Annual Report

Central Depository Bangladesh Limited

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 Annual Report

Central Depository Bangladesh Limited

Contents
Notice of the 21st AGM 01
Mission & Vision 02
CDBL Overview 03
Board of Directors 04
Operational Highlights 08
Financial Highlights 11
CDBL Team 12
Twentieth Annual General Meeting 13
CDBL News 14
Directors’ Report
Market Overview 18
Central Depository System (CDS) Operations 21
Personnel 23
Financial Results 23
Dividend 24
Appropriations 25
Contribution to the National Exchequer 25
Outlook 25
Changes in Directorship 25
Election of Directors 25
Appointment of Auditors 25
Conclusion 26
Auditors’ Report & Financial Statements
Auditors’ Report 28
Statement of Financial Position 33
Statement of Profit or Loss and Other Comprehensive Income 34
Statement of Changes in Equity 35
Statement of Cash Flows 36
Notes to the Financial Statements 37
Proxy Form 49
NOTICE OF THE TWENTY-FIRST ANNUAL GENERAL MEETING

over
meeting platform

01
CDBL Annual Report 2021

Mission
Mission of Central Depository Bangladesh Limited (CDBL) is to have a sound
management team with carefully-chosen, highly-motivated staff fostering a spirit of
enthusiasm balanced with prudent policies to achieve a high level of sophistication
and expertise in the performance of its personnel by consistently striving to provide
high quality services that are reliable, transparent and efficient by:

• Emphasizing the importance of the customer,

• Unleashing employee initiative by empowering them,
• Viewing activities of the business as processes and the goal of continuous
improvement.

Management’s leadership endeavour is to forge a passionate, inspired, motivated

and cohesive team to operate from a fully common bottom line, sharing the same
agenda, driven by the same vision to achieve the best possible results, not only for
the shareholders and the employees but also to boost public confidence in
CDBL’s growing strength as an independent, professionally managed institution.

Vision
Vision of Central Depository Bangladesh Limited (CDBL) is to
be a dynamic, forward looking institution committed to adding
value to the business of its clients. It will be equipped with
up-to-date Information Technology to ensure prompt
customer response and provide innovative solutions to the
needs of the capital market playing a pivotal role in
Bangladesh’s financial services sector.

02
 CDBL Annual Report 2021

CDBL Overview
Central Depository Bangladesh Limited (CDBL) is engaged in the operations of the Central Depository System
(CDS), a major financial market infrastructure in Bangladesh established as a part and parcel of the overall
financial sector reforms initiative spearheaded by the Ministry of Finance. CDBL was incorporated on 20th
August 2000 sponsored by the country's Nationalized Commercial Banks (NCBs), Investment Corporation of
Bangladesh (ICB), Private Commercial Banks (PCBs), Foreign Banks, Merchant Banks, Publicly Listed
Companies, Insurance Companies and Dhaka & Chittagong Stock Exchanges with the collaboration of the
Asian Development Bank (ADB). The Company received registration from the Bangladesh Securities and
Exchange Commission (BSEC) on 11th September 2001 under Depositories Regulations 2000 and
subsequently obtained business commencement certificate on 23rd December 2003 from the BSEC. The
main objective of the Company is to assist listed companies in the handling of scriptless delivery, settlement
and transfer of ownership of securities through computerized book entry system.

Legal basis for CDBL’s operations is set out in the Depository Act, 1999; Depository Regulations, 2000;
Depository (User) Regulations, 2003 and the CDBL Bye Laws.

CDBL’s core services cover the efficient delivery, settlement and transfer of securities through computerized
book entry system i.e. recording and maintaining securities accounts and registering transfer of securities;
changing the ownership without any physical movement or endorsement of certificates and execution of
transfer instruments. The Central Depository System (CDS) operated by CDBL has proved to be a convenient
and reliable means to settle securities transaction. The investor has been freed from the hassles of physical
handling of certificates, errors in paper work and the risks associated with damaged, lost and forged
certificates. CDBL eliminated the risks and problems caused by the cumbersome process of physical
transaction of shares at Dhaka and Chittagong stock exchanges by Electronic Book Entry Transfers.

CDBL’s operations are carried out in its Main Data Centre which is linked to a remote Disaster Recovery Centre
operating as a backup with data update taking place simultaneously. Live operations of the CDS commenced
with the inauguration of the Electronic Government Securities Registry (EGSR) by the Governor of Bangladesh
Bank on 20th October 2003. Equity market securities dematerialization process i.e. eliminating physical
certificate as record of security ownership by electronic book entry record in the CDS commenced on 24th
January 2004 with the entry of Square Pharmaceuticals Limited into the CDS. CDBL’s Software application
VeDAS (Versatile engine for Depository Accounting System) is built with .Net and Web based technologies at
the Front End and Oracle at the Back End centralized database. Network connectivity to Depository
Participants (DPs), Issuers, Banks, Stock Exchanges and Bangladesh Securities and Exchange Commission
is through Front End interfaces accessed by fiber optics network connections.

CDBL is continuously enhancing its knowledge and capabilities in order to respond to any dynamic business
environment to achieve better result. CDBL as a member of Asia Pacific Central Securities Depository (CSD)
Group (ACG) hosted the 17th ACG General Meeting in 2013 and 11th ACG cross training seminar in 2009 at
Dhaka. Since 14th February 2003 CDBL has been acting as National Numbering Agency for International
Securities Identification Number (ISIN) and Classification of Financial Instruments (CFI) in Bangladesh, initially
as a partner and since 3rd June 2010 as a full member of Association of National Numbering Agencies (ANNA).
CDBL is also an associate member of South Asian Federation of Exchanges (SAFE).

03
CDBL Annual Report 2021

Board of Directors

Mr. Sheikh Kabir Hossain

Chairman
Nominee of Bangladesh Insurance
Association (BIA)

Mr. A K M Nurul Fazal Bulbul

Vice-Chairman
Nominee of Bangladesh Association
of Banks (BAB)

Mr. Syed Shahriyar Ahsan Mr. Azam Jahangir Chowdhury

Director Director
Nominee of Sadharan Bima Corporation Nominee of Prime Bank Limited

Mr. Tapan Chowdhury Mr. Syed Manzur Elahi

Director Director
Nominee of Square Pharmaceuticals Limited Nominee of Mutual Trust Bank Limited

Mr. Md. Abul Hossain Mr. Sajjad Hussain

Director Director
Nominee of Investment Corporation of Bangladesh (ICB) Nominee of AB Bank Limited

Mr. Asif Ibrahim Mr. Md. Ataur Rahman Prodhan

Director Director
Nominee of Chittagong Stock Exchange Ltd (CSE) Nominee of Nationalized Commercial Banks

Mr. Md. Eunusur Rahman Mr. Salman F Rahman, MP

Director Director
Nominee of Dhaka Stock Exchange Ltd (DSE) Nominee of Bangladesh Association of Publicly
Listed Companies (BAPLC)

Mr. AKM Shamsuddin Mr. Shuvra Kanti Choudhury, FCA

Director Managing Director & CEO
Nominee of Standard Chartered Bank Central Depository Bangladesh Limited

04
 CDBL Annual Report 2021

Mr. Sheikh Kabir Hossain

Chairman
Nominee of Bangladesh Insurance Association (BIA)

Mr. A K M Nurul Fazal Bulbul

Vice-Chairman
Nominee of Bangladesh Association of Banks (BAB)

05
CDBL Annual Report 2021

Mr. Syed Shahriyar Ahsan Mr. Azam Jahangir Chowdhury

Director Director
Nominee of Sadharan Bima Corporation Nominee of Prime Bank Limited

Mr. Tapan Chowdhury Mr. Syed Manzur Elahi

Director Director
Nominee of Square Pharmaceuticals Limited Nominee of Mutual Trust Bank Limited

Mr. Md. Abul Hossain Mr. Sajjad Hussain

Director Director
Nominee of Investment Corporation of Bangladesh (ICB) Nominee of AB Bank Limited

06
 CDBL Annual Report 2021

Mr. Asif Ibrahim Mr. Md. Ataur Rahman Prodhan

Director Director
Nominee of Chittagong Stock Exchange Ltd (CSE) Nominee of Nationalized Commercial Banks

Mr. Md. Eunusur Rahman Mr. Salman F Rahman, MP

Director Director
Nominee of Dhaka Stock Exchange Ltd (DSE) Nominee of Bangladesh Association of Publicly Listed Companies (BAPLC)

Mr. AK M Shamsuddin Mr. Shuvra Kanti Choudhury, FCA

Director Managing Director & CEO
Nominee of Standard Chartered Bank Central Depository Bangladesh Limited

07
 CDBL Annual Report 2021

Operational Highlights
FINANCIAL YEARS ENDED 30th JUNE

Depository elements 2017 2018 2019 2020 2021

Investors Accounts set up in the CDS 6,461,024 6,672,937 6,981,200 7,075,007 7,565,414

Investors Accounts in operable state

2,928,660 2,766,383 2,809,850 2,555,511 2,536,431
in the CDS

Growth of operable Investors Accounts (7.2%) (5.5%) 1.57% (9.1%) (0.75%)

Investors Accounts with Share Balances 1,299,447 1,303,730 1,273,251 1,242,060 1,411,269

Investors Accounts with Zero Balances 1,219,437 1,038,429 1,040,202 905,026 808,104

Investors Accounts never used 409,776 424,224 496,397 408,425 317,058

Depository Participants 402 405 411 411 418

Growth of Depository Participants 2% 1% 1.5% - 1.7%

Securities in the CDS - Issuers 372 390 412 423 455

Growth of Issuers entry in the CDS 4% 5% 6% 3% 8%

Number of Shares in the CDS (in millions) 59,035 64,524 66,435 69,711 84,688

Growth of Shares in the CDS 7% 9% 3% 5% 21%

Market value of shares in the CDS

2,325.40 2,264.59 2,521.10 1,922.69 3,752.75
(in Tk. billions)

Growth of market value of shares in the

27% (3%) 11% (24%) 95%
CDS

% of stock exchange turnover settled

100% 100% 100% 100% 100%
in the CDS

08
 CDBL Annual Report 2021

Investors Accounts at a Glance

317,058
June- 808,104
21 1,411,269
2,536,431

408,425
June- 905,026
20 1,242,060
2,555,511

496,397
June- 1,040,202
19 1,273,251
2,809,850

424,224
June- 1,038,429
18 1,303,730
2,766,383

409,776
June- 1,219,437
17 1,299,447
2,928,660

0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000

Investors Accounts never used Investors Accounts with Zero Balances

Investors Accounts with Share Balances Investors Accounts in operable state in the CDS

09
 CDBL Annual Report 2021

Depository Participants (DPs) at a Glance

415

410

405 418

411 411
400
405
402
395

390
June-17 June-18 June-19 June-20 June-21

Securities in the CDS - Issuers at a Glance

470
455

450

423
430
412

410
390

390
372

370

350

June - 17 June - 18 June - 19 June - 20 June - 21

10
 CDBL Annual Report 2021

Financial Highlights
FINANCIAL YEARS ENDED 30th JUNE
Balance Sheet - Taka 2017 2018 2019 2020 2021
Paid-up Capital 2,000,000,000 2,000,000,000 2,000,000,000 2,000,000,000 2,000,000,000

Retained Earnings 702,331,131 607,096,649 546,488,576 337,427,190 553,639,363

Reserve:
CDS up-gradation 700,000,000 800,000,000 900,000,000 950,000,000 1,100,000,000
Headquarter building 2,950,000,000 3,050,000,000 3,150,000,000 3,250,000,000 3,350,000,000
Investor Protection 250,000,000 300,000,000 350,000,000 400,000,000 450,000,000

Shareholder’s Equity 6,602,331,131 6,755,096,649 6,946,488,576 6,937,427,190 7,453,639,363

% Increase/(Decrease) 6.56 2.31 2.83 (0.13) 7.44

Total Liabilities 472,261,080 315,624,702 307,980,294 200,796,505 356,128,790

% Increase/(Decrease) (13.64) (33.17) (2.42) (34.80) 77.36

Total Asset 7,074,592,211 7,072,721,351 7,254,468,870 7,138,223,695 7,809,768,153

% Increase/(Decrease) 4.92 (0.02) 2.57 (1.60) 9.41

Operational Results - Taka

Operating Income 910,210,318 797,214,423 831,111,742 467,005,451 1,074,558,165
% Increase/(Decrease) (3.98) (12.41) 4.25 (43.80) 130.1

Other Income 477,473,403 482,226,976 556,543,238 543,043,722 405,299,101

% Increase/(Decrease) (13.15) 1.00 15.41 (2.42) (25.37)

Total Income 1,387,683,721 1,279,441,399 1,387,654,980 1,010,049,173 1,479,857,266

% Increase/(Decrease) (7.35) (7.80) 8.45 (27.21) 46.51

Total Expenses before depreciation 167,117,654 206,378,523 199,353,662 196,953,433 244,005,802

% Increase/(Decrease) 4.73 23.50 (3.40) (1.20) 23.89

Profit Before Taxation 1,342,412,333 1,000,731,206 1,094,403,929 734,190,672 1,155,430,715

% Increase/(Decrease) 6.84 (25.45) 9.36 (32.91) 57.37

Profit After Taxation 906,543,001 654,765,518 689,391,927 490,938,614 816,212,173

% Increase/(Decrease) 10.02 (28.00) 5.00 (29.00) 66.26

Earnings Per Share 4.53 3.27 3.45 2.45 4.08

% Increase/(Decrease) 9.95 (28.00) 5.00 (29.00) 66.5

11
CDBL Annual Report 2021

CDBL
Team

Managing Director & CEO

Shuvra Kanti Choudhury, FCA

Chief Technology Officer

Md. Abdul Mutaleb
General Managers

Hasib Rahman, Md. Tohabin Huq,

G M Ahsanul Haque, Md. Moinul Haque,
Raquibul Islam Chowdhury
Md. Shahidul Islam
Senior Assistant General Managers
Md. Faruque Ahmed, Quazi Ghulam Shakur
Mashrur Sakib, Saber Mahmud
Md. Imam Hossain Sayem, Jayanta Biswnu Mondal
Md. Shafiqul Islam, Shafaet Ahmed Siddique
Md. Monirul Islam
Assistant General Managers
Mst. Parvin Akhter, Kazi Minhaz Uddin
Md. Muniruzzaman Rana, Shanaz Begum, Shihab Bari
Deputy Managers
Supria Florence Biswas, Md. Afsar Uddin, Md. Tajul Islam, Md. Abeed Omor,
Mohammed Yeaqub Ali, Manna Dey, Nurjahan Begum, Almas Arefin
Md. Al Amin Hossain, Ariful Islam Sarker,
Md. Imran Miah, Sharif Ali Irteza, Abul Hasan Sojib

Assistant Managers
Md. Shah Alam, Mohammad Shaiful Alam, Md. Shahidul Islam,
Md. Muzaffar Mahmud, Md. Arif Hossain, Mohammad Saiful Islam

Officers
Min Uddin Ahammed, Md. Touhidul Ahsan, Md. Abdul Latif Khandaker,
Md. Abul Kalam Asad, Md. Habibur Rahman Tarafder, Sajal Chandra Das, Ijack Baroi,
Md. Faizul Islam Shetu, Md. Mahiuddin Masum, Md. Afikur Rahman, Sharif Sinthia

Junior Officer
Muhammad Sohel Rana

Senior Office Assistants Senior Support Staff

Nasrin Akter, Taslima Aktar Office Assistant Humayun Kabir
Falguni Biswas, Md. Golam Rabbani Abdullah Al Mamun Md. Moniruzzaman Sheikh, Mamun,

Support Staff
Md. Shafikul Islam, Md. Sarower Hossain, Bappi Mozumder AlAmin

12
 CDBL Annual Report 2021

Twentieth Annual General Meeting

The 20th Annual General Meeting of Central Depository Bangladesh Limited (CDBL) was held on Sunday, 20th
December, 2020 over Zoom Cloud Video presided over by Mr. Sheikh Kabir Hossain, Chairman of the
Company. CDBL Directors Mr. A K M Nurul Fazal Bulbul, Mr. Salman F Rahman, MP, Mr. Syed Manzur Elahi, Mr.
Tapan Chowdhury, Mr. Azam J Chowdhury, Mr. Md. Eunusur Rahman, Mr. Asif Ibrahim, Mr. Syed Shahriyar
Ahsan, Mr. Md. Abul Hossain, Mr. Sajjad Hussain, Mr. Md. Ataur Rahman Prodhan, Mr. AKM Shamsuddin,
Managing Director & CEO Mr. Shuvra Kanti Choudhury, FCA, and Auditor of the Company Mr. A F Nesaruddin,
FCA attended the AGM along with a significant number of shareholders of the Company.

13
 CDBL Annual Report 2021

CDBL News
CDBL organized a discussion meeting on the occasion of Mujib Centenary
& Golden Jubilee of the Independence of Bangladesh

Central Depository Bangladesh Limited organized a discussion meeting on the occasion of Mujib Centenary
& Golden Jubilee of the Independence of Bangladesh over Zoom Cloud Video on 25th March 2021. The
meeting was presided over by Mr. Sheikh Kabir Hossain, Chairman, CDBL and Professor Shibli
Rubayat-Ul-Islam, Chairman, Bangladesh Securities and Exchange Commission attended the meeting as
chief guest. Mr. A K M Nurul Fazal Bulbul, Vice-Chairman, CDBL, CDBL Directors Mr. Salman F Rahman, MP,
Mr. Syed Manzur Elahi, Mr. Tapan Chowdhury, Mr. Azam J Chowdhury, Mr. Md. Eunusur Rahman, Mr. Asif
Ibrahim, Managing Director & CEO Mr. Shuvra Kanti Choudhury, FCA spoke at the discussion meeting.

14
 CDBL Annual Report 2021

CDBL was awarded 4th highest Taxpayer Card

Central Depository Bangladesh Limited was recognized by the National Board of Revenue (NBR) by awarding Tax Card – 2020 as 4th
highest taxpayer. The Tax Card Award was received by Mr. Shuvra Kanti Choudhury, FCA, Managing Director & CEO and Mr. Md. Shahidul
Islam, General Manager (Finance & Accounts and HR & Admin) of CDBL at a ceremony organized by the NBR on Thursday, 11th February
2021 which was presided over by the Chairman, National Board of Revenue, Mr. Abu Hena Md. Rahmatul Muneem.

Inauguration of Online BO Account Opening System

Online BO Account Opening System of Central Depository Bangladesh Limited was inaugurated by Professor Shibli Rubayat-Ul-Islam,
Chairman, Bangladesh Securities and Exchange Commission on 9th February 2021 at the Creek Ball Room, Park Hyatt Dubai, United Arab
Emirates.

15
 CDBL Annual Report 2021

CDBL organized Webinar on “Making aware the investors about services of CDBL”

Central Depository Bangladesh Limited organized a Webinar on “Making aware the investors about services of CDBL” over Zoom Cloud
Video on 8th October 2020 during World Investors Week 2020 which was presided over by Mr. Sheikh Kabir Hossain, Chairman, CDBL.
Mr. Khondoker Kamaluzzaman, Commissioner, Bangladesh Securities and Exchange Commission attended the Webinar as Chief Guest.
Mr. A K M Nurul Fazal Bulbul, Vice-Chairman, CDBL and Mr. Shuvra Kanti Choudhury, FCA, Managing Director & CEO, CDBL were present
at the Webinar.

16
 CDBL Annual Report 2021

Directors’
Report
 CDBL Annual Report 2021

The Board of Directors of Central Depository Bangladesh Limited (CDBL) is pleased to present the audited
financial statements of the Company for the year ended on 30th June 2021, Auditors’ Report thereon along with
a market overview relating to the Company’s operations

Market Overview
Upon resumption of the securities trading on the Stock Exchanges on 31st May 2020 after a long pause of
almost 2 months due to spread of deadly COVID-19 disease the stock market showed signs of recovery in the
early months of this year. The new Commission, which took over the office during late May 2020, initiated
rigorous steps to bring back the confidence of the investors by enforcing provisions of existing laws as well as
taking steps to review the existing rules & regulations and enacting new ones for the betterment of the capital
market as a whole. As a result of the new Commission’s relentless efforts, the market started picking up with
gradual raise in the turnover and index at the later part of the year. The average monthly turnover at the
exchanges was Tk. 63.51 billion in July 2020 which picked up to Tk. 456.39 billion in June 2021.

Over the year, Broad Index, DSEX, of Dhaka Stock Exchange (DSE) went up by 54.17% from 3,989 on 30th
June 2020 to 6,150 on 30th June 2021. Chittagong Stock Exchange (CSE) index also increased from 11,333
to 17,795, a gain of around 57.02% during the same period.

During the year ended on 30th June 2021 turnover of DSE was Tk. 2,547 billion as against Tk. 780 billion in the
previous year which was up by 226.54%. CSE’s turnover during the year ended on 30th June 2021 was at Tk.
117 billion, compared to Tk. 53 billion in the previous year, increased by 120.75%. Monthly combined turnover
movement of both the exchanges during the year ended on 30th June 2021 is depicted hereunder:-

500.00
450.00
400.00
350.00
300.00
456.39

250.00
200.00
356.87

325.57

150.00
229.77

225.06
192.12
63.51

179.88
175.81

154.25

152.46
152.20

100.00
50.00
0.00
Jul - 20

Aug - 20

Sep - 20

Oct - 20

Nov - 20

Dec - 20

Jan - 21

Feb - 21

Mar - 21

Apr - 21

May - 21

Jun - 21

Figure in Billion Taka

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 CDBL Annual Report 2021

Taking the combined turnovers at both DSE & CSE during the year, the top turnover performers list was headed
by BEXIMCO Limited as tabulated below:-

Company Turnover Tk. Billion

Bangladesh Export Import Company Limited 60.04

Pioneer Insurance Company Limited 19.76

LankaBangla Finance Limited 15.23

National Feed Mill Limited 14.36

NRB Commercial Bank Limited 12.87

Market Capitalization at the year ended on 30th June 2021 stood at Tk. 5,142.82 billion (US$ 60.63 bln) as
against Tk. 3,119.67 billion (US$ 36.73 bln) at the end of 30th June 2020 registering a gain of 64.85% during
the year. Share price of the large contributors to market capitalization increased during the year, with just one
exception, as indicated below:-

Market Cap. Closing % Price

Company
Tk. Billion Price Tk. Increase / Decrease

Grameenphone Limited 471.79 349.40 46.31

Walton Hi-Tech Industries Limited 405.92 1,340.00 -

British American Tobacco Bangladesh

291.11 539.10 (40.60)
Company Limited (BATBC)

Robi Axiata Limited 230.47 44.00 -

Square Pharmaceuticals Limited 191.03 215.50 24.93

Total number of listed securities at DSE stood at 388 at the end of the year made up of 341 companies, 37
mutual funds, 8 debentures and 2 corporate bond excluding 221 Bangladesh Government Treasury Bonds.
Number of shares, debentures, corporate bonds and mutual funds at DSE was 84,444 million and issued
capital of these securities stood at Tk. 848.75 billion as on 30th June 2021.

19
 CDBL Annual Report 2021

Sixteen entities tapped the market for around Tk. 15,922.93 million through Initial Public Offerings (IPO) as
tabulated below:-

Subscription Date IPO Issue Times Over

Company
Opening Closing Tk. Million Subscribed

09.08.20 16.08.20 Walton Hi-Tech Industries Limited 1,000.00 5.55

10.09.20 16.09.20 Associated Oxygen Limited 150.00 31.46

19.10.20 25.10.20 Dominage Steel Building Systems Limited 300.00 19.375

10.11.20 16.11.20 Crystal Insurance Company Limited 160.00 29.21

17.11.20 23.11.20 Robi Axiata Limited 5,237.93 5.75

07.12.20 13.12.20 Energypac Power Generation Limited 1,500.00 6.91

24.12.20 30.12.20 Mir Akhter Hossain Limited 1,250.00 7.57

03.01.21 07.01.21 Taufika Foods and Agro Industries Limited 300.00 24.53

12.01.21 18.01.21 eGeneration Limited 150.00 23.77

26.01.21 01.02.21 Lub-rref (Bangladesh) Limited 1,500.00 12.324

03.02.21 09.02.21 NRB Commercial Bank Limited 1,200.00 8.729

14.02.21 18.02.21 Desh General Insurance Company Limited 160.00 39.86

22.02.21 28.02.21 Index Agro Industries Limited 500.00 28.746

16.05.21 20.05.21 Nialco Alloys Limited 75.00 18.00

30.05.21 03.06.21 Sonali Life Insurance Company Limited 190.00 36.45

13.06.21 17.06.21 Baraka Patenga Power Limited 2,250.00 4.67

15,922.93

20
 CDBL Annual Report 2021

Fund mobilised through IPOs was around 438% higher in comparison to the previous year when 4 companies
raised around Tk. 2,958.70 million through Initial Public Offerings.

Central Depository System (CDS) Operations

Depository Participants (DPs)

Depository Participants (DPs) increased by 7 from 411 to 418 during the year ended on 30th June 2021 as
detailed below:-

Depository Participants (DPs) admitted to CDBL 30th June 2020 30th June 2021

Brokers / Dealers – Full Service DPs 328 332

Custodian DPs 81 84

Stock Exchanges 2 2

Total 411 418

Investors’ Accounts
Investors’ accounts in operation, as tabulated below, decreased by 19,080 during the year

Investors’ Accounts 30th June 2020 30th June 2021

Individual Accounts (Single) 1,622,739 1,640,908

Individual Accounts (Joint) 919,404 880,816

Company Accounts 11,931 13,261

Omnibus Accounts 193 190

Principal Accounts 490 498

Clearing Accounts 754 758

Total 2,555,511 2,536,431

Securities of 32 entities came into the CDS during the year. Out of the 456 companies in CDS 380 companies
are listed in both exchanges, 1 company is listed in Chittagong Stock Exchange only, 10 companies are in the
OTC market and 57 Unit Funds, Shares of CDBL, Dhaka & Chittagong Stock Exchanges & 4 subordinated
bonds are not listed securities. The share of Modern Dying and Screen Printing Limited was delisted from the
Exchanges but this is yet to be eliminated from the CDS.

21
 CDBL Annual Report 2021

Number of shares held in the CDS increased around 21% during the year by 14,977 million taking the total from
69,711 million as on 30th June 2020 to 84,688 million as on 30th June 2021. Market value of the shares held in
CDS as on 30th June 2020 amounted to around Tk. 1,922.69 billion which increased to Tk. 3,752.76 billion as
on 30th June 2021 registering a gain of around 95%.

Share trade settlement in the depository relating to combined stock exchange trades of DSE & CSE, number
of shares traded and transaction value were up in comparison to the previous year as shown below:

No. of Shares in No. of No. of Shares Turnover

Year Ended
CDS Trades (Mln) Traded (Mln) Tk.(Bln)

30th June 2021 84,688 47.32 87,646 2,664

30th June 2020 69,711 23.43 27,706 833

% Increase 21.48% 101.96% 216.34% 219.79%

100% of the DSE & CSE combined daily trades during the year ended on 30th June 2021 was settled in the
demat market segment.
Corporate actions relating to bonus issues during the year ended on 30th June 2021 were higher compared to
the previous year whereas right shares issues decreased compared to the previous year ended on 30th June
2020. However, the combined number of shares issued as bonus and right issues during the year ended on
30th June 2021 was increased than the previous year. Consequently, credit of number of shares to the
investors depository accounts as well as number of accounts credited in the Central Depository System (CDS)
of CDBL arising from corporate actions of issuers were increased during the year. The value of shares credited
was also increased compared to the previous year as depicted below:

No. of Shares Total

Year Ended Shares
Bonus Rights A/Cs credited Value Tk. Billion

30th June 2021 3,200,604,088 51,843,385 3,252,447,473 1,603,617 300.34

30th June 2020 2,055,542,187 207,739,182 2,263,281,369 1,182,360 84.73

% Increase/(decrease) 55.71 (75.04) 43.70 35.63 254.47

System Operations
On Sunday, 25th October 2020 at around 6:45 am a fire incident took place at BDBL Bhaban, Kawran Bazar
which had severely damaged CDBL office particularly the Main Data Centre located at the 18th Floor of the
Bhaban. The Information Technology (IT) team of CDBL with assistance of Hewlett Packard Enterprise,
Singapore and Tata Consultancy Service (India) Limited resumed the CDS operation from CDBL’s Disaster
Recovery Centre at around 3.00 pm of the same day and managed to settle the trading as usual. As the Data
Centre at BDBL Bhaban became nonoperational the operation of CDS had been continuing from the Disaster
Recovery Centre.

22
 CDBL Annual Report 2021

CDBL formed an Advisory Committee comprising of the Professors of Computer Science and Engineering
Department of Dhaka University for providing expert opinion on the status of the servers, storage, network
devices, UPS and other equipment of CDBL Main Data Center and how to bring those equipment in order and
operational within the shortest possible time. The Advisory Committee observed that the data center of CDBL
including its servers, storage and other equipment were badly damaged by smoke and heat. They opined
that CDBL should not run its’ vital application on such damaged machines.

In view of the above Board of Directors of CDBL decided to construct a new state-of-the-art Data Center of
TIA 942 (Tier-III) standards at DSE Tower, Nikunja and put in new set of HPE Servers and Storage that are
identical with the Servers and Storage currently running at the DR site for the sake of seamless data
synchronization between the DR system and new DC system. The Board also decided to move the
Company’s head office to DSE Tower at Nikunja, Dhaka. Accordingly, CDBL has entered into a tenancy
agreement with Dhaka Stock Exchange for renting 12,865 sft floor space at level 5 of DSE Tower, Nikunja,
Dhaka.

CDBL has moved its head office to DSE Tower, Nikunja on 1st July, 2021 and the operation of new Data Centre
at DSE tower went live on 24th October 2021 and has been running without any interruption.

Apart from the above the Depository Application software VeDAS (Versatile engine for Depository Accounting
System) running at DR site had been constantly fine-tuned during the year along with regular housekeeping
like purging of old data to enhance performance of the software for yielding favorable results.

Central Depository Hardware operation at DR site was satisfactory during the year ended 30th June 2021
except for some parts replacement.

The CDS data communication network ran smoothly during the year and overall performance remained
fault-free.

Personnel
Workforce of the Company at the end of 30th June 2021 was 67 of whom 32 were IT professionals. This is as
same as last year. During the year, Company Secretary left whilst one staff joined the services of the Company.
The Company has continued to outsource its security and cleaning services.

Financial Results
As a result of around 220% gain in turnover at DSE & CSE, Operating Income of the Company increased in the
year by Tk. 607,552,714 (around 130%). The operating income increased from Tk. 467,005,451 in the previous

23
 CDBL Annual Report 2021

year ended on 30th June 2020 to Tk. 1,074,558,165 in the year ended on 30th June 2021. However, Other
Income of the Company decreased by Tk. 137,744,621 (around 25%). Operating Expenses before
depreciation and amortization cost increased by Tk. 47,397,855 (around 24%) in comparison to the previous
year ended on 30th June 2020. Nevertheless, Net Profit after tax of the Company increased more than 66% in
comparison to the previous year ended on 30th June 2020. Earnings per Share (EPS) of the Company
increased to Tk. 4.08 from Tk. 2.45 reflecting the effect of the increased profitability of the Company.

Key figures relating to the financial results of the Company for the year ended on 30th June 2021 compared to
the previous year are given below:-

30th June 2021 30th June 2020 % Increase /

Particulars (decrease)
Taka Taka
Operating income 1,074,558,165 467,005,451 130.10

Other income 405,299,101 543,043,722 (25.37)

Operating expenses before

244,005,802 196,607,947 24.11
depreciation and amortization cost

Depreciation and amortization cost 80,420,749 79,250,554 1.48

Net profit before tax 1,155,430,715 734,190,672 57.37

Net profit after tax 816,212,173 490,938,614 66.26

Paid up capital 2,000,000,000 2,000,000,000 0.00

Earnings per share (EPS) 4.08 2.45 66.53

Dividend

Outstanding financial results have been achieved in year as a consequence of the favorable market
conditions; profit after tax Tk. 816 mln for the year was up around 66% compared to the previous year.
Considering the profitability attained by the company during the year, the Board of Directors in its meeting held
on 17th November, 2021 decided to recommend a cash dividend of 25% (Tk. 2.50 per ordinary share of Tk. 10
each) for the year ended on 30th June 2021 to the shareholders in the register of members as on Tuesday, 30th
November, 2021 for consideration at the 21st Annual General Meeting of the shareholders of the Company.

24
 CDBL Annual Report 2021

Appropriations
Appropriations of the profit of the Company are depicted below:-

Particulars Taka
Net profit after taxation 816,212,173
Add: Un-appropriated profit brought forward 337,427,190
Less: Cash dividend @ 15% paid for the year ended 30th June 2020 (300,000,000)
Less: Transferred to CDS Up-gradation Reserve (150,000,000)
Less: Transferred to Headquarter Building Reserve (100,000,000)
Less: Transferred to Investor Protection Fund (50,000,000)
Profit available for appropriation 553,639,363
Dividend proposed for the year ended 30th June 2021 – Cash Dividend @ 25% 500,000,000
Un-appropriated profit carried forward 53,639,363

Contribution to the National Exchequer

During the year ended on 30th June 2021 the Company paid Tk. 282,518,725 as direct tax.

Outlook

The business outlook for the Company in the coming year generally appears to be good though the COVID
situation and its impact on the global as well as national economy might cast a shadow over the advancement
of capital market in general and consequently on the overall business of the company.

The Company has nonetheless made investments to be technologically well placed with new up-graded
scalable systems to handle any extraordinary upsurge in trade volumes at the stock exchanges efficiently and
deliver significant improvements in its service to depository participants and issuers.

Changes in Directorship:

There was no change in the directorship of the Company during the year ended on 30th June 2021.

Election of Directors

Pursuant to Article 117 to 120 of the Company, Mr. Sheikh Kabir Hossain, Mr. A K M Nurul Fazal Bulbul, Mr.
Azam Jahangir Chowdhury, Mr. Sajjad Hussain and Mr. AKM Shamsuddin Directors of the Company will retire
and being eligible, offer themselves for re-election.

Appointment of Auditors

The auditors of the Company, Hoda Vasi Chowdhury & Co. Chartered Accountants, retire as per Section 210
of the Companies Act 1994 and being eligible have offered them for re-appointment.

25
 CDBL Annual Report 2021

Conclusion

The Board of Directors is grateful for the assistance and support rendered to the Company by the Bangladesh
Securities and Exchange Commission. The trust and confidence reposed on the Board and extended to the
Company by the sponsor shareholders and the increasing number of users of the Company’s Central
Depository System (CDS) is most heartening and deeply appreciated. The wholehearted support extended to
CDBL by the Dhaka Stock Exchange Limited (DSE) and the Chittagong Stock Exchange Limited (CSE) is also
highly appreciated.

The Board of Directors is also pleased to record its appreciation for the relentless efforts of the Company’s staff
at all levels in achieving excellent financial results during the year. The support extended by the Company’s IT
Solution provider, Tata Consultancy Services Limited and hardware maintenance team of HP Singapore and its
local partner Flora Limited in keeping the CDS up and running is also duly acknowledged and appreciated by
the Board.

For and on behalf of the Board of Directors

Sheikh Kabir Hossain

Chairman

26
 CDBL Annual Report 2021

Auditors’ Report
& Financial Statements
 CDBL Annual Report 2021

Hoda Vasi Chowdhury & CO

Chartered Accountants

INDEPENDENT AUDITORS’ REPORT

To the Shareholders of
Central Depository Bangladesh Limited

Report on the Audit of the Financial Statements

Opinion
We have audited the financial statements of Central Depository Bangladesh Limited (hereinafter referred to
as“the Company”), which comprise the statement of financial position as at 30 June 2021, and the statement
of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows
for the year then ended, and notes to the financial statements, including a summary of significant accounting
policies.

In our opinion, the accompanying financial statements give true and fair view, in all material respects, the
financial position of the Company as at 30 June 2021, and of its financial performance and its cash flows for
the year then ended in accordance with International Financial Reporting Standards (IFRSs).

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities
under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial
Statements section of our report. We are independent of the Company in accordance with the International
Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) and we
have fulfilled our ethical responsibilities in accordance with the IESBA Code and the Institute of Chartered
Accountants of Bangladesh (ICAB) Bye Laws. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.

Emphasis of Matters

Workers' Profit Participation Fund (WPPF) and Welfare Fund (WF)

No provision has been made for Workers' Profit Participation Fund (WPPF) and Welfare Fund (WF) during the
year under review and also for the previous years which is apparently a non-compliance of the relevant law. In
this regard, we draw attention to the note no 29.1 to the accompanying financial statements that a former
employee of the Company filed a case against the Company in the First Labor Court, Dhaka and received
decision against the Company. The Company preferred an Appeal before the learned Appellate Labor
Tribunal, Dhaka and the outcome of which is yet to be received. Our report has not been modified in this
regard.

National Office: BTMC Bhaban (6th & 7th Floor), 7-9 Karwan Bazar Commercial Area, Dhaka-1215, Bangladesh
Chattogram Office: Delwar Bhaban (4th Floor), 104 Agrabad Commercial Area, Chattogram-4100, Bangladesh

28
 CDBL Annual Report 2021
Hoda Vasi
Chowdhury & Co
2.10 Earnings per share (EPS)
a) Basic earnings per share
Earnings per share (EPS) has been calculated in accordance with the IAS-33: "Earnings Per Share". Computation of
basic earnings per share has been done by dividing the earnings attributable to the number of ordinary shares held by
the shareholders during the year.
b) Diluted earnings per share
No diluted earnings per share is required to be calculated during the year as there is no scope for dilution under review.

2.11 Events after the reporting period

Events after the reporting period that provide additional information about the Company's position at the date of
statement of financial position are reflected in the financial statements. Events after the reporting period that are not
adjusting events are disclosed when material as per IAS-10: ''Events after the Reporting Period''.

2.12 Reporting period

The reporting period of the Company covers one year from 01 July to 30 June consistently.

2.13 Reserves
The Company maintains reserves for Central Depository System (CDS) upgradation, headquarter building and investor
protection. CDS upgradation reserve was created for future upgradation and modernization of central depository
system to ensure uninterrupted services to the clients. Headquarter building reserve was created to build a premise on
the Company's own land in future. Investor protection reserve was created to protect the Company from any future
risks of loss arising from a genuine and bonafide claim made by any client.

3 General
(i) Figures appearing in these financial statements have been rounded off to the nearest Taka; and
(ii) Previous year's figures have been rearranged or reclassified, wherever considered necessary, to conform with
current year's presentation.

39
 4 Property, plant and equipment - at cost less accumulated depreciation

Amounts in Taka
Cost Depreciation
Written down
Additions Disposals Charged Disposals
Particulars Balance as at Balance as at Rate Balance as at Balance as at value as at
during the during the during the during the
01 July 2020 30 June 2021 (%) 01 July 2020 30 June 2021 30 June 2021
year year year year
Central Depository System (CDS):
CDBL Annual Report 2021

Hardware 179,363,696 4,945,000 78,230,114 106,078,582 20% 104,922,967 33,205,120 65,911,046 72,217,041 33,861,541
Network equipment, LAN and WAN 18,262,977 3,474,924 2,213,399 19,524,502 20% 9,266,717 3,578,179 1,958,863 10,886,033 8,638,469
Sub-total 197,626,673 8,419,924 80,443,513 125,603,084 114,189,684 36,783,299 67,869,909 83,103,074 42,500,010
Computers and accessories 8,853,525 93,525 3,320,588 5,626,462 20% 7,732,302 395,180 3,320,588 4,806,894 819,568
Office and electrical equipment 43,241,762 2,475,300 18,518,980 27,198,082 20% 27,377,141 8,484,570 16,200,554 19,661,157 7,536,925
Furniture and fixtures 4,409,624 2,881,826 4,153,279 3,138,171 15% 4,371,610 297,183 4,153,279 515,514 2,622,657
Air conditioners 6,628,299 1,248,146 3,900,499 3,975,946 20% 5,236,019 827,834 3,900,499 2,163,354 1,812,592
Site preparation and office renovation 2,956,602 7,855,308 10,811,910 - 15% 2,878,946 764,995 3,643,941 - -
Power generator 6,421,235 - 2,532,645 3,888,590 20% 4,939,810 772,868 2,532,645 3,180,033 708,557
Auto sensor fire alarm 2,060,260 - 1,051,130 1,009,130 20% 2,060,064 - 1,051,130 1,008,934 196

40
Motor vehicles 13,203,000 - - 13,203,000 20% 13,202,896 - - 13,202,896 104
Land 75,347,361 - - 75,347,361 - - - - - 75,347,361
Sub-total 163,121,668 14,554,105 44,289,031 133,386,742 67,798,788 11,542,630 34,802,636 44,538,782 88,847,960
Grand total as at 30 June 2021 360,748,341 22,974,029 124,732,544 258,989,826 181,988,472 48,325,929 102,672,545 127,641,856 131,347,970
Grand total as at 30 June 2020 359,207,357 2,420,181 879,197 360,748,341 135,708,666 47,159,003 879,197 181,988,472 178,759,869
Hoda Vasi
Chowdhury & Co
 CDBL Annual Report 2021
Hoda Vasi
Chowdhury & Co

2021 2020
5 Intangible assets Taka Taka
Cost
Opening balance 166,219,383 166,219,383
Add: Additions made during the year - -
166,219,383 166,219,383
Accumulated amortization
Opening balance 85,037,388 53,291,323
Add: Charged during the year 31,746,065 31,746,065
116,783,453 85,037,388
49,435,930 81,181,995
Software cost amortized @ 20% p.a. when the software is installed for use by using the straight line method.

6 Leasehold land
Acquisition cost-opening balance 33,829,191 29,873,737
Add: Expense incurred during the year - 4,300,940
Less: Amortization charged during the year (348,755) (345,486)
33,480,436 33,829,191

Ministry of Housing and Public Works vide letter under reference 25.00.0000.049.33.044.16 / 398 dated 26th
December 2018 allotted a 0.164 acre land under plot no. F-16/A-1 of Sher-e-Bangla Nagar Administrative Area,
Dhaka to the Company for constructing headquarter building. The Company deposited Taka 3 crore to the National
Exchequer on 5th December 2018 on account of the price of aforesaid land as per letter under reference
25.00.0000.049.33.046.16 - 368 dated 3rd December 2018 of the Ministry of Housing and Public Works.
Management of CDBL has taken possession of the allotted plot on 4th February 2019 and signed a lease agreement
with the Ministry of Housing and Public Works for 99 years.

7 Investment in Shares
Central Counterparty Bangladesh Limited (CCBL) 300,000,000 300,000,000
CCBL on behalf of Strategic Investor (note - 7.1) 300,000,000 300,000,000
Disaster Recovery Site Bangladesh Limited (note - 7.2) 2,000,000 2,000,000
602,000,000 602,000,000
7.1 The amount represents Central Depository Bangladesh Limited's subscription towards 10% shares of Central
Counterparty Bangladesh Limited that were reserved for Strategic Investor. As per Bangladesh Securities and
Exchange Commission (Clearing and Settlement) Regulations, 2017 these shares shall be held by Central Depository
Bangladesh Limited until Strategic Investors are found for Central Counterparty Bangladesh Limited when Central
Depository Bangladesh Limited shall transfer the shares to the Strategic Investor.
7.2 The amount represents payment for 1% seed money of Taka 20 crore which is CDBL’s equity investment in the
Disaster Recovery Site Bangladesh Limited. The Board of Directors of CDBL in its 116th meeting held on 6th May
2018 resolved to invest Taka 20 crore (4% of paid-up capital of Taka 500 crore) in the equity of the Disaster Recovery
Site Bangladesh Limited initiated by the state owned Banks & Financial Institutions for establishing and maintaining a
Disaster Recovery Site (DRS) at Jessore.

8 Investment in bonds - at cost

United Commercial Bank Limited 100,000,000 -
EXIM Bank Limited 250,000,000 -
Social Islami Bank Limited 80,000,000 120,000,000
430,000,000 120,000,000

41
 CDBL Annual Report 2021
Hoda Vasi
Chowdhury & Co
2021 2020
9 Deferred tax assets Taka Taka
Deferred tax has been calculated in accordance with the provision of IAS - 12: "Income Taxes" based on temporary
differences arising due to differences in the carrying amount of the assets or liabilities and their tax base which
resulted in a deferred tax asset of Taka 30,810,459 arrived as follows:

Tax base value of fixed assets except land 192,223,754 198,543,488

Less: Carrying amount of fixed assets except land 56,000,609 103,412,508
Less: Carrying amount of Intangible assets 49,435,930 81,181,995
Deductible temporary differences 86,787,215 13,948,985
Provision for leave encashment 2,899,129 3,700,259
Provision for bad debts 1,576,617 1,576,617
Provision for investment 11,438,569 11,438,569
Total deductible temporary differences 102,701,530 30,664,430
Applicable tax rate 30% 32.50%
Deferred tax assets at the end of the year 30,810,459 9,965,940
Deferred tax assets / (liability) at the beginning of the year 9,965,940 (1,398,476)
Deferred tax income for the year 20,844,519 11,364,416

10 Accounts receivable
Participants 226,907,563 57,243,763
Issuers 63,096,206 30,171,153
290,003,769 87,414,916
Less: Provision for bad debts 1,576,617 1,576,617
288,427,152 85,838,299
11 Interest receivable
FDR interest receivable 174,273,080 244,546,071
Bond interest receivable 2,334,246 293,094
176,607,326 244,839,165

12 Insurance claim receivable 21,816,040 -

The abovenoted amounts represent insurance claim receivable from Sonar Bangla Insurance Limited due to the fire
incident in BDBL Bhaban.
13 Advances, deposits and prepayments
Advance
DHS Motors Limited 200,000 -
Flora Limited 108,905,974 -
TRADECOM 6,000,000 5,000,000
115,105,974 5,000,000
Deposits
Bangladesh Development Bank Limited - office rent 2,546,220 2,546,220
Chairman, First Labor Court 2,124,294 -
DSE - Office rent 12,041,640 -
RAJUK - Uttara Industrial Plot 2,500,000 2,500,000
Bangladesh General Insurance Company Limited - office rent 286,440 286,440
19,498,594 5,332,660
Prepayments
Guardian Life Insurance Limited 389,886 418,277
Sonar Bangla Insurance Limited 326,192 443,564
Omega EXIM Limited 1,263,660 1,061,676
Bio Access 70,834 66,667
Straight home 40,968 -
2,091,540 1,990,184
136,696,108 12,322,844

42
 CDBL Annual Report 2021
Hoda Vasi
Chowdhury & Co
2021 2020
Taka Taka
14 Loans 15,984,740 24,130,443
The abovenoted amount includes Taka 4,100,772 house loan bearing 5% interest granted to the employees and the
rest amount represents interest free loans granted to the employees on different personal grounds which are being
recovered from monthly salaries.

15 Short term investments - FDRs

Investment Corporation of Bangladesh 534,250,000 484,250,000
Janata Bank Limited 500,000,000 50,000,000
Agrani Bank Limited 420,000,000 -
EXIM Bank Limited 410,000,000 290,000,000
ONE Bank Limited 320,000,000 260,000,000
Commercial Bank of Ceylon PLC 300,000,000 330,000,000
Sonali Bank Limited 300,000,000 -
IFIC Bank Limited 270,000,000 220,000,000
Standard Bank Limited 260,000,000 300,000,000
AB Bank Limited 250,000,000 220,000,000
Jamuna Bank Limited 220,000,000 270,000,000
Southeast Bank Limited 200,000,000 180,000,000
Bangladesh Development Bank Limited 200,000,000 30,000,000
Al-Arafah Islami Bank Limited 180,000,000 190,000,000
Mercantile Bank Limited 140,000,000 260,000,000
NCC Bank Limited 140,000,000 280,000,000
NRB Bank Limited 126,358,415 128,788,414
Trust Bank Limited 120,000,000 100,000,000
First Security Islami Bank Limited 70,000,000 70,000,000
Madhumati Bank Limited 70,000,000 70,000,000
Premier Bank Limited 65,000,000 65,000,000
Mutual Trust Bank Limited 60,000,000 310,001,000
Dhaka Bank Limited 60,000,000 220,000,000
Delta Brac Housing Limited 60,000,000 60,000,000
IDLC Finance Limited 54,050,000 54,050,000
Bangladesh Commerce Bank Limited 50,000,000 50,000,000
Padma Bank Limited 50,000,000 50,000,000
United Commercial Bank Limited 30,000,000 210,000,000
Prime Finance and Investment Limited 28,858,255 26,713,000
Bay Leasing Limited 28,500,000 33,500,000
International Leasing and Finance Limited 26,952,705 24,239,150
Premier Leasing and Finance Limited 22,426,773 21,730,437
NRB Global Bank Limited 20,000,000 30,000,000
Social Islami Bank Limited 20,000,000 20,000,000
United Finance Limited 20,000,000 20,000,000
People Leasing and Financial Services Limited 11,438,569 11,438,569
Meghna Bank Limited 10,000,000 10,000,000
National Housing Finance and Invesment Limited 10,000,000 12,500,000
Union Capital Limited 8,000,000 8,000,000
BRAC Bank Limited - 200,000,000
Shahjalal Islami Bank Limited - 80,000,000
Bank Asia Limited - 40,000,000
City Bank Limited - 240,000,000
Uttara Finance and Investment Limited - 10,000,000
Eastern Bank Limited - 50,000,000
Bank Al-Falah Limited - 30,000,000
5,665,834,717 5,620,210,570
Less: Provision for investment 11,438,569 11,438,569
5,654,396,148 5,608,772,001

43
 CDBL Annual Report 2021
Hoda Vasi
Chowdhury & Co

2021 2020
16 Cash and cash equivalents Taka Taka
Cash in hand 1,205,034 2,536,326
Cash at bank
Current account with Standard Chartered Bank 510,469 529,063
Short term deposits with
Sonali Bank Limited 1,317,913 1,286,973
Standard Chartered Bank 9,980,826 12,514,236
Bangladesh Development Bank Limited 49,843,291 110,935,713
IFIC Bank Limited 166,414,941 -
Southeast Bank Limited 8,833,370 8,781,637
236,390,341 133,518,559
238,105,844 136,583,948

17 Share capital
17.1 Authorized capital
300,000,000 ordinary shares of Taka 10 each 3,000,000,000 3,000,000,000
17.2 Issued, subscribed and paid up capital
200,000,000 ordinary shares of Taka 10 each 2,000,000,000 2,000,000,000
17.3 Composition of shareholders:
Name of Shareholders No. of Shares Taka Taka
Nationalized and Specialized Banks 36,956,295 369,562,950 369,562,950
Private Commercial and Specialized Banks 59,741,103 597,411,030 597,411,030
Foreign Commercial Banks 19,569,444 195,694,440 195,694,440
Insurance Companies 14,810,778 148,107,780 148,107,780
Publicly Listed Companies 19,777,788 197,777,880 197,777,880
NBFIs and Merchant Banks 7,084,495 70,844,950 70,844,950
Dhaka Stock Exchange Limited (DSE) 13,612,555 136,125,550 136,125,550
Chittagong Stock Exchange Limited (CSE) 13,612,555 136,125,550 136,125,550
Investment Corporation of Bangladesh (ICB) 6,112,555 61,125,550 61,125,550
Sadharan Bima Corporation 6,112,555 61,125,550 61,125,550
Private Limited Companies 2,174,188 21,741,880 21,741,880
Other individuals 435,689 4,356,890 4,356,890
200,000,000 2,000,000,000 2,000,000,000

17.4 Classification of shares by holding

Slabs by number No. of holders No. of shares Holding % Holding %
Less than 25,000 - - - -
From 25,000 to 100,000 2 59,938 0.03 0.03
From 100,001 to 1,000,000 60 32,969,818 16.48 16.48
Above 1,000,000 47 166,970,244 83.49 83.49
109 200,000,000 100 100

18 Security deposits
Participants 54,400,000 53,600,000
Issuers 123,032,000 112,332,000
Direct accountholders 550,000 550,000
177,982,000 166,482,000

44
 CDBL Annual Report 2021
Hoda Vasi
Chowdhury & Co
2021 2020
19 Other liabilities Taka Taka

BSEC - annual account maintenance fee (note - 19.1) 15,941,100 2,804,950

Government of Bangladesh for annual account maintenance fee (note - 19.2) 60,647,950 8,098,000
Leave encashment provision 2,899,129 3,700,259
Dividend payable 1,827,779 1,142,361
Audit fee including VAT 690,000 828,000
Financial literacy fair and conference (note - 19.3) 742,507 1,155,757
82,748,465 17,729,327
19.1 The amount represents Bangladesh Securities & Exchange Commission's portion of annual account maintenance
fee (Taka 50 per BO account) collected by the Company.
19.2 The amount represents Government of Bangladesh's portion of annual account maintenance fee (Taka 200 per BO
account) collected by the Company.
19.3 Financial Literacy Fair and Conference
Opening balance 1,155,757 1,155,757
Less: Disbursement during the year 413,250 -
742,507 1,155,757
The abovenoted amount represents balance of Financial Literacy Fair and Conference participation fee collected by
the company from various brokerage houses and capital market related associations on behalf of Bangladesh
Securities and Exchange Commission.

20 Provision for income tax

Opening balance 171,383 93,738,483
Add: Provision made for current year 360,063,061 254,616,474
360,234,444 348,354,956
Less: Advance and payments made during the year
Tax deducted at source on interest on short term deposits 484,206 604,210
Tax deducted at source on interest on fixed term deposits 45,186,158 50,660,077
Tax deducted at source on interest on bonds 641,000 920,119
Tax deducted by the depository participants and issuers on bills 16,126,177 5,328,678
Advance income tax paid during the year 210,275,000 220,150,000
Income tax paid for the prior year 9,806,184 70,520,489
282,518,725 348,183,573
77,715,719 171,383
21 Operating income
Dematerialization of securities 9,486,975 2,153,798
Settlement of securities transactions 664,998,480 208,240,968
Annual accounts maintenance fee 277,226,650 186,345,650
Issuers book entry demat register maintenance fee 36,074,189 34,931,262
Documentations 95,000 32,500
CDS connections 5,403,000 5,288,000
Rematerialization of securities 441,217 50,750
Corporate actions 43,465,359 13,133,359
Pledging and unpledging of securities 8,510,661 4,922,286
Suspensions and revocations - 26,030
Fresh issues (IPO) 5,953,671 621,865
Transfers and transmissions 21,833,694 10,403,668
Radio link connections 786,750 809,250
Freeze - 1,900
Internet balance inquiry 249,344 15,600
Confiscations 33,175 28,565
1,074,558,165 467,005,451

45
 CDBL Annual Report 2021
Hoda Vasi
Chowdhury & Co
2021 2020
Taka Taka
22 Operating and administrative expenses
Salaries and allowances 97,931,410 100,413,566
Office rent 14,503,061 14,508,153
Electricity and water 3,680,867 4,504,639
Depository system maintenance 94,548,372 51,998,122
Insurance 1,123,103 1,447,221
Motor car maintenance 631,289 670,132
Advertisement expenses 599,161 808,841
Entertainment expenses 636,051 208,187
Printing, postage and stationery 1,282,969 784,316
WAN, telephone and internet 2,904,191 3,405,776
Travelling and conveyance 349,016 197,584
License fees and subscriptions 1,072,677 840,218
Legal and professional fees 1,387,988 1,328,959
Training and development 37,850 700,280
Marketing and capacity building 7,246,176 5,294,277
Refectory expenses 247,291 238,968
Security services 1,622,827 1,569,096
Repairs and maintenance 1,186,451 645,401
Office cleaning 146,866 177,596
Bank charges and excise duty 4,932,907 2,824,546
Audit fee including VAT 884,000 690,000
Meetings and participant conferences 195,000 356,061
Directors fee 4,650,000 2,275,000
Other expenses 962,320 321,008
Loss on disposal of fixed assets (note - 22.1) 243,959 -
Depreciation (note - 4) 48,325,929 47,159,003
Amortization of intangible assets (note - 5) 31,746,065 31,746,065
Amortization cost of leasehold land 348,755 345,486
Corporate social responsibility 1,000,000 400,000
324,426,551 275,858,501

22.1 The abovenoted amount represents the netted off portion of insurance claim and loss on disposal of assets. Due to
fire incident, CDBL had to dispose of its fixed assets which results loss on disposal amounting to Taka 22,059,999.
However, the assets were insured and as per policy, the Company got a verbal assurance of receiving Taka
21,816,040 from Sonar Bangla Insurance Limited.

23 Other income
Interest income on term deposits 381,588,597 518,858,610
Interest income on bonds 14,861,152 17,862,444
Interest income on STD accounts (note - 23.1) 6,644,057 6,042,103
Profit on sale of fixed assets 1,400,000 55,300
Interest income from staff house loan 210,635 225,265
Refund from employees provident fund account 594,660 -
405,299,101 543,043,722

46
 CDBL Annual Report 2021
Hoda Vasi
Chowdhury & Co

2021 2020
Taka Taka
23.1 Interest income on STD accounts
Bangladesh Development Bank Limited 6,486,544 3,020,272
Southeast Bank Limited 84,936 2,908,533
Sonali Bank Limited 34,378 44,718
Standard Chartered Bank 25,106 68,580
IFIC Bank Limited 13,093 -
6,644,057 6,042,103

24 Proposed dividend

The Directors in their meeting held on 17 November 2021 have proposed a cash dividend @ 25% i.e. Taka 2.5 per
ordinary share of Taka 10 each. The financial statements for the year ended 30 June 2021 do not include the effects
of the above cash dividend which will be accounted for in the period in which it is paid.

25 Earnings per share (EPS)

25.1 Basic earnings per share
Net profit after tax for the year 816,212,173 490,938,614
Number of ordinary shares 200,000,000 200,000,000
Basic earnings per share 4.08 2.45

26 Net Assets Value (NAV) per share

Total assets 7,809,768,153 7,138,223,695
Less: Total liabilities (356,128,790) (200,796,505)
7,453,639,363 6,937,427,190
Number of outstanding shares 200,000,000 200,000,000
NAV per share 37.27 34.69

27 Net Operating Cash Flow Per Share (NOCFPS)

Net operating cash flow 306,563,714 (86,896,087)
Weighted average number of ordinary shares outstanding during the year 200,000,000 200,000,000
NOCF per share 1.53 (0.43)

28 Payments / perquisites to Directors

Director attending the Board Meetings were paid Taka 25,000 per meeting. The Managing Director and CEO
received an aggregated amount of Taka 13,853,247 (2020 : Taka 12,741,027) as emoluments during the financial
year.

29 Contingent liabilities and commitments

29.1 Contingent liability

A former employee of the Company filed a case (Case no. 616/2018) on 24
July 2018 against the Company in the First Labor Court, Dhaka claiming share
of Workers' Profit Participation including compensation and the same was
allowed by an order and Judgement dated 12 March 2020 against the
Company to pay Taka 2,124,294 to him as per his claim.
The Company preferred an Appeal before the learned Appellate Labor
Tribunal, Dhaka (Appeal No. 40/2020) and the outcome of the appeal is yet to
be received by the Company. 2,124,294 2,124,294

47
 CDBL Annual Report 2021
Hoda Vasi
Chowdhury & Co

2021 2020
Taka Taka

29.2 Claims against the Company not acknowledged as debts Nil Nil
29.3 Capital expenditure commitments
i) Contracted but not provided for in these accounts Nil Nil
ii) Approved by the Board but not contracted for 210,000,000 12,000,000

2021 2020
30 Particulars of employees Number Number
The number of employees engaged during the year and drawing salary
Above Taka 3,000 per month 67 68
Below Taka 3,000 per month Nil Nil
67 68

Chairman Director Managing Director & CEO

48
 Central Depository Bangladesh Limited
DSE Tower (level-5), House-46, Road-21, Nikunja-2, Dhaka - 1229, Bangladesh
Tel: +88-02-41040386-95, Fax: +88-02-41040385

Proxy Form
I / We…………………………...……………………………………………………………………...………………...

of………………………..……………………………………………………………………………………….………..

being a Member of Central Depository Bangladesh Limited do hereby appoint

Mr. / Ms. …………………………………………………………………………………………………………………

of………………………………………………………...…...……………………………………………….………….

Or (failing him/her) Mr. / Ms. ………………………...………………………………………………………………..

as my / our proxy, to vote for me/us and on my/our behalf at the 21 st Annual General Meeting of the Company
to be held on Wednesday, 22nd December 2021 over Zoom Cloud Video and any adjournment thereof or at any Ballot
to be taken in consequence thereof

Revenue
Stamp
Tk. 10
Signed this …………… day of December, 2021

Signature of Proxy …………………………………… Signature of Shareholder………………………………...

NB: IMPORTANT

1. This Form of Proxy, duly completed, must be scanned & emailed at least 48 hours before the meeting at
info@cdbl.com.bd. Proxy is invalid if not signed and stamped

2. Signature of the Shareholders should agree with the Specimen Signature registered with the Company.
……………………………………………………………………………………………………………………

Central Depository Bangladesh Limited

DSE Tower (level-5), House-46, Road-21, Nikunja-2, Dhaka - 1229, Bangladesh. Tel: +88-02-41040386-95, Fax: +88-02-41040385

ATTENDANCE SLIP

I hereby record my attendance at the 21st Annual General Meeting of the Central Depository Bangladesh Limited being
held on Wednesday, 22nd December 2021, over Zoom Cloud Video.

Name of Member/Proxy ……………………………………………………………………………..

……………………………….
Date: 22nd December 2021 Signature

N.B: Shareholders attending the meeting or by Proxy over Zoom are requested to complete the attendance slip and
email at info@cdbl.com.bd attaching their business card
Central Depository Bangladesh Limited
DSE Tower (Level-5), House-46, Road-21, Nikunja-2, Dhaka - 1229, Bangladesh
Tel: +88-02-41040386-95, Fax: +88-02-41040385
E-mail : info@cdbl.com.bd, Web : www.cdbl.com.bd