Premier Bank Limited, The

Premier Bank Limited, The a private sector Commercial Bank incorporated in Bangladesh as banking company on June 10, 1999 under Companies Act 1994. Bangladesh Bank, the central bank of Bangladesh, issued banking license on June 17, 1999 under Banking Companies Act 1991. The Head Office of The Premier Bank Limited is located at Banani. The management is vested with a 15-member board of directors including the Managing Director and CEO who is responsible for executive functions. The Managing Director is assisted by 3 deputy-managing directors and 50 senior executives.

Basic Facts and Economic Indicators (In Million Taka)

Indicators	2018	2019	2020
Authorized Capital	10000	10000	10000
Paid up Capital	8001	9241	9703
Reserved Fund	7279	9545	10538
Deposits	169440	209346	241954
a) Call Deposits	65299	89768	44108
b) Term Deposits	104141	119578	197846
Loans and Advances	156960	188945	213205
Investment	29448	39207	40021
Total Asset	216133	261689	313316
Total Income	21739	26112	27866
Total Expenditure	15704	18794	21084
Foreign Currency Trading	231994	302616	305240
a) Export	89601	109232	109690
b) Import	105323	140629	155450
C) Remittance	37070	52755	40100
Total Manpower	1708	1947	1987
a) Officers	1588	1753	1781
b) Staff	120	194	206
Correspondents Banks	582	592	595
Total Branches (in numbers)	109	115	120
a) Domestic	109	115	120
b) Overseas	0	0	0
Agriculture Credit
Loan Disbursed	6481	3418	2316
Realised	2998	2501	244
Industrial credit
Loan Disbursed	19809	123172	112381
Realsied	13086	87341	76467
Loan Outstanding by Sector
Agriculture and Fisheries and Forestry	1385	2080	4970
Industry	33701	37685	51026
Trade and Commerce	28152	41633	57078
Poverty Reduction	7	5	6
CSR	240	138	177

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.

Apart from conventional banking services the Premier bank has introduced few specialised services and products which are unique in the banking and financial market of Bangladesh. 'Evening Banking', a unique service of The Premier Bank, only for receiving Cash and Documents beyond transaction hours till 8 o'clock in the evening, is available at Premier Bank. The service is attractive for those, like shopkeepers, who accumulate cash as sales proceeds in the afternoon when counters of Bank branches usually remain closed. The Online Branch Banking Service is designed to serve its valued clients, under which a customer can withdraw cash from his account at any branch of the Bank and deposit in his account at any Branch of the Bank. The Bank launched Premier SMS (SMS Banking Service) on 30 January 2006. SMS (Short Message Service) Banking is one of the modern banking features. This is the most convenient, low-cost and quickest way for banking. Any customer can be informed about banking transactions and inquiries through the SMS Banking service. The customer can check his balance, stop a cheque payment, or even get his statements. The SMS Banking service provides with real time account information management by using mobile phones and instruction capabilities from the mobile phones at a true 'anywhere, anytime, anyhow' convenience. The service is available round the clock seven days a week. The bank has set up Wide Area Network using Radio, Fiber-Optics and other available communication systems to provide any branch banking to the customers. All premier bank Branches are included in their Wide Area Network. In order to serve those Customers who neither Receive or Pay Interest, the bank have decided to open separate branches based on Shariah Principles. The activities and book keeping is to keep separate from the Conventional Branch Operations. The International Division of Premier bank looks after Correspondent Banking Relationships, Treasury Back Office and International Trade Settlement. In order to smooth global operation of international business we have correspondent banking relationship with 430 foreign banks around the globe and maintain 19 Nostro accounts in 9 currencies to service our customers.

In 2019, bank deposits accounted for 1.6 per cent of total banking sector deposits and loans and advances accounted for 1.7 per cent of total banking sector loans and advances. The average interest rate differential between June 2019 based deposits and loans and advances was 5.1 percent. [Muhammad Abdul Mazid]