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Bank's Performance

The bank's overall objective is to have a higher profitability than that of the weighted average of other banks.

An overview of the Bank

Southeast Bank Limited has been achieving a continuous growth rate in all spheres of Banking operations since establishment of the Bank in the year 1995. It is heartening to mention here that during the year 2002, the Bank earned an operational profit of Tk. 492.56 million registering an annual growth of 0.09% over that of the previous year despite the difficult situation in the economic scenario of the country during the later part of 2002. The Bank adequately covered capital adequacy ratio as fixed by Bangladesh Bank and maintained a Return on Asset (ROA) @ 1.34% during the year 2002. The Bank opened four branches during the year 2003 and the network of Branches of the Bank increased to 23 (Twenty Three). This accomplishment of the Bank during the year had been possible because of the service excellence of the management team with the support by way of policy directives and guidelines from the Board of Directors.

Balance Sheet as at 31st December, 2003 (Un-audited)
PROPERTY AND ASSETS	Dec.31,2003	Dec.31, 2002
	Taka	Taka
Cash
In hand and with Bangladesh Bank
& Sonali Bank (Including Foreign Currencies)	1,086,784,799	780,198,740
Balance with Other Banks and Financial Institutions
In Bangladesh	1,615,563,644	639,265,273
Outside Bangladesh	51,373,053	17,313,320
	1,666,936,697	656,578,593
Money at Call and Short Notice	841,100,000	1,287,650,000
Investments:
Government	2,493,477,900	2,053,815,600
Others	239,631,423	228,264,029
	2,733,109,323	2,282,079,629
Loans and Advances:
Loans, Cash Credit & Overdrafts	14,906,335,418	12,643,293,858
Bills Discounted and purchased	641,774,867	383,837,132
	15,548,110,285	13,027,130,990
Fixed Assets (at cost less depreciation)	288,019,281	48,805,032
Other Assets	1,129,789,655	800,034,755
Total Property and Assets	23,293,850,040	18,882,477,739
LIABILITIES AND CAPITAL
Liabilities:
Borrowing from Other Banking Companies, Financial Institutions, Agents etc.	500,000,000	1,255,000,000
Deposit and Other Accounts:
Current Accounts and Other Accounts etc.	1,111,405,999	976,901,987
Bills payable	258,616,540	203,944,689
Savings Bank Deposits	1,072,703,854	905,132,231
Bearer Certificate of Deposits	-	701,544,308
Term Deposit	17,176,098,467	12,555,929,783
	19,618,824,860	15,343,452,998
Other Liabilities	1,462,314,563	1,367,599,470
Total Liabilities	21,581,139,423	17,966,052,468
Capital / Shareholders' Equity:
Capital:
Issued, Subscribed and Paid up:
56,43,000 ordinary shares (36,30,000 ordinary shares in year 2002) of Tk.100 each	564,300,000	363,000,000
Proposed Issue of Bonus Shares (2002:@10%) (2002:363,000 ordinary shares of Tk 100 each)	-	36,300,000
Proposed Cash Dividend @___ (2002:@20%)	-	72,600,000
Share Premium Account	80,812,000	80,812,000
Statutory Reserve	295,896,000	295,896,000
Other Reserves	31,854,046	31,731,916
Surplus as per Profit and Loss Account	739,848,572	36,085,355
Total Shareholders' Equity	1,712,710,618	916,425,271
Total Liabilities and Shareholders' Equity	23,293,850,040	18,882,477,739
Off Balance Sheet Items:
Contingent liabilities
Constituents' liabilities for acceptances
endorsements and other obligations
Letter of Credit	3,767,805,448	2,614,936,518
Letter of Guarantee	2,113,201,422	1,856,612,802
	5,881,006,870	4,471,549,320
Bills for Collection -
Payable in Bangladesh	213,561,790	53,918,799
Payable outside Bangladesh	151,638,562	144,349,462
	365,200,351	198,268,261
	6,246,207,221	4,669,817,581
Profit & Loss Account for the year ended 31st December, 2003
Operating Income:
Interest and Discount Income	2,224,168,051	1,582,185,772
Less: Interest paid on Deposits & Borrowings	1,729,383,845	1,147,882,613
Net Interest Income	494,784,206	434,303,159
Income from Investment	189,480,201	133,218,707
Dividend Income from Shares	17,747,872	-
Gain on sale of Investment of shares	4,691,369	-
Commission, Exchange & Brokerage	297,277,511	199,829,204
Other Operating Income	39,122,483	20,245,368
Gross Operating Income	1,043,103,642	787,596,438
Less : Operating Expenses:
Salary and Allowances and Provident Fund	99,002,846	101,559,016
Rent, Taxes, Insurance, Lighting etc.	106,349,020	85,837,968
Postage, Stamp, Telegram & Telephone	23,549,392	21,871,514
Audit Fee	150,000	135,000
Legal expenses	-	544,037
Stationery, Printing, Advertisement	15,888,823	12,685,663
Directors' Fees and Expenses	4,442,886	3,926,942
Managing Director's remuneration	4,050,000	2,073,790
Depreciation on and repairs to Bank's property	19,620,069	11,601,528
Other expenses	66,287,389	55,867,076
Total Operating Expenses	339,340,425	296,102,534
Net Operating Income	703,763,217	491,493,904
Non-operating Income/(Loss)	-	1,064,245
Profit before Provision	703,763,217	492,558,149
Less:
Provision for Unclassified Loans and Advances	-	35,332,000
Provision for Classified Loans and Advances	-	------------
Provision for diminution in the value of Shares	-	21,677,000
Total Provision	-	57,009,000
Total Profit before Tax	703,763,217	435,549,149
Less: Provision for Tax	-	181,986,000
Net Profit after Tax:	703,763,217	253,563,149
Retained Surplus brought forward	36,085,355	28,287,206
Retained Profit before distribution	739,848,572	281,850,355
Appropriations:
Statutory Reserve	-	86,590,000
Proposed Cash Dividend	-	72,600,000
Proposed Bonus Shares	-	36,300,000
Share Premium account	-	47,674,000
Amount Transferred to SBL Foundation	-	2,601,000
	-	245,765,000
Retained Earning	739,848,572	36,085,355
Earning per Share	-	69.85
Cash Flow Statement for the year ended 31st December, 2003
A. Cash flow from Operating Activities:
Interest receipts in cash	2,224,168,051	1,582,185,772
Interest payments	(1,729,383,845)	(1,147,882,613)
Dividends receipts from Shares	17,747,872
Fee and Commission receipts in cash	297,277,511	199,829,205
Income from Investment in approved securities	189,480,201	133,218,707
Cash Payment to Employees	(103,052,846)	(103,632,806)
Advance Income Tax paid	(303,379,717)	(167,094,390)
Receipts from other operating activities	39,122,483	20,245,368
Payments for other operating activities	(224,141,766)	(186,223,469)
Operating profit before changes in operating assets and liabilities (i)	407,837,944	330,645,774
Increase / Decrease in operating Assets & Liabilities
Sale of trading securities	11,041,375	7,718
Purchase of trading securities	(17,717,400)	(75,277,483)
Loans & Advances to customers	(2,520,979,295)	(3,849,104,904)
Other Assets	(26,375,183)	(68,139,256)
Deposits from other banks	(755,000,000)	(805,000,000)
Deposits from customers	4,275,371,862	4,773,200,312
Other Liabilities	94,837,226	73,731,103
Cash received from operating assets and liabilities (ii)	1,061,178,585	49,417,490
Net cash inflow from operating activities (A=i+ii)	1,469,016,529	380,063,264
B. Cash flow from Investing Activities:
Proceeds from sale of securities	5,830,337,700	1,620,000,000
Payment of purchase of securities	(6,270,000,000)	(2,121,046,800)
Purchase of fixed assets	(252,038,377)	(19,096,362)
Sale of fixed assets	678,311	1,366,860
Net cash flow from investing activities (B)	(691,022,366)	(518,776,302)
C. Cash flow from Financing Activities:
Payment of Dividend	(72,600,000)	(99,000,000)
Receipts from issue of Right Shares	165,000,000	-
Net cash flow from financing activities (C)	92,400,000	(99,000,000)
D. Net Increase /Decrease in cash & cash equivalent (A+B+C)	870,394,163	(237,713,038)
E. Opening cash and cash equivalent	2,724,427,333	2,962,140,371
F. Closing cash and cash equivalent (D+E)	3,594,821,496	2,724,427,333
The above closing cash and cash equivalent include:
Cash in hand and balance with Bangladesh Bank	1,086,784,799	780,198,740
Balance with other banks	1,666,936,697	656,578,593
Money at call and short notice	841,100,000	1,287,650,000
	3,594,821,496	2,724,427,333

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Copyright © 2001-2002 Southeast Bank Limited, Bangladesh

Last modified: March 17, 2004