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BB’s operating profit soars to 7.5pc

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Staff Reporter :
The operating profit of Bangladesh Bank (BB) has increased by Tk 293 crore to Tk 4,151 crore in fiscal 2012-13 compared to Tk 3,859 crore in fiscal FY 2011-12, showing a year-on-year growth of 7.59 per cent, according to BB’s annual financial report released on Monday.
This profit was excluding foreign currency revaluation loss.
During FY 13, BB’s income from the foreign currency financial assets increased by Tk 117 crore to Tk 1,053 crore compared to Tk 936 crore in FY 12 due to increase in investment of foreign currency, showing a year-on-year growth of 12.50 per cent.
Moreover, its income from local currency financial assets rose by Tk 0.66 crore to Tk 4,480 crore in FY 13 compared to Tk 4,414 crore in FY 12. This was due to rise in income from the Government securities and loans to banks, financial institutions and employees.
Out of the total profit (Tk 4,151 crore), an amount of Tk 0.08 crore was transferred to statuary funds, interest reserve account and other funds.

The remaining profit amount of Tk 4,072 crore was payable to Government, said the report adding that out of the amount, Tk 0.05 crore was transferred to the BB’s Disaster Management and Social Responsibility Fund and Tk 437 crore adjusted against dues from Government and the remaining amount of Tk 3,630 billion was transferred to the Government account.

BB transferred an amount of Tk 3,481 crore to the Government account in the previous year.  
The BB’s annual report showed that the total expenditure of the Bank decrease by Tk 110 crore to Tk 1,381 crore in FY 13 compared to Tk 1,491 crore in FY 12. “The decrease in expenditure was mainly due to fall in administrative cost,” it added.
On the liability side, BB’s foreign currency liabilities decreased by Tk 2,278 crore to Tk 30,877 crore in fiscal 2012-13 from Tk 33,155 crore in fiscal 2011-12. This was due to increase in liabilities with the IMF and decrease in deposits from banks and financial institutions in foreign currency clearing account, mentioned the report.
At the same time, the local currency financial liabilities of BB rose by Tk 2,395 crore to Tk 12,595 crore in fiscal 2012-13 compared to Tk 10,199 in fiscal 2012-13 due to increase ion Notes in circulation, short-term borrowings and deposit from banks and financial institutions in local currency.  
The financial statements of BB for the FY13 were audited as per International Standards on Auditing (ISA) by KPMG Lower Gulf Limited, Dubai and KPMG R Rahman Rahman Huq, Bangladesh, Chartered Accountants.

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