Mutual Trust Bank 2007

Auditors Report to the Shareholders of
Mutual Trust Bank Limited

We have audited the accompanying Balance Sheet of the Mutual Trust Bank Limited as of December 3, 2007 and the related Profit and Loss Account, the statement of Cash Flows and Changes in Equity for the year then ended. The preparation of the financial statements is the responsibility of the banks management. Our responsibility is to express an opinion on these financial statements based on our audit. Scope: Excepts as discussed in the following paragraphs, we conducted our audit in accordance with Bangladesh Standards on Auditing (BSA). Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting - the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. We observe that: . There exists stuck up loans and advances aggregating to Taka 985,646,650/- against M/S. Nurun Nobi and its related parties of Khatungonj branch. The said loans and advances have not been classified by the bank as there is a stay order dated 28--2007 from the honorable High Court Division of Bangladesh Supreme Court. As on April 7, 2008 Taka 200,000,000/- has been recovered against the above outsanding. 2. There exists stuck up loans and advances aggregating to Taka 30,45,494/- against Saima Apparels Industries and Share Sweaters Limited in Agrabad Branch. The entire loans and advances were classified by Bangladesh Bank as Doubtful of recovery (DF) based on the status as of September 30, 2007. The Executive Committee of the bank extended the repayment period till March 30, 2008 in its meeting held on December 9, 2007 which was ratified by the Board of Directors in its meeting held on January 7, 2008. Based on the board decision Bangladesh Bank vide their letter no DBI-2(VG:)03/2008-045 dated 3.03.2008 allowed rescheduling of such loan after completing all formalities. Thus the branch did not classify the said loan on December 3, 2007 and Taka 8,262,74/- has been taken into profit of the Bank as of December 3, 2007.
M utual Trust Bank Limited
3.
Specific provision amounting to Taka 8,300,000/- required against some overdue advances has been shown under General Provision.
4.
Income tax in respect of the year 2007 has been provided for without considering income tax on inadmissible provision for classified advances though required under Income Tax Ordinance 984.
5.
Direct confirmations against the balances held with Bangladesh Bank and the balances with other Banks and financial institutions aggregating to Taka 3,46,589,599/- have not been received by us although request letter have been sent to all of them.
Opinion: In our opinion, except for the effect on the financial statements of the matter referred to in the preceding paragraphs, the financial statements, prepared in accordance with Bangladesh Accounting Standards except BAS 9, give a true and fair view of the state of the companys affairs as of December 3, 2007 and of the results of its operations and its cash flows for the year then ended and comply with the applicable sections of Bank Company Act 99, the rules and regulations issued by the Bangladesh Bank, the Companies Act 994, the Securities and Exchange Rules 987 and other applicable laws and regulations. We also report that: () We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit and made due verification thereof; (2) In our opinion, proper books of account as required by law have been kept by the bank so far as it appeared from our examination of those books and proper returns adequate for the purposes of our audit have been received from branches not visited by us. (3) the companys balance sheet and profit and loss account dealt with by the report are in agreement with the books of account and returns, (4) (5) the expenditure incurred was for the purposes of the companys business; the financial position of the bank at December 3, 2007 and the profit for the year then ended have been properly reflected in the financial statements; the financial statements have been prepared in accordance with the generally accepted accounting principles;
(6)
the financial statements have been drawn up in conformity with the Bank Company Act 99 and in accordance with the accounting rules and regulations issued by the Bangladesh Bank;
(7)
Adequate provisions have been made for advances which are in our opinion, doubtful of recovery.
(8)
the financial statements conform to the prescribed standards set in the accounting regulations issued by the Bangladesh Bank after consultation with the professional accounting bodies of Bangladesh;
(9)
the records and statements submitted by the branches have been properly maintained and consolidated in the financial statements;
(0)
The information and explanations required by us have been received and found satisfactory.
HOWLADAR YUNUS & CO
Chartered Accountants.
Dhaka, Bangladesh Dated: April 20, 2008
As at December 3, 2007

2007 Taka 2,229,610,768 282,768,90 ,946,842,578 1,832,356,768 ,439,820,992 392,535,776 3,956,528,943 3,896,852,62 59,676,322 22,683,227,657 9,842,73,679 2,840,495,978 2006 Taka 1,646,850,653 233,425,245 ,43,425,408 959,529,891 783,960,394 75,569,497 970,000,000 2,821,618,030 2,757,594,256 64,023,774 18,591,520,631 6,356,46,377 2,235,04,254
Balance Sheet
Property and Assets Cash: In hand (Including Foreign Currency) With Bangladesh Bank and its agent Bank (including Foreign Currency) Balance with other Banks & Financial Institutions : In Bangladesh Outside Bangladesh Money at Call and Short Notice Investments: Government Others Loans and Advances: Loans, Cash Credit, Overdrafts etc. Bills Purchased and Discounted
Notes
3.00 4.00 5.00
6.00 7.00
8.00
Fixed Assets including premises,furniture & fixtures Other Assets Non-banking assets Total Property and Assets Liabilities and Capital Borrowings from other Banks, Financial Institutions & agents Deposits and other accounts: Current Deposits & Other Accounts Bills Payable Savings Deposits Fixed Deposits Deposit-Products Other Liabilities Total Liabilities Capital/Shareholders Equity: Paid up Capital Share Premium Statutory reserve Revaluation Gain on Investments in HTM Securities General reserve Retained Earnings Total Shareholders Equity Total Liabilities and Shareholders Equity
9.00 10.00
301,871,321 1,178,300,763 32,181,896,220
276,186,202 718,210,820 25,983,916,227
11.00 12.00
3,00,000,000 24,776,924,968 3,933,377,877 525,372,428 2,47,296,683 6,334,44,998 ,836,732,982 2,260,674,080 30,137,599,048 997,920,000 00,000,000 590,235,286 8,770,834 05,679,443 3,69,609 2,044,297,172 32,181,896,220
22,264,045,989 2,804,9,94 96,727,245 ,439,402,890 6,59,24,24 ,304,67,699 1,815,066,017 24,079,112,006 950,400,000 00,000,000 5,24,778 39,894,467 303,384,976 1,904,804,221 25,983,916,227
13.00
14.00 15.00 16.00 17.00 18.00

2007 Taka 2006 Taka
Balance Sheet
Notes Off-Balance Sheet items Contingent Liabilities: Letter of Guarantee Irrevocable Letter of Credit Bills for Collection Other Contingent Liabilities 19.00
3,273,4,620 4,209,98,800 44,794,688 3,09,004,650 10,916,139,758
3,044,696,93 3,882,72,00 25,492,382 2,69,029,500 9,671,390,913 9,671,390,913
Other Commitments Documentary credits and short term trade related transactions Forward assets purchased and forward deposits placed Undrawn note issuance and revolving underwriting facilities Undrawn formal standby facilities, credit lines and other commitments Claim against the bank not acknowledged as debt Litigation pending against Bank Other memorandum items Value of Travellers cheque on hand Value of Bangladesh Sanchay Patra on hand Total Off Balance Sheet Items including contingent liabilities
10,916,139,758
The annexed notes form an integral part of these accounts
Samson H Chowdhury Chairman
Dr. Arif Dowla Vice Chairman
Syed Manzur Elahi Director
Kazi Md. Shafiqur Rahman Managing Director
Signed as per annexed report on even date
HOWLADAR YUNUS & CO. Chartered Accountants
Dated: Dhaka April 20, 2008
For the year ended December 3, 2007

2007 Taka 2,846,923,94 2,292,357,53 554,565,663 23.00 24.00 25.00 62,44,76 384,923,249 86,433,422 633,771,432 Total Operating Income Less: Operating Expenditure: Salary & Allowances Managing Directors Remuneration Directors fees Rent, Tax, Insurance, Electricity etc. Legal Expenses Postage, Stamps, Telegram & Telephone Audit Fee Printing, Stationery, Advertisement etc. Depreciation on & repairs to Banks property Other Expenditures Total Operating Expenditure Profit Before Provision Less: Provision against Loans & Advances including Off Balance Sheet Items Provision against Other assets Profit Before Tax Less: Provision for Tax Current Tax Deferred Tax Net Profit After Tax Retained Surplus brought forward 34.00 33.00 30.00 31.00 32.00 29.00 27.00 28.00 26.00 200,707,950 3,600,000 620,000 55,774,763 ,803,966 7,467,763 00,000 6,486,886 36,830,497 9,092,730 424,484,555 763,852,540 368,300,000 368,300,000 395,552,540 184,750,423 87,264,238 (2,53,85) 210,802,117 303,384,976 514,187,093 58,532,358 2,400,000 425,000 40,92,847 525,939 2,665,039 60,000 3,26,422 28,336,49 59,29,548 315,393,644 969,472,115 95,000,000 95,000,000 874,472,115 396,192,716 393,52,452 2,680,264 478,279,399 2,305,448 689,584,847 1,188,337,095 2006 Taka 2,340,970,02 ,708,636,36 632,333,885 84,398,535 40,448,44 66,684,925 652,531,874 1,284,865,759
Profit and Loss Account
Particulars Interest Income Less: Interest Paid on Deposits & Borrowings etc. Net Interest Income Income from Investments Commission, Exchange & Brokerage Other operating Income
Notes 20.00 22.00

2007 Taka 2006 Taka
Profit and Loss Account
Notes Appropriations: Bonus Share Issued during the year Cash dividend paid during the year Transferred to General Reserve Statutory Reserve
47,520,000 90,080,000 65,784,976 79,0,508 382,495,484
86,400,000 20,960,000 3,945,448 74,894,423 386,99,87 303,384,976
Retained Surplus, Carried forward
131,691,609
Earnings per Share
35.00
21.12
47.93
Cash Flow Statement

Note A) Cash flow from operating activities: Interest received Interest paid on deposits & borrowings etc. Dividend income Fees & commission income Cash paid to employees as salaries and allowances Advance income tax paid Cash received from other operational income Cash paid for other operational expenses Cash flow from operating activities before changes in net current assets Changes in net current assets : Investments in Treasury bills Investment in treasury bond Loans & Advances Other Assets Customers Deposits Bank Deposits Borrowings from other banks, financial institutions & agents Other liabilities Net Cash flow from operating activities B) Cash flow from investing activities: Investments in Shares & bonds Purchase of Premises & Fixed assets ( net ) Net cash flow from investing activities C) Cash flow from financing activities: Dividend paid Net cash flow from financing activities D) Net increase in cash and cash equivalents E) Effect of changes of Exchange rates on cash and cash equivalents F) Opening cash and cash equivalents Closing cash and cash equivalents (D+E+F) The above closing cash and cash equivalents include: Cash in hand Balance with Bangladesh Bank and its agent bank Balance with other Banks & Financial Institutions Money at Call and Short Notice Prize bonds 2007 Taka 3,005,694,755 (2,292,357,53) ,987,200 28,908,089 (204,307,950) (408,387,5) 240,24,57 (88,29,258) 373,559,311 293,269,267 (,33,54,398) (4,09,707,026) (5,702,432) 2,22,88,479 389,997,500 3,00,000,000 (07,442,360) 341,782,030 715,341,341 6,003,452 (57,642,466) (51,639,014) (90,080,000) (190,080,000) 473,622,327 2,207,065 3,577,289,944 4,063,119,336 282,768,90 ,946,842,578 ,832,356,768 ,5,800 4,063,119,336 2006 Taka 2,522,608,556 (,708,636,36) 227,704,662 (60,932,358) (39,343,74) 239,746,777 (29,4,077) 672,033,710 (620,000,000) (4,28,282,020) (206,690,54) 6,265,504,566 (00,000,000) 366,726,704 1,487,258,736 2,159,292,446 63,202,000 (64,973,733) (1,771,733) (20,960,000) (120,960,000) 2,036,560,713 68,900 ,540,047,33 3,577,289,944 233,425,245 ,43,425,408 959,529,89 970,000,000 909,400 3,577,289,944
36.00 37.00
10.00
11.00 13.00
Statement of Changes in Equity

Particulars Taka 950,400,000 47,520,000 79,0,508 997,920,000 100,000,000 590,235,286 105,679,443 8,770,834 118,770,834 65,784,976 00,000,000 5,24,778 39,894,467 Taka Taka Taka Taka 303,384,976 (47,520,000) (90,080,000) (65,784,976) 20,802,7
Paid up Capital Share premium
Statutory Reserve
General Reserve
Revaluation Surplus on Investments Taka Profit & Loss Account
Total Taka ,904,804,22 (90,080,000) 8,770,834 20,802,7
Balance as on 0 January 2007
Bonus share issued during the year
Cash dividend paid during the year Transferred to General Reserve
Revaluation gain during the year
Net profit for the year after tax
Appropriations made during the year Balance as on 31 December 2007
(79,0,508) 131,691,609 2,044,297,172
0
Liquidity Statement
As on December 31, 2007
1 to 5 years Taka 44,603,867 Above 5 years Taka Total Taka 2,229,610,768 1,832,356,768
Particulars 2,229,60,768 404,523,725 ,03,229,76 -
Less than 1 month Taka
1 to 3 months Taka
3 to 12 months Taka
ASSETS : Cash
Balance with other Banks and financial Institutions
,5,800 94,69,655 ,62,362,29 ,06,509,206 340,335,99 3,956,528,943 4,934,80,297 4,673,587,9 9,246,738,662 3,067,872,094 760,849,43 22,683,227,657 3,000,000 6,000,000 27,000,000 265,87,32 301,871,321 27,5,602 50,25,366 856,663,795 1,178,300,763 7,572,466,590 6,905,497,624 11,350,830,186 4,395,252,621 1,957,849,199 32,181,896,220 3,00,000,000 7,296,609,742 654,247,959 ,050,857,70 (3,478,391,111) 1,217,498,467 5,596,490,372 9,508,785 5,687,999,57 9,328,756,006 7,408,952 9,400,64,958 3,100,000,000 ,538,995,49 ,06,073,357 24,776,924,968 ,65,2 ,442,343,263 2,260,674,080 ,540,60,62 2,458,46,620 30,137,599,048 1,950,665,228 2,855,092,009 (500,567,421) 2,044,297,172
Money at Call & Short notice Investments Loans and advances Premises and fixed assets Other assets Non-banking assets Total assets LIABILITIES : Borrowings from other banks, financial institutions & agents Deposits and other accounts Provision & other liabilities Total Liabilities
Net Liquidity
Syed Manzur Elahi Director Signed as per annexed report on even date

1.0 Legal status and nature of the bank Mutual Trust Bank Limited was incorporated in Bangladesh in the year 999 as a banking Company under the Companies Act. 994. All types of commercial banking services are provided by the bank within the stipulations laid down by the Bank Companies Act 99 and directive as received from Bangladesh Bank from time to time. The bank started its commercial business from October 24, 999. The shares of the bank are listed with the Dhaka and Chittagong Stock Exchange as a publicly quoted company for its general class of shares. The bank has 30 branches, with no overseas branch as on December 3, 2007. 1.1 Principal Activities The principal activities of the bank are to provide all kinds of commercial banking services to its customers through its branches in Bangladesh. 2.0 2.1 Significant accounting policies and basis of preparation of financial statements Basis of accounting The financial statements of the Bank are made up to December 3, 2007 and are prepared under the historical cost convention, on a going concern basis and in accordance with the first schedule (Sec38) of the Bank Companies Act, 99 as amended by the Bangladesh Bank vide BRPD circular No. 4 dated 25 June, 2003 and other Bangladesh Bank circulars, International Financial Reporting Standards (IFRS) adopted by the Institute of Chartered Accountants of Bangladesh (ICAB) and other laws and rules applicable in Bangladesh. All inter-branch account balances and transactions among the head office and the branch have been taken into accounts. 2.2 Consolidation A separate set of records for consolidating the statement of Affairs and Income and Expenditure Statements of the Branches are maintained at Head Office of the Bank from which these financial statements have been prepared. 2.3 Revenue Recognition The accounting policies adopted for the recognition of revenue are as follows: i) ii) iii) Interest is calculated on daily product on unclassified loans and advances. Dividend income is recognized at the time when it is realized. Commission and discounts on bills discounted and purchased are recognized at the time of realization.
Notes to the Accounts


2.4 Provision for taxes a. Current tax Provision for Income Tax has been made @ 45% as prescribed in the Finance Ordiance, 2007 of accounting profit made by the bank after considering some of the taxable add backs of income and disallowance of expenditures. b. Deferred tax The company has adopted deferred tax in compliance with the provision of Bangladesh Accounting Standard (BAS-2)Income Tax. 2.5 Investments Investment in Treasury bill and Treasury bond have been shown at present value in 2007 and in 2006 it was shown at face value. During the year Revaluation surplus on investments in HTM securities has shown in equity. All other Investments except Shares have been shown at face value. Investment in Share of Dhaka Stock Exchange Ltd. has been shown at cost. Investment in shares of IIDFC and CDBL has been shown at face value. 2.6 Fixed Assets & Deprecation i) ii) Fixed assets have been shown at written down value. Depreciation is charged at the following rates on reducing balance method on all fixed assets other than motor vehicles, which are depreciated on straight line basis: Name of Assets Immovable Property Furniture Interior Decoration Office Equipments Motor Vehicles Books & Periodicals iii) 2.7 Rate of Depreciation 2.50% 0% 0% 20% 20% 0%
Assets purchased during the year are depreciated from the date of acquisition.
Leasing Lease are classified as finance lease whenever the Terms of the Lease transfer substantially all the risks and rewards of ownership to the lessee as per BAS-7: Lease. Amount due from lessees under finance leases are recorded as receivables at the amount of the Banks net investments in the leases. Lease rental income is allocated to accounting periods so as to reflect a constant periodic rate of return on the banks net investment outstanding in respect of the leases.
2

2.8 Loans and Advances i) Loans and advances have been stated at gross value as pre requirements of Bank Companies Act, 99. ii) iii) iv) Interest is calculated in a daily product basis but charged quarterly. Interests on good loans and advances have been accounted for as income on accrual basis. Provision for loans and advances and Off Balance Sheet items are made on the basis of information furnished by the branches and instructions contained in Bangladesh Bank. BCD Circular No. 2 dated 4 September 995, BRPD Circular No.6 dated 6 December 998, BRPD Circular No.9 dated 4 May 200, BRPD Circular No.20 dated 20 December 2005 and BRPD circular No. 5 dated 05 June 2006 and BRPD Circular no. 0 dated 8 September 2007 at the following rates: Classification Criteria General Provision on unclassified loans and advances Small enterprise financing for good loan Special Mention Account Provision on substandard loans and advances Provision on doubtful loans and advances Provision on bad/ loss loans and advances Off Balance Sheet Items v) i) Security against loans: Project loan: Land and building are taken as security in the form of mortgage and plant & machinery are taken in the form of hypothecation. ii) Working Capital and taking loan: Goods are taken as security in the form of hypothecation along with land and building mortgage. vi) a) (i) (ii) b) 2.9 Bills purchased and discounted Bills purchased and discounted have not included Government Treasury bills and have been classified into two sub-heads viz., Payable in Bangladesh and Payable outside Bangladesh. The bills purchased and discounted have been analyzed as per the maturity grouping. Rates of provision % 2% 5% 20% 50% 00% 0.50%
Foreign Currency Transaction i) Assets and liabilities denominated in foreign currency are translated into Taka at the closing rates at the balance sheet date.
3

ii) Foreign currency transactions are converted into equivalent taka currency at the ruling exchange rates on the date of such transactions. Gains and losses from transactions are dealt with through exchange account. 2.10 Risk Management Risk is inherent in all the core business areas of a bank. Managing risks properly is one of the main pillars of banking business. To ensure sustainable growth and performance, proper and sound risk management practice is of vital importance, As a commercial bank Mutual Trust Bank (MTB) attaches full importance to manage the risk involved in its business. The risk management of the bank covers a wide spectrum of risk issues but the 5 (five) core risk areas of banking are; Credit Risk, Foreign Exchange Risk, Internal Control and Compliance Risk, Money Laundering Risk and Asset Liability Management Risk. The principal objective of risk management is to safeguard the banks capital, financial resources, profitability and market reputation. To this effect, the bank took the following steps under the guidelines of Bangladesh Bank: (a) Credit Risk Management Credit risk is the possibility that a borrower or counter party will fail to meet its obligations in accordance with agreed terms. The failure may result from unwillingness of the counter party or decline in his/her financial condition. Credit risk, therefore, arises from the banks dealing with or lending to corporate, individuals, other banks or financial institutions. A separate Credit Division has been formed at Head Office since the inception of the bank, which is assigned with the duties of marketing and assessment of credit products, maintaining effective relationship with the customer and exploring new business opportunities. In line with Bangladesh Bank guidelines the bank has segregated marketing, approval and monitoring/ recovery functions. The credit risk management includes borrower risk analysis, financial statement analysis, industrial analysis, historical performance of the customer, security of the proposed credit facility and market reputation of the borrower etc. MTB takes its lending decision based on the credit risk assessment report by Appraisal Team. In determining Single Borrowing/Large Loan limit, the instructions of Bangladesh Bank are strictly followed. (b) Foreign Exchange Risk Management Foreign Exchange Risk is defined as the potential change in earnings arising due to change in market prices. The market directly affects each countrys bond, equities, private property, manufacturing and all assets that are available to foreign investors. Foreign exchange rates also play a major role in determining who finances government deficits, who buys equities in companies and literally affects and influences the economic scenario. Due to high risk market the role of treasury operations is crucial. As per Bangladesh Banks guidelines the bank has segregated the Front and Back office for Treasury Operations. Front Office independently conducts the transactions and the Back Office is responsible
4

for verification of the deals and passing of their entries in books of accounts. All Nostro accounts are reconciled on monthly basis and all foreign exchange transactions are revalued at Mark-to-Market rate as determined by Bangladesh Bank. (c) Internal Control and Compliance Risk Management Internal Control and Compliance (ICC) is a critical component of Bank management and foundation for the safe and sound operation of banking organization. A system of strong internal control and compliance can help to ensure that the goals and objectives of a banking organization will be met, that the bank will achieve long-term profitability targets, and maintain reliable financial and managerial reporting. Operational loss may arise from error and fraud due to lack of strong internal control and compliance culture. Effective Internal Control & Compliance system can help to ensure that the bank will comply with laws and regulations as well policies, plans, internal rules and procedures, and decrease the risk of unexpected losses or damage to the banks reputation. To this effect, the bank has formed an ICC Division headed by Senior Executive. The ICC Division has been segregated to three departments, which are Audit & Inspection Dept, compliance Dept and Monitoring Dept. The Bank has also developed an Internal Control & Compliance Policy duly approved by the Board of Directors. To ensure effective control DCFCL, Loan Documentation Check list and Quarterly Operations Report have been developed and implemented. The Audit and Inspection Team undertakes periodic and special audit. The Audit Committee of the Board of Directors plays an effective role in providing bridge between the board and management. The committee reviews the financial reporting process, the system of internal control, the audit process and the banks process for compliance with laws, regulations and code of conduct. (d) Money Laundering Prevention Money laundering has been identified as a major threat to the financial services community, It is important that the management of Banks and other Financial Institutions view prevention of money laundering as part of their risk management strategies and not simply as a stand-alone requirement that is being imposed by the legislation. The management of MTB is fully aware that the financial system shall not be and cannot be used as a channel for criminal activities. Therefore, co-ordination and co-operation between the concerned parties are essential for its success. The bank has designated Chief Anti Money Laundering Compliance Officer (CAMLCO) at Head Office and compliance officers at branches to review the transactions of the accounts to identify suspicious transaction. Transaction Profile (TP) has been incorporated in the Account Opening Form (AOF) along with other KYC related issues. Regular trainings are conducted to build awareness among the staff.
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(e) Asset Liability Management Asset / liability management has become an almost universally accepted approach to risk management. Since capital and profitability are intimately linked, Mutual Trust Bank Ltd. is managing its asset / liability in order to ensure sustained profitability so that the bank can maintain and arrange its capital resources. The asset/liability, management committee (ALCO) usually makes decisions, which is responsible for the financial direction of the bank. The ALCOs goal is to manage the sources and uses of funds, identify balance sheet management issues like balance sheet gaps, interest rate gap etc. ALCO also reviews liquidity contingency plan and implements liability pricing strategy for the bank. 2.11 Retirement Benefit (a) Provident Fund The Bank operates a contributory provident fund for its eligible employees. The fund is administered by a Board of Trustees and funded by contributions from the employees as well as from the bank equally. The fund is recognized by the National Board of Revenue, GOB. The contributions are invested in compliance with the Provident Fund Trust Rule. (b) Gratuity The bank has a gratuity scheme, which covers all of its permanent employees. The gratuity would be payable equivalent to 02 months last drawn basic salary for each completed year of service to the employees who have been in the service of the Bank for minimum period of 0 years without break. The company made provision for gratuity during the year on lump sum basis and not in compliance with Bangladesh Accounting Standard (BAS) 9 Employee Benefits. 2.12 Post Balance Sheet events No material events after the Balance Sheet date came to our notice, which could affect the values, reported in the financial statements.
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2.13 Audit committee In compliance to Bangladesh Banks circular, the Board of Directors has formed an Audit Committee comprising of the following 3 (Three) Directors of the Board: SL. Name of the Director NO. 0. Mr. Syed Manzur Elahi Status With the Bank Director Status With the Committee Chairman Educational Qualification MA in Economics From DU
02.
Mr. Rashed Ahmed Chowdhury
Director
Member
Post Graduate in Business Management from Kingston University. England B.SC Engineering From BUET
03.
Mr. Md. Abdul Malek
Director
Member
During the year 4 (Four) meetings of the Audit Committee were held. Audit committee reviewed various audit / inspection reports at regular intervals. Upon scrutiny of the audit objections and compliance, the committee advised the management to remain within the policy guidelines and directives of the regulatory authorities. As per circular the committee is placing their report regularly to the board meeting of the Bank mentioning their activities & recommendations of the internal control system, compliance of rules and regulations and establishment of good governance within the organization. 2.14 Earning per Share Earning per share has been calculated in accordance with BAS 33: Earning per Share (EPS), which has been shown on the face of profit and loss account. This has been calculated by dividing the basic earnings by the weighted average number of ordinary shares outstanding during the year. Previous years figures have been adjusted for the issue of 4, 75,200 Bonus shares (for 2006) during the year. 2.15 General Figures have been rounded off to the nearest taka. Previous years figures have been rearranged, where necessary, to conform to current years presentation.
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2007 Taka 3.00 Cash in hand: Local Currency Foreign Currency 277,030,446 5,737,744 282,768,190 2006 Taka 226,859,34 6,565,904 233,425,245
4.00
Balance with Bangladesh Bank and its agent Bank: With Bangladesh Bank Local Currency Foreign Currency With Sonali Bank (as agent of Bangladesh Bank-Local currency)
,295,05,256 628,77,398 23,649,924 1,946,842,578
94,587,388 452,934,090 8,903,930 1,413,425,408
4.01
CRR ( Cash Reserve Requirement ) & SLR ( Statutory Liquidity Ratio ) CRR : Required Amount ( Taka in crore ) Maintained Amount ( Taka in crore ) SLR (including CRR ) : Required Maintained Amount ( Taka in crore ) Amount ( Taka in crore )
4.02 34.58 40.46 55.39 28.28 34.58 2.36 255.35 30 0.7 0.2 551.39
0.06 04.77 363.8 392.88 23.35 94.6 .89 27.30 0.00 2.09 0.09 392.88
4.02
Components of SLR (Taka in Crore): Cash in hand Balance with Bangladesh Bank (as per bank statement) Balance with Sonali Bank Treasury Bills Treasury Bonds Agrani Bank Industrial Development Bond Prize Bonds Balance with other Banks & Financial Institutions: In Bangladesh : In FDR accountsBRAC Bank Ltd. Mercantile Bank Ltd. National Bank of Pakistan Bank Al Falah Lanka Bangla Finance Co Ltd. IIDFC IDLC Shahjalal Bank Ltd. Arab Bangladesh Bank Ltd. Phoenix Leasing Co. Ltd. Dutch Bangla Bank Ltd. International Leasing & Financial Service Ltd. In STD accountsDutch Bangla Bank Ltd. BASIC Bank Ltd. Sonali Bank Agrani Bank Janata Bank In CD accountStandard Chartered Bank Arab Bangladesh Bank Ltd. Agrani Bank Sub total
5.00
Currency Taka Taka Taka Taka Taka Taka Taka Taka Taka Taka Taka Taka Taka Taka Taka Taka Taka Taka Taka Taka
33,276,043 203,325,000 203,058,333 02,075,000 56,34,000 44,603,867 03,65,550 5,373,654 4,936,999 3,578,677 475,085 295,739 ,4,03 200,000 29,032 1,439,820,992
87,565,000 00,000,000 00,000,000 50,000,000 300,000,000 00,000,000 60,450 30,33,49 3,722,495 42,400 282,679 ,000,000 200,000 574,879 783,960,394
8

2007 Taka 97,460,29 29,524,570 25,577,232 67,350,449 9,50,268 358,834 2,782,487 0,892,25 2,804,962 8,985,798 2,709,000 2,90,933 2,07,933 4,59,697 6,024,294 5,979,897 0 50,939 6,965 66,804,06 8,55,80 5,93,06 360,520,526 32,015,250 392,535,776 1,832,356,768 2006 Taka 29,968,75 3,266,404 50,083 297,073 ,802,345 680,96 2,852,845 6,4,334 2,990,04 33,438,087 2,569,424 9,04,356 ,978,908 4,059,965 66,883 5,552,952 0 ,487,482 596,728 79,483 3,875,06 7,594,780 8,59,496 175,569,497 175,569,497 959,529,891 22,964,89 500,000,000 237,565,000 959,529,891
Outside Bangladesh in current accounts : Mashreqbank, New York AMEX, New York Habib American Bank Mashreqbank, London National Commercial Bank,Jeddha Standard Chartered Bank, Singapore Mashreqbank, London Standard Chartered Bank, London AMEX, Germany Standard Chartered Bank, London Hypo Vereins Bank Commerze Bank AMEX, Kolkata Standard Chartered Bank, Kolkata Standard Chartered Bank, Pakistan Citibank NA, Mumbai Rupali, Pakistan HSBC,Mumbai Nepal Bangladesh Bank HSBC, New York JP Morgan New York Mashreqbank, Mumbai Mashreqbank, London AMEX, Tokyo AB Bank, Mumbai ICICI, Mumbai Outside Bangladesh in Term Deposit Sub total Total 5.01
Currency US$ US$ US$ US$ US$ SGD GBP GBP EUR EUR EUR EUR ACU ACU ACU ACU ACU ACU ACU US$ US$ ACU EUR JPY ACU ACU
Maturity grouping of Balance with other Banks and Financial Institutions On Demand 404,523,725 Less than three months ,03,229,76 More than three months but less than one year 44,603,867 More than one year but less than five years More than five years 1,832,356,768
5.02
Currency wise position and Exchange rate applied for conversion of Balance with other banks in foreign currency into Local currency as on December 3, 2007 are as follows : Name of the Bank Mashreqbank, New York AMEX, New York Habib American Bank JP Morgan New York Mashreqbank, London HSBC, New York National Commercial Bank,Jeddha Standard Chartered Bank, Singapore Mashreqbank, London Standard Chartered Bank, London AMEX, Germany Standard Chartered Bank, London Currency US$ US$ US$ US$ US$ US$ US$ SGD GBP GBP EUR EUR Amount in Foreign Exchange Currency Rate ,45,545.26 68.85 428,824.54 68.85 37,492.2 68.85 23,686.42 68.85 978,220.02 68.85 970,283.46 68.85 32,90.50 68.85 7,800.74 46.00 9,924.72 39.65 77,995.88 39.65 27,298.90 02.75 87,453.02 02.75 Amount in Taka 97,460,29.5 29,524,569.58 25,577,232.46 8,55,80.02 67,350,448.38 66,804,06.22 9,50,268.28 358,834.04 2,782,487.5 0,892,24.64 2,804,96.98 8,985,797.8
9

Hypo Vereins Bank Commerze Bank AMEX, Kolkata Standard Chartered Bank, Kolkata Standard Chartered Bank, Pakistan Citibank NA, Mumbai Rupali, Pakistan Mashreqbank, Mumbai HSBC,Mumbai Nepal Bangladesh Bank EUR EUR ACU ACU ACU ACU ACU ACU ACU ACU 26,364.96 28,330.25 30,093.44 66,69.32 87,498.82 86,853.99 0.5 85,882.58 739.85 900.00 2007 Taka 02.75 02.75 68.85 68.85 68.85 68.85 68.85 68.85 68.85 68.85 2,708,999.64 2,90,933.9 2,07,933.34 4,59,697.38 6,024,293.76 5,979,897.2 0.33 5,93,05.63 50,938.67 6,965.00 360,520,526 2006 Taka 250,000,000 50,000,000 50,000,000 200,000,000 50,000,000 70,000,000 20,000,000 30,000,000 50,000,000 970,000,000
6.00
Money at Call and Short Notice: AB Bank Ltd. Dhaka Bank Ltd. Jamuna Bank Ltd. Bangladesh Krishi Bank Brac Bank Ltd. Bank Asia Ltd. Premier Leasing Intl Ltd. Phoenix Leasing Co. Ltd. International Leasing & Financial Services Ltd. Investments : Government Securities: Treasury Bills ( at present value ) : 9 days Treasury Bills 82 days Treasury Bills 364 days Treasury Bills 2 Years Treasury Bills 5 Years Treasury Bills Less: Unearned Interest on Treasury Bills Treasury Bonds 5 Years Treasury Bonds 0 Years Treasury Bonds Prize Bonds ( at face value ) Sub Total Other Investments: Shares in quoted companies by Merchant Banking (Annexure-A) Shares in unquoted companies ( at face value) : Industrial & Infrastructure Dev. Finance Co. Ltd. Central Depository (BD) Ltd. Bonds ( at face value ) : 5 Years Agrani Bank Industrial Development Bond Years - 5 years IPDC Zero Coupon Bond Less: Unearned Interest on IPDC Zero Coupon Bonds
7.00
98,970,274 ,060,508,989 998,28,506 395,924,76 2,553,53,945 2,553,531,945 622,6,304 720,007,572 1,342,168,876 1,151,800 3,896,852,621 12,751,280 8,26,000 0,000,000 28,216,000 7,000,000 3,98,000 27,958 3,709,042 8,000,000 59,676,322 3,956,528,943
200,000,000 550,000,000 ,390,000,000 850,000,000 2,990,000,000 233,35,44 2,756,684,856 909,400 2,757,594,256 6,560,000 0,000,000 26,560,000 20,000,000 0,28,000 754,226 9,463,774 8,000,000 64,023,774 2,821,618,030
Share of Dhaka Stock Exchange Ltd Sub Total Total Valuation of investments in Shares of quoted companies are shown in Annexure-A.
20

2007 Taka 2,493,942,249 ,409,90,372 52,676,322 3,956,528,943 ,5,800 94,69,655 ,62,362,29 ,06,509,206 340,335,99 3,956,528,943 909,400 28,75,530 ,97,23,42 ,307,759,688 34,560,000 2,821,618,030 2006 Taka
7.01
Grouping of Investments: Held To Maturity (HTM) Held For Trading (HFT) Other investemnts Maturity grouping of Investments as follows: On Demand Less than three months More than three months but less than one year More than one year but less than five years More than five years Loans and Advances Loans, Cash Credit, Overdrafts: In Bangladesh: Loans: Term Loan General Loans Demand Loan House Building Loan PAD Trust Receipts Product Lease Finance (8.0) Staff loan against P.Fund Consumer Financing Export Development Fund Home Loan Refinance Car Loan (Employee) Small Enterprise Financing Cash Credit Secured Overdraft Outside Bangladesh Bills Purchased and Discounted ( excluding Treasury bills ) : Payable in Bangladesh Payable outside Bangladesh Total Loans and Advances
7.02
8.00
3,660,648,929 262,32,992 54,063,824 603,583,759 ,602,292,03 6,465,685,849 36,73,28 25,069,493 7,470,054 2,257,25 ,65,2 504,39 2,340,750 59,233,495 13,147,160,950 3,749,196,127 2,946,374,602 9,842,73,679 19,842,731,679 2,088,290,649 752,205,329 2,840,495,978 22,683,227,657 45,934,480 47,76,435 293,650,95 42,58,422 251,069,493 4,934,80,297 4,673,587,9 9,245,84,9 3,068,796,637 760,849,43 22,683,227,657
2,342,475,778 235,53,84 22,373,597 49,204,852 873,267,48 6,209,069,30 48,538,576 78,320,0 3,54,728 5,453,476 ,425,785 10,358,797,291 2,976,013,794 3,021,605,292 6,356,46,377 16,356,416,377 ,669,698,894 565,405,360 2,235,104,254 18,591,520,631
8.01
Gross Lease Rental Receivable: Gross lease rental receivable within year Gross lease rental receivable within 5 years Gross lease rental receivable after 5 years Less: Unearned Lease Rental
8.02
Maturity grouping of Loans and Advances On Demand Not more than three months More than three months but less than one year More than one year but less than five years More than five years
2,46,748,92 2,203,495,00 ,46,490,36 ,93,439,743 866,346,560 18,591,520,631
2

8.03 a) b) Concentration of Loans and Advances: Loans and Advances to Institutions in which the Directors of the Bank have interest Advances to Managing Director & other Senior Executives Advances to IndustriesFood RMG & Textile Jute & Jute products Leather and Leather products Paper, paper products & printing Wood and wood products Pharmaceuticals Plastic & Rubber Petroleum & Edible Oil Chemical & Chemical Products Glass & Glass products Assembling Metal & Metal products Non-matelic mineral products Electricity & Gas Industry Service Industries Small Scale Others 2007 Taka 29,867,976 3,655,397 66,730,000 3,073,475,000 03,249,000 8,357,000 625,289,000 238,000 64,47,000 300,543,000 92,097,000 75,883,000 64,36,000 399,7,000 634,55,000 29,439,000 75,50,000 47,720,000 309,422,000 546,470,000 7,466,2,000 2006 Taka 36,92,996 3,5,596 35,52,000 ,590,047,000 9,6,000 8,39,000 270,320,000 56,524,000 328,756,000 483,093,000 453,758,000 84,952,000 82,696,000 603,55,000 26,063,000 733,77,000 72,847,000 203,576,000 307,29,000 6,383,426,000
No. of borrowers to whom credit facilities of more than 5% of the capital of the bank have been given is 7. Outstanding credit facilities of these borrowers as on December 3, 2007 is Taka 698.78 Crore. Total Name of the clients Outstanding (Taka in Core) Classification (Taka in Status Funded Non - Funded Core) Jamuna Denims Ltd. Appollo Ispat Complex Ltd. Tanveer Dal Mills & Flour Mills Ltd. City Seed Crushing Ind. Ltd. MSA Spinning Mills Ltd. The Asia Pacific Refineries Ltd. Chittagong Denim Mills Ltd. Bulk Trade International. AJI Apparels Industry Ltd. Polo Composite Knit Industry Ltd. A.K. Corporation Ltd. PHP Corporation T.K. Chemical Complex Ltd. M.M. Steel Galvanizing Plant Ltd. Modern Poly Industries Ltd. Akter Enterprise kollol Enterprise Total 8.04 Classification of Loans and Advances: Standard SMA Substandard Doubtful Bad & Loss 20.99 28.97 3.67 .76 3.98 23.59 28.6 .03 3.2 2.36 5.98 3.57 20.9 24.97 62.6 32.95 392.14 9.04 9.6 0.28 30.85 .02 8.98 9.4 6.37 20.00 9.87 7.54 36.80 8.02 7.09 7.03 0.00 0.00 306.64 40.03 38.58 4.95 32.6 43.00 32.57 47.75 6.37 2.03 33.07 38.90 52.78 49.59 37.99 32.00 62.6 32.95 698.78 UC UC UC UC UC UC UC UC UC UC UC UC UC UC UC UC UC
2,669,395,657 472,89,000 25,245,000 75,274,000 25,24,000 22,683,227,657
8,223,306,63 76,590,000 83,966,000 3,600,000 4,058,000 18,591,520,631
22

2007 Taka 5,358,345,307 7,74,84,542 62,733,655 87,334,53 22,683,227,657 22,6,83,508 265,485,99 255,90,950 2006 Taka 2,266,89,826 6,295,372,865 26,208,328 3,749,62 18,591,520,631 7,335,448,9 52,399,379 ,203,672,34
8.05
Geographical Location wise Loans and Advances Dhaka Chittagong Rajshahi Sylhet Khulna Barishal Particulars of Loans and Advances: I) Debts considered good in respect of which the bank company is fully secured. II) Debts considered good for which the bank holds no other security than the debtors personal security. III) Debts considered good secured by the personal liabilities of one or more parties in addition to the personal security of the debtors. IV) Debts considered doubtful or bad, not provided for. V) Debts due by directors or officers of the bank or any of them either severally or jointly with any other person. VI) Debts due by companies or firms in which the Directors of the bank are interested as partners or managing agents or in case of private companies, as members. VII) Maximum total amount of advances, including temporary advances, made at any time during the year to Directors or Managers or Officers of the bank or any of them either severally or jointly with any other person. VIII) Maximum total amount of advances, including temporary advances granted during the year to the companies or firms in which the Directors of the bank are interested as partners or managing agents or in case of private companies, as member. IX) Due from other banking companies X) Classified loans on which no interest/profit charged XI) Provisions maintained against classified loans and advances xii) Interest credited to Suspense account during the year (net) xiii) Cumulative amount of loans written off xiv) Amount of loans written off during the year
8.06
22,683,227,657 33,698,80
18,591,520,631 6,258,482
27,824,572
33,806,0
4,45,369
25,057,004
34,86,98 25,24,000 27,429,923 99,43,65 -
39,07,09 4,040,303 30,282,078 24,005,728 -
23

2007 Taka ,236,640,969 ,85,424,592 48,430,47 2,840,495,978 9.00 Fixed Assets including premises,furniture & fixtures Land Immovable Property Furniture & fixtures Interior decoration Office equipments Motor vehicles Books & Periodicals Details are shown in Annexure-B 10.00 Other Assets Stamps on hand Stock of stationery Advance Office Rent Advance Deposit Prepaid Promotional Expenses Suspense Account (0.0) Advance Income Tax (0.02) Interest receivables (figure of 2007 included in Loans and Advances) Adjusting Account-Debit Clearing house adjustment Payment Against Construction of Head office Branch adjustment net (0.03 ) 04,253,000 0,275,49 23,835,096 56,928,395 82,52,407 23,782,74 275,560 301,871,321 2006 Taka 97,259,73 573,039,696 744,804,827 2,235,104,254 04,253,000 0,538,66 2,73,469 46,023,356 75,628,32 7,890,304 2,45 276,186,202
8.07
Maturity grouping of Bills purchased and Discounted Payable within one month More than one month but less than three months More than three months but less than six months More than or equal to six months
36,525 3,227,368 44,877,443 2,020,555 3,6,500 32,444,45 850,399,4 9,38,37 3,850 2,652,884 229,320,405 1,178,300,763
352,043 4,330,468 38,328,066 ,553,450 2,493,49 442,0,900 86,390,524 0,736,382 ,473,695 20,540,80 718,210,820
10.01 Suspense account represents DD paid without advice, advance against expenses for advertisement, opening of new branch, traveling expenses etc. 10.02 Advance Income Tax Balance as on January 2007 Add: Payment made during the year Less: Adjustment made during the year (Note-3.04) Balance as on 3 December 2007 10.03 Branch Adjustment (net) Entries No. of entries outstanding as on 32-2007 23 3 236 Amount in Taka Amount in Taka 442,0,900 408,387,5 850,399,4 850,399,411 592,398,68 39,343,74 9,742,332 469,730,432 442,011,900
Debit entries Credit entries
268,330,530 39,00,25 229,320,405
5,30,343 30,589,542 120,540,801
24

2007 Taka Period wise details of Unreconciled Inter Branch Transaction are as follows : Period of Unreconciliation Less than 3 months 3 months to Less than 6 months 6 months to Less than 9 months 9 months to Less than 2 months 2 months and more Total Debit Entry No. of Entry Amount(Tk.) 23 268,330,530 123 268,330,530 Credit Entry No. of Entry Amount(Tk.) 3 39,00,25 113 39,010,125 2006 Taka
All the above outstanding entries have subsequently been responded and properly reconciled. 10.04 Classification of Other Assets Unclassified Doubtful Bad/Loss ,78,300,763 1,178,300,763 78,20,820 718,210,820
11.00 Borrowings from other Banks, Financial Institutions & Agents In Bangladesh Southeast Bank Ltd. Mercantile Bank Ltd. Agrani Bank Janata Bank Eastern Bank Ltd. Dutch Bangla Bank Ltd. The City Bank Ltd. Bank Alfalah National Bank Ltd. Premier Bsank Ltd. Rupali Bank Ltd. BASIC Bank Ltd.
200,000,000 300,000,000 50,000,000 200,000,000 250,000,000 600,000,000 300,000,000 00,000,000 400,000,000 200,000,000 200,000,000 200,000,000 3,100,000,000
12.00 Deposits and other accounts: Current Deposits & Other Accounts : Current Deposits Short Term Deposits Foreign Currency Deposits Non-resident taka account Sundry Deposits Bills Payable : PO Issued PS Issued DD Payable Savings Deposits Fixed Deposits : From Banks From other than Banks
,633,622,680 588,583,49 44,58,807 98,849,392 ,567,803,507 3,933,377,877 393,34,590 9,703,746 2,534,092 525,372,428 2,147,296,683 489,997,500 5,844,47,498 16,334,144,998
930,039,508 428,876,389 36,394,658 49,584,577 ,359,224,809 2,804,119,941 84,63,28 909,573 ,86,544 196,727,245 1,439,402,890 00,000,000 6,49,24,24 16,519,124,214
25

Deposit-Products : Brick by Brick Save Everyday Deposits Festival Savings Plan Children Education Best invest Deposits Unique Savings Plan MTB Double Saver Plan MTB Triple Saver Plan MTB Millionaire Plan MTB Education Plan MTB Monthly Benefit Plan 2007 Taka 852,23,825 2,286,665 9,295,378 9,592,720 99,937,33 5,59,820 482,33,94 22,997,52 53,266,546 2,393,962 297,3,840 ,836,732,982 24,776,924,968 3,954,508,262 3,342,0,480 5,596,490,372 9,328,756,006 ,538,995,49 ,06,073,357 24,776,924,968 548,429,923 55,000,000 23,64,438 33,684 625,56,637 ,65,2 86,884,994 6,994,662 5,000,000 00,000 28,686,322 2,500,000 ,000,000 500,000 76,299 2,260,674,080 209,700,000 2,300,000 331,000,000 30,282,078 192,000,000 4,852,155 217,429,923 548,429,923 2006 Taka 602,868,84 2,654,625 8,,425 7,739,699 92,822,04 3,480,897 37,836,502 3,859,95 7,336,06 777,435 407,84,960 ,304,67,699 22,264,045,989 2,629,93,852 ,803,420,465 4,878,35,945 0,274,499,038 ,479,235,08 ,98,607,608 22,264,045,989 239,982,078 24,228,273 33,684 203,880,755 ,425,785 674,620,756 9,508,477 2,500,000 60,000 28,668,390 2,500,000 ,000,000 ,000,000 64,669,069 988,750 1,815,066,017 45,000,000 64,700,000 209,700,000 30,300,000 7,922 30,282,078 239,982,078
12.01 Maturity grouping of Deposits and other accounts: On Demand Repayable within one month More than one month but within three months More than three months but within one year More than one year but within five years More than five years 13.00 Other Liabilities Provision for loans and advances ( 3.0) Provision for Off Balance Sheet Items Provision for Other Assets Interest Suspense ( 3.02) Exchange Equalization Fund Short term liabilities to Banks abroad (3.03) Export Development Fund Provision for Tax (3.04) Deferred Tax Liability Provision for Gratuity [2.(b)] Provision for Audit Fees Provision for Bonus Contribution to Mutual Trust Foundation Provision for MTB Employees Death Benefit Scheme Contribution to MTB Employees Welfare Fund Interest payable Adjusting A/C Credit 13.01 Provision for Loans and Advances Opening balance Add: Provision made during the year Total provision for unclassified loans and advances Opening balance Add: Provision made during the year Less: Interest waived during the year Provision for classified loans and advances
13.02 Interest suspense account represents interest on loans and advances against SMA, substandard and doubtful loans. 13.03 Short term liabilities to Banks abroad represents over withdrawn from foreign Bank account against bank balance for unreconciled entries.
26

13.04 Provision for Tax Opening balance Add: Provision made during the year Less: Adjustment made during the year Year 999 (assessment year 2000-200) Year 2000 (assessment year 200-2002) Year 200 (assessment year 2002-2003) Year 2002 (assessment year 2003-2004) Year 2003 (assessment year 2004-2005) Year 2004 (assessment year 2005-2006) 2007 Taka 674,620,756 87,264,238 861,884,994 2006 Taka 750,838,736 393,52,452 469,730,432 4,466,708 33,202,942 76,3,84 53,539,772 202,209,826 674,620,756
Assessments of Corporate tax of the bank for the year 999 (assessment year 2000-200) upto the year 2004 (assessment year 2005-2006) have been completed and finalized by the Tax Authority. 14.00 Capital 14.01 Authorized capital: 38,000,000 ordinary shares of Tk.00 each 3,800,000,000 1,000,000,000
14.02 Issued, subscribed and paid-up capital: The issued, subscribed and paid-up capital of the Bank as on December 3, 2007 is Taka 997,920,000 divided into 9,979,200 Ordinary shares and 2006 is Taka 950,400,000 divided into 9,504,000 Ordinary shares of Taka 00 each as follows: 6,000,000 Ordinary shares (2006: 6,000,000 Ordinary shares) of 600,000,000 600,000,000 Tk 00 each issued for cash. 3,979,200 Ordinary shares (2006: 3,504,000 Ordinary shares) of Tk 00 each issued as bonus shares 397,920,000 997,920,000 14.03 The break up of issued, subscribed and paid-up capital is as follows: December 2007 No. of shares Value of shares in Taka Sponsors 4,378,293 437,829,300 Financial Institutions 2,76,99 27,69,900 General 2,883,988 288,398,800 9,979,200 997,920,000 350,400,000 950,400,000
% of holding 43.87% 27.23% 28.90% 100%
14.04 Capital adequacy requirements There is a surplus of Taka 43.2 million in the capital fund of the Bank as on 3 December 2007 computed in accordance with BRPD Circular # 0 dated November, 2002 and BRPD Circular # 03 dated 09 May 2004. Details of such surplus capital fund are given below ( figure in million Taka ) : Taka in Million Taka in Million Total risk weighted assets 23278.34 7,872.53 Required Capital : 0% (2006: 9%) of total risk weighted assets 2,327.83 ,608.53 Actual capital maintained Core Capital (Tier-I) : Paid up Capital 997.92 950.40 Share Premium 00.00 00.00 Statutory reserve 590.24 5.3 General reserve 05.68 39.89 3.69 303.38 Retained Earnings ,925.53 ,904.80 Supplementary Capital (Tier-II) : General Provision including off balance sheet items 386.00 209.70 Revaluation Gain on Investments in HTM Securities 59.39 0.03 0.03 Exchange equalization 445.42 209.73 Total Capital(Tier-I+Tier-II) 2,370.95 2,4.53 43.12 506.00 Surplus Capital Adequecy ratio 10.19% 11.83%
27

2007 Taka 14.05 Distribution schedule of shareholders by holdings as on December 31, 2007 Holdings Less than 500 shares 500 to 5,000 shares 5,00 to 0,000 shares 0,00 to 20,000 shares 20,00 to 30,000 shares 30,00 to 40,000 shares 40,00 to 50,000 shares 50,00 to 00,000 shares 00,00 to ,000,000 shares Over ,000,000 shares December 2007 No. of Value of shares Total Holdings % Shareholders in Taka 7,407 67,367,200 6.75% 807 92,283,600 9.25% 36 25,343,300 2.54% 22 3,630,000 3.7% 4 34,584,600 3.47% 9 3,306,700 3.4% 49,277,400 4.94% 7 29,86,400 3.0% 22 536,265,800 53.74% 0.00% 8,345 997,920,000 100% 2006 Taka
15.00 Share Premium The amount shown under the above head represents the amount of share premium received during the year 2003 from Pre-IPO placement arrangements and Initial Public Offerings(IPO). 16.00 Statutory Reserve Opening balance Add: Transferred during the year (20% of pretax profit ) 17.00 General Reserve Opening balance Add: Transferred from Profit and Loss account 18.00 Retained Earnings: Opening balance Less: Bonus share issued during the year Less: Cash dividend paid during the year Less: Transferred to General Reserve Add: Profit made during the year Less: Transferred to Statutory Reserve 19.00 Contingent Liabilities & Commitments Letter of Guarantee (9.0) Letter of Credit : Letter of Credit (Cash) Letter of Credit (Back to Back) Letter of Credit (EDF) Letter of Credit (Deferred) Letter of Credit (Inland) Bills for collection : Inland Foreign LDBC FDBC Other Contingent Liabilities : IFDBC (Back to Back) IFDBC (Cash) Accepted Bill (Inland) Accepted Bill (Foreign) 5,24,778 79,0,508 590,235,286 39,894,467 65,784,976 105,679,443 303,384,976 47,520,000 90,080,000 65,784,976 20,802,7 79,0,508 131,691,609 3,273,141,620 2,706,579,300 ,249,587,500 2,39,000 8,787,500 68,853,500 4,209,198,800 36,788,098 5,730,267 84,908,050 87,368,273 414,794,688 2,327,998,650 683,875,000 7,3,000 3,019,004,650 10,916,139,758 336,230,355 74,894,423 511,124,778 35,949,09 3,945,448 39,894,467 2,305,448 86,400,000 20,960,000 3,945,448 478,279,399 74,894,423 303,384,976 3,044,696,931 2,998,878,500 745,358,000 34,705,000 3,772,000 99,458,600 3,882,172,100 3,42,663 94,079,79 125,492,382 ,945,65,000 365,886,500 300,983,000 6,509,000 2,619,029,500 9,671,390,913
28

2007 Taka 2,773,84,573 ,952,957 497,374,090 3,273,4,620 ,090,66,60 2,182,480,019 2,182,480,019 4,209,98,800 6,292,46,270 44,794,688 10,916,139,758 2,6,643,280 32,404,495 93,67,470 9,203,949 2,846,923,194 42,278,77 34,499,666 80,48,778 3,889 64,906,285 794,475,820 3,843,673 3,26,779 6,905,833 2,929,29 430,947 45,55,06 5,025,460 344,4,900 4,35,82 247,743 259,030,462 6,475,227 2,611,643,280 68,67,470 25,000,000 193,671,470 2006 Taka 2,796,497,755 2,583,448 245,65,728 3,044,696,93 ,232,088,000 1,812,608,931 1,812,608,931 3,882,72,00 5,663,726,43 25,492,382 9,671,390,913 2,220,906,926 52,655,33 55,308,433 2,099,349 2,340,970,021 249,562,400 32,57,834 36,980,760 22,082,586 776,96,062 ,056,657 23,220,207 2,06,743 40,647 379,20,873 5,84,692 357,904,899 2,762 3,587,368 27,044,60 2,903,276 2,220,906,926 36,352,94 8,956,239 55,308,433
19.01 Letter of Guarantee I) Claims against the Bank not acknowledged as debts ii) Money for which the bank is contingently liable in respect of guarantees given favoring : Directors Government Bank and other Financial Institutions Others Less: Margin iii) Liability on account of bills re-discounted iv) Liability on account of outstanding forward exchange contract 19.02 Segregation of Commitment by Type Documentary Credit and Short Term Business Related Transaction Forward Asset Purchase and Forward Deposit Endorsed formal standby facilities, Credit facilities and other commitments: Less than one year One year and above Spot and Forward Foreign Exchange Rate Contract Other Exchange Contract Others 20.00 Interest Income Loans and Advances ( 20.0) Money at call and short notice Balance with other Banks and Financial institutions (20.02 ) Bangladesh Bank Foreign currency clearing accounts 20.01 Interest on Loans and Advances Term Loans General Loans House Building Loans Home loan refinance PAD LTR Demand Loan Lease rental income Consumer Financing Small enterprise financing Staff loan against P.Fund Loan Cash Credit Best invest Loan Overdraft IFDBC IBP IDBP FDBP 20.02 Interest on Balance with other Banks and Financial Institutions Interest on Balance with other Banks in Bangladesh Interest on Balance held with outside Bangladesh
29

2007 Taka 3,00,672,888 3,643,200 28,908,089 4,02,867 66,05,60 86,433,422 3,480,694,626 2,292,357,53 30,434,478 9,092,730 3,957,347 2,76,842,086 763,852,540 2,235,638,547 56,78,984 2,292,357,531 80,54,33 25,967,83 ,965,389,628 63,766,757 2,235,638,547 49,733,504 4,056,73 959,459 4,02,867 3,643,200 162,414,761 22,52,776 66,05,60 6,755,33 384,923,249 22,73,57 03,455,885 35,32,238 0,542,297 6,753,99 ,336,525 ,7,579 4,98,923 ,82,654 24,088,963 ,909,69 8,053 212,152,776 2006 Taka 2,522,608,556 2,760,000 227,704,662 73,743,752 66,684,925 2,993,501,895 ,708,636,36 230,96,887 59,29,548 25,347,209 2,024,029,780 969,472,115 ,708,63,00 23,26 1,708,636,136 55,27,674 6,77,787 ,520,825,652 5,797,897 1,708,613,010 7,366,93 4,656,834 5,64,770 2,760,000 184,398,535 227,423,30 73,743,752 28,36 401,448,414 9,562,460 7,293,264 36,82,393 3,3,550 6,90,345 5,33,235 676,6 3,384,46 ,440,037 3,380,804 ,337,47 670 227,423,301
21.00 Income Statement Interest, discount and similar income Dividend income Fee, Commission and Brokerage Gain less losses arising from dealing securities Gain less losses arising from investment securities Gain less losses arising from dealing in foreign currencies Income from non banking assets Other operating income Profit less losses on interest rate changes Expenses Interest, Fee and Commission Losses on Loans and advances Administrative expenses Other operating expenses Depreciation on Banking Assets Operating profit 22.00 Interest paid on Deposits & Borrowings etc. Interest on Deposits and other accounts (22.0 ) Interest on Borrowings from other Banks and Financial Institutions 22.01 Interest on Deposits and other accounts Savings Deposits Short Term Deposits Fixed Deposits Deposit-Products 23.00 Income from Investments Interest on Treasury Bills Interest on Treasury Bonds Reverse REPO Interest on Bonds Gain on Investment in shares by Merchant Banking Dividend on Investment in Shares 24.00 Commission, Exchange & Brokerage Commission (24.0 ) Exchange Brokerage 24.01 Commission Letter of Guarantee Letter of Credit Acceptance of Bills LC Advising Export Bills PO, DD & TT Exchange houses Foreign Remittance On-line service IBP/FBP/IDBP FDBC/IFDBC OBC Others
30

2007 Taka 5,267,984 48,66 8,997,98 29,675,928 3,3,336 ,592,49 532,500 7,04,72 86,433,422 82,585,787 54,640,793 42,443,237 5,000,000 ,39,826 8,333,793 6,32,54 200,707,950 620,000 620,000 36,720,490 784,039 0,869,50 7,40,084 55,774,763 4,690,067 ,45,649 6,696,763 4,935,284 17,467,763 6,28,792 2,84,273 2,03,328 5,287,493 16,486,886 3,957,347 4,873,50 36,830,497 2006 Taka ,395,44 54,28 6,967,686 2,575,024 4,35,49 322,06 338,000 ,220,968 66,684,925 55,746,539 44,78,740 43,040,040 2,500,000 ,26,025 7,29,9 4,676,823 158,532,358 425,000 425,000 26,469,976 ,7,753 6,994,909 5,60,209 40,192,847 3,944,797 639,594 4,404,09 3,676,629 12,665,039 ,424,92 5,687,823 ,329,995 4,684,42 13,126,422 25,347,209 2,989,282 28,336,491
25.00 Other operating Income Postage charge recoveries Telex, TP & Telegram charge recoveries Handling charges Service Charges SWIFT Charge recoveries DP Income Locker Rent Miscellaneous Earnings
26.00 Salary & Allowances Basic Pay Allowances Bonus Gratuity Daily Wages Leave Fare Assistance Provident Fund
27.00 Directors Fee Meeting fee Other fee
28.00 Rent, Tax, Insurance, Electricity etc. Rent Rates & taxes Insurance Power and electricity
29.00 Postage, Stamps, Telegram & Telephone etc Postage/Courier Service Telegram, Telex, Fax & e-mail On-line charges Telephone
30.00 Printing, Stationery, Advertisement etc. Printing & Security Stationery Computer Stationery Petty & Table Stationery Publicity & Advertisement
31.00 Depreciation on & repairs to Banks property Depreciation Repair
3

2007 Taka 32.00 Other Expenditures Security & Auxiliary Service Office Cleaning & maintenance Car expenses Entertainment Newspaper & Periodicals Clearing House Expenses Traveling & Conveyance Foreign Bank Charges Training/ Seminar participation Professional fees AGM Expenses Wasa & Gas Subscription & Donation SWIFT charge VISA expenses Rauter charge CDBL Charges Fees & Registration Business Development Promotional expenses Liveries & uniforms Branch Opening Expenses Contribution to MTB Foundation MTB Employees death benefit expenses Employees Welfare expenses Honorarium Miscellaneous Expenses 5,252,08 4,955,67 7,045,044 3,907,526 32,965 6,834 5,623,993 649,493 734,292 895,332 ,240,075 379,793 7,280,80 3,966,843 2,790,44 ,253,86 ,437,84 3,978,527 3,674,759 8,245,639 32,930 ,530,32 2,500,000 ,000,000 500,000 6,700 ,77,66 91,092,730 33.00 Provision against loans and advances Provision for Classified Loans & Advances Provision for Unclassified Loans and Advances Provision for Off Balance Sheet Items Total amount of provision made during the year 2006 Taka 2,706,659 4,69,03 4,692,040 2,492,270 250,753 5,65 6,027,9 263,939 523,475 20,000 ,030,072 326,009 ,376,760 3,794,858 ,223,03 43,875 ,747,38 3,255,032 6,39,575 2,600 757,809 2,500,000 ,000,000 ,000,000 45,800 2,697,07 59,129,548
92,000,000 2,300,000 55,000,000 368,300,000
30,300,000 64,700,000 95,000,000
34.00 Provision for Tax Provision for corporate tax in respect of the year 2007 (Assessment year 2008-09) has been made as per rule . Corporate tax assessments upto the year 2004 ( upto assessment year 2005-06 ) have been completed and finalized. Corporate tax return for the year 2006 (Assessment year 2007-08) and 2005 (Assessment year 2006-07) has been filed to the DCT, LTU, Dhaka. 35.00 Earning Per Share (EPS): Net Profit after tax (Taka) Number of ordinary shares outstanding(2006:Adjusted for bonus share) Earning Per Share (EPS)
20,802,7 9,979,200 2.2
478,279,399 9,979,200 47.93
32

2007 Taka 53,808,095 5,267,984 48,66 8,997,98 29,675,928 3,3,336 ,592,49 532,500 7,04,72 240,241,517 55,774,763 ,803,966 7,467,763 00,000 6,486,886 620,000 4,873,50 9,092,730 188,219,258 2006 Taka 73,06,852 ,395,44 54,28 6,967,686 2,575,024 4,35,49 322,06 338,000 ,220,968 239,746,777 40,92,847 525,939 2,665,039 60,000 3,26,422 425,000 2,989,282 59,29,548 129,114,077
36.00 Received from other operating activities: Exchange Postage charge recoveries Talex,Telephone and Telegram charge recoveries Handling charge Service charge SWIFT charge recoveries DP income Locker rent Miscellaneous income
37.00 Payment for other operating activities: Rent, Tax, Insurance, Electricity etc. Legal expenses Postage, Stamps, Telegram & Telephone etc. Audit fee Printing, Stationery, Advertisement etc. Directors Fee Repair Other expenditure
38.00 Number of Employees The number of employees engaged for the whole year or part thereof who received a total remuneration of Taka 36,000 or above were 578. 39.00 No. of Branches 40.00 No. of meetings Board meetings Executive Committee meetings 41.00 Assets pledged as security for liabilities as on 3 December 2007 is nil. 42.00 Auditors work hour The external auditors of the bank, Howladar Yunus & Co., Chartered Accountants covered 80% of the banks risk weighted assets and has spent around 4,002 man-hours to complete the audit as per Bangladesh Standard on Auditing (BSA). 30 25
6
5
33

43.00 Related Party Disclosure 43.01 Name of Directors and their shareholdings as on December 31, 2007 Name Designation December 2007 No. of Shares held ASTRAS Limited represented by Mr. Samson H Chowdhury Advanced Chemical Industries Ltd. represented by Dr. Arif Dowla Mr. Syed Manzur Elahi Mr. Hedayetullah East West Properties Development Ltd. represented by Mr. Kh. Rashiduzzaman Al-haj Syed Abul Hossain Mr. M. A. Rouf Mr. Md. Abdul Malek Associated Builders Corporation Ltd. represented by Mr. Rashed Ahmed Chowdhury Mrs. Yasmeen Haque Mr. A.F.M. Mahfuzul Hasan Mr. Md. Wakiluddin Mr. Saidur Rahman Ratan Chairman Vice Chairman Director Director Director Director Director Director Director Director Director Director Director 249,480 332,640 340,956 55,945 332,640 332,640 6,320 27,050 498,960 Amount in Holding Taka % 24,948,000 33,264,000 34,095,600 5,594,500 33,264,000 33,264,000 6,32,000 2,705,000 49,896,000 2.50% 3.33% 3.42% 0.56% 3.33% 3.33% .62% .27% 5.00%
83,60 8,36,000 0.83% 25,000 2,500,000 0.25% 57,900 5,790,000 .58% 78,750 7,875,000 0.79% 2,776,441 277,644,100 27.82%
Name of the companies in which the directors of the bank have interest are given in Annexure - C 43.02 Related party transactions Name of party Square Securities Management Ltd. SNM Securities Ltd. Related with Mr. Samson H Chowdhury, Chairman Mr Syed Manzur Elahi, Director Transactions nature SOD SOD Outstanding amount in Taka 42,940 ,035,005 24,836,503 Remarks FDR Personal guarantee FDR
Pioneer Insurance Co. Ltd. Dr.Arif Dowla,Director SOD Mr Syed Manzur Elahi, Director Mr. Hedayetullah, Director Mr. Md Wakiluddin, Director Mr.Saidur Rahman Ratan,Director Mr.A.F.M.Mahfuzul Hasan,Director Mr Syed Manzur Elahi, Director Bank Guarantee Apex Tannery Ltd. & Mr Hedayetullah, Director International Publication Mr Syed Manzur Elahi, Director House building loan Mr Md Abdur Rouf Mr Md Abdur Rouf,Director House building loan
37,934 ,90,24 2,043,404
FDR Mortgage of Flat Mortgage of Apartment
34

43.03 Significant contracts where bank is a party and wherein directors have interest Nature of contract Lease agreement with Square Pharmaceuticals Ltd. Purpose Pabna Branch Name of Director and Related by Remarks
Samson H Chowdhury, Chairman Approved by Bangladesh Bank
44.00 Financial Highlights as of 31 December 2007 shown under Annexure- D
35
Annexure- A
Investment by Merchant Banking in Shares of quoted companies

As on December 3, 2007 Sl# Name of Company No. of Shares Held Face Cost of Holding Average Quoted Total Market Value Cost rate per Value of share Per share as as on Dec. 31, Share on Dec. 2007 31, 2007 00 00 00 00 00 00 00 00 00 ,228,687.44 ,8,3.22 4,626,042.3 894,797.95 49,235.05 3,344,084.84 70,353.96 507,029.45 370,936.40 12,751,280.44 383.96 372.70 398.80 298.27 49.24 305.40 283.92 362.6 353.27 52.75 49.00 39.00 337.75 573.25 304.00 366.00 44.50 388.25 ,669,600.00 ,257,000.00 4,535,600.00 ,03,250.00 573,250.00 3,328,800.00 29,600.00 68,00.00 407,662.50 13,622,862.50
2 3 4 5 6 7 8 9
Bank Asia Ltd. Marcantile Bank Ltd. EXIM Bank Ltd. Standard Bank Ltd. Southeast Bank Ltd. Premier Bank Ltd. Shahjalal Islami Bank Ltd. NCC Bank Ltd. Jamuna Bank Ltd. Total
3,200 3,000 ,600 3,000 ,000 0,950 600 ,400 ,050
36
Annexure-B
Fixed Assets Schedule

Particulars
Addition Balance as on during the 0.0.2007 year Taka Taka 04,253,000 ,393,980 29,088,05 62,904,522 22,956,646 33,220,592
Cost
Disposal Adjustment down Balance as on Balance as on Charged for Balance as on during the Rate made during 3.2.2007 0.0.2007 the year 3.2.2007 value as on year the year 3.2.2007 Taka Taka Taka Taka Taka Taka Taka - 04,253,000 855,364 7,356,582 6,88,66 47,328,334 5,330,288 44,932 87,796,666 63,338,137 263,467 2,266,532 4,947,082 7,24,90 7,27,490 2,586 31,957,347 25,347,209 497,572 - 04,253,000 ,8,83 9,623,4 2,828,248 64,569,524 22,050,206 0,275,49 23,835,096 56,928,395 82,52,407 23,782,74
Depreciation
Written
Land Immovable property Furniture & Fixtures Interior Decoration Office Equipments Motor Vehicles
4,370,59 5,852,2 24,34,285 3,960,650
,393,980 2.50% 33,458,20 0% 78,756,643 0%
- 47,090,93 20% ,348,322 45,832,920 20%
Books & Periodicals 66,077 76,00 363,982,868 58,493,216 Total 2007 Total 2006 299,897,815 65,281,053
342,078 0% 1,348,322 421,127,762 1,196,000 363,982,868
66,58 275,560 497,572 119,256,441 301,871,321 888,680 87,796,666 276,186,202
37
Annexure-C Name of Companies in which the Directors of the Bank have interest
SL # 0. Name of Directors of the Bank Mr Samson H. Chowdhury Chairman Representing ASTRAS Ltd. Name of Companies in which the directors have interest Chairman - Square Pharmaceuticals Ltd. - Square Textiles Ltd. - Square Spinning Ltd. - Square Toiletries Ltd. - Square Knit Fabrics Ltd. - Square Fashions Ltd - Square Agro Dev. & Processing Ltd. - Square Holdings Ltd. - Square Informatix Ltd. - Square Hospitals Ltd. - Square Consumer Products Ltd. - Square Herbal & Nutraceuticals Ltd. - ASTRAS Ltd. - Health Products Ltd. - Pharma Packages (Pvt.) Ltd. - Barnali Printers Ltd. - Aegis Services Ltd. - New Dhaka Refractories (BD) Ltd. - Microserve Ltd. - Central Depository Bangladesh Ltd. - Sabazpur Tea Company Ltd. Director - Midas Financing Ltd.
02.
Dr Arif Dowla Managing Director Vice Chairman - Advanced Chemical Industries Ltd. Representing Advanced Chemical Industries Ltd. - ACI Formulations Ltd. - ACI Salt Ltd. - Stochastic Logic Ltd. - ACI Foods Ltd. - ACI Pure Flour Ltd. - Apex Leather Crafts Ltd. Director ACI Trading Ltd. Pioneer Insurance Co. Ltd. ACI Agrochemicals Ltd. Consolidated Chemicals Ltd. Tetley ACI (Bangladesh) Ltd. ACI Godrej Agrovet (Pvt.) Ltd.
38
SL # 03. Name of Directors of the Bank Mr. Syed Manzur Elahi Director Name of Companies in which the directors have interest Chairman Apex Tannery Ltd. Apex Footwear Ltd. Apex Pharma Ltd. Apex Enterprise Ltd. Grey Advertising (BD) Ltd. Director Advanced Chemical Industries Ltd. Director Apex Tannery Ltd. Hedayetullah Securities Ltd. R & R Hides & Skin Agency
04.
Mr. Hedayetullah Director
05.
Mr. Kh. Rashiduzzaman Managing Director Director - Baitul Food Products Ltd. Representing East West Properties Development Ltd. Al-haj Syed Abul Hossain Director Managing Director - SAHCO International Ltd. - SAHCO Development Ltd. Chairman - China-Fuzian-SAHCO Wooden Pencil Factory Ltd. Proprietor - Balaka Bangladeshi Restaurant, UK - Diamond Properties (BD) Ltd. - Diamond Properties, UK - Dilse Restaurant Ltd. UK Chairman - Sheltech Consultant (Pvt.) Ltd. - Jebel-E-Noor General Hospital Ltd. Director - ABC Real Estate - ABC Builder Products Ltd. - Banga Garments Ltd. - Shamsuddin Tawels Ltd. - SAC Agency Ltd. None
06.
07.
Mr. M.A. Rouf Director
08.
Mr. Md. Abdul Malek Director Mr. Rashed Ahmed Chowdhury Director Representing Associated Builders Corp. Ltd
09.
0.
Yasmeen Haque Director
39
SL # . Name of Directors of the Bank Mr. A.F.M. Mahfuzul Hasan Director Name of Companies in which the directors have interest Proprietor - Joy Trading House Director - Mutual Packaging Industries Ltd. - Softech Computer & Networks Ltd. - Dinkum Travels & Tours Ltd. Proprietor - Baridhara Enterprise Director - Pioneer Insurance Co. Ltd. Proprietor - Ratan Enterprise - Mamtaj Jewellers Director - Pioneer Insurance Co. Ltd.
2.
Mr. Md. Wakiluddin Director
3.
Mr. Saidur Rahman Ratan Director
40
Annexure - D
Financial Highlights
As of December 3, 2007 Figure in million Taka SL# Items 2 3 4 5 6 7 8 9 0 2 3 4 5 6 7 8 9 20 2 22 Paid up Capital Total Capital Surplus in Capital Fund Total Assets Total Deposits Total Loans and Advances Total Contingent Liabilities Lending-Deposit ratio Classified Loans as % of Total loans and advances Profit after provision and tax Total Classified loans during the year Total provision maintained against classified loans Surplus in provision against classified loans Cost of Fund Earning assets Non-interest earning assets Return on Investments ( ROI ) Return on Assets (ROA ) Income from Investments Earnings per Share ( Figure in Taka ) Profit per Share ( Figure in Taka ) Price-Earning ratio ( Times ) 2007 997.92 2,370.95 43.2 32,8.90 24,776.92 22,683.23 0,96.4 9.55% 2.39% 20.8 54.64 27.43 0.30 9.5% 28,470.97 3,70.93 4.0% 0.66% 62.4 2.2 2.2 28.24 2006 950.40 2,4.53 506.00 25,983.92 22,264.05 8,59.52 9,67.39 83.50% .03% 478.28 9.63 30.30 0.03 0.33% 23,575.83 2,642.6 6.03% .82% 84.40 47.93 47.93 7.4
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Auditors Report to the Shareholders of

Mutual Trust Bank Limited

M utual Trust Bank Limited

M utual Trust Bank Limited

HOWLADAR YUNUS & CO

Dhaka, Bangladesh Dated: April 20, 2008

M utual Trust Bank Limited

As at December 3, 2007

3.00 4.00 5.00

301,871,321 1,178,300,763 32,181,896,220

276,186,202 718,210,820 25,983,916,227

14.00 15.00 16.00 17.00 18.00

M utual Trust Bank Limited

As at December 3, 2007

3,273,4,620 4,209,98,800 44,794,688 3,09,004,650 10,916,139,758

3,044,696,93 3,882,72,00 25,492,382 2,69,029,500 9,671,390,913 9,671,390,913

The annexed notes form an integral part of these accounts

Samson H Chowdhury Chairman

Dr. Arif Dowla Vice Chairman

Syed Manzur Elahi Director

Kazi Md. Shafiqur Rahman Managing Director

Signed as per annexed report on even date

HOWLADAR YUNUS & CO. Chartered Accountants

Dated: Dhaka April 20, 2008

M utual Trust Bank Limited

For the year ended December 3, 2007

Profit and Loss Account

Notes 20.00 22.00

M utual Trust Bank Limited

For the year ended December 3, 2007

Profit and Loss Account

47,520,000 90,080,000 65,784,976 79,0,508 382,495,484

86,400,000 20,960,000 3,945,448 74,894,423 386,99,87 303,384,976

Retained Surplus, Carried forward

Earnings per Share

The annexed notes form an integral part of these accounts

Samson H Chowdhury Chairman

Dr. Arif Dowla Vice Chairman

Syed Manzur Elahi Director

Kazi Md. Shafiqur Rahman Managing Director

Signed as per annexed report on even date

HOWLADAR YUNUS & CO. Chartered Accountants

Dated: Dhaka April 20, 2008

M utual Trust Bank Limited

Cash Flow Statement

The annexed notes form an integral part of these accounts

Samson H Chowdhury Chairman

Dr. Arif Dowla Vice Chairman

Syed Manzur Elahi Director

Kazi Md. Shafiqur Rahman Managing Director

Signed as per annexed report on even date

HOWLADAR YUNUS & CO. Chartered Accountants

Dated: Dhaka April 20, 2008

M utual Trust Bank Limited

Statement of Changes in Equity

Paid up Capital Share premium

Revaluation Surplus on Investments Taka Profit & Loss Account

Total Taka ,904,804,22 (90,080,000) 8,770,834 20,802,7

Balance as on 0 January 2007

Bonus share issued during the year

Cash dividend paid during the year Transferred to General Reserve

Revaluation gain during the year

Net profit for the year after tax

As at December 3, 2007

As at December 3, 2007

3,273,4,620 4,209,98,800 44,794,688 3,09,004,650 10,916,139,758

3,044,696,93 3,882,72,00 25,492,382 2,69,029,500 9,671,390,913 9,671,390,913

For the year ended December 3, 2007

For the year ended December 3, 2007

47,520,000 90,080,000 65,784,976 79,0,508 382,495,484

86,400,000 20,960,000 3,945,448 74,894,423 386,99,87 303,384,976

Total Taka ,904,804,22 (90,080,000) 8,770,834 20,802,7

Balance as on 0 January 2007

(79,0,508) 131,691,609 2,044,297,172

Particulars 2,229,60,768 404,523,725 ,03,229,76 -

For the year ended December 3, 2007

For the year ended December 3, 2007

For the year ended December 3, 2007

For the year ended December 3, 2007

For the year ended December 3, 2007

For the year ended December 3, 2007

For the year ended December 3, 2007

For the year ended December 3, 2007

,295,05,256 628,77,398 23,649,924 1,946,842,578

94,587,388 452,934,090 8,903,930 1,413,425,408

For the year ended December 3, 2007

For the year ended December 3, 2007

For the year ended December 3, 2007

2,46,748,92 2,203,495,00 ,46,490,36 ,93,439,743 866,346,560 18,591,520,631

For the year ended December 3, 2007

2,669,395,657 472,89,000 25,245,000 75,274,000 25,24,000 22,683,227,657

8,223,306,63 76,590,000 83,966,000 3,600,000 4,058,000 18,591,520,631

For the year ended December 3, 2007

34,86,98 25,24,000 27,429,923 99,43,65 -

39,07,09 4,040,303 30,282,078 24,005,728 -

For the year ended December 3, 2007