BASIC Bank holds 37th AGM

BASIC Bank PLC has held its 37th annual general meeting (AGM) at its head office in Dhaka recently.

Helal Ahmed Chowdhury, chairman of the bank, presided over the meeting, according to a press release.

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At the AGM, Helal said recovery of defaulted loans is the bank’s main focus. He advised the bank to strengthen its recovery process in line with Bangladesh Bank circulars and expedite legal proceedings.

He also stressed the importance of complying with directives issued by regulatory authorities and ensuring good governance in the workplace.

The chairman expressed gratitude to the Ministry of Finance, Bangladesh Bank and other regulatory authorities for their support and guidance.

Nazma Mobarek, secretary to the Financial Institutions Division (FID) at the Ministry of Finance, attended the meeting as a representative of the bank’s sole government shareholder.

In her speech, Nazma said BASIC Bank is gradually improving, with losses showing a declining trend and deposits rising.

“Losses cannot be reduced without sustained efforts. The increase in deposits means people’s confidence in the bank is returning,” she said.

“A great deal of confidence has been restored because the government announced that it would guarantee deposits in state-owned banks.”

As a result, the bank’s loan-to-deposit ratio has declined, increasing its capacity to extend loans, she said.

“However, new loans must now be disbursed cautiously. We are fully optimistic about BASIC Bank and believe the bank will overcome its challenges,” Nazma said.

She said the members of BASIC Bank’s board are highly capable and praised the quality of its human resources.

“I have been on interview boards for the promotion of general managers and deputy managing directors at different times, and we get an idea of the quality of the bank’s human resources from there,” she said.

She appreciated the joint efforts of the board and management to turn around the bank.

The FID secretary also called for stepped-up efforts to improve the bank’s classified loan situation and increase its non-interest income.

Among others, Sheikh Farid, joint secretary of the FID; Rup Ratan Pine, executive director of Bangladesh Bank; Munshi Abdul Ahad, former additional secretary and member of the National Pension Authority; Abu Md Mofazzel, managing director (current charge) of the bank; and Md Hasan Imam, company secretary, were also present.