Grameen Bank | Banking for the poor - Audit Report 2008
Page 1 of 1
Home | FAQs | Feedback | Sitemap | Spanish | Contact Us
search...
About Us
Methodology
Audit Report 2008
Founder
Quick Links
Founder's Website
Method of Action
What is Microcredit?
16 Decisions
Auditors' Report and
Audited Financial Statements
Grameen Mutual Fund
One :Scheme Two
OF
GRAMEEN BANK
Notes to the Financial
Statement
Training
Nobel Foundation Site
Statement of Liquidity
Added Statement
Microcredit
Audit Report 2008
Auditors' Report
Balance Sheet
Profit and Loss Account Cash Flow Statement
Changes in Equity
Comparative Value
Data & Reports
For the year ended 31st December 2008
Annexure-A
Annual Report 2008
GF USA
AUSTRALIA
Trademarks & Copyright © 1998 Grameen Communications. All rights reserved. | Last update June 21, 2009.
http://www.grameen-info.org/index.php?option=com_content&task=view&id=628&Itemi...
1/19/2010
Grameen Bank | Banking for the poor - Balance Sheet
Page 1 of 2
Home | FAQs | Feedback | Sitemap | Spanish | Contact Us
search...
About Us
Methodology
Data & Reports
Microcredit
Training
Founder
Audit Report 2008
Quick Links
GRAMEEN BANK
Auditors' Report
Balance Sheet
Cash Flow Statement
Changes in Equity
Comparative Value
Added Statement
Notes to the Financial
Statement
Annexure-A
Annual Report 2008
Founder's Website
Balance Sheet
For the year ended 31 December 2008
Profit and Loss Account
Statement of Liquidity
Nobel Foundation Site
Notes
PROPERTY AND ASSETS
Cash in hand
Balances with Bangladesh
Bank-in local currency
Balances with other Banks
and Financial Institutions
Investments-at cost
Loans and advances-without
collateral
Fixed Assets including
premises, furniture and
fixtures net off accumulated
depreciation (Annexure-A)
Other assets
CAPITAL AND LIABILITIES
Borrowings from banks and
other institutions
Members Deposit
Non-Members Deposit
Other Funds
Deposits and other funds
Other liabilities
Shareholders' fund
Paid up Capital
Capital and other reserves
Retained Surplus
Grameen Mutual Fund
6,799,759
3,593,762
4
1,321,308,057 926,004,259
5
28,730,304,221 24,465,809,686
6
45,786,957,884 37,546,479,706
7
One :Scheme Two
9
1,731,218,532 1,793,276,465
35,120,925,718 29,481,608,804 3,711,787,681 68,314,322,203 6,318,724,318 358,000,000 5,969,437,278 109,000,000 6,436,437,278 82,800,702,331 - 29,604,562,979
22,473,343,451
3,562,848,773
55,640,755,203
5,653,784,211
318,000,000
5,453,782,878
94,100,000
5,865,882,878
68,953,698,757
10
11
15
1,163,268,845
1,114,517,485
5,791,712,934 4,890,494,100
82,800,702,331 68,953,698,757
8
16 Decisions
3,351,659 14
3,798,731 13
Guarantee
Method of Action
What is Microcredit?
2007
Taka
12
CONTINGENT LIABILITIES
2008
Taka
5,719,054
The annexed notes 1 to 30 form an integral part of these financial statements.
(M. Shahjahan)
(Dr. Muhammad Yunus)
General Manager
Director
Director
Managing Director
GF USA
AUSTRALIA
http://www.grameen-info.org/index.php?option=com_content&task=view&id=620&Itemi...
1/19/2010
Grameen Bank | Banking for the poor - Balance Sheet
Page 2 of 2
Trademarks & Copyright © 1998 Grameen Communications. All rights reserved. | Last update June 21, 2009.
http://www.grameen-info.org/index.php?option=com_content&task=view&id=620&Itemi...
1/19/2010
Grameen Bank | Banking for the poor - Profit and Loss Account
Page 1 of 2
Home | FAQs | Feedback | Sitemap | Spanish | Contact Us
search...
About Us
Methodology
Data & Reports
Microcredit
Statement of Liquidity
Comparative Value
Added Statement
16 7,831,802,905 6,790,936,211
17
(5,456,923,644) (4,506,165,656)
2,374,879,261 2,284,770,555
3,242,507,268 2,904,090,130
1,721,542
66,330,090
18 923,182,445 878,176,622
6,542,290,516 6,133,367,397
OPERATING INCOME
INTEREST INCOME
LESS: INTEREST/PROFIT PAID ON DEPOSITS &
BORROWINGS ETC.
Statement
Net Interest Income
Income from Investments in fixed
deposits
Income from Investments in Grameen
Mutual Fund-One
Other income
Total operating income
Salaries and other related expenses
Rent, rates, taxes, vehicle insurance,
utilities etc.
Legal and professional expenses
Auditors' fees
Stationery, printing, advertisement etc.
Managing Director's salary & allowances
Directors’ remuneration
Repairs & maintenance of fixed assets
Depreciation of fixed assets (Annex-A)
Other expenses
Total Operating Expenses
Profit before provision
Provisions for loans and advances
Specific Provision
General Provision
19
20
21
22
23
24
25
26
27
NET PROFIT
APPROPRIATIONS
NET PROFIT TRASFERRED TO
Retained earnings brought forward
from previous year
Dividend Equalization fund
Proposed cash dividend @ 20% for the
year 2007
General reserve
Employees Welfare fund
Retained surplus
14
Method of Action
What is Microcredit?
LESS: OPERATING EXPENSES
Founder's Website
2007
Taka
Annual Report 2008
2008
Taka Notes Notes to the Financial
Annexure-A
Nobel Foundation Site
For the year ended 31 December 2008
Balance Sheet
Changes in Equity
Quick Links
Profit and Loss Account
Auditors' Report
Cash Flow Statement
Founder
GRAMEEN BANK
Audit Report 2008
Profit and Loss Account
Training
16 Decisions
Grameen Mutual Fund
One :Scheme Two
2,954,806,568 2,472,022,999
93,270,782
83,419,842
119,985,004 96,117,235
1,110,444 1,216,380
118,396,308 111,236,170
535,680 531,080
178,000 148,000
50,414,227 36,491,171
66,549,640 64,396,885
968,125,906 824,048,427
4,373,372,559 3,689,628,189
2,168,917,957 2,443,739,208
780,426,028 2,349,698,239
83,818,521 (12,873,161)
864,244,549 2,336,825,078
106,914,130
1,304,673,408 1,304,673,408 106,914,130
94,100,000
358,000,000
30,000,000
63,600,000
107,400,000 716,000,000 10,000,000
14,273,408 3,314,130
1,195,673,408 106,914,130
94,100,000
109,000,000 The annexed notes 1 to 30 form an integral part of these financial statements.
(M. Shahjahan)
General Manager
Director
Director
(Dr. Muhammad Yunus)
Managing Director
Dhaka, 24 June, 2008
GF USA
http://www.grameen-info.org/index.php?option=com_content&task=view&id=625&Itemi...
1/19/2010
Grameen Bank | Banking for the poor - Profit and Loss Account
Page 2 of 2
AUSTRALIA
Trademarks & Copyright © 1998 Grameen Communications. All rights reserved. | Last update June 21, 2009.
http://www.grameen-info.org/index.php?option=com_content&task=view&id=625&Itemi...
1/19/2010
Grameen Bank | Banking for the poor - Cash Flow Statement
Page 1 of 1
Home | FAQs | Feedback | Sitemap | Spanish | Contact Us
search...
About Us
Methodology
Audit Report 2008
Data & Reports
Microcredit
Training
Founder
Auditors' Report
GRAMEEN BANK
Balance Sheet
Cash Flow Statement
Quick Links
Nobel Foundation Site
Founder's Website
For the year ended 31 December 2008
Profit and Loss Account Cash Flow Statement
Changes in Equity
2008
Taka
Notes 16 Decisions
Statement of Liquidity
A)
CASH FLOW FROM OPERATING ACTIVITIES
Comparative Value
Interest received
Interest paid
Cash paid to employees
Other Expenses
Other income
B)
CASH FLOW FROM INVESTING ACTIVITIES
Investments
Additions to Tangible Fixed Assets
Sales proceeds of Tangible Fixed Assets
Added Statement
Notes to the Financial
Statement
Annexure-A
Annual Report 2008
Cash generated from operating activities
Loans and advances
Other assets
Deposits and other funds
Other liabilities
28
29
Net cash received from operating activities
Net cash outflow from investing activities
CASH FLOW FROM FINANCING ACTIVITIES
Share capital
Borrowings from Banks and Foreign
Institutions
Capital and other reserves
D)
E)
F)
C)
Net Cash /(out flow) from financing activities
Net increase/in cash and cash equivalents
(A+B+C)
Opening cash and cash equivalents
Cash and bank balances at the end of the
period
30
10,082,511,169 8,546,529,434
(5,456,923,644) (4,506,165,656)
(2,955,520,248) (2,472,702,079)
(1,351,302,671) (1,152,529,225)
923,182,445 878,176,622
1,241,947,051 1,293,309,096
(8,240,478,178) (3,401,582,584)
92,301,712 (126,295,004)
12,659,293,592 7,986,738,625
(199,304,442) (449,442,872)
4,311,812,684 4,009,418,165
5,553,759,735 5,302,727,261
(4,264,494,535) (4,721,793,696)
(101,613,769) (126,788,439)
(13,687,231) (6,849,096)
(4,379,795,535) (4,855,431,231)
40,000,000 (62,057,933)
(62,057,932)
(759,845,600) (348,900,000)
(781,903,533) (410,957,932)
36,338,098
392,060,667
900,059,682
936,397,780 936,397,780
1,328,458,447
Method of Action
What is Microcredit?
2007
Taka
Grameen Mutual Fund
One :Scheme Two
The annexed notes 1 to 30 form an integral part of these financial statements.
(M. Shahjahan)
General Manager
(Dr. Muhammad Yunus)
Director Director
Managing Director
GF USA
AUSTRALIA
Trademarks & Copyright © 1998 Grameen Communications. All rights reserved. | Last update June 21, 2009.
http://www.grameen-info.org/index.php?option=com_content&task=view&id=621&Itemi...
1/19/2010
Grameen Bank | Banking for the poor - Change in Equity
Page 1 of 1
Home | FAQs | Feedback | Sitemap | Spanish | Contact Us
search...
About Us
Methodology
Data & Reports
Microcredit
Training
Founder
GRAMEEN BANK
Audit Report 2008
Balance Sheet
Q
Statement of Changes in Equity
Auditors' Report
For the year ended 31 December 2008
Particulars
Cash Flow Statement
Changes in Equity
Comparative Value
Balance at 1
January 2008
(Note 14)
Added Statement
Retained balance
Statement of Liquidity
Paid up capital
Dividend for the
year 2007 @ 20%
Transferred to
dividend
equalization fund
Tax paid
Transferred to
borrowers
Investment Trust
Net profit for the
year
Notes to the Financial
Statement
Annexure-A
Annual Report 2008
Capital reserve
Paid up Capital
Profit and Loss Account
General reserve
Dividend equalization
fund
Proposed dividend
Other reserve
318,000,000
4,280,409,577
328,000,000
318,000,000 4,280,409,577 40,000,000 - - - 328,000,000 - - 666,000,000
63,600,000 115,773,301
636,000,000 63,600,000 115,773,301 - - - - (63,600,000) - 94,100,000
5,865,882,878
94,100,000 5,865,882,878
- - 40,000,000
(63,600,000)
- - - 94,100,000 - - (94,100,000) -
- - (6,240,000) - - (6,240,000)
- - - (690,005,600) - - - (690,005,600)
- - - - - - 1,304,673,408 1,304,673,408
-
-
-
-
- - 107,400,000
-
716,000,000 - - Employees welfare
fund
Dividend
equalization fund
Balance as at 31
358,000,000 4,280,409,577 1,044,000,000
December 2008
Total
Proposed dividend
for the year 2008 @ 30%
General reserve
Retained Surplus
358,000,000
421,854,400
-
107,400,000
-
(107,400,000)
115,773,301
The annexed notes 1 to 30 form an integral part of these financial statements.
(M. Shahjahan)
General Manager
Director
-
- (716,000,000) Director
(14,273,408)
(358,000,000)
(14,273,408)
-
109,000,000 6,436,437,278
(Dr. Muhammad Yunus)
Managing Director
GF USA
AUSTRALIA
Trademarks & Copyright © 1998 Grameen Communications. All rights reserved. | Last update June 21, 2009.
http://www.grameen-info.org/index.php?option=com_content&task=view&id=622&Itemid=648
1/19/2010
Grameen Bank | Banking for the poor - Statement of Liquidity
Page 1 of 1
Home | FAQs | Feedback | Sitemap | Spanish | Contact Us
search...
About Us
Methodology
Audit Report 2008
Data & Reports
Microcredit
Training
Founder
Statement of Liquidity
Auditors' Report
GRAMEEN BANK
Balance Sheet
Statement of Liquidity
Profit and Loss Account
Cash Flow Statement
For the year ended 31 December 2008
Particulars
Changes in Equity
Up to 1 month
3,798,731 3,351,659 1-3 months 3-12 months 1-5 years More than 5 years
Statement of Liquidity
Assets
Comparative Value
Cash in hand
Balances with Bangladesh Bank
Balances with other Banks and Financial
Institutions
Investment at cost
Loans and advances
Fixed Assets including premises, furniture
and fixtures net off accumulated
depreciation
Other assets
Non-Banking Assets
Added Statement
Notes to the Financial
Statement
Annexure-A
Annual Report 2008
145,343,886 3,171,185,099 -
-
-
1,175,964,171 4,001,471,962 21,290,647,160 263,000,000 5,723,371,774 25,814,778,233 10,939,759,125 -
3,798,731
3,351,659
1,321,308,057
4,000,000 28,730,304,221
459,123,702 45,786,957,884
127,959,573 1,035,309,272 1,163,268,845
102,068,354 711,468,427 1,534,436,861 2,548,227,778 895,511,514 5,791,712,934
Total assets (A)
6,275,672,779 11,612,276,334 48,639,862,254 13,878,946,476 2,393,944,488 82,800,702,331
Liabilities
Borrowings from banks and other institutions 31,028,966 62,057,932 310,289,660 1,327,841,974 1,731,218,532
Deposits and other funds
2,894,539,095 10,170,895,376 28,669,445,232 18,227,274,184 8,352,168,316 68,314,322,203
Other liabilities
829,435,682 44,873,530 202,395,432 5,242,019,674 6,318,724,318
Total liabilities (B)
3,723,974,777 10,246,797,872 28,933,898,596 23,779,583,518 9,680,010,290 76,364,265,053
Net Liquidity Gap (A-B)
2,551,698,002 1,365,478,462 19,705,963,658 (9,900,637,042) 7,286,065,802) 6,436,437,278
The annexed notes 1 to 30 form an integral part of these financial statements.
(M. Shahjahan)
General Manager
Director
Director
(Dr. Muhammad Yunus)
Managing Director
GF USA
AUSTRALIA
Trademarks & Copyright © 1998 Grameen Communications. All rights reserved. | Last update June 21, 2009.
http://www.grameen-info.org/index.php?option=com_content&task=view&id=626&Itemid=649
1/19/2010
Grameen Bank | Banking for the poor - Comparative Value Added Statement
Page 1 of 1
Home | FAQs | Feedback | Sitemap | Spanish | Contact Us
search...
About Us
Methodology
Audit Report 2008
Data & Reports
Microcredit
Training
Founder
Comparative Value Added Statement
Quick Links
GRAMEEN BANK
Auditors' Report
Balance Sheet
Nobel Foundation Site
Founder's Website
Comparative Value Added Statement
Profit and Loss Account
Cash Flow Statement
For the year ended 31 December 2008
Changes in Equity
2008 Taka
What is Microcredit?
2007
Taka
16 Decisions
Statement of Liquidity
Value Added
7,831,802,905 6,790,936,211
3,244,228,810 2,970,420,220
923,182,445 878,176,622
11,999,214,160 10,639,533,053
5,456,923,644 4,506,165,656
112,294,055 95,057,383
119,985,004 96,117,235
1,110,444 1,216,380
118,396,308 111,236,170
50,414,227 36,491,171
178,000 148,000
949,132,713 812,410,886
6,808,434,395 5,658,842,881
5,190,779,765 4,980,690,172
(864,244,549) (2,336,825,078)
4,326,535,216 2,643,865,094
Distribution of value addition
Employees-as salaries and other related expenses
Net profit for the year (Appropriationable)
Depreciation
Income from Banking Services
Comparative Value
Interest income
Interest income from investment
Other operating income
Added Statement
Notes to the Financial
Statement
Annexure-A
Less: Cost of services & Supplies
Annual Report 2008
Interest paid on deposits & borrowings
Rent, taxes, insurance & utilities etc.
Legal and professional expenses
Auditors' fees
Stationery, printing, advertisement etc.
Repairs & maintenance of fixed assets
Directors’ remuneration
Other expenses
Value added by the Banking Services
Less: loan loss and provisions
Provision for bad and doubtful debts
2,955,312,168 2,472,554,079
1,304,673,408 106,914,130
66,549,640 64,396,885
4,326,535,216 2,643,865,094
Method of Action
Grameen Mutual Fund
One :Scheme Two
The annexed notes 1 to 30 form an integral part of these financial statements.
(M. Shahjahan)
(Dr. Muhammad Yunus)
General Manager
Managing Director
Director Director GF USA
AUSTRALIA
Trademarks & Copyright © 1998 Grameen Communications. All rights reserved. | Last update June 21, 2009.
http://www.grameen-info.org/index.php?option=com_content&task=view&id=623&Itemi...
1/19/2010
GRAMEEN BANK
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2008
1.00
1.01
BACKGROUND
Legal form of the enterprise
Grameen Bank was established as a body corporate under the Grameen Bank Ordinance 1983. Initially the authorized capital of the
bank was Tk 100 million and paid-up capital was Tk. 30 million. At present the bank’s authorized capital is Tk. 3,500 million and paid up
capital is Tk. 358 million. Members hold 94.97 percent of Grameen Bank shares. The remaining 5.03 percent is held by the Government of
Bangladesh. The board of the bank consists of 13 members: the Managing Director, three members including the chairman nominated by
the government and nine members elected from the borrower shareholders.
1.02
Nature of business
The principal activity of the bank is to provide credit without collateral to landless persons for all types of economic activities. The bank
also accepts deposits but excluding business in foreign exchange transactions, carries out survey and research, issue publications and
maintaining statistics with a view to improving the economic condition of the landless persons. The bank undertakes income-generating
projects for landless persons, invests its funds in Government Securities and provides professional counseling to landless persons regarding
investments in small business and cottage industries. Grameen Bank now operates 40 Zonal Offices, 264 Area Offices and 2,536 branch
offices. The bank offers four types of loans such as basic loans, housing loans, higher education loans and struggling members’ loans. Loans
& advances and Deposits as at 31 December 2008 were Tk. 45,786,957,884 and 64,602,534,522 respectively. As on 31 December 2008, out
of 2,536 branches 1,864 registered profits. The remaining 672 branches were not profitable. However, it must be taken into consideration
that during the year the bank opened 58 new branches.
2.00
Risk Management
In the ordinary course of business, the bank is exposed to a variety of risks the most important of which are credit risk, operational risk, and
solvency risk. These risks are being identified, measured and monitored through various control mechanisms across the bank in order to
assess the quality of products offered.
2.01
Credit Risk
Credit risk arises mainly from micro-credit loan provided to the members of Grameen Bank. This can be described as potential loss arising
from the failure of a counter party to perform as contractual agreement with the bank. The failure may result unwillingness of a counter
party or decline in his/her financial condition in adverse environment. Therefore, the Bank’s credit risk management activities have been
designed to address all these issues.
The officers/executive involved in credit related activities including credit approval, administration, monitoring and recovery facilities are
approved by the different level of the management. An effective assessment is done before sanction of credit facilities to the members is
done by borrower financial condition, historical performance etc. The process starts at the branch manager and approved by the competent
authority. Credit approval authority has been delegated to individual executives by the approval of the board of directors.
Internal audit is conducted in periodical intervals to ensure compliance of Bank’s and regulatory policies. Loans are classified as per
Grameen Bank Loan Policy Guidelines.
2.02
Liquidity Risk
The objective of liquidity risk management is to ensure that all foreseeable funding commitments and deposit withdrawals can be met
when due. To this end, the bank is maintaining a diversified and stable funding base. The liquidity management is monitored by the Fund
unit on a regular basis.
2.03
Operational Risk
Operational risk may arise from error and fraud due to lack of internal control and compliance. Management through different department
controls operational procedures of the bank. Audit department undertake periodical and special audit of branches and departments of the
Head Office for review of the operation and compliance of the statutory requirements. The Managing Director subsequently reviews the
report of the audit department and report to the board of directors
2.04
Internal audit
Internal audit is a part of the internal control system, which is introduced in large business entities to detect any error or fraud at an
early stage. At present, the Internal Audit Division of Grameen Bank is characterized by two-tier structure namely central audit and zonal
audit. Central audit conducts the audit of different divisions at the head office, zonal offices and their area offices. Moreover, Central
58
(SBNFFO#BOLt"OOVBM3FQPSU
GRAMEEN BANK
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2008
audit office supervises, advises, directs and provides necessary guidance to zonal audit offices. The zonal audit office audits all branches
within the zone. Central and zonal audit offices execute complete audits and briefs audits to monitor operations and review compliance of
statutory requirements. The Internal Audit Division works under the direct supervision of the Managing Director; however, it is completely
independent in its work.
3.00
Significant accounting policies
3.01 Basis of preparation and presentation of financial statements
The accompanying financial statements comprising the Balance Sheet, Profit and Loss Account, Cash Flow Statement, Statement of
Changes in Equity, Comparative Value Added Statement and Notes thereto have been prepared in accordance with Bangladesh Accounting
Standards (BASs) on a going concern basis under the historical cost convention.
3.02 Basis of consolidation
A separate set of records for consolidation of the statement of affairs and income & expenditure account of the branches are maintained at
the head office of the bank based on which these financial statements have been prepared.
3.03 Tax exemption
Grameen bank is presently enjoying unconditional tax exemptions of income tax, super tax and business profit tax and it will continue upto
31 December 2010. This is contained in the Ministry of Finance notification vide SRO no. 315/Law/2008 dated 20 November 2008.
3.04 Rehabilitation fund
Rehabilitation fund consists of transfer from general reserve and tax provision made for 1997 and 1998 and transfer of entire revenue profit
from 1999 to 2005 in order to comply with the requirement for tax exemption allowed by the Ministry of Finance. The Rehabilitation Fund
is to be utilized for the purpose of rehabilitation of members affected due to natural disasters.
3.05 Net profit
During the year 2008, Grameen Bank has earned net profit amounting to Tk.130.47 crores while profit for the year 2007 was only Tk.
10.69 crores. Profit of 2007 was decreased from the Balance Sheet year 2008 due to adverse affects of devastating flood for two times and
massive devastation caused by cyclone Sidr in the year 2007.
3.06 Profit Appropriation
Government of the People’s Republic of Bangladesh permits Grameen Bank unconditioned income tax exemption from July 1, 2008
to December 31, 2010. This is contained in the Ministry of Finance Notification vide SRO no. 315/Law/2008 dated 20 November 2008.
Previously Grameen Bank enjoyed income tax exemption from 1997 to 2005 subject to the condition that the Bank will transfer its entire
profits to Rehabilitation Fund. During 2008, Bank has made a net profit of Tk. 1,304,673,408 as per Profit and Loss Account. At present, there
is no condition in this affair, the Bank has decided to allocate its profit in the following manner:
Proposed Dividend
Dividend Equalization Fund
General Reserve
Employees welfare Fund
Retained Surplus
Amount (Tk.)
107,400,000
358,000,000
716,000,000
14,273,408
109,000,000
1,304,673,408
3.07 Foreign fund
Foreign funds were received from the foreign donor agencies (IFAD 161 BA, IFAD 239 BA, NORAD, SIDA, Dutch Grant and JBIC) under the
subsidiary loan agreement with the Government of the Peoples Republic of Bangladesh. The terms for repayments, interest rates, grace
periods etc. have been set out in those agreements. The funds were disbursed to Grameen Bank in equivalent Taka currencies and were
accounted for at cost as and when those funds were received. Consequently, no accounting treatment is required in respect of exchange
differences on foreign currencies and Grameen Bank need not to account for exchange rate gain/loss on such differences as well.
www.grameen.org
59
GRAMEEN BANK
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2008
3.08 Accruals & deferrals
Deferrals and accruals have been made as per the guidance of the BAS 1 Presentation of Financial Statements. In order to meet their
objectives, financial statements except for cash flow statement and related information are prepared on accrual basis of accounting. Under
the basis, the effects of transactions and other events are recognized when they occur (and not when cash or its equivalent is received or
paid) and they are recorded in the accounting records and reported in the financial statements of the periods to which they relate.
3.09 Reconciliation of inter branch transactions
Books of account with regard to inter branch are reconciled. Unreconciled entries are caused by mismatching of original figures with
corresponding ones, lack of original advice and incomplete advice from branches.
3.10 Cash Flow Statement
BAS 1 presentation of Financial Statement requires that a cash flow statement is to be prepared as it provides information about cash flows
of the enterprise that is useful in providing users of financial statements with a basis to asses the ability of the enterprise to generate cash
and cash equivalents and the needs of the enterprise to utilize those cash flows.
Cash flow statement has been prepared under the direct method for the period, classified by operating, investing and financing activities
as prescribed in paragraph 10 and 18(a) of BAS 7.
3.11 Liquidity Statement
The liquidity statement of assets and liabilities as on reporting date has been prepared on residual maturity term as per following bases.
a.
b.
c.
d.
e.
f.
g.
h.
Balance with other banks and financial institutions, money at call notice of short notice, etc are on their maturity term;
Investments are on the basis of their respective maturity;
Loans and advances/investments are on the basis of their repayment schedule;
Fixed assets are on the base of their useful lives;
Other assets are on the basis of their realization/amortization;
Borrowing from other banks, financial institutions, agents, etc. are as per as their maturity/repayment terms;
Provisions and other liabilities are on the basis of their payment/adjustment schedule;
Deposits and other accounts are on the basis of their maturity term and past trend of withdrawal by the depositors.
3.12 Provision for loan impairment
As per the guideline of paragraph 43 of BAS 30 Disclosures in the Financial Statements of Banks and Similar Financial Institutions, specific
provisions are made against non-performing and problem loans on the basis of best estimate up to such amount as it is expected to cover
for the loss from non-performing and impaired loans and advances. No specific credit risk provision for loan impairment is established to
provide for management’s estimate of loan losses as soon as the recovery of an exposure is identified as doubtful.
As per the requirement of paragraph 49 of BAS 30 Disclosures in the Financial Statements of Banks and Similar Financial Institutions when
a loan is deemed uncollectible, it is written off against the related provision for impairments. The bank writes off its non-performing
and problem loans after one year on overdue loan. Subsequent recoveries of such loans are credited to the Profit and Loss Account and
provision and reserve account.
Provisions for loans & advances are made on the basis of year-end review by the management and instructions contained in board
resolution. The calculation rate is given below:
60
a)
Basic loans
Basic loan provision has been made @ 100% on overdue loan;
Basic loan provision has been made @ 1% on regular loan.
b)
Flexible loans
Provision has been made on flexible loans at the following rates:
Principal outstanding from the signing of first contract period below 2 years 50%;
Principal outstanding for 2 years and beyond from the signing of first contract period 100%;
Overdue flexible loans 100%.
c)
Housing loans (Members)
Housing loan provision has been made @ 100% on overdue loan;
Housing loan provision has been made @ 1% on regular loan.
(SBNFFO#BOLt"OOVBM3FQPSU
GRAMEEN BANK
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2008
d)
Educational loan
No provision has been made on education loan.
3.13 Overdue Policies
If a borrower misses ten consecutive installments, the entire outstanding loan is treated as an overdue loan;
Incase of one year, if a borrower fails to pay half of the loan amount, with interest, within 26 weeks, entire un-repaid amount is due;
Incase of loans with longer duration, if the borrower fails to repay the total principle amount and interest scheduled to be repaid
within each segment of 26 weeks, entire unrepaid amount is overdue.
3.14 Provision for interest receivable
a)
Interest receivable on basic loans:
Interest receivable on basic loan provision has been made @ 100% on overdue interest of basic loans;
Interest receivable on basic loan provision has been made @ 1% on regular interest of basic loans.
b)
Interest receivable on flexible loans:
Provision has been made on interest receivable on flexible loans at the following rates:
Interest receivable outstanding from the signing of first contract period below 2 years 50%;
Interest receivable outstanding for 2 years and beyond from the signing of first contract period 100%;
Interest receivable outstanding of overdue loan 100%.
c)
Interest receivable on Housing loans (Members)
Provision has been made on interest receivable on housing loans (Members) at the following rates:
Interest receivable on housing loan provision has been made @ 100% on overdue interest receivable;
Interest receivable on housing loan provision has been made @ 1% on regular interest receivable.
3.15 Bad debt recovery
Fifty percent of Bad debt recovery has been shown in provision and reserve account and the remaining fifty percent has been shown
in other income.
3.16 Fixed assets
The major categories of property and equipment held by the bank are property land, buildings & other structures, equipment,
furniture and fixtures, vehicles, capital work in progress etc.
As guided in paragraph 28 of BAS 16 Property Plant and Equipment: all property and equipment except land are stated at historical
cost less accumulated depreciation. No depreciation has been charged on land and the carrying amounts are the same as those were
initially recognized. The opening and closing carrying amounts of all property and equipment are presented including the amount of
additions, disposals and depreciation charged during the year as required by paragraph 60 (e) of BAS 16.
3.17 Depreciation
As required by IAS 16, property, plant & equipment depreciation has been charged on property and equipment at the following rates
using straight-line method.
Property & Equipment
Building and other structures
Office House (Semi-Paka and Tin shed)
Development of leasehold property
Vehicles
Computer equipment
Office equipment
Electrical equipment
Furniture & fixtures
Library books
Depreciation Rate
1.7%
7.5%
10%
20%
30%
15%
10%
10%
10%
Depreciation at the applicable rates is charged proportionately on additions made during the year from the date of their acquisition on
straight-line method. Disposal of assets during the year, depreciation charged is required on actual date.
www.grameen.org
61
GRAMEEN BANK
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2008
3.18 Investments
Value of investment is presented below:
Nature of Investments
FDR
Shares in CDBL
Grameen Mutual Fund
Applicable Accounting
Face Value
At cost
At cost
3.19 Revenue recognition
Revenue is recognized on an accrual basis which complies with the conditions of revenue recognition as provided in BAS 18 Revenue.
a)
Income on investments is accounted for consistently on an accrual basis.
b)
Interest on loans and advances (including bad and doubtful loans and advances) is accounted for on an accrual basis.
c)
Service charge on guarantees issued by the bank in favour of other institutions is accounted for on cash receipt basis.
3.20 Interest paid and other expenses
In terms of the provision of the IAS 1 Presentation of Financial Statements, the interest paid and other expenses are recognized on accrual
basis.
3.21 Retirement benefits to the employees
a)
Grameen Bank Superannuation fund:
The bank operates a superannuation fund scheme, provision in respect of which is made annually @ 60% of annual basic salary. It is
operated by a separate Board of Trustees consisting ten members.
b)
Non-contributory provident fund
Provident fund benefits are given to the employees of the bank in accordance with non-contributory provident fund rules. The fund
is operated by a Board of Trustees. All confirmed employees of the bank are contributing 10% of their basic salary as subscription of
the fund. Interest earned from the investments is credited to the members account on accrual basis.
3.22 Comparative Information
As required by paragraphs 38 and 40 of IAS 1 Presentation of Financial Statements comparative information in respect of the previous
year have been presented in all numerical information in the financial statements and the narrative and descriptive information where it is
relevant for understanding of the current year’s financial statements.
3.23 Dividend Payments
Dividend payable to the Bank’s shareholders is recognized as liability and deducted from the shareholders’ equity in the period in which
the shareholder’s right to receive payment is established. Final dividend is recognized when it is approved by the Board of Directors.
The proposed dividend for the year 2008 has not been recognized as in the balance sheet date in accordance with BAS-10 Events after the
Balance Sheet Date.
3.24 Reporting period
These financial statements cover one calendar year from 1 January 2008 to 31 December 2008.
3.25 Events after Balance sheet date
Grameen Bank has decided to recommend payment of 30% (thirty percent) cash dividend for the year 2008. The Total amount of dividend
is Tk. 107,400,000.
62
(SBNFFO#BOLt"OOVBM3FQPSU
GRAMEEN BANK
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2008
3.26 General
i)
ii)
4.00
Previous year’s figures have been rearranged, wherever considered necessary, for the purpose of comparison.
Figures appearing in these accounts have been rounded off to the nearest Taka.
2007
Taka
1,265,325,953
55,982,104
1,321,308,057
870,976,622
55,027,637
926,004,259
28,463,304,221
263,000,000
4,000,000
28,730,304,221
24,455,309,686
6,500,000
4,000,000
24,465,809,686
2,526,481,548
2,383,977,577
220,000,000
1,791,412,276
1,315,704,958
989,546,697
2,686,367,959
1,949,744,912
765,260,700
1,191,580,330
1,387,163,120
1,387,891,509
1,420,871,059
644,367,323
1,657,855,634
1,285,775,694
754,250,000
1,651,038,825
1,454,274,100
1,099,740,000
120,000,000
28,463,304,221
2,378,762,278
2,659,997,149
BALANCES WITH OTHER BANKS AND FINANCIAL INSTITUTIONS
On short term deposit accounts
On current deposit accounts
5.00
2008
Taka
INVESTMENTS AT COST
Fixed deposits with other banks (Note 5.01)
Grameen Mutual Fund-One (Note 5.02)
Share (Note 5.03)
5.01 FIXED DIPOSITS WITH OTHER BANKS
Southeast Bank Limited
Prime Bank Limited
Dutch Bangla Bank Limited
State Bank of India
NCC Bank Limited
Mercantile Bank Limited
One Bank Limited
Dhaka Bank Limited
EXIM Bank Limited
First Security Bank Limited
Mutual Trust Bank Limited
Standard Bank Limited
Premier Bank Limited
Bank Asia Limited
Jamuna Bank Limited
United Commercial Bank Limited
Shahjalal Islami Bank Limited
The City Bank Limited
BRAC Bank Limited
Arab Bangladesh Bank Limited
Al-Arafa Islami Bank Limited
Eastern Bank Limited
National Bank Limited
-
157,124,603
1,226,616,352
1,602,056,276
1,172,433,854
2,627,430,248
1,485,903,010
615,223,656
751,771,729
993,528,458
1,201,586,501
1,003,500,000
850,890,634
1,319,280,827
694,289,274
326,000,000
1,110,182,337
1,178,732,500
150,000,000
730,000,000
24,455,309,686
5.02 Net investment of Grameen Bank as sole sponsor of Grameen Mutual Fund (GMF)-One (scheme 1 & 2) stands at Tk. 26.30 crore consists
of Tk. 1.30 crore of Scheme 1 and Tk. 25.00 crore of Scheme 2. The Scheme 1 & 2 of the fund were listed in both the Stock Exchanges of
Dhaka and Chittagong as on 04 September 2005 & 02 September 2008 respectively.
5.03 04 (Four) shares of Central Depository Bangladesh Limited (CDBL) which were subscribed @ Tk. 1,000,000 each.
www.grameen.org
63
GRAMEEN BANK
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2008
5.04
Advances
Housing loans (staff)
Household commodities loans
Salary advances
Bicycle advances
Motor cycle advances
Calculator advances
Advances against PF
Medical loans
Staff welfare loans
3,032,564,001
3,634,946,368
17,637,799,317
156,500,000
4,000,000
24,465,809,686
41,081,757,428
1,850,429,618
221,953,169
971,394,140
27,896,051
133,407,884
3,713,579
24,290,335
97,264,782
44,412,106,986
32,787,687,069
2,379,885,643
202,124,449
609,104,995
29,671,193
109,228,774
29,391,468
24,323,738
165,856,184
36,337,273,513
220,036,519
463,696,464
34,832
12,827,903
10,641,437
591,129
656,779,934
8,575,111
1,667,569
1,374,850,898
45,786,957,884
161,428,219
448,431,058
39,263
15,558,263
10,761,502
1,009,963
564,425,016
6,143,284
1,409,625
1,209,206,193
37,546,479,706
2,849,925,050
5,723,371,774
25,814,778,233
10,939,759,125
459,123,702
45,786,957,884
2,331,636,391
4,682,036,020
21,146,177,371
9,011,155,127
375,474,797
37,546,479,706
Maturity grouping of loans and advances
Repayable on demand
Up to 1 month
Over 1 month but not more than 3 months
Over 3 months but not more than 1 year
Over 1 year but not more than 5 years
Over 5 years
64
3,171,185,099
4,001,471,962
21,290,647,160
263,000,000
4,000,000
28,730,304,221
LOANS AND ADVANCES - WITHOUT COLLATERAL
Loans
Basic loans
Flexible loans
Housing loans (members)
Education loans
Social venture capital fund (SVCF) loans
Center house building loan
Loan freeze
Other loans
Interest free loans
6.01
2007
Taka
Maturity grouping of investments
On demand
Up to 1 month
Over 1 month but not more than 3 months
Over 3 months but not more than 1 year
Over 1 year but not more than 5 years
Over 5 years
6.00
2008
Taka
(SBNFFO#BOLt"OOVBM3FQPSU
GRAMEEN BANK
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2008
7.00
2007
Taka
70,658,081
811,869,346
55,178,482
27,058,274
19,685,050
122,047,194
46,648,527
10,123,891
1,163,268,845
54,908,722
789,609,907
69,534,735
52,657,571
17,838,644
110,925,860
19,042,046
1,114,517,485
5,327,266,426
18,903,683
207,746
722,334
201,851,634
574,862
9,715,554
73,927
949,976
2,297,834
3,024,407
114,939,618
3,229,440
1,404,219
403,793
7,130,305
99,017,176
4,333,745,880
3,033,272
19,902,093
342,963
231,126
201,595,011
594,774
8,188,725
90,677
1,551,825
3,149,935
3,590,340
222,930,305
2,100,825
34,987,344
2,852,499
148,846
8,203,066
43,254,594
5,791,712,934
4,890,494,100
FIXED ASSETS INCLUDING PREMISES, FURNITURE AND FIXTURES
(NET OF ACCUMULATED DEPRECIATION) (Annexure-A)
Land
Building and other structures
Vehicles
Office equipment
Electrical equipment
Furniture and fixtures
Capital work in progress
Computer equipment
8.00
2008
Taka
OTHER ASSETS
Interest receivable (Note 8.01)
Advance income tax for employees
Printing stationery
Office stationery
Zone/Area control account
Advance income tax (Note 8.02)
Security deposits
Prepaid expenses
Advance against travelling
Advance against purchases
Advance against house rent
Stock & stores (general)
Suspense account
Advances to contractors
Inter-branch adjustments
Advance for disaster
Workshop
Rent receivables
Receivable due
www.grameen.org
65
GRAMEEN BANK
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2008
8.01
2007
Taka
1,391,669,892
1,176,599,582
2,389,996,829
1,244,204,645
77,266,893
5,098,803
19,570,387
115,544
17,549,336
3,753,802,437
1,656,778,778
1,199,869,789
102,675,184
3,670,769
19,456,935
980,924
21,847,193
3,005,279,572
54,288,454
66,415,501
1,253,833
59,836,309
181,794,097
5,327,266,426
46,932,818
58,437,474
1,343,614
45,152,820
151,866,726
4,333,745,880
Interest receivable
From investments
Fixed deposits with other banks
From Lending
Basic loans
Flexible loans
Housing loans (Members)
Education loans
Other loans
Interest freeze
Interest before loan freeze
From Staff
Staff loan and advances
Advances against PF
Medical loans
Household commodities loans
8.02
2008
Taka
Advance income tax
Advance income tax represents tax deducted at source by Scheduled Banks and others from the income of Grameen Bank. Grameen Bank
is a non- taxable entity as per Grameen Bank Ordinance 1983 but due to late receipts of the exemption orders from Government, Grameen
Bank had faced such deduction. The tax deducted as such, at source remains to be refundable.
8.03
Maturity grouping of other assets
On demand
Up to 1 month
Over 1 month but not more than 3 months
Over 3 months but not more than 1 year
Over 1 year but not more than 5 years
Over 5 years
9.00
86,731,451
604,562,319
1,303,870,520
2,158,121,458
737,208,352
4,890,494,100
248,190,868
267,918,176
238,848,625
18,075,066
44,283,298
913,902,499
1,731,218,532
256,463,897
267,918,176
238,848,625
18,075,066
44,283,298
967,687,403
1,793,276,465
BORROWINGS FROM BANKS AND OTHER INSTITUTIONS
2% IFAD 239 BA (Note 9.01)
NORAD (Note 9.02)
SIDA (Note 9.03)
Ford Foundation
Dutch Grant Loan (Note 9.04)
Japan Bank of International Co-operation (JBIC) (Note 9.05)
9.01
102,068,354
711,468,427
1,534,436,861
2,548,227,778
895,511,514
5,791,712,934
2% IFAD 239 BA
A subsidiary loan agreement for an amount in taka equivalent of SDR 6,200,000 was made with Government of the People’s Republic of
Bangladesh on 8 January 1990. The loan received in 1990 and 1992 is repayable on 15 March and 15 September each year in 80 equal semi
annual installments commencing on 15 March 1999 and ending on 15 September 2039.
66
(SBNFFO#BOLt"OOVBM3FQPSU
GRAMEEN BANK
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2008
9.02
Norwegian Agency for International Development (NORAD)
A subsidiary loan agreement for an amount in Taka equivalent of Norwegian Kroner 55,000,000 was made with Government of the Peoples
Republic of Bangladesh on 4th August 1986. The principal loan received in 1986 is repayable with interest rate 2% per annum in March and
September each year in 40 equal semiannual installments during a period of 30 years including a grace period of 10 years where the first
installment was commenced in March 1997. Upto 31st December 2008, an amount of Tk 144,546,842.94 was repaid into 24 installments in
due time and Grameen Bank received the same as revolving loan as per bilateral agreement with the Government.
9.03
Swedish International Development Authority (SIDA)
A subsidiary loan agreement for an amount in Taka equivalent of SEK 60,000,000 was made with Government of the Peoples Republic
of Bangladesh on 30th November 1986. The principal loan received in 1986 is repayable with interest rate 2% per annum in March and
September each year in 40 equal semiannual installments during a period of 30 years including a grace period of 10 years where the first
installment was commenced in March 1997. Upto 31st December 2008, an amount of Tk 135,133,141.36 was repaid into 24 installments in
due time and Grameen Bank received the same as revolving loan as per bilateral agreement with the Government.
9.04
Dutch Grant Loan
The loan of DFL 2,000,000 equivalent of Tk. 44,283,298 received in 1986 under a subsidiary loan agreement with Bangladesh Bank is
repayable on 15 December each year in 15 equal annual installments within 16 years from the date of receiving the loan including a grace
period of one year. As per section 11 of the loan agreement the amount of installments of the principal loans amount repaid by Grameen
Bank is allowed to be used in perpetuity for financing its housing loan scheme on the same terms and condition as stated above.
9.05
Japan Bank for Iinternational Co-operation (JBIC)
A subsidiary loan agreement for an amount of taka equivalent of Yen 2,986,000,000 was executed with the Government of the Peoples
Republic of Bangladesh on 7 March 1996. The loan is repayable on 15 March and 15 September each year with the interest rate of 2%
per annum in semi annual installments in 30 years including a grace period of 10 years in accordance with amortization schedule,
first installments being due on 15 September 2005. Upto 31 December 2008, an amount of Tk. 188,247,162.11 was repaid by 7 (seven)
installments in due time. Tk. 393,133,462, Tk. 419,216,041 and Tk. 289,800,159 were received in 1996, 1997 and 1998 respectively.
9.06
2008
Taka
2007
Taka
31,028,966
62,057,932
310,289,660
1,327,841,974
31,028,966
62,057,932
310,289,660
1,389,899,907
1,731,218,532
1,793,276,465
Maturity grouping of borrowings from banks and other institutions
Repayable on demand
Up to 1 month
Over 1 month but not more than 3 months
Over 3 months but not more than 1 year
Over 1 year but not more than 5 years
Over 5 years
www.grameen.org
67
GRAMEEN BANK
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2008
10.00
2007
Taka
23,657,121
34,906,671
5,631,978,271
22,464,123,262
1,852,350,752
96,118,000
930,157
557,054,836
109,447,299
4,227,283,109
3,977,640
119,098,600
35,120,925,718
22,452,125
37,332,130
5,580,357,096
17,345,263,354
1,418,308,573
76,851,285
558,674,054
538,900,821
115,681,275
3,778,582,377
6,294,589
125,865,300
29,604,562,979
24,700,219
22,526
594,868,072
12,949,417,193
530,807,708
12,718,231,912
2,600,775,000
63,333
8,268,270
361,391
54,093,180
29,481,608,804
29,078,004
107,255
624,184,820
9,367,626,822
418,816,533
9,815,274,697
2,166,127,399
125,847
6,104,985
205,303
45,691,786
22,473,343,451
103,038,029
40,544,445
95,320,543
53,139,759
1,985,416
5,612,440
244,371,569
184,812,408
81,687,852
15,374,969
759,286,802
37,399,927
2,205,884
5,859,087
41,337,258
8,197,546
17,791,599
29,884,496
1,983,937,652
3,711,787,681
68,314,322,203
82,366,212
39,680,718
88,593,135
51,728,667
1,950,134
5,612,440
204,944,861
249,342,955
20,960,112
9,855,999
579,042,576
29,030,207
2,205,884
5,922,989
46,304,764
8,158,810
17,791,599
29,884,496
2,089,472,215
3,562,848,773
55,640,755,203
DEPOSITS AND OTHER FUNDS
Members deposit
Current deposits
Fixed deposit (Note 10.01)
Savings deposit
Grameen pension scheme-10 years (Note 10.02)
Double in 7 years deposit (Note 10.03)
Monthly profit scheme (Note 10.04)
Polly phone deposit
Centre welfare fund
Central emergency fund
Loan insurance savings fund
Grameen pension scheme-5 years
Share money deposit
Non-Members deposit
Current deposit
Short term deposit
Fixed deposit
Savings deposit
Grameen pension scheme-10 years (for staff)
Double in 7 years deposit
Monthly profit scheme
Technology project deposit
Forestation fund
Grameen pension scheme-5 years (for staff)
Employees loan insurance savings fund
Other Funds
Employees welfare fund
Struggling members welfare fund
Award funds
Maintenance reserve
Cafeteria
Leasing insurance fund
Contingency fund (Note 10.05)
Byabosa Bikash risk coverage fund
Loan repaid by Byabosa Bikash
Employees loan insurance fund
Loan insurance fund
Animal insurance fund
Grameen Bank disaster relief fund
Members welfare fund
Polly phone risk coverage fund
Revolving fund-special programme
Revolving fund-SIDE
Revolving fund (Note 10.06)
Rehabilitation fund (Note 10.07)
68
2008
Taka
(SBNFFO#BOLt"OOVBM3FQPSU
GRAMEEN BANK
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2008
10.01
Fixed Deposit
Grameen Bank started “fixed deposit scheme” vide its circular no. 02/2000 dated 16 May 2000 which is for minimum of 1 year and maximum
of 3 years. Interest rates of fixed deposits are 8.75%, 9.25% and 9.50% for 1 year, 2 years and 3 years respectively. Depositors can get interest
after matured date of fixed deposit.
10.02
Grameen pension scheme
Grameen Bank Started “ Grameen pension scheme” of 5 years and 10 years vide its circular no. 2-06/2000 dated 30 August 2000 for the
financial assurance of their members and employees. Under this scheme Grameen Bank motivates their members and employees to small
savings by opening “GPS Account” in the respective branches which rate of interest is 10% for 5 years and 12% for 10 years. Both are
payable yearly basis.
10.03
Double in 7 years deposit
Grameen Bank started “Double in 7 years deposit” scheme vide its circular no. 2-07/2000 dated 30 August 2000 for making financial
strengths of rural civil society by increasing saving mentality. Any person can open his/her account by depositing minimum of Tk. 1,000.00
(One thousand) or its general multiplying amount for 7 years. After 7 years account holder for carrying his/her account fulfilling the all
criteria will get double amount (consolidated principal and interest) of his/her investment.
10.04
Monthly profit scheme
In 2001, Grameen Bank has introdued a term deposit product named ‘Monthly Profit Scheme’ with tenure of 5 and 10 years vide its circular
no. 2-07/2001 dated 05 March 2001. This deposit scheme is open for both Members & Non-Members with a minimum deposit amount
of Tk. 20,000.00. For each amount of Tk. 10,000.00 Grameen Bank pays Tk. 80.00 and Tk. 85.00 per month for 5 and 10 years scheme
respectively.
10.05
Contingency fund
Grameen Bank has created “ Contingency Fund” to cover the loss (if any) arises from forgery, theft, lost, assault, robbery etc.
10.06
2007
Taka
14,621,090
6,729,042
3,708,745
4,825,619
29,884,496
14,621,090
6,729,042
3,708,745
4,825,619
29,884,496
2,089,472,215
(166,607,665)
61,073,102
1,983,937,652
2,143,673,316
(131,457,470)
77,256,369
2,089,472,215
Revolving fund
Revolving fund from GTZ
Revolving fund from KFW
Revolving fund for SVCF
Revolving fund for housing rehabilitation
10.07
2008
Taka
Rehabilitation fund
Opening Balance
Payment during the year
Reimbursement during the year
www.grameen.org
69
GRAMEEN BANK
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2008
10.08
2,369,512,704
8,282,384,285
23,345,182,581
14,842,397,169
6,801,278,464
55,640,755,203
9,633,513
4,493,299
13,552,447
144,421
5,988,764
303,140,151
14,607,988
2,571,976
5,479,935
49,384,227
262,649
452,452
345,070
95,546,139
291,521,978
2,286,997
13,289,248
2,111,527
6,081
130,305
11,933
5,503,763,218
6,318,724,318
10,284,228
5,697,403
144,682,033
657,111
89,195
5,596,676
214,997,573
2,035,863
1,840,184
52,836,918
239,296
268,405
185,590
61,928,395
483,016,578
2,719,781
1,491,625
133,840
4,853
130,305
4,664,948,359
5,653,784,211
1,000
4,295,627
10,926
945,733
730,478
4,000
1,000
5,988,764
1,000
3,976,625
15,616
808,094
790,341
4,000
1,000
5,596,676
Accounts for other institutions
Grameen Telecom
Grameen Fisheries & Livestock Foundation
Grameen Communications
Grameen Shikkha
Grameen Kalyan
Grameen Krishi Foundation
Grameen Samogree
70
2,894,539,095
10,170,895,376
28,669,445,232
18,227,274,184
8,352,168,316
68,314,322,203
OTHER LIABILITIES
Interest payable on borrowings
Interest sundry
Bills payable
PF trustee board-current account
Contributory provident fund
Accounts for other institutions (Note 11.01)
GB superannuation fund-current account
Inter-branch adjustments (Note 11.02)
Retention money
Earnest money
Claimable deposits
Unpaid salary
Tax deducted at source
Sundry receipts
Farewell grant provision for fixed salary staff
Miscellaneous
Advance house rent
Struggling members programme
Risk fund-Grameen Byabosa Bikash
Risk fund and portion of Grameen Byabosa Bikash
Provision reserve for doubtful rents
House building revolving fund
Provision reserves (Note 11.03)
11.01
2007
Taka
Maturity grouping of deposits and other funds
Repayable on demand
Up to 1 month
Over 1 month but not more than 3 months
Over 3 months but not more than 1 year
Over 1 year but not more than 5 years
Over 5 years
11.00
2008
Taka
(SBNFFO#BOLt"OOVBM3FQPSU
GRAMEEN BANK
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2008
11.02
Inter-branch adjustments
Inter-Branch adjustment account balance Tk.14,607,988 represents outstanding in branch and Head Office transactions (Net) originated
but not responded at the balance sheet date. However, unadjusted items are being subsequently adjusted.
11.03
2008
Taka
2007
Taka
3,895,404,754
1,608,358,464
5,503,763,218
3,640,568,497
1,024,379,862
4,664,948,359
2,597,056,173
1,298,348,581
3,895,404,754
2,579,708,195
1,060,860,302
3,640,568,497
2,516,352,425
43,140,297
37,563,451
2,597,056,173
2,487,672,447
54,031,029
38,004,719
2,579,708,195
1,261,474,627
36,873,954
1,298,348,581
1,017,314,252
43,546,050
1,060,860,302
415,575,555
163,853,446
1,028,929,463
1,608,358,464
331,891,966
164,408,181
528,079,715
1,024,379,862
829,435,682
44,873,530
202,395,432
5,242,019,674
6,318,724,318
732,644,748
74,350,000
1,528,072,682
3,318,716,781
5,653,784,211
3,500,000,000
500,000,000
Provision reserves
Total specific provision against loans & advances and interest receivable (11.02.01)
Total general provision against loans & advances and interest receivable (11.02.02)
11.02.01 Total specific provision against loans & advances and interest receivable
Specific provision against loans & advances (a)
Specific provision against interest receivable (b)
a)
b)
Specific provision against loans & advances
Basic and Flexible loans
Housing loans
Freeze loan (Patuakhali & Pirojpur)
Specific provision against Interest receivable
Basic and Flexible loans
Housing loans
11.02.02 Total general provision against loans & advances and interest receivable
Regular Basic loans
Regular Housing loans
Reserve for bad debt recovery
11.03
Maturity grouping of other liabilities
Repayable on demand
Up to 1 month
Over 1 month but not more than 3 months
Over 3 months but not more than 1 year
Over 1 year but not more than 5 years
Over 5 years
12.00
12.01
SHARE CAPITAL
Authorized
35,000,000 Ordinary Shares of Tk. 100 each
As per Grameen Bank Ordinance 1983, Government has increased its Authorized Capital from Tk. 500 million to Tk. 3,500 million vide
Ministry of Finance Memo No. 219 dated 31.12.2008.
www.grameen.org
71
GRAMEEN BANK
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2008
12.02
Shareholders for year ended December 2007
Government of Bangladesh
Sonali Bank
Bangladesh Krishi Bank
Borrowers :
Male
Female
Total
% No. of Shares
318,000,000
Nominal Value of shares
120,000
30,000
30,000
12,000,000
3,000,000
3,000,000
18,000,000
12,000,000
3,000,000
3,000,000
18,000,000
4.23%
90.74%
151,534
3,248,466
15,153,400
324,846,600
13,616,300
286,383,700
100%
3,580,000
358,000,000
318,000,000
358,000,000
5,969,437,278
109,000,000
6,436,437,278
318,000,000
5,453,782,878
94,100,000
5,865,882,878
1,608,358,464
8,044,795,742
82,800,702,331
66,923,218,962
6,692,321,896
6,436,437,278
1,608,358,464
8,044,795,742
1,352,473,846
12.02%
1,024,379,862
6,890,262,740
68,953,698,757
55,423,307,297
5,542,330,730
5,865,882,878
1,024,379,862
6,890,262,740
1,347,932,010
12.43%
4,280,409,577
1,044,000,000
107,400,000
421,854,400
115,773,301
4,280,409,577
328,000,000
63,600,000
666,000,000
115,773,301
5,969,437,278
5,453,782,878
3,732,311,704
527,997,873
20,100,000
3,732,311,704
527,997,873
20,100,000
4,280,409,577
4,280,409,577
Capital Adequacy Ratio
Tire-II (Supplementary capital)
General provision
Total Capital (A)
Total assets
Total Risk Weighted Assets (RWA) (B)
Required capital based on Risk Weighted Assets (10% of RWA) - (C)
Core capital (Tire-I)
Supplementary capital (Tire-II)
Total
Surplus/(Shortage)-(A-C)
Capital to Risk-Weighted Assets (A/B)
CAPITAL AND OTHER RESERVES
Capital reserves (Note 13.01)
General reserve
Proposed dividend
Dividend equalization fund (Note 13.02)
Other reserves (Note 13.03)
13.01
358,000,000
3.35%
0.84%
0.84%
Tire-I (Core Capital)
Paid up capital
Capital & other reserves
Retained surplus
13.00
2007
Taka
Paid up Capital
3,580,000 ordinary shares of Tk. 100 each issued for cash
12.03
2008
Taka
Capital reserves
Revolving fund (Note 13.01.01)
Grants
MED revolving fund
Capital reserve includes outstanding balances of revolving funds and grant as at 31 December 1999 which are no longer refundable.
72
(SBNFFO#BOLt"OOVBM3FQPSU
GRAMEEN BANK
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2008
2008
Taka
2007
Taka
1,544,811,573
2,065,346,276
122,153,855
3,732,311,704
1,544,811,573
2,065,346,276
122,153,855
3,732,311,704
13.01.01 Revolving fund
Revolving fund for G & C
Revolving fund for house loan
Revolving fund for staff house loan
13.02
Dividend equalization fund
An amount of USD 10.0 million equivalent to BDT 690,005,600 transferred to Grameen Bank Borrowers’ Investment Trust from Dividend
Equalization Fund for investing into Pre-IPO placement of Grameen Phone’s shares as per decision of the 84th Grameen Bank Board of
Directors’ meeting.
13.03
Other reserves
Special reserve
Training reserve fund
Training revolving fund
Publication fund
Assets replacement reserve
SIDE programme-sundry deposit
SIDE fund revolving account
Special programme-GTZ
14.00
992,043
3,017,748
10,387,868
2,807,045
49,697,943
19,020,037
3,238,095
26,612,522
992,043
3,017,748
10,387,868
2,807,045
49,697,943
19,020,037
3,238,095
26,612,522
115,773,301
115,773,301
94,100,000
(94,100,000)
-
125,000,000
(30,900,000)
94,100,000
1,304,673,408
(358,000,000)
(107,400,000)
(716,000,000)
(14,273,408)
109,000,000
106,914,130
(30,000,000)
(63,600,000)
(10,000,000)
(3,314,130)
94,100,000
RETAINED SURPLUS
Balance on 1 January
Tax paid on behalf of shareholders
Transferred to dividend equalization fund
Retained balance for 2007
Net profit
Dividend equalization fund
Proposed dividend
General reserve
Employee welfare fund
Balance at 31 December
Tax deductible at source on dividend paid to shareholders were paid, in line with the decision of the board, to keep the full dividend at the
hand of the recipient.
www.grameen.org
73
GRAMEEN BANK
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2008
15.00
CONTINGENT LIABILITIES - GUARANTEE
There are contingent liabilities for bank guarantees executed by Grameen Bank in favour of the following :
Guarantee
Amount
Grameen Fisheries & Livestock Foundation
Grameen Shakti
16.00
Tk. -------------US$ --------------
7,809,470,663
22,332,242
7,831,802,905
6,771,022,849
19,913,362
6,790,936,211
7,208,543,819
450,104,546
15,419,537
8,228,439
18,077
6,652,272,476
6,209,736,526
408,314,679
25,550,172
8,624,845
46,254
16,623,518
58,714,997
51,021,797
795,933
127,156,245
7,809,470,663
11,953,688
54,024,877
48,730,581
4,041,227
118,750,373
6,771,022,849
5,418,102,052
38,821,592
5,456,923,644
4,470,000,428
36,165,228
4,506,165,656
3,188,246,533
2,192,234,114
37,621,405
5,418,102,052
2,739,997,491
1,698,315,283
31,687,654
4,470,000,428
Interest on deposits
Members deposit (Note 17.01.01)
Non-Members deposit (Note 17.01.02)
Others (Note 17.01.03)
74
Taka
2,000,000
3,719,054
5,719,054
INTEREST/PROFIT PAID ON DEPOSITS AND BORROWINGS ETC.
Interest on deposits (Note 17.01)
Interest on borrowings (Note 17.02)
17.01
Tk. 2,000,000.00
US$ 53,899.34
2007
Loan outstanding
including interest
at 31-12-07 against
which guarantees
are given
Interest on loans and advances
Members loan
Basic loans
Flexible loans
Housing loans
Education loans
Other loans
7,682,314,418
Employees Advances
Staff loans & advances
Advance against PF
Household commodities loans
Medical loans
17.00
Taka
-
Guarantee
Amount
INTEREST INCOME
Loans and advances (Note 16.01)
Deposits
16.01
2008
Loan outstanding
including interest
at 31-12-08 against
which guarantees
are given
(SBNFFO#BOLt"OOVBM3FQPSU
GRAMEEN BANK
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2008
2008
Taka
2007
Taka
3,532,745
405,505,650
12,637,524
41,986,389
8,668,506
2,024,116,964
152,847,369
15,479,049
475,427,331
47,371,990
673,016
3,188,246,533
5,472,019
435,587,959
13,287,800
41,572,751
64,328,002
1,529,719,653
51,326,872
117,144,565
14,660,779
437,632,438
28,290,739
973,914
2,739,997,491
52,130,155
767,509,453
635
51,792,004
1,087,651,195
226,420,881
128,688
6,133,247
467,856
2,192,234,114
60,821,191
602,838,097
120,206
39,906,680
803,889,406
184,865,527
520,008
4,862,743
491,425
1,698,315,283
17,422,437
3,239,515
7,000,554
1,948,969
7,513,797
335,145
150,062
10,926
37,621,405
14,663,210
3,188,381
6,197,977
176,095
6,980,858
326,611
146,126
8,396
31,687,654
5,038,863
5,358,651
4,777,690
18,529,870
4,251,733
864,785
38,821,592
5,204,075
5,357,630
4,776,318
19,840,022
966,820
20,363
36,165,228
17.01.01 Members deposit
Fixed deposit
Savings deposit
Central emergency fund
Centre welfare fund
Polly phone deposit
Grameen pension scheme-10 years
Special savings account
Double in 7 years deposit
Monthly profit scheme
Loan insurance savings fund
Loan insurance fund
Grameen pension scheme-5 years
17.01.02 Non-Members deposit
Fixed deposit
Savings deposit
Technology project deposit
Grameen pension scheme-10 years (for staff)
Double in 7 years deposit
Monthly profit scheme
Grameen pension scheme-5 years (for staff)
Employees loan insurance savings fund
Forestation and other fund
17.01.03 Others
Contingency fund
Struggling member welfare fund
Employees’ welfare fund
PF trustee board-current account
GB superannuation fund-current account
Award funds
Accounts of other organizations
Cafeteria
Contributory provident fund
17.02
Interest on borrowings
2% IFAD 239 BA
NORAD
SIDA
JBIC
Interest on short term loans
Dutch grant loan
www.grameen.org
75
GRAMEEN BANK
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2008
18.00
473,226
190,321,372
4,363,920
88,931,718
284,090,236
2,650,985
150,721,079
3,361,493
33,373,054
190,106,611
1,253,406,767
24,005,683
13,800
117,880,023
494,143,105
108,126,406
64,215,914
314,977
22,150
3,555,665
137,729
2,839,232
209,211,749
676,933,368
2,954,806,568
1,129,231,686
15,311,395
62,514
358
422,955,317
92,105,964
59,682,441
349,248
26,850
3,019,610
157,667
2,540,113
176,816,722
569,763,114
2,472,022,999
68,420,259
900,627
23,949,896
93,270,782
60,509,895
1,442,815
21,467,132
83,419,842
RENT, RATES, TAXES, VEHICLE INSURANCE, UTILITIES ETC.
Rent, rates & taxes
Insurance (vehicle)
Water, electricity & gas
76
34,723,312
216,214,250
36,601,332
394,481,874
907,456
77,781
4,665,236
398,770
190,106,611
878,176,622
SALARIES AND OTHER RELATED EXPENSES
Salaries
Leave encashment
Personal allowances
Dearness allowances
House rent allowances
Medical allowances
Conveyance allowances
Washing allowances
Contribution to PF
Overtime
Watch and ward allowances
Hill allowances
Bonus
Pension & gratuity
20.00
38,076,013
505,643,663
40,855,759
52,892,085
889,473
720
230,738
503,758
284,090,236
923,182,445
Miscellaneous receipts
Income from properties :
Profit on sale of plant and equipment
Income from accounts closing
Income from ROSA programme
Others
19.00
2007
Taka
OTHER INCOME
Service charges
Bad debts recovery
Rent receipts
Polly phone service charge receipts
Sale proceeds of old newspapers
Income from health program
Rebate from Byabosa Bikash
Sale proceeds of tender forms
Miscellaneous receipts (Note 18.01)
18.01
2008
Taka
(SBNFFO#BOLt"OOVBM3FQPSU
GRAMEEN BANK
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2008
21.00
Publication & advertisement
1,084,319
26,125
1,110,444
1,065,900
150,480
1,216,380
68,901,827
7,204,098
16,049,299
25,475,092
117,630,316
765,992
118,396,308
67,824,438
6,984,230
11,518,977
22,766,780
109,094,425
2,141,745
111,236,170
276,000
27,600
138,000
6,000
12,000
7,080
46,000
23,000
535,680
276,000
138,000
6,000
12,000
7,080
46,000
46,000
531,080
21,264,315
22,811,276
6,338,636
50,414,227
13,587,678
18,299,623
4,603,870
36,491,171
MANAGING DIRECTOR’S SALARY AND ALLOWANCES
Basic salary
Dearness allowances
House rent allowances
Medical allowances
Domestic aid allowance
Entertainment
Bonus
Felicitation allowance
25.00
543,412
95,573,823
96,117,235
STATIONERY, PRINTING, ADVERTISEMENT ETC.
Printing & stationery
Printing stationery
Work aid
Printing & photocopy
Office stationery
24.00
684,036
119,300,968
119,985,004
AUDITORS’ FEES
Statutory audit
Special audit
23.00
2007
Taka
LEGAL AND PROFESSIONAL EXPENSES
Legal expenses
Other professional expenses
22.00
2008
Taka
REPAIRS & MAINTENANCE OF FIXED ASSETS
Property & assets
Vehicles
Office, electric & computer equipment
www.grameen.org
77
GRAMEEN BANK
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2008
26.00
2008
Taka
2007
Taka
96,344,419
19,810,904
9,099,265
400,958
2,128,590
39,686,139
46,040
224,933,002
18,702,824
22,178,104
27,652,632
1,076,586
8,584,991
2,231,424
285,387,933
7,459,030
11,564,243
937,829
3,447,218
90,473,057
36,417,945
59,562,773
968,125,906
80,173,062
16,816,104
7,930,217
450,274
1,499,038
32,100,611
34,435
176,616,700
18,349,942
18,126,944
68,367,647
436,694
1,128,382
2,502,055
162,028,216
2,366,728
9,270,813
823,113
2,902,517
156,610,406
29,820,708
35,693,821
824,048,427
Total specific provision for loans & advances and interest receivable
Specific provision for loans and advances (Note 27.01)
Specific provision for interest receivable (Note 27.02)
780,426,028
318,324,872
462,101,156
2,349,698,239
1,576,001,833
773,696,406
Total general provision for loans & advances and interest receivable
General provision for regular basic loans
General provision for regular housing loans
83,818,521
84,058,158
(239,637)
864,244,549
(12,873,161)
(7,357,907)
(5,515,254)
2,336,825,078
307,525,070
10,799,802
318,324,872
1,544,582,078
31,419,755
1,576,001,833
447,106,722
14,994,434
462,101,156
738,613,442
35,082,964
773,696,406
OTHER EXPENSES
Traveling & conveyance expenses
Postage, telegram and telephone
Entertainment
Liveries and uniform
Washing expenses
Welfare and recreation
Books and journals
Computer expenses
Bank charges
Expense for contingency fund
Training expenses
Special programme
Seminar & conference
Film and development
Lunch subsidy
Income tax
Group insurance
Holiday work allowance
Special subsidy
Felicitation allowance
Scholarship
Miscellaneous expenses
27.00
27.01
PROVISIONS FOR LOANS AND ADVANCES
Provision for loans and advances (for specific)
Basic and Flexible loans
Housing loans
27.02
Provision for interest receivable (for specific)
Basic and Flexible loans
Housing loans
78
(SBNFFO#BOLt"OOVBM3FQPSU
GRAMEEN BANK
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2008
2008
Taka
28.00
Increase/
Decrease
18,903,683
207,746
722,334
201,851,634
574,862
9,715,554
73,927
949,976
2,297,834
3,024,407
114,939,618
3,229,440
1,404,219
403,793
7,130,305
99,017,176
464,446,508
3,033,272
19,902,093
342,963
231,126
201,595,011
594,774
8,188,725
90,677
1,551,825
3,149,935
3,590,340
222,930,305
2,100,825
34,987,344
2,852,499
148,846
8,203,066
43,254,594
556,748,220
(3,033,272)
(998,410)
(135,217)
491,208
256,623
(19,912)
1,526,829
(16,750)
(601,849)
(852,101)
(565,933)
(107,990,687)
1,128,615
(34,987,344)
(1,448,280)
254,947
(1,072,761)
55,762,582
(92,301,712)
9,633,513
4,493,299
13,552,447
144,421
5,988,764
303,140,151
14,607,988
2,571,976
5,479,935
49,384,227
262,649
452,452
345,070
95,546,139
291,521,978
2,286,997
13,289,248
2,111,527
6,081
130,305
11,933
5,503,763,218
6,318,724,318
10,284,228
5,697,403
144,682,033
657,111
89,195
5,596,676
214,997,573
2,035,863
1,840,184
52,836,918
239,296
268,405
185,590
61,928,395
483,016,578
2,719,781
1,491,625
133,840
4,853
130,305
4,664,948,359
5,653,784,211
(650,715)
(1,204,104)
(144,682,033)
12,895,336
55,226
392,088
88,142,578
14,607,988
536,113
3,639,751
(3,452,691)
23,353
184,047
159,480
33,617,744
(191,494,600)
(432,784)
11,797,623
1,977,687
1,228
11,933
838,814,859
664,940,107
(864,244,549)
(199,304,442)
OTHER ASSETS
Advance income tax for employees
Printing stationery
Office stationery
Zone/Area control account
Advance income tax (Note 8.02)
Security deposits
Prepaid expenses
Advance against travelling
Advance against purchases
Advance against house rent
Stock & stores (general)
Suspense account
Advances to contractors
Inter-branch adjustments
Advance for disaster
Workshop
Rent receivables
Receivable due
29.00
2007
Taka
OTHER LIABILITIES
Interest payable on borrowings
Interest sundry
Bills payable
PF trustee board-current account
Contributory provident fund
Accounts for other institutions (Note 11.01)
GB superannuation fund-current account
Inter-branch adjustments (Note 11.02)
Retention money
Earnest money
Claimable deposits
Unpaid salary
Tax deducted at source
Sundry receipts
Farewell grant provision for fixed salary staff
Miscellaneous
Advance house rent
Struggling members programme
Risk fund-Grameen Byabosa Bikash
Risk fund and portion of Grameen Byabosa Bikash
Provision reserve for doubtful rents
House building revolving fund
Provision reserves (Note 11.03)
www.grameen.org
79
GRAMEEN BANK
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2008
30.00
CASH AND BANK BALANCES AT THE END OF THE PERIOD
Cash in hand
Balances with Bangladesh bank
Balances with other banks and financial institutions
80
3,798,731
3,351,659
1,321,308,057
1,328,458,447
6,799,759
3,593,762
926,004,259
936,397,780
(SBNFFO#BOLt"OOVBM3FQPSU
Grameen Bank | Banking for the poor - Annexure-A
Page 1 of 1
Home | FAQs | Feedback | Sitemap | Spanish | Contact Us
search...
About Us
Methodology
Audit Report 2008
Data & Reports
Microcredit
Training
Founder
Annexure-A
Auditors' Report
Balance Sheet
ANNEXURE A STATEMENT OF FIXED ASSETS AS AT 31 DECEMBER 2008
Profit and Loss Account Cash Flow Statement
Changes in Equity
Statement of Liquidity
Comparative Value
Added Statement
Notes to the Financial
Statement
Annexure-A
Annual Report 2008
COST
Disposals/
Rate
Additions
Transferred
Balance at 31
Balance on 1
Category of
Balance on 1
adjustment
of
Charge for
during the during the December January Assets
January 2008
during the
Dep.
the year
year
year
2008
2008
year
%
Taka
Taka
Taka
Taka
Taka
Taka
Taka
Land
54,908,722 15,137,312 800,248 188,201 70,658,081 - Building &
other
1.7% Structures
993,505,975
39,166,973
1,578,778
1,705,761
1,032,545,965
203,896,068 17,420,898
Development
of leasehold 10% property
987,576
987,576
987,576
Vehicles
131,695,881 7,640,000 - 1,896,825 137,439,056 20% 62,161,146 21,994,061
Computer
15 &
equipment
557,646
46,716,938
2,100,000
45,174,584 30%
2,310,246
Office
15% equipment
208,973,784
7,719,838
2,479,478
92,812,909
126,360,191
156,316,213
6,196,204
Electric
10% equipment
60,804,305
5,557,307
182,514
717,005
65,827,121
42,965,661
3,512,386
Furniture &
10% fixtures
197,898,903
25,834,693
1,457,955
1,646,573
223,544,978
86,973,044 15,115,844
Library
10% books
9,141
9,141
9,141
Capital work
in progress 19,042,046 - 50,125,042 22,518,561 46,648,527 - 2008 Taka 1,667,826,333 101,613,769 103,340,953 123,594,976 1,749,186,079 2007 Taka 1,544,198,900 126,788,439 44,412,961 47,573,967 1,667,826,333 553,308,849 66,549,639
498,922,065 64,396,885
GF USA
AUSTRALIA
Trademarks & Copyright © 1998 Grameen Communications. All rights reserved. | Last update June 21, 2009.
http://www.grameen-info.org/index.php?option=com_content&task=view&id=618&Itemi...
1/19/2010