AB Bank Limited. Notes to the Financial Statements For the year ended 31 December 2009

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1 1.1 The Bank and its Activities AB Bank Limited Notes to the Financial Statements For the year ended 31 December 2009 AB Bank Limited is one of the first generation private commercial banks (PCBs), incorporated in Bangladesh on 31 December 1981 as a public limited company under the Companies Act 1913, subsequently replaced by the Companies Act 1994, and governed by the Banking Companies Act The Bank went for public issue of its shares on 28 December 1983 and its shares are listed with Dhaka Stock Exchange and Chittagong Stock Exchange respectively. AB Bank Limited has 78 Branches including 1 Islami Banking Branch, 1 Overseas Branch in Mumbai, India. The Bank has a subsidiary company, AB International Finance Limited, incorporated in Hong Kong. The Bank through its Branches and non-banking subsidiary provides a diverse range of financial services and products in Bangladesh and in certain international markets. The Bank has expanded its capital market oriented service horizon to its customers through Merchant Banking Wing. The Bank obtained permission to embark upon Merchant Banking from the Securities and Exchange Commission (SEC) vide its certificate no. MB-1.02/ dated 15 May 2001 under the Securities and Exchange Commission Act, Subsequently, Bank has formed a subsidiary company named AB Investment Company Limited in accordance with approval of Bangladesh Bank vide its Letter # BRPD(R-1)717/ dated 09 December 2009 and Securities and Exchange Commission vide its Letter # Sec/Reg/MB- 79/2010/73 dated 10 March 2010 for dealing the Merchant Banking business. AB Bank Limited started its Islami Banking operation through its Dilkusha Islami Banking Branch, Dhaka on 21 December 2004 following the permission of Bangladesh Bank vide letter no. BRPD (P) 745 (12)/ dated 08 July Subsequently the Branch has been shifted to Kakrail, Dhaka. The Bank obtained permission as a Security Custodian from the Securities and Exchange Commission vide its certificate no. SC-05/2007 dated 22 January 2007 under the Securities and Exchange Commission (Security Custodian Service) Rules, In the year 2009, the Bank obtained permission to operate Off Shore Banking Unit (OBU) vide letter # BRPD(P-3)744/(106)/ dated 06 December 2009 of Bangladesh Bank. OBU operation will be carried out from the EPZ Branch Chittagong. The Bank has a dedicated philanthropic unit named Arab Bangladesh Bank Foundation (ABBF) which is operating since Foundation has obtained Brokerage Licenses from SEC on 15 August 2006 and 23 October 2006 for Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) respectively and started its operation from 28 August 2006 and 05 December 2006 on DSE and CSE respectively. However, in view of the recent decision of the Bangladesh Bank and upon due agreement to that effect subsequently by the Board of Directors of ABBL and ABBF respectively, launching of a new subsidiary company for the operation of Brokerage business is under process. Bangladesh Bank has given approval for the mentioned new subsidiary.

2 1.2 Significant Accounting Policies and basis of preparation of the Financial Statements A. Presentation of the financial statements Consolidated Financial Statements and Financial Statements of the Bank comprise of the Balance Sheet, Profit and Loss Account, Cash Flow Statements, Statement of Changes in Equity, Liquidity Statement and relevant notes and disclosures. Beginning this year, Financial Statements has been prepared on consolidated basis. Consolidated Financial Statements will encumber the Bank and other subsidiary accounts. Consolidated Financial Statements and Financial Statements of the Bank are made as at 31 December 2009 and are prepared under the historical cost convention except investments categorized under Held for Trading and in accordance with the First Schedule (Section- 38) of the Bank Companies Act 1991, BRPD circular # 14 dated 25 June 2003, other Bangladesh Bank circulars, the Companies Act 1994, the Securities and Exchange Ordinance 1969, Securities and Exchange Rules 1987 and other laws and rules applicable to a banking company. Consolidated Financial Statements and Financial Statements of the Bank have been prepared in accordance with the measurement and recognition requirements of the Bangladesh Accounting Standards (BAS) and Bangladesh Financial Reporting Standards (BFRS) as adopted by the Institute of Chartered Accountants of Bangladesh (ICAB). B. Basis of consolidation Separate set of records for consolidating the Financial Statements of the Branches including Mumbai Branch, India and AB International Finance Limited, Hong Kong are maintained at the Head Office, based on which these financial statements have been prepared. The Consolidated Financial Statements have been prepared in accordance with the BAS 27: Consolidated and Separate Financial Statements. The Consolidated Financial Statements have been prepared to a common reporting period ending on 31 December Mumbai Branch, India The assets and liabilities of Mumbai Branch, India have been incorporated in the accounts at year end exchange rate. Income and expenditures are incorporated in the accounts by each line item. Retained earnings of Mumbai Branch has been added with total retained earnings of Bank. In corresponding balance of 2008, Income and expenditures at the Mumbai Branch were not incorporated in the accounts; instead, net profit earned was shown as retained revenue under other liabilities. Such earnings were recognized as income of the Bank as and when remittance of profit was received from the Branch and then grouped under the head "other income". The Balance Sheet and Profit and Loss Account of the Mumbai Branch has been shown separately in Annexure - F. Merchant Banking Wing Financial statements of Merchant Banking Wing (MBW) have been audited by an independent auditor M/S. S. F. Ahmed & Co., Chartered Accountants. Assets-liabilities and incomeexpenditures of MBW are incorporated in similar heads of account of the Bank's financial statements. Balance Sheet and Profit and Loss Account of Merchant Banking Wing are shown separately in the Annexure - G. Subsequently, MBW has been converted into a subsidiary company named by AB Investment Limited (ABIL) which started its operation from March 10, 2010.

3 Islami Banking Branch Islami Banking Branch has maintained separate set of books and records for its operations. All assets-liabilities and income-expenses of this Branch are incorporated in similar heads of account of the Bank's financial statements. Detail Financial Statements of Islami Banking Branch is shown separately in Annexure-H as per Bangladesh Bank BRPD Circular No. 15 dated 09 November Distribution of Profit under Islamic Banking Operation and Fixation of final rate for the year 2009 are shown in Annexure-I. Custodian Wing Financial statements of Custodian Wing have been audited by independent auditor named M/S. ACNABIN, Chartered Accountants. Income-expenditures of that Wing are incorporated in similar heads of account of the Bank's Profit and Loss Account. Profit and Loss Accounts of Custodian Wing is shown separately in Annexure J. Arab Bangladesh Bank Foundation Arab Bangladesh Bank Foundation (ABBF) has maintained separate set of books and records for its operation. Financial statements of ABBF have been audited by an independent auditor M/S. Syful Shamsul Alam & Co., Chartered Accountants. Financial Statements of ABBF are not incorporated with the AB Bank Limited Consolidated Financial Statements and Separate Financial Statements due to undergoing legal settlement process. Bangladesh Bank vide its circular letter BRPD(R-1)651/(Special)-1/ and BRPD (R- 1/651/ dated 05 December 2007 and 13 July 2008 respectively issued show cause notice to AB Bank Limited and forfeited a total of 248,594 shares of IFIC Bank Limited valuating Tk.21,176,920 held by ABBF. Pursuant to the above, AB Bank Limited filed a writ petition before the Honorable High Court Division of the Supreme Court on 31 August 2008 and the court extended the stay order till disposal of the rule. Subsequently, Bangladesh Bank vide letter # BRPD (R-2)/651/9(Bishes- 1)/ , dated 14 October 2009 directed AB Bank Limited to separate its stock broking activities from ABBF through the formation of a new subsidiary company and also agreed to return the confiscated shares of IFIC Bank Limited to the new company subject to fulfillment of certain specific conditions. Accordingly, in line with Bangladesh Bank s directive, AB Securities Limited (ABSL), a subsidiary company of AB Bank Limited, has been formed on 24 December 2009 to deal with stock broking services of the Bank. The writ petition filed earlier was withdrawn by the Bank vide the order passed by the High Court Division of the Supreme Court of Bangladesh on 08 December Formal Commercial operation of ABSL will resume shortly and returning of the shares of IFIC Bank Limited is presently under process with Bangladesh Bank. The Balance Sheet and Profit and Loss Account of the ABBF has been shown separately in Annexure - K. Subsidiary AB International Finance Limited AB International Finance Limited (ABIFL) is a company incorporated and domiciled in Hong Kong and has its registered office and principal place of business at Unit 1201-B, 12/F, Admiralty Centre, Tower One, 18 Harcourt, Hong Kong.

4 As mentioned earlier, Financial Statements of ABIFL has been consolidated following the BAS 27: Consolidated and Separate Financial Statements. The Balance Sheet and Profit and Loss Account of the ABIFL has been shown separately in Annexure - L. Control exists when Bank has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits form its activities. The financial statements of subsidiary are included in the consolidated financial statements from the date that control effectively commences until the date that the control effectively ceases. Conversion rate policy of ABIFL is given below: For assets & Liabilities at closing rate of Tk per HK$ For income & expenses at average rate of Tk per HK$ All intra-group balances, transaction, income and expenses are eliminated in full for preparing consolidated Financial Statements. Associate Cashlink Bangladesh Limited Cashlink Bangladesh Limited (CBL) was incorporated on 24 September 2008 in Bangladesh under the Companies Act 1994 as a private company limited by shares with an authorized capital of Tk. 1,000,000,000 divided into 100,000,000 ordinary shares of Tk. 10 each. AB Bank holds 30% share in CBL. An associate is an entity of the Bank, over which the Bank has significant influence and that is neither the subsidiary nor an interest in a joint venture of the Bank. C. Use of estimates and judgments The preparation of Consolidated Financial Statements and Financial Statements of the Bank requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions of accounting estimates are recognized in the period in which the estimate is revised and in the future periods affected if applicable. D. Materiality, aggregation and offsetting Bank presents each material class of similar items. Bank presents separately items of a dissimilar nature or function unless they are immaterial. Bank did not offset assets and liabilities or income and expense, unless required or permitted by BAS/ BFRS. E. Foreign currency transactions i. Functional and presentational currency Financial Statements of the Bank are presented in, which is the Bank s functional and presentational currency.

5 ii. Foreign currency translation Foreign currency transactions are converted into equivalent currency at the ruling exchange rates on the respective date of such transactions as per BAS- 21 The Effects of Changes in Foreign Exchange Rates. Assets and liabilities in foreign currencies as at 31 December 2009 have been converted into currency at the average of the prevailing buying and selling rates of the relevant foreign currencies at that date except "Balances with other Banks and Financial Institutions" which have been converted as per directives of Bangladesh Bank vide its circular no. BRPD (R) 717/ dated 21 November Differences arising through buying and selling transactions of foreign currencies on different dates of the year have been adjusted by debiting /crediting exchange gain or loss account. iii. Commitment Commitments for outstanding forward foreign exchange contracts disclosed in these Consolidated Financial Statements and Financial Statements are translated at contracted rates. Contingent liabilities / commitments for letter of credit, letter of guarantee and acceptance denominated in foreign currencies are expressed in terms at the rates of exchange ruling on the balance sheet date. iv. Translation gain and Losses Gain and Loss arising on translation of foreign exchange are included in the profit and loss account, except those arising on the translation of net investment in foreign subsidiary. v. Foreign operations The results of Consolidated Financial Statements of Bank & its subsidiary s operations whose functional currency is not Bangladesh are translated into Bangladesh as follows: a. assets and liabilities of Balance Sheet are translated at the closing rate at the date of Balance sheet. b. income and expenses of Profit and Loss Account are translated at an average rate approximating the exchange rates at the year end. c. all resulting exchange differences are recognized as a separate components of equity. F. Cash Flow Statement Cash Flow Statement is prepared principally in accordance with BAS- 7 Cash Flow Statement under direct method as per the guidelines of BRPD Circular No.14 dated 25 June The Cash Flow Statement shows the structure of and changes in cash and cash equivalents during the financial year. It reported cash flows during the period classified by operating activities, investing activities and financing activities. G. Statement of Changes in Equity Statement of Changes in Equity is prepared principally in accordance with BAS- 1 Presentation of Financial Statements and under the guidelines of Bangladesh Bank BRPD Circular No.14 dated 25 June 2003.

6 H. Liquidity statements The basis of the Liquidity Statement of assets and liabilities as on the reporting date is given below: Particulars Balance with other banks and financial institutions Investments Loans and advances Fixed assets Other assets Borrowing from other banks, financial institutions and agents Deposits and others accounts Other liabilities Basis used Maturity term Respective maturity terms Repayment schedule basis Useful life Realization/ amortization basis Maturity/ repayments terms Maturity term Payments/ adjustments schedule basis 1.3 Assets and basis of their valuation A. Cash and cash equivalents Cash comprise cash on hand and demand deposits. Cash equivalents are short term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. B. Loans and advances i. Loans and advances/ investments in Islamic Banking Branch are stated at gross amounts at 31 December ii. iii. iv. Interest/ profit is calculated on a daily product basis but changed and accounted for an accrual basis. Interest/ profit on SMA and classified loans and advances/ investment is kept in suspense account as per Bangladesh Bank instructions and such interest/ profit is not accounted for as income until realized from borrowers. Interest/ profit are not charged on bad and loss loans/ investments as per guideline of Bangladesh Bank. Commission and discounts on bills purchased and discounted are recognized at the time of realization. Provision for loans and advances is made on the basis of quarter-end review by the management and of instructions contained in Bangladesh Bank BCD circular no. 34 of 16 November 1989, 20 of 27 December 1994, 12 of 4 September 1995, BRPD circular no. 16 dated 6 December 1998, 9 of 14 May 2001, 02 of 15 February 2005, 9 of August 2005 and 17 of 6 December 2005, BRPD circular no. 05 dated 05 June 2006 and 05 of April The rates for provisions are stated below: Types of Loan and Advances Consumer: House building & Professional UC SMA SS DF BL Prov Prov Prov Prov Prov (%) (%) (%) (%) (%) 2% 5% 20% 50% 100%

7 Other than House building & Professional 5% 5% 20% 50% 100% Small & Medium 2% 5% 20% 50% 100% All Other 1% 5% 20% 50% 100% C. Investment Investments are initially recognized at cost, including acquisition charges associated with the investment. Premiums are amortized and discount accredited, using the effective or historical yield method. Accounting treatment of government treasury securities and bonds (categorized as HFT or/and HTM) is made following Bangladesh Bank DOS Circular Letter No. 05, dated 26 May The valuation methods of investment used are: i) Govt. Securities a. Held to maturity Investments which are intended to be held to maturity are classified as Held to Maturity. These are measured at amortized cost at each year end by taking into account any discount or premium in acquisition. Amortized amount of such premium or discount is booked to reserve until maturity/disposal. b. Held for trading Investment primarily held for selling or trading is classified in this category. After initial recognition, investments are marked to market weekly. Decrease in the present value is recognized in the profit and loss account and any increase is booked to Revaluation Reserve Account through Profit and Loss Account. Value of investments has been enumerated as follows: Investment class Initial recognition Measurement after initial recognition Recording of changes Treasury Bill / Cost Market Value Loss to P&L, gain to Revaluation Bond (HFT) Reserve through P & L Treasury Bill / Cost Amortized Value Increase in value to equity and Bond (HTM) decrease in value to P&L Debenture Face Value None None Prize Bond Cost None None Shares Cost Lower of cost or market value - any loss, charged in P/L - unrealized gain, not record in accounts

8 ii) Investment in listed securities These securities are brought and held primarily for the purpose of selling them in future or held for dividend income. These are reported at cost. Unrealized gains are not recognized in the profit and loss account as per BAS 18: Revenue. iii) Investment in unlisted securities Investment in unlisted securities is reported at cost under cost method. iv) Investments in subsidiary Investment in subsidiary is accounted for under the cost method of accounting in the Bank s financial statements in accordance with the BAS 27: Consolidated and Separate Financial Statements and BFRS 3: Business Combination. D. Property, plant and equipment i. All fixed assets are stated at cost less accumulated depreciation as per BAS -16 "Property, Plant and Equipment". The cost is the amount of cash or cash equivalents paid or the fair value of the other consideration given to acquire an asset at the time of its acquisition or construction or, where applicable, the amount attributed to that asset when initially recognized in accordance with the specific requirements of the BFRS. ii. The cost of an item of property, plant and equipment shall be recognized as an asset if, and only if: a) it is probable that future economic benefits associated with the item will flow to the entity; and b) the cost of the item can be measured reliably. iii. Depreciation on fixed assets is charged using reducing balance method except motor vehicles, computers and photocopiers for which straight-line method is used. The rates of depreciation are as follows: iv. Name of the Assets Rate of Depreciation Land Nil Building 2.50% Furniture & Fixtures 10.00% Electrical appliances 20.00% Motor vehicles 20.00% Leasehold assets - vehicles 20.00% Depreciation for assets added during the year is charged from the month of addition. Whole month depreciation is charged for the month of addition. v. On the month of disposal of fixed assets no depreciation is charged. The cost and accumulated of depreciation of disposed assets are eliminated from the fixed assets schedule and gain or loss on such disposal is reflected in the profit and loss accounts. vi. vii. Useful life and method of depreciation of fixed assets are reviewed periodically. If useful lives of assets do not differ significantly as it was previously estimated, bank management does not consider to revalue its assets by the meantime. Bank capitalized items value of which is over Tk.50,000 and the items below Tk.50,000 were booked in Non-capitalized items under the broader head of other expenses with effect from 01 March 2009 in accordance with the relevant policy.

9 viii. Bank also follows a policy of amortization of expenditures considering the durability and useful life of items. These are treated as Deferred Revenue expenditure and are booked under the head Other Assets Deferred Revenue Expenditures and amortized amount is charged within the period and booked under the Broad head Other Expenditure. E. Intangible Assets An intangible asset is recognized if, and only if: a. it is probable that the expected future economic benefits that are attributable to the assets will flow to the entity; and b. the cost of the assets can be measured reliably. F. Other assets Other assets include all balance sheet items not covered specifically in other areas of the supervisory activity. G. Leasing Where property, plant and equipment have been financed by lease agreements under which substantially all the risks and rewards of ownership are transferred to the Bank, they are treated as finance leases as per BAS- 17 "Leases". All other leases are classified as operating leases as per BAS - 17 "Leases" i) As lessee Assets held under finance lease are recognized as assets of the bank at their fair value at the date of acquisition or if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation. Assets held under finance lease are depreciated over their expected useful life on the same basis as owned assets. ii) As lessor The bank did not grant any lease finance. H. Stock of stationery Stock of stationery has been shown under other assets and is valued at cost. 1.4 Capital, Reserve, Liabilities & provision and basis of their valuation A. Share Capital Ordinary shares are classified as equity when there is no contractual obligation to transfer cash or other financial assets. B. Statutory reserve Bank Companies Act, 1991 requires the bank to transfer from its current year's profit before tax to reserve until such reserve together with share premium account equals to its paid up capital. AB Bank transferred 20% of its current year s Profit Before Tax (PBT) to this reserve.

10 C. Revaluation reserve When an asset s carrying amount is increased as a result of revaluation, the increase amount should be credited directly to equity under the heading of revaluation surplus/ reserve as per BAS 16: Property, Plant and Equipment. D. Deposits and Other accounts Deposits are recognized when the Bank enters into contractual provisions of the arrangements with the counterparties, which is generally on trade date and initially measured at the consideration received. E. Borrowing Borrowed funds include call borrowing, term borrowings and re-finance from different commercial banks and central bank. F. Provision for taxation Income tax represents the sum of the current tax and deferred tax. i) Current Tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Provision for current income tax has been 42.5% as prescribed in the Finance Ordinance 2009 of the accounting profit made by the Bank after considering some of the add backs of income and disallowances of expenditure as per Income Tax Ordinance, ii) Deferred Tax Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and are accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences, unused tax losses or unused tax credits can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

11 Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised, based on tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited to the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the company intends to settle its current tax assets and liabilities on a net basis. The impact on the account of changes in the deferred tax assets and liabilities has also been recognized in the profit and loss account as per BAS-12 "Income Taxes". (Note-13.3) G. Retirement benefits to the employees The retirement benefits accrued for the employees of the bank as on the reporting date have been accounted for in accordance with the provision of BAS-19 "Employee benefit". Bases of enumerating the retirement benefits schemes operated by the bank are outlined below: i) Provident fund There is a provident fund scheme under the defined contribution plan. The fund is operated by a separate board of trustees approved by the National Board of Revenue as per Income Tax Ordinance, All eligible employees contribute 10% of their basic pay to the fund. The bank also contributes equal of employees contribution to the fund. These contributions are invested separately. Benefits from the fund are given to eligible employees at the time of retirement / resignation as per approved rules of the fund. ii) Staff gratuity The bank has a separate Board of Trustees for operating the staff gratuity fund approved by the National Board of Revenue. Employees of the Bank, who served the Bank for ten years or above are entitled to get gratuity benefit at rates determined by the Service Rules of the Bank. iii) Superannuation fund The Bank operates a Superannuation Fund as death-cum-retirement benefit for its employees. The fund is operated by a separate Board of Trustees. H. Provision for liabilities A provision is recognized in the balance sheet when the bank has a legal or constructive obligation as a result of past event and it is probable that an outflow of economic benefit will be required to settle the obligations, in accordance with BAS- 37 Provision, Contingent Liabilities and Contingent Assets. No provision is recognized for any possible obligation that arises from past events and the existence of which will be confirmed only by the occurrence or non- occurrence of one or more uncertain future events not wholly within the control of the bank, or any present obligation that arises from past events and it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation, or a reliable estimates of the amount of obligation can not made. However, certain provisions on assets and liabilities are maintained in accordance with relevant Bangladesh Bank Circulars issued from time to time.

12 I. Provision for Nostro Accounts Provision for nostro accounts is maintained as per Circular Letter No. FEPD(FEMO)/01/ dated 13 September 2005 issued by Foreign Exchange Policy Department of Bangladesh Bank. 1.5 Revenue recognition A. Interest income According to the BAS -18 "Revenue", the interest income is recognized on accrual basis. Interest on loans and advances ceases to be taken into income when such advances are classified or treated as SMA as per BRPD Circular No. 05 dated 05 June 2006 and is kept in interest suspense account. Interest on classified advances is accounted for as and when realised. B. Profit on investment (Islamic Banking Branch) Profit on investment is taken into income account from profit receivable account. Overdue charges/ compensation on classified investment is transferred to profit suspense/ compensation receivable account instead of income account. C. Investment income Interest income on investments is recognized on accrual basis except treasury bills. Capital gains on investments in shares are also included in investment income. Capital gain is recognized when it is realised. D. Fees and commission income Fees and commission income on services provided by the bank are recognized as and when the services are rendered. Commission charged to customers on letters of credit and letters of guarantee are credited to income at the time of affecting the transactions. E. Dividend income on shares As per BAS 18: Revenue, dividend income from investment in shares is recognised when the Bank's right to receive dividend is established. It recognized when: a. it is probable that the economic benefits associated with the transaction will flow to the entity; and b. the amount of the revenue can be measured reliably. F. Interest paid on deposits and borrowing Interest paid on deposits, borrowings etc. is accounted for on accrual basis according to the BAS 1 Presentation of Financial Statements. G. Profit paid on deposits (Islami Banking Branch) Profit paid to different Mudaraba depositors is recognized on accrual basis as per provisional rate. However, the final rate of profit is determined and to be paid to the depositors as per Annexure I.

13 H. Other operating expenses All other operating expenses are provided for in the books of the account on accrual basis according to the BAS 1 Presentation of Financial Statements. 1.6 Reconciliation of books of account Books of account with regard to inter-bank (in Bangladesh and outside Bangladesh) and interbranch transactions are reconciled and no material difference was found which may affect the financial statements significantly. There exist no un-reconciled items in NOSTRO accounts as at 31 December Earning per share A. Basic earning per share Basic earnings per share have been calculated in accordance with BAS- 33 "Earning per Share" which has been shown in the face of the Profit and Loss Account. This has been calculated by dividing the basic earnings by the total ordinary outstanding share. B. Diluted earnings per share No diluted earnings per share is required to be calculated for the year as there was no scope for dilution during the year under review. 1.8 Off-balance sheet items Off-Balance Sheet items have been disclosed under contingent liabilities and other commitments as per Bangladesh Bank's guidelines. In accordance with BRPD Circular # 08 and 10 dated 07 August 2007 and 18 September 2007 respectively general 1.00% has been made on the outstanding balance of letter of credit, guarantee and acceptances. 1.9 Memorandum items Memorandum items are maintained to have control over all items of importance and for such transactions where the Bank has only a business responsibility and no legal commitment. Stock of traveller s cheques, Value of savings certificates (Sanchaya Patra) etc. fall under the memorandum items Reporting period These financial statements cover one calendar year from 01 January 2009 to 31 December 2009.

14 1.11 Segment Reporting The Bank reports its operations under the following two business segments as per Bangladesh Financial Reporting Standards (BFRS)-8 "Operating Segment". By Geographical Location Particulars Inside Bangladesh AB Bank Limited India (Mumbai Branch) Total AB Int. Finance Ltd. (Hong Kong) AB Bank Limited & it's Subsidiary Income Statements Interest income 9,003,401,681 43,767,527 9,047,169,208 64,205,688 9,111,374,896 Interest paid on deposits and borrowings, etc. 6,135,934,169 10,861,467 6,146,795,636 7,893,206 6,154,688,843 Net interest income 2,867,467,512 32,906,059 2,900,373,571 56,312,482 2,956,686,053 Investment income 2,915,477,543 8,059,681 2,923,537,225-2,923,537,225 Commission, exchange and brokerage 2,100,559, ,565,697 2,266,125,144 16,607,333 2,282,732,477 Other operating income 167,671,035 3,202, ,873,499 32,766, ,640,150 Total operating income 8,051,175, ,733,902 8,260,909, ,686,465 8,366,595,905 OPERATING EXPENSES Salary and allowances 1,185,430,187 13,801,402 1,199,231,589 19,136,478 1,218,368,066 Rent, taxes, insurance, electricity, etc. 220,753,358 9,725, ,478,884 10,831, ,310,699 Legal expenses 3,956,488 3,718 3,960,205 89,287 4,049,492 Postage, stamps, telecommunication, etc. 79,103,744 5,273,784 84,377,528 5,639,731 90,017,259 Stationery, printing, advertisement, etc. 118,852,412 1,710, ,563, , ,877,254 Chief executive's salary and fees 8,484,960-8,484,960 8,484,960 Directors' fees 2,374,492 2,374,492 2,374,492 Auditors' fees 1,107,332 1,102,630 2,209, ,850 2,396,811 Charges on loan losses Depreciation and repairs of Bank's assets 190,952,657 11,253, ,206, , ,863,944 Other expenses 565,252,968 39,372, ,625,760 1,601, ,227,312 Total operating expenses 2,376,268,597 82,244,586 2,458,513,183 38,457,107 2,496,970,290 Profit before provision 5,674,906, ,489,316 5,802,396,257 67,229,358 5,869,625,615 Provision against loans and advances 436,600, ,600, ,600,000 Provision for diminution in value of investments Other provisions 160,900, ,900, ,519, ,419,861 Total provision 597,500, ,500,000 1,519, ,019,861 Profit before taxation 5,077,406, ,489,316 5,204,896,257 65,709,497 5,270,605,753 Provision for taxation 1,777,398,202 64,942,054 1,842,340,256 11,080,386 1,853,420,642 Current tax 1,656,388,647 57,827,943 1,714,216,590 11,080,386 1,725,296,976 Deferred tax 121,009,555 7,114, ,123, ,123,666 Net profit after taxation 3,300,008,739 62,547,262 3,362,556,000 54,629,111 3,417,185,111 Balance Sheet Segment assets 105,391,179,984 1,521,132, ,912,312,383 1,186,736, ,093,007,184 Segment advances 70,527,446, ,487,333 70,879,933,446 1,183,329,813 72,063,263,259 Segment deposits 82,536,705, ,423,683 83,087,129,114-83,087,129,114 Segment Liabilities 96,112,554, ,235,134 96,825,789,452 1,043,543,190 96,872,223,464 Segment Liabilities and share equity 105,941,106, ,206, ,912,312,383 1,186,736, ,093,007,184

15 1.12 Compliance of Bangladesh Accounting Standards (BAS) and Bangladesh Financial Reporting Standards (BFRS) In preparing the Consolidated Financial Statements and separate Financial Statements, Bank applied most of the BAS and BFRS as applicable. Sl # Name of the BAS BAS # Status 1 Presentation of Financial Statements 1 Complied 2 Inventories 2 N/A 3 Cash Flow Statements 7 Complied 4 Accounting Policies, Changes in Accounting Estimates and Errors 8 Complied 5 Events after the Reporting Period 10 Complied 6 Construction Contracts 11 N/A 7 Income Taxes 12 Complied 8 Segment Reporting 14 Complied 9 Property, Plants and Equipments 16 Complied 10 Leases 17 Complied 11 Revenue 18 Complied 12 Employee Benefits 19 Complied 13 Accounting for Government Grants and Disclosure of Government Assistance 20 N/A 14 The Effects of Changes in Foreign Exchanges Rates 21 Complied 15 Borrowing Costs 23 Complied 16 Related Party Disclosures 24 Complied 17 Accounting for Investments 25 Complied 18 Accounting and Reporting by Retirement Benefit Plans 26 Complied 19 Consolidated and Separate Financial Statements 27 Complied 20 Investment in Associates 28 Complied 21 Disclosures in the Financial Statements of Banks and Similar Financial Institutions 30 Complied 22 Interest in Joint Ventures 31 N/A 23 Financial Instruments: Presentation 32 ** 23 Earnings per Share 33 Complied 24 Interim Financial Reporting 34 Complied 25 Impairment of Assets 36 Complied 26 Provisions, Contingent Liabilities and Contingent Assets 37 Complied 27 Intangible Assets 38 Complied 28 Financial Instruments: Recognition & Measurement 39 ** 28 Investment Property 40 Complied 29 Agriculture 41 N/A * N/A = Not Applicable ** Relevant disclosures are made according to the requirement of Bangladesh Bank.

16 Sl # Name of the BFRS/IFRS BFRS # Status 1 Share- based Payments 2 N/A 2 Business Combinations 3 Complied 3 Insurance contracts 4 N/A 4 Non- current assets Held for sale and Discontinued Operations 5 N/A 5 Exploration for and Evaluation of Mineral Resources 6 N/A 6 Financial Instruments: Disclosure 7 ** 7 Operating Segments 8 Complied * N/A = Not Applicable ** Relevant disclosures are made according to the requirement of Bangladesh Bank Regulatory and legal compliance The Bank complied with the requirement of the following regulatory and legal authorities : i. The Bank Companies Act, ii. The Companies Act, iii. Rules, Regulation and Circulars issued by the Bangladesh Bank from time to time. iv. The Securities and Exchange Rules, v. The Securities and Exchange Ordinance, vi. The Securities and Exchange Commission Act, vii. The Securities and Exchange Commission (Public Issues) Rules, viii. The Income Tax Ordinance, ix. The Value Added Tax (VAT), x. Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE) and Central Depository Bangladesh Limited (CDBL) rules and regulations Risk management Risk is defined as uncertainties resulting in adverse variations of profitability or in losses, financial or otherwise. The risk management of the Bank covers core risk areas of banking viz, credit risk, liquidity risk, market risk that includes foreign exchange risk, interest rate risk, equity risk, operational risk and reputation risk. The objective of the risk management is that the bank evaluates and takes well calculative business risks and thereby safeguarding the bank s capital, its financial resources and profitability from various business risks through its own measures and through implementing Bangladesh Bank's guidelines and following some of the best practices as under: A. Credit risk It arises mainly from lending, trade finance and treasury businesses. This can be described as potential loss arising from the failure of a counter party to perform as per contractual agreement with the Bank. The failure may result from unwillingness of the counter party or decline in his / her financial condition. Therefore, the Bank s credit risk management activities have been designed to address all these issues.

17 The Bank has segregated duties of the officers / executives involved in credit related activities. A separate Corporate Division has been formed at Head Office which is entrusted with the duties of maintaining effective relationship with the customers, marketing of credit products, exploring new business opportunities, etc. Moreover, credit approval, administration, monitoring and recovery functions have been segregated. For this purpose, two separate units have been formed within the credit division. These are (a) Credit Risk Management Unit and (b) Credit Administration Unit.Credit Risk Management Unit is entrusted with the duties of maintaining asset quality, assessing risk in lending to a particular customer, sanctioning credit, formulating policy / strategy for lending operation, etc. Adequate provision has been made on classified loans / investments. A thorough assessment is done before sanction of any credit facility at Credit Risk Management Unit. The risk assessment includes borrower risk analysis, financial analysis, industry analysis, historical performance of the customer, security of the proposed credit facility, etc. The assessment process starts at Corporate Division by the Relationship Manager / Officer and ends at Credit Risk Management Unit when it is approved / declined by the competent authority. Credit approval authority has been delegated to the credit committee. In determining Single borrower / Large loan limit, the instructions of Bangladesh Bank are strictly followed. Internal audit is conducted at periodical intervals to ensure compliance of Bank s and Regulatory polices. Loans are classified as per Bangladesh Bank s guidelines. Concentration of single borrower / large loan limit is shown in note-7.4. B. Operating risk Operational risk address the risk associated with fraud, forgery, unauthorised activities, error, omission, system failure and external events among others. Bank is managing these risk through written procedures, regular training and awareness programs. Departmental Control Function Checklist (DCFCL), Quarterly Operations Report, Loan Documentation Checklist etc. are in place covering all probable risks associated with bank s business and operations. Surprise Inspections are also made on a regular basis to make sure that all control tools are functioning properly. C. Market risk The exposure of market risk of the bank is restricted to foreign exchange risk, interest rate risk and equity position risk. i) Foreign exchange risk Foreign exchange risk is defined as the potential change in earnings due to change in market prices. The foreign exchange risk of the bank is minimal as all the transactions are carried out on behalf of the customers against underlying L/C commitments and other remittance requirements. Financial Institution and Treasury (FIT) division independently conducted the FX transactions and the Mid Office and the Back Office of treasury is responsible for verification of the deals and passing of their entries in the books of account. All foreign exchange transactions are revalued at Market rate as determined by Bangladesh Bank at the month - end. All Nostro accounts are reconciled on a monthly basis and outstanding entry is reviewed by the management for its settlement. The position maintained by the bank at the end of day was within the stipulated limit prescribed by the Bangladesh Bank.

18 ii) Interest rate risk Interest rate risk may arise from trading portfolio and non- trading portfolio. The trading portfolio of the bank consists of government treasury bills, bond. The short term movement in interest rate is neglilgible or nil. Interest rate risk of non trading business arises from mismatches between the future yield of an asset and its funding cost. Asset Liability Committee (ALCO) monitors the interest rate movement on a regular basis. iii) Equity position risk Equity risk arises from movement in market value of equities held. The risks are monitored by the Investment Banking Division under a well designated policy framework. The market value of equities held was however higher than the cost price at the balance sheet date. D. Liquidity risk The object of liquidity risk management is to ensure that all foreseeable funding commitments and deposit withdrawals can be met when due. To this end, the Bank is maintaining a diversified and stable funding base comprising of core retail and corporate deposits and institutional balance. Management of liquidity and funding is carried out by Financial Institution & Treasury (FIT) department under approved policy guidelines. FIT front office is supported by a very structured Mid Office and Back Office. The liquidity management is monitored by Asset Liability Committee (ALCO) on a regular basis. A written contingency plan is in place to manage extreme situation. E. Risk arising from money laundering AB Bank Limited considers prevention of money laundering risk not only as a compliance requirement imposed by the law of the country but also as one of its core business values. The Board of Directors and Senior Management are firmly committed to combat money laundering. Every year, a message from the President and Managing Director s office goes to all employees of the Bank reiterating the importance of the issue. There is a high profile Central Compliance Unit (CCU) in place to oversee the anty money laundering activities. The President and Managing Director himself supervise the function of CCU's. Operation has separate and dedicated headcount for surveillance of the anti money laundering functions across the Bank. Training and awareness programs are regularly held to make all employees aware of the issue. Bank has also undertaken campaign against money laundering in electronic media Credit Rating of the Bank Credit rating of the Bank in last three years is: Bases of incorporation Date of Rating Long term Short term (as on or period) Jan to June 2009 September 29, 2009 AA3 ST-1 Jan to Dec 2008 May 24, 2009 A1 ST-2 Jan to Dec 2007 May 15, 2008 A2 ST Events after the Balance Sheet Date As per BAS -10 "Events after the Balance Sheet Date" events after the reporting period are those events, favorable and unfavorable, that occur between the end of the reporting period and the date when the financial statements are authorised for issue. Two types of events can be identified:

19 (a) those that provide evidence of conditions that existed at the end of the reporting period (adjusting events after the reporting period); and (b) those that are indicative of conditions that arose after the reporting period (no adjusting events after the reporting period). There were no material events which have occurred after the reporting period which could affect the values stated in the financial statements Related party disclosures A party is related to the company if: (i) (ii) (iii) (iv) (v) (vi) (vii) directly or indirectly through one or more intermediaries, the party controls, is controlled by, or is under common control with, the company; has an interest in the company that gives it significant influence over the company; or has joint control over the company; the party is an associate; the party is a joint venture; the party is a member of the key management personnel of the Company or its parent; the party is a close member of the family of any individual referred to in (i) or (iv); the party is an entity that is controlled, jointly controlled or significantly influenced by or for which significant voting power in such entity resides with, directly or indirectly, any individual referred to in (iv) or (v); or the party is a post-employment benefit plan for the benefit of employees of the company, or of any entity that is a related party of the company. a) Significant contracts where Bank is a party and wherein Directors have interest: Name of contracts Name of the Party Name of Director and Related by Lease agreement with AB Bank Ltd. (CARD Department) Elite International Ltd Mr. Salim Ahmed & Mr. Feroz Ahmed (Common Director) b) Related party transactions: Name of organization Relation Nature Hyundai Motors Bangladesh Ltd. Elite International Ltd Common Director's Common Director's Amount (In ) Purchase of Vehicles 8,450,800 Rent of Card Department 750,000

20 1.18 Audit Committee of the Board of Directors i) Particulars of Audit Committee The Audit Committee of the Board was duly constituted by the Board of Directors of the Bank in accordance with the BRPD Circular No. 12 dated 23 December 2002 issued by Bangladesh Bank. The Committee was formed comprising 3 (three) members of the Board. Sl. # Name Status with Bank Status with Committee Duration 01 Mr. Shishir Ranjan Director Chairman With effect Bose, FCA from 16 July Mr. M. Wahidul Haque Chairman Member With effect from 04 February Mr. Salim Ahmed Vice- Chairman Member With effect from 16 July 2008 Educational Qualification Fellow of Chartered Accountants BA, LLB B.A. (Hons.), M.A. (History) The Company Secretary acts as Secretary of the Audit Committee of the Board. ii) Meeting held with Audit Committee During the year 2009, the audit committee conducted seven (07) meetings in which, among others, the following issues were reviewed and discussed: comprehensive inspection report of Bangladesh Bank including status of compliance thereof; inspection reports of branches/head Office conducted by Bank's internal inspection team; financial statements of the Bank; half-yearly accounts of 2009 of the Bank; and status of compliance of different rules and regulations. iii) Steps taken for implementation on effective internal control procedure of the Bank The Committee placed its report regularly to the Board of Directors of the Bank mentioning its review results and recommendations on internal control system, compliance of rules and regulations and establishment of good governance within the organization.

21 1.19 Shariah Council AB Bank Shariah Council was re-constituted during the year 2009 as per provision of it s By- Laws. Members of Re-constituted Council are as under: Sl Name Status With the Committee Chairman Educational Qualification 1 Mr. Shah Abdul Hannan Masters in Economics from Dhaka University & Scholar of Islamic Studies. 2 Mr. M. Azizul Haue Vice-Chairman M.A (Economics) Dhaka University & Scholar of Islamic Banking. 3 Dr. Md. Harun Member Rashid 4 Mr. Muhammad Musa 5 Mr. M. Wahidul Haque Chairman, ABBL 6 Mr. Kaiser A. Chowdhury 7 Mr. Mukhlesur Rahman Member Member Member Member Secretary M.A, M. Phil P.H.D (Aligor University), India. Islamic Law (1st class), Dewband, India. Fazel-E-Dewband (1st class), Dewband, India. Kamil, Madrasah Education Board, Dhaka. B.Com. (Hons.) & M.Com, Dhaka University. BA, LLB M.A (Economics) Dhaka University Kamil, Madrasah Education Board, Dhaka. B.A (Hons) & M.A in Islamic Studies, Dhaka University Higher Diploma in Arabic Language, Dhaka University. During the year 2009, the Shariah Council & its Standing Committee met in four meetings. In these meetings different issues were discussed and prudent guidance/opinion were given among which important ones are as under: Reviewing the Final Accounts 2008 of Islami Banking Branch in accordance with the Shariah principles. Reviewing the Shariah Audit 2007 and 2008 and its observations. Formulating Guideline for selecting Institution and firms for Merchant Banking as per Islamic Shariah principles. Reviewing proposed `Higher Education Investment Scheme. Analyzing `Guideline for Islamic Banking issued by Bangladesh Bank

22 1.20 Number of employees The number of employees engaged for the whole year or part thereof who received a total remuneration of 36,000 or above was (Last Year 1804) 1.21 Name of Directors and the entities in which they had interest as at 31 December 2009 Name of the firms/companies in which the Sl. Name Status director had interest as proprietor/partner/ # director/managing agent/guarantor, etc. 1. Mr. M. Wahidul Haque Chairman i) Deundi Tea Company (UK) Ltd. ii) The Noyapara Tea (UK) Ltd. i) Elite Chemical Industries Ltd. ii) Elite International Ltd. iii) Hexagon Chemical Complex Ltd. iv) Super Petro Chemical (Pvt.) Ltd. v) Elite Super Plastic Ind. Ltd. 2. Mr. Salim Ahmed Vice Chairman vi) Super Share & Securities Ltd. vii) Elite Properties Management Ltd. viii) Bangladesh General Insurance Co. Ltd. ix) Ahmed Secutities Services Ltd. x) Elite Oil Refinery Ltd. xi) Centre Point Hospital (Pvt.) Ltd. i) Elite Chemical Industries Ltd. 3. Mr. Feroz Ahmed Director ii) Elite International Ltd. iii) Hexagon Chemical Complex Ltd. iv) Ahmed Secutities Services Ltd. 4. Mr. M. A. Awal Director N/A 5. Mr. Shishir Ranjan Bose, FCA Independent Director S.R. Bose & Co., Chartered Accountants 6. Mr. Faheemul Huq, Barrister-at- Law Director N/A 7. Mr. Syed Afzal Hasan Uddin, i) Syed Ishtiaq Ahmed & Associates Director Barrister-at-Law ii) Managwell Investment Limited 8. Mr. Mishaal Kabir Director Hyundai Motors Bangladesh Ltd Mr. Md. Mesbahul Hoque Mr. Md. Anwar Jamil Siddiqui Director Director i) i) Reptiles Firm Ltd. Hyundai Motors Bangladesh Ltd. ii) ii) Therapeutics Bangladesh Ltd. Therapeutics Bangladesh Ltd. 11. Mr. B. B. Saha Roy Director N/A 12. Dr. M. Imtiaz Hossain Depositor Director N/A 13. Mrs. Runa Zakia Shahrood Khan Depositor Director CONTIC 14. Mr. Kaiser A. Chowdhury President & Managing Director N/A 1.22 Approval of financial statements These financial statements were approved by the Board of Directors on 29 April General i. ii. iii. Wherever considered necessary, previous year s figures have been rearranged for the purpose of comparison with current year's presentation without creating any impact on the operating result and value of assets and liabilities as reported in the financial statements. Figures in these notes and in the annexed financial statements have been rounded off to the nearest. These notes form an integral part of the annexed financial statements and accordingly are to be read in conjunction therewith.

23 3. Cash Cash in hand (Note: 3.1) 489,993, ,556,149 Balance with Bangladesh Bank and its agent bank(s) (Note: 3.2) 4,864,888,564 3,416,488,006 5,354,881,576 4,096,044,155 3(a) Consolidated Cash AB Bank Limited 5,354,881,576 4,096,044,155 AB International Finance Limited - - 5,354,881,576 4,096,044, Cash in hand In local currency 463,150, ,223,663 In foreign currency 26,842,144 31,332, ,993, ,556, (a) Consolidated Cash in hand AB Bank Limited 489,993, ,556,149 AB International Finance Limited ,993, ,556, Balance with Bangladesh Bank and its agent bank(s) Balance with Bangladesh Bank In local currency 4,400,326,087 2,970,771,116 In foreign currency 156,824,678 89,717,952 4,557,150,765 3,060,489,069 Sonali Bank (as an agent bank of Bangladesh Bank) - local currency 307,737, ,998,938 4,864,888,564 3,416,488, (a) Consolidated Balance with Bangladesh Bank and its agent bank(s) AB Bank Limited 4,864,888,564 3,416,488,006 AB International Finance Limited - - 4,864,888,564 3,416,488, Statutory deposits Cash reserve ratio and statutory liquidity ratio Cash reserve ratio and statutory liquidity ratio have been calculated and maintained in accordance with section 33 of the Banking Companies Act 1991 and Bangladesh Bank BRPD's subsequent circular nos. 11 and 12 dated 25 August The statutory cash reserve ratio is required on the Bank's time and demand liabilities at the rate of 5% and has been calculated and maintained with Bangladesh Bank in current account while statutory liquidity ratio of 18% is required, including cash reserve ratio, on the same liabilities is also maintained in the form of treasury bills, bonds and debentures including foreign currency balance with Bangladesh Bank. Both the reserves are maintained by the Bank in excess of the statutory requirements, as shown below : (a) Cash Reserve Ratio (CRR) Required reserve 3,845,486,020 2,974,341,820 Actual reserve maintained 4,400,326,087 2,980,529,000 Surplus 554,840,067 6,187,180 As per Bank ledger, balance with Bangladesh Bank (local currency) is Tk.4,400,326,087 while as per Bangladesh Bank Statements balance is Tk. 4,395,704,003. Difference is properly reconciled and was adjusted before reporting date.

24 (b) Statutory Liquidity Reserve (SLR) Required reserve 9,998,263,652 7,733,288,732 Actual reserve maintained 10,446,355,129 8,163,405,862 Surplus 448,091, ,117,130 Total required reserve 13,843,749,672 10,707,630,552 Total actual reserve held 14,846,681,216 11,143,934,862 Total surplus 1,002,931, ,304, Balance with other banks and financial institutions In Bangladesh (Note: 4.1) 1,111,711, ,310,233 Outside Bangladesh (Note: 4.2) 2,382,407,068 1,306,774,151 3,494,118,146 2,300,084, In Bangladesh Current Deposits Standard Chartered Bank, Dhaka City Centre Branch 2,546,348 1,764,102 Agrani Bank Ltd., Laldighir Par Branch, Modhuban, Sylhet 91,571 6,224 Agrani Bank Ltd., Brahmanbaria Branch 55 4,280 Agrani Bank Ltd., Principal Branch, Dilkusha, Dhaka 26,080 26,080 Islami Bank Bangladesh Ltd., Local Office 2,727 2,727 Agrani Bank Ltd., Bhairab Bazar Branch 1,579 5,001,579 The Trust Bank Ltd., Corporate Branch, Dilkusha, Dhaka 2,187, ,302 Janata Bank Ltd., Jessore Branch 145,300 48,922 Agrani Bank Ltd., Shaheb Bazar Branch, Rajshahi 11, Agrani Bank Ltd., Rangpur Branch 36,063 - Agrani Bank Ltd., Mymensingh Branch 98,972 Bank Asia Ltd., Principal Branch 529,600 - Agrani Bank Ltd., Thana Road Branch, Bogra 10,000,282 30,001,968 15,677,325 37,303,474 Short Term Deposits Agrani Bank Ltd., Rangpur Branch 26,640,607 4,042,678 Agrani Bank Ltd., Saidpur Branch 9,174,106 7,597,668 Agrani Bank Ltd., Modhuban Branch, Sylhet 332, ,577 Agrani Bank Ltd., Bogra Branch 7,530 7,530 Agrani Bank Ltd., Jhikargachha Branch 33,721 13,149 Agrani Bank Ltd., Sir Iqbal Road Branch, Khulna 19,583 7,046 Agrani Bank Ltd., Naogaon Branch 2,121,971 6,398,066 Islami Bank Bangladesh Ltd., Local Office 60,812 60,118 Agrani Bank Ltd., Jessore Branch 17,652,979 9,538,402 Agrani Bank Ltd., Moulvi Bazar Branch 241 1,100,241 Agrani Bank Ltd., Satkhira Branch 7, ,517 Agrani Bank Ltd., Court Road Branch, Narayanganj 3,961 3,903 Agrani Bank Ltd., Chawk Bazar Branch, Barisal 38,389,595 24,997,331 Southeast Bank Ltd., Principal Branch 49,120 49,120 Agrani Bank Ltd., Local Office ,840 Rupali Bank Ltd., Barisal Branch ,495,388 54,823,824 Savings Deposits Social Islamic Bank Ltd. Principal Branch 921, ,198 Shahjalal Islami Bank Ltd., Foreign Exchange Branch 617, ,738 1,538,366 1,182,936 Fixed Deposits Islamic Finance and Investment Ltd. 150,000, ,000,000 Premier Bank Ltd. 200,000,000 - Hajj Finance Company Ltd. 50,000,000 - South East Bank Ltd ,000,000 Al-Arafah Islami Bank Ltd ,000,000 Social Islamic Bank Ltd. 300,000, ,000,000 Phoenix Finance and Investment Ltd. 300,000, ,000,000 1,000,000, ,000,000 1,111,711, ,310,234

25 (a) Consolidated In Bangladesh AB Bank Limited 1,111,711, ,310,234 AB International Finance Limited - - 1,111,711, ,310, Outside Bangladesh Current Deposits The Bank of Tokyo Mitsubishi Ltd. 26,663,722 5,034,227 HSBC Plc 20,560,658 - Lloyds TSB Bank Plc 3,833,487 5,054,192 HSBC (Mumbai) 11,983, ,145 JP Morgan Chase Bank 16,830,732 - Sonali Bank (Kolkata) 6,967,668 2,500,113 Myanmar Economic Bank 28,399 28,256 Citibank NA 333,329,929 25,193,940 Hatton National Bank Ltd. 1,646,518 22,533 Commerz Bank AG 1,382,670 13,192,163 AB International Finance Ltd. 1,123,713, ,699,359 State Bank of India 1,089,241 1,083,788 NIB Bank Ltd. 10,370,802 2,579,592 Lloyds TSB Bank Plc 1,745,377 4,297,465 Mashreq Bank Psc 10,319,507 11,806,293 Nepal Bangladesh Bank Ltd. 4,347,992 1,866,129 Bank of Bhutan 4,798,433 3,104,276 HSBC Plc 356,239 - BCCI 117, ,864 Wachovia Bank 31,295,436 1,006,416 Habib America Bank 16,063,722 22,009,910 Commerz Bank AG 44,465,379 30,240,692 Hypovereins Bank 9,092,336 3,252,465 HSBC - 693,017 National Commercial Bank Ltd 11,252,756 3,444,965 Habib Metro Bank 664,960 - U.B.A.F-BANQUES 1,383,602 - Habib Bank AG 688,310 - Reserve Bank of India 26,081,424 22,493,783 HDFC Bank 68,711,274 75,412,109 Central Bank of India 276, ,032 Commerz Bank AG (Euro) 23,744 2,538,499 HSBC (Euro) 454,327 3,168,637 HSBC (GBP) 1,883,378 22,206,075 HSBC (USD) 346,327, ,451,771 JP Morgan Chase Bank 5,735,697 35,263,444 2,144,487,068 1,278,236,151 Fixed Deposits HDFC Bank 237,920,000 28,538,000 2,382,407,068 1,306,774,151 (Currency wise Balance is given in Annexure - A) 4.2(a) Consolidated Outside Bangladesh (Nostro Accounts) AB Bank Limited 2,382,407,068 1,306,774,151 AB International Finance Limited 1,091,035 6,835,674 2,383,498,103 1,313,609,825 Less: Inter company transactions 1,000,837, ,316,713 1,382,660, ,293,112

26 Account-wise/grouping of balance with other banks and financial institutions Current deposits 2,160,164,392 1,344,077,625 Savings deposits 1,538,366 1,182,936 Short-term deposits 94,495,388 54,823,824 Fixed deposits 1,237,920, ,000,000 3,494,118,147 2,300,084, Maturity grouping of balance with other banks Repayable on demand 2,160,164,392 1,400,013,425 upto 3 months 304,213, ,000,000 over 3 months but below 1 year 1,029,740, ,000,000 over 1 year but below 5 years - - over 5 years - - 3,494,118,147 2,300,013, Money at call and on short notice With banking companies Southeast Bank Ltd ,000,000 Jamuna Bank Ltd - 24,900,000 Bank of Ceylon, Corporate Branch - 704,362, ,262,400 With non-banking financial institutions People's Leasing and Financial Services Ltd. 120,000, ,000,000 First Lease International Ltd. 80,000,000 80,000,000 International Leasing and financial Services Ltd 200,000,000 - Uttara Finance and Investment Ltd 50,000,000 - National Housing Company Ltd. 50,000,000 - Bay Leasing Company Ltd. 100,000,000 80,000, ,000, ,000,000 On calls and placements -ABBL, Mumbai Branch - 71,345, ,000,000 1,190,607,400 5(a) Consolidated Money at call and on short notice AB Bank Limited 600,000,000 1,190,607,400 AB International Finance Limited ,000,000 1,190,607, Investments Investment securities are classified as follows: Held for trading 3,161,717,761 3,401,227,000 Held to maturity 6,481,038,000 3,718,975,661 Others 6,726,547,464 4,275,733,401 16,369,303,225 11,395,936,062 6 (a) Consolidated investments AB Bank Limited 16,369,303,225 11,395,936,062 AB International Finance Limited ,369,303,225 11,395,936,062

27 Government securities Treasury bills: 182 days' treasury bills 886,644, ,167, days' treasury bills 1,747,354, ,890,518 2,633,999,522 1,038,057,878 Treasury bills - Reverse Repo with : City Bank Ltd ,000,000 Debentures- Bangladesh House Building Finance Corporation 30,000,000 35,000,000 (Maturity date: 14 March 2015, interest rate: 5.50%) 2,663,999,522 1,373,057,878 Government bonds Prize bonds 2,710,700 3,980,600 Treasury bonds (Note: 6.1.1) 7,008,756,240 5,782,144,784 7,011,466,940 5,786,125,384 Total Government securities 9,675,466,462 7,159,183, Treasury bonds Type Rate of interest Maturity date BD Govt. Treasury Bond 7.50% 10 April ,593,109 - BD Govt. Treasury Bond 7.50% 12 June ,056,176 BD Govt. Treasury Bond 7.50% 20 September ,803,673 BD Govt. Treasury Bond 10.82% 18 July ,800, ,800,000 BD Govt. Treasury Bond 10.82% 18 July ,000, ,000,000 BD Govt. Treasury Bond 12.19% 04 July ,234,914 - BD Govt. Treasury Bond 12.15% 08 August ,110,134 - BD Govt. Treasury Bond 10.74% 19 September ,000, ,000,000 BD Govt. Treasury Bond 10.69% 17 October ,000,000 30,000,000 BD Govt. Treasury Bond 10.65% 21 November ,000, ,000,000 BD Govt. Treasury Bond 10.65% 21 November ,000,000 50,000,000 BD Govt. Treasury Bond 11.74% 05 December ,000,000 20,000,000 BD Govt. Treasury Bond 10.65% 19 December ,000, ,000,000 BD Govt. Treasury Bond 10.14% 20 May ,138,994 - BD Govt. Treasury Bond 7.50% 18 April ,276,890 BD Govt. Treasury Bond 11.72% 07 May ,986,132 - BD Govt. Treasury Bond 11.72% 07 May ,503,019 - BD Govt. Treasury Bond 11.74% 02 January ,000, ,000,000 BD Govt. Treasury Bond 11.72% 06 February ,000, ,000,000 BD Govt. Treasury Bond 11.72% 02 April ,500, ,500,000 BD Govt. Treasury Bond 11.72% 04 June ,000, ,000,000 BD Govt. Treasury Bond 11.72% 02 July ,000, ,000,000 BD Govt. Treasury Bond 11.72% 02 July ,000, ,000,000 BD Govt. Treasury Bond 11.72% 02 July ,500, ,500,000 BD Govt. Treasury Bond 11.72% 25 July ,000,000 - BD Govt. Treasury Bond 11.72% 06 August ,000, ,000,000 BD Govt. Treasury Bond 11.72% 06 August ,000, ,000,000 BD Govt. Treasury Bond 11.72% 06 August ,431, ,000,000 BD Govt. Treasury Bond 11.72% 06 August ,450,622 BD Govt. Treasury Bond 11.72% 03 September ,276,706 95,340,989 BD Govt. Treasury Bond 11.72% 03 September ,309,054 - BD Govt. Treasury Bond 11.72% 08 October ,563, ,323,566 BD Govt. Treasury Bond 11.72% 04 February ,000,000 - BD Govt. Treasury Bond 11.72% 04 February ,058,080 - BD Govt. Treasury Bond 11.72% 04 February ,142,516 - BD Govt. Treasury Bond 11.72% 03 April ,000,000 - BD Govt. Treasury Bond 12.22% 13 February ,471,344 BD Govt. Treasury Bond 11.72% 08 October ,129,606 7,008,756,240 3,427,044,784

28 Treasury bonds - Reverse Repo BD Govt. Treasury Bond 8.75% 01 January ,455,100,000 BD Govt. Treasury Bond 8.75% 01 January ,000,000 BD Govt. Treasury Bond 9.50% 05 February ,000,000 BD Govt. Treasury Bond 9.50% 15 February ,000,000 BD Govt. Treasury Bond 9.75% 04 March ,000,000-2,355,100,000 7,008,756,240 5,782,144,784 Treasury Bond - Reverse Repo (Bank wise) : Jamuna Bank Ltd - 1,905,100,000 Eastern Bank Ltd ,000,000-2,355,100, (a) Consolidated Government securities AB Bank Limited 9,675,466,462 7,159,183,261 AB International Finance Limited - - 9,675,466,462 7,159,183, Other investments Shares (Note 6.2.1) 6,489,276,377 4,061,996,864 Zero Coupon bond 12,648,018 30,000,000 Investments -ABBL, Mumbai branch Treasury bills 186,261, ,332,547 Debentures and bonds 5,650,600 4,423, ,912, ,755,937 Total other investments 6,693,836,764 4,236,752,801 Total investments 16,369,303,226 11,395,936, (a) Consolidated other investments AB Bank Limited 6,693,836,764 4,236,752,801 AB International Finance Limited - - 6,693,836,764 4,236,752, Investments in Shares Quoted Powergrid Company Ltd. 1,207,665, ,558,736 International Finance Investment and Commerce Bank Ltd ,351,866 Beximco Pharma Ltd. 158,348, ,687,426 Square Pharmaceuticals Ltd. 125,480,450 44,222,650 Southeast Bank Ltd. 29,650,302 61,441,040 Prime Bank Ltd. - 1,172,609 Beximco Ltd ,400,781 Social Investment Bank Ltd. - 28,882,834 Lafarge Surma Cement Ltd. 574,538, ,990,123 National Life Insurance Company Ltd. 31,998,396 47,059,951 Usmania Glass Sheet Factory Ltd. 11,567,005 23,520,129 DESCO - 27,520,600 People's Leasing and Financial Services Ltd ,953 Prime Life Insurance Company Ltd. 3,122, ,137 Heidelberg Cement Ltd. - 66,209,775 ACI Ltd ,604,265 United Commercial Bank Ltd. 487,688, ,688,713 Aramit limited 11,492,038 - Apex Adel. F.wear 271,129, ,017,178 Grameen Mutual Fund 2 69,355,700 -

29 Investment Corporation of Bangladesh 2,207,535 - BEXTEX Ltd. 350,304,840 - Singer BD Ltd 12,569,044 - S Alam Coll Rolled Mills 1,660,500 - BSRM Steel 180,957,890 - Apex Tannery Ltd. - 19,819,715 Shinepukur Ceramic Company Ltd ,000,000 Summit Alliance Port Ltd. - 35,943,713 Meghna Cement Ltd. - 17,421,423 Miracle Industries Ltd. - 2,379,850 Titas Gas Ltd. 1,312,405,195 55,479,375 Premier Bank Ltd. - 62,713,275 Meghna Life Insurance Company Ltd. 4,893,627 15,761,802 Green Delta Insurance Company Ltd. 2,285, ,360 Pubali Bank Ltd. - 1,433,475 Islamic Finance and Investment Company Ltd. 123,351,866 4,626,113 JMI Bangla Company Ltd ,000 Prime Finance and Investment Company Ltd. 97,562,794 - Fareast Islami Life Insurance Company Ltd. 123,332,703 - Delta Life Insurance Company Ltd. 465,850 - Sandhani Life Insurance Company Ltd. 1,886,850 - Summit Power Ltd. 85,047,538 - Padma Oil 221,954,200 - Jamuna Oil 798,168,576 - Industrial Development and Leasing Company of Bangladesh Ltd. 25,240,815 - LankaBangla Finance Ltd. 21,544,750-6,347,876,377 3,920,596,864 Unquoted Central Depository Bangladesh Ltd. 10,000,000 10,000,000 Everest Power Ltd. 50,000,000 50,000,000 Cash Link Bangladesh Ltd. 71,400,000 71,400,000 Industrial and Infrastructure Development Finance Company Ltd. 10,000,000 10,000, ,400, ,400,000 6,489,276,377 4,061,996,864 (A Schedule of Investment in shares is given in Annexure - B)

30 6.3 Maturity grouping Repayable on demand 2,170,889,206 2,870,019,373 upto 3 months 1,874,202,385 1,418,899,973 over 3 months but below 1 year 5,285,382,925 2,802,652,560 over 1 year but below 5 years 1,724,668,843 1,665,719,373 over 5 years 5,314,159,867 2,651,244,784 16,369,303,225 11,408,536, Loans and advances 7.1 Maturity grouping Repayable on demand 7,743,428,372 8,157,644,320 upto 3 months 12,825,435,523 12,578,185,336 over 3 months but below 1 year 28,046,756,800 32,275,265,435 over 1 year but below 5 years 19,424,963,800 1,134,175,438 over 5 years 1,691,967, ,087,719 69,732,552,194 54,412,358, Broad category-wise breakup In Bangladesh Loans 57,422,370,679 32,998,371,906 Overdrafts 12,033,737,445 21,074,025,125 Cash credits ,456,108,124 54,072,397,031 Outside Bangladesh: ABBL, Mumbai Branch Loans 227,204, ,577,962 Overdrafts 49,240,064 30,383,256 Cash credits ,444, ,961,218 69,732,552,194 54,412,358, Significant concentration Advances to allied concerns of Directors - - Advances to Chief Executive 11,276,722 11,793,723 Advances to industries 23,901,800,000 21,833,700,000 Advances to customer groups 45,819,475,472 32,566,864,526 69,732,552,194 54,412,358, Advances to customers for more than 10% of capital Bank's total Total capital of the Bank 10,790,267,058 7,439,796,153 Number of clients Amount of outstanding advances 26,407,700,000 18,732,200,000 Amount of classified advances - - Measures taken for recovery Not applicable Not applicable 7.5 Industry-wise loans and advances Agriculture 1,067,129, ,000,000 Large and medium scale industry 11,528,200,000 8,169,307,374 Working capital 12,333,500,000 10,614,584,118 Export 2,448,900,000 3,035,433,304 Commercial lending 28,009,200,000 20,614,600,000 Small and cottage industry 40,100,000 32,900,000 Others 14,305,523,194 11,143,533,453 69,732,552,194 54,412,358,249

31 7.6 Geographical location-wise (division) distribution In Bangladesh Urban Branches Dhaka 41,564,209,062 33,019,277,814 Chittagong 18,357,351,109 13,404,459,566 Khulna 1,891,188,223 1,794,520,559 Sylhet 1,361,508, ,183,598 Barisal 162,885, ,003,528 Rajshahi 2,631,058,698 1,812,549,475 65,968,200,818 51,175,994,540 Rural Branches Dhaka 2,173,824,637 1,674,901,710 Chittagong 515,550, ,321,666 Khulna 329,502, ,909,646 Sylhet 469,029, ,269,470 Barisal - - Rajshahi - - 3,487,907,306 2,896,402,492 Outside Bangladesh ABBL, Mumbai Branch 276,444, ,961,218 69,732,552,194 54,412,358, Classification of loans and advances Unclassified Standard 67,646,383,518 52,492,279,672 Special mention account 136,999, ,697,000 Total unclassified loans and advances 67,783,383,381 52,716,976,672 Classified Substandard 648,984, ,697,000 Doubtful 521,036, ,596,000 Bad/Loss 779,148,078 1,334,088,577 Total classified loans and advances 1,949,168,813 1,695,381,577 69,732,552,194 54,412,358, Particulars of loans and advances (i) Loans considered good in respect of which the Bank is fully secured 54,260,513,247 44,962,535,293 (ii) (iii) Loans considered good against which the Bank holds no security other than the debtors personal guarantee Loans considered good and secured by the personal undertaking of one or more parties in addition to the personal guarantee of the debtors ,472,038,948 9,449,822,956 (iv) Loans adversely classified but provision not maintained thereagainst ,732,552,194 54,412,358,249

32 (v) (vi) (vii) Loans due by directors or officers of the Bank or any of them either separately or jointly with any other persons [note 7.8 (a)] Loans due from companies or firms in which the directors of the Bank are interested as directors, partners or managing agents or, in case of private companies, as members Maximum total amount of advances, including temporary advances made at any time during the year to directors or managers or officers of the Bank or any of them either separately or jointly with any other persons [note 7.8 (a)] ,082, ,362, ,082, ,469,000 (viii) Maximum total amount of advances, including temporary advances granted during the year to the companies or firms in which the directors of the Bank are interested as directors, partners or managing agents or, in the case of private companies, as members - - (ix) Due from other banking companies - - (x) - - (a) Increase/(decrease) of provision (specific) (231,295,145) (1,739,267) (b) Amount of loan written off 633,098, ,069,000 (c) Amount realised against loan previously written off 101,523,000 63,036,000 (d) Amount of classified loans on which interest has not been charged Provision kept against loans classified as bad /loss on the date of preparing the balance sheet 426,910, ,205,595 (e) Interest charged to interest suspense account 121,055,097 82,628,503 (xi) Written off loan During the year 633,098, ,069,000 Cumulative to-date (as per Bangladesh Bank guidelines) Cumulative to-date (in amicable settlement) The amount of written off loans for which lawsuits have been filed for its recovery 1,940,977,000 1,508,318,000 2,532,516,000 2,333,951,000 4,473,493,000 3,842,269,000 1,851,378,000 1,418,719, (a) The amount represents loans Tk.447,942,293 due by the employees of the Bank & Tk.140,000 by the directors. 7.9 Securities wise loans and advances Nature of security Collateral of movable/immovable assets 36,345,736,580 32,330,785,682 Cash collateral 4,875,902,870 3,287,611,604 Banks and financial institutions guarantee 142,483, ,176,519 Personal guarantee 6,733,498,820 5,370,947,562 Corporate guarantee 7,519,898,680 4,635,303,983 Other securities 14,115,031,404 8,435,532,899 69,732,552,194 54,412,358,249 7(a) Consolidated Loans and advances AB Bank Limited 69,732,552,194 54,412,358,249 AB International Finance Limited ,732,552,194 54,412,358, Bills purchased and discounted In Bangladesh 1,071,337,988 2,190,741,253 Outside Bangladesh - ABBL, Mumbai Branch 76,043, ,672,403 1,147,381,251 2,296,413,657

33 8.1 Maturity grouping Repayable within 1 month 229,476, ,924,097 over 1 month but within 3 months 917,905,001 1,331,919,921 over 3 months but within 6 months - 275,569,639 over 6 months - - 1,147,381,251 2,296,413,657 8(a) Consolidated Bills purchased and discounted AB Bank Limited 1,147,381,251 2,296,413,657 AB International Finance Limited 1,183,329, ,691,801 2,330,711,064 3,249,105, Fixed assets including premises, furniture and fixtures Cost: Land and Building 1,890,085,445 1,900,594,080 Furniture and fixures 129,167, ,652,199 Office appliances 57,101,776 48,633,015 Electrical appliances 592,715, ,748,777 Motor vehicles 316,447, ,058,436 Leasehold assets 8,020,074 8,020,074 2,993,537,878 2,996,706,581 Less: Accumulated depreciation 552,575, ,056,347 2,440,962,657 2,444,650,234 A Schedule of Fixed Assets is given in Annexure - C. 9(a) Consolidated Fixed assets including premises, furniture and fixtures Cost: AB Bank Limited 2,993,537,878 2,996,706,581 AB International Finance Limited 11,449,495 11,426,282 3,004,987,373 3,008,132,863 Accumulated depreciation: AB Bank Limited 552,575, ,056,347 AB International Finance Limited 11,375,563 11,315, ,950, ,371,397 2,441,036,589 2,444,761, Other assets Income generating In Bangladesh: Arab Bangladesh Bank Foundation 300,051, ,051,122 Outside Bangladesh: AB International Finance Ltd., Hong Kong 5,203,944 5,203,944 (wholly owned subsidiary company of ABBL) 305,255, ,255,066

34 Non-income generating Inter-branch adjustment 92,423, ,672,022 Advance corporate income tax (Note: 10.1) 3,158,776,307 1,828,324,016 Accounts receivable 998,581,954 1,028,589,408 Preliminary, formation, organisational, renovation, development, prepaid expenses and others 1,804,905,746 1,121,352,578 Exchange for clearing 870,737, ,174,214 Interest accrued on investment but not collected, commission and brokerage receivable on shares and debentures, and other income receivables 367,047, ,974,878 Security deposits 65,935,812 66,190,426 Local drafts paid without advice - - Advance rent and advertisement 69,971,185 50,198,408 Stationery, stamps, printing materials, etc 39,479,313 28,787,425 Interest on bearer certificates of deposit - - 7,467,858,266 5,612,263,376 7,773,113,332 5,917,518,443 10(a) Consolidated Other assets AB Bank Limited 7,773,113,332 5,917,518,443 AB International Finance Limited 2,241,304 7,160,293 7,775,354,636 5,924,678,736 Less: Inter-group transaction 5,203,944 5,203,944 7,770,150,692 5,919,474, Advance corporate income tax In Bangladesh: Balance at 01 January 1,689,914, ,830,893 Add: Paid during the year 1,280,647, ,758,330 Add: Tax withheld during the year 32,011,044 28,062,150 1,312,658, ,820,480 Less: Settlement during the year - 144,736,961 Balance at 31 December 3,002,572,849 1,689,914,412 Advance tax paid by ABBL, Mumbai Branch 156,203, ,409,604 3,158,776,307 1,828,324, Borrowings from other banks, financial institutions and agents In Bangladesh (Note: 11.1) 6,105,823,504 2,924,753,879 Outside Bangladesh (Note: 11.2) 19,337, ,589,159 6,125,161,339 3,193,343, In Bangladesh Bangladesh Bank refinance ADB loan Islamic Investment Bonds 26,332,604-1,007,043, ,753,879 SME & Women Entrepreneure 41,900,000-1,075,276, ,753,879

35 Call & Term Borrowing from Agrani Bank Ltd. 400,050, ,000,000 Rupali Bank Ltd. 500,055, ,000,000 Bangladesh Krishi Bank 1,000,000,000 - Pubali Bank Ltd. 250,000,000 - Uttara Bank Ltd. 300,035,417 - United Commercial Bank Ltd. 1,000,000,000 - Brac Bank Ltd. 100,012,500 - Trust Bank Ltd. 300,247,917 - Dutch Bangla Bank Ltd ,000,000 Standard Bank Ltd. 380,045,917 - Premier Bank Ltd. 150,000,000 Bangladesh Shilpa Bank 200,025,000 80,000,000 National Bank Ltd ,000,000 One Bank Ltd ,000,000 Bank of Small Industries and Cottage Ltd ,000,000 Janata Bank Ltd. 600,075, ,000,000 5,030,547,306 2,020,000,000 6,105,823,504 2,924,753, Outside Bangladesh HSBC UK (USD) - 4,535,291 HSBC Karachi (USD) 1,485,567 - HSBC UK (UKP) - 313,793 JP Morgan Chase Bank - 162,812,278 American Express Bank Ltd. - 43,435,628 HSBC 17,852,269 57,492,167 19,337, ,589,159 (A Schedule of Borrowings from other banks, financial institutions and agents outside Bangladesh is given in Annexure - D) 11.3 Analysis by security Secured (assets pledge as security for liabilities) - - Unsecured 6,125,161,339 3,193,343,038 6,125,161,339 3,193,343, Repayment pattern Repayable on demand 5,049,885,141 2,288,589,159 Repayable on maturity (Note: ) 1,075,276, ,753,879 6,125,161,339 3,193,343, Repayable on maturity Bangladesh Bank refinance: ADB loan 26,332,604 - SME & Women Entrepreneure 41,900,000-68,232,604 - Term borrowings: Islamic Investment Bonds 1,007,043, ,753,879 1,075,276, ,753,879 11(a) Consolidated Borrowings from other banks, financial institutions and agents AB Bank Limited 6,125,161,339 3,193,343,038 AB International Finance Limited 1,011,963, ,316,713 7,137,124,645 4,017,659,750 Less: Intercompany transactions 1,000,837, ,316,713 6,136,287,306 3,193,343,038

36 12. Deposit and other accounts Inter-bank deposits (Note: 12.1) 2,198,114,000 7,259,596,546 Other deposits (Note: 12.2) 80,889,015,113 61,300,877,777 83,087,129,113 68,560,474,323 12(a) Consolidated Deposit and other accounts AB Bank Limited 83,087,129,113 68,560,474,323 AB International Finance Limited ,087,129,113 68,560,474,323 Less: Inter-group transaction 4,500,433 1,484,970 83,082,628,680 68,558,989, Maturity analysis of inter-bank deposits Repayable on demand 109,255, ,395,333 within 1 month 1,026,222,812 2,962,463,023 over 1 month but within 3 months 341,145,678 1,277,953,640 over 3 months but within 1 year 721,490,510 2,819,784,550 over 1 year but within 5 years - - over 5 years but within 10 years - - over 10 years - - 2,198,114,000 7,259,596, Maturity analysis of other deposits Repayable on demand - 101,104,667 within 1 month 9,148,576,139 6,995,814,679 over 1 month but within 3 months 19,342,150,740 17,850,634,800 over 3 months but within 1 year 31,096,620,205 31,566,566,760 over 1 year but within 5 years 19,878,740,477 2,515,790,003 over 5 years but within 10 years 1,422,927,552 2,270,966,869 over 10 years ,889,015,113 61,300,877, Other liabilities Accumulated provision against loans and advances (Note 13.1) 1,252,506,463 1,349,205,714 Accrued profit on investment - Islami banking branch 133,345,887 74,364,030 Provision for current tax (Note: 13.2) 4,254,236,613 2,556,729,929 Deferred tax liabilities (Note: 13.3) 129,739,689 1,616,023 Interest suspense account (Note: 13.4) 301,688, ,528,758 Retained revenue with ABBL, Mumbai Branch - 87,621,563 Provision against other assets (Note: 13.5) 228,235, ,335,215 Provision for outstanding debit entries in NOSTRO accounts 200, ,000 Exchange equalisation account 47,966,966 47,966,966 Accounts payable - Bangladesh Bank 233,310,356 68,171,456 Accrued expenses 36,789,076 11,454,975 Provision for off balance sheet items (Note: 13.6) 380,000, ,000,000 Provision against investments (Note: 13.7) 142,553, ,553,000 Obligation under finance lease - 565,427 Exchange fluctuation adjustment account - ABBL, Mumbai Branch 71,116,886 48,890,548 Others (*) 401,809, ,086,274 7,613,498,999 5,577,289,877 (*) Others includes provision for audit fee, payroll tax, excise duty, income tax and VAT deducted at source, unclaimed dividend, accounts payable for safe keeping, earnest and security money, etc.

37 13.1 Accumulated provision against loans and advances The movement in specific provision for bad and doubtful debts Balance at 01 January 654,359, ,944,862 Fully provided debts written off during the year (-) 538,245,507 96,995,405 Recovery of amounts previously written off (+) - - Specific provision made for the year (+) 291,000,000 91,410,500 Transfer from general provision (+) 7,900,000 - Recoveries and provision no longer required (-) - - Net charge to Profit and Loss Statement (+) - - (239,345,507) (5,584,905) Balance at 31 December 415,014, ,359,957 Provision made by ABBL, Mumbai Branch 11,896,000 3,845,638 Total provision on classified loans and advances 426,910, ,205,595 On unclassified loans Balance at 01 January 658,106, ,050,000 Transfer from provision for other assets (+) - 20,200,000 Recoveries and provision no longer required (-) - - Transfer (-) 7,900,000 General provision made for the year (+) 145,600, ,856, ,700, ,056,015 Balance at 31 December 795,806, ,106,015 Provision made by MBW 28,154,298 28,154,298 Provision made by ABBL, Mumbai Branch 1,635,700 4,739,806 Total provision on un-classified loans and advances 825,596, ,000,119 Total provision on loans and advances 1,252,506,463 1,349,205,714 Provision for Required Maintained Excess/(Shortage) Un-classified loans and advances 749,300, ,596,013 76,296,013 Classified loans and advances 414,300, ,910,450 12,610,450 1,163,600,000 1,252,506,463 88,906, Provision for current tax Balance at 01 January 2,459,761,967 1,222,843,244 Add: Provision made during the year 1,714,216,590 1,381,655,684 Less: Adjustment during the year - 144,736,961 Balance at 31 December 4,173,978,557 2,459,761,967 Provision held by ABBL, Mumbai Branch 80,258,056 96,967,962 4,254,236,613 2,556,729,929 Tax provision for the year 2008 (assessment year ) has been made by the Bank considering necessary taxable add-backs of income and inadmissible expenditures as per income tax law. Tax assessments for the financial years 1995, 1996 and 1997 are pending and filed reference applications before the Hon'ble High Court. Assessment for the financial years 2007 & 2008 has been disputed by the Bank in appeal Deferred tax liabilities Balance at 01 January 1,616,023 83,271,707 Add: Provision made during the year 128,123,666 - Less: Adjustment during the year - 81,655,684 Balance at 31 December 129,739,689 1,616,023

38 13.4 Interest suspense account Balance at 01 January 326,528, ,385,254 Transfer during the year (+) 121,055,097 82,628,503 Recovery during the year (-) 52,720,000 17,542,000 Write off during the year (-) 93,175,000 13,943,000 Balance at 31 December 301,688, ,528, Provision against other assets Provision for Prepaid legal expenses 49,700,000 49,700,000 Protested bills 18,033,215 18,033,215 Balance with BCCI, London 120, ,000 London Representative Office 1,708,494 1,708,494 Myanmar Representative Office 1,112,430 1,112,430 Others 157,561,076 96,661, ,235, ,335,215 Provision against other assets was made as per BRPD Circular # 14 dated 25 June 2001 issued by Bangladesh Bank Provision for off balance sheet items Balance at 01 January 280,000,000 80,000,000 Add: Provision made during the year 100,000, ,000,000 Less: Adjustment during the year - - Balance at 31 December 380,000, ,000, Provision against investments Balance at 01 January 142,553,000 25,400,000 Add: Provision made during the year - 117,153,000 Less: Adjustment during the year - - Balance at 31 December 142,553, ,553,000 13(a) Consolidated Other liabilities AB Bank Limited 7,613,498,999 5,577,289,877 AB International Finance Limited 39,808,479 43,963,068 7,653,307,477 5,621,252, Share Capital 2,564,253,200 2,229,785, Authorised Capital 60,000,000 ordinary shares of 100 each 6,000,000,000 3,000,000, Issued, Subscribed and Paid-up Capital 1,500,000 ordinary shares of 100 each issued for cash 150,000, ,000,000 24,142,532 ordinary shares of 100 each issued as bonus shares 2,414,253,200 2,079,785,400 2,564,253,200 2,229,785, Percentage of shareholding Particulars As at 31 December 2009 As at 31 December 2008 No. of shares % No. of shares % Sponsors and public 25,495, ,169, Government 146, , ,642, ,297,

39 14.4 Classification of shareholders by holding Holding Upto to 5,000 5,001 to 10,000 10,001 to 20,000 20,001 to 30,000 30,001 to 40,000 40,001 to 50,000 50,001 to 100, ,001 to 1,000,000 Over 1,000,000 No. of holders % of total holding ,803 63, ,980 1, ,083 65, Names of the Directors and their shareholding as at 31 December 2009 Name of the Director Status No of Shareholding As at 31 Dec 2009 As at 31 Dec 2008 Mr. M. Wahidul Haque Chairman 5,550 4,827 Mr. Salim Ahmed Vice-Chairman 605, ,686 Mr. Feroz Ahmed Director 532, ,654 Mr. M. A. Awal Director Mr. Shishir Ranjan Bose, FCA Independent Director Mr. Faheemul Huq, Barrister - at -Law Director Mr. Syed Afzal Hasan Uddin, Barrister - at -Law Director Mr. Mishaal Kabir Director Mr. Md. Mesbahul Hoque Director Mr. Md. Anwar Jamil Siddiqui Director Mr. B. B. Saha Roy Director Dr. M. Imtiaz Hossain Depositor Director - - Mrs. Runa Zakia Shahrood Khan Depositor Director - - Mr. Kaiser A. Chowdhury Ex-officio Capital adequacy ratio In terms of section 13(2) of Banking Companies Act 1991 and Bangladesh Bank BRPD Circulars no. 01, 14, 10, 07, 01, 05 and 03 dated 08 January 1996, 16 November 1996, 25 November 2002, 28 August 2006, 19 February 2007, 14 May 2007 and 12 March 2008 respectively, required capital of the Bank at the close of business on 31 December 2009 is 7,833,137,517 as against available core capital of 9,249,627,627 and supplementary capital of 1,540,639,432 that is, a total of 10,790,267,058 thereby showing surplus capital/equity of 2,957,129,541 at that date. Details are shown below: Core capital (Tier I) Paid-up capital 2,564,253,200 2,229,785,400 Non-repayable share premium account - - Statutory reserve 3,101,206,092 2,066,121,258 General and other reserve 42,199,200 42,199,200 Retained earnings 3,541,969,135 1,789,769,440 Non-cumulative irredeemable preference share - - Dividend equalisation account - - 9,249,627,627 6,127,875,298

40 Supplementary capital (Tier II) General provision maintained against unclassified loans 825,596, ,000,119 General provision maintained against off-balance sheet items 380,000, ,000,000 Assets revaluation reserves 284,062, ,505,905 All other preference shares - - Perpetual subordinated debts - - Exchange equalisation account 47,966,966 47,966,966 Revaluation reserves of HTM Securities (Upto 50% of the revaluation reserves) 3,013, ,865 1,540,639,432 1,311,920,855 A. Total Eligible Capital 10,790,267,058 7,439,796,153 Total assets including off-balance Sheet items 135,907,882, ,127,943,568 Total risk-weighted assets (Annexure E) 78,331,375,173 57,954,363,343 B. Required capital (10% of risk-weighted assets) 7,833,137,517 5,795,436,334 Actual capital maintained Core capital, Tier-I 9,249,627,627 6,127,875,298 Supplementary capital, Tier II 1,540,639,432 1,311,920,855 10,790,267,059 7,439,796,153 Capital Surplus / (Shortfall) [A-B] 2,957,129,541 1,644,359,819 Capital adequacy ratio 13.78% 12.84% 14.7 Capital requirement As at 31 Dec 2009 As at 31 Dec 2008 Required Holding Required Holding Core capital 5.00% 11.81% 5.00% 10.57% Supplementary capital 1.97% 2.27% Total Capital 10.00% 13.78% 10.00% 12.84% 14.8 Capital Adequacy Ratio - As per BASEL II In terms of Bangladesh Bank BRPD Circular no. 09 of 31 December 2008, required capital of the Bank at the close of business on 31 December 2009 is 9,845,963,770 as against available core capital of 9,249,627,627 and supplementary capital of 1,668,218,503 that is, a total of 10,917,846,130 thereby showing surplus capital/equity of 1,071,882,360 at that date. Details are shown below: Core capital (Tier I) Fully Paid-up Capital/Capital Deposited with BB 2,564,253,200 Statutory Reserve 3,101,206,092 Non-repayable share premium account - General Reserve 42,199,200 Retained earnings 3,541,969,135 Minority interest in Subsidiaries - Non-Cumulative irredeemable Preferences shares - Dividend Equalization Account - 9,249,627,627 Deductions from Tier-1 (Core Capital ) : Book value of Goodwill - Shortfall in provisions required against classified assets irrespective of any relaxation allowed - Deficit on account of revaluation of investment in AFS category - Any investment in TFCs of other banks exceeding the prescribed limit - Other if any - - Total Eligible Tier-I Capital 9,249,627,627

41 Supplementary capital (Tier II) General Provision for Unclassified loans & off Balance Sheet (Limited to 1.25% of RWA) 1,205,596,013 Assets revaluation reserves 284,062,876 All other preference shares Perpetual subordinated debts Exchange equalisation account 47,966,966 Revaluation reserves of Securities (Upto 50% of the revaluation reserves) 130,592,648 1,668,218,503 Capital eligible for market risk (Tier-III) Short-term subordinated debt - A. Total Eligible Capital 10,917,846,130 Total assets including off-balance Sheet items 135,907,882,900 Total risk-weighted assets (RWA) 98,459,637,700 B. Total required capital (10% of Total RWA) 9,845,963,770 Capital Surplus / (Shortfall) [A-B] 1,071,882,360 Capital adequacy ratio 11.09% Market Discipline Disclosures As per Bangladesh Bank guidelines, the Bank has migrated to Basel-II framework as on parallel to existing BRPD Circular No. 10, dated November 25, From January 01, 2010 Basel II regime will be started and the guidelines on RBCA (Risk Based Capital Adequacy) will fully come into force with its subsequent supplements/revisions. Under Pillar-III of the framework, Bank s Basel-II Disclosures as on are as under: Quantitative Disclosure 1. Assets A. Banking Book 1 Cash in hand & Balance with BB 6,285,636,533 2 Money at call 600,000,000 3 Investment (HTM) 6,856,998,552 a. Government 6,667,299,934 b. Qualifying 30,000,000 c. Others 159,698,618 4 Loan & Advances 70,879,933,446 5 a. Classified (SMA, SS, DF and BL) 2,086,168,676 i) SMA 136,999,863 ii) SS 649,062,813 iii) DF 521,036,000 iv) BL 779,070,000 b. Unclassified 68,793,564,769 6 Rated Assets 106,912,312,383 a. Rated Assets 975,600,000 b. Unrated Assets 105,936,712,383 7 Other Assets (including Fixed Assets) 10,214,075,989 Total Banking Book Assets ( ) 94,836,644,520

42 B. Trading Book Assets 1 FC held in hand 26,842,144 2 FC held in BB and NOSTRO account 2,539,231,746 3 Investment (Trading) 9,509,593,973 a. Government 3,161,717,597 b. HFT 6,347,876,376 c. AFS - Total Trading Book Assets (1+2+3) 12,075,667,863 Total Assets (A+B) 106,912,312, Credit Risk on Banking Book Quantitative Disclosure Total Exposures of Credit Risk 1. Funded Domestic 70,527,446,112 Overseas 352,487, Non-Funded Domestic 22,915,484,755 Overseas 852,276, Distribution of risk exposure by claims Claims on sovereigns and central banks 15,720,888,321 Claims on other official entities 30,000,000 Claims on banks and securities firms 3,185,128,748 Claims on corporate 33,242,365,259 Claims included in the retail portfolio & small enterprises 16,176,098,333 Claims secured by residential property 4,797,118,559 Claims secured by commercial real estate 2,984,596,675 Other Categories: Past due loans/npl 1,376,164,641 Off-balance sheet items 5,444,555, Credit Risk Mitigation Claims secured by financial collateral 10,892,859,759 Net exposure after the application of haircuts. (3,884,870,460) Claims secured by eligible Guarantee - 3. Market risk on Trading Book Quantitative Disclosure The capital requirements for: interest rate risk; 30,767,804 equity position risk; 1,507,379,708 foreign exchange risk; and 55,954,625 Commodity risk -

43 4. Operational risk Quantitative Disclosure The capital requirements for Operational Risk 942,964, Maintenance of Specific Provision Quantitative Disclosure a. Gross Non Performing Assets ( NPAs) Non Performing Assets ( NPAs) to Outstanding Loans and advances 2.94% b. Movement of Non Performing Assets ( NPAs) 1. Opening balance 1,884,174, Additions 1,357,600, Reductions 1,194,983, Closing balance 2,046,791,598 Add: Mumbai Branch 39,377,078 2,086,168,676 C) Movement of specific provisions for NPAs 1. Opening balance 654,359, Provisions made during the period 298,996, Write-off (538,341,663) 4. Write-back of excess provisions - 5. Closing balance 415,014,450 Add: Mumbai Branch 11,896, ,910, Maintenance of Regulatory Capital Quantitative Disclosure Core capital (Tier I) Fully Paid-up Capital 2,564,253,200 Statutory Reserve 3,101,206,092 Non-repayable share premium account - General Reserve 42,199,200 Retained earnings 3,405,361,181 Minority interest in Subsidiaries - Non-Cumulative irredeemable Preferences shares - Dividend Equalization Account - 9,113,019,673 Deductions from Tier-1 (Core Capital ) : Book value of Goodwill - Shortfall in provisions required against classified assets irrespective of any relaxation allowed - Deficit on account of revaluation of investment in AFS category - Any investment in TFCs of other banks exceeding the prescribed limit - Other if any - - Total Eligible Tier-I Capital 9,113,019,673

44 Supplementary capital (Tier II) General Provision for Unclassified loans & off Balance Sheet (Limited to 1.25% of RWA) 1,205,596,013 Assets revaluation reserves 284,062,876 All other preference shares - Perpetual subordinated debts - Exchange equalisation account 47,966,966 Revaluation reserves of Securities (Upto 50% of the revaluation reserves) 130,592,648 1,668,218,503 Capital eligible for market risk (Tier-III) Short-term subordinated debt - A. Total Eligible Capital 10,781,238, Capital Adequacy Quantitative Disclosure A) Amount of Regulatory Capital to meet unforeseen loss o Amount to meet Credit Risk 7,308,897,500 o Amount to meet Market Risk 1,594,102,137 o Amount to meet Operational Risk 942,964,133 9,845,963,770 B) Additional capital over MCR maintained by the banks 935,274, Statutory reserve In Bangladesh Opening balance 1,971,945,858 1,251,821,530 Add: Addition during the year (20% of pre-tax profit) 1,015,481, ,124,328 Closing balance 2,987,427,246 1,971,945,858 Outside Bangladesh - ABBL, Mumbai Branch Opening balance 94,175, ,083,920 Add: Addition during the year 15,636,846 7,990,640 Adjustment for Foreign Exchange Rate Fluctuation 3,966,600 (18,899,160) Closing balance 113,778,846 94,175,400 3,101,206,092 2,066,121, Other reserve General reserve (Note: 16.1) 42,199,200 42,199,200 Assets revaluation reserve (Note: 16.2) 568,125, ,011,810 Investment revaluation reserve (Note: 16.3) 268,769,552 9,618, ,094, ,829, General reserve Opening balance 42,199,200 42,199,200 Add : Addition during the year ,199,200 42,199,200

45 Assets revaluation reserve Opening balance 585,011, ,054,760 Add : Addition during the year - - Less : Adjustment during the year 16,886,057 13,042, ,125, ,011, Investment revaluation reserve ( Treasury Bills & Treasury Bonds) In Bangladesh Revaluation Reserve for: Held to Maturity (HTM) (Note: ) 6,027, ,731 Held for Trading (HFT) (Note: ) 255,158,143 1,444, ,185,296 2,340,515 Outside Bangladesh ABBL, Mumbai branch 7,584,256 7,277, ,769,552 9,618, Revaluation Reserve for Held to Maturity (HTM) Opening balance 895,731 66,498,696 Add: Addition during the year 6,027, ,731 6,922,884 67,394,427 Less: Adjustment during the year 895,731 66,498,696 6,027, , Revaluation Reserve for Held for Trading (HFT) Opening balance 1,444,784 - Add: Addition during the year 255,158,143 32,862, ,602,927 32,862,095 Less: Adjustment during the year 1,444,784 31,417, ,158,143 1,444,784 Interest income of HTM and HFT securities transferred to Revaluation Reserve Account as per Bangladesh Bank DOS Circular No. 05 dated 26 May 2008 of which 50% of revaluation reserve for HTM will be treated as Supplementary Capital. 16(a) Consolidated Other reserve AB Bank Limited 879,094, ,829,248 AB International Finance Limited 36,699,556 36,699, ,794, ,528, Retained earnings Opening balance 1,789,769,440 1,695,795,728 Add: Post-tax profit for the year 3,362,556,000 2,300,621,640 Less: Transfer to statutory reserve 1,031,118, ,124,328 Cash dividend 334,467,810 Bonus shares issued 334,467,800 1,486,523,600 3,452,271,596 1,789,769,440 Add: Mumbai Branch 89,697,538-3,541,969,135 1,789,769,440

46 (a) Consolidated Retained earnings AB Bank Limited 3,541,969,135 1,789,769,440 AB International Finance Limited 97,349,416 58,100,684 3,639,318,550 1,847,870,125 Add: Foreign currency translation gain 211,816-3,639,530,366 1,847,870, Contingent liabilities 28,995,570,517 26,074,330, Letters of guarantee Money for which the Bank is in contingently liable in respect of guarantees issued favouring: Directors - - Government - - Banks and other financial institutions - - Others 5,592,203,569 4,783,891,967 5,592,203,569 4,783,891,967

47 19. Profit and loss account Income: Interest, discount and similar income 9,989,268,472 7,967,919,523 Dividend income 122,671, ,634,046 Fee, commission and brokerage 1,781,781,511 1,386,225,802 Gains less losses arising from investment securities 1,774,426,855 1,374,818,145 Gains less losses arising from dealing in foreign currencies 484,343, ,793,369 Other operating income 170,873, ,424,306 Gains less losses arising from dealing securities 84,339,185 36,363,961 Income from non-banking assets - - Profit less losses on interest rate changes ,407,705,076 11,485,179,152 Expenses: Interest, fee and commission 6,139,114,501 5,332,444,075 Administrative expenses 1,694,996,341 1,344,683,494 Other operating expenses 612,306, ,420,244 Depreciation on banking assets 158,891, ,243,184 Losses on loans and advances - - 8,605,308,820 7,186,790,997 5,802,396,256 4,298,388, Interest income Interest on loans and advances: Loans and advances 8,761,019,838 6,920,212,197 Bills purchased and discounted 76,617,850 32,522,057 8,837,637,688 6,952,734,253 Interest on: Calls and placements 189,352, ,181,361 Balance with foreign banks 9,464,660 30,601,369 Reverse Repo 9,066, ,448,573 Balance with Bangladesh Bank 1,648,786 15,881, ,531, ,112,960 Profit/(Loss) due to change in interest rate - - 9,047,169,208 7,366,847,213 20(a). Consolidated Interest income AB Bank Limited 9,047,169,208 7,366,847,213 AB International Finance Limited 64,205,688 1,617,322 9,111,374,896 7,368,464, Interest paid on deposits, borrowings, etc Interest on deposits: Fixed deposits 4,376,449,610 4,011,611,328 Savings deposits 475,581, ,619,944 Short-term deposits 529,402, ,612,758 Other deposits 511,047, ,941,782 5,892,481,762 5,001,785,812 Interest on borrowings: Local banks, financial institutions including Bangladesh Bank 246,632, ,658,262 6,139,114,501 5,332,444,075

48 21(a). Consolidated Interest paid on deposits, borrowings, etc AB Bank Limited 6,139,114,501 5,332,444,075 AB International Finance Limited 7,893,206 15,410,306 6,147,007,707 5,347,854, Investment income Capital gain on sale of shares 1,774,426,855 1,374,818,145 Interest on treasury bills 176,030, ,671,593 Dividend on shares 122,671, ,634,046 Interest on debentures 2,165,625 3,609,375 Interest on treasury bonds 763,846, ,472,730 Gain on treasury bills and treasury bonds 84,339,185 36,363,961 Interest on other bonds 56,897 2,318,613 2,923,537,225 2,152,888,463 22(a). Consolidated Investment income AB Bank Limited 2,923,537,225 2,152,888,463 AB International Finance Limited - - 2,923,537,225 2,152,888, Commission, exchange and brokerage Other fees, commission and service charges 1,241,544, ,379,390 Commission on letters of credit 438,774, ,065,477 Commission on letters of guarantee 101,462,389 78,780,934 Exchange gains less losses arising from dealings in foreign currencies 484,343, ,793,369 2,266,125,144 1,759,019,171 23(a). Consolidated Commission, exchange and brokerage AB Bank Limited 2,266,125,144 1,759,019,171 AB International Finance Limited 16,607,333 60,990,992 2,282,732,477 1,820,010, Other income Locker rent, insurance claim and others 10,661,893 11,952,566 Recoveries on loans previously written off 43,203,720 63,229,802 Profit remitted by ABBL, Mumbai Branch - 26,988,675 Recoveries on telex, telephone, fax, etc 41,580,158 19,596,732 Recoveries on courier, postage, stamp, etc 26,710,359 23,739,965 Finance charge from ABBF 48,283,709 50,751,234 Non-operating income (*) 433,660 10,165, ,873, ,424,306 (*) Non-operating income includes sale of vehicles, old tyres, tubes, newspapers, furniture, fixtures, etc. 24(a). Consolidated Other income AB Bank Limited 170,873, ,424,306 AB International Finance Limited 32,766,651 17,656, ,640, ,080,645

49 Salary and allowances Basic salary, provident fund contribution and all other allowances 1,052,374, ,621,180 Festival and incentive bonus 146,857, ,054,332 1,199,231,589 1,008,675,512 25(a). Consolidated Salary and allowances AB Bank Limited 1,199,231,589 1,008,675,512 AB International Finance Limited 19,136,478 20,183,875 1,218,368,066 1,028,859, Rent, taxes, insurance, electricity, etc Rent, rates and taxes 145,689, ,292,259 Electricity, gas, water, etc 36,790,772 27,101,686 Insurance 47,433,496 39,512, ,913, ,906,367 26(a). Consolidated Rent, taxes, insurance, electricity, etc AB Bank Limited 229,913, ,906,367 AB International Finance Limited 10,831,815 4,638, ,745, ,544, Legal expenses Legal expenses 3,960,205 4,409,340 27(a). Consolidated Legal expenses AB Bank Limited 3,960,205 4,409,340 AB International Finance Limited 89, ,206 4,049,492 4,597, Postage, stamp, telecommunication, etc Telex, fax, internet, wireless link, SWIFT, etc 54,398,476 36,794,710 Telephone 13,586,559 11,131,416 Postage, stamp and shipping 16,392,493 9,178,947 84,377,528 57,105,073 28(a). Consolidated Postage, stamp, telecommunication, etc AB Bank Limited 84,377,528 57,105,073 AB International Finance Limited 5,639,731 5,304,459 90,017,259 62,409, Stationery, printing, advertisements, etc Printing and stationery 68,088,481 44,345,443 Publicity, advertisement, etc 52,474,898 20,643, ,563,379 64,989,223 29(a). Consolidated Stationery, printing, advertisements, etc AB Bank Limited 120,563,379 64,989,223 AB International Finance Limited 313, , ,877,254 65,255,938

50 30. Directors' fees Directors' fees 1,031,588 1,499,600 Meeting expenses 1,342, ,349 2,374,492 2,378,949 Directors' fees includes fees for attending the meeting of the Board, Executive Committee, Audit Committee and Shariah Council. Each director was Tk.4,000 per meeting. 30(a). Consolidated Directors' fees AB Bank Limited 2,374,492 2,378,949 AB International Finance Limited - - 2,374,492 2,378, Auditors' fees Statutory 706, ,750 Merchant Banking Wing 419,800 70,000 Others 1,084,162 1,126,350 2,209,962 1,562,100 31(a). Consolidated Auditors' fees AB Bank Limited 2,209,962 1,562,100 AB International Finance Limited 186, ,846 2,396,811 1,739, Depreciation and repairs of Bank's assets Depreciation: Electrical appliances 85,698,934 66,792,722 Leasehold assets 565,427 6,540,914 Furniture and fixtures 9,974,847 8,137,273 Office appliances 3,698,923 2,076,089 Building 5,366,039 5,687,292 Motor vehicles 53,586,912 41,008, ,891, ,243,184 Repairs: Motor vehicles 12,351,236 8,132,210 Electrical appliances 16,253,216 7,533,522 Office premises and others 11,274,327 5,784,188 Furniture and fixtures 1,001, ,523 Office appliances 3,000,092 2,303,035 43,880,769 24,315, ,771, ,558,663 32(a). Consolidated Depreciation and repairs of Bank's assets AB Bank Limited 202,771, ,558,663 AB International Finance Limited 657,520 1,076, ,429, ,634,865

51 33. Other expenses Contractual service 86,598,628 69,296,501 Amortization of deferred revenue expenses 76,508,006 58,370,228 Petrol, oil and lubricant 43,916,167 35,470,405 Software expenses 60,356,716 9,556,585 Entertainment 29,365,468 21,082,223 Travelling 23,192,091 35,874,132 Subscription, membership and sponsorship 15,495,988 27,943,497 Training, seminar and workshop 8,590,967 5,223,600 Local conveyance 5,367,946 4,735,828 Professional charges 17,204,663 4,272,120 Books, newspapers and periodicals 1,781, ,999 Branch opening expenses 988, ,937 Bank Charges 7,681,136 3,709,200 Sundry expenses (*) 235,259, ,608, ,306, ,420,244 (*) Sundry expenses includes corporate expenses, business promotion, expenses on managers' conferences and annual general meeting, loss on sale of assets, non-operating expenses and other miscellaneous expenses. 33(a). Consolidated Other expenses AB Bank Limited 612,306, ,420,244 AB International Finance Limited 1,601,553 1,300, ,908, ,720, Provision against loans and advances On un-classified loans 145,600, ,856,015 On classified loans 291,000,000 91,410, ,600, ,266,515 34(a). Consolidated Provision against loans and advances AB Bank Limited 436,600, ,266,515 AB International Finance Limited ,600, ,266, Provisions for diminution in value of investments In quoted shares - 117,153,000 35(a). Consolidated Provisions for diminution in value of investments AB Bank Limited - 117,153,000 AB International Finance Limited ,153, Other provision Provision for off balance sheet items 100,000, ,000,000 Provision for Outstanding debit entries in NOSTRO accounts - 200,000 Provision for Other assets 60,900,000 99,147, ,900, ,347,000 Provision for prepaid legal expenses and protested bills has been made as per Bangladesh Bank BRPD Circular # 14 dated 25 June 2001.

52 (a). Consolidated Other provision AB Bank Limited 160,900, ,347,000 AB International Finance Limited 1,519, ,419, ,347, Appropriations Retained earnings - brought forward 1,789,769,440 1,695,795,728 Less: Adjustment for prior year - - Add: Post-tax profit for the year 3,362,556,000 2,300,621,640 Less: Bonus ,152,325,440 3,996,417,368 Cash dividend 334,467,810 - Bonus shares issued 334,467,800 1,486,523,600 Profit available for distribution 4,483,389,830 2,509,893,768 Transferred to: Statutory reserve 1,031,118, ,124,328 Retained earnings 3,452,271,596 1,789,769, Earnings per share Profit after taxation 3,362,556,000 2,300,621,640 Number of ordinary shares outstanding 25,642,532 25,642,532 Earnings per share (a). Consolidated Earnings per share Consolidated Profit after taxation 3,417,185,111 2,332,340,348 Number of ordinary shares outstanding 25,642,532 25,642,532 Earnings per share Earnings per share (EPS) and Consolidated EPS has been computed by dividing the basic earnings by the number of ordinary shares outstanding as of 31 December 2009 in terms of Bangladesh Accounting Standard (BAS)-33. Accordingly to BAS-33, EPS for the year 2008 was restated for the issues of bonus share in Receipts from other operating activities Interest on treasury bills, bonds, debenture and others 2,800,865,305 2,012,254,416 Exchange earnings 484,343, ,793,369 Recoveries on telex, telephone, fax, etc. 41,580,158 19,596,732 Recoveries on courier, postage, stamp, etc. 26,710,359 23,739,965 Finance charge from ABBF 48,283,709 50,751,234 Non-operating income 433,660 10,165,333 Rent from Bank's property Others 10,661,893 11,952,566 3,412,878,717 2,501,253,614 39(a). Consolidated Receipts from other operating activities AB Bank Limited 3,412,878,717 2,501,253,614 AB International Finance Limited 32,766,651 17,656,339 3,445,645,368 2,518,909,953

53 Payments for other operating activities Other expenses 612,306, ,420,244 Rent, taxes, insurance, electricity, etc 229,913, ,906,367 Postage, stamps, telecommunication, etc 84,377,528 57,105,073 Repairs of Bank's assets 43,880,769 24,315,479 Legal expenses 3,960,205 4,409,340 Directors' fees 2,374,492 2,378, ,813, ,535,452 40(a). Consolidated Receipts from other operating activities AB Bank Limited 976,813, ,535,452 AB International Finance Limited 1,601,553 1,300, ,414, ,835, Increase/decrease in other assets Inter-branch adjustment 92,423, ,672,022 Arab Bangladesh Bank Foundation 300,051, ,051,122 Advance corporate income tax 3,158,776,307 1,828,324,016 Preliminary, formation, organizational, renovation, development and prepaid expenses 1,804,905,746 1,121,352,578 Exchange for clearing 870,737, ,174,214 Accounts receivable 998,581,954 1,028,589,408 Interest accrued on investment but not collected, commission and brokerage receivable on shares and debentures, and other income receivables 367,047, ,974,878 Security deposits 65,935,812 66,190,426 Advance rent and advertisement 69,971,185 50,198,408 Stationery, stamps, printing materials, etc 39,479,313 28,787,425 Investment in AB International Finance Ltd., Hong Kong 5,203,944 5,203,944 7,773,113,332 5,917,518,443 Less : Payment of corporate income tax 1,330,452, ,758,330 Adjustments for advances - 45,897,223 1,330,452, ,655,552 6,442,661,042 4,974,862,891 Net Increase 1,467,798, ,714,319 41(a). Consolidated Increase/decrease in other assets AB Bank Limited 1,467,798, ,714,319 AB International Finance Limited 7,221,309 7,128,389 1,475,019, ,842,708 Less: Inter-company transaction 5,203,944 5,203,944 Net Increase 1,469,815, ,638,763

54 Increase/decrease in other liabilities Accumulated provision against loans and advances 1,252,506,463 1,349,205,714 Provision for current tax 4,254,236,613 2,556,729,929 Deferred tax liabilities 129,739,689 1,616,023 Interest suspense account 301,688, ,528,758 Exchange fluctuation adjustment account -ABBL, Mumbai Branch 71,116,886 48,890,548 Retained revenue - ABBL, Mumbai Branch - 87,621,563 Accounts payable - Bangladesh Bank 233,310,356 68,171,456 Exchange equalization account 47,966,966 47,966,966 Provision against other assets 228,235, ,335,215 Obligation under finance lease - 565,427 Accrued expenses 36,789,076 11,454,975 Provision against investments 142,553, ,553,000 Provision against off balance sheet items 380,000, ,000,000 Accrued profit on investment - Islami Banking Branch 133,345,887 74,364,030 Provision for outstanding debit entries in NOSTRO accounts 200, ,000 Others 401,809, ,086,274 7,613,498,999 5,577,289,877 Less: Adjustment for provision & Others 5,769,086,729 4,543,399,212 1,844,412,269 1,033,890,664 Net Increase/(decrease) 810,521,605 20,621,206 42(a). Consolidated Increase/decrease in other liabilities AB Bank Limited 810,521, ,197,066 AB International Finance Limited 39,808,479 44,146,264 Net Increase 850,330, ,343,330

55 43. Highlights of the overall activities of the Bank Sl # Particulars Change in % 1 Paid-up capital 2,564,253,200 2,229,785, Total capital 10,790,267,058 7,439,796, Capital surplus 2,957,129,541 1,644,359, Total assets 106,912,312,383 84,053,612, Total deposits 83,087,129,113 68,560,474, Total loans and advances 70,879,933,446 56,708,771, Total contingent liabilities and commitments 28,995,570,517 26,074,330, Credit-deposit ratio Ratio of classified loans against total loans and advances (0.24) 10 Profit after tax and provision 3,362,556,000 2,300,621, Loans classified during the year 1,358,700, ,000, Provision kept against classified loans 426,910, ,205,595 (35.14) 13 Provision surplus/ (deficit) 88,906,463 81,600, Cost of fund 10.31% 11.09% -0.78% 15 Interest earning assets 87,068,323,061 68,580,491, Non-interest earning assets 19,843,989,322 15,473,120, Return on investments (ROI) 21.06% 23.89% -2.83% 18 Return on assets (ROA) 3.52% 3.17% 0.36% 19 Income from investments 2,923,537,225 2,152,888, Earnings per share Net income per share Price-earnings ratio (Times) (0.19) 44. Assets and liabilities as at 31 December 2009 denominated in foreign currencies have been converted to local currency Bangladesh (BDT) at the following exchange rates: Currency Abbreviation and unit Equivalent BDT British Pound Sterling GBP European Currency EURO Indian Rupee INR Japanese Yen JPY US Dollar USD Dhaka, 29 April 2010

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