foreign L/C. As the
original letter of credit of bank by import letter, it is called Back-to-Back L/C. The
second L/C is opened on the strength of the original L/C for a smaller amount.

Back To Back L/C (Foreign):
When the B-To-B L/C is opened in a foreign country supplier it is called B-To-B L/C
(Foreign). It is generally payable within 120 days at site.

Back L/C (Local):
When the Back-to-Back L/C is opened for local purchase of materials, it is called Backto-Back L/C (Local). It is generally payable within 90 days at site.

Back To Back L/C Export Development Fund (EDF):
EOF provided by the ADB to Bangladesh Bank for export promotion of Third-WorldCountry like Bangladesh. When the bank is not in a position to support the amount of Bto-B L/C then they apply for loans to the Bangladesh Bank for B-To-B (EOF).
Procedures for Back To Back L/C
o Exporter should make application for Back to Back LAC
o Export L/C or Master L/C under is lien
o Opening of Back to Back L/C
o Terms and conditions for Back to Back L/C
o That the customer has credit line facility
o That L/C is issued as per UCPDC 500
o That on the Export L/C a negotiating clause is present
o That there is no provision for blank endorsement of B/L
o That payment clause is there on the L/C issuing bank ensuring payment
Consideration for Back To Back L/C:

Whether client can manufacture within time period

The unit price of the finished pro-forma invoice should be considering while allowing
margin

Consider the expiry date and shipment date
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
Onsite inspection whether manufacturing is carried out
Payment under Back To Back L/C:
Deferred payment is made in case of BTB L/C as 60, 90,120, 180 date of maturity period.
Payments will be given after realizing export proceeds from the L/C issuing bank from the
abroad.
Reporting of Bangladesh Bank

At the end of the every month reporting of Bangladesh Bank is mandatory regarding the
whole month export operation, the procedures in this respect is as follows —

To fill-up the E-2/P-2 schedule of S-l category. The whole month import amount, quantity,
goods category, country, currency, etc. all are mentioned. Respective IMP forms are
attached with the schedule to fill E-3/P-3 for all invisible payment.

Original IMP is forwarded to Bangladesh Bank with mentioning invoice value

Duplicate IMP is skipped with the bank along with the bill of entry.
Documentation for Export Purpose
Following major documents are required for export purpose —

Commercial invoice

Certificate of Origin

Bill of lading

Quality Control Certificate

EXP. Form

Weight List

Bill of Exchange

Inspection Certificate

L/C copy

Other (if required)

Packing List
Procedure for collection of Export Bill
There are two types of procedures regarding collection of Export Bill —
1. Foreign Documentary Bill for Collection (FDBC)
2. Foreign Documentary Bill for Purchase (FDBP)
Foreign Documentary Bill for Collection (FDBC):
Exporter can collect the bill through negotiating bank on the basis of collection. Exporter in this case,
will submit all the documents to the negotiating bank for collection of bill from importer. The
exporter will get money only when the issuing bank gives payment. In this connection bank will
scrutinize all the documents as per terms and conditions mentioned in L/C.
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Foreign Documentary Bill for Purchase (FDBP):
When exporter sale all the export documents to the negotiating bank is known as Foreign
Documentary Bill Purchase (FDBP). In this case, the exporter will submit all the documents to the
bank. The bank gives 60-80% amount to the exporter against total L/C value.
Local Document Bill for Purchase (LDBP)

Incoming of L/C customer come with the L/C to negotiate

Documents given with L/C.

Scrutinizing documents as per L/C terms and conditions.

Forward the documents to L/C opening bank.

L/C issuing bank give acceptance and forward acceptance letter.

Payment given to the party by collection basis or by purchasing documents.
Secure Over-Draft (SOD) Export
Secured Overdraft is one kind of credit facility enjoying by the exporter from the export section. It is
generally given to meet the back-to-back L/C claim. Sometimes it is given to the exporter by force for
meet the back-to-back L/C claim due to delay of Master L/C payment.
Packing Credit (PC)
It is one kind of credit sanctioned by the export department to meet the exported goods shipment
timely. Packing credit is granted to pay salary, wage& other related factory expenses of processing
the imported products. The bank will give the facility after deduction of back-to-back.
Foreign Remittance
Fund transfer from one country to another country goes through a process which is known as
remitting process. Suppose a local bank has 200 domestic branches and has the corresponding
relationship with a foreign bank say-―X‖, maintaining ―Nostro Account‖ in US$ with the bank.
Bangladeshi expatriates are sending foreign remittance to their local beneficiary, through that
account. Now, when the Bangladeshi expatriates through other banks of different countries remit the
fund to their ―Nostro Account‖ with ―X‖, then the local bank’s Head office international division will
receive telex message and the remittance section will record the advice and generate the advice letter
to the respective branch of the bank. The branch will first decode the test, verify signature and check
the account number and name of the beneficiary. After full satisfaction, the branch transfers the
amount to the account of the beneficiary and intimates the beneficiary accordingly. But sometimes
complexity arises, if the respective local bank has no branch where the beneficiary maintains his
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account. Then the local bank has to take help of a third bank who has branch there.
Export Import Bank of Bangladesh Limited (EXIM) Bank is the Authorized Dealer (AD) to deal in
foreign exchange business, as an authorized dealer, bank must provide some services to the clients
regarding foreign exchange and this department provides the service of remitting foreign currencies
from one country to another country. In the process of providing this remittance service it sells and
buys foreign currency, the conversation of one currency into another takes place at an agreed rate of
exchange , which than Banker quote one for buying and another for selling.
Foreign Currency Remitting Procedures
There are two types of remittance:
Inward Remittance:
Inward remittance covers purchase of foreign currency in the form of foreign Telegraphic Transfer
(T.T), Demand Draft (DD) and Bills & Travelers Cheque, Export Bill etc. sent from abroad favoring
a beneficiary in Bangladesh, purchase of foreign exchange is to be reported to Exchange Control
Department of Bangladesh Bank on from – letter of Credit (L/C). Basically, these are the formal
channels of receiving inward remittance. A local bank also receives indenting commission of local
firm also comes under purview of inward remittance.
Outward Remittance:
Outward remittance covers sales of foreign Currency by Authorized Dealer (AD) or Formal Channel
through issuing foreign Telegraphic Transfer (T.T), Demand Drafts (D.D), Traveler’s Cheque etc. as
well as sell of foreign exchange under L/C and against Import Bills retired. The Authorized Dealers
have to demonstrate utmost caution to ensure that foreign currencies remitted or released by them are
used only for the purposes for which they are released. Most outward remittance is approved by the
authorized dealer on behalf of Bangladesh Bank.
Outward Remittance may be made for following purposes
Travel

Medical Treatment

Educational purpose

Attending Seminar

Balance Amount of Foreign Currency Account

Profit of Foreign Companied

Technical Assistance
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
Letter of Credit (L/C) payment

Fair, Exhibition for export promotion.
Remittance Transfer Channels
Foreign Remittance can be transferred in two ways –
Formal Channel:
Fund transfer from one country to another country through official channels, i.e. banking channel,
post office and other private service channels, such as – Western Union Money Transfer, Neon
Money Order, Money Exchanger etc.
The Legitimate purposes of moving money abroad through formal channel are –

To invest

To Lend

To meet Trading/Personal Obligations

To safeguard assets against theft or seizure by repressive regimes
Informal Channel:
Fund transfer from one country to another country through hand by hand or over telephone in an
unofficial channel like – ―Hundi‖. Experts state that remittance collected by informal ―Hundi‖ rings
are used to finance illegal trade and transaction. Terrorist financing is also made by this sort of
channel.
Criminals use informal channel for moving money abroad because of –

Dealing in arms & ammunitions

Drug trafficking

Financing terrorists’ activities

Evasion of exchange regulations/control

Evasion of taxation

Disguise or remove proceeds of threat/fraud/bribe

Making blackmail payments

Paying random for Kidnappers
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Income of the Bank in Foreign Exchange Sector

Commission on opening a BTB L/C which is determined on the basis of ―Bills for Collection‖
selling rate.

0.45% commission on the deferred L/C for 120 days & .30% commission on the deferred L/C
for 90 days if the applicant bank accepts the bill for payment (ABP) in respect of its applicant.

Tk.500 for shipping guarantee to the customs department of the port if the applicant wants to
discharge the imported products before receiving the documents related to export. The bank
acts as a guarantor taking all responsibilities related to payments.

7-10% interest rate on packing credit.
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Chapter: 3
SWOT Analysis & BCG Matrix
1.
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SWOT Analysis
SWOT Analysis is the detailed study of an organization’s exposure and potential in perspective of its
strength, weakness, opportunity and threat. This facilitates the organization to make their existing line
of performance and also foresee the future to improve their performance in comparison to their
competitors. As though this tool, an organization can also study its current position, it can also be
considered as an important tool for making changes in the strategic management of the Foreign
Exchange activities.
Strengths
 EXIM Bank Limited has already established a favorable reputation in the banking industry of
the country. It is one of the leading private sector commercial banks in Bangladesh. This bank
has already displayed its strengths in foreign exchange business.
 Compare to other competitor banks and financial organization it enjoys strong position in
foreign exchange business.
 Foreign Exchange service charges like – commission, postage fees etc. are reasonable
compare to other leading private commercial banks.
 As our economy largely depends on import, EXIM bank mainly performs import business
services to its client but they take special consideration over export finance as well as foreign
remittance service. And these activates play an effective role to well socio-economic turnover
of our country.
 Monitoring and supervision activities in case of Foreign Exchange operation are stunning and
matured.
 Keep strong documentation in foreign exchange business, for this EXIM bank and its client
feel more secured.
 ―Clients are the partners‖ the bank believes that. Any suggestions from clients are heartily
acceptable. Strengths in managerial skills, cohesion and avoiding bureaucracy help the bank
in creating valuable services to their customers.
Weaknesses
 Foreign Exchange business service charges are little bit higher than some other commercial
private bank which indicates that there is a possibility of loosing clients.
 EXIM Bank mainly focuses on import financing compare to export financing and foreign
remittance. As a result, it may lose confidence of certain portion of its customers’ who are
dealing with foreign trade.
 EXIM Bank is too rigid in case of document preparation, lodgment and retirement compare to
other banks which sometimes dissatisfied clients.
 Corresponding network which is very essential in foreign trade is not so enlarge.
Opportunities
 In order to achieve higher growth, EXIM Bank Limited has to concentrate not only one
section of foreign trade business but also give simultaneous concentration over all the
sections.
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 Foreign Exchange business (export, import & remittance) has bright future in our country.
Export, Import & Remittance flow of Bangladesh growth is increasing which suggests that
there is an opportunity to flourish the foreign exchange business market in near future. EXIM
bank has to take that chance by preparing up to date strategic plan.
 Foreign Exchange Business hugely depends on political stability of a country. After 1/11, in
Bangladesh there is a good situation exist for foreign trade and as banks are important player
in foreign trade, it has good opportunity to increase their foreign exchange business.
 For getting higher market share in foreign exchange business, EXIM Bank has to be more
efficient and swift in service.
Threats
 All sustain multinational and private commercial banks force enormous threats to EXIM Bank
Limited. If that happens the intensity of competition will rise further and bank has to develop
strategies to compete against foreign banks competition.
 The rapid expansion of one of the biggest Islami Shariah based bank named Islami Bank
Bangladesh Limited (IBBL) is referred to as major threats for EXIM Bank. IBBL can provide
faster and smooth services to its clients because of their network either in home or abroad.
 Foreign Bank like- Standard Chartered & HSBC has extensive network worldwide which is
an integral part in foreign trade. Both banks enjoy this competitive advantage.
 Government has recently decided to convert some government bank to public limited
company which will increase the efficiency level of the management and its employees. These
banks have strong branch network and foreign correspondents which help them to emerge as a
major threat for private commercial bank like EXIM Bank.
BCG growth matrix
EXIM Bank Limited introduced many new services. Through their well-built network they have been
able to grab a significant share of the market. But recently due to some government regulation and
intense competition from some new players in the market EXIM Bank Ltd. could not maintain the
same growth as usual. So, as a whole, EXIM is in the cash cow quadrant in the Boston Box.
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Chapter: 4
Ratio Analysis
1.
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Financial Ratio Analysis
Ratio analysis is a relatively simple yet powerful tool in diagnosing the financial condition of an
organization. No single ratio could begin to meet the burden imposed be different needs. Thus five
major categories of financial ratios have been developed, each designed to address important aspect
of the firm’s financial condition.
1. Liquidity ratio: Such as current ratio measure the quality and adequacy of current assets to meet
current liabilities as they come due.
2. Activity ratio: Such as fixed turnover, total assets turnover measure the efficiency with which the
firm is using its resources.
3. Financial leverage Ratio: SUCH AS Debt-ratio, Debt-equity ratio measure a firm’s ability to
service its debt.
4. Profitability Ratio: Such as gross profit Margin, Operating profit margin, return on total asset, etc.
measure management effectiveness as indicated by the return on sales, assets and owner’s equity.
Return on Asset:
It is often called return on total assets. It is a profitability ratio that measures the net income produced
by total assets during a period by comparing net income to the average total assets. In other words the
ROA measures how efficiently a company can manage its assets to produce profits during a period.
Return on Asset=Earnings after tax/Total Assets
Year
Return on Asset
2016
1.09%
2017
1.06%
2018
0.66%
2019
0.59%
2020
0.61%
Return on Asset
1.09% 1.06%
0.66%
2016
2017
2018
0.59%
2019
0.61%
2020
Figure: Return on Assets (ROA) of EXIM Bank 2016 to 2020
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Interpretation: From the above calculation we can say that in 2016 the percentage of ROA is 1.09% &
in 2017 this percentage is decrease, which is 1.06%. In 2018 it is decrease by 0.66% & than again
decrease in 2019 by 0.59%. But in 2020 it is increase by 0.61%. It means company has made bad
investments, is spending too much money and may be headed for trouble.
Return on Equity:
Return on Equity (ROE) is a calculation of the annual return (net income) of a corporation divided by
the value of the total equity of its shareholders expressed as a percentage. Since the equity of the
shareholders is equivalent to the assets of a corporation less than its debt, the return on net assets is
considered to be ROE. On the other hand, ROE might be inferred by separating the company’s profit
rate by its income standard for dependability.
Return on Equity=Earnings after Tax/Total equity
Year
Return On Equity
2016
11.78%
2017
12.19%
2018
8.35%
2019
8.30%
2020
9.42%
Retun on Equity
11.78% 12.19%
8.35%
2016
2017
2018
8.30%
2019
9.42%
2020
Figure: Return on Equity (ROE) of EXIM Bank 2016 to 2020
Interpretation: We know that, The Return of Equity (ROE) measures the return earned on the owner’s
(both preferred and common stockholders’) investment. In graphical presentation; the ROE is
increasing in 2017 and continuously decreasing in 2018 & 2019. So bank should be concerned with
this matter.
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Price Earnings Ratio:
The price-to-earnings ratio, often known as the P/E ratio or price-earnings ratio, is a market prospect
ratio that compares the market price per share to the earnings per share to measure the market value
of a stock relative to its earnings (EPS). It’s also known as the profits multiple or the price multiple.
Price Earnings Ratio = Current market share/price Earnings per share
Year
Price Earnings Ratio
2016
2.15
2017
2.34
2018
1.65
2019
1.69
2020
1.99
Price Earning Ratio
2.15
2.34
1.65
2016
2017
2018
1.69
2019
1.99
2020
Figure: Price Earning Ratio of EXIM Bank 2016 to 2020
Interpretation: The Price Earnings Ratio of EXIM bank fluctuated year by year. It measures the level
of price that the investors are paying for per taka of earnings offered by the Bank. So from the figure
shown above I am able to say that – the investors has paid maximum amount of price for per unit in
the year 2017.
EPS (Earnings per Share):
Earnings per share (EPS) is a figure describing a public company’s profit per outstanding share of
stock, calculated on a quarterly or annual basis. EPS is arrived at by taking a company’s quarterly or
annual net income and dividing by the number of its shares of stock outstanding. EPS is a basic
yardstick of a company’s profitability and is used to tell investors whether the company is a safe bet.
Earnings per Share=Net profit for Shareholders/No. of Shares
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Year
Earnings per share
2016
2.15
2017
2.34
2018
1.65
2019
1.69
2020
1.99
Earnings Per Share
2.15
2.34
1.65
2016
2017
2018
1.69
2019
1.99
2020
Figure: Earnings Per Share of EXIM Bank 2016 to 2020
Interpretation: The graph shows that, EPS is highest in 2017 and there is a downward trend in EPS
from year 2018 to 2019. But Bank has managed to increase its EPS as shown by the upward trend in
EPS in 2020.
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Chapter: 5
Findings, Conclusion & Recommendation
1.
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Findings
 The bank should higher export who can understand the future economic situation and can take
initiative based on the forecast. Again the bank can achieve success from the economy if they
can handle the situation efficiently.
 Bank should improve their research centre and training centre to enrich the knowledge
regarding Uniform Customs and Practice for Documentary Credit (UCPDC).
 I recommend that the bank improve its management of international division who are
responsible for handling their foreign exchange related risk.
 Again the bank should maintain correspondence relationship with the bank that will them to
settle payment and receipt regarding foreign exchange transaction.
 The bank should aware about their customer to meet up their demand to maintain their
goodwill.
 Bangladesh is a developing country. Many people of our country live in many countries. So, it
is important to maintain foreign exchange department in every banks.
 Foreign exchange department of EXIM Bank should enrich by new technology to make a
good competition among the banks.
Conclusion
 Banking business in 21st century is a challenging business. The reward are modest, the
penalties for bad looking are enormous. Banks are large monetary institutions, have played
important role for the welfare of the economy more than any other financial institutions.
 Foreign Exchange Operation of Export Import Bank of Bangladesh Limited (EXIM) apart
from the conventional procedures makes the bank capable to be a good bank in Bangladesh.
Growth of the bank is very dynamic. It has been able to achieve appreciable progress in all
areas of its operation over the years. EXIM Bank Limited is playing a vital role in financing
import and exports of the country. Without Bank’s co-operation, it is not possible to run any
business or production activity in this age. Exports and import need finance in various stages
of their activities. There are lots of risks involved in foreign business. So, EXIM Bank
Limited has to clearly justify the customers from a neutral point and gather the current
information about the market.
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Recommendation
Having some problems in Foreign Exchange activities of EXIM Bank, I would like to propose some
suggestions to overcome the problems relating the abovementioned topic which might be helped to
improve the performance of EXIM Bank regarding foreign exchange activities.
Banking is a service-oriented marketing. Its business profit depends on its service quality. That’s why
the authority always should be aware about their service quality.
Now a day’s world is going very fast. Now most of the banks provide online customer service
system. So in order to compete in the world market they should adopt online banking system.
One of the business strategies is promotion. Successful business depends how they can promote their
products or services to the customer. In this connection to improve the business status bank should
introduce more promotional programs.
Foreign exchange department should be fully computerized that the exchange process would be
convenient for both the bankers and the clients.
IT facilities of EXIM Bank are not satisfactory good. Computer system which owned by branch are
not up to date, not sufficient and moreover some of computer system do not work properly when they
are needed. There is no sufficient and high bandwidth Internet connection available in the bank. So,
EXIM Bank should develop Information technology to ensure better service for the customer and
support communication with outside. Up to date banking software and machinery like- Internet
should be used in regular basis to give better service to the customers.
Delegation of authority should be made enough to make the speed of providing service fast.
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BIBLIOGRAPHY
Reference Books:
1. International Trade and Foreign Exchange [Published by BIBM]
– S.M. Ahsan Habib & Md. Sajjdur Rahman
2. Foreign Exchange and Financing of Foreign Trade
– Syed Ashraf Ali
3. Essential Statistical Methods for Business
– Edward N. Dubois
Annual Reports, Manuals & others:






Annual Reports of EXIM Bank Limited – 2016-2020
Quarterly Economic Update Bangladesh by Asian Development Bank
Economic Trends, Bangladesh Bank
Import Policy Order 2017-2020.
Export Policy 2017-2020.
Newsletters, Journal, Prospectus of EXIM Bank
Websites:
www.eximbankbd.com/report/Annual_Reports
www.epb.gov.bd/site/files/64f31deb-5fcd-452a-ad1b-360cd8d9497c/Policy---Circular/
www.mincom.gov.bd/site/notices/5cf1dcd9-6236-4cff-9ada-ab97415e989d/Term-of-ReferenceTOR
www.bb.org.bd/aboutus/regulationguideline/foreignexchange/fegv1cont.php
www.bdlaws.minlaw.gov.bd/act-details-218.html
1.
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APPENDIX
SL.
NO.
PARTICULARS
2016
2017
2018
2019
2020
1
AUTHORIZED CAPITAL
20,000.00
20,000.00
20,000.00
20,000.00
20,000.00
2
PAID-UP CAPITAL
14,122.51
14,122.51
14,122.51
14,122.51
14,122.51
3
SHAREHOLDER'S EQUITY
26,467.75
27,650.37
28,216.19
29,187.94
30,591.52
4
TOTAL CAPITAL ( TIER I + TIER II)
29,661.70
34,854.08
35,126.59
40,843.93
42,921.28
5
STATUTORY RESERVE
7,846.41
8,885.46
9,720.95
10,705.99
11,760.07
6
TOTAL ASSETS
291,133.91
333,892.61
371,510.07
433,017.99
484,850.87
7
TOTAL LIABILITIES
264,666.16
306,242.24
343,293.77
403,830.04
454,259.25
8
TOTAL DEPOSITS
248,223.61
283,643.96
300,378.01
355,689.16
394,462.90
9
TOTAL INVESTMENT (GENERAL)
223,396.92
255,033.17
306,264.57
344,557.65
394,174.48
10
INVESTMENT (SHARES & SECURITIES)
16,473.51
21,605.36
24,024.14
42,602.06
39,394.90
11
TOTAL CONTINGENT LIABILITIES
70,600.46
90,707.04
86,773.10
88,906.00
82,546.59
12
TOTAL RISK WEIGHTED ASSETS
252,005.99
288,263.24
322,914.26
325,501.68
323,413.72
13
TOTAL FIXED ASSETS
5,671.54
5,575.57
5,488.29
5,650.43
5,546.33
14
TOTAL INCOME
25,957.45
26,850.02
31,670.67
37,427.28
36,506.19
15
TOTAL EXPENDITURE
20,008.21
20,893.01
24,748.51
30,512.65
30,150.50
16
PROFIT BEFORE PROVISION AND TAX
5,949.24
5,957.01
6,922.16
6,914.63
6,355.69
17
PROFIT BEFORE TAX
4,998.48
5,324.26
4,235.74
4,875.85
5,312.49
18
NET PROFIT AFTER PROVISION AND
TAX
FOREIGN EXCHANGE BUSINESS
3,039.76
3,298.43
2,332.52
2,382.08
2,815.32
305,465.70
339,701.20
366,533.40
377,910.70
344,428.99
A) IMPORT BUSINESS
153,930.50
179,040.30
189,530.40
200,801.50
177,825.26
B) EXPORT BUSINESS
147,508.70
155,582.20
171,731.30
170,652.60
161,290.17
4,026.50
5,078.70
5,271.70
6,456.60
5,313.56
19
C) REMITTANCE
20
NO. OF FOREIGN CORRESPONDENT
21
PROFIT EARNING ASSETS
390
393
394
396
386
230,465.98
266,667.66
317,890.61
372,671.35
418,621.61
22
NON PROFIT EARNING ASSETS
60,667.93
67,224.95
53,619.46
60,346.64
66,229.26
23
90.00%
89.91%
* 93.78%
*89.55%
*91.14%
24
INVESTMENT AS A % OF TOTAL
DEPOSIT
CAPITAL ADEQUACY RATIO
11.77%
12.09%
10.88%
12.55%
13.27%
25
DIVIDEND
15.00%
12.50%
10.00%
10.00%
10.00%
(PROPOSED)
CASH
15.00%
12.50%
10.00%
10.00%
7.50%
2.50%
BONUS
-
-
-
-
26
RIGHTS SHARE
-
-
-
-
-
27
NET ASSET VALUE PER SHARE
18.74
19.58
19.98
20.67
21.66
28
EARNING PER SHARE (EPS)
2.15
2.34
1.65
1.69
1.99
29
PRICE EARNING RATIO (TIMES)
5.44
7.36
7.15
5.98
5.93
30
RETURN ON EQUITY (ROE) AFTER TAX
11.78%
12.19%
8.35%
8.30%
9.42%
31
RETURN ON ASSETS (ROA) AFTER TAX
1.09%
1.06%
0.66%
0.59%
0.61%
32
NET OPERATING CASH FLOW PER
SHARE (NOCFPS)
(3.42)
4.02
(4.37)
11.37
3.52
33
NO. OF SHAREHOLDERS
96,036
80,675
74,154
68,657
61,848
34
NUMBER OF EMPLOYEES
2747
2,794
2,969
2,962
2,917
35
NUMBER OF BRANCHES
113
118
123
130
131
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