Auditors' Report of Grameen Bank

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1 Auditors' Report of Grameen Bank We have audited the accompanying Balance Sheet of Grameen Bank as at 31 December 2006 and the related Profit and Loss Account, which have been prepared by the Head Office from the returns submitted by all accounting centres as well as Cash Flow Statement, Statement of Changes in Equity and Notes to the Financial Statements for the year then ended. Respective Responsibilities of the Bank and Auditors Grameen Bank management is responsible for preparing these financial statements. Our responsibility is to express an independent opinion based on our audit on those financial statements and to report our opinion to the Board of Directors. Basis of Audit Opinion We conducted our audit in accordance with Bangladesh Standards on Auditing (BSA). Our audit includes examining, on a test basis, evidence relevant to the amounts and disclosures in the financial statements. Our audit also includes an assessment of the significant estimates and judgments made by the management of the Grameen Bank in the preparation of the financial statements, and of whether the accounting policies are appropriate to the Company's circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations, which we considered necessary to provide with us reasonable assurance that the financial statements are free from material misstatement. In forming our opinion, we also evaluated the overall adequacy of the presentation of information in the financial statements. We believe that our audit provides a reasonable basis for our opinion. Opinion The financial statements, prepared in accordance with International Accounting Standards (IAS) as adopted by Bangladesh, give a true and fair view of the state of affairs of Grameen Bank as of 31 December 2006 and of the results of its operations and its cash flow for the year then ended and comply with the Grameen Bank Ordinance 1983 (as amended up to 1995) and other applicable laws and regulations. We also Report that: 1. we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit and made due verification thereof; 2. in our opinion, proper books of accounts as required by the ordinance have been kept by the Bank so far as it appeared from our examination of the books and proper returns adequate for the purpose of our audit have been received from branches not visited by us; 3. the Bank's Balance Sheet and Profit and Loss Account together with the annexed notes dealt with by the report are in agreement with the books of accounts and returns; 4. the expenditures incurred and payments made were for the purpose of the Bank's business; 5. the financial position of the Bank as on 31 December 2006 and the profit for the year then ended have been properly reflected in the financial statements and the financial statements have been prepared in accordance with the Generally Accepted Accounting Principles; 1

2 6. adequate provisions have been made for loans and advances and other assets which are, in our opinion, doubtful of recovery; 7. the Financial Statements have been drawn up in conformity with Grameen Bank Ordinance 1983 and in accordance with the accounting rules and regulations; 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; 10. the information and explanations required by us have been received and found satisfactory; Ahmad & Ahmad Dated: 01 August 2007 Dhaka, Bangladesh 2

3 Notes Operating income Interest income 15 6,335,566,324 4,746,095,835 Less: Interest/Profit paid on deposits & borrowings etc. 16 (3,471,108,927) (2,285,683,525) Net Interest Income 2,864,457,397 2,460,412,310 Income from Investments in fixed deposits 1,693,658, ,952,678 Other income 17 1,401,559,519 1,796,728,252 Total operating income 5,959,675,013 5,109,093,240 Less: Operating expenses Salaries and other related expenses 18 2,024,528,593 1,668,479,375 Rent, rates, taxes, vehicle insurance, utilities etc ,569,867 48,714,353 Legal and professional expenses 20 74,844,314 45,372,155 Auditors fees , ,130 Stationery, printing, advertisement etc ,110,380 72,754,916 Managing Director's salary & allowances , ,420 Directors remuneration 78, ,000 Repairs & maintenance of fixed assets 24 33,671,316 22,459,673 Depreciation of fixed assets (Annex-A) 51,704,234 39,557,019 Other expenses ,028, ,837,241 Total Operating Expenses 2,978,811,976 2,379,288,282 Profit before provision 2,980,863,037 2,729,804,958 Provision for loans and advances 26 Specific Provision 1,499,181,910 1,476,494,272 General Provision 83,526, ,868,700 1,582,708,007 1,729,362,972 Net profit 1,398,155,030 1,000,441,986 Appropriations: GRAMEEN BANK Profit and Loss Account for the year ended 31 December 2006 Net profit transferred to 1,398,155,030 1,000,441,986 Rehabilitation fund - 1,000,441,986 Proposed cash 100% for the year ,000,000 - Dividend Equalization fund 636,000,000 - General reserve 318,000,000 - Employees Welfare fund 1,155,030-1,273,155,030 1,000,441,986 Retained surplus 125,000,000 - The annexed notes 1 to 29 form an integral part of these financial statements. (M. Shahjahan) General Manager Director Director (Dr. Muhammad Yunus) Managing Director Ahmad & Ahmad Dated: 01 August 2007 Dhaka, Bangladesh 3

4 PROPERTY AND ASSETS GRAMEEN BANK Balance Sheet As at 31 December 2006 Notes Cash in hand 1,215,684 2,163,889 Balances with Bangladesh Bank-in local currency 281,447 1,229,329 Balances with other Banks and Financial Institutions 4 898,562, ,724,775 Investments-at cost 5 19,744,015,990 9,987,216,945 Loans and advances-without collateral 6 34,144,897,122 28,896,759,122 Fixed Assets including premises, furniture and fixtures net off accumulated depreciation (Annexure-A) 7 1,045,276, ,305,291 Other assets 8 3,549,372,099 3,804,663,322 59,383,621,728 44,624,062,673 CAPITAL AND LIABILITIES Borrowings from banks and other institutions 9 1,855,334,397 1,917,392,329 Members Deposit 27,321,930,824 20,277,412,272 Non-Members Deposit 17,020,371,677 11,493,596,898 Other Funds 3,308,399,947 2,840,080,214 Deposits and other funds 10 47,650,702,448 34,611,089,384 Other liabilities 11 3,766,402,005 3,381,398,082 Shareholders' Fund : Paid up Capital ,000, ,000,000 Capital and other reserves 13 5,793,182,878 4,396,182,878 6,111,182,878 4,714,182,878 59,383,621,728 44,624,062,673 Contingent Liabilities Guarantee 14 13,541,883 16,642,453 The annexed notes 1 to 29 form an integral part of these financial statements. (M. Shahjahan) General Manager Director Director (Dr. Muhammad Yunus) Managing Director Ahmad & Ahmad Dated: 01 August 2007 Dhaka, Bangladesh 3

5 GRAMEEN BANK Cash Flow Statement for the year ended 31 December 2006 A) CASH FLOW FROM OPERATING ACTIVITIES Notes Interest received 8,029,224,421 5,598,048,513 Interest paid (3,471,108,927) (2,285,683,525) Cash paid to employees (2,025,078,343) (1,669,055,795) Other Expenses (902,029,399) (670,675,468) Other income 1,401,559,519 1,796,728,252 Cash generated from operating activities 3,032,567,271 2,769,361,977 Loans and advances (5,248,138,000) (8,050,391,422) Other assets ,291,223 72,217,033 Deposits and other funds 13,038,458,034 11,133,173,240 Other liabilities 28 (1,197,704,084) (1,913,636,778) 6,847,907,173 1,241,362,073 Net cash received from operating activities 9,880,474,444 4,010,724,050 B) CASH FLOW FROM INVESTING ACTIVITIES Investments (9,756,799,045) (2,761,431,003) Additions to Tangible Fixed Assets (152,158,397) (68,181,906) Sales proceeds of Tangible Fixed Assets 10,482,619 (20,192,897) Net cash outflow from investing activities (9,898,474,823) (2,849,805,806) C) CASH FLOW FROM FINANCING ACTIVITIES Share capital - - Borrowings from Banks and Foreign Institutions (62,057,932) (978,426,256) Capital and other reserves - - Net Cash /(out flow) from financing activities (62,057,932) (978,426,256) D) Net increase/in cash and cash equivalents (A+B+C) (80,058,311) 182,491,988 E) Opening cash and cash equivalents 980,117, ,626,005 F) Cash and bank balances at end of the period ,059, ,117,993 The annexed notes 1 to 29 form an integral part of these financial statements. (M. Shahjahan) General Manager Director Director (Dr. Muhammad Yunus) Managing Director 3

6 Grameen Bank Statement of Changes in Equity for the year ended 31 December 2006 Particulars Paid up Capital Capital reserve General reserve Proposed dividend Dividend equalization fund Other reserve Retained earnings Total Balance at 1 January ,000,000 4,280,409, ,773,301-4,714,182,878 Restated balance 318,000,000 4,280,409, ,773,301-4,714,182,878 Net profit for the year ,398,155,030 1,398,155,030 General reserve ,000, (318,000,000) - Proposed dividend fund ,000, (318,000,000) - Employees welfare fund (1,155,030) (1,155,030) Dividend equalization fund ,000,000 - (636,000,000) - Balance as at 31 December ,000,000 4,280,409, ,000, ,000, ,000, ,773, ,000,000 6,111,182,878 The annexed notes 1 to 29 form an integral part of these financial statements. (M. Shahjahan) Director Director (Dr. Muhammad Yunus) General Manager Managing Director 6

7 Grameen Bank Comparative Value Added Statement for the year ended 31 December 2006 Description Income from Banking Services Interest income 6,335,566,324 4,746,095,835 Interest income from investment 1,693,658, ,952,678 Other operating income 1,401,559,519 1,796,728,252 9,430,783,940 7,394,776,765 Less: Cost of services & Supplies Interest paid on deposits & borrowings 3,471,108,927 2,285,683,525 Rent, taxes, insurance & utilities etc 81,566,424 56,719,993 Legal and professional expenses 74,844,314 45,372,155 Auditors' fees 804, ,130 Stationery, printing, advertisement etc. 98,110,380 72,754,916 Repairs & maintenance of fixed assets 33,671,316 22,459,673 Directors remuneration 78, ,000 Other expenses 613,032, ,831,601 4,373,216,326 2,956,526,993 Value added by the Banking Services 5,057,567,614 4,438,249,772 Less: loan loss and provisions Provision for bad and doubtful debts (1,582,708,007) (1,729,362,972) Value Added 3,474,859,607 2,708,886,800 Distribution of value addition Employees-as salaries and other related expenses 2,025,000,343 1,668,887,795 Net profit for the year (Appropriationable) 1,398,155,030 1,000,441,986 Depreciation 51,704,234 39,557,019 3,474,859,607 2,708,886,800 The annexed notes 1 to 29 form an integral part of these financial statements. (M. Shahjahan) General Manager Director Director (Dr. Muhammad Yunus) Managing Director 8

8 GRAMEEN BANK Statement of Liquidity (analysis of maturity of assets & liabilities) As at 31 December 2006 Particulars Up to 1 month 1-3 months 3-12 months 1-5 years More than 5 years Total Assets Cash in hand 1,215, ,215,684 Balances with Bangladesh Bank 281, ,447 Balances with other Banks and Financial Institutions 98,841, ,720, ,562,551 Investment at cost 3,567,219,089 2,904,267,719 13,252,029,182 16,500,000 4,000,000 19,744,015,990 Loans and advances 2,120,398,112 4,257,868,671 19,230,406,059 8,194,775, ,448,971 34,144,897,122 Fixed Assets including premises, furniture and fixtures net off accumulated depreciation ,206, ,070,000 1,045,276,835 Other assets 435,507,956 63,178, ,648,418 1,572,016, ,019,998 3,549,372,099 Non-Banking Assets Total assets (A) 6,223,464,169 8,025,035,883 33,424,083,659 9,903,499,048 1,807,538,969 59,383,621,728 Liabilities Borrowings from banks and other institutions - 43,698,136 43,698, ,792,544 1,593,145,581 1,855,334,397 Deposits and other funds 1,987,034,292 7,099,954,665 20,008,529,958 12,722,737,553 5,832,445,980 47,650,702,448 Other liabilities 485,112,578-1,014,292,060 2,266,997,367-3,766,402,005 Total liabilities (B) 2,472,146,870 7,143,652,801 21,066,520,154 15,164,527,464 7,425,591,561 53,272,438,850 Net Liquidity Gap (A-B) 3,751,317, ,383,082 12,357,563,505 (5,261,028,416) (5,618,052,592) 6,111,182,878 The annexed notes 1 to 29 form an integral part of these financial statements. (M. Shahjahan) Director Director (Dr. Muhammad Yunus) General Manager Managing Director 7

9 GRAMEEN BANK FIXED ASSETS SCHEDULE As on 31 December, 2006 Annexure-A Category of Assets Balance as on 1 January 2006 Additions during the year COST Transferred during the year Disposals/adj ustment during the year Balance as on 31 December 2006 Rate of Depreciat ion Balance as on 1 January 2006 Charge for the year DEPRECIATION Depreciation transferred during the year Disposals/Adj ustments during the year Balance at 31 December 2006 WDV as at 31 December = = =(5-10) Land 39,694,558 3,120, , ,039 42,535, ,535,677 Building 926,809,480 36,403,277 9,046,618 9,318, ,940, % 170,699,805 16,697,117 4,100,001 2,737, ,759, ,181,203 Development of leasehold property 987, ,576 10% 987, ,576 - Vehicles 64,488,831 39,750,000 17,830,411 16,440, ,629,132 20% 34,558,562 13,078,978 16,758,152 15,365,951 49,029,740 56,599,392 Office equipment 187,585,531 16,586,929 8,306,472 11,978, ,500,327 15% 134,820,758 10,802,802 6,855,869 7,268, ,210,707 55,289,620 Electric equipment 51,583,419 5,297, ,049 1,010,924 56,424,225 10% 36,959,362 3,056, , ,170 39,734,894 16,689,331 Furniture 107,063,996 50,957,571 3,748,384 3,416, ,352,988 10% 67,436,249 8,068,570 1,896,573 2,211,063 75,190,329 83,162,659 Office library 9, ,141 10% 9, ,141 - Capital work in progress 22,554,212 44,254 38,923,491 44,703,003 16,818, ,818,954 Total 1,400,776, ,159,991 78,696,303 87,434,137 1,544,198, ,471,452 51,704,234 30,127,529 28,381, ,922,065 1,045,276, ,324,242,562 68,181,906 37,488,265 29,135,990 1,400,776, ,755,055 39,557,019 7,882,377 19,722, ,471, ,305,291 31

10 GRAMEEN BANK Notes to the financial statements for the year ended 31 December BACKGROUND 1.01 Legal form of the enterprise Grameen Bank was established as a body corporate under the Grameen Bank Ordinance 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. 500m and paid up capital is Tk. 318 m. Members hold percent of Grameen Bank shares. The remaining 5.66 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 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 36 Zonal Offices, 238 Areas Offices and 2321 branch offices including 2 sub-branch Offices. The bank offers four types of loans such as basic loans, housing loans, higher education loans and struggling members loans. Loans and advances and deposits as at 31 December 2006 were Tk. 34,144,897,122 and 44,342,302,501 respectively. As on 31 December 2006, out of 2321 branches 1580 registered profits. The remaining 741 branches were not profitable. However, it must be taken into consideration that during the year the bank opened 574 new branches 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. 9

11 2.01 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 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 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 International Accounting Standards (IASs) on a going concern basis under the historical cost convention 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 Tax exemption Grameen bank is presently enjoying unconditional tax exemptions of income tax, super tax and business profit tax till 30 June This is contained in the Ministry of Finance notification vide SRO no. 188/Law/2006 dated 30 July 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. 10

12 3.05 Profit Appropriation Government of the People s Republic of Bangladesh permits Grameen Bank unconditioned income tax exemption from January 1, 2006 to June 30, This is contained in the Ministry of Finance notification vide SRO no. 188/Law/2006 dated July 30, Previously Grameen Bank enjoyed income tax exemption from 1997 to 2005 subject to the condition that the Bank will transfer its entire profits to a Rehabilitation Fund. In 2006, Bank has made a net profit of Tk. 1,398,155,030 as per Profit and Loss A/C. At present, there is no condition in this affair, the Bank decided to allocate its profit in the following manner: Proposed Dividend Dividend Equalization Fund General Reserve Employees welfare Fund Retain surplus Amount (Tk.) 318,000, ,000, ,000,000 1,155, ,000,000 1,398,155, 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 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 Accruals & deferrals Deferrals and accruals have been made as per the guidance of the IAS 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. 11

13 3.08 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 Cash Flow Statement IAS 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 IAS Provision for loan impairment As per the guideline of paragraph 43 of IAS 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 IAS 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 income statement. 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: a) Basic loans Basic loan provision has been 100% on overdue loan; Basic loan provision has been 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%. 12

14 c) Housing loans (Members) Housing loan provision has been 100% on overdue loan; Housing loan provision has been 1% on regular loan. d) Educational loan No provision has been made on education loan Provision for interest receivable a) Interest receivable on basic loans: Interest receivable on basic loan provision has been 100% on overdue interest of basic loans; Interest receivable on basic loan provision has been 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 100% on overdue interest receivable; Interest receivable on housing loan provision has been 1% on regular interest receivable 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 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 IAS 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 IAS

15 3.14 Depreciation As required of IAS 16, property, plant & equipment depreciation has been charged on property and equipment at the following rates using straight-line method. Property & Equipment Depreciation Rate Building and other structures 1.7% Office House (Semi- Pucca and Tin shed) 7.5% Development of leasehold property 10% Vehicles 20% Office equipment 15% Electrical equipment 10% Furniture & fixtures 10% Library books 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 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 3.16 Revenue recognition Revenue is recognized on an accrual basis which comply with the conditions of revenue recognition as provided in IAS 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 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. 14

16 3.18 Retirement benefits to the employees a) Grameen Bank Superannuation fund: The bank operates a superannuation fund scheme, provision in respect of which is made 60% of annual basis 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 noncontributory 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 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 General i) Previous year s figures have been rearranged, wherever considered necessary, for the purpose of comparison. ii) Figures appearing in these accounts have been rounded off to the nearest. 15

17 4.00 Balances with other Banks and Financial Institutions On short term deposit accounts (in local currency) 856,102, ,599,330 On current deposit accounts (in local currency) 42,460,444 58,125, ,562, ,724, Investments-at cost Fixed deposits with other banks (Note 5.01) 19,723,515,990 9,966,716,945 Grameen Mutual Fund-One (Note 5.02) 16,500,000 16,500,000 Share (Note 5.03) 4,000,000 4,000,000 19,744,015,990 9,987,216, Fixed deposits with other banks Southeast Bank Limited 2,012,885,821 1,520,249,725 Arab Bangladesh Bank Limited 320,000,000 - Prime Bank Limited 2,528,222,363 1,221,128,225 Dutch Bangla Bank Limited 462,451,087 1,216,336,098 State Bank of India 389,675, ,641,789 NCC Bank Limited 954,013, ,849,739 Mercantile Bank Limited 1,117,356, ,389,715 One Bank Limited 947,317, ,789,504 EXIM Bank Limited 1,016,947, ,790,680 First Security Bank Limited 391,516, ,606,349 Mutual Trust Bank Limited 1,171,979, ,648,231 Standard Bank Limited 702,712, ,580,225 Premier Bank Limited 955,007, ,256,540 Bank Asia Limited 900,000, ,091,953 The Trust Bank Limited 507,108, ,795,000 United Commercial Bank Limited 900,650,000 - Shahjalal Bank Limited 465,200,685 - Dhaka Bank Limited 1,771,133, ,063,172 Jamuna Bank Limited 859,336, ,500,000 The City Bank Limited 600,000,000 - Eastern Bank Limited 300,000,000 - BRAC Bank Limited 450,000,000-19,723,515,990 9,966,716, Grameen Bank has invested Tk crore in Grameen Mutual Fund (GMF)-one as sole sponsor. The fund was listed in Dhaka and Chittagong Stock Exchange as on 04 September Four shares of Central Depository Bangladesh Limited (CDBL) which were Tk. 1,000,000 each Maturity grouping of investments On demand - - Upto 1 month 3,567,219, ,045,343 Over 1 month but not more than 3 months 2,904,267,719 1,846,515,024 Over 3 months but not more than 1 year 13,252,029,182 7,258,156,578 Over 1 year but not more than 5 years 16,500, ,000,000 Over 5 years 4,000,000 20,500,000 19,744,015,990 9,987,216,945 16

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