International Finance Investment and Commerce Bank Limited
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]
