International Finance Investment and Commerce Bank Limited: Difference between revisions

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'''International Finance Investment and Commerce Bank Limited'''  (IFIC Bank Limited) was initially set up as a private investment company in October 1976 with the name 'International Finance and Investment Company'. At the outset, the company was involved in investment and financing solely and jointly in the countries of Middle East. On 24 June, 1983 it started operation commercial banking in Bangladesh as the International Finance Investment and Commerce Bank Limited with an approved capital of 100 million divided into one million ordinary shares of Tk 100 each. At the beginning, the paid up capital of the bank was Tk 71.5 million, which rose to Tk 80 million by 1986. 60% of the total shares of the bank were included in A-group. General shareholders and entrepreneurs paid up the full prices of those shares. The remaining of 40% shares belong to B-group was allotted to the government of Bangladesh and the government paid up the prices of those shares.
'''International Finance Investment and Commerce Bank Limited'''  (IFIC Bank Limited) was initially set up as a private investment company in October 1976 with the name 'International Finance and Investment Company'. At the outset, the company was involved in investment and financing solely and jointly in the countries of Middle East. On 24 June, 1983 it started operation commercial banking in Bangladesh as the International Finance Investment and Commerce Bank Limited with an approved capital of 100 million divided into one million ordinary shares of Tk 100 each. At the beginning, the paid-up capital of the bank was Tk 71.5 million, which rose to Tk 80 million by 1986. 60% of the total shares of the bank were included in A-group. General shareholders and entrepreneurs paid up the full prices of those shares. The remaining of 40% shares belong to B-group was allotted to the government of Bangladesh and the government paid up the prices of those shares.


'''''Table'''''  Basic facts and economic indicators (in million Taka).
Basic Facts and Economic Indicators (In Million Taka)
{| class="table table-bordered table-hover"
{| class="table table-bordered table-hover"
|-
|-
| Indicators || 2004  || 2005  || 2006  ||  2007  ||  2008  ||  2009
| Indicators || 2018 || 2019 || 2020
|-
|-
| Authorised capital || 500 || 500 || 500 || 1600 || 1600 || 5350
|Authorized Capital || 20000 || 40000 || 40000
|-
|-
| Paid up capital || 406 || 406 || 406 || 671 || 1341 || 1744
|Paid up Capital || 13387.4 || 14726.1 || 16198.7
|-
|-
| Reserved Fund || 809 || 955 || 1310 || 1943 || 1859 || 2301
|Reserved Fund || 8728.8 || 10132.4 || 9018.2
|-
|-
| Deposits || 20774 || 22505 || 28621 || 29900 || 36092 || 50018
|Deposits || 226364 || 258368.1 || 296373.9
|-
|-
| (a) Call Deposits || 3437 || 4849 || 5682 || 10572 || 11316 || 18975
|a) Call Deposits || 43785.5 || 56382.3 || 93054.3
|-
|-
| (b) Term Deposits || 17337 || 17656 || 22939 || 19328 || 24776 || 31043
|b) Term Deposits || 182576.5 || 201985.8 || 203319.7
|-
|-
| Loans and Advance || 21281 || 21694 || 25490 || 28361 || 33018 || 37793
|Loans and Advances || 206929.6 || 228588.5 || 260650.3
|-
|-
| Investment || 2666 || 2971 || 3545 || 3856 || 5237 || 9083
|Investment || 31304.4 || 45500.1 || 52722.4
|-
|-
| Total Asset || 28576 || 30201 || 36080 || 39914 || 45737 || 62902
|Total Asset || 283073.3 || 316260.2 || 363411.8
|-
|-
| Total income || 2687 || 2672 || 3688 || 5196 || 5526 || 6494
|Total Income  || 23427.3 || 29150 || 26719.4
|-
|-
| Total Expenditure || 1987 || 2123 || 2825 || 3694 || 3904 || 4535
| Total Expenditure || 19510.7 || 24011 || 23817.7
|-
|-
| Foreign Currency Trading || 58622 || 66072 || 92353 || 105996 || 129170 || 111106
|Foreign Currency Trading || 222725.5 || 199771.1 || 156816.9
|-
|-
| a) Export || 29535 || 33698 || 49009 || 54865 || 66557 || 54244
|a) Export || 98257.2 || 94693.6 || 77078.3
|-
|-
| b) Import || 24785 || 26629 || 36761 || 44353 || 50336 || 43717
|b) Import || 101641.7 || 87627.2 || 74060.6
|-
|-
| c) Remittance || 4302 || 5745 || 6583 || 6778 || 12277 || 13145
|c) Remittance || 22826.6 || 17450.3 || 5678.1
|-
|-
| Total Manpower: || 1896 || 1993 || 2014 || 1997 || 2110 || 2195
|Total Manpower || 2544 || 2517 || 2955
|-
|-
| a) Officers || 1317 || 1418 || 1430 || 1402 || 1481 || 1587
|a) Officers || 2139 || 2129 || 2587
|-
|-
| b) Staff || 579 || 575 || 584 || 595 || 629 || 608 ||  
|b) Staff || 405 || 388 || 368
|-
|-
| Correspondents Banks || 242 || 264 || 275 || 304 || 324 || 341
|Correspondents Banks || 440 || 422 || 416
|-
|-
| Total Branches (in numbers) || 62 || 65 || 65 || 69 || 74 || 82
|Total Branches (in numbers) || 147 || 148 || 154
|-
|-
| a) Domestic || 62 || 65 || 65 || 69 || 74 || 82
|a) Domestic || 147 || 148 || 154
|-
|-
| b) Overseas || - || - || - || - || - || -
|b) Overseas || 0 || 0 || 0
|-
|-
| Agriculture Credit: || || || || || ||
|Agriculture Credit
|-
|-
| Loan Disbursed || 51 || 36 || 18 || 198 || 290 || 462
|Loan Disbursed || 3529.2 || 3293.2 || 1274.4
|-
|-
| Realised || 09 || 53 || 06 || 50 || 43 || 301
|Realised || 3614.6 || 3828.2 || 2177.6
|-
|-
| Industrial Credit: || || || || || ||
|Industrial Credit
|-
|-
| Loan Disbursed || 4049 || 3944 || 3814 || 2776 || 3842 || 5922
|Loan Disbursed || 35518.1 || 38350.1 || 54783.6
|-
|-
| Realsied || 3732 || 3619 || 3440 || 2901 || 3794 || 4960
|Realsied || 29307.8 || 35184.7 || 44869.1
|-
|-
| Loan Outstanding by Sector || || || || || ||
|Loan Outstanding by Sector
|-
|-
| Agriculture and Fisheries || 68 || 58 || 71 || 233 || 541 || 344
|Agriculture and Fisheries and Forestry || 4107.1 || 3995.4 || 1546.1
|-
|-
| Industry || 2926 || 3487 || 4041 || 4837 || 5426 || 5762
|Industry || 56061.3 || 61463.7 || 58373.6
|-
|-
| Trade and Commerce || 6922 || 7570 || 9204 || 12325 || 14348 || 13165
|Trade and Commerce || 45117.7 || 46139.9 || 47361.4
|-
|-
| Poverty Reduction || - || - || - || - || - || -
|Poverty Reduction || 0 || 0 || 0
|-
|CSR || 48.2 || 94 || 121.1
|}
|}


''Source''   Government of Bangladesh, Ministry of Finance, Banking and Financial Institution Division, ''Bank o Arthik Prothisthan Samuher Karjaboli'' [Annual Report on Banks and Financial Institutions] 2004-05 to 2009-10.
''Source'' Government of Bangladesh, Ministry of Finance, Banking and Financial Institution Division, Barshik Protibedon [Annual Report on Banks and Financial Institutions], 2019-20 and 2020-21.
 
IFIC Bank Ltd in-cooperation with some Nepalese entrepreneurs launched a new bank in Kathmandu, Nepal-Bangladesh Bank limited in 1984. In 1985, the Bank with the associate of Oman citizens established a joint venture company titled Oman International Exchange Company LLC in Oman. In Nepal IFIC Bank Ltd and Nepal-Bangladesh Bank with a joint effort set up a leasing company named Nepal Bangladesh Finance and Leasing Company Limited. Two Branches of IFIC Bank in Pakistan were merged with National Development Leading Company to launch a new bank there, NIB Bank Limited. IFIC Bank is registered under the Dhaka and Chittagong Stock Exchanges as a banking company.  


IFIC Bank Ltd in-cooperation with some Nepalese entrepreneurs launched a new bank in Kathmandu, Nepal-Bangladesh Bank limited in 1984. In 1985, the Bank with the associate of Oman citizens established a joint venture company titled Oman International Exchange Company LLC in Oman. In Nepal IFIC Bank Ltd and Nepal-Bangladesh Bank with a joint effort set up a leasing company named Nepal Bangladesh Finance and Leasing Company Limited. Two Branches of IFIC Bank in Pakistan were merged with National Development Leading Company to launch a new bank there, NIB Bank Limited. IFIC Bank is registered under the Dhaka and Chittagong Stock Exchanges as a banking company.
In 2019, bank deposits accounted for 2.0 per cent of total banking sector deposits and loans and advances accounted for 2.1 per cent of total banking sector loans and advances. The average interest rate differential between June 2019 based deposits and loans and advances was 3.8 percent


A 12-member Board of Directors looks after the overall management and policy intervention of the bank. In 2009, it had 82 branches and total number of manpower was 2,195.
A 9-member Board of Directors looks after the overall management and policy intervention of the bank. In 2020, it had 154 branches and total number of manpower was 2,955.  


Beside Loan and advance, IFIC Bank has invested in government treasury bills, prize bond, shares and debentures of various companies and equity capital in a few foreign enterprises. In 2009, IFIC Bank introduced three Small and Medium Enterprise (SME) centres to expend its loan facilities. The bank is playing a vital role in promoting the country's rural economy by extending agriculture loan for irrigation, poultry, dairy and fish farms and crops loan. [Muhammad Abdul Mazid]
Beside Loan and advance, IFIC Bank has invested in government treasury bills, prize bond, shares and debentures of various companies and equity capital in a few foreign enterprises. In 2009, IFIC Bank introduced three Small and Medium Enterprise (SME) centers to expend its loan facilities. The bank is playing a vital role in promoting the country's rural economy by extending agriculture loan for irrigation, poultry, dairy and fish farms and crops loan. [Muhammad Abdul Mazid]  


[[Category:Financial Institutes]]
[[Category:Financial Institutes]]


[[bn:ইন্টারন্যাশনাল ফিন্যান্স ইনভেস্টমেন্ট অ্যান্ড কমার্স ব্যাংক লিমিটেড]]
[[bn:ইন্টারন্যাশনাল ফাইন্যান্স ইনভেস্টমেন্ট অ্যান্ড কমার্স ব্যাংক]]

Latest revision as of 20:31, 13 October 2023

International Finance Investment and Commerce Bank Limited (IFIC Bank Limited) was initially set up as a private investment company in October 1976 with the name 'International Finance and Investment Company'. At the outset, the company was involved in investment and financing solely and jointly in the countries of Middle East. On 24 June, 1983 it started operation commercial banking in Bangladesh as the International Finance Investment and Commerce Bank Limited with an approved capital of 100 million divided into one million ordinary shares of Tk 100 each. At the beginning, the paid-up capital of the bank was Tk 71.5 million, which rose to Tk 80 million by 1986. 60% of the total shares of the bank were included in A-group. General shareholders and entrepreneurs paid up the full prices of those shares. The remaining of 40% shares belong to B-group was allotted to the government of Bangladesh and the government paid up the prices of those shares.

Basic Facts and Economic Indicators (In Million Taka)

Indicators 2018 2019 2020
Authorized Capital 20000 40000 40000
Paid up Capital 13387.4 14726.1 16198.7
Reserved Fund 8728.8 10132.4 9018.2
Deposits 226364 258368.1 296373.9
a) Call Deposits 43785.5 56382.3 93054.3
b) Term Deposits 182576.5 201985.8 203319.7
Loans and Advances 206929.6 228588.5 260650.3
Investment 31304.4 45500.1 52722.4
Total Asset 283073.3 316260.2 363411.8
Total Income 23427.3 29150 26719.4
Total Expenditure 19510.7 24011 23817.7
Foreign Currency Trading 222725.5 199771.1 156816.9
a) Export 98257.2 94693.6 77078.3
b) Import 101641.7 87627.2 74060.6
c) Remittance 22826.6 17450.3 5678.1
Total Manpower 2544 2517 2955
a) Officers 2139 2129 2587
b) Staff 405 388 368
Correspondents Banks 440 422 416
Total Branches (in numbers) 147 148 154
a) Domestic 147 148 154
b) Overseas 0 0 0
Agriculture Credit
Loan Disbursed 3529.2 3293.2 1274.4
Realised 3614.6 3828.2 2177.6
Industrial Credit
Loan Disbursed 35518.1 38350.1 54783.6
Realsied 29307.8 35184.7 44869.1
Loan Outstanding by Sector
Agriculture and Fisheries and Forestry 4107.1 3995.4 1546.1
Industry 56061.3 61463.7 58373.6
Trade and Commerce 45117.7 46139.9 47361.4
Poverty Reduction 0 0 0
CSR 48.2 94 121.1

Source Government of Bangladesh, Ministry of Finance, Banking and Financial Institution Division, Barshik Protibedon [Annual Report on Banks and Financial Institutions], 2019-20 and 2020-21.

IFIC Bank Ltd in-cooperation with some Nepalese entrepreneurs launched a new bank in Kathmandu, Nepal-Bangladesh Bank limited in 1984. In 1985, the Bank with the associate of Oman citizens established a joint venture company titled Oman International Exchange Company LLC in Oman. In Nepal IFIC Bank Ltd and Nepal-Bangladesh Bank with a joint effort set up a leasing company named Nepal Bangladesh Finance and Leasing Company Limited. Two Branches of IFIC Bank in Pakistan were merged with National Development Leading Company to launch a new bank there, NIB Bank Limited. IFIC Bank is registered under the Dhaka and Chittagong Stock Exchanges as a banking company.

In 2019, bank deposits accounted for 2.0 per cent of total banking sector deposits and loans and advances accounted for 2.1 per cent of total banking sector loans and advances. The average interest rate differential between June 2019 based deposits and loans and advances was 3.8 percent

A 9-member Board of Directors looks after the overall management and policy intervention of the bank. In 2020, it had 154 branches and total number of manpower was 2,955.

Beside Loan and advance, IFIC Bank has invested in government treasury bills, prize bond, shares and debentures of various companies and equity capital in a few foreign enterprises. In 2009, IFIC Bank introduced three Small and Medium Enterprise (SME) centers to expend its loan facilities. The bank is playing a vital role in promoting the country's rural economy by extending agriculture loan for irrigation, poultry, dairy and fish farms and crops loan. [Muhammad Abdul Mazid]

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