NRBC Bank Annual Report 2022

Committed to Common
On a mission to uplift the gurdians of our economy

The people - to whom we pledge our unwavering commitment
Our journey continues honoring their relentless efforts
To actualize their dreams we are walking the path
Reaching out toward development of agriculture, industry,
export-import sectors
And unleash the seeds of prosperity for us all
- Comitted To Common
Annual Report 2022

NRB Commercial Bank Limited
1
Annual Report 2022
2 NRB Commercial Bank Limited
Annual Report 2022
3
Annual Report 2022
Letter of Transmittal 07 Manufactured Capital 151
Notice of the 10th AGM 08 Intellectual Capital 152
Corporate Profile 10 Social & Relationship Capital 153
Mission 12 Sustainability Reporting
Vision 12 Sustainable Banking Operations-Key
156
Strategic Objectives 13 Highlights
NRBC Sustainable Banking effort in 2022 for
Core Values 13 157
SDGs
Code of Conduct 14
CONTENTS
Triple Bottom-Line Approach of NRBC Bank 158

Forward Looking Statement 14 Highlights of National sustainable
Historic 10 years Journey 16 development strategy and NRBC Bank 159
Chairman’s Message 18 Status/response
Message from Desk of Managing Director Risk Management
22
& CEO Risk Management report to the Shareholders 162
Board of Directors 26 Risk Management report 164
Committee of Board of Directors 27 Risk Management Framework 166
Board of Directors’ Profile 28 Market Risk and Mitigation Strategy 171
Sponsors 34 Market Disclosure Pillar-III of BASEL-III 174
Executive 40 Audit Committee Report to the Shareholders 186
Head of Zone and Branch 43 Credit Rating 189
Five Years Financial Summary 54 Corporate Governance
Horizontal Analysis 59 Statement from the Company Secretary 192
Vertical Analysis 61 Statement of Corporate Governance 193
Segment Analysis 63 Code of Conduct for the Chairman, Board
199
Director’s Report members and Managing Director & CEO
Global Economic Perspective 66 Certificate on Compliance of Corporate
212
Bangladesh Economy 68 Governance Code
Compliance Status on BSEC Notification on
Banking Sector in Bangladesh 70 213
Corporate Governance
Financial Insight of NRBC Bank 72 Compliance Status on Bangladesh Bank’s
Overview of Divisions/Wings’ of NRBC Bank 93 227
Guidelines on Corporate Governance
Integrated Report Declaration by the CEO and the CFO 237
Our Approach to Integrated Report 136 From the Desk of Chief Financial Officer 238
Strategic Framework 137 Financials
Competitive Intensity and NRBC Bank’s Auditor’s Report to the Shareholders 244
Strategic Response based on market 138 Consolidated Balance Sheet 249
positioning
Consolidated Profit and Loss Statement 251
PESTEL Analysis 141
Consolidated Cash Flow Statement 252
SWOT Analysis 145
Consolidated Statement of Changes in Equity 253
ESG Approch and Our Priorities 146
Islamic Banking Unit 341
Value-added Statement 147
Off-shore Banking Unit 343
Economic Value-added 148
Subsidiary 1: NRBC Bank Securities Limited 350
Stakeholders’ Engagement 148
Subsidiary 2: NRBC Bank Asset Management
Financial Capital 149 372
Limited
Human Capital 150 Proxy Form & Attendance Slip 387
Annual Report 2022

5
Annual Report 2022
LETTER
OF TRANSMITTAL
To
All Shareholders of NRB Commercial Bank Limited
Bangladesh Bank
Bangladesh Securities and Exchange Commission
Registrar of Joint Stock Companies & Firms
Dhaka Stock Exchange Limited
Chittagong Stock Exchange PLC and
All other stakeholders
Subject: Annual Report for the year ended December 31, 2022.
Dear Sir/Medam,
We are pleased to enclose a copy of the Annual Report of NRB Commercial Bank Limited together with the
Audited Financial Statements as on December 31, 2022 for kind information and record.
The Report includes consolidated Balance Sheet, Income Statement, Cash Flow Statement, Statement of
Changes in Equity, Liquidity Statement along with Notes thereon and Directors’ Report of NRB Commercial
Bank Limited for the year ended December 31, 2022.
Thanking you.
Sincerely yours,
Mohammad Ahsan Habib

Company Secretary
Annual Report 2022

7
Corporate Head Office, 114, Motijheel, C/A, Dhaka-1000.
Phone: +880-2-223353422-30
Email: share@nrbcommercialbank.com
Website: www.nrbcommercialbank.com Shareholders can join Virtual
AGM using this QR code
Notice of the 10th Annual General Meeting

Notice is hereby given that the 10th Annual General Meeting (AGM) of NRB Commercial Bank Limited will be held on June 19 (Monday),
2023 at 12.00 Noon [BST] by using Digital Platform through the link https://nrbcbank.bdvirtualagm.com to transact the following
business:
A. Ordinary Agenda
1. To receive, consider and adopt the Audited Financial Statements of the Bank for the year ended December 31, 2022 along with the reports
of Directors’ and Auditors’ thereon.
2. To declare the dividend for the year ended December 31, 2022 as recommended by the Board of Directors.
3. To elect/re-elect Directors.
4. To appoint Statutory Auditors for the term until next AGM & fix their remuneration for the year 2023.
5. To appoint Corporate Governance Compliance Auditors & fix their remuneration for the year 2023.
6. To consider any other relevant business with the permission of the Chair.
B. Special Agenda
To change the registered name of the Bank to “NRBC Bank PLC.” from existing “NRB Commercial Bank Limited.”
The following special resolution is proposed to be passed with or without modification to adopt the change of the registered
name of the Bank to “NRBC Bank PLC.” from existing “NRB Commercial Bank Ltd.” under Clause-I of the Memorandum of
Association and other relevant clauses of Memorandum of Association and Articles of Association of the company subject to
approval of the regulatory authorities to comply with the Companies Act, 1994 (2nd amendment 2020) and BRPD Circular No.
04 Dt. February 22, 2023.
“Resolved that, the proposal for changing the Registered Name of the Company to “NRBC Bank PLC.” from existing “NRB
Commercial Bank Limited” subject to obtaining approval through special resolution and approval from the Registrar of Joint
Stock Companies & Firms (RJSC) for Name Clearance and accordingly amend the relevant clauses of the Memorandum and
Articles of Associations of the Bank in compliance with Companies Act, 1994 (2nd Amendment 2020) and BRPD Circular No.
04 Dt. February 22, 2023 is approved.”
By order of the Board of Directors
Dated: May 24, 2023
Mohammad Ahsan Habib

Company Secretary
NOTES.
i) The Record Date: May 25, 2023 (Thursday).
The Shareholders whose names appear in the Members Register of the Bank under Central Depository Bangladesh Limited
(CDBL) on the Record Date i.e. 25-05-2023 will be eligible to attend the 10th AGM and would be qualified to receive Dividend
(if approved) for the year 2022.
ii) The Board of Directors recommended dividend @ 12 % (7.50 % in the form of cash and 4.50 % in the form of stock/bonus shares)
for the year ended December 31, 2022. The Bangladesh Securities and Exchange Commission has given their consent to NRB
Commercial Bank Ltd.’s proposal to declare a 4.50% Stock Dividend (Bonus Shares) for fiscal year ending 31 December, 2022
vide letter no. BSEC/CI/CPLC(Public)-1069/2023/1276, dated May 22, 2023.
iii) A Member eligible to attend the Annual General Meeting (AGM) may appoint a proxy to attend and vote on his/her behalf. The
Proxy Form, duly filled, signed and stamped at BDT. 20 must be sent through email to the Share Department of the Company
at share@nrbcommercialbank.com at least 72 hours before commencement of the AGM.
iv) Members are requested to update their 12-digit Taxpayer’s Identification Number (e-TIN) before Record Date i.e. 25-05-2023
through their respective Depository Participants (DPs). In default, the tax from cash dividend of individual taxpayer will be
deducted @ 15% instead of @10%.
Annual Report 2022

v) The soft copy of the Annual Report 2022 of NRB Commercial Bank Limited will be sent to the email addresses of the Members
available in their Beneficiary Owner (BO) accounts maintained with the Depository as per BSEC Notification No. BSEC/
CMRRCD/2006-158/208/Admin/81 dated 20 June 2018. The Annual Report 2022 will also be available on the website of the
Bank www.nrbcommercialbank.com within the stipulated time.
vi) The detailed procedures to participate in the virtual meeting and Frequently Asked Questions (FAQs) are/shall be published on
the Investor Relations’ Segment of the Company’s website at www.nrbcommercialbank.com
vii) Concerned Depository Participants (DP)/ Stock Brokers are requested to provide us with a list of their margin loan holders who
hold NRB Commercial Bank shares, as on record date with the details of the shareholders’ name, BO ID, shareholding position,
cash dividend receivable, tax rate etc., within 31/05/2023 along with the name of the contact person to the Share Department
of the Company and also soft copy of the same at share@nrbcommercialbank.com otherwise dividends shall be paid to bank
accounts of the members whose name would appear on the ‘Record Date’. The DP/Stock Brokers are requested to provide us
with their Bank Account name & number, routing number etc. to mentioned email address for receiving the dividends of their
margin loan holders.
viii) The members will be able to submit questions/ comments and vote electronically 48 hours before commencement of the AGM
and during the AGM.
ix) The online (real time) or e-voting option shall be opened 48 hours prior to start of general meeting and shall remain open upto
closure of general meeting.
Annual Report 2022

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CORPORATE PROFILE
Facts & Figure as on 31 December 2022
Name of the Company Chairman
NRB Commercial Bank Limited Mr. S M Parvez Tamal
Registered Office Vice Chairman

Red Crescent Jashim Trade Centre Mr. Rafikul Islam Mia Arzoo
114 Motijheel C/A, Dhaka-1000, Bangladesh
Chairman –Executive Committee
Phone : 880-02-9573422-30
Mr. Mohammed Adnan Imam FCCA
Fax: 880-02-9573421
Swift Code: NRBB BDDH
Email: nrbcb@nrbcommercialbank.com Chairman – Risk Management Committee
www.nrbcommercialbank.com Mr. AKM Mostafizur Rahman
Legal Form Chairman – Audit Committee

Public Limited Company (PLC) Air Chief Marshal Abu Esrar (Retd.)
Date of Incorporation Managing Director & CEO

February 20, 2013 Mr. Golam Awlia
Formal Inauguration Company Secretary

April 2, 2013 Mr. Mohammad Ahsan Habib
Core Banking Segment Chief Anti Money Launder Officer

Conventional, Islamic and Off-shore Banking Mr. Mohd. Humayun Kabir
Islamic Banking Window Chief Risk Officer

Bangladesh Bank Approval: November 14, 2019 Mr. Kabir Ahmed
Inauguration: January 20, 2020
Chief Financial Officer
Offshore Banking Mr. Harunur Rashid
Bangladesh Bank Approval: September 22, 2020
Inauguration: February 07, 2021 Publication
Annual Report-2022
Agent Banking
Bangladesh Bank Approval: May 29, 2014 Auditors
Inauguration: December 17, 2015 Howladar Yunus & Co.
Agent Point: 588 Agent Points Chartered Accountants
Name of NRBC Bank’s Subsidiary Tax Consultants

NRBC Bank Securities Limited K M Hasan & Associates
Incorporation: September 20, 2015 Chartered Accountants
Registered Office: 114 Motijheel C/A, Dhaka-1000
Credit Rating Agency
NRBC Bank Asset Management Limited Emerging Credit Rating Limited
Incorporation: December 07, 2021
Registered Office: 114 Motijheel C/A, Dhaka-1000 Authorized Capital
Tk. 10,000 Million
Annual Report 2022

Capital Value of Internet Banking Transactions
Tk. 19,221.27 Million TK. 31,944.65 Million
Paid-up Capital Network

TK 7,929.66 Million [ 8,286.49 Million If Stock Dividend @4.5% is • Number of Branches: 103
approved by Shareholders in 10th AGM] • Number of Sub-branches: 224
• Partnership Sub-branches: 131
Net Asset Value
• Land Registration Sub-branches: 570
Tk. 12,935.32 Million (Solo Basis)
• Foreign remittance Agencies: 2
Net Asset Value per Share • Foreign remittance Sub-agencies: 9
Tk. 16.31 Per Share (Solo Basis)
Total ATM: 81
Net Operating Cash flow per share
Total RMA: 182 Fls across the globe
Tk. 9.38 Per Share (Solo Basis)
IPO Approval Date by SEC
Total Assets
Tk. 200,356.06 Million (Solo Basis) November 18, 2020
Loans & advances Date of IPO Subscription

Tk. 136,174.05 Million February 03-06, 2021
Reserves Date of publication of Prospectus

Tk. 3,108.26 Million January 06, 2021
Employees Listing with stock Exchange

No. of Official : 3804 DSE on March 10, 2021
No. of Staff : 60 CSE on March 10, 2021
Return on Investment/Equity (ROI/ROE) Date of first share trading in stock market

14.06% (Solo Basis) March 22, 2021
Return on Asset (ROA) Share Prise as of December 31, 2022
0.98% (Solo Basis) Tk. 17.60
Capital to Risk Weighted Assets Ratio (CRAR) Share Price Range over the year
12.44% (Solo Basis) Tk. 17.60 - Tk. 29.10
Earnings per Share
Tk. 2.19 (Solo Basis)
Total Nostro Account : 24
Number of Internet Banking Transactions: 1,418,474
Annual Report 2022

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MISSION
The bank shall devote in creating confidence for investment among the Bangladeshi expatriates
by offering them desired services, attractive profitability and secured investment through our
various financial products.
The bank shall create extra-ordinary opportunities to the intending wage earners in getting jobs
abroad through our dependable and reliable intermediary services.
The bank shall arrange need based effective training and education programs for the intending
FC wage earners of Bangladesh to survive against competitors of other countries.
The bank shall deliver service excellence through providing existing & innovative products in
cost & time efficient manner, to its all retail & corporate customers.
The bank shall constantly focus and monitor the changing needs and aspirations of its customers,
to develop new and re-engineer the process of service delivery.
The bank shall always be vigilant to maintain banking business risks within its tolerable limit in
order to protect depositor’s interest and ensure highest return to the shareholders.
The bank shall be the forerunner in exploiting new sources of fund such as Assets Securitization,
issuance of mutual fund etc., for addressing the needs of newly emerged financing areas such as
SME financing, factoring, micro finance, IT based products, housing financing etc. with a view to
furthering the economic growth of the country.
The bank shall create an enabling environment, adopt and nurture carefully a team-based culture
where people will be motivated to accept banking challenges and to face other competitors
VISION
To become a peerless bank in terms of providing efficient & innovative banking services,
safeguarding depositor’s interest, fulfilling shareholders desire, supporting economic growth
of the country with particular attention to channelize regular inflow of foreign remittance of
Bangladeshi expatriates working abroad and also the inflow of idle and less remunerative fund
held with wealthy NRBs.
To become an entrusted partner of the people.
Annual Report 2022

STRATEGIC OBJECTIVES
9 Create opportunities for NRBs to invest their earnings, utilize their professional expertise
towards development of Bangladesh
9 Channelize idle and less remunerative fund of NRB’s
9 Attract FDI of NRB’s through diverse products and projects
9 Balanced and sustainable growth
9 Value maximization for our shareholders and stakeholders
9 Accomplish the long cherished desire and dream of NRB’s to have a Bank which they can call
their ‘own’
9 Excellence of manpower efficiency through attractive compensation package, promoting staff
moral through training, development and career plan
9 Invest in the thrust sector for the overall economic development
9 Transfer technology with the help of the well educated professionals and experienced sponsors
of the bank to have a green banking practice
9 Ensure best Corporate Social Responsibility (CSR) practice
9 Promise to make the world of NRBC Bank a little bigger, everyday
9 Establish an image as a Bank for the mass people
9 Create a banking network where the rural people of every remote corner of the country will have
an access to banking facility
9 To be a Bank which will assist the Government of Bangladesh to collect all the revenues in timely,
systematic, clean & efficient manner
9 Be a market toper in financial products and services innovation
CORE VALUES
9 Corporate Governance: Conducting all business affairs in compliance with regulatory rules.
9 Creativity : Believing & practicing a culture with the motto of ‘Customer comes first’, thus making
customer oriented products and services by placing customer interest and satisfaction as first
priority
9 Humanity: Enable humanity through banking by financially enabling mass people with affordable,
accessible and relevant financial products and services.
9 Trustworthiness: Keeping trust in the very first place by being reliable to the customers and by
providing financial guidelines always beneficial to the clients.
9 Loyalty: Be a bank of loyal customers and employees by adding values in their financial lives.
9 Sustainability: Creating sustainable economic value for our shareholders, Customers, employees,
and community by utilizing an honest and efficient business methodology.
9 Performance Orientation: Encouraging all its employees to believe & practice a performance
oriented culture.
9 Environment: Committed to shield the environment and go green by ensuring the use of modern
technology.
9 Skill Appraisal: Putting respect to the individual worth and self-esteem and thus realizing latent
potentials
Annual Report 2022

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CODE OF CONDUCT
NRBC Bank shall maintain a pleasant working environment in its organization in terms of presence of well
set and well defined compensation package, clearly set goal orientation, as well as performance-led job
description for employees of all levels. Salient features of NRBC Bank Code of conduct are given below:
9 At all times the stakeholders of NRBC Bank shall act in a professional and ethical way, and uphold
the highest standards of honesty, trust, fairness, integrity and diligence;
9 Every stakeholder shall consider the risks and implications of their actions and in principle, should
feel accountable for them, and for the potential adverse impacts;
9 All in NRBC Bank shall take firm promise to comply with all current regulatory and legal
requirements, and adopt endeavor to follow best industry practices;
9 All information be used and handled with best care and due diligence be applied to ensure highest
confidentiality and preserving sensitivity;
9 Prevent and avoid potential conflict of interest that may arise and influence one while he/she
performs;
9 Serve customers, colleagues and counter parties with due care. Respect their desires and serve
them with responsibility if they asked for, or help them voluntarily;
9 Set the service standard for the organization that reflects professionalism and also expresses
values and attitudes, as well as positive attitude;
9 Equip employees to carry out their duties with due regards to the technical and professional
standards expected by qualified customers. Encourage the staffs continuously to develop and
maintain their technical and professional knowledge and level of competence;
9 Train and encourage the staff/officials to act with complete integrity towards customers,
colleagues, counter parties and others with whom they may come into contact.
The ethical conduct of all employees of NRBC Bank and the reputation of the profession depend largely
on their approaches and attitudes at all levels. Standards of integrity, ethics and professionalism cannot
be created or maintained by written rules alone, rather this depends upon the integrity and behavior of
those engaged as professionals in the industry. Thus the responsibility of the bank is to adopt and uphold
integrity and professional ethics in all of its units and service standards.
Annual Report 2022

FORWARD LOOKING STATEMENT
Forward-looking statements include information concerning future strategic objectives, business prospects,
anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures),
industry or market conditions, demand for and pricing of our products, acquisitions and divestitures, anticipated
results of litigation and regulatory developments or general economic conditions. Although banking industry is
operating in a competitive environment with more than sixty one (61) Banks along with a number of NBFIs which
are competing for market share, NRBC as a fourth generation Bank, has already created a positive mind share of the
customers in this turbulent market. Along with the existing competition in the banking industry of Bangladesh, the
Covid-19 pandemic will certainly affect the profitability and operations of banks adversely because of withdrawal of
deposits by depositors combating this crisis period. However, it is a known fact that banks with a good capital base
and a high profitability would perform relatively smooth during any pandemic. NRB Commercial bank is the first
private commercial bank in the last 12 years listed with the stock market. Also the bank is first among the fourth
generation banks to gain this break. So inclusion of NRB Commercial Bank in the share market will raise the capital
level of the bank as well as will create a positive posture on the customers mind. To be one of the most valuable brands
in the financial market of Bangladesh and to create a long-lasting value for our stakeholders, the Bank will focus on the
following issues in the subsequent years:
9 Reducing Cost of Deposit (CoD), by mobilizing Low Cost/Cost Effective Deposit by rearranging of existing
deposit mix of the bank
9 Mitigating credit risk through addressing of proper policy, guidelines, assessment, risk analysis and
documentation
9 Keeping Non Performing Loan (NPL) at an acceptable/tolerable range
9 Extending the banking facilities to unbanked people through banking networks, i.e Branches, Sub
Branches, Banking Booths, Collection booths & Land Registration Booths.
9 Providing banking services to the stakeholders through state of the art technology
9 Paying greater attention to reduce Cost of Administration (CoA) of the bank which will eventually
improve cost to income ratio, interest coverage ratio, and Burden ratio of the bank
9 Diversifying investment in different assets to minimize investment risk
9 Maintaining strict compliance with the sustainability as well as the environmental issues and good
governance to ensure long term sustainability of the bank
9 Be a bank that will ensure that even the further most rural people of Bangladesh will have the banking
facility at their doorstep.
9 Fund transferring & bill payment in digitalized manner through “PLANET” application.
9 Expanding the Land Registration Booth network in all the Government Offices so that fees can be collected
in clean & tidy manner.
9 Capturing the opportunity to find innovative ways to help businesses rebuild out of the Corona-19 crisis
with advanced risk management and analytical capabilities, thus become trusted advisors for clients.
Annual Report 2022

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Historic 10 Years Journey
May 31, 2011

Application for Bank License
April 02, 2014

Launching of Internet Banking
2011 April 17, 2012 April 02, 2014
Letter of Intent [LOI] Launching of VISA Card
May 26, 2016

Achievement of One Lac Accounts
2012 2014 December 12, 2016
Resume of Commercial Operation of
NRBC Bank Securities Ltd.
December 28, 2016
2013 Opening of First Mohila Branch:
Dhanmondi Mohila Branch
2015
2016
February 20, 2013

Certificate of Incorporation
February 20, 2013
Certificate for Commencement of Business 2017
February 23, 2013
First Meeting of Board of Directors
March 10, 2013
Bank License from Bangladesh Bank
March 10, 2013 December 17, 2015
Primary Dealership License Launching of Agent Banking
April 02, 2013
Inauguration Ceremony
April 17, 2013
Branch License
April 18, 2013
Opening of First Branch
May 13, 2013
SWIFT Membership
August 04, 2013 November 13, 2017
1st RMA [Relationship Management Agreement] Strategic Partnership with
August 12, 2013 ROBI Axiata Ltd. for Safetynet
Statutory Meeting of the Shareholders Fund Disbursement
Annual Report 2022

November 18, 2020
August 16, 2018 IPO Approval by BSEC
License of 1st ever Specialized January 20, 2020 December 22, 2022
10 Banking Booths Inauguration of Shariah based NRBC launched its 100th Branch.
Islamic Banking Window ‘Al Amin’ December 17, 2022
November 18, 2020 1st Nastro Account in Arab Emirates
Approved the Bank’s IPO with Dirham (AED) Currency with
amount of Tk. 120 Crore By BSEC Mashreq Bank, Dubai, UAE
2018
2020
2019 2022
2021
September 25, 2019

Successful implementation of E-KYC
project as a pioneer in banking industry of
Bangladesh within prescribed time frame of
Bangladesh Bank
November 14, 2019 February 07, 2021
Obtained License of Islami Bank Business Window Kick off our Offshore Banking
business of Gulshan Unit, Dhaka.
March 22, 2021
Kick off NRBC Share Trading
in the DSE and CSE
Annual Report 2022

17
Mr. S M Parvez Tamal
Chairman
Annual Report 2022

Chairman’s Message
Esteemed Shareholders
On behalf of the Board of Directors welcoming all, I hereby present the Annual Report
2022 of the Bank and convey my sincere thanks and gratitude to the Directors, Sponsors
and Shareholders in 10th Annual General meeting of NRB Commercial Bank Ltd. The
endurance and agility we have continued to demonstrate during the most trying times
give me confidence about meeting our strategic goals in future. It is an honour to share few
words from Chairman’s Desk about the performance, positions and aspiration of the Bank.
This report is intended to inform all stakeholders a balanced overview of our activities and
NRBC’s ability to create and sustain value. I believe that our report will provide you with
an in-depth understanding of the bank’s value creation process as well as the strategies
that enabled us to successfully navigate the world’s geopolitical crisis and post covid-19
pandemic in 2022 and emerge stronger and more resilient by the end of the year.
Before we move further, let me express my humble gratitude to the Almighty for allowing
me to carry on the responsibility assigned by the honorable Members of the Board and as
entrusted by all honorable Sponsors and Shareholders. After facing various difficulties,
we had to endure a challenging economic scenario throughout the year 2022. However,
it gives me a great sense of accomplishment that we weathered the storm as a collective
force and now we are moving towards further goals to touch new height.
Economic prospects
Economic slowdown in 2021 following the COVID-19 pandemic, geopolitical tensions
emerged over the war between Russia and Ukraine in 2022 etc have reflected in global
supply chain disruptions, high inflation and depreciation of the local currency and
diminution of foreign currency reserve particularly in developing countries. According to
IMF report, Global economic growth slowed down to 3.2 per cent in 2022. Global inflation,
on the other hand, is projected to soften from 8.70% in 2022 to 7.0% in 2023. The prolonged
effects of the Russia-Ukraine war continued to impact many aspects of the business,
especially import, export and production in industrial sector.
Bangladesh economy has started showing signs of steady recovery following relaxation of
Covid restrictions, rise in the both external and domestic demand and a well-coordinated
fiscal and monetary policy measure of the government. However, worldwide economic
slowdown caused by Russian-Ukraine war has also affected Bangladesh too. Rise in food
and energy prices pushed the inflation up to 8.8% in December, 2022. Higher import bill
and subdued remittance resulted in foreign currency reserve falling sharply from $46.15b
to $33.74b in December, 2022. It will be a tough ride for the economy and the country as
whole.
In this critical circumstance, we adopted strong recovery strategies to enhance collection.
On the other hand, we ensure our costumers services as they are needed to continue
positive economic growth of the country by creating employment and continuing
production in industrial, rural and agricultural sector. This momentum is reflected in
the outstanding performance specially deposit growth by 29.31% and loans & Advances/
Investment under shariah base banking system growth by 29.82% of the bank and the
tangible value we have generated for all our stakeholders.
Financial performance
In the year 2022, we have achieved a total deposit of Tk. 16,114.96 crore and total Loan
& Advances of Tk. 13,617.4 crore which is a growth of 29.31% and 29.82% respectively
compared to previous year. In 2022, the import and export businesses were BDT 36,028.30
million and BDT 33,735.60 million respectively. Moreover, in the year 2022, we saw an
operating profit of Tk 403.91 crore. Furthermore, we also have extended our branch
network to 103 Branches and 355 Sub-branches all over the country.
Strategical performance
Due to the global situation, the year 2022 was challenging for the country’s economy and
banking accounts. The Russia-Ukraine war and the related global politics had a significant
impact on business and trade in the our business market. As a result, we were unable to
Annual Report 2022

19
achieve the desired expansion in our commercial operations. However, thanks to the attention and guidance of the board members, we
managed to maintain the activities of the NRB Commercial Bank. In most cases, the bank’s earnings were commendable, and we have
expanded our network further. Through this expanded network, we can serve one crore people. There has been a significant increase
in deposits and loan distribution in 2022 compared to the previous year. We have successfully faced the challenges of non-performing
loans. We have been able to provide a satisfactory return by giving a 12.5% dividend. However, I hope that cash dividends will increase
in the future for esteemed shareholders.
NRB Commercial Bank has ensured and provided economic freedom and various government initiatives for the people of Bangladesh
by using its workforce. Various programs have been undertaken for economic liberation. Bangladesh Bank, Youth Development
Department, SME Foundations, and other organizations have signed agreements for the development of new entrepreneurs, youth
entrepreneurs, agriculture, cottage industries, and micro and small enterprises. Honorable Prime Minister Sheikh Hasina has called
upon the youth to take loans from NRB Commercial Bank.
Serve the marginalized people
Dear honorable Shareholders, with the dream of building a hunger-free and poverty-free Bangladesh, we, 53 immigrant entrepreneurs,
were involved in the visionary journey of NRBC Bank. Our focus is on working towards improving the fortunes of the people in remote
areas. I am pleased to say that in 2022, we have brought our main goal of ensuring banking services to the doorstep of deprived
individuals. The micro-credit loan project which we initiated in March 2021 has materialized significantly in 2022. We have disbursed
loans worth Tk. 2,300 crore to around 60,000 small entrepreneurs in the previous year. Most of these loans are collateral-free and
come with favorable conditions. We, as a bank, are providing services, urbanizing rural areas and creating employment opportunities
for rural people. We have already facilitated employment for 100,000 individuals. I believe our success in the past year indicates that
our services have reached the general public. NRBC Commercial Bank Limited is serving the people at their doorstep.
Concentrate on Microcredit
NRBC has played a pivotal role in the movement of microcredit by disbursing loan in a single digit and it has made a good demand for
especially to those customers who usually borrow loan from NGOs at higher rate of interest. To accelerate this microfinance banking
services among unprivileged poor people of the country, NRBC Bank has been gradually increasing the microfinance operations
through launching various microcredit products. Already there are 131 Micro Finance Sub-Branches have been started its full banking
services as well as microcredit financing. Moreover, all the branches and sub-branches throughout the country have started the
microcredit program and the performance of this program is noteworthy.
Moving forward with Fintech, automation and digitalization
Financial technologies (Fintech) has proved to be a big giant in the making when it comes to modern banking. The rapid rise of Fintech
has changed the business landscape in banking asking for more innovative solutions. We at NRBC Bank are looking toward providing
digital banking solutions with state of the art security as cashless society that the modern world is moving toward must be secured
at any cost. We have already launched our mobile app “Planet” to use technological advancement in order to meet the ever changing
demands of our customers 24/7. This app provides several innovative services such as QR Code based payment service, MFS( Bkash,
Nagad, Upay) integration, intra and interbank fund transfer services, credit card bill payment etc. We have also implemented Real Time
Sub Branch operation in daily banking business, centralized Dash Board System, Auto Airtime Recharge Service, integration between
Land Registration point & CBS, Centralized Loan processing & Human Resources Management system, digital marketing, E-KYC, IP
phone solution, Corporate i-banking, Automated & secure SWIFT service, Card ( Credit & debit) service, On-line clearing & transfer
system ( BEFTN, RTGS, NPSB), etc. So, NRBC Bank is providing round the clock services through our internet banking and mobile
banking services. Our ultimate goal is to reach the international standard of the banking service with a heavy but healthy reliance on
advanced technologies.
Responsibility towards the society
We are highly committed to provide positive impact towards the society. Beside patronizing in education sector, NRBC Bank has stood
beside the people of the country during global health crisis by taken massive initiatives as a part of CSR activities. To combat corona
pandemic our Bank has formed NRBC Health desk, donate funds and most importantly provide a bulk amount of protection equipment
to the health professionals and other front liners. Furthermore, the Corporate Social Responsibility (CSR) fund has been increased
to support the poor in terms of relief, education, and healthcare. NRBC is committed to stand beside the government to work on the
development of the society in forthcoming.
Remittance Service
As a Private Commercial Bank, NRB Commercial Bank is also giving more focus to bring out the Remittance from abroad. In this
consequence, the amount of remittance earnings has increased 10.60% than the last year. In 2021 the remittance figure was USD
124.17 Million whereas in 2022 the figure stands at USD 137.33 Million. To achieve this figure NRB Commercial Bank has established
a robust, secure and user friendly Remittance chain system which is growing day by day. As a result, both the urban & rural people
across the country are able to receive the NRB Commercial Bank remittance service.
Annual Report 2022

Tie-Up with Government
In many instances, NRB Commercial Bank has directly involved with Government. A-Challan is one of the major wing through which
NRB Commercial Bank has delivered BDT. 3,033.81 Million in Government treasury in the year of 2022. Moreover, right now, NRB
Commercial Bank is one of the largest treasury bank in Bangladesh Market. I think, this would the most prestigious concern which
makes the direct impact in Bangladesh socio economy sector.
Awards achieved
In 2022, we achieved national and international recognition for successful workforce management. NRB Commercial Bank has
received the “South Asian Business Excellence Award 2022” in six different categories and has been recognized as the “Best Bank” in
South Asia. By utilizing technology efficiently and offering cost-effective banking services, inclusion of marginalized individuals in the
banking system, and successful efforts in combating the COVID-19 pandemic, NRB Commercial Bank has received accolades such as
“Brand Excellence in BFSI,” “Best Use of IT and Technology,” “Best Use of Mobile Technology,” “Best Use of CSR Practice during the
Pandemic,” “Most Innovative COVID Response,” and “Best Business Response to the Crisis”. Along with this, NRB Commercial Bank
has received the RTV Agri-Award 2022 which adds more value to the business community.
To a bright future
Dear esteemed shareholders, I aspire to undertake progressive initiatives at NRB Commercial Bank with a focus on welfare. While
we are a profit-oriented business entity, our core emphasis lies in providing services. I want to declare that NRB Commercial Bank
will be the epitome of people’s aspirations and the fulfillment of their dreams in the future. In the past nine years, we have surpassed
milestones and made significant progress. In the year 2023, we have celebrated a decade of achievements. The bank commenced its
journey on April 2, 2013, and we provided the necessary capital for its inception. However, the bank is now managed with the public’s
entrusted funds. In March 2020, by registering in the stock market, we ensured the participation of investors in the ownership. Now we
are no longer the sole owners of the bank; the bank’s ownership belongs to the depositors and investors. The board members and I are
merely the custodians of the bank. It is our responsibility to safeguard the bank’s assets, monitor its operations, and ensure the proper
utilization of assets in serving the people. In the coming years, NRB Commercial Bank will be operated with this ideology in mind. We
will further engage the shareholders in the bank’s overall activities, prioritizing the interests of depositors, and aiming to secure the
prominent position of a leading local bank in the country.
Heartfelt thanks
With each passing year, we increasingly recognize just how important our stakeholders are to our sustainable growth journey.
With this in mind, I would like to thank all our stakeholders for their continued and invaluable support extended to the bank. A special
note of appreciation to my fellow colleagues on the Board and to our senior leadership team.
I also extended my appreciation to all regulatory bodies of Bangladesh Government, especially Bangladesh Bank, Bangladesh Securities
and Exchange Commission, Register of Joint Stock Companies and Firms, National Board of Revenue, Dhaka and Chittagong stock
exchanges, Central Depository Bangladesh and Financial Council. Your ongoing support and guidance are tremendously appreciated.
Finally, my sincere appreciation to all in the NRB Commercial Bank team who continue to uphold our core values and in doing so, add
value to all the lives we touch in one way or another.
Sincerely,
S M Parvez Tamal
Chairman
Annual Report 2022

21
Golam Awlia
Managing Director & CEO
Annual Report 2022

Message from Desk of
Managing Director and CEO
Dear Shareholders,
It is a pleasure to present to you the Annual Report 2022 for NRB Commercial Bank
Limited. As many of you may already have been aware that 2023 marked our Bank’s 10th
anniversary. Over the past decade, we have come a long way in our journey to become
one of the leading banks in Bangladesh and I am proud of what we have achieved so far. I
would like to take this opportunity to thank our valued shareholders for their unwavering
support and trust on us.
Reflections
NRB Commercial Bank Limited, widely known as NRBC Bank was founded in 2013 by
NRB sponsors with the aim of providing innovative financial solutions to the people of
Bangladesh. Over the years, we have grown to become a trusted name in the banking
industry, with a strong presence across the country. Our focus on customer satisfaction,
social responsibility and innovation has helped us to stand out in a saturated market. Our
initiatives have helped us reach out to our respected customers even across the remotest
of corners of the nation. We express our heartfelt thanks to our valued customers.
Role of Board of Directors
Our Chairman and Board of Directors have played a pivotal role in the growth and
success of our bank, especially in recent years. Their vision, leadership, and guidance
have been instrumental in helping us navigate the challenges and opportunities of the
banking industry. We owe them a debt of gratitude for their unwavering commitment to
our success.
NRBC Bank’s Service Points
In line with our vision to become the leading bank in Bangladesh, we have expanded our
network of branches and sub-branches nationwide. This has enabled us to reach more
customers and provide them with the financial services they need. As of December 31,
2022, NRBC Bank had 103 Branches, 465 Sub-Branches (including 224 Sub Branches, 131
Micro Finance Sub Branches, 110 Land Registration Sub Branches), 377 Booths (including
26 BRTA, 124 PBS, 05 DPDC, 01 WZPDCL and 221 LRFCB) across the country. We are
continuing to expand our services towards the remotest corners.
Focus into Microcredit
One of our key areas of focus has been on microcredit, which we believe is essential for
the development of rural areas. We have developed a range of products and services
specifically designed to meet the needs of our rural customers, including microcredit loans,
savings account products. Our efforts in this area have helped to empower thousands of
rural families and contribute to the overall development of the country.
Growing Products and Services
In addition to microcredit, we offer a wide range of other banking services, including
retail banking, corporate banking, SME banking. We further enhanced our services by
strengthening our online and digital banking systems through development of our mobile
banking app “Planet” and by partnering with various MFS which also helped us to reach
out to our customers by taking banking services to their doorsteps. We are committed
to providing our customers with the highest quality of service and products, and we are
constantly innovating to meet their evolving needs.
Rising Economic Inflation and Bank’s Steps
According to Bangladesh Bureau of Statistics, the inflation rate ranged from 5.86 to 8.85
between January to December in the year 2022. This, coupled with single-digit lending
cap, created a volatile national economic scenario which posed greater challenges to
banks in their pursuit of sustainable income. The rise of inflation is not a byproduct of
money circulation as the government took necessary steps to minimize demand for
importing foreign luxury goods. It was further reinforced with the Central Bank’s initiatives
Annual Report 2022

23
to promote SME and Agri-loans. NRBC Bank, with its prudent directives of the Board of Directors implemented a comprehensive
strategy to counter the escalating inflation rate. We gave greater emphasis and focus into disbursing SME and Agri-loans with a view
to creating new entrepreneurs in the root levels. Such time sensitive steps enabled us to make informed decisions, adjust bank’s
lending rates and investment portfolio accordingly while complying with the directives of Bangladesh Bank.
Gaining a Satisfactory Financial Foothold
Despite the challenges posed by the COVID-19 pandemic, our financial performance in 2022 was quite satisfactory. We recorded an
increase of 30.48% of our balance sheet size compared to the previous year. Our loans and advances positions increased by 29.82%,
deposits have also increased by 33.37%. We are striving to do better as we know that there is still much more work to be done.
Awards and Recognitions
2022 was an eventful year for us especially for the awards and recognitions we received in multiple sectors. Our bank received
international awards in two categories ‘Most Innovative Mobile Banking App (NRBC Planet)’ and `Fastest Growing Micro-Finance
Bank’ at `The Global Economics Awards-2022’ by The Global Economics Ltd, a UK-based financial publication and a quarterly business
magazine. The ‘Fastest Growing Micro Finance Bank-2022’ has been awarded in recognition of the rapid expansion of Micro Credit
service. The ‘Most Innovative Banking Mobile App (NRBC Planet) -2022’ has been awarded in recognition of the new innovation of
services.
Into the Future
Looking ahead, we are optimistic about the future of NRBC Bank. We believe that our commitment to innovation, customer service,
and social responsibility will continue to set us apart in the banking industry. We will continue to invest in our people, processes, and
technology to ensure that we remain at the forefront of the industry and continue to deliver superior value to our customers and
shareholders.
To conclude, I would like to thank our employees, whose dedication and hard work have been essential to our success. I would also like
to thank our valued shareholders, whose support and trust have been instrumental in our growth. I also express my sincerest gratitude
to our regulators for their continued guidance and timely directives throughout the previous year. Together, we will continue to build
and more prosperous future for NRB Commercial Bank Limited.
Sincerely,
Golam Awlia
Managing Director & CEO
Annual Report 2022

Annual Report 2022
25
Board of Directors
Chairman Mr. S M Parvez Tamal

Vice Chairman Mr. Rafikul Islam Mia Arzoo
Mr. Mohammed Adnan Imam, FCCA
Mr. Abu Mohammad Saidur Rahman
Mr. Mohammed Oliur Rahman
Directors
Mr. Loquit Ullah
Mr. Mohammed Nazim
Mr. AKM Mostafizur Rahman
Air Chief Marshal Abu Esrar, BBP, ndc (Retd.)
Independent Directors Dr. Khan Mohammad Abdul Mannan
Dr. Raad Mozib Lalon
Managing Director Mr. Golam Awlia
Annual Report 2022

Committees of The Board Of Directors
Executive Mr. Mohammed Adnan Imam, FCCA Chairman

Committee Mr. Mohammed Oliur Rahman Member
Mr. Loquit Ullah Member
Mr. A M Saidur Rahman Member
Dr. Raad Mozib Lalon Member
Audit Air Chief Marshal Abu Esrar (Retd.) Chairman

Committee Mr. Rafikul Islam Mia Arzoo Member
Mr. Mohammed Nazim Member
Dr. Khan Mohammad Abdul Mannan Member
Mr. S M Parvez Tamal Member
Risk Management Mr. AKM Mostafizur Rahman Chairman

Committee Mr. S M Parvez Tamal Member
Mr. Rafikul Islam Mia Arzoo Member
Dr. Raad Mozib Lalon Member
Shariah Supervisory Mr. Shah Mohammad Wali Ullah Chairman
Committee Mr. Obaid Ullah Hamzah Member
Mr. Mohammed Oliur Rahman Member
Mr. Mohammed Adnan Imam, FCCA Member
Mr. AKM Mostafizur Rahman Member
Mr. Loquit Ullah Member
S M Parvez Tamal (Chairman, BoD) Member
Annual Report 2022

27
Board of Directors’ Profile
Mr. S M Parvez Tamal Mr. Rafikul Islam Mia Arzoo

Chairman & Sponsor Director Vice Chairman & Sponsor Director
A qualified engineer, successful entrepreneur, philanthropist Mr. Rafikul Islam Mia Arzoo was born in Rajbari, Bangladesh.
and a visionary, Mr. Parvez Tamal is a young entrepreneur He is a Russian citizen. He passed HSC from Notre Dame
from Bangladesh who is also a citizen of Russian Federation. College in 1981. He did his M.Sc in electrical engineering from
He comes from a valiant freedom fighter family who are Georgian Technical University in 1988. He is a successful
also renowned for their academic excellence. He is also the businessman having business in Finance, real-estate, dry-
President of Russia Bangladesh Chamber of Commerce and cleaning service.
Industry, the General Secretary of Bangabandhu Parishad,
He is a CIP. He is involved in different philanthropic activities.
Russia and Member of the General Body of Federation of
He has been running a college, Kolimohar Mahabiddalaya
Bangladesh Chambers of Commerce and Industries (FBCCI).
(EIIN # 113423) in his village Kolimohar, Pangsha, Rajbari
Born on July 8, 1971, Mr. Tamal pursued Masters in Information established in 2000. Mr. Arzoo is married and a proud father
Technology and Statistics from Moscow State University of of two daughters and a son.
Economics, Statistics and Informatics (MESI). He established
business in Finland as a logistic hub, after that invested in
real estate and other areas. He completed different courses
as Business professional from the academy e.g. HP, Microsoft,
IBM, CISCO. From 2009, he started merging with Oldi Group
which is the market leader of whole IT sector in Russia.
Mr. Tamal is engaged in IT distribution, real estate holdings,
manufacturing of household product & logistic consultations in
Russia. He is also engaged in other companies in EU and Russia
related to manufacturing, branding of different products and
real estate business.
Annual Report 2022

Mr. Mohammed Adnan Imam, FCCA Air Chief Marshal Abu Esrar, BBP; ndc (Retd)
Sponsor Director & Chairman, Executive Committee Independent Director & Chairman, Audit Committee
Mr. Mohammed Adnan Imam, a UK Citizen and CIP (NRB), Air Chief Marshal Abu Esrar, BBP; ndc (Retd), has joined as
residing in London is a Fellow Chartered Certified Accountant an Independent Director of NRBC Bank Limited. He served
(FCCA). Having a successful career in Finance and Investment Bangladesh Air Force for almost 40 years. During his illustrious
Banking with world renowned Merrill Lynch Europe Plc. He is career in BAF, He assumed the highest position of Bangladesh
the Managing Director of IPE Group – which is involved in real Air Force as Chief of Air Staff. Before that he served as the
estate and private equity in London and Dhaka, technology and Assistant Chief of Air Staff at Air Headquarters and also
outsourcing, textiles, RMG and finance. commanded number of Bases of Bangladesh Air Force. He also
served as Defense Attaché at Embassy of Bangladesh in Russia.
He was a Distinguished Graduate from Air Command and Staff
College, Air University, USA in 1993-1994. He completed NDC
course from National Defence College, Mirpur in 2002. During
his glorious career, he earned many awards from home and
abroad. He was awarded ‘King Fahad Merit of Excellence Medal’
from His Majesties King of KSA in 2017. He was also included
in the ‘International Honour Roll’ of the Air University, Alabama,
USA in 2016. Air Chief Marshal Abu Esrar was awarded
prestigious Biman Bahini Padak (BBP) of Bangladesh Air Force
in 2013 for his outstanding contribution to BAF.
Annual Report 2022

29
Mr. AKM Mostafizur Rahman Mr. Mohammed Oliur Rahman
Director and Chairman, Risk Management Committee Sponsor Director
Mr. A.K.M Mostafizur Rahman was born in a prominent Muslim Mr. Mohammed Oliur Rahman is a permanent resident of Dubai,
family of Barisal, Bangladesh and a resident of UAE. He has UAE and is engaged in the business of retail, wholesales & export
obtained Hon’s and Master’s Degree in Economics from Dhaka of Fragrance, Perfumery, Cosmetic products & Accessories
University. He is a successful and potential Businessman and in the names and styles of Al Haramain Trading LLC, Dubai,
has strong socioeconomic & socio- culture development UAE, Al Haramain Perfumes MFG & OUDH Processing Industry
background. Mr. Mostafiz has established a NGO, aiming to LLC, Ajman, UAE, Al Haramain Perfumes LLC, Dubai, UAE, Best
alleviate poverty and empowering the poor and vulnerable in Fragrance, Hilton Tower, Makkah, KSA, Noor Al Haramain
people through small and medium entrepreneurship and LLC, Dubai, UAE and Al Haramain Hospital Pvt. Ltd., Sylhet,
economic development activities. He revealed his strong Bangladesh.
belief that honesty & sincerity make a successful business.
Mr. Rahman has a long successful business career having
Investment
an influential & respected personality among the expatriate
to the innovative, creative & sustainable businesses, especially Bangladeshis in Dubai, UAE. He is deeply involved in the welfare
young & women entrepreneurs can bring success. He has been of the Bangladeshi community. Mr. Rahman is a CIP and is also
involved with Pandamic Agro-Fisheries, Meghna Bank Ltd., the recipient of the prestigious Bangladesh Bank Award for 4
Royal Denim Ltd, World Green Ltd., Trust University, Pandemic consecutive years from 2013 to 2016.
Trade International, Trust University, Dragon Sweater &
Spinning Ltd, Uzirpur Fish Park. He is involved in different
type of philanthropy activities. Dr. Tamanna Mostafizur
Foundation & A.K.M. Mostafizur Rahman School & College. He
attended & received several trainings, seminars & workshops
on financial rules regulations, investment and management
in home and abroad. He is life-member of Lions Clubs
International, Bangladesh Orthonitee Samittee, Asian Partner
for Human Development, Human & Peace Organization. Mr.
Rahman achieved 06 national awards for his outstanding
contributions and those are Jainul Abedin Gold Award for
Health & Nutrition, Sadinata Sangsad Award for Education
Services, Index KagojKalam Business Award for Social Welfare,
Sritir SIDR for Special Contribution in Relief and Rehabilitation
Programs, Journalist Association Award for Socio-economic
Development. National Youth Culture Organization Award for
Health & Education. Mr. Rahman married Dr. Tamanna Mostafiz
and is blessed with two daughters – Tarisha & Ornisha.
Annual Report 2022

Mr. Loquit Ullah Mr. Mohammed Nazim
Sponsor Director Sponsor Director
Mr. Loquit Ullah, an NRB & an Italian citizen, is engaged in Mr. Mohammed Nazim is a permanent resident of UAE. Mr.
wholesale business since 1980. Mr. Loquit Ullah is Managing Nazim is a graduate and is engaged in the cars Service Business
Director of Store Alamin S.N.C., Rome, Italy. in U.A.E. He is also Managing Director & CEO of Al Badar Real
Estate which is a leading company in real estate sector of
Ajman – U.A.E.
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Mr. Abu Mohammad Saidur Rahman Dr. Khan Mohammad Abdul Mannan
Director Independent Director
Bir Muktizoddah, Mr. Abu Mohammad Saidur Rahman- a Dr. Khan Mohammad Abdul Mannan was Inspector General
resident of United Arab Emirates, was born in February, 1951 in of Registration of Bangladesh (Senior District & Sessions
Barisal. He possesses an excellent academic background and Judge), Registration Directorate. Before that he was a District
completed his Hon’s degree in 1972 and obtained his Master's & Sessions Judge at Jhenidah, Bangladesh. He completed
degree in Mathematics with distinction in 1974 from the his PhD from American World University, California, USA. He
University of Dhaka. He was a resident student of Sgt. Jahurul also completed his DLC (Development Lawyers Course) from
Huq Hall and actively participated in the student movements International Development Law Institute, Rome, Italy in the year
and mass revolution in 1969 and joined the liberation war of 1992. During his glorious career, he was involved in a number
1971. Mr. Rahman joined the Bangladesh Civil Service in 1977 of extracurricular activities, such as discharging duties as the
and performed diverse activities in the development and Vice President of Bangladesh Judicial Service Association,
regulatory Ministries viz. Planning, Agriculture and Forest, President of Bangladesh Law Association, Founder Secretary
relief and rehabilitation, Home Affairs, and Finance. He was also General of Padma Degree Collage, Dohar and so on. He actively
involved in various National level activities, namely, approval participated in the liberation war of Bangladesh in 1971.
and monitoring of relief and rehabilitation activities of NGOs
worked for the flood victims of 1988; National Pay Commission
1990 and conducted Bangladesh Agricultural Census and
Bangladesh Economic Census as Project Director. He was
also the Director of the Statistical Training Institute in BBS.
He attended various training, workshop and seminars at home
and abroad. He visited India, USA, Canada, Japan, Hong Kong,
Thailand, Malaysia, Switzerland, Austria, France, Germany,
Australia and Nepal. He is blessed with one daughter named
Navina Sayeedy and two sons named, Tushar Iqbal Rahman – a
Permanent Resident of Germany and Faisal Rahman Tamal - a
permanent Resident of Australia.
Annual Report 2022

Dr. Raad Mozib Lalon Mr. Golam Awlia
Independent Director Managing Director & CEO
Dr. Raad Mozib Lalon is a renowned Faculty Member of Mr. Awlia is an M.Com & B.com in Finance from the University
Department of Banking and Insurance, University of Dhaka. of Dhaka. He started his banking career in 1983 from United
Previously, he discharged duties as a respected faculty member Commercial Bank limited as a probationary officer. He has
in different private universities of Bangladesh. He completed served as Head in different Divisions of Head Office and Head
his PhD from University of Dhaka on Banking in the year 2018. of Zones and Branches with pride in his colorful career of long
He is a specialist of Multinational Financial Management, Risk 37 years. In 2018, he joined Premier Bank Limited as Additional
Management in Commercial Banking/ Financial Institution, Managing Director. Prior to his joining in Primier bank, He
Investment Analysis & Modern Portfolio Management and so was serving in UCBL as Deputy Managing Director (DMD).
on. During his illustrious career, he conducted many research Mr. Awlia has multifarious experience in the fields of Credit,
and achieved a number of awards for his merit, such as Dean’s Retail, Card and Channel Banking operations. He has attended
Merit Award, Certificate of Merit from University of Dhaka. number of programs in home and abroad as a resource person.
He wrote a number of International Journals on Finance and
He has visited several countries including Italy, Singapore for
Banking, Economics and Business Management Studies.
participating training and seminars on banking and economy.
Son of late Golam Sarwar Mia, Golam Awlia was born on 27
January 1960 in a renowned Muslim family at Agarpur (Mia
Bari) in Babugong of Barishal district. He is married and blessed
with two sons.
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Sponsors
Engr. Farasath Ali Mr. Mohammed Adnan Imam, FCCA Mr. Fahad Madani Islam
Dr. Toufique Rahman Chowdhury Dr. Nizam Mohammad Meah Mr. Shamim Ali
Mr. Tanwir M O Rahman Chowdhury Dr. Nuran Nabi Mr. Shakawat Ali
Mr. ABM Abdul Mannan Mrs. Kaniz Farzana Rashed Mr. Mohammed Shofiqul Islam
Mr. Mohammed Oliur Rahman Dr. Rafiqul Islam Khan Mr. Nahid Ahmed Chowdhury
Mr. Mohammed Enayet Hossain Dr. Shahanara Begum Ali Mr. Tohel Ahmed
Mr. Md. Amir Hossain Mr. Sarwar Zaman Chaudri Mr. Azadul Haq
Mr. Abu Mohammad Tushar Iqbal Rahman Mr. Mohammad Zakaria Khan Mr. Mohammad Iqbal Rashed
Mr. Firoz Haider Khan Mr. Shabbir Ahmed Mubin Mr. Mohammed Jahangir Alam
Mrs. Kamrun Nahar Sakhi Mr. Izaharul Islam Halder Mrs. Nazni Mansur
Mr. Abu Bakr Chowdhury Mr. Mostafisur Prince Rahman Mr. Anwar Hossain
Mr. Mohammad Shahid Islam Mr. Aziz U Ahmad Mr. Sunahwar Ali
Mr. Loquit Ullah Mr. Mohammed Manzurul Islam Mr. Mohammed Sabbir Ahmed
Mr. S M Parvez Tamal Mr. Mohammed Jamal Uddin Mr. Mohammad Kashem
Mr. Rafikul Islam Mia Arzoo Mr. Faruk Ali Mr. Mohammed Tanvir Ahmed
Mr. Mohammed Nazim Mr. Zulfiker Alim Dr. Abul M. Ibrahim
Engr. Syed Munsif Ali Mrs. Ferdoushe Begum Mr. S.M. Gulam Robbani Chowdhury
Mrs. Shamimatun Nasim Mr. Mohammed Ashraf Ali
Annual Report 2022

Engr. Farasath Ali
Dr. Toufique Rahman Chowdhury Mr. Tanwir M O Rahman Chowdhury Mr. ABM Abdul Mannan
Mr. Mohammed Oliur Rahman Mr. Mohammed Enayet Hossain Mr. Md. Amir Hossain
Mr. Abu Mohammad Tushar Iqbal Rahman Mr. Firoz Haider Khan Mrs. Kamrun Nahar Sakhi
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35
Mr. Abu Bakr Chowdhury Dr. Nuran Nabi Mr. Loquit Ullah
Mr. S M Parvez Tamal Mr. Rafikul Islam Mia Arzoo Mr. Mohammed Nazim
Engr. Syed Munsif Ali Mrs. Shamimatun Nasim Mr. Mohammed Adnan Imam, FCCA
Dr. Nizam Mohammad Meah Mr. Mohammad Shahid Islam Mrs. Kaniz Farzana Rashed
Annual Report 2022

Dr. Rafiqul Islam Khan Dr. Shahanara Begum Ali Mr. Sarwar Zaman Chaudri
Mr. Mohammad Zakaria Khan Mr. Shabbir Ahmed Mubin Mr. Izaharul Islam Halder
Mr. Mostafisur Prince Rahman Mr. Aziz U Ahmad Mr. Mohammed Manzurul Islam
Mr. Mohammed Jamal Uddin Mr. Faruk Ali Mr. Zulfiker Alim
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Mrs. Ferdoushe Begum Mr. Mohammed Ashraf Ali Mr. Fahad Madani Islam
Mr. Shamim Ali Mr. Shakawat Ali Mr. Mohammed Shofiqul Islam
Mr. Nahid Ahmed Chowdhury Mr. Tohel Ahmed Mr. Azadul Haq
Mr. Mohammad Iqbal Rashed Mr. Mohammed Jahangir Alam Mrs. Nazni Mansur
Annual Report 2022

Mr. Anwar Hossain Mr. Sunahwar Ali Mr. Mohammed Sabbir Ahmed
Mr. Mohammad Kashem Mr. Mohammed Tanvir Ahmed Dr. Abul M. Ibrahim
Mr. S.M. Gulam Robbani Chowdhury
Annual Report 2022

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Executives
Managing Director & CEO 2 Serajul Amin Ahmad
1. Golam Awlia 3 Md. Shaiful Alam Chowdhury
Additional Managing Director Senior Vice President
2. Kazi Md. Talha 1. A. I. M. Mostafa
Deputy Managing Director 2. Md. Masum Ali
1. Md. Rabiul Islam 3. Asif Ahmed
2. Kabir Ahmed 4. Major Md Parvez Hossain (Retd)
3. Harunur Rashid 5. Didarul Haque Miah
4. Mohd. Humayun Kabir 6. Forhad Sarker
Principal 7. Chowdhury Mohiuddin
1. Md. Obaidul Hoque 8. Abdul Awoal Mia
Senior Executive Vice President 9. Mahmudul Hasan
1. Muhammad Hajjaj-Bin-Mahfooz Vice President
2. Syed Mahbubul Haq 1. Md. Akhtar Hossain
3. Hafiz Imroz Mahmud 2. Ashim Kumar Das
4. Kazi Md. Safayet Kabir 3. Md. Abu Moshaheed
5. Tanusree Mitra 4. Hasnat Reza Mohibbul Alam
6. Md. Kabir Hossain 5. Golam Mahamood
7. A K M Rabiul Islam 6. M. A. Mubin
8. Zia Uddin Sawlet Ghani 7. Habibur Rahman Khan
Executive Vice President 8. Md. Monirul Islam
1 Md. Mynul Hossain Kabir 9. A. S. M. Maruf Uddin Kamal
Annual Report 2022

10. Md Razidul Islam Assistant Vice President
11. Md. Nurul Habib 1 Md. Sakhawat Hossain
12. Md. Jafar Iqbal Howlader 2 Muklessur Rahman
13. M. M. Moshiur Rahman 3. Md. Lalon Sarwar
14. G.K.A.M. Maksud Bin Harun 4. Mahfuza Akther
15. Md. Abdul Gofur Raana 5. Shah Md. Ashiqur Rahman
16. Md. Ruhul Amin 6. Maniruzzaman Mian
17. Rumana Anis 7. Md. Delower Hossain
18. Kazi Zunaid Zaman 8. Kazi Mizanur Rahman
19. Subhashis Roy 9. A.K.M Nazmul Hasan
20. Md. Monirul Islam 10. Shahin Sultana
21. Md. Shafiul Azam 11. Md. Iqbal Hossain
22. Mohammad Shamsuzzaman 12. Mohammad Sultan Chowdhury
23. Mohd. Shamim Ahmed Joarder 13. Asaduzzaman Bhuiya
24. Mohammad Shahidul Islam 14. Md. Robiul Islam
25. Md. Arifur Rahman 15. Sujan Kanti Das Gupta
26. Mohammad Ahsan Habib 16. Ratna Rani Sikder
First Vice President 17. Md. Ashiqur Rahman
1. Md. Nasimul Kabir 18. Mohammad Shafiqul Islam
2. Praduyth Bikash Chowdhury 19. Md. Sakil Siddique
3. Sayed Ahmed 20. Md. Mamun-Ar-Rashid
4. Syed Sirajul Haque 21. Meeraz Ahmed Saadi
5. Sk. Ahsanul Haque 22. Md. Mainur Alam Chowdhury
6. Saila Satter 23. Arifur Rahman
7. Md. Anisur Rahman 24. Md. Rashed Ul Alam
8. Asma Akhter 25. Md. Nurun Nabi Sharif
9. Mohammed Ghaus Ahmed 26. Mohammed Kamrul Hasan
10. M. M. Waliar Rahman 27. Mohiuddin Ahmed
11. Shamol Chandra Barmon 28. Forkan Uddin
12. Mohammad Aminul Islam 29. Md. Tariqul Islam
13. Mohammad Saiful Islam 30. Md. Kamrul Hasan
14. Md. Belal Hossain 31. Himadri Shakhor Dubey
15. Mohammad Abdus Sattar 32. Md. Main Uddin
16. Gopal Chandra Roy 33. Md. Mobarok Hossain
17. Moshiur Rahman 34. Asif Ahmed
18. Md. Mamun Hossain 35. Md. Kabir Uddin
19. Md. Romjan Ali Bhuyan 36. Kazi Mohammad Ziaul Karim
20. Shajid Ikbal 37. Md. Faisal Mahmud
21. Md. Mehbub Ashraf 38. Russel Mehedi
22. Harunur Rashid 39. Saiful Islam Bhuiyan
23. Suriya Rahman 40. Md. Shahriar Rahman
24. Md. Solaiman Hossain 41. Asif Iqbal
25. Rima Zaman 42. Mohd. Abu Sayem Khan
26. Mohammed Monowar Hossain 43. Md. Abdur Rahman
27. Md. Zamir Uddin 44. Md Abdul Halim
28. Muhammad Faruk Hossain 45. Khurshid Hasan
29. Kazi Rejaul Qais 46. Md. Abdullah-Al-Wadud
30. Md. Al Mamunur Rashid 47. Mohammad Talabul Islam
31. Md. Firog Ahmed 48. Nahidur Rahman
32. Md. Mokhlesur Rahman Bali
Annual Report 2022

41
Our Presence
Branch
Sub Branch
Agent Point
Breb Booth/
BRTA Booth
Annual Report 2022

Head of Zone & Branch
Zonal Head
Md. Rabiul Islam, DMD Mohammad Hajjaj-Bin-Mahfooz,SEVP

Dhaka South Zone Mymensingh Zone
Md. Kabir Hossain, SEVP

Syed Mahbubul Haq, SEVP Khulna & Barishal Zone
Sylhet Zone Head-Islami Banking Window
A K M Rabiul Islam, SEVP Md. Shaiful Alam Chowdhury, EVP

Dhaka North Zone Chattogram Zone
Md. Nurul Habib, VP

Rajshahi Zone
Annual Report 2022

43
Dhaka Division
Gulshan Branch
Principal Branch Landmark (2nd Floor)”, Holding No. 12-14,
114, Motijheel C/A Gulshan North C/A, Gulshan Circle-02,
Dhaka-1000. Gulshan-02, Dhaka
Phone: 02-9573422-30, Ext-201 Cell : 01755599943
Cell : 1711247890 gulshan@nrbcommercialbank.com
Email : prb@nrbcommercialbank.com monir@nrbcommercialbank.com
HOB: Abdul Awoal Mia, SVP HOB: Md. Monirul Islam, VP
Ruhitpur Branch Mawna Branch

Rahim Noor Skyview Tower, Ruhitpur Hazi Abdus Salam Tower,
Bazar, Keranigonj, Dhaka-1310 Mawna, Sreepur, Gazipur
Phone: 02-7766887 Cell : 01955-502104, 01678-433104
Cell : 01955-502103, 01711-979807 Email : azad@nrbcommercialbank.com
Email : ruhitpur@nrbcommercialbank.com HOB: Mr. Mohammad Abul Kalam Azad,
HOB: Mr. Mohammad Manirul Huq, FAVP FAVP
Hemayetpur Branch
Chinishpur Branch 225, Singair Road, Hemayetpur, Savar,
Shamsuddin Bhuyian Plaza, Jailkhana Dhaka-1340.
Moor Chinishpur, Narsingdi Cell : 1715505057
Cell: 01955502106 hemayetpur@nrbcommercialbank.com
chinishpur@nrbcommercialbank.com HOB: Mr. Mohammad Sultan Chowdhury,
HOB: Sayed Ahmed, FVP AVP
Uttara Branch Board Bazar Branch

Address: Uttara Branch, Masum Address: China Town Bangladesh,
Plaza, Holding#13, Road#15,Rabindra 84 Kalameshwar, Ward 35, Zone 2,
Shawroni,Sector#03, Uttara, Dhaka, Boardbazar, Joydebpur, Gazipur
Cell: +8801713039353, +8801955502108| Cell: 01717840392, 01955502109
Email: zia.ghani@nrbcommercialbank.com Muhammad.mahmudur@nrbcommercialbank.com
HOB: Zia Uddin Sawlet Ghani, SEVP HOB: Muhammad Mahmudur Rahman, FAVP
Mugrapara Branch
Nurul Islam Plaza (1st Floor), Habibpur, Dhanmondi Branch
Mograpara Chowrasta, Sonargaon, Mir Noor Square, House-43(New),Road-
Narayanganj. 2/A,Sathmosjid Road,Dhanmondi,Dhaka.
Cell: 01912456825, 01955502110 Cell: 019555020111
Email: faruque@nrbcommercialbank.com aimmostafa@nrbcommercialbank.com
HOB: Omar Faruque, SEO HOB: A.I.M. Mostafa, SVP
Aganagar Branch Gorai Branch

Din Complex, Kodomtoli Mor, Shuvadda, Mir Milton Complex (1st Floor), Gorai,
Keraniganj, Dhaka-1310. Mirzapur, Tangail.
Cell: 01955502112 Cell: 01717167308
bappypodder@nrbcommercialbank.com kabiruddin@nrbcommercialbank.com
HOB: Bappy Podder, PO HOB: Md. Kabir Uddin, AVP
Annual Report 2022

Panchabati Branch
Mamun Super Market,Panchabati, Fatullah Zirabo Branch
Narayanganj Fuad Complex (1st Floor), Zirabo
Tel: +8802-47670461-62 Busstand, Ashulia, Savar, Dhaka.
Cell: 01955-502114, 01977-013647 Cell: 01813090748
panchabati@nrbcommercialbank.com Email: bellal@nrbcommercialbank.com
HOB: Md. Solaiman Hossain, FVP HOB: Mohammad Bellal Hossain, SEO
Nabinagar Branch
Unity Trade Center, Dendabar (Palli Banani Branch
Bidyut Bus Stand), Savar Cantt., Ashulia, Rose Bud, House-155, Road-11 & 13/B,
Savar, Dhaka-1344. Block-E, Banani, Dhaka
Cell: 1712688340 Cell: 01672234295
nabinagar@nrbcommercialbank.com m.hasan@nrbcommercialbank.com
HOB: Saiful Islam Rubel, FAVP HOB: Mahmudul Hasan, SVP
Ekuria Branch
Italy Tower (1st & 2nd Floor) Zirani Bazar Branch
Container Port Road, Hasnabad Zirani Bazar (College Road), BKSP,
South Keraniganj, Dhaka – 1311 Ashulia, Savar, Dhaka.
Cell: 01955502123 Cell : 1711583637
nahid.hassan@nrbcommercialbank.com Email :ziranibazar@nrbcommercialbank.com
HOB: Md. Nahid Hassan, SEO. HOB: Md. Faisal Mahmud, AVP
Mirpur Branch
Narayangonj Branch Zon Towe, 128, Rokeya Sarani, Mirpur,
148, B.B Road, Narayangonj Sadar Dhaka-1216
Cell: 01955502128 Cell: 01955502129, 01678444020
Email: sattar@nrbcommercialbank.com ashiqur@nrbcommercialbank.com
HOB: Mohammad Abdus Sattar,FVP HOB: Shah Md. Ashiqur Rahman, AVP
Nayabazar Branch
Sonargaon Janapath Sarak Branch 31 Nawab Yousuf Road, Kotwali,
Khalpar, Sonargaon Janapath Road, Dhaka-1100
Dhaka Phone: 0257396623-24
Phone: 01955502133, 01955502027 Cell : 1970201918
Email : habib@nrbcommercialbank.com nayabazar@nrbcommercialbank.com
HOB: Mr. Habibur Rahman Khan, VP HOB: Mr. Md. Arifur Rahman, VP
Madhabdi Branch
Bhulta Branch N.S Tower, Hazi Borhan Market (1st
Salam Mansion Market ( 2nd Floor), Floor) Madhabdi, Narsingdi-1604.
Bhulta, Rupganj, Narayanganj-1462 Phone: 02-944660910
Cell : 01955-502140, 01715-431015 Cell : 01955-502142
Email : delower@nrbcommercialbank.com Email : sarwar@nrbcommercialbank.com
HOB: Mr. Md. Delower Hossain, AVP HOB: Md. Lalon Sarwar, AVP
Annual Report 2022

45
Bhuigar Branch
Ayub Ali Super Market
(Bhuigar Bus Stand ) Bhuigar, Kutubpur, Hatirpul Branch
Fatulla, Narayanganj. 15/1, Paribagh, Shah Saheb Road
Cell: 01955502143, 01678433143 Hatirpul, Dhaka-1000
Email: bhuigar@nrbcommercialbank.com Cell: 01955502144
amdad@nrbcommercialbank.com Email: monirul@nrbcommercialbank.com
HOB: Md. Amdad Ali, PO HOB: Md. Monirul Islam, VP
Gazipur Chowrasta Branch

Charabag Branch Shapla Mansion(2nd Floor),Gazipur
Charabag Mor, Ashulia, Savar, Dhaka Chowrasta, Gazipur-1702
Cell: 01955502145 Cell : 01955-502147, 01678-433147
sanaul.bari@nrbcommercialbank.com gazipurchowrasta@nrbcommercialbank.com
Hob: Al Mamun Sanaul Bari, Po HOB: Mr. Mohammad Shahidul Islam, VP
Dhanmondi Mohila Branch Imamganj Branch

“Zebun Arcade”, Lily Mansion, 36 Roy Iswar Chandra
House No.4, Plot-376, Road No.16(New) & Shill Bahadur Street, Ward 30, Ps-
27(Old), Dhanmondi, Dhaka-1209. Chawkbazar, Dhaka
Cell: 01955502151 Cell: +88 01955502154
Email: suriya@nrbcommercialbank.com Email:mukless105@nrbcommercialbank.com
HOB: Suriya Rahman, FVP HOB: Mr. Md. Nasimul Kabir, FVP
Bandura Branch
Araihazar Branch Nur Uddin Plaza (Chairman Market)
Dubai Plaza, Holding No.: 866, Araihazar, 1st floor, Bandura Bus stand, Bandura
Narayanganj Bazar, Hasnabad, Nawabgonj, Dhaka.
Cell: 01955502156, 01724402338 Cell: 01711179247 /01955502157
Email: anisur@nrbcommercialbank.com Email:mainuralam@nrbcommercialbank.com
HOB: Md. Anisur Rahman, FVP HOB: Md. Mainur Alam Chowdhury, AVP
Bhairab Branch
Tongi Branch Helal Tower, 1333/5, Bangabandhu
52, Marium Manson, Tongibazar, Tongi, Sarani, Bhairab Pourasova, Bhairab,
Gazipur. Kishoreganj
Cell: 01955-502158 Cell: 01955502160
Email: tongi@nrbcommercialbank.com Email:atm.masudul@nrbcommercialbank.com
HOB: Md. Mamun Hossain, FVP HOB: A. T. M. Masudul Huq, PO
Gopalganj Branch Mirpur-12 Branch

H#96, Siraj Tower, Launch Ghat, Hazi Kujrat Ali Mollah Super Market,
Bangabandhu Sarak, Gopalganj Sadar, 1, Harun Mollah Road, Mirpur – 12,
Gopalganj Dhaka.
Cell: 01955502162, 01718145202 Cell: 01955502167,
Email: sikder@nrbcommercialbank.com Email: shamim@nrbcommercialbank.com
HOB: Kachi Sikder, FAVP HOB: Md. Shamim Ahmed Shahin, FAVP
Annual Report 2022

Rajbari Branch
Mridha Market, Holding #53-54, 1 no Shyamoli Ring Road Branch
Railgate, Ward No-03, Paurasava: Rajbari, H I Sayed Mansion, Holding: 24/2,
Thana: Rajbari Sadar, Dist.: Rajbari. Block: B, Khilji Road, Shyamoli Ring
Phone No: +8801955502169 & Road, Dhaka-1207.
+8801678433169, Cell: +8801955502175, +880 1620010275
E-mail: rajbari@nrbcommercialbank.com shyamoliring@nrbcommercialbank.com
HOB: Mr. Md. Nazmul Hossain, FAVP HOB: Mr. M.M. Moshiur Rahman, VP
Bhanga Branch Kishoregonj Branch

Loknath Bhaban (2nd floor), 89 Shari Address: N S TOWER (1ST FLOOR),
Potti, Bhanga Bazar, Bhanga, Faridpur ROTHKHOLA, KISHOREGONJ.
Cell : 01711350942 Cell: 01955502177
Email : ahalim@nrbcommercialbank.com rakibul.hasan@nrbcommercialbank.com
HOB: Md. Abdul Halim, AVP HOB: Md. Rakibul Hasan, PO
Manikganj Branch
136, Shahid Rafique Sarak, Tangail Branch
Manikganj Sadar, Manikganj-1800. 702, Sabur Khan Tower, 1st Floor
Tel: +88 02 996 612282, +88 02 996 611229 Baro Kali Bari Road, Tangail.
Cell: 01955502178, 01620010278 Cell: 01955502179
Email: nuru70@nrbcommercialbank.com akhtar@nrbcommercialbank.com
HOB: Md. Nurul Amin, PO HOB: Md. Akhtar Hossain, VP
Mohakhali Branch
Zajira Branch MHB Bhaban (1st Floor), 94, Bir Uttam
Mollah Plaza, Holding 03, Ward No 04, A. K. Khandker Road, Mohakhali C/A,
Thana Road, Zajira, Shariatpur. Dhaka-1212.
Cell: 01955502185 Cell: 01955-502189
Email: likhon@nrbcommercialbank.com mohakhali@nrbcommercialbank.com
HOB: Md. Al-Amin Sikder Likhon, EO HOB: Md. Shafiul Azam, VP
Banasree Branch
Nasima Palace, House No 7, Road 4,
Takerhat Branch Block-H, Banasree, Dhaka-1219
Loskar Plaza(1st floor), Milk Vita Cell: 01955502085
Road,Takerhat Bazar,Rajoir,Madaripur. Email: russel@nrbcommercialbank.com
Cell: 01955-502196 HOB: Russel Mehedi, AVP
omar.faruque@nrbcommercialbank.com
HOB: Md. Omar Faruque, SEO
Chattogram Division
Agrabad Branch O R Nizam Road Branch

37 Quaderi Chamber Atlanta Trade Centre, (1st & 5th
Agrabad C/A, Chittagong-4100 Floor), Ward No: 15, O R Nizam Road,
Tel : 031-2521701-04 Chwakbazar, Chattogram.
Cell : 01955-502105, 01678-433105 Cell: 01711078776, 01955502118
Email : agrabad@nrbcommercialbank.com Email: chowdhury@nrbcommercialbank.com
HOB: Mr. Praduyth Bikash Chowdhury, FVP HOB: Chowdhury Mohiuddin, SVP
Annual Report 2022

47
Chandraganj Branch
Dada Bhai Plaza, Chandraganj west
Chatkhil Branch Bazar, Chandraganj, Lakshmipur,
Jonaki Super Market, Phone: 0382-581160
Chatkhil, Noakhali Mobile No: 01955502125, 01814315061
Phone: 0322275357-9, Fax: Chandraganj@nrbcommercialbank.com
Cell : 01955-502124, 01678-433124 shohag@nrbcommercialbank.com
Email : chatkhil@nrbcommercialbank.com HOB: Mr. Muhammad Abdul Quddus
HOB: Md. Sakhawat Hossain, AVP Patawry, FAVP
Boro Dighirpar Branch Raozan Branch

Haji Raja Miah Market, Boro Dighirpar, Address: Firoz Tower, 1st Floor, Ramjan
Chikondandi, Hathazari, Chattogram. Ali Hat, Raozan, Chittagong-4340
Cell: 01955-502126 (Office), 01712-767905. Cell: 01678-444032
Email: rajat@nrbcommercialbank.com Email: raozan@nrbcommercialbank.com
HOB: Rajat Deb Mitu, FAVP HOB: Mohammad Naimul Hasan, FAVP
Moynamoti Branch
Mainamati Senakalyan Market, Jubilee Road Branch
Nischintapur, Adarsha Sadar, Union #2 Eastern Trade Center, 9/A, Jubilee
Durgapur (North), Comilla. Road, Chattogram
Cell: 01955502134 Cell: 01955502137
Email: nazmul@nrbcommercialbank.com sujandasgupta@nrbcommercialbank.com
HOB: A K M Nazmul Hasan, AVP HOB: Sujan Kanti Das Gupta, AVP
Chandina Branch
Feni Branch Hazi Ali Mansion (1st Floor)
Latu Mia Complex, S.S.K Road, Feni, Holding no: 1304, Ward no. 5 Chandina
Chittagong Pourashova, Chandina, Cumilla
Cell: 01955502149 Cell: 01955 502150, 01816 936367
Email: ziaulkarim@nrbcommercialbank.com Email: mdkamrul@nrbcommercialbank.com
HOB: Kazi Mohammad Ziaul Karim, AVP HOB: Md. Kamrul Hasan, AVP
Matlab Branch Laksham Branch

Address: N.A.M Tower, Holding No.:465, Address: 1603 Hazi Moksud Ali Tower,
Ward No.: 3, Thana: Matlab, Dist: Chandpur, Daulatgonj Caul Bazar Road, Laksam,
Chittagong. Cumilla
Cell: 01955502153, 01678433153 Cell: 01955 502 155
farukhossain@nrbcommercialbank.com injamanul@nrbcommercialbank.com
HOB: Muhammad Faruk Hossain, FVP HOB: Md. Injamanul Haq, PO
Hathazari Branch
Address : NRB Commercial Bank Limited, Cox's Bazar Branch
Hathazari Branch, Toyuba Noor Complex, Union- Zilongia, Upazila- Cox's Bazar
Kachari Road, Hathazari, Chittagong. Sadar, Cox's Bazar
Cell: 01955502161 Cell : 01819352057
Email:aminul@nrbcommercialbank.com rafiqul.haider@nrbcommercialbank.com
HOB: Mohammad Aminul Islam, FVP HOB: Md Rafiqul Haider Chowdhury,
FAVP
Annual Report 2022

Nasirnagar Branch Chowmuhani Branch
Address: Mosharaf Plaza (1st Floor) Haque Shopping Mall(Level 03)
Thana Road, Nasirnagar, Brahmanbaria Chowmuhani, Begumganj, Noakhali.
Cell: 01955502193, 01818130863 Cell: +8801955-502195
Email: monirulalam@nrbcommercialbank.com anwarhossain@nrbcommercialbank.com
HOB: Muhammad Monirul Alam Bhuyan, SEO HOB: Mohammad Anwar Hossain, PO
Sylhet Division
Munshi Bazar Branch
Late Sikondor Ali Market (1st Floor),
Sylhet Branch Munshi Bazar, Rajnagar, Moulvi
Holding No: 0445-00, Word No: 17, Bazar-3240.
Chowhatta, Ambarkhana Road, Sylhet Cell: 01955502135
Cell: 0195502116 Email: sabbir@nrbcommercialbank.com
Email: kader@nrbcommercialbank.com HOB: Mohammad Alauddin Sabbir,
HOB: Md. Abdul Kader Talukder, FAVP FAVP
Sylhet Uposhahar Bateshwar Branch

Abdul Khalique Mansion,Mendibag Address: Metropolitan University
point,Uposhahar Sylhet. Campus Bateshwar, 4No Khadim para,
Cell: 0195502136 Atgaon, Shah Paran, Sylhet
Email: shafique@nrbcommercialbank.com Cell: 01955502159
HOB: Muhammd Shafique Miah Majumder, Email: khayer@nrbcommercialbank.com
FAVP HOB: Md. Abul Khayer, FAVP
Habiganj Branch
Sunamganj Branch Address: Alif Sah Centre, Puran Munsefi
Deen Parvez Tower, Station Road, Trafic Road, Commercial Area, Habiganj
Point, Sunamganj Sadar, Sunamganj Cell: 01955-502188
Cell : 01955502187 kalam.azad@nrbcommercialbank.com
Email : Mubin@Nrbcommercialbank.com HOB: Muhammad Abul Kalam Azad,
Hob : M. A. Mubin, Vp FAVP
Barishal Division
Barishal Branch Indurhat Branch

Lisa Plaza, 140/1 Sadar Road, Barishal Nesarabad (Swarupkathi), Pirojpur
Cell: 01955502119, 01814084824 Cell: 01955502138
gopalchandraroy@nrbcommercialbank.com Email: indurhat@nrbcommercialbank.com
HOB: Gopal Chandra Roy, FVP HOB: Md Asaduzzaman, SEO
Barguna Branch
Agailjhara Branch Fahim Tower, Bangabandhu Road,
NRB Commercial Bank Limited, Khalifa Potti, Barguna
110, Sadar Road, Agailjhara, Barishal. Phone: +88044863212,
Cell no-01955-502164 or 01713-952694, Cell : 01955-502171, 01620-010271
Email:syedjahidur@nrbcommercialbank.com md.delowar@nrbcommercialbank.com
HOB: Syed Jahidur Rahman, PO HOB: Mr. Md. Delowar Hossain, PO.
Annual Report 2022

49
Banglabazar Branch Subidkhali Branch
Kazi Super Market (1st floor) Nannu Shopping Complex 2nd floor,
Daulatkhan Road, Banglabazar,Bhola. Subidkhali, Mirzaganj, Patuakhali.
Cell : 01955-502174, 01716-806937 Cell: 01955502191
Email : nannu@nrbcommercialbank.com prodippaul@nrbcommercialbank.com
HOB: Md.Mosharref Hossain Nannu, PO HOB: Prodip Kumar Paul, PO
Tarki Branch
Chakraborty Bhaban, Main Road, Tarki,
Gournadi, Barishal
Cell: 01722584433,01955502201
Email: pirzada@nrbcommercialbank.com
HOB: Md. Pirzada Parvez, SEO
Rajshahi Division
Rajshahi Branch
F.R. Plaza, Rani Bazar, Rajshahi-6100. Naogaon Branch
Phone-0721-775046, Ext-100 TK Plaza, Batar More, Naogaon.
Mobile No-01955502120 Cell: 01955502122
Email : ashim@nrbcommercialbank.com shamolbarmon@nrbcommercialbank.com
HOB: Ashim Kumar Das, VP HOB: Shamol Chandra Barmon, FVP
Bogura Branch Rooppur Branch

Goni Plaza, Namazgor Mor, Bogura Dag#1005, Natun Hat Mor, Union:
Sadar, Bogura Shahapur, Ishwardi, Pabna.
Cell: 01955502146 Cell: 01678-433165
Email: himadri@nrbcommercialbank.com rashed.alam@nrbcommercialbank.com
HOB: Himadri Shakhor Dubey, AVP HOB: Md. Rashed Ul Alam, AVP
Nachole Branch
Dewan Tower, Holding#11, Ward#07,
Nachole Pourosava, Nachole, Shialkol Branch
Chapainawabganj. Shialkol Bazar, Sadar, Sirajganj - 6700
Cell: 01717-111926, 01955-502172 Cell: 01955502182
Email:newton@nrbcommercialbank.com Email:amirulislam@nrbcommercialbank.com
HOB: Aijack Newton, FAVP HOB: Md. Amirul Islam, EO
Jaldhaka Branch Boraigram Branch

Chowdhury Market Holding no. 376, Boraigram Poura Market, Laxmikole
Jaldhaka, Nilphamari 5330 Bazar, Boraigram, Natore
Cell: 01955502184 Cell: 01955502190, 01793597639
Email:masud.parves@nrbcommercialbank.com Email: arefin@nrbcommercialbank.com
HOB: Md Masud Parves, Officer HOB: Md. Arefin Haider, EO
Annual Report 2022

Lalmonirhat Kaliganj Branch
K.N.S Bhabon DC Road, Kaliganj,
Lalmonirhat, Bangladesh.
Cell: 01955 502194
ahsan.habib82@nrbcommercialbank.com
HOB: Md. Ahsan Habib, EO
Rangpur Division
Pulhat Branch
Rangpur Branch Sarkar Bhaban, Pulhat, Dinajpur Sadar,
KTS Tower, 16 G.L Roy Road, Rangpur. Dinajpur.
Cell: +8801955502130 Cell: 01955502141
Email: sirajul.haque@nrbcommercialbank.com Email: rejaul@nrbcommercialbank.com
HOB: Syed Sirajul Haque, FVP HOB: Kazi Rejaul Qais, FVP
Sundarganj Branch
House#33, Thana Road, Sundarganj, Panchagarh Highway Branch
Gaibandha- 5720 Khodeja Super Market, Boda,
Cell: 01955502180 Panchagarh-5010
Email: kafi@nrbcommercialbank.com Cell : 01955-502181, 01620-010281
HOB: Md. Rezaul Kafi, SEO Email : rakib.ul@nrbcommercialbank.com
HOB: Mr. Md. Rakib Ul Hasan, FAVP
Kurigram Branch Badarganj Branch

Nasurddin Market, Kalibari Road, Chowdhury Plaza, Upazila Road,
Kurigram-5600 Badarganj, Rangpur
Cell: 01955502186 Cell: 01719247812,01955502203
Email: humaide@nrbcommercialbank.com Email: md.saidur@nrbcommercialbank.com
HOB: Md. Mahmud-Al-Humaide, PO HOB: Md.saidur Rahman, PO
Khulna Division
Khulna Branch
Dr. Bazlul Haque Palace, 34, KDA Avenue, Hatgopalpur Branch
Khulna-9100, Khulna. Mondal Market, Hatgopalpur Bazar,
Phone: 02-44111824, Jhenaidah.
Cell : 01955-502131, 01734-557716 Cell: 01955502148
Email : khulna@nrbcommercialbank.com Email: mdiqbal@nrbcommercialbank.com
HOB: Mr. Md. Mokhlesur Rahman Bali, FVP HOB: Md. Iqbal Hossain, AVP
Kushtia Branch Jashore Branch

176-178 Tamij Uddin Market(1st Floor), Address:1490-00, Universal Mintu
N.S. Road, Kushtia-7000 Heights, R.N Road, Jashore-7400
Cell: +8801717008500, +8801955502163 Cell: 01955502166
Email: mosharraf.ali@nrbcommercialbank.com Email:jashore@nrbcommercialbank.com
HOB: Sk. Mosharraf Ali, SEO HOB: Md. Firoj Alam, PO
Annual Report 2022

51
Chuadanga Branch
Kalaroa Branch Miya Merket, Boro Bazar, Chuadanga
Sk. Ajmal Super Market, Kalaroa, Satkhira Sador, Chuadanga -7200
Cell: 01955502173 Cell: 01955502192, 01725323750
sk.zahiduzzaman@nrbcommercialbank.com Email: billal@nrbcommercialbank.com
HOB: Sk. Zahiduzzaman, SEO HOB: G. M. Billal Ahammad, FAVP
Akij City Branch Lohagara Branch

City Center-2, Holding-07, Jashore- Momin Tower, (1st Floor),Bazar Road,
Khulna Highway, Noapara, Jashore Holding # 370/1, Lohagara, Narail.
Cell: 01955502197 Cell: 01955-502198
enamul.kabir@nrbcommercialbank.com manjur@nrbcommercialbank.com
HOB: Md. Enamul Kabir, PO HOB: Manjur Rahaman, SEO
Morrelgonj Branch.
Momotaj Bhaban (1st Floor) 104/05, Main
Road, Morrelgonj Bazar, Morrelgonj-9320,
Bagerhat.
Cell: 01911666669
salim.hossaion@nrbcommercialbank.com
HOB: Md. Salim Hossaion, EO
Mymensingh Division
Mymensingh Branch
38, G M Plaza (1st Floor) Muktijoddha Sarani Purbadhala Branch
Sarak, Choto Bazar, Mymensingh-2200 Habib Market (1st Floor), Maddho
Phone: 09151810-20, Bazar, Purbadhala, Netrakona.
Cell : +880 1955502152,+880 1710068387| Cell : 01955-502168, 01678-433168
mymensingh@nrbcommercialbank.com purbadhala@nrbcommercialbank.com
HOB: Saiful Islam Bhuiyan, AVP HOB: Mr. Nahidur Rahman, AVP
Madarganj Branch
Ashraf Talukder Super Market(1st Floor) Nalitabari Branch
Balijury Bazar, Madarganj,Jamalpur Taraganj Moddo Bazar
Cell: 01955 502170, 01678 433170 Cell: 01711576024
Email : madarganj@nrbcommercialbank.com rafiur.rahman@nrbcommercialbank.com
HOB: Md. Mahade Hasan, FAVP HOB: Md.Rafiur Rahman, PO
Annual Report 2022

Annual Report 2022
53
Five Years’ Financial Summary
Figure in Million (BDT) Unless Specified
Particulars 2022 2021 2020 2019 2018
Balance Sheet Matrix
Authorized Capital 10000 10000 10000 10000 10000
8,286.49
(Contingent
Paid up capital upon approv- 7,929.66 7,376.43 5,825.17 5,710.95
al of 10Th
AGM)
Statutory Reserve 3,065.01 2,467.27 1,866.79 1,463.85 1,061.29
Stockholder Equity 12,935.32 11,808.62 9,797.54 8,189.94 7,094.31
Size of Balance Sheet 200,356.06 153,552.38 116,620.41 90,118.08 86,598.12
Deposit 161,149.66 124,626.36 95,311.13 71,857.90 54,085.64
Loans & Advances/Investment under Islamic
136,174.05 104,898.31 74,835.73 62,015.02 48,151.88
Shahriah
Investment in Money and Capital Market 36,996.58 28,541.08 26,367.84 15,298.17 8,276.75
Fixed Assets 1,883.20 1,828.38 835.06 506.22 481.96
Off-balance sheet Items 50,265.91 53,600.42 35,446.63 27,408.20 19,455.25
Interest Earning Assets 179,598.56 136,555.98 104,117.82 80,400.10 60,133.88
Non-Interest Earning Assets 20,757.51 16,996.40 12,525.45 9,827.16 7,008.99
Income Statement Matrix
Interest Income 11,178.65 7,902.90 6,620.95 7,024.97 5,801.72
Interest Expense 6,682.03 4,569.46 4,923.93 4,488.13 3,643.67
Net Interest Income 4,496.62 3,333.45 1,697.02 2,536.85 2,158.05
Investment income 2,576.05 3,006.03 3,586.65 1,284.16 887.25
Non-Interest Income 1,663.82 1,242.53 1,016.38 989.69 702.62
Total income 15,418.53 12,151.47 11,223.98 9,298.82 7,391.59
Operating Expense 4,697.37 3,527.55 3,232.06 2,223.55 1,843.76
Total Expense 11,379.40 8,097.00 8,155.99 6,711.67 5,487.44
Operating Profit 4,039.13 4,054.46 3,068.00 2,587.14 1,904.16
Profit before tax 2,988.70 3,002.42 2,039.73 2,042.51 1,569.89
Provision for taxation 1,249.13 918.48 696.90 894.25 632.24
Profit after tax 1,739.57 2,083.94 1,342.83 1,148.26 937.65
Capital Measure
Risk Weighted Assets 154,493.40 119,482.86 82,997.69 66,462.20 52,436.55
Capital Requirement Including Conservation
19,311.67 14,935.36 10,374.71 8,307.78 6,226.84
Buffer
Core Capital (Tier I) 11,993.53 11,080.48 8,594.24 7,883.21 6,778.83
Supplementary Capital (Tier II) 7,227.74 4,988.85 1,796.99 1,024.04 573.68
Regulatory Capital [Tier I + II] 19,221.27 16,069.33 10,391.24 8,907.26 7,352.51
Annual Report 2022

Tier – I Capital Ratio (%) 7.76% 9.27% 10.35% 11.86% 12.93%
Tier – II Capital Ratio (%) 4.68% 4.18% 2.17% 1.54% 1.09%
Total Capital to Risk Weighted Assets Ratio
12.44% 13.45% 12.52% 13.40% 14.02%
(CRAR) (%)
Credit Quality
Classified Loan 6,381.21 4,767.33 2,191.08 1,985.09 1,414.40
Percentage of Classified Loan (%) 4.69% 4.56% 2.93% 3.20% 2.94%
Provision for Unclassified Loan 1,303.16 1,508.06 1,504.42 663.29 409.72
Provision for classified Loan 2,522.23 1,803.94 1,102.23 846.92 723.74
Provision for Off-balance Items 441.19 480.79 289.1 220.16 160.46
Foreign Exchange Business
Import 36,028.30 42,370.77 30,579.76 33,220.62 26,229.88
Export 33,735.60 30,652.26 28,070.50 29,216.00 25,091.91
Remittance 13,329.20 10,820.93 4,089.41 2,093.86 996.19
Operating Profit Ratio
Net Interest Margin (NIM) 2.54% 2.47% 1.84% 3.61% 3.88%
Credit Deposit Ratio 84.50% 84.17% 78.66% 82.54% 85.91%
Cost of Deposits 4.25% 4.25% 4.95% 6.98% 7.27%
Operating Profit Margin 26.20% 33.37% 27.33% 27.82% 25.76%
Net Profit Margin 11.28% 16.45% 11.96% 12.35% 12.69%
Yield on Loan & Advances 9.27% 8.79% 9.53% 12.88% 12.88%
Administrative Cost 3.06% 3.74% 3.25% 3.00% 3.47%
Cost of Fund 7.31% 7.56% 8.20% 9.98% 10.74%
Spread (Cost of Deposit) 5.02% 4.57% 4.61% 5.90% 5.61%
Spread(Cost of fund) 1.97% 1.23% 1.33% 2.90% 2.14%
Return on Equity (ROE) 14.06% 19.29% 15.28% 15.04% 13.89%
Return on Assets (ROA) 0.98% 1.54% 1.34% 1.47% 1.50%
Equity Multiplier 15.48 * Time 13.00 *Times 11.90*(Times) 10.95*(Times) 9.46*(Times)
Debt Equity Ratio 138.17% 87.12% 42.19% 15.75% 4.25%
Performance Ratio
Profit Per Employee 1.05 1.11 1.43 2.53 1.96
Burden Ratio 42.06% 67.49% 81.38% 58.49% 59.35%
Interest Coverage Ratio 49.71% 46.77% 57.30% 56.11% 53.53%
Expense Coverage Ratio/Cost to Income
53.77% 49.93% 51.30% 46.22% 49.19%
Ratio
Dividend
Cash 7.50% 7.50% 7.50% 9% 0%
Stock 4.50% 7.50% 5.00% 2% 11%
Dividend Payout in Taka 951.56 1106.46 878.14 628.2 565.95
Dividend Payout Ratio 54.70% 53.09% 65.39% 54.71% 60.36%
Cash Dividend Payout Ratio 20.51% 26.55% 39.24% 44.76% -
Annual Report 2022

55
Share Information Matrix
828.64 [Con-
tingent upon
Share Outstanding 792.96 737.64 571.1 514.5
approval of
10Th AGM]
No. of Share Holder 18440 18956 64 65 65
Price-Earnings (PE) Ratio 11.87 13.38 - - -
Earnings Per Share (Taka) 2.19 2.83 2.31 1.97 1.82
Net Asset Value Per Share (Taka) 16.31 16.01 16.82 14.06 13.71
Net Operating Cash flow per share(Taka) 9.38 0.02 15.88 12.56 10.13
Other Information
No. of Branches 103 93 83 75 68
No. of Sub-Branches 925 857 287 32 -
No. of Foreign Remittance Agency 2 1 0 0 0
No. of Foreign Remittance Sub-Agency 9 9 7 5 4
Agent Outlet 588 589 588 577 563
No. of ATM/CRM 81 69 56 53 51
No. of Relationship Management Account 182 171 175 160 160
No. of Employees 3864 3643 2,143 1022 970
No. of NOSTRO Account 24 21 13 13 13
Annual Report 2022

Investment income Non-Interest Income Operating income
1,663.82
3,586.65
15,418.53
3,006.03
1,242.53
12,151.47
2,576.05
11,223.98
1,016.38
989.69
9,298.82
7,391.59
702.62
1,284.16
887.25
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022
Operating Profit Profit after Tax Regulatory Capital [Tier I + II]

4,054.46
4,039.13
2,083.94
19,221.27
3,068.00
1,739.57
16,069.33
2,587.14
1,342.83
1,148.26
10,391.24
1,904.16
937.65
8,907.26
7,352.51
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022
Stockholder Equity Size of Balance Sheet Deposit

12,935.32
1,61,149.66
2,00,356.06
11,808.62
1,24,626.36
9,797.54
1,53,552.38
95,311.13
8,189.94
1,16,620.41
7094.31
71,857.90
90,118.08
86,598.12
54,085.64
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022
Loans & Advances Investment in Money and Capital Market Net Interest Income
36,996.58
4,496.62
1,36,174.05
3,333.45
1,04,898.31
28,541.08
26,367.84
2,536.85
74,835.73
2,158.05
62,015.02
15,298.17
1,697.02
48,151.88
8,276.75
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022
Annual Report 2022

57
Return on Equity (ROE) Return on Assets (ROA) Dividend Payout in Taka
1106.46
1.54%
1.50%
1.47%
951.56
19.29%
878.14
1.34%
15.28%
15.04%
13.89%
14.06%
0.98%
628.2
565.95
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022
Earnings Per Share (Taka) Net Asset Value Per Share (Taka) Net Operating Cash flow per share(Taka)
16.82
2.83
16.31
15.88
16.01
14.06
2.31
13.71
2.19
12.56
1.97
1.82
10.13
9.38
0.02
2018 2019 2020 2021 2022
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022
Import Export Remittance

42,370.77
13,329.20
36,028.30
10,820.93
33,220.62
30,579.76
26,229.88
33,735.60
30,652.26
29,216.00
28,070.50
2,093.86
25,091.91
996.19
4,089.41
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022
Credit Deposit Ratio Operating Profit Margin Yield on Loan & Advances
12.88%
12.88%
85.91%
84.50%
84.17%
9.53%
9.27%
8.79%
82.54%
33.37%
27.82%
27.33%
25.76%
26.20%
78.66%
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022
Annual Report 2022

Horizontal and Vertical Analysis
Horizontal Analysis
Last Five years’ (2018 to 2022) Balance Sheet (UNCONSOLIDATED)
2022 2021 2020 2019 2018

Particular’s
% % % % %
PROPERTY AND ASSETS

Cash: 268.9% 199.3% 149.0% 142.8% 100.0%
In Hand (Including Foreign Currencies) 324.1% 222.4% 143.7% 152.9% 100.0%
Balance with Bangladesh Bank and its agent bank (s)
246.6% 189.9% 151.2% 138.7% 100.0%
(including foreign currencies)
Balance with other banks and financial institutions 279.2% 180.1% 138.7% 80.6% 100.0%
In Bangladesh 282.4% 126.4% 108.9% 79.3% 100.0%
Outside Bangladesh 227.5% 1065.4% 629.9% 101.2% 100.0%
Money at call and short notice 11.1% 11.4% 10.4% 66.1% -
Investments 465.9% 359.4% 332.0% 192.6% 100.0%
Government 477.7% 374.9% 392.5% 206.7% 100.0%
Others 425.2% 306.0% 124.3% 144.3% 100.0%
Loans and advances/investments 283.0% 218.0% 155.5% 128.9% 100.0%
Loans, cash credits, overdrafts etc./ investments 289.4% 221.6% 156.7% 128.6% 100.0%
Bills purchased and discounted 83.3% 105.7% 119.7% 137.8% 100.0%
Fixed assets including premises, furniture and fixtures 396.6% 385.0% 175.9% 106.6% 100.0%
Other assets 271.7% 207.9% 185.4% 136.4% 100.0%
Non - banking assets -
Total assets 298.8% 229.0% 173.9% 134.4% 100.0%
LIABILITIES AND CAPITAL
Liabilities
Borrowings from other banks, financial institutions and agents 4134.1% 2435.0% 1381.3% 431.1% 100.0%
Deposits and other accounts 272.3% 212.4% 166.7% 132.9% 100.0%
Current accounts/Al-wadeeah current accounts and other accounts 734.2% 603.9% 357.3% 181.7% 100.0%
Bills payable 323.5% 408.1% 299.8% 286.2% 100.0%
Savings bank/Mudaraba savings bank deposits 493.4% 351.3% 218.0% 141.8% 100.0%
Special/Mudaraba notice deposits 257.5% 202.8% 164.9% 117.3% 100.0%
Fixed deposits/Mudaraba fixed deposits 367.1% 215.9% 132.4% 87.3% 100.0%
Schemes Deposit/ Mudaraba Scheme Deposits 97.8% 108.7% 139.3% 143.2% 100.0%
Other liabilities 395.5% 294.4% 222.2% 155.9% 100.0%
Total liabilities : 312.3% 236.2% 178.0% 136.5% 100.0%
Total Shareholders’ Equity 183.5% 167.6% 139.0% 116.2% 100.0%
Paid -up capital 154.1% 143.4% 113.2% 111.0% 100.0%
Statutory reserve 291.8% 234.9% 177.7% 138.9% 100.0%
Others reserve 395.1% 781.1% 7406.2% 45.8% 100.0%
Retained earnings 225.5% 223.4% 153.9% 120.7% 100.0%
Total Liabilities and Shareholders’ Equity 298.8% 229.0% 173.9% 134.4% 100.0%
Horizontal Analysis (Balance Sheet)
Horizontal Analysis on Balance Sheet refers to the analysis of growth of each component of balance sheet items from the base
period. Here base period is considered the year 2018 giving a value of 100% and after that period value above 100% means positive
growth and below 100% means negative growth compared to base year. Here, total assets, liabilities and shareholders’ equity are
showing consistent growth over the years under consideration from base period except few parameters which symbolize sustainable
balance sheet growth of the bank as a whole. Nostro Account Balance was not satisfactory due to dollar crisis in the 2nd half of 2022
and Bank cautiously invest in government securities through T-Bill & bond considering release of lending rate restriction as well as
SLR compliance. Though Loan & Advance/Investment under Shariah Base increased substantially by extending credit SME/Agri/
Micro Finance for reducing large loan dependency. Pre/Re-Finance scheme continuously increased science 2019 that was supported
by Bangladesh bank to combat post covid effect. No cost/low cost deposit contributed in deposit basket science 2020.
Annual Report 2022

59
Horizontal Analysis
Last Five years’ (2018 to 2022) Profit & Loss Statement (UNCONSOLIDATED)
2022 2021 2020 2019 2018

Particular’s
% % % % %
OPERATING INCOME
Interest income 193.0% 136.4% 114.3% 121.3% 100.0%
Interest paid/Profit Shared on deposits and borrowings, etc. 183.4% 125.4% 135.1% 123.2% 100.0%
Net interest income 209.3% 155.2% 79.0% 118.1% 100.0%
Investment income 293.4% 342.4% 408.6% 151.6% 100.0%
Commission, exchange and brokerage 222.2% 171.9% 142.9% 149.8% 100.0%
Other operating income 321.1% 220.2% 171.6% 129.2% 100.0%
Total operating income (A) 235.9% 204.7% 170.0% 131.0% 100.0%
OPERATING EXPENSES
Salary and allowances 280.5% 211.5% 169.1% 126.9% 100.0%
Rent, taxes, insurance, electricity, etc. 147.4% 111.9% 100.2% 116.9% 100.0%
Legal expenses 1091.7% 2146.9% 747.8% 112.9% 100.0%
Postage, stamps, telecommunication, etc. 321.9% 214.4% 137.4% 123.1% 100.0%
Stationery, printing, advertisement, etc. 889.4% 621.8% 378.3% 182.7% 100.0%
Chief Executive’s salary and fees 112.5% 103.5% 97.5% 139.5% 100.0%
Directors’ fees & meeting expenses 86.1% 66.5% 92.7% 75.9% 100.0%
Auditors’ fees 213.2% 262.9% 214.3% 142.9% 100.0%
Charges on loan losses
Replacement, Repair and Depreciation of Bank’s Assets 289.2% 229.9% 155.4% 94.9% 100.0%
Other expenses 154.0% 105.1% 270.4% 134.4% 100.0%
Total operating expenses (B) 258.8% 194.4% 178.0% 124.7% 100.0%
Profit before provision (C = A-B) 213.8% 214.6% 162.4% 136.9% 100.0%
Provision against loans and advances 291.6% 235.2% 365.6% 125.6% 100.0%
Provision for diminution in value of investments 664.7% 478.3% -423.2% 333.9% 100.0%
Provision for Off-Balance Sheet Exposures 725.9% -3514.5% -1263.9% -1094.5% 100.0%
Total provision (D) 321.4% 321.8% 314.6% 166.6% 100.0%
Profit before taxation (C-D) 191.3% 192.2% 130.6% 130.7% 100.0%
Provision for taxation 198.9% 146.2% 111.0% 142.4% 100.0%
Current Tax Expenses 208.1% 159.3% 109.0% 130.1% 100.0%
Deferred Tax Expenses/(Income) 262.5% 236.4% 97.1% 57.4% 100.0%
Net profit after taxation 186.2% 223.0% 143.7% 122.9% 100.0%
Appropriations:
Retained surplus to retained earnings 183.6% 238.5% 150.3% 119.0% 100.0%
Horizontal Analysis (Profit & Loss Statement)

Horizontal Analysis on Profit & Loss account refers to the analysis of growth of each component of Profit & loss account from the
base period. Here base period is considered the year 2018 giving a value of 100% and after that period value above 100% means
positive growth and below 100% means negative growth compared to base year. The above table shows that total operating income,
expenses and operating profit of NRBC Bank are growing consistently over the periods due expansion of NRBC business
Annual Report 2022

Vertical Analysis
Last Five years’ (2018 to 2022) Balance Sheet (UNCONSOLIDATED)
2022 2021 2020 2019 2018

Particular’s
% % % % %
PROPERTY AND ASSETS
Cash: 5.5% 5.3% 5.2% 6.5% 6.1%
In Hand (Including Foreign Currencies) 1.9% 1.7% 1.4% 2.0% 1.8%
3.6% 3.6% 3.8% 4.5% 4.3%
Balance with other banks and financial institutions 3.5% 3.0% 3.0% 2.3% 3.8%
In Bangladesh 3.4% 2.0% 2.2% 2.1% 3.5%
Outside Bangladesh 0.2% 1.0% 0.8% 0.2% 0.2%
Money at call and short notice 0.1% 0.1% 0.1% 1.0% 1.9%
Investments 18.5% 18.6% 22.6% 17.0% 11.8%
Government 14.7% 15.0% 20.7% 14.1% 9.2%
Others 3.8% 3.6% 1.9% 2.9% 2.7%
Loans and advances/investments 68.0% 68.3% 64.2% 68.8% 71.8%
Loans, cash credits, overdrafts etc./ investments 67.3% 67.3% 62.6% 66.5% 69.5%
Bills purchased and discounted 0.6% 1.0% 1.5% 2.3% 2.2%
Fixed assets including premises, furniture and fixtures 0.9% 1.2% 0.7% 0.6% 0.7%
Other assets 3.6% 3.5% 4.2% 4.0% 3.9%
Non - banking assets
Total assets 100.0% 100.0% 100.0% 100.0% 100.0%
Liabilities
Borrowings from other banks, financial institutions and agents 6.2% 4.7% 3.5% 1.4% 0.4%
Bond - BASEL Capital Tier-I & II 2.7% 2.0% - - -
Deposits and other accounts 73.5% 74.8% 77.3% 79.7% 80.6%
Current accounts/Al-wadeeah current accounts and other
12.4% 13.4% 10.4% 6.8% 5.1%
accounts
Bills payable 4.1% 6.7% 6.5% 8.0% 3.7%
Savings bank/Mudaraba savings bank deposits 9.1% 8.4% 6.9% 5.8% 5.5%
Special/Mudaraba notice deposits 8.0% 8.2% 8.8% 8.1% 9.3%
Fixed deposits/Mudaraba fixed deposits 28.9% 22.2% 17.9% 15.3% 23.6%
Schemes Deposit/ Mudaraba Scheme Deposits 11.0% 15.9% 26.8% 35.7% 33.5%
Other liabilities 11.1% 10.8% 10.7% 9.7% 8.4%
Total liabilities : 93.5% 92.3% 91.6% 90.9% 89.5%
Total Shareholders’ Equity 6.5% 7.7% 8.4% 9.1% 10.5%
Paid -up capital 4.0% 4.8% 5.0% 6.3% 7.7%
Others reserve 0.02% 0.1% 0.7% 0.0% 0.0%
Retained earnings 0.9% 1.2% 1.1% 1.1% 1.3%
Total Liabilities and Shareholders’ Equity 100.0% 100.0% 100.0% 100.0% 100.0%
Vertical Analysis (Balance Sheet)

Vertical Analysis on Balance Sheet refers to the component of balance sheet items as a % of total Assets over the periods which
would be termed as common sizing of balance sheet. In Asset side, Loans and advances (68.0%) and investment (18.5%) hold more
than 80% share of balance sheet for 2022. Loan and advances/investments started increasing after 2020 and, at the same time,
investment in bond decreased slightly, however, return on both earning assets was same to the Bank. Low and low cost Deposit were
above 33% in 2021 & 2022 that higher than other three years. Subordinated Bond I & II of Tk. 550.00 Crore are little bit contribution
in the liability sight for year 2021 & 2022.
Annual Report 2022

61
Vertical Analysis
Last Five years’ (2018 to 2022) Profit & Loss Statement (UNCONSOLIDATED)
2022 2021 2020 2019 2018

Particular’s
% % % % %
OPERATING INCOME
Interest income 72.5% 65.0% 59.0% 75.2% 78.8%
Interest paid/Profit Shared on deposits and borrowings, etc. 43.3% 37.6% 43.9% 48.0% 49.6%
Net interest income 29.2% 27.4% 15.1% 27.1% 29.2%
Investment income 16.7% 24.7% 32.0% 14.2% 11.9%
Commission, exchange and brokerage 7.5% 7.3% 6.6% 8.3% 7.1%
Other operating income 3.3% 2.9% 2.4% 2.3% 2.2%
Total operating income (A) 56.7% 62.4% 56.1% 52.0% 50.4%
OPERATING EXPENSES
Salary and allowances 18.0% 17.2% 14.9% 13.4% 13.4%
Rent, taxes, insurance, electricity, etc. 2.6% 2.5% 2.5% 3.4% 3.7%
Legal expenses 0.1% 0.3% 0.1% 0.0% 0.0%
Postage, stamps, telecommunication, etc. 0.5% 0.4% 0.3% 0.4% 0.3%
Stationery, printing, advertisement, etc. 3.1% 2.8% 1.8% 1.1% 0.7%
Chief Executive’s salary and fees 0.1% 0.1% 0.1% 0.2% 0.2%
Directors’ fees & meeting expenses 0.1% 0.1% 0.1% 0.1% 0.2%
Auditors’ fees 0.0% 0.0% 0.0% 0.0% 0.0%
Charges on loan losses 0.0% 0.0% 0.0% 0.0% 0.0%
Replacement, Repair and Depreciation of Bank’s Assets 3.2% 3.3% 2.4% 1.7% 2.3%
Other expenses 2.7% 2.4% 6.6% 3.9% 3.7%
Total operating expenses (B) 30.5% 29.0% 28.8% 24.3% 24.7%
Profit before provision (C = A-B) 26.2% 33.4% 27.3% 27.7% 25.7%
Provision against loans and advances 5.7% 5.8% 9.8% 4.0% 4.1%
Provision for diminution in value of investments 1.4% 1.3% -1.2% 1.2% 0.4%
Provision for Off-Balance Sheet Exposures -0.3% 1.6% 0.6% 0.6% -0.1%
Total provision (D) 6.8% 8.7% 9.2% 5.8% 4.4%
Profit before taxation (C-D) 19.4% 24.7% 18.2% 21.9% 21.3%
Provision for taxation 8.1% 7.6% 6.2% 9.6% 8.5%
Current Tax Expenses 9.9% 9.6% 7.1% 10.2% 10.0%
Deferred Tax Expenses/(Income) -1.8% -2.1% -0.9% -0.7% -1.4%
Net profit after taxation 11.3% 17.1% 12.0% 12.3% 12.7%
Appropriations:
Retained surplus to retained earnings 7.4% 12.2% 8.3% 7.9% 8.5%
Vertical Analysis (Profit and Loss Statement)

Vertical Analysis on Profit & Loss statement refers to the component of Profit & loss statement items as a % of total profit/income
over the periods which would be termed as common sizing of income statement. In income side, interest income (72.50%) and
investment income (16.70%) hold major portion of total income for 2022. Contribution of interest income is decreasing trend from
2018, but increase of investment income helped the bank to increase operating income over the last three years. Expansion of net-
work push operating expense were upward trend since 2019.
Annual Report 2022

Segment Analysis
Total
Assets
(Million Taka)
Conventional 193,759
Consolidated Basis Islamic 4,080
OBU 2,517
Subsidiarities 2,822
Operating
Profit Before Tax Revenue
(Million Taka) (Million Taka)
Conventional 2,758
Islamic 86 Conventional 3,790
OBU 145 Islamic 104
Subsidiarities 286 OBU 145
Subsidiarities 325
Total
Assets
(Million Taka)
Solo Basis Conventional 193,759

Islamic 4,080
OBU 2,517
Operating
Profit Before Tax Revenue
(Million Taka)
(Million Taka)
Conventional 3,790
Conventional 2,758
Islamic 104
Islamic 86
OBU 145
OBU 145
Annual Report 2022

63
Annual Report 2022
Directors’ Report
Annual Report 2022

65
Directors’ Report
Bismillahir Rahmanir Rahim.
Dear Fellow Shareholders,
I, on behalf of the Board of Directors, pleased to welcome you all to the 10th Annual General Meeting (AGM), Bank just completed its
10 years of operation successfully with the help of shareholders and valued stakeholder and I also express my heartiest gratitude and
appreciation for your continuous trust in the bank, even in times of great difficulty. We hope you and your families are safe and sound.
I take this opportunity to present to you the Directors’ Report 2022 along with Audited Financial Statements and Auditors Report for
the year ended December 31, 2022 for consideration and adoption. We’ve also included a summary of the bank’s performance and
financial position for the same year, as well as information on key elements of the global and Bangladesh economies. The Directors
believe the Report will give real insights of the bank’s performance during the year under review.
Global Economic Perspective

While global economy was recovering strongly from the COVID-19 pandemic, the war in Ukraine posed a setback to the ongoing
recovery. The global economy is facing significant challenges. A rise in the global commodity prices and sluggish economic activities
by war induced supply chain disruption is being observed. The global outlook has deteriorated markedly throughout 2022. Growth
has lost momentum; high and persistent inflation and elevated uncertainties cloud global economic outlook and is proving persistent.
Energy supply shortages pushing prices higher. Russia’s war in Ukraine is increasing the risks of debt distress in low income countries
and food insecurity. Aggressive monetary tightening and uncertainties from both the war in Ukraine and the lingering pandemic,
soaring food and energy prices and are eroding real incomes, triggering a global cost-of-living crisis, particularly for the most
vulnerable groups. At the same time, rising government borrowing costs and large capital outflows are exacerbating fiscal and balance
of payments pressures in many developing countries. Not all the news is gloomy. Despite the slowdown in trade value, overall trade
volumes continued to grow throughout 2022 – a signal of resilient global demand and positive factors of new trade agreements, such
as the Regional Comprehensive Economic Partnership and the African Continental Free Trade Area and improved logistics.
Against this backdrop, the global economy is now projected to grow between 2.5 and 2.8 per cent in 2022, while the baseline forecast
for 2023 is highly uncertain, most forward-looking indicators suggest a further slowdown in global growth.
Energy GDP Inflation
Russia’s war of aggression against Ukraine has provoked a massive energy price shock not seen since the 1970s. The increase in
energy prices is taking a heavy toll on the world economy, which will worsen if European gas storage runs short. This could force
rationing in Europe, hurt countries worldwide as global gas prices are pushed higher. Growth would be lower and prices higher in
Europe and worldwide.
Tighter monetary policy and higher real interest rates, persistently high energy prices, weak real household income growth and
declining confidence are all expected to sap growth.
Inflationary pressures have intensified, largely due to the war in Ukraine, which has pushed up energy and food commodity prices. The
higher price of energy has helped trigger increasing prices across a broad basket of goods and services. Tighter monetary policy and
decelerating growth will help to eventually moderate inflation.
Global GDP growth:
in 2023, the world economy is set to grow at the third weakest
8.00%
6.70%
pace in nearly three decades, overshadowed only by the 6.00% 5.90%
5.30%
recessions caused by the pandemic, Ukraine war and the global 4.00% 3.40% 4.10%
financial crisis. The global economy is projected to grow by 2.00%

2.90%
2.50%
3.40%
2.70% World
1.60%
1.7% in 2023 and 2.7% in 2024. The sharp downturn in growth is 1.70%
0.50%
Advanced economics
expected to be widespread, with forecasts in 2023 revised down

0.00%
2020 2021 2022 2023 2024 Emerging Market and
Developing Economies
-1.50%
for 95% of advanced economies and nearly 70% of emerging -2.00%
-3.20%
market and developing economies. -4.00%
-4.30%
-6.00%
Annual Report 2022

Global Trade: Volume of world merchandise Trade
Global trade growth decelerated as Import demand is expected 12.00
to soften as growth slows in major economies for different

10.00
reasons. Weakening trade mirrored the slowdown in global
industrial production, as demand shifted toward its pre-pandemic 8.00
composition and away from goods. Weaker-than-expected global

demand and renewed supply chain bottlenecks pose downside 6.00
risks to the global trade outlook. In addition, intensification 4.00

in trade protectionism, fragmentation of trade networks, and
security concerns about supply chains could increase trade costs 2.00
and slow trade growth. 0.00

2021 2022 2023
Global FDI:
Global FDI flows rebounded to USD 972 billion in the first half of 2022. However, much of the increase came in the first quarter (Q1),
whereas global FDI flows dropped by 22% in second quarter(Q2) 2022, compared to the previous quarter. This drop is not surprising
given increasing inflation and interest rates, rising energy prices and Russia’s full-scale invasion of Ukraine.
Global Commodity Markets:
Commodity prices have diverged since the start of the war in Ukraine, with energy prices remaining elevated and non-energy prices
declining. A sharp global growth slowdown and concerns about an impending global recession are weighing on commodity prices in
many countries; however, most commodity prices are much higher in local currency terms because of the strength of the U.S. dollar i.e.
currency depreciations of local currency. This could deepen the food and energy crises already underway in a number of countries. As
the global growth slowdown intensifies, commodity prices are expected to ease in the next two years, but they will remain considerably
above their average over the past five years. Metal demand growth has fallen in most regions as the global economy has decelerated.
160.00
2.90%
tightening, slowing activity, easing supply chain disruptions, and
6.70%
moderating prices for many non-energy commodities, both core
and headline inflation are expected to decline over the forecast
140.00 3.40% 1.70%
-1.50% 2.50% 3.40% 4.10%
120.00 5.30% 2.70%
1.60%
horizon. In many countries, however, high core inflation has been
100.00
0.50%
unexpectedly persistent, suggesting that global inflation will
5.90%
-4.30% Energy
remain elevated for longer than previously imagined.
80.00
10.00%
Non Energy
Commodities
60.00
9.00% 2.90%
-3.20% Metals
40.00
8.00%
Inflation
20.00
7.00%
1.70%
0.00
6.00%
2020 2021 2022 2023 2024
5.00%
5.90%
2.70%
Global Inflation: 4.00%
Inflation rose throughout 2022 in almost all economies. Soaring 3.00%

3.20%
inflation in 2022 reflected a combination of demand and supply 2.00%

factors. On the demand side, the acceleration of growth during
the initial rebound from the 2020 global recession, as well as the 1.00%
lagged effects of earlier macroeconomic support, contributed to 0.00%
persistent price pressures. Price increases were particularly large 2020 2021 2022 2023 2024
in sectors such as shipping and air travel, where compositional

Scenario of Global Banking System in 2022 and early 2023
shifts in demand encountered ongoing capacity constraints
and supply chain disruptions. On the supply side, shortages of McKinsey’s Global Banking Annual Review study on December
key commodities, exacerbated by Russia’s invasion of Ukraine, 01, 2022 revealed that banks globally overturned in 2022 and
contributed substantially to higher energy and food prices. ended more than a decade of relative stability though sector
In some countries, tight conditions and mismatches in labor confront with the First the pandemic, and now inflation, war,
markets further added to rising wages and higher input and rising interest rates, supply chain disruption, the combination of
production costs. Finally, many countries experienced large macroeconomic volatility and geopolitical disruption.
currency depreciations that passed through into higher import,
Though banks rebounded from the pandemic with strong revenue
producer, and consumer prices. Inflationary pressures started to
growth, but the context has changed dramatically. Now a series
abate toward the end of 2022, reflecting weakening demand and
of interrelated shocks, some geopolitical and others lingering
easing commodity prices. The share of countries where inflation is
economic and social effects of the pandemic are exacerbating
accelerating is trending down. In the face of substantial monetary
fragilities.
Annual Report 2022

67
The longtail effects of the COVID-19 pandemic are still being felt, and the Russian invasion of Ukraine in February 2022 and heightened
tensions over Taiwan marked the rude return of geopolitics as a disruptive force. Five resulting shocks are affecting banks globally:
• Macroeconomic shock: Soaring inflation and the likelihood of recession are sorely testing central banks, even as they seek to
rein in their quantitative-easing policies.
• Asset value shock: These include steep declines in the Chinese property market and the sharp devaluation of fintechs and
cryptocurrencies, including the bankruptcy of some high-profile crypto organizations.
• Energy and food supply shock: Disruptions to the energy and food supply, related to the war in Ukraine, are contributing to
inflation and putting millions of livelihoods at risk.
• Supply chain shock: The disruption of supply chains that began during the first pandemic lockdowns continues to affect global
markets.
• Talent shock: Employment underwent major shifts during COVID-19 as people changed jobs, began working remotely, or left
the workforce altogether to join the “great attrition” shifts with no sign of easing.
Recent release by IMF Global Sustainability Report release on April 11, 2023, Financial stability risks have increased rapidly as the
resilience of the global financial system has been tested by higher inflation and fragmentation risks.
Consequences of soaring interest rates, higher inflation and fragmentation risks, on March 10, The US government’s Federal Deposit
Insurance Corporation (FDIC) took control of Silicon Valley Bank (SVB) due to customers were frantically pulling their money.
On March 12, The FDIC shut down Signature Bank after a run on its deposits by customers who were spooked by the implosion of SVB.
Both banks had an unusually high ratio of uninsured deposits to fund their businesses.
On March 15, After watching shares in Credit Suisse (CS) collapse by as much as 30%, Swiss authorities announced a backstop for the
country’s second-biggest bank. It calmed the immediate market panic but the global player is not out of the woods yet. Investors and
customers are worried that it doesn’t have a credible plan to reverse a long-term decline in its business.
On March 16, First Republic Bank was teetering on the brink as customers withdrew their deposits.
Bangladesh Economy
Bangladesh welcomed 2022 on a strong footing and was about to recover from the coronavirus pandemic in full swing and fire on all
cylinders. In fact, economic activities were almost back to the pre-Covid level. This year was always supposed to be a celebration of
Bangladesh’s economic progress with the opening of Padma Bridge and Dhaka metro rail and 100 percent electrification. Opening
of the Padma Bridge and Metro rail brought a long-term positive impact on the economy. “Connectivity is always positive for an
economy”. But the outbreak of the Russia-Ukraine war upended the recovery.
Bangladesh economy was growing consistently high over a decade crossing 7.0 percent milestone in FY 2015-16 and 8.0 percent
milestone in FY 2018-19. However, the COVID-19 pandemic reduced the growth rate to 3.45 percent in FY 2019-20. The economy grew
by 6.94 percent in FY 2020-21. According to the provisional estimates of Bangladesh Bureau of Statistics (BBS), the GDP growth stood
at 7.25 percent in FY 2021-22, 0.05 percentage point higher than the target rate and 0.31 percentage point higher than the previous
fiscal year. According to provisional estimate of BBS, per capita GDP and per capita national income stood respectively at US$ 2,723
and US$ 2,824 in FY 2021-22 compared to US$ 2,462 and US$ 2,591 respectively in FY 2020-21. The consumption increased to 78.44
percent of GDP in FY 2021- 22 from 74.66 percent in FY 2020-21. The gross investment stood at 31.68 percent of GDP in FY 2021-22,
Agriculture Sector
The share of the agriculture sector in GDP at constant prices stood at 11.50 percent in FY 2021-22, from 12.07 percent in FY 2020-21.
According to the provisional estimate of BBS, the growth of agriculture sector stood at 2.20 percent in FY 2021-22, which was 3.17
percent in previous fiscal year. During this period among the 4 sub-sectors of broad agriculture sector the growth rate of crops &
horticulture and fishing has decreased while the growth rate of animal farming and forest and related services has increased compared
to previous fiscal year.
Industry Sector
Agriculture Sector
During FY 2021-22, within the broad industry sector, contribution
3.54% 3.42%
of ‘mining and quarrying’ sector slightly decreased to 1.74
3.26% 3.17% percent from 1.91 percent in FY 2020-21. During the same period,
2.20% contribution of ‘manufacturing’ and ‘construction’ sectors
expanded to 24.45 percent and 9.55 percent of GDP respectively
in FY 2021-22 compared to the previous fiscal year. The share of
broad industry sector reached 37.07 percent in FY 2021-22 from
36.01 percent in FY 2020-21. Due to the coronavirus pandemic,
2017-18 2018-19 2019-20 2020-21 2021-22 industrial production declined sharply in FY 2019-20. During the
period, growth in the industrial sector slowed to 3.61 percent
Series 1
from 11.63 percent in the previous fiscal year. However, in FY
Annual Report 2022

2020-21, the industrial sector has turned around and the growth of this sector has stood at 10.29 percent. As per provisional estimate,
the growth in industry sector will stand 10.44 percent.
Service Sector
Industry Sector In FY 2021-22, the share of broad service sector in GDP stood at
51.44 percent, from 51.92 percent in previous year. The number of
sectors in the broad service sector has increased from 9 sectors
11.63%
in the 2005-06 base year GDP to 13 sectors in the 2015-16 base
10.20% 10.29% 10.44%
year GDP. According to the provisional data, in FY 2021-22 growth
rate in broad service sector is increased by 1.80 percentage point
3.61%
to 5.73 percent as compared to 3.93 percent in the previous fiscal
year. All sectors/subsectors of the service sector of the economy
exhibited the positive growth in the current fiscal year compared
with the previous fiscal year. Some of the sectors are: wholesale
2017-18 2018-19 2019-20 2020-21 2021-22
and retail trade (8.72%), financial and insurance activities (7.60%),
Series 1 human health and social work activities (‘9.78%), information and
communication (6.15%), education (6.23%), arts, entertainment
and recreation (6.07%), transportation and storage (5.70%).
Inflation:
Inflation in FY 2020-21 stood at 5.56 percent, which is 0.09
Service Sector
percentage point lowers than FY 2019-20. Of which food and
non-food inflation accounted for 5.73 percent and 5.29 percent
6.88%
respectively. Like all other countries of the world, an upward trend
6.55%
5.73% 6.31% of price level is being observed in Bangladesh as the economic
damages created by COVID-19 pandemic which is triggered by
3.93%
war in Ukraine. The point-to-point inflation in March 2022, stood
at 6.22 percent, compared to the inflation rate 5.47 percent in
March 2021.
2017-18 2018-19 2019-20 2020-21 2021-22 Revenue Collection:
Series 1 The revised revenue mobilization target was set at Tk. 389,000
crore in FY 2021-22, which is 9.78 percent of the GDP. Of them,
revenue receipt from NBR sources was marked at Tk. 330,000
crore (8.30% of GDP), tax revenue from non-NBR sources at Tk.
16,000 crore (0.40% of GDP) and non-tax revenue at Tk. 43,000 crore (1.10% of GDP). As per provisional data from iBAS++, total
revenue mobilization up to February 2022 stood at Tk. 2,25,116 crore, up by 16.39 percent of the same period of previous fiscal year,
achieving 57.87 percent of the target.
Target Revenue Fig in Crore
FY 2022 Expenditure:
According to the revised budget, the total expenditure target for
FY 2021-22 has been set at Tk. 5,93,500 crore (14.93% of GDP),
FY 2021
which is 10.11 percent higher compared to FY 2020-21.
330,000 340,000 350,000 360,000 370,000 380,000 390,000 400,000
Annual Development programme (ADP):

Target Expenditure Fig in Crore The revised Annual Development programme (ADP) size for FY
2021-22 stood at Tk. 2,07,550 crore (excluding autonomous/
FY 2022
agencies/ corporations’ own funded projects), which is 5.01
percent higher than the previous fiscal year.
Export & Import:
FY 2021
Global trade has turned around in 2021 after the effects of
COVID-19 pandemic; the Russia-Ukraine conflict has been
500,000 520,000 540,000 560,000 580,000 600,000 620,000 showing significant negative impact on world trade. As a result,
food supply chains have been disrupted and Western sanctions
on Russia have led to global trade instability. At the same time,
Annual Report 2022

69
the prices of petroleum along with commodity prices are rising, which is also creating inflationary pressures on the economies.
However, Bangladesh’s export growth is on a positive trend. During July-April of FY 2021-22, total export earnings increased by 35.14
percent to US$ 43,344.34 million compared to the same period of previous fiscal year. The total import payments (c & f) stood at
US$ 66,898.70 million in FY 2021-22 (July-March), which is 43.84 percent higher than the import payments of the same period of the
preceding fiscal year.
Foreign Direct Investment (FDI)
Export & Import in Month In billion Tk
1200
Bangladesh is quite successful in attracting FDI inflows since
the inception of economic reform in 1995. The inflow of FDI
1000
has contributed significantly to the economic development
800 of Bangladesh. During the period 2021- 22, FDI net inflow of
Import Bangladesh is USD 3.4 billion as against USD 2.5 billion at 2020-21.
600
Export
400
200
0
May-22
Aug-22
Nov-22
Dec-22
Mar-22
Sep-22
Jun-22
Feb-22
Jan-22
Apr-22
Oct-22
Jul-22
Banking Sector in Bangladesh

The monetary policy for FY22 was designed to spur economic recovery from COVID-19 pandemic induced catastrophe and to maintain
appropriate overall price and financial stability. The economic recovery continued and real GDP growth increased from 6.94 percent
in FY21 to 7.25 percent in FY22, well supported by the fiscal and monetary policies. But CPI headline inflation was upbeat and rose
to 6.15 percent in FY22 from 5.56 percent in FY21 because of global supply chain disruption, deprecation pressure of BDT, increased
pent-up demand in domestic fronts and commodity price hike in the global market. Against the backdrop of global commodity price
hikes stemming from the COVID-19 pandemic driven supply disruptions fueled by the Russia-Ukraine war, an orderly exit from the
extraordinary expansionary policy stance was necessary. Despite lower than programmed monetary growth, Bangladesh had faced
growing inflationary and exchange rate depreciating pressure since the second half of FY22 mainly because of spillover effect of
the unexpectedly higher global inflation rate along with excessive current account deficits. Rising prices across the global markets
following the demand-supply mismatch fueled by Russia-Ukraine war induced. The recent trends in weighted average lending and
deposit rates show downward movement. The weighted average lending rate decreased to 7.10 percent at the end of February 2022
from 7.48 percent of end February 2021. Similarly, the deposit rate continuously decreased to 4.02 percent in February 2022 from 4.44
percent in February 2021. The reduction in market-based interest rates has been due to the increase in excess liquidity available to
banks and the reduction in interest rates, bank rate and refinancing scheme policies adopted by Bangladesh Bank.
The growth of bank’s advances has maintained an upward trend since the last couple of quarters, indicating higher credit demand
because of the post-pandemic economic recovery. The bank’s advances continued to grow and reached their highest level compared
to its recent past at 14.6 percent at end-September 2022, up from 14.4 percent at end-June 2022. On the other hand, the growth
of bank’s deposit fell to 7.8 percent at the end of Q1FY23 from 9.3 percent at the end of Q4FY22, mostly due to higher inflationary
pressure together with slower remittance inflow. Consequently, the overall advance-deposit ratio (ADR) picked up to 76.23 percent at
end-September 2022 from 74.8 percent at end-June 2022 and remained broadly stable.
Deposit and Advance Position of Scheduled Banks (In percent)
Year-on-Year growth of deposits, % Year-on-Year growth of
Bank Groups Advance Deposit Ratio
(Excluding Interbank) advances,%(Excluding Interbank)
Sep.22 Jun.22 Sep.22 Jun.22 Sep.22 Jun.22
SCBs 0.3 3.9 17.7 17.7 64.81 61.6
PCBs 10.5 11.4 14.6 13.7 82.18 80.7
FCBs 11.4 6.4 0.4 11.4 48.3 55.0
SBs 9.6 16.4 10.0 11.0 73.43 76.6
All 7.8 9.3 14.6 14.4 76.23 74.8
Liquidity condition of the overall banking sector broadly remained adequate, lower bank deposit growth in addition to selling of USD
to the foreign exchange market by Bangladesh Bank resulted in moderated excess liquidity. The excess liquidity in the banking sector
abated to BDT 1,703.2 billion at the end of Q1FY23 from BDT 2034.3 billion at the end of Q4FY22. As a result, the excess liquidity- the
excess of CRR and SLR as a percent of total demand and time liabilities (TDTL) has declined to 10.2 percent at the end of Q1FY23 from
12.6 percent at the end of Q4FY22.
Annual Report 2022

Liquidity Position of the Scheduled Banks (In billion BDT), as of end September 2022
CRR SLR
Excess(+)/ SLR eligible Excess(+)/
Bank Groups Required Balance with BB Required
shortfall (-) in liquid shortfall (-) of
Reserves in local currency Liquidity
reserve assets of banks SLR
SCBs 161.4 169.7 8.3 520.2 1143.5 623.3
SBs 17.5 19.1 1.6 0.0 0.0 0.0
PCBs (Other
285.7 301.2 15.5 940.9 1575.6 634.7
than Islamic)
Private Bank
160.2 218.5 58.4 222.0 358.3 136.3
(Islamic)
FCBs 31.6 68.3 36.8 115.5 424.4 308.9
All 656.3 776.8 120.5 1798.6 3501.8 1703.2
Liquidity Indicators (Quarter wise)
ADR (%) LCR (%) NSFR (%)
76.00% 111.00%
110.50%
75.00%
110.00%
74.00% 250.00%
109.50%
109.00%
73.00% 200.00%
108.50%
72.00% 150.00%
108.00%
100.00% 107.50%
71.00%
107.00%
70.00% 50.00%
106.50%
69.00% 0.00% 106.00%

Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22
Call Money Rate (%) 0.16%

Credit Deposit ratio (%)
0.16%
6.00%
0.16%
5.00% 0.16%
0.15%
4.00%
0.15%
3.00%
0.15%
2.00%
0.15%
1.00%
0.15%
0.00% 0.14%
Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22
Capital to Risk Weighted Assets Ratio (CRAR)

Although the capital-to-risk-weighted assets ratio (CRAR) modestly declined to 11.01 percent at the end of Q1FY23 from 11.15 percent
at the end of Q4FY22 due to weaker asset quality mostly associated to SCBs and PCBs, overall capitalization of the banking system
remained broadly stable as per the Basel norm. The CRAR of SCBs and PCBs went down to 6.18 percent and 12.72 percent at the end
of Q1FY23 from 6.43 percent and 12.97 percent at the end of Q4FY22, respectively, indicating a weaker capital maintained.
Capital to Risk Weighted Assets Ratio by Types of Banks
2022 Developments of Monetary Aggregates
Bank types 2018 2019 2020 2021
(June) On the monetary front, the broad money growth, an indicator of
SCBs 10.3 5 9.6 8.1 6.4 the demand influencing factor, was lower than the programmed
SBs -31.7 -32 -32.9 -33.6 -35.8 growth set for H1FY23. In addition, the banks’ excess reserves
were very limited in most cases, along with a shortfall in some
PCBs 12.8 13.6 13.7 13.7 13
cases, particularly in the Islamic Shariah-based banks.
FCBs 25.9 24.5 28.4 25.9 26.4
All banks 12.1 11.6 12.5 12 11.2
Annual Report 2022

71
(Y-to-Y growth in %)
Jun-21 Jun-22 Dec-22
Item
Actual Actual Actual Program
Broad money 13.60 9.40 8.40 10.00
Net Foreign Assets 27.70 (11.90) (22.60) (10.10)
Net Domestic Assets 9.20 17.20 18.50 16.60
Domestic Credit 10.40 16.20 15.10 16.90
Credit to the public sector 21.70 29.10 26.60 33.30
Credit to the private sector 8.30 13.70 12.80 13.60
Reserve money 22.40 (0.30) 17.40 9.00
Money multiplier 4.49 4.93 4.63 5.06
NCG (Crore Taka, during the respective fiscal year) 42,040.00 62,540.00 32,249.00 106,334.00
Financial Insight of NRBC Bank

All together of as being 4th generation Bank, NRBC Bank achieved a median performance in 2022 and passed another year of
consolidation and compliance. Operating income of the bank increased to Tk. 8,736 million having growth of 15.23% over previous
year. This growth is mainly attributed to increase in interest income by 41.45% from the previous year. Bank’s total assets reached Tk.
200,356 million in 2022 compared to Tk. 153,552 million in 2021 with a growth of 30.48%. Deposit reached Tk. 161,149 million compared
to Tk. 124,626 million with a growth of 29.31% and Loans and advances was 29.82% higher than the preceding year and stood at Tk.
136,174 million.
But increase of operational expenses and additional provision against delinquent customers as well as also unrealized loss on listed
company share due to stagnant capital market since April 2022 has de-facto impact on bottom-line of the Bank. Furthermore, Tax
Change in the capital gain on government securities from 0% to 15% as per Finance Act 2022 including all through impact reduced
net profit after tax by Tk. 344.37 which is 16.53% lower than the year 2021. Despite of persistent effort of loan recovery CL ratio being
downgraded to 4.69% in 2022 from 4.56% of the previous year and worsening CL ratio also be exaggerated due to policy support by
Bangladesh bank for deferral payment of Covid affected clients. Downtown of profitability and past due of loans/investments also
impact Capital to Risk Weighted Assets Ratio (CRAR) of 12.44% which is for the first time below 12.50% as per BASEL Accord III.
To spread the network of financial inclusion among the marginal unbanked population to expedite economic process and expanding
banking service with utmost sincerity to the peripheral community to nurture budding entrepreneurs and strengthening local by
bringing superior quality, technology driven banking products and services, NRBC Bank has maintained a balanced distribution of
network, the whole network of NRBC Bank now consists of 103 branches, 224 sub- branches, 131 Micro Finance program support
partnership, 570 Sub-registry booths, 594 Agent outlets, 4 SME service centers, 5 Islamic windows, 81 own ATMs with more than
12,000+ shared ATMs. All the operations of the Bank are interconnected and integrated through state of the art networking technology.
Financial highlight of 2022 presented considering Audited Financial Statement by the shareholders in the 10th AGM:
B1.0: Liquidity Management
The main objective of liquidity management is to ensure the company’s liquidity at all times and to raise the necessary funds to
finance the day-to-day business. Effective liquidity management helps ensure a bank’s ability to meet its obligations as they fall due
and reduces the probability of an adverse situation developing. Banks are often evaluated on their liquidity, or their ability to meet
short term obligations without incurring substantial losses. In either case, liquidity management describes the effort of investors
or managers to reduce liquidity risk exposure. The decisive objective of liquidity management is to ensure maximum utilization of
resources. If bank holds liquid assets more than industry average then it is under utilizing its asset is the result. If bank holds liquid
assets less than industry average then it are taking too much risk. Liquidity management refers to holding liquid assets in such a way
that will ensure proper utilization of asset and meeting short term obligation.
NRBC Bank holds of Tk. 3,333.58 Million liquid assets that show the strength of the bank of meeting short term obligation. As per net
stable funding ratio Bank hold enough stable funding to cover the duration of their long-term assets.
Figure in million (BDT) unless otherwise specified
Year 2022 2021 2020 2019 2018
Liquidity Coverage Ratio( LCR) 144.47% 132.83% 164.95% 131.89% 148.83%
Net Stable Funding Ration (NSFR) 102.89% 101.59% 101.13% 107.54% 113.80%
Cash in Hand & Cash Equivalent 18,041 12,693 9,592.95 7,870.16 6,612.43
Cash Reserve Requirement (CRR) 4.00% 4.00% 4.00% 5.50% 5.50%
Cash to Deposit Ratio 11.19% 10.18% 6.76% 8.12% 7.56%
Balance –Other Banks and Financial
7,049.69 4,547.85 3,501.04 2,034.56 2,524.68
Institutions
According to MPD Circular No. 01 dated 03 April 2018 of Bangladesh Bank, Cash Reserve Requirement is 3.50% on daily basis and
4.00% on bi-weekly basis of Average Time and Demand Liabilities and, accordingly, NRBC Bank complied with it.
Annual Report 2022

B2.0: Treasury Management
NRBC Bank Treasury Management is tempted to manage Bank’s financial resources in order to achieve its strategic and operational
objectives. Hence, Treasury management is mainly focused on the overseeing and handling of a financial institution’s cash flow. Being
fund manager, NRBC Bank Treasury Management ensured that the maturity schedules of the deposits coincide with the demand
for loans. To do this, the manager looks at both the liabilities and the assets that influence the bank’s ability to issue credit. Fund
management in Bank is primarily done by Treasury Management division which oversees following core areas: (a) asset liability
management (ALM), (b) trading and hedging, (c) portfolio management i.e. Capital Market Investment, and (d) funds transfer pricing
(FTP).
Bank has strong Asset-Liability Committee (ALCO) conduct meeting in every month that ensure fund flow considering projected
scenario of the market. ALCO revised deposit pricing 5 Times also loan pricing 3 times during the year 2022.
Year 2022 2021 2020 2019 2018
Total Investment 36,996.57 28,541.08 26,367.84 15,298.17 8,276.75
Investment In Govt. Securities 29,385.13 23,063.36 24,141.74 12,715.43 6,151.26
Ratio of Govt. Investment to Total
79.43% 80.81% 91.56% 83.12% 74.32%
Investment
Net Treasury Income 3,895.4 3,572.61 3,386.85 1,486.06 877.88
Total Investment NRBC Bank Treasury Division usually conform cash reserve
requirements, ensure proper management of liquidity, and
minimize interest rate risk on the Bank’s statement of Financial
40,000.00 Position. The Table above depicts the scenario of steady growing
of investment over the years. The table exhibits an upward
35,000.00
movement of Investment in the year 2022. Total investment
36,996.57
30,000.00 increased by 29.63% over the preceding year. Investment

Increased to diversify the investment Portfolio which will minimize
28,541.08
25,000.00
risk and Maximize Profit. Ratio of Investment in Government
26,367.84
20,000.00 Securities/ total Investment is 79.43%. Net Treasury Income

appreciated by 9.04% in the year of 2022 though contribution
15,000.00
from capital market was mostly negative return to the Bank due
15,298.17
10,000.00 to Bangladesh’s stock market had a lackluster year in 2022 after

8,276.75
posting double-digit returns for the previous two years. Dhaka

5,000.00
Stock Exchange (DSEX), the broad market index of the country,
0.00 fell 8.1 per cent in 2022, while daily average turnover fell by 35
2018 2019 2020 2021 2022 per cent.
B3.0: Loans and Advances/ Investment under Shahriah Base Islamic Banking and its Managment:
Loans and advance/Investments are the most substantial earning source of bank. Bank’s Success is contingent upon the success
of revenue generating ability of its loans & advance/investments. Bank’s profitability depends on the asset quality, or on revenue
generating ability.
Year 2022 2021 2020 2019 2018
Loans & Advance/Investments 136,174 104,898 74,836 62,015 48,152
AD Ratio 84.49% 84.17% 78.66% 82.54% 85.91%
% of Classified Loan 4.69% 4.56% 2.93% 3.20% 2.94%
% of Large loan dependency 18.58% 30.74% 35.39% 36.25% 36.43%
Number of loan Account 58,598 28,063 19,452 15,317 13,357
Annual Report 2022

73
Loans & Advance/Investment Loans and Advance/ Investments of Bank increased since
inception of its operation in 2013 and stood at BDT 136,174.05
million, which is 29.82% more than the preceding year. The table
160,000 depicts an increasing trend of number of loan account over the
five years’ period. Number of loan account increased by 108.81%
140,000
in the year 2022 from the preceding year 2021. The increased
120,000 percentage of loan account occurred due to disbursement of
136,174
micro finance the Partnership Banking with SKS Foundation
100,00
signed in 2021.
104,898
80,000
The Bank is focused on diversifying its portfolio and concentrating
60,000 on SME sector and achieved the target of SME, Women
74,836 Entrepreneur Loan and Agricultural loan set by Bangladesh Bank.
62,015
40,000
The Bank approved loan application on the basis of its merit,
48,152
20,000 credit worthiness, security market reputation etc. This Prudential

credit management team helps the bank to build a healthy assets
0
portfolio and to attain quality growth.
2018 2019 2020 2021 2022
Sectoral and area wise Credit concentration SME, RMG, Trade Finance and other manufacturing industry are
prominent sectors where bank lends most of its loan-able fund.
2% 1%
Bank diversified its loan portfolio by lending money in textile,
6% service industry, consumer finance, and steel industry as well.
2% Bank diversified its Asset portfolio and reduced dependency
3%
Dhaka on corporate borrower by focusing on retail, CMSME, and
7% Chittagong Micro Sector. Corporate or Large Depositors and Borrower
Rajshahi pose higher risk on Bank’s Asset Liability portfolio. Corporate
Sylhet customers are highly price sensitive and probability of default
11%
Barisal for corporate customers is higher as well. Bank intends to
68%
Rangpur reduce its concentration risk by avoiding a single counter party
Khulna of sector that poses higher risk on its Asset Liability Portfolio.
Mymensingh Concentration risk primarily applies to the Asset Side of the
Balance sheet. Bank emphasized on retail, CMSME, and Micro
Sector to lend money through Branches and Sub Branches
operating all over the country. Substantial Portion of the loans
and advance/Investment Customers of NRBC Bank are from
Dhaka and Chittagong division that pose a concentration risk on our total loan portfolio. Sub Branches opened in different area of the
country mobilized Asset and reduced risk arising from investment from geographical concentration risk.
Others Agricultural Industry
2.31% 1.69% Textile
Other Manufacturing Industry 2.07%
7.27% RMG
9.30%
Card
0.59% NBFI
0.67% Food
0.02%
Trade Industry Beverage
8.45% 0.71%
Pharmaceutical
0.27%
Electrical
Steel 1.25%
2.07%
Staff Loan
0.66% Construction
6.64%
House Building Residential

6.01%
Leather
0.46%
Service Industry
5.13%
Transport
0.24%
Capital Market
SME 0.98%
31.16 Car Loan
0.00%
Insurance
0.12%
Consumer Finance
Printing 9.90%
Ship Breaking
1.19% 0.83%
Annual Report 2022

Bank is reduced geographical concentration for extending credit facilities all over Bangladesh. Credit concentration on Dhaka division
is reduced by 5.16% due to dependency large loan exposure in Dhaka. Expansion of Micro credit in Rangpur area with help of partner
SKS increased loan portfolio by 2.90% in Rangpur Division.
Figure in Crore (BDT) unless specified otherwise
Year
Division
31 December, 2022 31 December, 2021 31 December, 2020 31 December, 2019 31 December, 2018
Dhaka 9,277.86 68.13% 76,884.60 73.29% 75.02% 4,535.23 73.13% 3,480.98 72.34%
5,614.39
Chittagong 1,469.54 10.79% 11,162.90 10.64% 12.95% 911.31 14.69% 803.89 16.71%
969.06
Rajshahi 908.28 6.67% 498.36 4.75% 4.38% 330.55 5.33% 261.93 5.44%
327.97
Sylhet 384.12 2.82% 211.08 2.01% 1.98% 141.87 2.29% 114.89 2.39%
148.10
Barisal 310.66 2.28% 311.89 2.97% 2.73% 88.14 1.42% 65.04 1.35%
203.99
Rangpur 868.75 6.38% 418.90 3.99% 0.65% 46.37 0.75% 48.85 1.02%
48.38
Khulna 334.50 2.46% 155.68 1.48% 1.26% 87.46 1.41% 27.04 0.56%
94.48
Mymensingh 63.72 0.47% 89.17 0.85% 1.03% 60.57 0.98% 9.15 0.19%
77.20
Write loan of delinquent Customers:
The Board of Director adopted Loan Write off policy in its 152nd meeting of the Bank held on 27 October 2022 in line with Bangladesh
Bank BRPD Circular #1, on February 06, 2019. Total 538.86 million being written off during the year 2022 after adopting the policy
by Board. Out of Tk. 72.99 Million and Tk.104.60 million settled through Interest and suspense interest income respectively. Net loss
will be 361.27 if Bank did not recover from delinquent customers. Detail loan write off given in the annexure –G of Audited Financial
Statement segment.
The Board of Director in its 161st meeting held on April 13, 2023 fixed annual recovery target write off borrowers of our bank for
the year of 2023 according to letter received from Department of Off Sight Supervision, Bangladesh Bank vides their letter DOS
(OS)/1156(20)/2023-1494 dated: April 21.03.2023.
Annual Recovery Target against individual write-off borrower as listed below:
Figure in Crore (BDT)
Write Off Recovery
SL Branch Name Borrower Name
Loan Target
1 Agrabad Branch Norm Outfit & Accessories Limited 28.96 4.34
Karim Trading Corporation Ltd 15.74 2.36
2 Principal Branch
BMC Trading 3.64 0.54
3 Banani Branch Bidhu Chemicals 3.68 0.55
4 Sonargaon Janapath Sorok Branch NRS Bricks 1.85 0.27
Total 53.86 8.08
Recovery target Tk.8.08 Crore for the year 2023 which stands 15.00% in total and the Board urged all sort of effort will be given for
recovery as well as appropriate action against all relating parties of defalcation.
B4.0: Deposits Mobilization through our network Deposit mobilization is the process of mobilizing funds by
Deposits financial institutions from the surplus units to the deficit units
to create better opportunities for productive investment. Bank
retains the deposit of its customer as custodian. But truly
161,149.66
160,000
speaking, it is the lifeblood of banking business and as such Bank
124,626.36
140,000
accepts / procures deposits in two broad categories- Demand
120,000
Deposit and Time Deposit. Deposit growth in the country’s
95,311.13
banking sector was 5.66 per cent in 2022, which is much lower
71,857.90
100,00
54,085.64
80,000 than that in recent years as people were struggling with various
60,000 issues including rising inflation, economic crisis, low interest rate
40,000
and irregularities. Scam of Islami Bank Limited fueled deposit
20,000
mobilization crisis. Despite of nation crises, Deposit of NRBC
Bank and number of Deposit Account Increased by 28.19 percent
0
2018 2019 2020 2021 2022
and 47.36 percent respectively over that of preceding year. In
Annual Report 2022

75
continuation expansion program, NRBC bank opened Ten (10) new Branches, Twenty-Two (22) new Sub-Branches in the year 2022.
NRBC is only 4th generation bank which achieved a network of 103 (One hundred three) branch and 465 (Four hundred sixty five) sub
branch including Land Registration Sub Branch (LRSB) and NRBC-Micro Finance sub branch all over the country to bring unbanked
people in the banking channel in line with the notion of Financial Inclusion. Deposit and Number of Deposit Account Increased
significantly because of expansion of network, and mobilization deposit from individual savers instead of corporate savers.
Year 2022 2021 2020 2019 2018
Deposits 161,149.66 124,626.36 95,311.13 71,857.90 54,085.64
Cost of Deposit 4.25% 4.25% 4.95% 6.98% 7.27%
Number of Deposit A/c 1,162,792 789,099 526,943 370,731 257053
% of low cost deposit
34.12% 48.61% 41.64% 35.22% 28.96%
mixing (CASA)
Cost of Deposit is one of the most dominant cost factors for Bank. It is the amount of Money that the Bank spent in order to acquire
money to lend to its customers. Bank extended its network with a view to mobilizing Low/No cost Deposit or CASA deposit to bring
the weighted Average Cost of Capital down. Bank made it possible by expanding it coverage in the area where people are not interest
rate sensitive. In urban area, people are very much interest rate sensitive, but in rural area people are not behave the same. As the
benediction of expansion Bank has been able to mobilized deposit at a relatively lower rate of interest that helped the bank to increase
its profitability
The 133rd Board of directors sat target for acquisition of low cost/ no cost fund to reduce Cost of Fund and minimize administrative
cost and Management achieved modest target Low/No cost Deposit or CASA deposit which lower than 2021 hence cost of deposit
is rename in compare to previous year.
Growing number of accounts takes banks closer to people. Although there is no clear data on the number of unbanked people in
Bangladesh, different research hints that more than 40 percent of the population remains out of the formal financial system. NRBC
Bank focused on this untouched market and expanded its network to bring the banking services at the doorstep of the said Segment.
The Higher the portion of Low/No Cost Deposit in the Deposit basket, the Lower will be the Cost of Deposit (CoD), the higher will be
the spread between Yield on Advance (YoA) and Cost of Fund (CoF). A comparative scenario of Deposit Mix of the Last three years
is given below:
Particular 2022 2021 2020 2019
No Cost Deposit 17,092.48 17,461.00 11,990.42 9,437.35
No Cost as % of Total Deposit 11.26% 15.20% 13.30% 13.13%
Low Cost Deposit 51,779.85 38,379.73 25,558.33 15,870.96
Low Cost as % of Total Deposit 34.12% 33.41% 28.34% 22.09%
Total No Cost & Low Cost Deposit 68,872.33 55,840.72 37,548.74 25,308.21
No Cost & Low Cost Deposit as % of Total Deposit 45.38% 48.61% 41.64% 35.22%
High Cost Deposit 78,402.35 59,034.21 52,627.45 46,549.55
High Cost Deposit as % of Total Deposit 53.24% 51.39% 58.36% 64.78%
Total Deposit 147,274.68 114,874.90 90,177.26 71,857.90
No Cost Others
Deposit 6%
12% Current Deposit
Deposit Under 17%
Scheme
15%
Savings
High Cost Deposit
Deposit 12%
53% Low Cost
Deposit
35%
Fixed Deposit
39%
A comparative analysis of Time Deposit and Demand Deposit for last two years is given below. Time deposit and Demand deposit is
76.43 percent and 23.57 percent respectively in 2022.Which was 72.20 percent and 27.80 percent in previous year.
Particular 2022 % 2021 %
Current Deposit 24,942.80 16.94% 20,515.05 17.86%
Savings Deposit 18,223.00 12.37% 12,973.90 11.29%
Short Notice Deposit 16,038.74 10.89% 12,634.98 11.00%
Fixed Deposit 57,980.34 39.37% 34,102.48 29.69%
Annual Report 2022

Deposit Under Scheme 21,966.96 14.92% 24,400.28 21.24%
Others 8,122.84 5.52% 10,248.19 8.92%
Total 147,274.68 100.00% 114,874.87 100.00%
The 137th Board of directors evaluated the journey from 2017 to 2021 In these 04 years, Bank has progressed through multifaceted
developments in various parameters. One of the biggest challenges was to maintain sufficient spread by lowering the Cost of Deposit
in line with implementation of single-digit credit policy. During the early days 2017, Bank’s Cost of Deposit was over 13% but by the end
of 2021, the cost of deposit has been reduced at a competitive level which is a commendable achievement of the Bank. Bank posted
Number of Accounts increased by 52.11 percent in comparison of 2021 and by 378.18 percent over that of year 2017.
B5.0: Net Assets Value to the shareholders
Shareholders’ equity represents the net worth of a company, which is the amount that would be returned to shareholders if a company’s
total assets were liquidated and all of its debts repaid. This financial metric is frequently used by analysts to determine a company’s
general financial health. Equity and capital are growing consistently over the years. In the 10th AGM, if the shareholders approve 4.50
percent stock dividend that recommended by the Board of Directors. Paid up capital will be increased by 356.83 million in the capital
structure, capital and Net Asset Value (NAV) of the bank reflect its financial Strength of the bank.

Particular 2022 2021 2020 2019 2018
Shareholder Equity 12,935.32 11,808.62 9,797.54 8,189.94 7,094.31
Regulatory Capital 19,221.27 16,069.33 10,391.2 8,907.26 7,352.51
NAV (Tk.) per share 16.31 14.89(Restated) 13.28(Restated) 11.10(Restated) 9.55(Restated)
Risk Weighted Assets 154,493.40 119,482.86 82,997.67 66,462.20 52,436.55
Capital Adequacy Ratio 12.44% 13.45% 12.52% 13.40% 14.02%
Capital - Core (Tier I) 11,993.53 11,080.48 8,594.24 7,883.21 6,778.83
Capital - Supplementary (Tier II) 7,227.74 4,988.85 1,796.99 1,024.04 573.68
This is for first time Capital Adequacy Ratio is under bench mark respectively. The Bank is also trying to curve down the Risk
of 12.50 percent due to downtown of profitability and past due of Weighted Assets by ensuring rated corporate segments customer
loans/investments. as well as diversification of the portfolio in SME, Micro Credit and
Retail those have lower impact on capital charge.
Through the Board of director persistently emphasis on
improvement of CRAR. The 133rd Board Meeting advised to the Shareholder Equity
Management for taking take all necessary initiatives to ensure
Capital Adequacy Ratio (CRAR) within 13.50% to 14.00% at the
14,000
end of 2022 while approved Annual Budget for 2022.
12,935.32
12,000
Also several other Board Meeting emphasis on improvement of
11,808.62
CRAR. Board believed that Management will improve CRAR by 10,00

giving all sort of effort which will help CAMELS rating and Health
9,797.54
8,000
of the Bank.
8,189.94
6,000
7,094.31
Net Assets Value (NAV) per share reaches at Tk.16.31 per share.
Consistent Increase of equity and Capital augment Net Asset 4,000
Value (NAV)/Share and Investors consider the Bank Worthwhile
2,000
for Investment.
0
The table shows a climb in Equity, Capital and Risk Weighted
Assets by 9.54 percent, 19.61 percent and 29.30 percent 2018 2019 2020 2021 2022
B6.0: Comparative Financial Metrics

Banks perform various types of transactions and activities to support their banking business. These transactions may include making
or accepting payments, trading, clearing and settlement of accounts, and custody. The key operational activities include Acceptance
of Deposits, Lending of Funds, Clearing of Cheques, Remittance of Funds, Lockers & Safe Deposits, Bill Payment Services, Online
Banking, Credit & Debit Cards, Overseas Banking Services, Wealth Management, Investment Banking, and Social Objectives. Banking
operation involves, the legal transactions executed by bank in daily business such as mobilizing fund, providing loan, mortgage and
investment, depending on the focus and size of the bank. In other word practice and procedure that bank use to ensure customers
transaction are completed accurately and appropriately. Income of bank is generated from four (04) main sources, which Income
from loans and advances, Investment Income, Commission and fee based Income, and other operating income. Expenditure can be
categorized into two (02) categories, which are interest paid on deposit and borrowings and operating expenses. The table shows
some indicators to compare the performance of the bank between two periods
Annual Report 2022

77
Particulars 2022 2021 % Change 2021 2020 % Change
Total operating income 8,736.49 7,582.00 15.23% 7,582.00 6,300.05 20.35%
Total operating expense 4,697.36 3,527.54 33.16% 3,527.54 3,232.06 9.14%
Operating profit (Profit before provision and tax) 4,039.13 4,054.46 -0.38% 4,054.46 3,068.00 32.15%
Profit before tax for the year (PBT) 2,988.69 3,002.42 -0.46% 3,002.42 2,039.73 47.20%
Tax provision 1,249.12 918.48 36.00% 918.48 696.90 31.80%
Profit after tax (PAT) 1,739.57 2,083.94 -16.52% 2,083.94 1,342.83 55.19%
Earnings per share (EPS) 2.194 2.628(Restated) -16.51% 2.628(Restated) 1.693(Restated) 55.23%
Cost income ratio 53.77% 46.53% 15.57% 46.53% 48.70% -4.47%
Return on investment (ROI) 14.06% 19.29% -27.11% 19.29% 15.28% 36.32%
Return on assets (ROA) 0.98% 1.54% -36.36% 1.54% 1.34% 25.37%
*Restated by no. share 792,966,061 outstanding as of December 31, 2022 for comparative analysis
The table depicts that operating income of the bank increased by 15.23 percent, but Operating Profit decreased by 0.38 percent due
to operating expenses increased by 33.16 percent i.e. proportionate increase in operating income is lower than proportionate increase
in operating expenses. Expansion program of the Bank as well as recruitment new employees were causes of the increase in operating
expenses.
As the Bank concerned that such expansion program will ensure low cost fund as well as large loan concentration viz. rural credit
will ensure the profitability of the Bank in the future. Profit before tax for the year (PBT) decreased by 0.46 percent due to loan loss
provision for degradation of loan Asset Quality, eventually such fact impact on Earnings per share (EPS), Return on investment (ROI),
and Return on assets (ROA).
B7.0: NRBC Group’s Performance Versus NRBC Bank’s Performance
The 151st Board held on 16 October 2022 endorsed official soft operation of a new subsidiary entity M/s. NRBC Bank Asset Management
Limited by restructured its Board of Directors. Hence, NRBC Group Consists of NRBC Bank Limited with its two subsidiaries- NRBC
Bank Securities Limited (NRBCBSL) and NRBC Bank Asset Management Limited (NRBCAML).
NRBC Bank is operating all over the country through its branches, Banking Sub Branches, Micro Finance Sub Branches, BRTA Collection
Booth, & Sub-registry booth and strategic agent banking partners who have sub-agent points all over the country. Expansion of
Network positively contributes to the mobilization of deposit, resulting in the creation of credits by the banking system. Branch
expansion means creation of future market for banks, tapping the untouched market where opportunities exist to grow or prosper.
NRBC Bank has taken an all-out effort to position the bank as mid-sized player in the industry in line with its slogan ‘Building Market
Share”. Bank expanded its area of operation from Conventional Branch Banking to Sub Branch Banking. Bank started Micro Finance
Banking together with SKS Foundation to bring unbanked people under the umbrella of NRBC Bank, moreover to ensure its existence
in every corner across the country. It is working to create employment opportunities and promote economic Growth of the country.
NRBCBSL offers stock brokerage services to local and international institutions and retail clients. It especially provides one-stop
services to Non-resident Bangladeshis (NRB).To ensure client’s satisfaction; NRBCBSL is always one step ahead and ready with state
of the art technology and innovative services. Prioritizing information infrastructure NRBCBSL wants to lead from the front when it
comes to value investing, algorithmic trading and predictive analysis in Bangladesh Capital Market.
New Venture NRBCAML shall provide high standard of professional services to its individual and institutional clients through mutual
funds, portfolio management and other services.
Group NRBC Bank Ltd
Particular
2022 2021 Change (%) 2022 2021 Change (%)
Interest Income 11,368.48 7,983.72 42.40% 11,178.65 7,902.90 41.45%
Interest Expenses 6,714.19 4,569.46 46.94% 6,682.03 4,569.46 46.23%
Investment Income 2,597.42 3,602.14 -27.89% 2,576.05 3,521.19 -26.84%
Non-Interest Income 1,878.79 1,465.41 28.21% 1,663.82 1,242.53 33.91%
Non-Interest Expenses 4,766.57 4,123.11 15.61% 4,697.37 4,042.70 16.19%
Total Income 15,844.69 13,051.27 21.40% 15,418.53 12,151.47 26.87%
Total Expenses 11,480.77 8,692.57 32.08% 11,379.40 8,097.00 40.54%
Operating Profit 4,363.92 4,358.70 0.12% 4,039.13 4,054.46 -0.38%
Provision for Loans and Others 1,089.26 1,077.12 1.13% 1,050.43 1,052.04 -0.15%
Profit Before Tax 3,274.66 3,281.58 -0.21% 2,988.70 3,002.42 -0.46%
Provision for Tax 1,341.38 998.08 34.40% 1,249.13 918.48 36.00%
Annual Report 2022

Profit After Tax 1,933.29 2,283.50 -15.34% 1,739.57 2,083.94 -16.52%
Cost income ratio 52.20% 48.61% 7.39% 53.77% 46.53% 15.56%
Return on Equity (ROE) 15.31% 20.83% -26.50% 14.06% 19.29% -27.11%
Return on assets (ROA) 1.09% 1.68% -35.12% 0.98% 1.54% -36.36%
Cost of Deposit 4.25% 4.25% 0.00% 4.25% 4.25% 0.00%
Net Assets Per Value 16.73 15.12 10.65% 16.31 14.89 9.54%
(Restated) (Restated)
Earnings Per Share 2.438 2.855 -14.61% 2.194 2.628 -16.51%
(Restated) (Restated)
Interest Income (Solo) Investment Income (Solo)
4,000.00
12,000.00
3,500.00
11,178.65
3,521.19
10,000.00
3,000.00
8,000.00 2,500.00
2,576.05
7,902.90
6,000.00 2,000.00
1,500.00
4,000.00
1,000.00
2,000.00
500.00
0.00
0.00
2021 2022 2021 2022
Interest Income of the group increased significantly, investment income decreased slightly and Interest Expenses increased pointedly.
As a result operating profit of NRBC Group is increased by slightly over the preceding year and profit after tax decreased by 15.34
percent. Cost Income Ratio increased and reached at 52.20 percent because operating expenses of the bank increased due to
expansion of network all around the country.
Net Asset Value of the NRBC Group is 16.73 per share, whereas Net Asset Value of NRBC Bank is 16.31 per share. NRBC Bank holds
99.78 percent of the group consolidated Balance Sheet.
Return on Equity (ROE) decreased and stood at 15.31 percent and Return on investment (ROI) decreased and reaches at 1.09 percent.
Increasing Net Assets Value (NAV)/Share reflects increased net worth of the bank. The Earnings per Share (EPS) of 2.438 exhibit
median performance in the Banking Industry for the year 2022.
B8.0: NRBC Group’s Performance versus NRBC Subsidiary’s Performance
The Contribution NRBC Bank Securities is performing better gradually. NRBC Asset Management has just come into operation in
2022, yet to start its business. Group performance of NRBC and its Subsidiary Company NRBC Bank Securities limited is tremendous,
according to consolidated financials of NRBC Bank Limited on 31 December 2022. NBRC Bank and NRBC Bank Securities limited
contributed in group profit by 89.98 percent and 10.02 percent respectively. Balance sheet size of NRBC Securities increases by 1.23
percent which comprises 1.36 percent of group Balance sheet
Figure in Million (BDT) unless otherwise Specified
Particulars 2022 2021
NRBC Subsidiary Consolidated* NRBC Subsidiary Consolidated*
Cash in Hand & at Bank 18,041.48 185.44 17,751.68 12,735.02 86.33 12,745.04
Investment 36,996.57 752.99 37,749.56 28,541.08 340.43 28,881.51
Loan & Advances 136,174.05 1683.53 136,523.71 104,898.31 2,000.29 105,490.58
Fixed Assets 1,883.20 15.07 1,898.27 1,828.38 9.42 1,837.80
Others Assets 7,116.36 184.87 6,739.98 5,443.98 252.36 5,335.02
Borrowing 12,372.25 1583.46 12,621.81 7,287.22 1,662.97 7,542.17
Deposits 147,274.69 82.60 146,882.05 114,874.87 106.86 114,947.26
Other Liabilities 22,273.80 260.97 22,533.45 16,581.67 317.76 16898.11
Shareholder Equity 12,935.32 894.96 13,270.28 11,808.62 601.24 11,989.74
Balance Sheet Size 200,356.06 2,821.97 200,807.60 153,552.38 2,688.83 154,437.41
Operating Profit 4,039.12 324.80 4,363.93 4,054.46 304.24 4,358.70
Profit after Tax 1,739.57 193.72 1,933.29 2,083.94 199.55 2,283.49
*Intercompany Transaction has been omitted
Annual Report 2022

79
The table exhibits that Contribution of subsidiaries has been
Balance Sheet Size increased, special NRBC Bank Securities Ltd for the last three
years. Profit Contribution stood 7.44% in 2022 and it was 6.98%
250,000.00 in 2021 with effect of that contributed in the bottom-line i.e. Net
Profit which 10.20% in 2022.
200,000.00
200,356.06
Despite of Stocks end a rough year in 2022 due to the recessionary
150,000.00
global forecasts, unresolved Ukraine crisis alongside local factors,
153,552.38
116,620.41
100,000.00 pre-election uncertainties, banking sector crisis, tightening
86,598.12
50,000.00
90,118.08 money market, depreciating Taka, and stressed forex reserve,
NRBC Bank Securities Ltd did the expected performance.
0.00
Market analysts are barely expecting a notable improvement in
2018 2019 2020 2021 2022
2023, if so, Subsidiaries shall contribute a larger part in the group.
B9.0: Trend Analysis of Financial Performance of five Year (05) years

NRBC Bank in its 10th operation performed a median profitability as mentioned in the earlier para, but basic financial indicators Loans
& Advances/investment under Shahriah Banking, Deposits, Net Asset Value (NAV) and Balance Sheet Size showing increasing trend
over the previous period. Trend analysis of Financial performance of last five years is given below:

key operating and financial data 2022 2021 2020 2019 2018
Loans & Advances/investment under Shahriah Banking 136,174.05 104,898.31 74,835.73 62,015.02 48,151.88
Deposits 147,274.69 114,874.87 90,177.26 71,857.90 54,083.28
Shareholder Equity (Net Asset Value) 12,935.32 11,808.62 9,797.54 8,189.94 7,094.31
Balance Sheet Size 200,356.06 153,552.38 116,620.41 90,118.08 86,598.12
Total Contingent Liabilities &Commitments 50,265.90 53,600.42 35,483.89 27,408.20 19,455.25
Import 36,028.30 42,370.77 30,579.76 332,206.16 26,229.88
Export 33,735.60 30,652.26 28,070.50 292,160.01 25,091.91
Remittance 13,329.20 10,820.93 4,089.41 20,938.62 996.19
Operating Profit 4,039.13 4,054.46 3,068.00 2,587.14 1904.16
Profit Before Tax 2,988.70 3,002.42 2,039.73 2,042.51 1,569.89
Profit After Tax 1,739.57 2,083.94 1,342.83 1,148.26 937.65
Earnings Per Share 2.19 2.83 2.31 1.97 1.82
Earnings Per Share-Restated - 2.63 1.82 1.97 1.64
[for 2022] [for 2021 [for 2020] [for 2019]
Diluted Earnings Per Share - 2.628 - - -
Capital - Core (Tier I) 11,993.53 11,080.48 8,594.24 7,883.21 6,778.83
Capital - Supplementary (Tier II) 7,227.74 4,988.85 1,796.99 1,024.04 573.68
Total Capital 19,221.27 16,069.33 10,391.24 8,907.26 7,352.51
Statutory Reserve 3,065.01 2,467.27 1,866.79 1,463.85 1,061.29
Retained Earnings 1,897.40 1,879.43 1,294.95 1,015.13 841.32
Capital Adequacy Ratio 12.44% 12.52% 12.52% 13.27% 14.02%
Cost income ratio 53.77% 49.93% 51.30% 46.22% 49.19%
Return on investment/Equity (ROI/ROE) 14.06% 19.29% 15.28% 15.04% 13.89%
Return on assets (ROA) 0.98% 1.54% 1.34% 1.47% 1.50%
Cost of fund 7.31% 7.56% 9.69% 9.97% 10.74%
Loan Deposit Ratio 84.50% 84.17% 78.66% 82.54% 85.91%
% CL to Total Loans & Advances 4.69% 4.56% 2.93% 3.20% 2.94%
Annual Report 2022

Earnings Per Share Profit After Tax
3 2,500.00
2.63
2.5
2,000.00
2,083.94
2
1.82
2.19
1,739.57
1.500.00
1.97
1.5
1.64
1,342.83
1,000.00
1,148.26
1
937.65
0.5 500.00
0 0.00
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022
Loans &advance, Deposits, Equity, and Balance Sheet Size increased by 29.82 percent, 28.20 percent, 9.54 percent, and 30.48 percent
respectively. However, Foreign Trade business halted a little bit due to global crisis.
Regulatory capital such as Tier-1 & Tier-2 Capital of the bank little bit lower than regulatory level of 12.50% but it was gradually
increasing than previous year. Credit is growing by maintaining credit Deposit ratio set by the regulator. Non-performing loan (NPL)
somewhat increasing, but still far behind than industry average. Management is very much concern and has taken necessary initiatives
to keep Non Performing Loan (NPL) as low as possible.
The Board of Directors oversees the Non-Performing loan (NPL) position regularly and provides necessary directives such as :
1. The 133rd Board Meeting instructed to recover Tk. 346.43 million from top 20 default borrowers
2. The 150th Board Meeting stated that Management shall take initiative to auction the mortgaged properties under the purview
of the law against willful defaulter for loans.
3. Same 150th meeting Board instructed the Management to proceed legal formalities to execute auction of the properties
mortgaged with the Bank as collateral securities against long unrecovered loans and advances. Management is also advised
to initiate appropriate formalities to attach other properties of the concerned customers, if current collateral securities are not
sufficient enough to cover loan outstanding amount.
4. The 150th Board Meeting is advised to the management remain vigilant regarding sanction and disbursement of loans and
advances as well as ensure due diligence throughout the process to avoid over valuation, overfunding or any other non-
compliance activities.
B10.0: Foreign Trade Operation
2022 is the year of setback for foreign trade business of the Bangladeshi Banking as well as sub-content counties of south Aisa
due to foreign currency crises, specially Dollar crisis such impeded by Ukrain Russia War. Data shows that total Imports dropped by
20.6% YoY in December 2022 and according to EPB data showed that Bangladesh’s total exports increased that was not enough for
settlement of import payment.
NRBC Bank is not exception in foreign trade business in contest of global scenario of Bangladesh Banking Sector.
NRBC Bank export finance includes working capital to import, procure raw materials and settlement of export bills. Export financing
technique includes Back to Back Letter of Credit, Export time loan, Export Cash Credit Hypo, overdraft, EDF Loan, FDBP, Loan against
accepted bills, and IDBP
NRBC Bank Import finance includes Import Pant & Machineries, Raw Material, luxury goods,Trading Goods, Spare &Parts and all
permissible item manufacturing trading, service industry and users, and pay Import duty. Bank is receiving Foreign Remittance
through Western Union, Xpress Money, Ria, Placid Express and Moneygram in a simple and faster way. All the branches of NRBC Bank
and its Agent Banking points are now capable to receive Foreign Remittance instantly through online from any countries of the world.
A snapshot of Export, Import and remittance of Bangladesh over the year:
Particulars 2022 2021 2020 2019 2018
Import 36,028.30 42,371.00 30,579.76 33,220.62 26,229.88
Export 33,735.60 30,652.00 28,070.50 29,203.89 25,091.91
Remittance 13,329.20 10,821.00 4,089.41 2,093.86 997.65
No. of RMA 182 171 175 170 160
No. of NOSTRO-Account 24 21 13 12 13
No. of Foreign Remittance Sub-Agencies 9 9 7 5 4
Bangladesh government took different initiatives for rising exports and declining imports throughout 2022 to bring the country’s
external position to a comfortable zone by saving reserve when the global economy is facing challenges. Import restrictions were
Annual Report 2022

81
imposed by central bank. In this circumstance Import decreased by 14.97 percent and export increased by 10.06 percent. Remittance
grew up by 23.18 percent which helped the economy to absorb the after COVID shock that stir up from pandemic situation and the
uncertainties created from Russia-Ukraine war.
Apartment from above financial indicators, Different Department/
45,000.00 Division/wings of NRBC Bank jointly performed to achieve the
40,000.00 targeted result set by Board of Directors. An overview is given
35,000.00
after end of the Director Report.
30,000.00
25,000.00 Import
Export
20,000.00
Remittance
15,000.00
10,000.00
5,000.00
0.00
2018 2019 2020 2021 2022
C1.0 Maintenance of Required Reserve [Section 184 (1b) of the act]

In pursuant to Section 24 of the Bank Companies Act 1991 (as amended 2018), NRBC Bank is consistently maintaining the 20% statutory
reserve and expecting to maintain it as long as cumulative balance of statutory reserve reaches at the equal level of sponsored paid
up capital. Statutory reserve exceeded Tk. 3,000 million landmarks this year which is more two third of initial sponsored paid up
capital of Tk. 4,446.06 i.e. 68.94% and 54.29% of sponsored paid up capital and subscribed initial Public Offering (IPO) as well as such
maintenance in compliance with of the proviso of the act. Statutory reserve stood BDT 3,065.01 million at the end of 2022. Following
table shows that the last 5 year statutory reserve position which is remarkable for the bank:
Figure in million(BDT) unless otherwise specified
Movement of Statutory Reserve 2022 2021 2020 2019 2018
Beginning Balance 2,467.27 1,866.79 1,458.84 1,050.34 737.87
Transfer during the period from pre-tax profit 597.74 600.48 407.95 408.50 312.48
Closing Balance of Statutory Reserve 3,065.01 2,467.27 1,866.79 1,458.84 1,050.34
% of Change over previous year Contribution 24.23% 32.16% 27.96% 38.89% 42.35%
No other reserve was maintained/proposed by Board of Directors during the year under consideration except Tk.43.25 million as
revaluation reserve which is required to maintained as per DOS circular # 15 Dated 31/10/2005, DOS circular letter # 03 dated
07/02/2007 and DOS circular letter # 05 dated 26/05/2008.
In 2022, Statutory Reserve is contributed 23.77% in the tier- capital under regulatory capital of BASEL accord which help to business
exposure for large conglomerate client.
C2.0 Recommendation of dividend [Section 184 (1c) of the act]
NRBC Bank entered into 3rd year after listing in the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) i.e. after
Trading of share on March 22, 2021.
NRBC Bank has to comply two regulatory law/Circulars for recommendation of Dividend as listed company.
1. National Board of Revenue (NBR) Directive for Dividend : Section 16F and 16G of Income tax Ordinance 1984, “30% dividend out
of retained profit with equal proportion of Cash & Stock Dividend must be maintained to avoid additional 10% tax”
Minimum 30% dividend out of Cash & Stock Ratio to be 50% to avoid additional 10% tax
Net Profit after Tax [Lakh Taka]
current profit [Lakh Taka] 50% Cash Dividend 50% Stock Dividend
17,395.70 5,218.71 2,609.36 2,609.36
2. Bangladesh Bank Directive: Dividend Declaration for 2022 on basis Capital Adequacy Ratio (CAR) as per DOS Circular 01 Dated
February 07, 2021 in view to strengthen banks’ capital base by setting six dividend sub-slabs under two slabs for the banks based
on their liquidity situation. Bank’s Capital Adequacy Ratio (CAR) stood 12.44% for the year 2022 and falls under Serial no.
Ka(3) and Dividend declaration scenario as under:
SL No Capital to Risk Weighted Assets Ratio (CRAR) Dividend Cash Dividend (Max) Stock Dividend
Ka(3) If CRAR mini 11.875% [Without provision deferral] * 15% 7.5% 7.5%
Bank got approval for declaration of dividend from Bangladesh Bank on basis of above mentioned proposition vide their letter # DOS
(CAMS)/1157/41(Dividend)/2023-2162 dated April 27, 2023.
The Audit committee and the Board of Directors reviewed/figure out the dividend proposition of National Board of Revenue (NBR)
and central Bank as well as consent of Bangladesh Bank for declaration of dividend:
Annual Report 2022

SL Particulars Taka [Lakh]
1 Retained surplus as of 31.12.2022 1,897.39
2 Less : Deferred tax that would not be Distributed (945.83)
3 Available dividend for 2022 951.56
Hence, considering the interest of general investors and tract history of dividend declaration along with stable growth of the Bank, the
Board of Directors applied prudent decision for shareholders. Dividend tract history of the Bank:

Form of Dividend 2021 2020 2019 2018 2017
Rate Taka Rate Taka Rate Taka Rate Taka Rate Taka
Cash 7.50% 553.23 7.5% 351.26 9% 513.98 - - 5% 245
Stock 7.50% 553.23 5.00% 526.89 2% 114.21 11% 565.95 5% 245
The Audit committee in its 48th meeting held on April 30, 2023 and, subsequently, the Board of Directors in its 162nd meeting held on
that day discuss proposition of Central Bank as well as dividend declaration approval from Bangladesh Bank, recommended for 12%
dividend comprising form of Cash and Stock for the year 2022 on record after getting permission from Bangladesh Securities and
Exchange Commission:
Figure in Million(BDT) unless otherwise Specified
Dividend Form Amount Remarks
4.50% Stock 356.83 Paid up capital will be Tk. 8,286.50 Million
7.50% Cash 594.72
Total 951.55 Declared dividend is 99.99% of retained profit available for dividend
The Board of Director is anticipated this rational proposition of dividend will help strengthen the capital base for uplift the business
position as well as expectation or confidence of general shareholders.
The reason of declaration of stock duly mentioned in the price sensitive information that available in the NRBC Bank website.
C3.0: Material changes before issue of Directors’ Report [Section 184 (1d) of the act]:
Below Change occurred in nature of NRBC business before issue of Directors’ Report before 10th AGM:
1. Change the registered name of the Bank to “NRBC Bank PLC” from “NRB Commercial Bank Limited”
Special Agenda of the motion of 10th Annual General Meeting regarding change the registered name of the Bank to “NRBC
Bank PLC” from “NRB Commercial Bank Limited” along with amendment of relevant clauses of Memorandum and Articles of
Association that placed for adoption by shareholders:
164th Meeting of the Board of Directors held on May 14, 2023 unanimously decided to change the registered name of the Bank
to “NRBC Bank PLC” from “NRB Commercial Bank Limited” in persuasion of Bangladesh Bank directive as well as Branding
among the common people in domestically & Internally.
Bangladesh Bank’s BRPD Circular No. 04 Dt. February 22, 2023 directed to align with Section 11ka (ka) the Company act 1994
(2nd amendment 2020) wherein no further permission required from Bangladesh Bank as per section 116 & 117 of Banking
company Act 1991.
Bank already taken necessary steps for Name Clearance and, aforesaid shall be effective through special resolution in the 10th
AGM
2. Change in ownership structure of the Subsidiary Company M/s. NRBC Bank Securities limited
According to direction of Bangladesh Bank vide their ref # BRPD/(AR-1)/717/2021-2745 dated March 01, 2021 and, subsequently,
Board approval in its 134th meeting held on February 01, 2022 acquisition of 9.99% is completed except few regulatory process.
No other material change has occurred between the end of the financial year and the date of the Directors’ Report placing
before the AGM except the Board of Directors in its 162nd Board Meeting held April 30 2023 recommendation of Dividend @
12% dividend comprising of 7.5% in the form of cash and 4.5% In the form of Stock for the year 2022 which is expected to be
approved in the 10th Annual General Meeting (AGM) of the Bank.
Annual Report 2022

83
C4.0:Material Change of the state of company’s affairs [Section 184 (2) of the Act]:
Change in Company’s Business Nature [Section 184 (2a) of the Act]:
a. No other change in NRBC Banking Business nature except mentioned in the preceding para. The Board of Directors
intent expands diversified nature of business:
1. Securities Custodian wing’s :
The 141st Board Meeting accord for obtaining Depository Participants (DP) License for operation as needs to hold the securities
of an investor through the depository participant and provide services in relation to these securities though Bank got Custodian
License [Registration Certificate No 14/2021 on 24 October, 2021 from Bangladesh Securities Exchange Commission (BSEC) to
act as Custodian Bank after accord by The Board of Directors in its 114th Meeting held on February 15, 2021.
Depository Participants (DP) License acts as a link between the companies which issue shares and its shareholders. Therefore,
the Bank applied for Depository License to act as Custody Participant in accordance with the guideline of Central Depository
Bangladesh Limited (CDBL) and all process will be completed within this year and able start operation in 2023.
Under this window, Bank will provide the settlement as well as safekeeping in order to minimize the risk of their misappropriation,
misuse, theft, and/or loss and, at the same time, reporting of customers’ marketable securities and cash for customers specially
Foreigner as directed by them which will be another avenue for fee based income.
2. Asset Management Company (AMC) :
The 151st Board held on 16 October 2022 endorsed official soft operation of a new subsidiary entity M/s. NRBC Bank
Asset Management Limited (NRBCAML) by restructured its Board of Directors followed its Incorporation (Registered) No
C-176879/2021 Dated December 07, 2021 according to 121st Board approval held on May 20, 2021 wherein NRBC Bank hold
99.99% ownership of the company.
The Company applied for Asset Manager licences to Bangladesh Securities and Exchange Commission (BSEC) under (Mutual
Fund) Rules, 2001 on Mid-January 2023 and The company hope that Asset Manager licences will be awarded by BSEC before
10th AGM of the Bank.
Full scale operation will be started within July 2023 and will cutter the portfolio business by pooling funds from various individual
and institutional investors and investing in various securities that match with the declared financial objectives of the Bank
b. Change in the company’s subsidiaries or in the nature of the business [Section 184 (2b) of the Act]:
NRBCAML : The Company yet to start its business only soft operation for getting Asset Manager licences, Hence, no change
nature of business.
NRBCBSL : NRBC Bank Securities limited did not changes its nature of business, but change in scale operation in 2022 as per
BSEC Direction # SEC/CMRRCD/2009-193/16/Admin/113 dated December 13, 2021 regarding opening of Digital Booth view
to expected to increase trade volume as well as the stock market will reach rural investors across the country. In pursuitant
of BSEC Directive, NRBCBSL opened and started operation through three digital booths at Chandpur Digital Booth, Faridpur
Digital Booth and Chittagong Digital Booth in 2022.
7th Annual General Meeting (AGM) of NRBC Bank Securities limited held on May 15, 2023 and Board of Directors’ posted
expressed financial highlight in the Director Directors’ Report:
Capital Market overview in 2022
At the beginning of the year, Market saw an upward trend on index, and turnover, and this bullish Trend continued for the next
three month. However, Market went on to a downward from their fees continued for almost two and half months.
From the first week of June market started to bounce back ending to bearish phase and start a moderate bullish trend. This
rally lasted for two months. At the beginning of the July 2022, Market when to correction phase and become bearish again.
From the mid August-2022, Market bounced back from the gloomy face and started upward rally. Market saw a year’s record
of turnover Tk. 28,323.07 million on September 20, 2022. Nevertheless, market started deteriorating in the last quarter of the
year with dried up turnover and this continued to very end of the year,
Some key financial highlights of the Capital Market in the year 2022
• Average daily turnover FY -2022 was Tk. 9,627.76 million which was 34.7% lower than FY 2021.
• The Firms reported poor earnings in the FY 2022 due to lower demand and margin pressures. Rising oil price and currency
devaluation played a major role in pressure on merging
• The IPO had outstanding result in 2022, 10 IPO scripts in all had gained 70.20% since their first day of the trade.
• Jute, fuel, power, pharmaceutical, engineering sector perform better in comparison to overall Market. On the other hand,
Bank and NBFI, Telecommunication and General Insurance underperform this year
• BSEC introduce G-sec in both DSE & CSE for trading Treasury bond during this year.
Annual Report 2022

• Seven scripts in all have made their debut on the DSE’s SME board index in 2022.
• 168 small-cap Securities have had their floor price partially removed by BSEC, and downward circuit breaker for theses
equities has been set at 1.00%
NRBCSL Business highlights:
Mixed performance stock burses reflected in the revenue of NRBCSL. Revenue growth was 13.69%, but Interest expense on tern
Loan and overdraft loan has been increased by 24.08% due to slightly increase of Interest Rate & volume of OD facilities. CDBL
Charged and administrative Expense also increased by 344.76% and 44.67% respectively hurt bottom-line though corporate
tax reduce by 2.5% as per Finance Act, 2022.
Therefore Earnings Per Share (EPS) dropped to Tk.4.21 for the year 2022 from Tk.4.34 in previous year.
NRBCSL Dividend Declaration and approval:
Considering the adequate distribute profit of the company, current financial strength and future Prospect, the Board of
Directors its 30th meeting on April 03, 2023 recommended 30% cash dividend for the year ended December 31, 2022 that
approved by shareholders in 7th AGM of the company held on May 15, 2023
c. Change in Classes of Bank’s Business [Section 184 (2c) of the Act]:
Like as 2021, no material changes for appreciation of the state of the company’s affairs except scale of operation i.e. 10 (Ten)
new Branches and 22 (Twenty-two) sub branch across the country by due approval by Board of Director during the financial
year 2022.
E1.0 Information and Explanation contained in the Auditor’s Report [Section 184 (3) of the Act]:
A tripartite was being held among Auditors M/s. Howladar Yunus & Co., Chartered Accountants, Inspection team of Bangladesh Bank
with the management of the Bank on April 17, 2023 for being finalized Audited Financial Statements for the year ended December
31, 2022, In that meeting, a threadbare discussion has been held for assets quality, adequate provision, fair presentation of audited
financial statement and internal Control system. Financial statements has been finalized by adopting recommendation by Statutory
Auditor M/s. Howladar Yunus & Co., Chartered Accountants and Department of Banking Inspection team-3 of Bangladesh Bank on
basis of circular issued by Bangladesh Bank for the year 2022.
After that Statutory Auditor M/s. Howladar Yunus & Co., Chartered Accountants expressed their opinion amongst basic Information
and Explanation contained in the Auditor’s Report:
SL Point of Auditor’s Report Opinion amongst basic Information and Explanation
1 Opinion Unmodified/qualified Opinion having a true and fair view of the consolidated financial statements of the
Group and separate financial statements of the Bank (the “financial statements”) as at 31 December 2022
2 Basis for Opinion Auditor Obtained sufficient and appropriate audit evidence to provide a basis for our opinion
3 Key Audit Matters 1. Measurement of provision for Loans and Advances: The Bank reported total loans and advances
of BDT 136,174.05 million (2021: BDT 104,898.31 million) and kept adequate provision for loans and
advances of BDT 4266.58 million (2021: BDT 3,792.79 million) as of 31 December 2022.
2. Valuation of Treasury Bill and Treasury Bond: Auditor obtained and tested the valuation models
and the operating effectiveness of the key controls over the financial instrument valuation processes,
including controls over market data inputs into valuation models, model governance, and valuation
adjustments.
3. Measurement of Deferred Tax Assets: The Bank reported net deferred tax assets to a total of BDT
990.37 million (2021: BDT 711.31 million) as of 31 December 2022 that appropriately disclosed as per
IAS 12 Income Tax.
4. Legal and Regulatory matters: Auditor obtained an understanding on legal and regulatory matters
relating to the Group and the Bank and tested the operational effectiveness of the Group’s key
controls over the legal provision and contingencies process as well as assess the appropriateness of
disclosure given for provisions and contingent liability.
5. IT Systems and Controls : Auditor tested the design and operating effectiveness of the Bank’s IT
access controls over the information systems that are critical to financial reporting. Auditor also Tests
of IT General Controls to evaluate the Application Development and Database, Hosting Platforms,
and segregation of incompatible duties relevant to application and database change management.
6. Recognition of interest income from loans and advances : Auditor tested the operating
effectiveness on automated control in place to measure and recognize interest income and the
then applied substantive procedure to check whether interest income is recognized completely and
accurately
Annual Report 2022

85
4 Responsibilities of Management is responsible for the preparation and fair presentation of the financial statements in
Management and Those accordance with International Financial Reporting Standards (IFRSs) as explained in note # 2 and
Charged with Governance for comply with the Bank Companies Act, 1991 (as amended up to date), the Companies Act, 1994, the Rules
the Consolidated and Separate and Regulations issued by the Bangladesh Bank, the Rules and Regulations issued by the Bangladesh
Financial Statements and Securities & Exchange Commission (BSEC) and other applicable Laws and Regulations.
Internal Controls
5 Report on other Legal and Auditor expressed that that obtained all the information and explanations required by them have been
Regulatory Requirements received and found satisfactory that supported by Internal control and risk management process of the
Group as disclosed in the financial statements appeared to be materially adequate
The Board Audit Committee of Board in its 47th Meeting has reviewed the Auditors’ Opinion as well as Key Audit Matters mentioned
in the Auditors’ report along with audited financial statement and, henceforth, forward for dividend declaration as Board think fit for
shareholders in 162nd Board meeting held on April 30, 2023
G1.0 Related party transactions and its disclosure
The basis for related party transactions has been stated in the Corporate Governance Report and a statement of related party
transactions also presented in the Annexure (I) of Audited Financial Statements.
G2.0 Utilization of proceeds raised through public issues:
Bank received the proceeds of Initial Public Offering (IPO) amounting to Tk. 1,200 Million on April 29, 2021 followed on subscription
from February 03, 2021 to February 09, 2021 and utilized the proceed by Bank within 3 (three) month as mentioned in the prospectus
which duly report in the 9th Annual Report.
E3.0: Financial Condition of the Bank after Initial Public Offering (IPO)
Bank utilized the Initial Public Offering (IPO) proceed amounting to Tk. 1,200 Million from April 29, 2021 to July 31, 2021 mainly for
enhancing the Tier 1 Capital Base of the Company inter alia proceeds from IPO through issuance of 120,000,000 nos. of ordinary
shares at an issue price of Tk. 10.00 each.
IPO utilization elapsed 17 (Seventeen) months after getting IPO proceed i.e. analysis of Financial condition after one year later from
utilization period of 2021:
Figure in Million otherwise specified

Increase/(Decrease)
Particulars 2022 2021 over IPO proceed
utilization period of 2021
Investment in T-Bond/Bill, Listed Share, Sukuk & Other Bond 36,996.56 28,541.08 29.63%
Loan and Advances/Investment 136,174.05 104,898.31 29.82%
Deposit Mobilization 161,149.65 124,626.35 33.37%
Stockholder Equity 12,935.32 11,808.62 9.54%
Balance Sheet Size 200,356.06 153,552.38 30.48%
Net Asset Value (NAV) Per Share in BDT* 16.31 14.89 1.42
Net profit after taxation 1,141.84 1,483.46 -23.03%
Earnings Per Share (EPS) in BDT * 2.19 2.63 -0.44
* Restated [After considering 7.5% Stock Dividend approved in the 9 AGM]
th
On basis of above data, Major financial indicators in the 2nd year after IPO proceed utilization were growing trend except bottom-line
due to additional provision for loan and advance and extra tax burden as per Finance Act, 2022 that affect CRAR that stood 12.44% for
which Board of Directors recommend @ 12% dividend that is 3% % lower than the Financial Year 2021.
E4.0: Quarterly Performance study and any variance thereof
Despite of increase of Net Interest income by 34.89% over the previous year 2021, operating profit was not posted with that trend. Net
Interest income was increasing trend up to 3rd Quarter due to interest/rebate income for fund involvement in foreign trade business.
The capital market was a tough ride due to economic challenges resulting from global adversities such as the escalating Russia-
Ukraine war and worldwide recessionary forecasts, and therefore, 2nd to 3rd Quarter were contributed negative return as well as instable
monetary also hurt in capital gain from dealing treasury Bond/Securities of the same quarter.

Particulars Q1, 2022 Q2, 2022 Q3, 2022 Q4, 2022 *QA, 2022 Annual, 2022
Net Interest Income 1,012.61 1,115.53 1,254.94 1,113.54 1,124.16 4,496.62
Non-Interest Income 950.06 842.62 983.84 1,463.35 1,059.97 4,239.87
Operating Income 1,962.67 1,958.15 2,238.78 2,576.90 2,184.12 8,736.50
Annual Report 2022

Particulars Q1, 2022 Q2, 2022 Q3, 2022 Q4, 2022 *QA, 2022 Annual, 2022
Operating Expenses 1,090.05 1,158.63 1,110.17 1,338.52 1,174.34 4,697.37
Operating Profit 872.62 799.52 1,128.61 1,238.38 1,009.78 4,039.13
Provisions -71.3 590.57 515.2 15.96 262.61 1,050.43
Tax Effect 387.24 275.26 113.37 473.26 312.28 1,249.13
Net profit 556.68 -66.31 500.04 749.16 434.89 1,739.57
*QA = Quarterly Average
New provisioning guideline for loans/Investment of Bangladesh Bank Directive, Bank had kept additional provision Tk. 500.00 million
against classified loan as well as volatile Stock market expedited further provision on listed company shares lead to negative profit for
2nd quarter and lessen in the 3rd Quarter.
Expansion program as well as recruitment new employees, Operating Expenses were increasing except 3rd quarter and new tax effect
contributed to downed profit in comparison to previous year.
E5.0: Remuneration of directors
Like as 2021, The Bank does not pay any remuneration for the year 2022 to its Directors other than purpose stated in the relevant Bank
Companies Act and prevailing BRPD circulars. As per the BRPD circular no.03 dated 18/01/2010 and BRPD Circular letter no. 11 dated
04/10/2015, Chairman may be provided with a car, telephone, Office chamber and private secretary. Directors are entitled to fees and
other benefits for attending Board, EC, Audit Committee, RMC and Shariah supervisory committee meeting. Managing Director is
ex.officio of the Bank and entitled to get salaries and allowances as per approval of the Board and Bangladesh Bank.
E6.0: Fair Presentation of the financial statements by the management
The Management of NRBC bank is responsible for the preparation and fair presentation of the consolidated financial statements of the
Group and also separate financial statements of the Bank in accordance with IAS/IFRSs. Furthermore, Howladar Yunus & Co., Chartered
Accountants is the statutory auditor of the Bank also mentioned responsibility of the management under segment “Responsibilities
of Management and Those Charged with Governance for the Consolidated and Separate Financial Statements and Internal Controls”
wherein cited that auditee prepared the consolidated and separate financial statements in accordance with International Financial
Reporting Standards (IFRSs) as explained in note # 2 and comply with the Banking Companies Act, 1991 (as amended up to date), the
Companies Act, 1994, the Rules and Regulations issued by the Bangladesh Bank, the Rules and Regulations issued by the Bangladesh
Securities & Exchange Commission (BSEC) and other applicable Laws and Regulations and for such internal control as management
determines is necessary to enable the preparation of consolidated and separate financial statements that are free from material
misstatement, whether due to fraud or error.
Regarding fair presentation of the consolidated financial statements of the Group and also separate financial statements of the
Bank, Tri-party meeting was held on April 17 2023 among Bangladesh Bank, Statutory Auditors and Bank Management adopting any
recommendation that would be error free i.e. fair presentation to the users. There upon Department of Banking Inspection -3 issued
a directive Vide letter# DBI-3/44 (3)/2023-733 dated April 25, 2023 for finalized the Audited Financial Statements for the year ended
December 31, 2022.
There upon the external auditors Howladar Yunus & Co., Chartered Accountants has also provided their opinion on the same by
issuing an unqualified audit report which that the said consolidated financial statements prepared by the Management as at and for
the year ended on December 31, 2022 have been presented fairly, in all material respect, its state of affairs, the results of its operations,
cash flows and changes in equity.
E7.0: Proper books of account maintained by the Bank
NRBC Bank Limited maintains proper books of accounts in line with prevailing law. Bank has a core banking solution “Bank Ultimus”
and different application software for proper recording of all transactions in compliance with the Companies Act, 1994 and Bank
Companies Act, 1991. The external auditors Howladar Yunus & Co., Chartered Accountants has provided their remarks in the SL b(iv)
Audit Report Segment “Report on other Legal and Regulatory Requirements”
E8.0: Consistent application of appropriate accounting policies as well as accounting estimates
NRBC Bank consistently apply accounting policies i.e., specific principles, basis, conventions, rules and practices in preparing and
presenting financial statements in order to comparability between financial statements of different accounting periods except further
extension of the application of IFRS 16 under modified retrospective approach effect from January 01, 2022 taking into consideration
of additional 5 Branches having more than 5 Years lease term. Therefore, Materiality threshold is stand 10.17% of the discounted lease
liability for the year 2022 (up to Lease term with lessor) of capital of the Bank Tk.7,929,660,615 for right of use of assets apart from
underlying low value assets that considered below USD 1,000 equivalent Tk.103,292.7 per month for application of IFRS 16.
The significant accounting policies applied and accounting estimates used for preparing the financial statements of the Bank have
been stated in detail in the notes # 2 In the Audited Financial Statement.
Annual Report 2022

87
E9.0: Follow up of IAS & IFRS in preparation of financial statements
Except further extension IFRS 16 under modified retrospective approach effect from January 01, 2022 mention in the Note # 2.25, The
financial statements of the Bank as at and for the year ended 31 December 2022 have been prepared in accordance with applicable
Bangladesh Financial Reporting Standards (BFRSs), the “First Schedule” (section 38) of the Bank Companies Act 1991, as amended (up
to 2018), BRPD Circular No. 14 dated 25th June 2003, other Bangladesh Bank Circulars, the Companies Act 1994, the Securities and
Exchange Commission Rules 1987, and other laws and rules applicable in Bangladesh.
However, if the requirement of provisions and circulars issued by Bangladesh Bank differ from those of other regulatory authorities
and accounting standards, the provisions and circulars issued by Bangladesh Bank shall prevail. As such the Bank has departed from
certain specific requirements of BAS/BFRSs which contradict with those of Bangladesh Bank, being the prime regulator, which are
adequately disclosed in Note 2.2 (i) to (xvii) in the financial statements.
E10.0: The internal control system
Bank involves in diversified & complex financial activities and these activities involve high risk, so the issues of an effective internal
control system, good governance, and transparency of all financial activities and accountability towards its stakeholders and regulators
have become significant to ensure smooth performance of the banking industry throughout the world. Internal Control encompasses
not only regulatory and legal requirements but also various internal rules and policies, procedures and practices based on the best
practices of Local and global banks. Role of Internal Control becomes important in preventing and detecting fraud to protect the
organization’s resources. Internal control is a process, rather than a structure. It is not a separate activity disconnected from the rest of
the business activities, rather is an integral part of those activities. It is a dynamic, continuing series of activities planned, implemented
and monitored by the Board of Directors and Management at all levels within the Bank. Internal Control contains Internal Audit,
Compliance and Monitoring of the bank.
As per the ‘Guidelines on Internal Control & Compliance in Banks’ issued by Bangladesh Bank vide BRPD Circular No. 03/2016 dated
08.03.2016 & 06/2016 dated 04.09.2016, the Head of ICCD reports to the Senior Management of the Bank dotted line to Audit
Committee of the Board (ACB) for discussion & necessary information. However, the Head of Audit, although being a part of ICC
administratively, reports directly to ACB and is responsible to the ACB. Internal Control & Compliance Division (ICCD) of NRBC Bank
acts as a watchdog to ensure safe, sound and compliant operations of the Bank. ICCD regularly provide updates to Audit Committee
of the Board regarding safe and sound operations of overall internal control process. To minimize the operational risks of the Bank, the
Division conducts regular along with surprise audit/inspection on the business affairs of the Bank based on Internal Audit manuals and
various instructions, rules, procedures laid down by Bangladesh Bank and other regulatory authorities from time to time.
Detail of functional activities of ICC in the department Report segment.
E11.0: Protection of minority shareholders’ interest
Being as a Listed Company, Board of Director represent or acts on behave of shareholder. Presently no minority shareholdings exist
in the proposition share structure. NRBC Bank has two subsidiary M/s. NRBC Bank Securities Limited (NRBCSL) and NRBC Bank
Management Limited (NRBCAML). Bank hold 99.99% shareholding of the both subsidiary and minority shareholding’s interest duly
protected in line with statutory remedy in section 233 of the Companies Act, 1994 of Bangladesh.
E12.0: Going Concern of NRBC’s Business Ability
Going concern is one of the fundamental assumptions in accounting on the basis of which financial statements are prepared.
NRBC Bank is assessed its going concern ability wherein no significant doubt upon Banks ability to continue its business in the
foreseeable future. The consolidated financial statements of the Bank have also been prepared on the assumption that the entity is a
going concern and will continue in operation for the foreseeable future. Hence, it is assumed that NRBC has neither any intention nor
in need of liquidate or curtail materially the scale of its operations in near future in the hope of recovery post COVID -19 and spread of
diversified credit portfolio shall be fruitful to the Bank.
The issue of going concern is also reported in the audited financial statement in the Note # 2 and also auditor M/s. Howladar Yunus
& Co., Chartered Accountants assessed the going concern ability mentioned in their auditor’s responsibility of the audit report issued
by them.
E-13.0: Explanation for composition (Cash Vs Stock) dividend recommended by Board
Like as previous year, to mitigate post COVID -19 shock and Ukrain/Russia war as well as deferral of loan repayment by the borrower
for the year 2022, The Bangladesh Bank further enforced tightening dividend policy for banks in view to intensify the capital structure
in the Banking Sector. Therefore, Dividend policy is linked with financial strength as per DOS Circular 01 Dated February 07, 2021 i.e.
fully based Capital to Risk Weighted Assets Ratio (CRAR).
Considering such regulation as mentioned above, The Board of Directors of NRBC Bank recommended for 12% dividend comprising
7.5% in the form of cash and 4.5% In the form of Stock for the year 2022 in its 162nd meeting held on April 30, 2023 which is 3% higher
the composition of 2021 and such dividend will be entitled on the shareholding at record date on May 25, 2023 subject to approval of
stock dividend from Bangladesh Securities and Exchange Commission vide their directive BSEC/CMRRCD/2009-193/46/Admin/138
dated October 03, 2022.
Annual Report 2022

E-14.0: Board’s statement on bonus share or stock dividend as interim dividend
The Board of Directors did not declare/recommend any bonus or stock dividend of its total 24 Board Meetings which were held during
the year 2022 before Unaudited Financial Statements were placed before Board by the Management. The Board of Directors also
affirmed that Company i.e. NRBC Bank has no intention to declare any interim dividend in form of Bonus or Stock Dividend in 2023.
E15.0: Board meetings and Members’ attendance thereof
9th Annual General Meeting held on June 02, 2022 determined 12 members of the Board. The then 144th (Special) Meeting of Board on
same date, all members of the Board unanimously decided to re-elect Mr. S M Parvez Tamal as Chairman and Mr. Rafikul Islam Mia
Arzoo as the Vice Chairman of Board of Directors of the Bank. Subsequently, Bangladesh Bank accord 11 members in the Board of
the Bank wherein Abu Bakr Chowdhury, being ceased to be Director until June 2, 2022 and attended 07 out of 11 Board Meetings held
during his tenure in the year 2022.
The Board holds meeting on a regular basis usually once or twice in a month, but emergency meetings are called when required. During
the year 2022, total 24 Board Meetings were held. The attendance records of those meetings are as follows:
Number of Meetings Attended /

SL Name of the Members Status in the Board
Total Number of Meeting
1 Mr. S M Parvez Tamal Chairman 24/24
2 Mr. Rafikul Islam Mia Arzoo Vice Chairman 24/24
3 Mr. Mohammed Adnan Imam, FCCA Director 23/24
4 Mr. A M Saidur Rahman Director 22/24
5 Mr. Mohammed Oliur Rahman Director 21/24
6 Mr. Abu Bakr Chowdhury Director 7/11
7 Mr. Loquit Ullah Director 22/24
8 Mr. Mohammed Nazim Director 23/24
9 Mr. AKM Mostafizur Rahman Director 24/24
10 Air Chief Marshal Abu Esrar (Retd.) Independent Director 23/24
11 Dr. Khan Mohammad Abdul Mannan Independent Director 21/24
12 Dr. Raad Mozib Lalon Independent Director 24/24
Mr. Golam Awlia, Managing Director attend in the Meeting as member of the Board as Ex-Officio of the Bank.
The attendance records of the above include presence of respective Alternate Directors and presence through video conference
where applicable.
E16.0: The Pattern of shareholding and disclosure thereof:
1. Parent/Subsidiary/Associated Companies and other related parties:
Bank has neither any parent/Associated yet to exist, nor its Subsidiary companies NRBC Bank Securities limited and NRBC Bank Asset
Management limited hold any share of the Bank i.e., all share hold by Sponsors/Promoters and Shareholders.
2. The Shareholding Pattern:
NRBC Bank entered into 3rd year of trading after first trading on March 22, 2021. Below is the Shareholding Pattern of the Sponsors/
Shareholders for the year ended December 31, 2022.
Share Holding Range Number of Shareholders No. of Shares Ownership (%)

0000000001-0000010000 16,485 23,986,124 3.03%
0000010001-0000020000 852 11,685,299 1.47%
0000020001-0000030000 348 8,488,618 1.07%
0000030001-0000040000 193 6,679,669 0.84%
0000040001-0000050000 130 5,924,958 0.75%
0000050001-0000060000 78 4,278,274 0.54%
0000060001-0000070000 44 2,894,778 0.37%
0000070001-0000080000 34 2,532,872 0.32%
0000080001-0000090000 26 2,186,264 0.28%
0000090001-1000000000 250 724,309,204 91.34%
Total : 18,440 792,966,060 100.00%
Annual Report 2022

89
3. Ownership Composition for the year ended December 31 :
7.5% stock dividend approved in the 9th AGM held June 02, 2022 resulting composition of share change. Hence, shareholdings of
Sponsors/Directors’ stood 73.49% and remaining share hold by Public/Shareholder is 23.56% and Institutions is 2.95% as of December
31, 2022:
31st December,2022 31st December 2021

Status with the Bank
Number of Shares % of total Shareholding Number of Shares % of total Shareholding
Sponsors/Directors 582,758,113 73.49% 540,800,594 73.31%
Public/Shareholders 186,852,040 23.56% 176,901,317 23.98%
Institutions 23,355,907 2.95% 19,940,936 2.70%
Total 792,966,060 100.00% 737,642,847 100.00%
2.95%
23.5
6% 4. Shareholding structure of directors is as follows as of
December 31, 2022 as well as on record date May 25,
Sponsors/Directors
Public/Shareholder
2023:
Institutions
The Board of Directors and Sponsors hold 27.92% and 45.57%
73.
49% outstanding share which is above of BSEC Directive No. SEC/
CMRRCD/2009-193/119/Admin/112 dated November 22, 2011:
SL Board of Directors Status Shareholding Holding %

1 Mr. S M Parvez Tamal Chairman 37,319,368 4.71%
2 Mr. Rafikul Islam Mia Arzoo Vice Chairman 34,385,808 4.34%
3 Mr. Mohammed Adnan Imam,FCCA Director 18,550,031 2.34%
4 Mr. Mohammed Oliur Rahman Director 27,812,623 3.51%
5 Mr. Loquit Ullah Director 30,099,864 3.80%
6 Mr. Mohammed Nazim Director 30,166,895 3.80%
7 Mr. A K M Mostafizur Rahman Director 22,346,195 2.82%
8 Mr. Abu Mohammad Saidur Rahman Director 20,734,557 2.61%
9 Air Chief Marshal Abu Esrar (Retd.) Ind. Director 0.00 0
10 Dr. Khan Mohammad Abdul Mannan Ind. Director 0.00 0
11 Dr. Raad Mozib Lalon Ind. Director 0.00 0
Aforesaid directors except independent directors hold above of 2% and below 5% of the paid-up capital as per directive of BSEC.
5. Shareholding position of Managing Directors & CEO, CFO, CS and Ho-ICC along with their spouse and minor child :
NRBC Bank completed its 2nd year Audited Financial Statements after Trading Share inaugurated on March 22, 2021 followed on
IPO BSEC’s consent letter ref: BSEC/CI/IPO-307/2020/304 dated January 04, 2021.Aforesaid official affirm that including Managing
Director & CEO did not hold any Share of NRBC Bank as of December 31, 2022 and on record date.
F1.0: Rotation of Director
Every year in Annual General Meeting, one third (1/3) of the directors who are serving the longest in office since last election will retire
from the Board of Directors. Retired Director(s) will eligible for re-appointment by complying the clause 106,107 and 108 of Article of
Association (AOA) of the NRBC Bank.
According to Section 15 and 15AA of Banking Act, 1991 (amended 2018) define election process along with tenure for being hold office
as Director of Bank. Furthermore, BRPD Circular # 11 dated October 27, 2013 and BRPD Circular letter # 20 dated April 04, 2021 clarify
the formation of Board of Directors.
As such, 161st Board meeting resolve the process election of Director who will submit expression interest along with comply the signed
declaration of eligibility (BRPD Circular 11 Date 27.10.2013 Annexure Kha and Ga), valid ETIN, latest tax declarations in Bangladesh,
FATCA declaration as well as aforesaid clause of Article of Association (AoA) as well as relevant provision of Banking Company act,
1991 (amended 2018).
Annual Report 2022

G1.0: Independent Directors and Their Qualification
Shareholders in the 8th Annual General Meeting (AGM) accord the appointment of 3 (Three) Independent Directors and it’s hence forth
requisite Independent Directors hold position in the Board as well as hold office accordingly due to their tenor less than three years.
Presently the Board of Director consist 11 (eleven) members including 3 (Three) Independent as per BSEC’s Notification No.BSEC/
CMRRCD/2006-158/207/Admin/80, dated 03 June, 2018. Details of Independent Directors qualification are given in the Report on
Corporate Governance -2022
H1.0: Appointment of Statutory Auditors of the Bank [Section 210 of the act]
Appointment of Statutory Auditor is the 4th Agenda of the motion of 10th Annual General Meeting and appointment of auditors
disseminates for consideration by Hon’ble shareholders:
M/s. Howladar Yunus & Co., Chartered Accountants was statutory auditor for the year 2022 and completed consecutive Three year
tenor as auditor of the Bank.
In pursuant of the section 210 (2) of the companies Act, 1994 seconded by Article 149 of the Articles of Association of the Company
(NRBC Bank Limited), Auditor(s) will be appointed in the annual General Meeting (AGM) along with their remuneration and hold office
till to next AGM.
Furthermore, according to Clause 2 (2 & 3) of Gazette notification of BSEC/CMRRCD/2006-158/208/ Admin/81 dated June 20,
2018 “The company shall not appoint any firm of chartered accountants (Panel of Auditor means any partnership firm of Chartered
Accountants selected by BSEC) or the auditor or audit firm shall not also be eligible as its statutory auditors for a consecutive period
exceeding three years.”
According to BRPD Circular letter no 12 dated 11 July 2001 “An auditor firm shall be appointed as auditor in any Bank for not more than
successive three years”
On basis of above two regulatory propositions, M/s. Howladar Yunus & Co., Chartered Accountant has completed 3rd year as statutory
auditor of the Bank and are not eligible for reappointment for the year 2023 to 2025 as mentioned in the previous para.
According to instructed by Audit Committee and Board, Management invited few professional audit firm for expression of interest
(EOI) from BSEC panel Auditors’ of (Updated as on July 30, 2020) for listed company and Bangladesh Bank eligible list for Auditing of
Banks and Financial Institutions approved in the 74th meeting of Audit Committee held on d 17/06/2021 and placed before them for
review and recommendation.
The Audit Committee of Board of its 48th meeting held on May 14, 2023 reviewed the eligibility as mentioned previous para and
international affiliation and recommend for MABS & J Partners Chartered Accountants, a member frim of Nexia International, UK will
be sole statutory auditor for the year 2023.
After recommendation from the Audit Committee of Board, The Board of Directors of its 164th meeting held on May 14, 2023 accord
aforesaid auditor with remuneration of Tk.500,000.00 (excluding VAT) for the next term until 11th AGM of the Bank.
However final approval for appointment of auditor will be confirmed by Bangladesh Bank after 10th AGM confirmation that will hold on
June 19, 2022 subject to compliance of terms and condition of the BCD Circular letter no. 33 dated 23 December 1992 along with BRPD
Circular letter no 12 dated 11 July 2001.
I1.0: Appointment of Corporate Governance Compliance Auditor/Professional and fix their remuneration [BSEC/
CMRRCD/2006-158/207/Admin/80 dated June 18, 2018]
Appointment of Corporate Governance Compliance Auditor is the 5th Agenda of the motion of 10th Annual General Meeting and
appointment is disseminating for consideration by Hon’ble shareholders:
As per clause 9 (Reporting and Compliance of Corporate Governance) of BSEC/CMRRCD/2006-158/207/Admin/80 dated June 18,
2018:
“The company shall obtain a certificate from a practicing Professional Accountant or Secretary (Chartered Accountant or Cost and
Management Accountant or Chartered Secretary) other than its statutory auditors or audit firm on yearly basis regarding compliance
of conditions of Corporate Governance Code of the Commission and shall such certificate shall be disclosed in the Annual Report.”
Ahmed Zaker & Co., Chartered Accountant was appointment as Corporate Governance Compliance Auditor in the 9th AGM for the year
2022 and already submitted their Compliance Corporate Governance with opinion of “Compliance is Very Satisfactory in all respect
after conducting due audit process”
For 2023 few practicing Professional Chartered Accountants firm submitted their expression of interest (EOI) for being appointment
as Corporate Governance Compliance Auditor.
After consider all factors & proposals, the Board of Directors in its 164th meeting held on May 14, 2023 appointed Harunur Rashid &
Associates, Chartered Secretary and Management Consultant as Corporate Governance Compliance Auditors of the Bank for the year
2023 at a remuneration of Tk. Tk.50,000.00 excluding VAT and, such appointment will be confirmed in the 10th AGM.
Annual Report 2022

91
Govt. Revenue Collection and Contribution of NRBC Bank:
NRBC Bank is strictly with the complied relevant provision of Income Tax Ordinance, 1984 and VAT Act, 2012. Bank dully deducted
Tax & VAT deducted at sources and Excise duty from Depositors complying the prevailing laws which growth scenario nearly 41%
more of 2021. Trend of corporate tax on income, withheld Tax, VAT and Excise Duty paid by the Bank over the last five (05) years are
as follows:
Khat of Govt. Revenue 2022 2021 2020 2019 2018
Corporate Tax paid by bank & Tax
2,396.37 1,624.36 1,219.15 666.00 548.87
deduction at Source
VAT 311.63 289.30 170.90 120.31 89.93
Excise Duty 325.81 239.18 158.34 104.63 90.05
Total 3,033.81 2,152.84 1,548.40 890.94 728.84
The NRBC Bank has paid/deposited total tax of Tk.2,396.37 million, Tax deduction at Source of Tk. 1,106.41 million, and corporate tax
of Tk. 1,289.95 million in the financial year 2022/Assessment Year 2023-2024. Bank paid total tax 47.53 percent higher than that of
prior year. The Bank has paid Tk. 311.63 million as VAT to the government which is 7.72 percent higher than 2021. On the other hand,
Excise Duty from depositors and loan account holders was deposited Tk. 325.81 million in 2022 which is 36.22 percent higher than
2021. In total Tk. 3,033.81 million has been deposited/paid to Government Treasury in 2022 which is 40.92 percent higher than 2021.
Entitlement to Dividend on record date
The Shareholders whose names would appear in the Register of Members of the Bank and/or in the Depository on the ‘Record Date’
i.e. May 25, 2023 (Thursday), would be entitled to receive the dividend of the Bank as recommended by Board of its 162nd Meeting held
on the April 30, 2023. The Shareholders whose names would appear in the Register of Members of the Bank and/or in the Depository
on the ‘Record Date’ would be eligible to join the AGM and entitled to receive the dividend from NRBC Bank.
10th Annual General Meeting
10th (Tenth) Annual General Meeting (AGM) of the Bank will be held on Monday June 19, 2023 at 12.00 Noon BST virtually through
Digital Platform by using the link https://nrbcbank.bdvirtualagm.com as per Directive of BSEC [Ref. SEC/SRMIC/04-231/932 dated 24
March 2020] and Bangladesh Bank [Ref. BRPD Circular Letter no. 12 dated April 25, March 2023 view to reduce cost of electricity, fuel
etc.]. The Directors’ Report and Financial Statements for the year ended December 31, 2022 were adopted in the 162nd Board Meeting
held on the April 30, 2023 for approval of the Shareholders in the AGM.
Vote of Thanks
Standing on 10th Annual General Meeting (AGM), Board always remain the general share interest after being listing with stock exchanges
in 2021 and histrionic trading on March 22, 2021. The Board of Directors also take the opportunity to express thanks and gratitude to all
the shareholders, valued customers, patrons and well-wishers at home and abroad who have extended their co-operation and support
and contributed to put the bank at a distinctive edge over the competitors. We would like to express our gratitude to the Government
of the People’s Republic of Bangladesh, Bangladesh Bank, Bangladesh Securities and Exchange Commission (BSEC), other regulatory
bodies and financial institutions for their continued guidance and advice towards betterment of the bank. Finally, the Board would like
to place on record their heart-felt gratitude and appreciation to the Management and employees at all levels for their dedication and
relentless efforts to place the bank on a prestigious position.
S M Parvez Tamal
Chairman
Annual Report 2022

Overview of Divisions of NRBC Bank
AML & CFT
38 Training Program
3602 Participants
Money laundering/financial crime risks have increased due to the challenging macro and political environments and the complexity
of monitoring digital activity. NRBC Bank, as a financial intermediary, is committed to take best preventive measures against money
laundering and terrorist financing in line with the regulatory guidelines. NRBC Bank’s activities towards money laundering risk
management are:
BOARD AND SENIOR

POLICIES AND PROCEDURES
MANAGEMENT OVERSIGHT
Board and Senior management view To ensure the prevention of Money

Money Laundering Prevention as part Laundering and Combating Terrorist
of Risk Management strategy and not Financing, NRBC Bank has developed
simply as a stand-alone requirement comprehensive policy on “Money
that is being imposed by legislation Laundering Prevention & Combating
but also is fully committed to Financing of Terrorism” approved by
condemn Money Laundering and the Board of Directors.
Terrorist Financing in all its forms and
manifestation.
IMPLEMENTATION OF ADVERSE MEDIA REPORT SERVICES
NRBC implemented “Adverse Media Service” to monitor the activities of the customers
for identifying the suspicious activities/transactions.
REGULATORY REQUIREMENT
NRBC Bank maintains utmost efforts while meet up & submission of the requirement of
BFIU and other regulatory bodies like as CIC, ACC, NBR and Customs Bond
Commissionerate Office.
Annual Report 2022

93
• AML & CFT Division through Training Institute has arranged 38 Training Programs in Dhaka,
TRAINING & DEVELOPMENT

Chattogram, Sylhet, Mymensingh, Barishal, Narsingdi and Khulna regions where total 3602
participants received day long training on Prevention of Money Laundering and Combating
Terrorist Financing including Trade Based Money Laundering.
• As per requirement of AML & CFT Division, Training Institute has been regularly arranging
training programs on AML/CFT for fresh Officers at the time of foundation program.
• Conducting refresher sessions round the year for updating knowledge of the Money Laundering
Prevention and Anti-Terrorism with special focus on recent various Circulars of BFIU and current
topics of country and world in this regard.
• Every year MD & CEO conveys a special message that clearly sets forth the way forward for the
present year and shares the initiatives taken in the last year pertaining to combating Money
Laundering and Terrorist Financing
• Bank has a CAMLCO and DCAMLCO in place as per instructions of BFIU
• Bank has nominated Branch Anti Money Laundering Compliance Officer (BAMLCO) at every
branch to ensure AML & CFT compliance culture throughout the bank.
• Monitor, review and verify the account transactions regularly and prepare Suspicious
Transaction Report (STR) and Cash Transaction Report (CTR).
• Organized quarterly meeting by Central Compliance Committee (CCC) on AML issues and
PRACTICES
activities.
• Review/Updates KYC and Transaction Profile (TP) on periodical basis.
• Collection and review of the self-assessment and independent testing procedure reports from
all of the Branches and took corrective measures as and when required
• AML & CFT Division continuously communicates with branches for improving their AML & CFT
compliance culture through identifying needs and directs branches as and when required and
responds to queries of branches
• Distribute leaflets among customers to make them aware about money laundering and terrorist
financing and also arrange to stick poster sign every branch at a visible place.
• To combat trade based money laundering, NRBC Bank implemented commodity price
verification subscribing services of international standard. Bank has also implemented Vessel and
Container tracking services to mitigate ML & TF related risks.
Business Network, Operation and Implementation

Management (BNOIM)
Business Network, Operation and Implementation Management (BNOIM)
NRBC Bank, a 4th generation bank, established by a group of reputable non-resident Bangladeshis, residing across the globe, has
started its journey on the 02nd of April, 2013 with the intention to become a peerless bank among its competitors and provide efficient
& innovative banking services to support economic growth. NRBC Bank extensively works to ensure quality customer service delivery
through convenience and ease of availing innovative banking products and services through more than 1600 service delivery points
comprising Branches, Sub Branches and Collections Booths. NRB Commercial Bank considers itself as a “humane bank” and works
closely to cater with banking needs of its customer base of the rural region and attempt to bring the unbanked population within the
financial inclusion umbrella to upscale the socio-economic development empowering entrepreneurial opportunities through micro
finance, resulting in reduction of unemployment.
The ever-challenging complexity of the dynamic business environment demands that the management focus more on the areas of
business sustainability and expansion, operational efficiency as well as set goals monitoring and implementation. Inability to ensure
these aspects may result adversely consequences for the institution. For ensuring these aspects smoothly, BNOIM is categorized in
three functional areas.
Annual Report 2022

BNOIMD
Business Network Unit Operations unit Focuses Implementation Management

Focus on long and short-term executing Bank’s day to day Unit To oversee the business
measures for expansion of the existing operational activities by complying performance by mobilizing asset and
network of service delivery points the regulatory guideline in view to liability in useful manner by way of
minimize inherent risks and services maintaining sound deposit mix as well of
excellence on timely manner quality of Asset (loans &
advances/Investment) to attain a
sustainable growth
Central Clearing Unit

Branch Operation Unit Central Account Opening Unit
(BACPS, BEFTN & RTGS)
To ensure more effective application of implementation management, supervision of the branch operational activities have already
been segregated under 02 zones (Chittagong Zone & Barishal Zone). The end result has been favorable in effective monitoring of
service points of those zones in terms of operational efficiency and attainment of desired level of compliance. In this regard, BNOIMD
intends to segregate service point operations of the remaining coverage areas of the country into 08 numbers of zones in the near
future.
“Central Account Opening Unit (CAOU)” has already contributing an effective role in opening of the demand deposit account of all
the general banking service points under its coverage to enhance operational efficiency and compliance. CAOU opened 8246 demand
deposit accounts for the year 2022:
Aim in 2023: BNOIMD intends to facillate Term and Scheme
SND/MSND deposit account through its CAOU to ensure complete
645 CD/AL-Wadia supervision and control for effectiveness and compliance as well
1,256
as convenient service to the customers.
Opening of deposit account through e-KYC process is gaining
CAOU Opened
traction over time within the industry. e-KYC is a digital process
8246 Demand where financial institution can open a customer account by
Deposit Accounts filling up a digital form through spot submission of photograph,
identification data and biometric credentials.
NRBC Bank has successfully implemented opening of account
through e-KYC process and shall continue its efforts in the
SB/MSD
6,345 coming days to strengthen, secure and promote its adaptability
among its customer base.
Credit Administration Division

Disbursement of loans and advances are one of the core activities of a Bank since it contributes to the asset. Credit Administration
Division (CAD) deals with documentation for disbursement of all kinds of funded and non-funded facilities favoring the customers
of the branches and sub-branches of the Bank. Presently, CAD is conducting these services for the Branch network in centralized
and decentralized. Branches and Sub-Branches of Dhaka and Chattagram Zone are already under full centralized operation. Other
Branches and Sub-Branches of other Zones will be gradually brought under centralized CAD operation. Apart from that, retail loans
are allowed countrywide through in-house digital platform of the Bank named as Loan Processing System (LPS).
Annual Report 2022

95
Branch Wise Position Centralized Branch vs Non Centralized Branch
19
18
15
8 9
8 8
7 7
50% 50%
4
Dhaka South Zone
Dhaka South Zone
Sylhet Zone
Chattogram Zone
Meghna Zone
Khulna Zone
Mymensing Zone
Rajshahi Zone
Dhaka North Zone
Barisal Zone
Centralized Branch
Centralize Non Centralize Non Centralized Branch
Automation in Credit Administration Division:

The Bank has taken several initiatives to bring the entire disbursement processing system for all kinds of loans and advances
countrywide under full automation. A template based digitalized system is already at development stage for successful implementation
of this course of action. In addition, the Bank is developing a Digital Safe in- Safe out online template and a Digitized Loan Portfolio
Monitoring System for offsite supervision purpose which will be launched within a very short time. Moreover, in near future transactions
of loan accounts will be also be operated by CAD. Apart from the process of automation, CAD are settings up Zonal Unit offices of CAD
for the purpose of direct supervision of the entire Branch network.
All these developments will help us ensure discipline in credit management of the Bank to accomplish a sustainable financial asset
quality.
Communication Division (CD):

Corridor of Communication and Relationships
NRBC Bank is one of the best banks with a strong image in the banking sector of the country. It is currently leading the way by
surpassing its competitors, impressing its contemporaries. NRBC Bank’s name is synonymous with the development of rural Bangladesh,
especially in expanding services and promoting economic growth. The Communication Division of NRBC Bank has emerged as its
distinctive symbol in its journey towards achieving the Bank’s dreams.
Remain connected Disseminate informative news on

with mass media various issues
By using mass media, CD is spreading CD has arranged to conducted

the banking service to the customers interviews and obtained opinions from
and the general public. The the Chairman, Director, and
widespread coverage by the media Management Executives of the bank,
has allowed people from all and published these on popular mass
professions, including economists, Medias.
researchers, politicians, social
workers, journalists, to name of NRBC
Bank at various aspects.
Annual Report 2022

Create Advertisement & Executing various social, historical,
TV Commercials and international events
To strengthen the bank's image, the CD has arranged to celebrated

CD has created new advertisements different occasions such as
and TV commercials. The existing International Mother Language Day,
services of the bank have been Women's Day, National Children's Day,
presented in new ways. The branding the birth anniversary of Bangabandhu
unit has produced several TV Sheikh Mujibur Rahman,
commercials, which have already Independence Day, Bengali New Year,
gained extensive popularity among May Day, National Mourning Day,
customers and relevant stakeholders. Mujibnagar Day, Environment Day,
Mother's Day, Victory Day, and English
New Year, among others. With the
Planet Magazine support of mass media and social
media these events have been
celebrated with the bank's employees
and customers at all levels
CD published a quarterly magazine successfully.
called "Planet" to promote employee
creativity. Besides, arranges various
programs to keep the Bank employees
mentally fit.
Annual Report 2022

97
Cards
NRBC Bank Cards provide customers 24 hours’ access to their accounts. NRBC Bank has already introduced card services through
NRBC VISA card under Q-Cash and NPSB consortium which contains most of the member banks ATMs and POS network across the
country. NRBC Credit card offer a varied range of Platinum, Gold, Classic Credit Cards and Prepaid (Dual Currency) & Debit cards
designed to meet customers’ need.
Security is first concern of NRBC Card:
NRBC Bank offer Visa Card service to its valued customers. Visa cards with chips are more secured to conduct any type of transaction
possible through cards. Bank sends each and every transaction alert to the customer through SMS and e-mail. Bank ensures Two
Factor Authentication for more security in case of online (E-commerce) transactions.
NRBC Introduced latest NFC VISA Card:
NRBC Bank introduced Near Field Communication (NFC) Card in a launching ceremony at Hotel Sheraton Dhaka. NFC card is the
latest card technology for contactless transactions in more secured way.
Green PIN services for NRBC Cardholders:
In 2022, Card Division launched Green PIN Services for all types of NRBC Cards (Credit Card, Debit Card, Prepaid Card). Using
this feature, customer will be able to generate PIN and/or activate card instantly from NRBC Website. This feature will make PIN
Generation and card activation services easier and faster for our valued customers. Link of this application is available at NRBC Home
page as well.
NRBC VISA Prepaid Card:
NRBC VISA Prepaid Card is a dual currency card, bundled with a host of benefits. This will ensure more security, convenience and
flexibility for making your everyday spending with a single card. A reloadable Visa Prepaid card is the quick, easy and secure way to
pay online or in person. All-purpose Visa Prepaid card is used to withdraw cash, pay bills or make purchases anywhere.
No. of Debit Card Credit Cards Performance

No. of Credit Card
2021 76,733
2021 5,752
2022 112,090
2022 8,518
No. of Prepaid Card

Loans & Advance (Million Tk)
2021 654
2021 699
2022 2,527
2022 802
Annual Report 2022

Aarong NRBC Cash back Campaign 0% interest simple buy program
All NRBC VISA Credit, Debit and To facilitate the Credit Card Holders,
Prepaid Cardholder enjoyed 10% NRBC Cards have 0% interest
Cashback during Pohela Boisakh, Eid program called simple buy. During
Ul Fitr and Eid Ul Adha from all Aarong 2022, more than 35% simple buy
outlets across the country in 2022. partner merchants were added in this
program.
Buy One Get One Free (BOGO) Offer Cashback Campaign with Supershops
NRBC Bank Credit card holders enjoy NRBC Bank arranged special
Buy One Get One Free (BOGO Offer) campaign for it’s credit cardholders on
from renowned 5 star hotels like grocery shopping from renowned
Westin, Sheraton Dhaka, Inter super shops at December 2022. Credit
Continental. NRBC Cards added 2 cardholders enjoyed 10% cashback
more Hotel partners and 4 more when they brought grocery from
restaurant partners in BOGO and Meena Bazar, Shwapno, Agora, Prince
special offer category in the year Bazar, Unimart ETC.
2022.
Special ecommerce offers
In association with online payment gateway SSL Commerz, NRBC Bank arranged special
campaigns for the NRBC VISA cardholders in different festivals like Eid Ul FItr, Eid Ul
Adha, Pohela Boisakh, Tourism festivals etc. More than 300 ecommerce merchants joined
this campaign.
Key features of NRBC Credit Cards:

• Dual Currency VISA Credit Card with up to 45 days interest
free period
• Free 02 Supplementary Card
• Complimentary access to the Balaka Lounge at Hazrat
Shahjalal International Airport for VISA Platinum Credit
Cardholders
• Priority Pass service around the world for interested clients
• Exclusive discounts and cash back offer through our credit
card in travel, leisure, dining and shopping with 300+
merchants
• 0% interest Simple buy program with 100+ merchants
• Instant Balance Transfer with mobile app NRBC Planet
• Equal Monthly Installment of card outstanding
• Card payment (BDT only) with NRBC Planet (Mobile apps),
bkash/nagad
• 24-hour dedicated Customer Service Center (Mobile
Number & Short Code both)
• 24 hour Email support
• E-Statements, SMS alert
• Card Replacement, PIN replacement with nominal charge
• Reward point redemption
• No renewal fee on making 15 trxn yearly first year onwards
Annual Report 2022

99
Corporate signing ceremony with BRB Hospital. NRBC Cardholders enjoy privileged services and up to 20% discounts from BRB
Hospital Limited.
Annual Report 2022

Agricultural Credit
Bangladesh Bank
Total Disbursed Beneficiaries Amount Target Achieved
Tk. 2.389 Million 15,516 Farmers 118.33% against target
of 2,015 Million
NRBC Bank recognizes the importance of supporting agriculture associated with traditional banking, such as limited branch
and rural development to promote economic growth and coverage and high transaction costs. Against such hindrance,
improve the livelihoods of low-income people. In 2022, NRBC Bank adopted new approach that will ensure the long-term
Bank Disbursed Agriculture Finance, with various loan products viability of agricultural production in Bangladesh and contribute
designed to meet the diverse needs of farmers and rural to the country’s sustainable development goals by the govt.:
entrepreneurs. The bank has been successful in reaching a
considerable number of beneficiaries, benefitting from the
Disbursement of Agricultural Crefit
agriculture credit disbursed in 2022. NRBC Bank’s approach to
agricultural and rural credit in Bangladesh involves a combination 2021 1,208
of innovative approaches, specialized products, and a focus
on sustainability and environmental considerations. Moreover,
NRBC Bank disbursed agricultural credit using agent outlets to 2022 2,389
disburse loans, which helped to overcome some of the challenges
Innovative Approach Specialized Product Disbursed through Sustainability & Environmental

Agent Outlets Considerations
• Digital Platform Specialized Term loan,
• Peer-to-Peer lending Time loan, Cash credit 594 Agent outlets Promoted practices that reduces the use of
(Hypo) etc. for Agri throughout the chemicals and encourages conservation of
country natural resources, as well as support farmers who
adopt more sustainable production methods.
Furthermore, the bank’s commitment to meeting the unique needs of different farmers and rural entrepreneurs, along with its
successful track record in meeting the agriculture targets set by Bangladesh Bank, reflects its dedication to promoting sustainable
and inclusive development in the country.
Success Story:
Mr. Md. Mahathe Hasan Milon is a proficient fish farmer operating in the Rajshahi District of Bangladesh. Under the business name M/S.
Ha-Meem Fish Agro, he has been cultivating various types of fish since 2007 on a total area of 2640 decimal of land, which coprises
2310 decimal of leased pond and 330 decimal of family-owned pond located in the Nowpara region of Durgapur, Rajshahi. Given the
longstanding tradition of fish production in the surrounding areas, Mr. Milon has been managing his business operations effectively. In
2015, he established a financial relationship with the NRB Commercial Bank in Rajshahi Branch, which provided him with Tk. 40.00 lac
for his fish cultivation project, marking a turning point for his enterprise. Consequently, in 2020, he approached our Rajshahi Branch
to enhance his Overdraft-Agri limit from Tk. 40.00 lac to Tk. 50.00 lac and Bank extend such credit facilities.
At present, Mr. Milon is cultivating a total of 160.00 Bigha of pond area, having leased an additional pond measuring 57.30 bigha in
2020. However, the increasing cost of fish feed has placed him in need of additional cash, prompting him to seek the Overdraft-Agri
limit for Tk. 50.00 lac and Agri Loan under BB Refinance of Tk. 20.00 lac from our Rajshahi Branch. Despite the rising costs, Mr. Milon’s
sales revenue is presently Tk. 250.58 lac, yielding a net profit of Tk. 3.93 lac per month after accounting for all costs. His success in
managing his business operations has enabled him to lead a stable and successful life.
Through the support of NRB Commercial Bank, Mr. Milon has established himself as a successful fish farmer and acknowledging the
bank’s contribution to his livelihood. He aspires to expand his fish farming in the future.
Annual Report 2022

101
Corporate Concierge Cell (CCC)
Total Disbursed Beneficiaries
Tk. 1.505 Million 837 Officers
Customer Segment
NRBC Bank’s Corporate Concierge Cell (CCC) support Judges DPDC Other Govt. Officials
government officials, judges, DPDC officers, and renowned
corporate individuals in Bangladesh with unique and emergency
financial services. CCC provides loan packages including credit 6%
cards, personal loans, home loans, and car loans, to help these
individuals and institutions manage their finances and achieve
their goals. In 2022, the CCC generated profit of BDT 5.88 crore
through its various loan packages. This success is a testament to 32%
the bank’s commitment to providing tailored financial solutions
to meet the needs of its customers 62%
The Corporate Concierge Cell’s success can be attributed to its dedicated team of professionals who work tirelessly to
provide the best possible services to customers. The team members have extensive experience in the banking industry and
are equipped with the knowledge and expertise necessary to serve the unique financial needs of high-profile customers.
The division’s loan packages are designed to be flexible and customizable, providing customers with a range of options
to choose based on their individual requirements. The credit card package, for example, offers a range of benefits,
including cashback on purchases, travel insurance, and access to exclusive dining and shopping deals. Personal loans
are also available to help customers manage unexpected expenses, such as medical emergencies or home repairs.
The Corporate Concierge Cell’s home loan package is another popular option, offering competitive interest rates and flexible repayment
terms. Customers can choose from a range of home loan products, including those for new purchases, renovations, and refinancing.
In addition to its loan packages, CCC also provides a car loan package to help customers purchase their dream vehicles. The package
offers competitive interest rates, flexible repayment terms, and quick processing times.
Overall, NRBC Bank’s Corporate Concierge Cell has been successful in providing unique financial services to key members of society.
The bank remains committed to continuing to innovate and provide the best possible services to its customers.
NRBC Bank has always been committed to support the growth and development of small and medium-sized enterprises (SMEs)
in Bangladesh. In 2022, the bank continued its focus on CMSME (Cottage, Micro, Small and Medium Enterprises) activities, with a
particular emphasis on shifting its focus towards SME activities.
Annual Report 2022

CMSME Banking
CMSME Portfolio Trend CL (%)
7.00%
50,000
45,000 6.00%
6.21%
47,337
45,991
40,000 5.00%
35,000 4.00%
30,000
3.00%
3.24%
25,000
2.00%
26,374
1.99%
20,000
1.00%
15,000
0.00%
10,000 2020 2021 2022
5,000
0
2020 2021 2022
SME Credit facilities evident in its loan disbursements in the graphical in 2022. The bank provided a range of loan products tailored to
the needs of CMSMEs, which included NRBC Sasroye-Micro, NRBC Sasroye-Small, Working Capital - CMSME (Int. Subsidy), Working
Capital - Ind./Corporate (Int. Subsidy), and NRBC Nari-Term Loan-SE.
Among these loan products, Working Capital - CMSME (Int. Subsidy) had the highest disbursement, accounting for 49.29% of the total
CMSME stimulus package disbursement. This product provided working capital loans to CMSMEs with interest subsidies, enabling
them to meet their short-term financing needs and improve their cash flow.
NRBC Sasroye-Small and NRBC Sasroye-Micro were the second and third highest loan products disbursed, accounting for 18.40% and
17.60% of the total CMSME stimulus package disbursement, respectively. These loan products provided financing to small and micro-
enterprises engaged in manufacturing, trading, and services.
NRBC Nari-Term Loan-SE accounted for 1.92% of the total CMSME stimulus package disbursement, providing financing to female
entrepreneurs engaged in small and medium-sized businesses. Finally, Working Capital - Ind./Corporate (Int. Subsidy) accounted for
7.94% of the total CMSME stimulus package disbursement, providing working capital loans to individual borrowers and corporate
entities with interest subsidies.
Overall, NRBC Bank’s CMSME stimulus package disbursement in 2022 demonstrates its commitment to supporting the growth and
development of SMEs in Bangladesh.
NRBC Bank’s focus on SME activities is also reflected in its agriculture and rural credit disbursement, aimed at improving the livelihoods
of low-income people, stimulating the cultivation of special crops, and providing loans through agent outlets. These efforts have
helped to support the agricultural sector, which is a key source of employment and income for many people in Bangladesh.
As a bank that recognizes the importance of SMEs in driving economic growth and development, NRBC Bank is committed to providing
innovative and tailored financial solutions to meet the needs of CMSMEs. Its loan disbursements in 2022 demonstrate its commitment
to this goal, and the bank will continue to support the growth and development of SMEs in Bangladesh in the years to come.
Loan Disbursement under CMSME Stimulus Package:
Loan Product Disbursed
NRBC Sasroye-Micro 163.99
NRBC Sasroye-Small 171.45 NRBC Sasroye-Micro

NRBC Sasroye-Small
Working Capital –CMSME Working Capital-CMSME
459.29
(Int. Subsidy) (Int. Subsidy)
Working Capital-Int./Corporate
Working Capital –Ind./ (Int. Subsidy)
70 NRBC Nari-Term Loan-SE
Corporate (Int. Subs.)
Term Loan under SME Foundation
NRBC Nari-Term Loan-SE 16.9
Term Loan under SME

50
Foundation
Total 931.65
Annual Report 2022

103
Initiative taken for automation of CMSME Loan process and its management in 2022:
In 2022, NRBC Bank took a significant initiation towards the automation of its CMSME loan processing system, with the development
and implementation of the Loan Processing System (LPS). This system has been specifically designed to streamline the loan processing
and management process, enabling the bank to provide faster credit disbursement to CMSMEs while also incorporating green banking
solutions.
The LPS is a fully automated system that streamlines the entire
LPS loan application process, from the initial application submission
1,960 CMSME loan to the final loan disbursement. This system is integrated with
process through Loan the bank’s core banking system, allowing for real-time tracking
Processing System of loan applications and disbursements, as well as generating
(LPS) software. customized reports and alerts for bank staff and customers.
One of the key features of the LPS is its ability to cater to green banking solutions in the economy. This means that the system has
been designed to ensure that all loan applications and disbursements are in line with the bank’s environmental policies and regulations,
promoting sustainable and eco-friendly practices among CMSMEs.
The LPS has also enabled NRBC Bank to provide faster and more efficient credit processing to its CMSME customers. The automated
system has reduced the turnaround time for loan processing, allowing the bank to provide faster credit decisions and disbursements
to customers. This has enabled the bank to serve its customers better and maintain a competitive edge in the market.
Overall, the development and implementation of the Loan Processing System (LPS) in 2022 demonstrates NRBC Bank’s commitment
to innovation and technology in its CMSME loan processing and management. The system’s ability to cater to green banking solutions,
provide faster credit processing, and improve transparency and accountability in the loan management process has enabled the bank
to serve its customers better and maintain its position as a leading financial institution in Bangladesh.
NRBC Bank response in national challenges through CMSME activities:
NRBC Bank has played a critical role in responding to national challenges through its CMSME activities. The bank’s portfolio for
CMSMEs has shown consistent growth over the past three years, with disbursed amounts increasing from BDT 263,743.68 in 2020 to
BDT 473,370.86 in 2022. Moreover, the bank has maintained a low classified loan (CL) ratio, which indicates the quality of its CMSME
portfolio. In 2022, the CL ratio was 6.21%, which is a testament to the bank’s careful risk management and prudent lending practices.
One of the areas where NRBC Bank has particularly excelled is in its support for women entrepreneurs. The bank’s CMSME for Women
Entrepreneur program has provided loans to a growing number of beneficiaries over the past three years. Disbursed amounts have
increased from BDT 2,349.08 in 2020 to BDT 5,566.92 in 2022, while the number of beneficiaries has grown from 57 to 472 over the
same period. This program has been instrumental in empowering women entrepreneurs and supporting gender equality in Bangladesh.
NRBC Bank’s response to national challenges through its CMSME activities has been particularly noteworthy in the context of the
COVID-19 pandemic. The bank has provided financial support to CMSMEs affected by the pandemic, through its NRBC Sasroye-Micro,
NRBC Sasroye-Smalll, and Working Capital –CMSME loan products. In 2022, these loan products accounted for more than 90% of the
bank’s total CMSME stimulus package disbursement. The bank has also introduced green banking solutions through its automated
Loan Processing System, promoting sustainable and eco-friendly practices among CMSMEs.
Overall, NRBC Bank’s CMSME activities have played a crucial role in supporting national development and responding to national
challenges. The bank’s commitment to supporting women entrepreneurs, its prudent lending practices, and its response during
COVID-19 pandemic demonstrate its dedication to serving the needs of the people of Bangladesh.
NRBC Bank’s Exposure:

Total disbursement made by all financial institutions of the country was BDT 220,489.37 crore in the year 2022. NRBC Bank’s
contribution was BDT 4,733.71 crore which constitutes 2.15% of the total disbursement.
CMSME Disbursed to Women
k 2.15%
an n Entrepreneur
B C B ut ed uti o
NR ntrib strib
o
C tal D i
To
6,000
5,566
5,000
4,000
4,154
3,000
2,000
2,349
1,000
0
2020 2021 2022
Annual Report 2022

Initiative for development of Women Entrepreneur: NRBC Bank has been actively supporting women entrepreneurs
Beneficiary (Women Entrepreneur) in Bangladesh through various initiatives aimed at promoting
gender equality and social inclusion. One of the most notable
initiatives is the CMSME for Women Entrepreneur program,
500 which provides financial assistance and support to women
450 entrepreneurs to help them start or expand their businesses. The
472
program includes various loan products designed specifically
400
for women entrepreneurs, and the number of beneficiaries has
350 steadily increased over the years, with 472 women entrepreneurs
300 supported in 2022 alone.
250 To further support this initiative, NRBC Bank has launched a
200
special loan scheme offering loans at a low interest rate of 5
percent with easy terms and conditions. The maximum loan
150
amount of up to 50 lakh taka will be provided through the
100 ‘Revolving Capital Support Fund’ of Jayeeta Foundation, a
95
50
special fund formed under the Ministry of Women and Children
57
Affairs with the aim of promoting women’s entrepreneurship in

0
2020 2021 2022 the country.
Women entrepreneurs can apply for this loan in their own name or in the name of their association, and the loan can be taken
with or without collateral. NRBC Bank has signed a Memorandum of Understanding (MoU) with Jayeeta Foundation to facilitate the
disbursement of these loans.
NRBC Bank’s initiative for the development of women entrepreneurs is a testament to its commitment to social responsibility and
gender equality. The bank’s focus on women entrepreneurs is an essential step towards promoting financial inclusion and empowering
women in Bangladesh. Through such initiatives, NRBC Bank hopes to continue its efforts towards promoting sustainable economic
growth and development in Bangladesh.
Success Story:
Mrs. Rumana Islam Munni, proprietress of M/s. Mahi Enterprise is a woman entrepreneur of Barisal district who is engaged in Wholesale
and retail trading of Soybean oil, Mustard oil, rice and other food items since 2012, Business Location of the concern is situated at Moona
Mahi Monjeel, Holding no-941, C & B Road, Barisal. She had dealership of Ilias Brothers (Dada Soybean), Sonic Prime Group and Perfect
Vanmel Bangladesh Pvt. Ltd. Mentionable that, her distributorship business almost covered 10 upazillas in Barishal District as well as
individuals and retails shops.
She started banking relationship with the NRBC Bank by opening account with our Barisal Branch in 2014. Next Year, Mrs. Rumana
Islam Munni approached our Barisal Branch for Term loan facility under Women Entrepreneur scheme for enhancement of business. In
response to her approach, Bank extend Term loan facility limit for Tk. 50.00 lac under Bangladesh Bank Refinance Scheme for Women
Entrepreneur. It was the turning point for her. After being facilitated from Bank, she gradually enhanced her distributorship business
which more than 10 upazillas of Barisal district to whole Barisal district. She Duly adjusted the mentioned term loan facility in due time
from her business income.
After Covid-19 pandemic, In 2022, She further received NRBC Nari facility for Tk. 50.00 Lac under Bangladesh Bank Refinance Scheme
for Women Entrepreneur for enhancement of business. At Present, she is the dealer of 06 No of Perfect Vanmel Bangladesh Pvt. Ltd,
M Ahmed Tea and Lands Co. Ltd(Mongolia Tea), Basundhora Multi Paper Ltd., Deshbondhu Food & Beverage Ltd., Home Edible Oil
Ltd., ANH Group (Bangla Wash).
In the mid of 2022, her distributorship business enhanced from 10 Upazilas to 05 districts including Barishal, Patuakhali, Borguna,
Pirojpur and Jhalokhathi. Total 10 No of employees are currently involved in her business now. Mrs. Rumana has now established
herself as a successful women entrepreneur and has intention to enhance her business capacity by availing more facilities from our
bank. She feels blessed and thanks to our NRBC Bank Limited.
Annual Report 2022

105
Corporate Social Responsibility (CSR)
Corporate Social Responsibility (CSR): A part of Sustainable The primary objective of NRBC Bank’s CSR philosophy is to have
Finance Unit a meaningful and measurable impact on the lives of economically,
physically, and socially challenged communities of the country
through an integrated approach to development that focuses
on fostering sustainable livelihoods, promoting education, and
17%
Education enhancing skills. The concept of corporate social responsibility
Health (CSR) extends the responsibility of companies beyond their
15% Environment and Climate Change owners to other stakeholder groups (such as employees,
59% Mitigation & Adaption customers, and regulators), emphasizing the need to internalize
Others the impact of business activities on the natural environment and
9%
the marginalized members of society. CSR is inevitably becoming
an increasingly vital aspect of virtually all businesses.
Education Health Disaster Management Others

Tk. Tk. Tk. Tk.
20 Million 16.6 Million 10 Million 66.4 Million
CSR encompasses a vast area of proactive and reactive activities focused on internal and external factors that seek to improve the
economic, social, and environmental performance of businesses in accordance with stakeholder expectations. External regulatory and
market pressures, as well as an individual’s sense of moral obligation, have progressively become crucial determinants of the behavior
of contemporary businesses.
Given banks’ position as prominent financial intermediaries and their global interdependence, the magnitude of their social impact
is undeniably significant. The results of their activities affect not only the well-being of their owners, employees, and customers, but
also the well-being of society as a whole, due to their participation in the processes of capital accumulation and allocation, as well
as their impact on the financial soundness and stability of the banking sector. The social responsibility of banks encompasses both
the responsibility of individual institutions for the security of funds entrusted to them and the responsibility of the entire banking
sector for the stability of the financial system and economy. In addition, the long-term character of many bank products and services
results in the emergence of a complex system of relatively enduring relationships between them and their external stakeholders.
The business objectives of banks should not be limited to the maximization of their owners’ profits, but should also include the
requirements of other stakeholders and society as a whole. In light of the preceding, banks should be more motivated to incorporate
the social responsibility dimension into their business decisions and to disclose information regarding the scope and actual outcomes
of their actions. Engagement in socially responsible activities provides banks with additional opportunities to differentiate themselves
from competitors and enhance the public’s perception of the quality of their services.
Guiding Principles for NRBC Bank CSR Activities:
In order to fulfill its mission and vision, BB intends to establish subsidized priority sector lending in the areas of agriculture, micro, small,
and medium-sized enterprises (MSME), and green finance. In addition, BB focuses on underdeveloped regions/groups of highlands,
haors, and coastal areas, vulnerable indigenous/tribal groups, third gender/transgender, persons with disabilities, street urchins, and
women who face gender discrimination and harassment. BB also intends to reach every region of the country with its CSR initiatives.
In this context, NRBC Bank Limited plays a crucial role by bolstering CSR support for vulnerable rural and urban groups in the interest
of socioeconomic development.
Environmental Responsibility and CSR
Environmental responsibility is the cornerstone of corporate social responsibility, with its foundation in the preservation of nature.
Through optimal operations and support of related causes, a business can ensure that it leaves natural resources in better condition
than before.
CSR under Ethical Obligation
Ethical responsibility is the cornerstone of corporate social responsibility and is based on acting in an honest and moral manner.
Typically, businesses determine their own ethical objectives, though external forces or client demands may also have an influence.
CSR under Charitable Accountability
The pillar of corporate social responsibility that challenges how a company acts and contributes to society is philanthropic responsibility.
In its most basic form, philanthropic responsibility refers to how a company uses its resources to improve the world.
Annual Report 2022

CSR under Economic Responsibility
The pillar of corporate social responsibility that connects the three aforementioned areas is economic responsibility. The company’s
intentions to be more environmentally, ethically, and philanthropically focused must be supported by financial investments in
programs, donations, and product research.
CSR Budget Allocation: SFU will determine CSR Budget as per TOR of
Bangladesh Bank and Board approved CSR Policy.
The Bangladesh Bank has suggested the
following methods for determining the
CSR budget and implementing it based SFU will assign Foundation for Budget Implementation.
on the Bank's Net Profit after Tax. In light
of this, NRBC Bank has adopted the
following measures: Monitoring of Budget Implementation by SFU as a
regulatory responsibility.
Key Focus Areas CSR Objective

NRBC Bank has conducted CSR The primary objective of CSR initiatives is to protect, preserve,
activities in accordance with and uphold the fundamental rights of the underprivileged/
Bangladesh Bank's guidelines. The non-privileged/ distressed/ helpless/ marginal/ hardcore poor
CSR Strategy of NRBC Bank includes and socially backwards segments of the population with the aim
long-term objectives for serving of eradicating all forms of poverty and inequality from society and
individuals, families, communities, and ensuring that no one is left behind. Examples of project-based,
the nation. NRBC Bank believe that a structured CSR activities for the intended beneficiaries, in
1
better society is a prerequisite for a accordance with sustainable banking.
better business environment. CSR is
therefore considered one of the Bank's
core corporate values. Sustainable
Development objectives (SDG) are 17
2
objectives established by the United
Nations to serve as a "shared blueprint
for peace and prosperity for people
and the planet, now and into the
future" Bangladesh has already laid the
groundwork for the localization and
implementation of the SDGs. The
responsibilities of ministries and NRBC BANK’S
agencies for each of the 2030 Target Beneficiaries
Agenda's goals and targets have CSR
been mapped out. In light of this, Vulnerable and undernourished
we have aligned our CSR men, women, and children of all
4
strategy with these objectives. ages living below the poverty line;
Underprivileged students and
street children; Indigenous peoples,
family farmers, pastoralists, and
fishers; Unemployed youth and
3
adults; Climate vulnerable and
coastal women, children, and the
elderly; People living in slums,
CSR Strategy informal settlements, remote area,
CSR strategy is the comprehensive plan that organizations and financiers hill tracts, and islands; Climate
use to design, implement, and evaluate their corporate social responsibility refugees; Students, unskilled and
initiatives. It includes specific areas of focus, program design, promotion and unemployed women and youths,
communication strategies, and evaluation procedures. As a stakeholder in pensioners and the elder people of
the community, NRB Commercial Bank Limited is eager to increase its CSR the society.
initiatives for the benefit of the nation as a whole. Beyond its financial
commitments and regulatory obligations, NRBC Bank is committed to
fulfilling its role as a business in creating a better society and purified
environment.
CSR Activities In 2022 at a Glance

NRBC Bank has conducted CSR activities in the specific sectors as identified by Bangladesh Bank as well as national Board of Revenue
(NBR) which helped the nation to come out of the COVID-19 adversity to widen the educational activities across the country to
address the negative impact of the environment and minimize the consequences of the natural calamities and also to help the mass
level needy people by distributing warm clothes.
Annual Report 2022

107
Education
• Provided Scholarship/stipends for different underprivileged children for continuation of
their study.
• Helped special disabled children for their educational purpose.
• Funded a program arranged by Bangladesh Science Academy and BUP HR Club to raise the
awareness of literacy among the people.
• Donated to Prime Minister Education Trust so that, mass people around the country can be
helped from the fund as the Prime Minister Education Trust work around the whole country.
• A bus for students and teachers of Dhaka University was donated also.
• Publication of Book titled “Bangabandu theke Bishwabandhu” was a great initiative by
NRBC Bank to enlighten the new generation about the life of Sheikh Mujibur Rahman and
spirit of Freedom fighting 1971.
Annual Report 2022

Health
• A number of people were provided financial assistance regarding completion of their
medical treatment throughout the year.
• Mongla Port Authority was provided financial assistance to enhance their healthcare
activities.
• In collaboration with SKS Foundation NRBC Bank has donated for cataract operation and
eye care services to the underprivileged people of Gaibandha District.
Environment and Climate Change Mitigation & Adaption

• NRBC Bank has extended its helping hand to people affected by Catastrophic Cyclone
named Sitrang by providing financial assistance for repairing their houses destructed or
affected due to Cyclone.
• NRBC Bank has also taken part in House Construction for Homeless and displaced people
titled PM Ashrayon Project-02.
Others
• Provided financial assistance for flood affected people in Sylhet Region.
• Establishment of Branch Office of Red Crescent in Magura District.
• Observing Victory and Independence Day.
• Celebration of Joy Bangla Utshob through Bangladesh Association of Bankers (BAB) etc.
Annual Report 2022

109
Financial Inclusion & Business Development (FI&BD)
Served over 3 crore people all over the country with different services.
NRBC bank is setting up visionary goals to serve unbanked and

unserved people all over the country.
NRBC Bank had initiated its successful journey as a 4th generation private commercial Bank on 2013 with a vision of inclusive finance
as it had a motto to serve the unbanked and Un-served people of every corner people in our country. NRBC Bank has stepped on a
milestone of 10 years successful completion recently with a view to serving all the remote corner people in Bangladesh. The objective
of Financial Inclusion and Business Development Division is equitable and sustainable socioeconomic growth, one that would leave
no one behind which will be a key point to achieve “Smart Bangladesh” status within 2041. Initially, the concept of Financial Inclusion
and Business Development comprehended the course of including as many citizens of the country as possible in the formal financial
or banking sectors through different means, like more branches of scheduled banks in rural areas, special needs-oriented services (for
Farmers, SMEs, Women etc.), insurance schemes, and Mobile Financial Services (MFS). Currently, the activities of Financial Inclusion
and Business Development Division are spreading with its Channel Banking operations like Agent Banking, Land Registration Fees
Collection, BRTA Fees Collection, DPDC Fees Collection, Rural Electrification Board Fees Collection, Automated Challan System,
Disbursement of Foreign Remittance etc.
Annual Report 2022

DPDC Bill BRTA Fees ACS Challan
Collection Collection System
Foreign Land
Agent REB Fees Registration
Remittance
Banking Collection Fees Collection
Disbursement
NRBC Bank is looking forward to implementing AI to stimulate banking operations, enhance customer experience, and
increase financial inclusion to the next generation customers to create a more efficient, secure, and customer-centric banking
experience.
The main purpose of NRBC Bank Agent Banking is to provide a safe alternate delivery channel of banking services to the under
privileged, under-served population in cost effective ways who generally live in geographically remote location that are beyond the
reach of the traditional banking networks. NRBC Bank has become one of the top five banks in terms of outlet distributions at the
end of 2022.
Agent training session at Union Digital Center, Bagura

NANO Deposit through Digital platform like E-KYC Next Generation Lifestyle Products of Banks
The process for depositing funds to NRBC Bank Nano wallet • Digital Wallets
using e-KYC through NRBC Planet app. Generally, customer will • Blockchain-based Products
need to create an account with the platform, complete the e-KYC
• Health and Wellness Services
verification process, and then follow the steps provided by the
platform to deposit funds into one’s account. • Sustainability and Eco-friendly Products
Annual Report 2022

111
Agent Banking: Door to Door Services Towards Successful Inclusive Finance
NRBC Bank has become one of the top five banks in terms of
outlet distributions at the end of 2022. Agent Banking
594 Agent Outlets services of NRBC Bank are as follows:
Growth 1% • Opening of different Bank Accounts like Current deposit
account, Savings deposit account, SND, FDR and different
schemes etc.
• Collection of Cash deposit, cash withdrawal.
• Different Utilities bill payments.
• Inward foreign remittance disbursement, Inland remittance,
fund transfer to Intra-Bank and Inter Bank, IBFT etc.
• Balance enquiry, Issuance of Bank Statement etc.
No. of Accounts 198,880
• Collection and processing of documents in relation of
Growth 17% account opening, loan application, debit and credit facilities
etc.
No. of Transactions 1,042,835
• Receive of DESCO, REB, DPDC, WASA bills.
Growth 29% • Mobile Balance top-up of all telco operators.
Particulars 2021 2022 Growth

Total Deposits 166.15 million Tk. 651.07 million Tk. 291.85%
Transactions Amount 2,773.01 million Tk. 4,210.84 million Tk. 51.85%
Number of IFR Transactions 500 577 15.40%
IFR Transaction Amounts 27.83 million Tk. 30.75 million Tk. 10.51%
Number of Electricity Bills 297,948 325,839 9.36%
Electricity Bill Amounts 189.47 million Tk. 202.83 million Tk. 7.05%
Safety net Beneficiaries 142,273 163,471 10.25%
Safety net Disbursement Amounts 98.48 million Tk. 140.00 million Tk. 42.16%
Government Safety Net Program through Agent Banking

Government Safety Net Programs are the basis of our country’s social protection strategy and are the mainstay of the poverty
alleviation strategy. Numerous safety net programs have been implemented under Access to Information program of the Prime
Minister’s Office aimed at helping different groups within the population cope with adverse shocks that are either idiosyncratic or
aggregate in nature. These programs are intended to (i) improve the living standards of the weakest segments of the population (as
defined economically, socially, by gender, by location, and by religion), (ii) help in income and consumption smoothing for households
that have been impacted with negative shocks, and (iii) prevent and mitigate the impact of economic and natural shocks. NRBC Bank
agents are operating different accounts and providing banking services to these people by collecting their finger tips in convenient
manners. In case of elderly and disabled persons, our agents are providing services to their doorsteps.
Government Social Safety Net Program operational activities at Narshingdi District
Annual Report 2022

Disbursed
Disbursed
Amount in Number of Number of
Amount in
Types of Safetynet Program Area 2021 Beneficiaries Beneficiaries
2022
(Taka in in 2021 in 2022
(Taka in Lac)
Lac)
Old Age Allowance Naogaon & Narsingdi 253.31 16607 596.83 22819
District
Widow Allowance Naogaon & Narsingdi 74.92 11160 265.89 10535
District
Disabled Allowances Naogaon & Narsingdi 164.41 7569 458.25 11151
District
Maternity Allowance Narsingdi, Dhaka, Naogaon, 49.96 924 119.20 2855
Rangpur, Dinajpur, Cumilla
& Barishal District
Vulnerable group development Dhaka,Narsingdi,Tangail, 77.95 18198 440.78 13794
(VGD) Barishal,Naogaon,Rangpur,
Dinajpur & Cumilla District
Total 620.55 54458 1880.95 61154
Safety Net Disbursed Amount No. of Beneficiaries

(Million Tk.)
Strategic Partnership with NRBC Bank and Micro Merchants
MoU with the Micro Merchants, NRBC Bank established
their distribution networks (both physical and digital) for
fund disbursement to mass people under the Bangladesh
188.10
61,154
Government’s Safety Net Project, regular Cash deposit, Cash

withdrawal, Utility bill payment, education fees collection,
remittance, account opening through E-KYC digital platform and
other small scale banking activities to its valuable customers on
the Terms and Conditions mentioned in the Agreement. In this
regard, Second Party is desirous of obtaining certain Services
62.06
54,458
from micro merchants and micro merchants represent that it

has the necessary expertise, skills, experience, competence and
personnel required to deliver the Services desired and required
2021 2022 2021 2022 by NRBC Bank.
Inauguration between NRBC Bank and Micro merchant point at Ramganj, Laxmipur
Annual Report 2022

113
BRTA Fees Collection Land Registration Booth Collection
No. of BRTA Collection Booth: 28 (Increased 12%) No. of Land Registration Booth: 330 (Increased 3.78%)
No. of BRTA Transaction: 3,928,155 (Increased 10.03%) No. of Land Registration Booth Transaction: 3,612,200
Total BRTA Collection Amount: 2,378 crore (Increased 25.16%) (Increased 3.76%)
Total Land Registration Booth Collection Amount: 3,704
crore (Increased 32.29%)
REB Fees Collection Automated Challan System

No. of REB Collection Booth: 128 (Increased 10.34%) No. of Automated Challan: 224,127 (Increased 290.91%%)
No. of REB Transaction: 1,88,00,709 (Increased 70.21%) Total Transaction Amount: 3,10,55,86,2709 (Increased
Total REB Collection Amount: 1,641 crore (Increased 26.23%) 184.65%)
Centre for Remittance Disbursement DPDC

No. of attached Sub-branch: 223 (Increased 39.38%) No. of DPDC Points: 5 (as previous year)
No. of CFRD Transaction: 8,680 (Increased 194.64%) No. of BRTA Transaction: 157,650 (Increased 157.38%)
Total BRTA Collection Amount: 55,69,51,257.03 (Increased Total BRTA Collection Amount: 65, 85, 14,658.35
186.74%) (Increased 237%)
Land Registration Fees Collection booth
Annual Report 2022

Financial Administration Division (FAD)
Namely NRBC Bank Financial Administration Division (FAD) is responsible for overseeing the financial administration to protect the
financial health of the bank and ensuring that the bank operates within its financial means while also achieving its strategic goals. FAD
ensures accountability; transparency and effectiveness of every penny of the Bank through automate compliance accounting services.
Some of the key functions of the financial administration division include:
Maintaining Recording Reconciliation

financial records Transactions of Accounts
Preparation
Financial Budgeting
of Financial Compliance
Analysis and Forecasting
Statements
1. Preparation of financial statements and Annual Report- Financial Control

Prime responsibility is the financial statements preparation
on a regular basis to provide Board and Management with • Bills Processed: 7,852 (Nos.)
• Cost Savings: 7.03 Million
a clear understanding of the bank’s financial position for
• Issued VAT/Tax Deduction Certificate: 2,364 (Nos.)
disseminate to all stakeholders. • No. of E-challan received: 99,624
2. Reconciliation- Reconciles all accounts to ensure with • E-challan amount : 2,882.49 Crore
other Banks that the bank’s financial records are accurate
and that there are no discrepancies Payment Processing
3. Budgeting and Forecasting- FAD also prepares Branch • No. of vendor payments made:7,852
• Payment amount: 95.36 crore
wise and Cumulative Budget for proper Controlling and
• FAD Centrally disburses almost 98% of Bank
Evaluation. The Knocking areas are Deposit, Advances, Payment to control the payment processing system.
Profit, Import, Export, and Remittance.
4. Maintaining Central Insurance Policy- Money Insurance
Policy, Fixed Assets Insurance Policy, Locker Insurance Salary & Allowances
Policy, Vehicle Insurance Policy and Deposit Insurance
• Salaries and allowances disbursed among 3,667
5. Management Information System (MIS) Report- Different employees on average in 2022.
type of MIS Cumulative and Branches wise as per • Total salary and allowances disbursed: 278.11 Crore
management requirement.
6. Fixed Assets Managment- Fixed Asset process the Fixed Asset Management
payment centrally and registered in the the Fixed Assets • Process the Asset requisition and settlement of
Register (FAR). Fixed Assets depreciation centrally payment Quarterly/Half Yearly/ Yearly Fixed Asset
process and expenditure book to the respecting branches Schedule Management
monthly basis. • Review and Reconciliation of Fixed Assets Module
7. Centrally Disburse/settlement and Payment- Centrally
Processing and Payment of Office Rent, echallan, Clearing, GL Monitoring and Controlling
Batch Charge and CIB Charge, Courier Charge, Payment of Chart of Accounts
Corporate Mobile and Internet Bill, Link/WAN Connectivity • New GL Created: 62 (Nos)
Bill. • GL Lock/Unlock: 25 (Nos)
• Instruction Circular : 4 (Nos)
8. Disbursement of Salary and Other Allowances- All cost GL monitoring:
centre Salary and allowance process and payment central • Income GL : 37 (Nos)
payment system. • Expense GL : 48 (Nos)
• Fixed Assets : 60 (Nos)
9. National Board of Revenue (NBR) Related Information-
• Other Assets : 45 (Nos)
Prepare Monthly basis Tax and Vat Return on Monthly • Refinance Scheme : 19 (Nos)
Basis, Deposit of Advance Tax to Large Tax Payer Unit • Sundry Creditors (Liability) : 35 (nos)
Annual Report 2022

115
(LTU) Quarterly Basis Regarding Corporate Tax Regulatory Reporting
10. Maintaining financial records: Division is responsible for Report to Regulatory Bodies: 83 (Nos.)
maintaining accurate and up-to-date financial records of Internal Report: 71 (Nos.)
the bank, including general ledgers and Statements through
Core Banking Software system.
Reconciliation & Suspense Control
11. Compliance: The Division ensures that the bank complies • Reconciliation Statements prepared: 117
with all accounting standards, regulations, and laws. • Letters issued to branch/division regarding
12. Financial analysis: The division conducts financial analysis reconciliation: 142
• Mail sent to branch/division regarding
to identify trends, risks, and opportunities for the bank.
reconciliation: 435
This analysis helps management make informed financial
decisions and develop strategies to improve the bank’s
financial performance.
13. Monitoring & Controlling: FAD issue instruction circular
for controlling the financial transactions of the cost center
of the Bank monitoring relevant transactions to ensure
transparency.
Human Resource Division (HRD)

The HR division of NRBC Bank is
The Human Resources (HR) division of NRBC Bank is responsible critical to the success of the
for managing the bank’s workforce and ensuring that the organization, ensuring that the
organization has the talent and resources it needs to meet its bank has the talent and resources it
business objectives. The division is comprised of a team of HR needs to achieve its business
professionals who work together to recruit, hire, train, and retain objectives and maintain a
employees across all areas of the bank. competitive edge in the market.
One of the primary functions of the HR division is to develop and implement HR policies and procedures that align with the bank’s
overall strategic goals. This includes creating programs for employee development, performance management, and compensation and
benefits. The HR team is also responsible for overseeing the recruitment and selection process, ensuring that the bank attracts and
hires top talent for open positions.
In addition to managing the bank’s workforce, the HR division also plays a key role in maintaining a positive work environment and
promoting employee engagement. This includes providing resources and support for employee wellness, creating opportunities for
career growth and development, and fostering a culture of collaboration and innovation.
Recruitment Reward system

• Recruiting right people for the job • Attractive Salary package
• Formation of well-rounded team • Performance Bonus
• Seeking balance of skills among team • Profit Bonus
members • Promotion
• Empowerment
Effective
Practices Career Management
Performance appraisal
• Setting high expectations from the • Empowering employees enabling them
employees through continuous to make decisions that lead to personal
improvement growth and development.
• Implementing KPI tool for assessing • Setting positive precedent for others
performance and providing feedback to follow, demonstrating good behavior
• Assessing progress and outcomes and work ethics, and inspiring them to
frequently, and making adjustments as be their best selves.
needed to stay on track towards goals • Offering training and development
and objectives. programs.
• Facilitating internal job transfers and
promotions.
• Supporting career growth and
advancement.
• Retaining top talent and foster a
culture of continuous learning and
development
Annual Report 2022

Retention Policy:
NRBC Bank has a robust retention policy that is aimed at creating a positive work environment for its employees and retaining its
customers. The bank recognizes that its employees are its most valuable asset and has developed a retention policy that focuses on
employee satisfaction and engagement.
The bank provides its employees with opportunities for professional growth and development through training and development
programs. The bank also has a competitive compensation and benefits package that includes employee welfare, gratuity, provident
fund, and bonuses. NRBC Bank values diversity and inclusion and has implemented policies to ensure that all employees are treated
fairly and with respect.
Gender wise Manpower Distribution
Female Female
15.90% 15.40%
2021 2022
Male Male
84.10% 84.60%
Employment
HRD is responsible for facilitating the overall goals of the organization through effective administration of human capital focusing on
employees as the company’s most important asset and recruitment is the first step in building an organization’s human capital. At a
high level, the goals are to locate and hire the best candidates, on time and on budget. NRBC Bank generally conducts recruitment
and lateral/experienced recruitment. For the fresh hiring, the Bank generally engages highly renowned consultancy firms/institutions
to conduct the assessment professionally. NRBC Bank has established specialized committees to identify and recruit potential
candidates for the bank who have prior banking experience.
New Recruitment
Employee distribution in
Branch & Head Office 2021 2022
Head Office
15.40%
984
463
472
407
178
Branch
160
84.60%
Fresher Experienced Contractual

NRBC Bank boasts a robust and skilled workforce that forms the Age wise Manpower Distribution
backbone of its operations. With a commitment to excellence, the
bank has assembled a talented and diverse team of professionals.
These individuals bring a wealth of experience and expertise in
31.27%
39.51%
various fields, including finance, banking, technology, customer

service, and risk management. NRBC Bank invests in continuous
training and development programs to empower its employees
with the latest industry knowledge and skills. The bank fosters a
15.90%
culture of teamwork, collaboration, and innovation, encouraging

employees to contribute their unique perspectives and ideas. The
8.32%
dedicated manpower of NRBC Bank drives its growth, customer

2.45%
satisfaction, and success in the competitive banking industry.

0.68%
1.34%
0.39%
0.13%
20-25 26-30 31-35 36-40 41-45 46-50 51-55 56-60 61-65
Annual Report 2022

117
Regional distribution of Employees
NRBC Bank deploys Employees from all over the country depending on the business potentiality as well as banking service scarcity.
High concentration is from Dhaka as it’s the major business area. Other regions were also given due importance and new workforces
were deployed based on needs.
Employees
4% 3%
4% Dhaka
5%
3,864
Chattogram
8% Barishal
Sylhet
47%
Rajshahi
11%
Khulna
3,694
Rangpur
Mymensigh
18%
2021 2022
Digitization process
NRBC Bank has recognized the importance of digitization in today’s rapidly changing business environment. The bank has implemented
various digitization strategies to remain competitive and provide efficient services to its customers such as implementation of training
programs aimed at equipping its employees with the necessary banking skills.
NRBC Bank’s training program has several components, including online training, classroom training, and on-the-job training. Overall,
NRBC Bank’s training programs have been instrumental in equipping its employees with the necessary skills to remain competitive
in today’s economy. By investing in the training and development of its employees, the bank has demonstrated its commitment to
providing high-quality services to its customers.
NRBC Bank has digitized and stored customer and employee documents electronically, reducing the reliance on paper-based records
and enabling faster retrieval and processing of information. The Bank has also significantly invested in its digital platform to ensure
smooth recruitment process.
Covid 19 Milestones
• During Pandemic no employees or staffs of the bank have been retrenched and their salaries remain unchanged.
• Bank has implemented a flexible approach by allowing employees to work on a roster basis.
• In addition, Bank has established a dedicated Covid-19 isolation center to ensure healthcare facilities for its employees in the
banking sector.
• Bank has provided special Covid-19 incentives to certain employees.
• Bank has also approved a special quarantine and sick leave policy to support its workforce during the pandemic.
• In addition, the company has provided transportation to some employees.
Forward Outlook:
• NRBC priority is to enhance the skills and efficiency of our human resource through appropriate training programs.
• To expand the workforce, Bank is improving its recruitment process digitally foridentifying and hiring individuals who are adaptive,
effective, efficient, and quick learners.
• Bank has emphasized the need for a fair performance evaluation system and an effective reward system to motivate our employees.
• Bank will focus on individual career plans to ensure that each person is suited for the right position.
• Bank aim to keep employees constantly evolving, so that they can deliver the best possible services to the Bank’s customers.
• Lastly, to keep workforce engaged by introducing new working environments and processes that are continuously evolving.
Annual Report 2022

Islamic Division Wing’s
No. of Islamic Banking Windows
270
39,730.68
1,041.85
38,619.40
Investment Million Tk.
Deposit Million Tk.
Profit Million Tk.

168
21,103.64
158.11
19,421.51
2021 2022 2021 2022 2021 2022 2021 2022
Islamic financial sector is now considered as a global industry in terms of its assets like Islamic banks, Islamic bond, Islamic mutual
fund and Islamic insurance etc. This sector is growing globally based on its risk sharing optimism, inclusiveness and real asset backed
transaction features. In line with global trends, Islamic banking system in Bangladesh has also been witnessing robust growth due to
policy supports from the Bangladesh Bank and strong public demand. At present, 10 full-fledged Islamic banks have been operating
through1605 branches out of total 10974 branches in the whole banking system. In addition, 23 Islamic banking branches of 11
conventional commercial banks and 511 Islamic banking windows of 13 conventional commercial banks are also providing Islamic
financial services in Bangladesh. A research study of Bangladesh Bank shows, the market share of Islamic banks in the total banking
industry stood at 25.81% in terms of deposits and 28.98% in terms of investments at the end of September, 2022. The people of
our country are deeply committed to Islamic way of life on enshrined in Holy Quran and the Sunnah. Increasing pace of customer
awareness and keen interest to Islamic Banks for financial products in the local market opens a wide era for entering into the Islamic
Banking sector and this is the high time to grab the market. To keep this point in mind for providing the best level Islamic Banking
& Financial products to the clients of NRBC Bank, it has commenced its historic Islamic banking operation in the name of “Al-Amin
Islamic Banking” through 8 of its Windows since 20 January, 2020. Afterwards, on February 08, 2021 the Bangladesh Bank has given
their consent to operate Islamic Banking operation to all of our Branches across the Country. Presently Al-Amin Islamic Banking
provides its service all over the country through 270 windows with dedicated workforce.
All activities of “Al-Amin Islamic Banking” are strictly monitored by the Board of Directors and the management guided by the
Shariah Supervisory Committee of the bank. “Al-Amin Islamic Banking” developed significant number of Islamic Banking Products,
Policies & relevant forms/formats to accelerate our Islamic Banking activities more prudently.
ISR Model of Islamic Banking

At NRBC “Al-Amin Islamic Banking” are followed the Income Sharing Ratio (ISR) model which most modern & internationally
accepted model of Islamic Banking. “Al-Amin Islamic Banking” is collecting deposits from our valued clients & sharing the
business profit with them in this method. The ISR distributable income is to be shared by the concerned depositor and the
Bank. The ISR between each type of Mudarabah depositors and the Bank (Mudarib) are duly disclosed at the time of
account opening and/or beginning of the concerned period. Profit rate is emerged at actual, as derived from the income
fetched from deployment of the concerned fund. As such our rate of profit on deposit under Islamic Banking is nothing but
a post facto expression of the respective agreed sharing ratios. “Al-Amin Islamic Banking” profit rate is an output based on
the Bank’s earning from various Shariah based investments.
ISR Model of Islamic Banking: Sector wise investments of “Al-Amin Islamic Banking”:
Investment Sector Disbursement in 2022 Disbursement in 2021 Changes in 2022 over 2021 (%)
Readymade Garments 191.42 818.98 (76.63%)
Steel Engineering & Metalic Products 886.54 747.42 18.61%
Construction Companies 478.75 166.73 187.14%
Food Processing Industries 79.42 55.85 42.20%
Annual Report 2022

119
Pharmaceuticals Industries 162.03 75.15 115.61%
Printing and Dyeing Industries 154.99 0.00 -
Transportation Industries 27.92 0.00 -
Health Related Institutions 1828.38 2411.20 (24.17%)
LP Gas Industries 971.55 0.00 -
Chemical Industries 33.84 0.00 -
Electric and Electronics Industries 243.45 94.35 158.03%
Garments Accessories 1177.40 662.40 77.75%
Assembling Industries 863.30 0.00 -
Other Industries i.e. 31520.42 14389.43 119.05%
Total 38619.40 19421.51 98.85%
Composition and role of Shariah Supervisory Committee:

• Role of Shariah Supervisory Committee:
The Shari’ah Supervisory Committee of the Bank plays a
Readymade Garments vital role in framing and exerting policy for strict adherence
Steel Engineering & Metalic Products
Construction Compainies of Shari’ah principles in the Bank. As per Islamic Banking
Food Processing Industries
Pharmaceuticals Industries
Guideline circulated by Bangladesh Bank, the Board of
Printing and Dyeing Industries Directors may form an independent Shariah Supervisory
Transportation Industries
Health Related Institutions Committee (SSC) with experienced and knowledgeable
LP Gas Industries persons in Islamic Jurisprudence for Shariah Compliant
Chemical Industries
Electric and Electronics Industries Islamic Banking. “Al-Amin Islami Banking” Shari’ah
Garments Accessories
Assembling Industries Supervisory Committee is represented by 08 members
Other Industries i.e. consisting of prominent Ulama having adequate knowledge
in Fiqhul Moamalat. The Shari’ah Supervisory Committee of
“Al-Amin Islami Banking” gives opinions and guidelines to
implement and comply of Shari’ah principles in all activities
of the Bank particularly in the modes of investment.
• Composition of shariah supervisory committee of Al-Amin Islamic Banking
SL Name of the members Position in SSC

01 Mr. Shah Mohammad Wali Ullah Chairman
02 Mr. Obaid Ullah Hamzah Member
03 Mr. Mohammed Adnan Imam Member
04 Mr. Mohammed Oliur Rahman Member
05 Mr. AKM Mostafizur Rahman Member
06 Mr. Loquit Ullah Member
07 Dr. Khan Mohammad Abdul Mannan Member
08 Mr. S M Parvez Tamal Member
Introduction of new products:
• Approved new products for Export Financing.
• Approved new products for Government stimulus and Re-financing
• Approved new products for Cash Waqf & Hajj Deposit
Training & others:
• Conduct 10 nos physical training programs for officials
• Applied for Hajj pre-registration operations
Annual Report 2022

Information & Communication Technology (ICT)
Now a days ICT is the way of Business, NRBC Bank has been exploited the maximum technological advantages over the modern
banking business arena which is still on going. As a result, NRBC Bank is providing full technology based banking facility to its valuable
customer abiding by the defined guideline & compliance issues of Bangladesh Bank. Basically, NRBC Bank’s operation is fully IT driven
where IT is not only an operational tool but also an upfront leading pathway.
By using the best, effective, secure & user friendly usage of IT; NRBC Bank is able to expand its banking service & operation in every
corner of Urban & Rural area across the Bangladesh. To some extent, by using the power of IT and combination of Business; NRBC
Bank introduced new banking concept like Sub-Branch Banking, Microfinance Banking etc. in Bangladesh.
Through the finest & efficient usage of IT right now, NRBC Bank is maintaining it’s business operation across the country under a well-
equipped, structured, secured and a single IT Platform in full automated way:
Internal Process Customer Oriented Service

Reporting System, Recruitment System, Human Resources, Online Account Opening, Debit Card & Credit Card Service with
Loan Processing, Asset Management, Document Archive & POS Transaction, Q-R Code based transactions, Internet Bank-
Management, Check Book Requisition, CIB operation, ing, Corporate Internet Banking, SMS Banking, Missed Call Alert
Centralized Dash Board, Centralized Trouble Ticket Service for balance Enquiry, SWIFT Service, Remittance, etc. all
Management System, e-Learning Portal, Debit & Credit Card are fully automated.
Management System, etc. all are fully automated.
Planet App Service Bus

Well-equipped, structured, user friendly & secure Apps NRBC IT has successfully established a service bus (working as
Based Banking service namely “PLANET” a complete echo middleware) through which any third party software/service can
system for Customer can do all types of Fund Transfer be integrated with Core Banking System. So that, all business
between NRBC as well as other banks. Along with this, operation reflects real time in CBS, As a result, business
Mobile Top Up, Utility Bill payment, Fund Transfer to MFS, diversification & decision making process becomes too easier and
etc. all types of online Banking transactions can be possible time savings.
through “PLANET” App.
NRBC Bank keeps it’s footprint in Govt. sector where

countrywide BRTA (Bangladesh Road Transport Authority) &
Land Registration fees collection system is running in a complete
automated way. Moreover, some other Govt. entities like REB
(Rural Electrification Board), DPDC (Dhaka Power Development
Company), DESCO (Dhaka Electric Supply Company), NESCO,
WASA (Water Supply Authority), TITAS etc. are also connected
with NRBC Bank where all types of fees & charges are collected
through real time transaction by the best & effective usage of
ADC NRBC ICT System.
NRBC Bank is giving always special focus & attention for the
development and being operational of IT driven business operation.
Based on that each & every year different types of new technology
driven business operations are being introduced. Basically,
NRBC’s ICT is contributed by providing maximum high-tech
support in every steps with co-operation and collaboration with
others divisions. In many cases, NRBC ICT takes the leadership to
introduce some technological advantages for it’s client.
Considering all, Overall ICT activities & performance along with

achievements of the 2022 are described as under:
CBS, BACH & Others Applications
Since the inception of banking operation NRBC Bank is using
reputed & renowned Core Banking (CBS) along with others
related applications & software. In this consequence, NRBC
Bank is doing up gradation and progression all components &
features on regular basis as per the requirements of business
diversification and users motive. Based on that few up gradation
tasks are mentioned as under:
Annual Report 2022

121
RTGS with Foreign Currency Implementation of Proof of Centralize Account Opening System
NRBC Bank has successfully Submission of Tax Return in CBS
implemented Foreign Currency transfer Both image & documents of Proof of NRBC Bank has started the operation of
through RTGS by abiding all the rules & Submission Tax Return (PSR) of deposit Centralize Account Opening System
regulations of Central Bank along with customers dully implemented so that which is fully controlled & managed by
all others Bank within the stipulated dully tax deducted NRB Rules and Head Office.
time frame. So that the transfer of Bangladesh Bank Guideline.
Foreign Currency becomes easier &
effective for the NRBC Bank customers.
Research & Development (R & D):

NRBC Bank belongs a strong & effective Research & Development
team. The team always engaged in research and development
of the newest technology based automated banking features
both for bank’s internal users and Bank’s Client. Through these
new technology based automated banking features NRBC
Bank’s Customers are getting smooth, uninterrupted & flexible
banking system which is very helpful for customer acquisition
and customer retention. Among of these many features some are
mentioned as under:
Central Document Loan Process bKash Linked Account (Transfer Implementation of Utility
Refinance Software System Development for Money from bKash to NRB
Archive System Bill collection System
Micro-Credit and SME Account and vice versa) • DPDC Bill Collection
(over the Counter & throug
KPI Software Bank Guarantee App i.e. PLANET)
Process for E-Statement Loan Full automated
Development & Verification through • Bakhrabad Gas Bill Collection
of Credit Card HR System Empress
Implementation NRBC Website • REB Bill Collection
• NESCO Bill Collection
Digital Banking
NRBC Bank mostly emphasis on the Digital platform. In this
regard, NRBC Bank belongs a robust of Digital Banking under
this platform. Accordingly, NRBC Bank has a secure, user friendly
and features full Banking App namely “PLANET”. Along with this
NRBC Bank brought out many more options like Internet Banking,
Corporate Internet Banking, etc. Among of many features, few
are mentioned which are developed and being operational in the
year of 2022:
Integration DPDC to Planet App. Biometric login system to Planet Self-Registration process for Planet
Apart from this, NRBC Bank is more concern over Digital Marketing, Compliance, operation of SWIFT, standardization & certification,
Security, Infrastructure development and others. Fall of through few tasks are remarkable among of a large number for year of 2022:
a. Finplus MX ISO 20022 migration for Swift
b. CSP implementation by independent assessor against CSCF v2022
c. Implementation of Swift Transaction Screening
d. Up gradation of Core Network Infrastructure Devices at DC & DR Site.
e. Implementation of Web Application Firewall to protect Web based Services.
f. Implementation of Identity Services Engine (ISE) for Authentication, Authorization, and Accounting.
g. Migration of Core Firewall with next-generation threat defense firewall appliance, FTD.
h. Network Expansion for new opened 11 Branches and 22 Sub-Branches.
i. Mail service migration
j. Adopt virtualization technologies for new services, which reduce the lead time for deployment and the operation cost of
purchasing new servers.
Annual Report 2022

Most importantly, as a result of good, dynamic, user friendly, secure and uninterrupted IT operations along with the consideration of
IT driven Banking operation; NRBC Bank’s ICT has been awarded two most prestigious award in year of 2022 namely South Asian
Business Excellence Award 2022 under the below categories:
1. Best uses of IT & Technologies in Banking Sector
2. Best use of Mobile Technologies.
Also, many more important services are going to introduced through ICT division within near future (as the relevant testing
tasks are ongoing).
Above mentioned all activities, performance and achievements

are come out after doing a long, continuous and restless journey
of ICT Division where one & only Moto is focusing on each &
every ICT Official. That is:
“NRBC ICT Team Never Sleeps”
International Division (ID)
Import Inward Remittance

USD 391.47 Million USD 137.33 Million
Export Export
USD 370.12 Million USD 9.41 Million
Main function of International Division (ID) is to create necessary atmosphere for its Branches to deal with foreign trade and foreign
remittance. The Division performs as a hub for its Branches providing support in multidimensional domains like arranging AD Licenses,
exchanging RMAs, opening Nostro accounts, arranging international lines of credit, reconciling transactions of Nostro accounts, fund
management, facilitating Offshore Banking business, processing EDF loans and cash incentive against export, reporting various
business data and information to the regulator (periodically), ensuring international standard compliance in trade-finance, maintaining
smooth environment/operation of SWIFT, publishing and distributing signature booklet, managing trade-finance of Non-AD Branches/
Sub-Branches etc. The Division facilitates in processing and distribution of inward foreign remittance and related cash incentive
through all of our service points as well. The Division provides support, monitors and supervises activities of our Branches and
maintains required overseas connectivity related to cross border trade-finance and remittance as a whole.
600 160
140
500
137.33
120
497.12
124.17
400 100
Million USD
Million USD
370.12
391.47
365.88
300 80
2021 60 2021
200 2022 2022
40
9.41
100 20
3.9
0 0
Inward Outward
Import Export Remittance Remittance
Arrangements for Inward Foreign Remittance

By the end of 2022, NRBC Bank able to arrange direct drawing and sub-agency arrangement of 02 and 09 respectively with renowned
international money transfer services. Detail information in this regard is mentioned below:
Annual Report 2022

123
Arrangement for inward
foreign remittance
Direct Drawing Arrangement
CBL Money Direct

Transfer Remit
SDN. BHD. Limited
Sub-Agency Arrangement
Western Ria Money NEC Money Prabhu Merchantrade National Placid Xpress
MoneyGram
Union Transfer Transfer Money Exchange Express Money
Limited Transfer
Compliance Tools Used

NRBC Bank uses the below mentioned tools for ensuring
compliance in correspondent banking and cross-border trade-
finance:
• SWIFT Sanction Screening
• Banker’s Almanac from LexisNexis Risk Solutions
• World Check from Refinitive Correspondent Relationship
1. By the end of 2022, NRBC Bank maintained 24
• Container and Vessel Tracking from IHS Markit (a subsidiary Nostro accounts in different currencies (i.e.: USD,
of S&P Global) GBP, EUR, JPY, AED, CNY & ACU Currencies) with
• Commodity Price Verification from IHS Markit (a subsidiary different reputed banks of the world.
of S&P Global) 2. The Bank opened an account in AED with Mashreq
Bank Psc, Dubai, UAE for year 2022,.
Major Automation 3. NRBC Bank maintained RMAs with 182 FIs across
the globe at home and abroad by the end of 2022.
• Cross-border Trade Information Repository and Automated
Report Generating Tool specially designed for Central Bank
reporting
• Central Foreign Remittance Database for record keeping
and reporting to the Central Bank
Annual Report 2022

Offshore Banking Unit (OBU)
Overview of OBU of NRB Commercial Bank Ltd:
NRBC Bank has 02 Offshore Banking Unit (OBU) at Gulshan Branch, Dhaka and Agrabad Branch, Chittagong.
Like 2021, Offshore Banking Units step up its steady growth in 2022 and focused on the sources of borrowing and deposit for smoother
investment by short term as well as long term financing.
In 2022, OBU tried to invest the emerging industries of Bangladesh, like Footwear industries, Pharmaceutical industries, Animal feed
industry, Power sectors etc.
NRBC Bank made growths in all segment of OBU operation, raised investment portfolio and made a substantial amount of profit in year
2022 compared to 2021and also swelled borrowing basket in year 2022.
Now-a-days UPAS (Usance Payment at sight) Letter of Credit is the major focus of Importers since it is cost effective and business
friendly payment mechanism. Offshore Banking units mainly discount Import and Export bills to its esteem customers and offering
market competitive interest rate for Import and Export bill discounting.
For smooth business operation and to expedite the payment system, OBU also tied up with some foreign correspondent worldwide.
The below table representations the comparative performance of NRBC Bank OBU between years 2021 and 2022.
OBU PERFORMANCE
(Fig in Million USD)
BILL DISCOUNTING EXPORT
12
13.4
Bill Discounting UPAS
Treasury Borrowing
Foreign Borrowing
38
Local Borrowing
18
11.6
2
15
37
8.0
2021 2022 2021 2022 2021 2022 2021 2022 2021 2022
Profit and Advance of OBU of NRBC Bank : (Fig. in Million USD)

Sector Wise Finance in Million BDT
Profit and Advance of OBU of NRBC Bank
(Fig. in Million USD)
1.41
1352 RMG
Beverage Ind.
26.01
2080 Feed Ind.

Power Sector
Advance
Profit
312 Electronic Ind.

Constuction
312
Fertilizer
208
22.88
312
0.32
832
2021 2022 2021 2022
Sector Wise Finance in Million BDT Strategic plan of OBU:

OBU are investing among the prominent industries of country In 2023 of its forth year operation, OBU plan is to invest in Export
especially in the growing sectors like-Pharmaceutical industry, Processing Zones (EPZ), Economic Zone (EZ) and Hi-tech
Agri industry, Construction sector, Beverage industry, Ship parks. NRBC Bank is searching for long term financer so that it
building industry, Accessories industry, and Home appliance may participate in the syndicate financing as well as long term
manufacturing industry etc. for smooth business investment. To implement Bank’s vision, OBU of NRBC Bank
will try to top touch with countries apex industries as well as its
correspondent with abroad.
Annual Report 2022

125
Internal Control & Compliance Division (ICCD)
Internal Control and Compliance Division (ICCD) is oversee the appropriateness and effective internal control system that established
by the Board of Directors and Management to ensure that the Bank is managed and controlled in a sound and prudent manner.
The bank identifies its weakness through establishing internal control system and takes appropriate measures to overcome the
weaknesses. The Board of Directors of the Bank has established an Audit Committee to monitor the effectiveness of internal control
system of the Bank. The Audit Committee meets the Senior Management periodically to discuss the effectiveness of the internal
control system of the Bank and ensure that the management has taken appropriate actions as per the recommendations of the
Bangladesh Bank’s Inspection Team, External Auditors and the Internal Control and Compliance Division (ICCD) of the Bank.
Internal Control & Compliance Division of NRBC Bank
Structure of
Internal Control &
Compliance
Division
Monitoring Audit & Inspection Compliance

Unit Unit Unit
Internal Control & Compliance Division of NRBC Bank acts as internal watchdog and oversee whether bank is following regulatory
guidelines, policies and procedures set by/and approved by the Board of Directors covering related laws of land and whether there is
any deficiency in internal policy and procedure.
For smooth functioning of Internal Control and Compliance, Bank’s ICC Division is comprised of 03 (three) Units i.e. Audit & Inspection
Unit, Compliance Unit, and Monitoring Unit. Unit-wise performances of the Division throughout the year 2022 highlighted below:
Audit & Inspection Unit Monitoring Unit
As per Bangladesh Bank ICC Guideline and As per Bangladesh Bank ICC Guideline and As per Bangladesh Bank ICC Guideline and
NRBC Bank ICC Policy, Audit & Inspection NRBC Bank ICC Policy the compliance NRBC Bank ICC Policy, Monitoring Unit is
Unit under ICC Division of NRBC Bank refers to preventive actions taken to responsible to monitor the operational
evaluates, at least annually, all the mitigate compliance risk, which is the risk performance of the Branches/
Branches, Sub-Branches & Head Office of legal or regulatory sanctions, material Sub-Branches/ Divisions. The Monitoring
Divisions on the basis of degree of risk and financial loss, or loss to reputation as a Unit of ICC Division of NRBC Bank Ltd.
prepares risk-based inspection report. As result of failure to comply with applicable collects relevant data and analyzes those to
per Section 15GA of Bank Company Act- rules. assess the risk of individual Units and works
1991, Audit & Inspection Unit of NRBC Bank The Compliance Unit of ICC Division of for strengthening internal control system of
is independent and free from other Units NRBC Bank Ltd. ensures timely and proper the Bank. It monitors effectiveness of the
and acts without influence of the compliance (both internal and regulatory) Bank’s internal control system on an ongoing
Management. with the relevant laws, regulatory basis through off-site supervision, follows-up
Audit & Inspection Unit performs its instructions/circulars/guidelines and on compliances and regularization of
functions using risk-based internal audit internal policies & procedures in banking deficiencies that are detected through
methodology. The inspection focus of the operations. The Unit is entrusted to ensure different off-site reports, on-site monitoring,
bank shifted from the full-scale transaction that the Bank complies with all regulatory scrutinizing QOR, LDCL, DCFCL, Half-yearly
testing to risk identification, prioritization requirements while conducting its Self-Assessment of Anti-Fraud Internal
of inspection areas and allocation of business. It also ensures adequate and Controls, Self-Assessment of AML, etc.
resources in accordance with the risk effective oversight on evolving changes in
assessment. While focusing on effective business scenario and increased
risk management and controls, risk-based requirement of the regulators.
internal audit of the Bank is not only
offering suggestion for mitigating current
risks but also anticipating areas of
potential risk and playing an important role
in protecting the Bank from various risks.
Compliance Unit
Annual Report 2022

Evaluation of Effectiveness of Internal Control
Effective Internal Control System plays significant role to ensure smooth operations of the Banking activities. The Senior Management
Team (SMT) of NRBC Bank Ltd. reviews the overall effectiveness of the Internal Control System of the Bank based on the Bank’s
established policy and procedures on a yearly basis and provides feedback to the Board of Directors on the effectiveness of Internal
Control System. Internal auditors conduct comprehensive inspection as per yearly approved Audit Plan and check the Control System
of the Bank. Auditors also conduct surprise inspection to check and verify the established control process in the Bank. The significant
deficiencies identified by the internal auditors are reported to the Managing Director & CEO and the Audit Committee of the Board.
Audit and inspection Unit covers Compliance Unit covers Monitoring Unit covers
Inspected Ensured Performed
132 Branches & Sub-Branches with Islamic Proper compliance of the identified irregularities/ 170 Off-site Monitoring Reports
Banking Windows lapses by the Internal Auditors 553 Exception Reports
08 Authorized Dealer Branches for FX Audit Received
13 Divisions of Head Office 14 Inspection Reports from Bangladesh Bank and
01 Subsidiary Company complied accordingly
Performed
32 Investigations on different issues
08 Surprise Cash Verifications
Provided
27 Audit Opinions
Micro Finance
Total Disbursed Amount No. of Beneficiary
Tk. 193,501.69 Lakh 46,426
NRBC Bank introduced Micro Finance Program on November

2020 to extend small loans to the poor people for the purpose of
developing them as self-reliant who ultimately help to increase
per capita income as well as increase the GDP of our country.
131
The progress of the microfinance operation has been gradually Micro Finance Program Support
increasing through launching various Micro Credit Programs.
NRBC Bank has played a pivotal role in the movement of
Partnership.
microcredit by disbursing loan in single digit and it has made
a good demand for especially to those customers who usually
borrow loan from NGOs and Money Lenders at higher rate
of interest. To accelerate this microfinance banking services 450+
among unprivileged poor people of the country, the bank signed Branch and sub branches are
a Memorandum of Understanding (MOU) with a renowned local
NGO, SKS Foundation, and introduced Partnership Banking dealing with the Micro Finance
Model in the name of SKS-NRBC Partnership Program with a plan
to expand the service to the remote corner of the country.
Program.
Annual Report 2022

127
Microcredit % in Total Loans and NRBC Bank initiative for micro financing regarding area
Advences/ Investment coverage and new product in 2022
For a better and smooth operation, the program has been
merged with the concept of zone and area with competent
12% authorities to monitor meticulously. Alongside new program
promotion guidelines and products are under consideration to be
implemented very soon.
Automation approach taken in 2022 for Processing Micro
Credit and its Management
To keep up with the advancement, Micro Finance Program has
launched an online platform called Loan Processing System
(LPS) for credit proposals and their analysis for an immediate
banking service especially for credit proposals which reduced
TAT and created efficient credit support.
NRBC
ori
Desh G
Sasroy
NR (MC
Micro finance disbursement in 2022 and its recovery

BC S
r
ga
NRBC
Pr hor
ri
ee (Mic
ob t T
Ka
a s er
As on December, 2022, Micro Finance Program has generated a

BC
h B m)
Sad NRBC
NR
in
an
li D handsome portfolio of 1,453.42 crore from the disbursement of

ro)
hino Sub
ona
dh
ta ( orno
CS
u
MC 1935.02 crore with 46,426 accounts with a satisfactory recovery

Ter
m) NRB
NRBC Micro collection and the overdue was only 0.63%. A strong team of
NRBC Bonik Sheba Credit NRBC Sopno Nir
(MC-Time)
collection has been monitoring relentlessly to check the overdue
Product
la NRB accounts and without any scope letting them classified. The
ng
i Ba CP
entire program succeeded with a conclusive planning, perception
S ukh ime) rob
asir S
BC -T hos and precision with a proper deliberation of higher competent
NR (MC
NRBC P
C) r
ti
gla
(M we
NR
management who gave their flawless effort to make it happened.

ols Po
BC
i Ban
To BC
Pr
robash
NR
oy
Sukh
ojo
n
NRBC
Bandhu
200.00
180.00
160.00
140.00
120.00
Amount in Crore
100.00
80.00
60.00
40.00
20.00
0.00
2021 Apr May Jun Jul Aug Sep Oct Nov Dec 2022 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Micro Finance Program Credit Exposure
A Success Story……….
Mr. Md. Noor Mohammad is a man from an impoverished family from Chandpur area. He is the 4th among four siblings. He grew up in
hardship and poverty since childhood as a result he could not study properly but managed to pass class five. He was very concerned
about his future. On the advice of the elders of his village, he took BDT 50,000 from his elder brother and started fishery. He was
Annual Report 2022

trying to meet up his needs but not to the mark. And the then he approached to the doorstep of NRB Commercial Bank where he got a
loan BDT 20 lac under the product “NRBC Sasroyee”. At present his investment in fishery business about BDT. 5.50 crore. He is a well
known businessman now-a-days. He has good reputation in his locality. He is an honest, hardworking and dynamic person. He has 30
years practical experience about fishery. He needs most probably 600 ton fish feeds for his fishery project half yearly. His frim supplies
fishes quarterly in a year from his fishery project. Mr. Noor is an example in the society as a successful entrepreneur. He was addressed
as one of the best Entrepreneurs in Farming and got “Shera Krishi Padak- 2023” which was telecasted by RTV.
Management Information Systems (MIS)

A Management Information System is a set of combined procedures that gathers and produces reliable, relevant, and properly
organized data that supports the decision making process of an organization. NRBC Bank’s MIS Division exploit systematic computer-
based either excel sheets or more complex functions to organize all relevant data collected from various sources and present it in
a way that facilitates and improve the quality decisions for ensuring sustainable bank’s profitability and productivity. MIS also uses
various tools for the purpose of reviewing, monitoring and controlling the bank’s operations in an enhanced manner.
NRBC Bank is expanding its business network among the 4th generation bank i.e. the number of branches and sub-branches are
increasing and customer base of the bank as well. MIS Division not only deals with the identification of the customer but also monitor
their activities through different functions.
Alongside with diversified roles of MIS Divisions’ some of the major roles are:
Maintain Credibility and accuracy in providing information

Provide accurate and insightful information to take prudent decesion
Mitigate regulatory reporting requirements
MIS Providing information to different stakeholders
Divisions Develop various reports in collboration with ICT
Provide need based solution for smooth business operation
Maintain periodicity and regularity of reports to the regulators
MIS division plays crucial role in decision making process through proving quality information. This helps the bank to adopt cost
effective strategies and allow bank to create a competitive advantage in the market.
Annual Report 2022

129
Support Services Division (SSD)
Managing procurement and logistics support are the vital
functional area of the Bank which builds necessary infrastructure
ion
ans h
and provides essential establishment which plays a crucial
Exp ranc
role in ensuring the smooth operation of the bank’s various
ICT
B
departments and branches/sub-Branch. Efficient procurement
Engi on
neer spo rtati and logistics management by the SSD enables the bank to meet
ing Tran its business objectives by ensuring the timely delivery of goods
and services. Currently SSD is managing its procurement and
SSD logistics activities through Rent Management, Engineering, ICT
Rent ent Prin
ting Equipment, Security Equipment Management, Printing, Telecom,
m
Manage General Support & maintenance and Mechanical Transport Sub-
or t
Divisions.
Equip
Secu ment
pp
l Su
The SSD team achieved several significant accomplishments in

rity
era
2022, with a few notable ones highlighted below: Aiming to bring

Gen
unbanked, underprivileged people under banking network NRBC

Bank has two types of expansion program i.e. branch and sub branch. In the year 2022, NRBC Bank opened 10(ten) nos. branch and
22 (Twenty-two) nos. sub branch across the country. The bank is only 4th generation bank which achieved a network of 103(One
hundred three) branches and 465(Four hundred sixty five) sub branch including Land Registration Sub Branch (LRSB) and NRBC-
Micro Finance sub branch all over the country.
Branch Sub Branch Expansion Program in 2023:
NRBC Bank has already got Bangladesh bank’s permission for
370.12
establishment of 03(three) branches for the year 2023 also

370.12
500 applied for 50(fifty) sub branches across the country subject to
Bangladesh Bank’s permission. To achieve the expansion target,
400
necessary work activities i.e. site selection, licensing process,
tendering procedure etc.are ongoing.
300
391.47
365.88
200
365.88
497.12
100
0
2020 2021 2022
Security Management Division (SMD)

Security Management Division:
Security Management Division precisely ensures security of all the branches, sub branches and ATM’s of the bank by providing physical,
electronic, information and cyber security. The responsibility of the SMD includes determining potential risk, provide adequate and
sustainable resources to manage the risk, ensure safety and security of the employees, customers and premises of the bank. SMD
also assess the efficiency and effectiveness of present security condition and upgrade itself with new technologies when necessary.
Training to
security staffs and
other support personnel
to establish a strong
security network
Awareness Ensure the
building program security of secondary
to enhance security data center
Security
Management
Division
Ensures cyber
Ensure
security
compliance of official
and information
secret act
security of
the bank Ensures Physical
and Electronic
security to all branches
and ATM’s
of the Bank.
Annual Report 2022

Treasury Division
Treasury is one of the most integral part of the Bank for revenue generation by prudent asset-liability management and standing for
managing daily cash flow & liquidity management.
NRBC Bank’s Treasury exploit the revenue by investment in Govt. securities such as T- Bill & T- Bond, deals with foreign currencies
and financial derivatives instruments with office of Treasury front, Mid and Back:
Money Market Foreign Exchange Fixed Income

Market Securities Market
Efficient liquidity management
Optimization of FX Liquidity Run all kind of PD (Primary
Transaction includes Call position Dealer) activities
Money, REPO, Reverse REPO,
Notice Deposit & Term Deposit Inter-Bank trading in major BGTB Bill & BGTB Bond
Etc. currency pairs. Trading
Placement, Swap, Spot & Sub ordinate bond & preference

Forwad contact, Cross currency share investment
trading, remittance etc
Treasury Performances -2022

Despite the shortage of liquidity and volatility of Foreign Exchange market in the Banking sector, NRBC Bank’s Treasury achieved
9.33% growth in revenue income in 2022 from previous year and made significant contribution to the global profitability of bank from
investment in BGTB. Treasury always strives to keep sound liquidity, minimize risk and enhance NRBC Bank’s profitability.
NRBC Bank’s Treasury is one of the best dynamic treasuries engaged in dealing in different transaction in home & abroad. It is always
responsible for smooth liquidity management ensuring optimal investment portfolio that generate maximum revenue considering risk
level. In 2022, diversification of investment portfolio is prudently applied than any previous year.
Annual Report 2022

131
Placement Preference Share
3% Others
Commission & 6%
0%
Other Income
0% Ordinary Share
6%
Sub Ordinated
4%
Exchange Gain
11% Sukuk Bond (Private)
2%
Investment Income
57%
BGTB Bill & Bond

Capital Gain from 75%
Share & Bond
32%
Investment-2021
Income-2021
Others
Commission & Placement 0%
Other Income 5%
0% Preference Share
Ordinary Share
3%
6%
Sub Ordinated
7%
Exchange Gain
33%
Sukuk Bond (Private)
1%
Investment Income
60%
BGTB Bill & Bond

75%
Capital Gain from
Share & Bond
7%
Income-2022
Investment-2022
Asset - Liability Management (ALM)
The prime responsibility of Asset - Liability Management (ALM) is on the Treasury front office of the bank, specifically its ALM desk. it
is one of the core decision making committees of the Bank which primarily focuses on positioning the Bank’s overall asset and liability.
• Monitoring and reviewing of previous ALCO Actions
• Forming of an optimal structure of the Bank’s balance sheet to provide the maximum profitability,
• limiting the possible risk level and establishing Control over the capital adequacy and risk diversification
• Establishing uniform interest policy considering economic scenario of Banking Sector
• Determining of the Bank’s liquidity management policy
• Establishing Control over the state of the current liquidity ratio and resources of the Bank
• Establishing Control over dynamics of size and yield of trading transactions (purchase/sale of currency, state and corporate
securities, shares, derivatives for such instruments) as well as extent of diversification
• Establishing Control over dynamics of the basic performance indicators (ROE, ROA, etc.) as prescribed in the Bank’s policy
and more.
Primary Dealer (PD)
NRBC Bank is one of the best Primary Dealers (PD) in the banking industry and boosting the secondary market for government
treasury bills and bonds trading. Active participation in primary market & prudent management helps NRBC Bank Ltd to be awarded
best PD Bank in 2021. It is acting as a Primary Dealer since its commencement of operation in the treasury market. As a primary dealer,
Bank is required to make bids or offers when Bangladesh Bank conducts open market operations and participate actively in each
government treasury securities auctions. NRBC Bank provides dedicated service to the potential individual and corporate customers
for making investment in the Government Treasury instruments such Treasury Bonds & Bills.
Annual Report 2022

Major areas focus on 2023
• Major focus on Investment in BGTB considering monetary policy as well as lending rate floor of the Market.
• Focusing on alternative investment such as preferred share and & other bank’s Tier-II subordinate bond.
• Strive to take advantage from Foreign Exchange market & Money Market Liquidity.
Training Institute of NRBC Bank

157 Nos. of Training 42 Nos. of Classroom Training
with 2,062 Participants
683 Training Hours
115 Nos. of Online Training
37,122 Participants with 35,060 Participants
NRBC Bank has established itself as a reputed bank as one of 4th generation bank in the banking sector. The training institute plays
a vital role for the development of Human Resources of the Bank and contributes favorably in the journey of the success story of the
Bank. Training & development helps companies gain and retain top talent, increase job satisfaction and morale, improve productivity
and earn more profit. Training institute enhance employee performance, boost employee productivity, reduce employee turnover, and
improve company culture. Explore the importance of training and development programs for employees and employers by pursuing
a career in human resources. Now a day, retention is a major challenge for employers, especially for Bank sector, but retaining strong
workers can be achieved through career development, develop future leaders, empower employees, boost workplace engagement,
and build workplace relationships.
Throughout the year, the training institute organizes trainings on various topics/subjects as deemed necessary. Among the types
of trainings conducted, In-house trainings, online (Zoom) Trainings, Zonal Area Trainings are the notable ones. Besides, to conduct
advanced level learning, in-home and outside conference are also organized.
During the year 2022, NRBC Bank Training Institute conducted specialized trainings for divisions of Head Office, the likes of which
includes Micro Finance, Islamic Banking Window, AML & CFT, Credit Management, Foreign Trade, etc. The division also organized
zonal trainings at the 08 nos of cluster zones throughout the country.
NRBC Bank has already taken the initiative to revamp the Training Institute through a complete overhaul by allocating greater floor
space to accommodate more class rooms. In addition, the Bank also intends to retrofit the classrooms with modern multimedia
equipment’s to facilitate interactive and effective training sessions.
Looking for future:
• The institute will enrich the existing library with more learning materials to cater to the ever dynamic necessities.
• The institute is progressing the vision to develop digital learning platform in response to the change in trend.
• Effective e-learning and e-library with the prospect to reshape the organization prosperous future with people first approach.
Annual Report 2022

133
Annual Report 2022
Integrated Report
Annual Report 2022

135
Integrated Report
Our Approach to Integrated Report Scope & Boundaries of this Report
We are pleased to present our Integrated Report 2022. This report Our Integrated Report covers the period from January 01, 2022 to
is prepared by following the guidelines of Integrated Report issued December 31, 2022. Business operations, financial performance,
by ICAB referred as the Integrated Reporting Checklist which is in financial position, and financial and non-financial information
accordance with the International Framework of the International have been considered in our Integrated Report 2022.
Integrated Reporting Council (IIRC). NRBC Bank prepares its
Forward Looking Statements
integrated report to communicate its financial performance, ESG
efforts, and strategic direction in a more comprehensive and This report contains some forward looking statements which are
transparent manner to its stakeholders with the aim of highlighting based on external factors, future events and outcomes. These
how the bank, as a financial institution, has excellently managed its assumptions are constructed based on the expectation, judgment,
business and the bank commitment to transparency, sustainability aspects, and opportunities. As there are uncertainties about the
to deliver consistent value to its stakeholders. future occurrence of these outcomes, these statements are valid
only for the date of publication and should be read keeping in
Our Integrated Report is to cover a vast area of the business
mind about the future uncertainties.
activities within the sustainability framework in a balanced and
relevant manner which gives a clear indication of our business Assurance
model, strategic focus, resource allocation and future outlook to
For maintaining proper transparency NRBC Bank has always
help the stakeholders evaluate the bank’s intrinsic value creation
obtained Combined Assurance from both internal & external
capability. In our integrated report, we also focused on the key
perspective that it is maintaining proper transparency in all of its
factors that are material to our present and future value creation.
operations. The combined assurance thus ensures the safety and
We have tried to keep this report brief, consistent and complete,
soundness of its operation.
including all material matters, both positive and negative in a fair
way.
Internal Assurance
Risk Management Regulatory Compliance Internal Audit

External Assurance Materiality of the Report
During the reporting period, the bank received external assurance Through materiality analysis NRBC Bank can identify what
on the following reports: should be the vital material topics priorities on the stakeholder’s
engagement and impact on decision making by keeping
Description of Report External Assurance the short, medium and long term goals in mind. NRBC Bank
Financial Statements Howladar Yunus & Co. Materiality takes into account the broader economic, social, and
Cash Incentive Audit Howladar Yunus & Co. and Hoda Vasi environmental context in which the bank operates. It considers
Chowdhury & Co. emerging trends, regulatory developments, industry norms, and
Corporate Governance Ahmed Zaker & Co. societal expectations that may impact the bank’s performance
and reputation. The report highlights how the bank addresses
Provident Fund Hoque Bhattacharjee Das & Co.
these contextual factors and their material implications.
Gratuity Fund Hoque Bhattacharjee Das & Co.
Entity Credit Rating Emerging Credit Rating Ltd.
Responsibility over the Integrity of the Integrated Report

The Board and the management ensure the integrity of the Integrated Annual Report has been prepared considering all material issues
and fairly presents NRBC Banks integrated performance. The Board and the management also ensure that reasonable care has been
taken in preparation and presentation of this Annual Integrated Report. This report comprises the discussion, analysis, and disclosures
pertaining to stewardship, which should be read in conjunction with the audited financial statements and addresses all material issues
and make fair presentation on Bank’s integrated performance and its overall impact. The integrated report, incorporated into this
annual report, has been prepared in line with the key guidelines of the International Integrated Reporting Council (IIRC).
On behalf of the Board of Directors,
S M Parvez Tamal
Chairman
Annual Report 2022

Strategic Framework
Deposit And Advances Strategies
Deposit Strategies
Deposit & Growth • Boost up deposit mobilization through deposit campaign

throughout the year and Alternative delivery Channel
180,000.00
• Bank Create specific deposit products to cater to different
160,000.00 32.86% 0.35
30.75% 29.31% customer segments and needs and modify deposit
140,000.00 32.63% 0.3 products where necessary to meet the requirements.
161,149.66
120,000.00 • Establishing low cost smaller branches, sub-branches,
124,626.36
0.25
100,000.00 agent outlets in important locations and reaching mass
0.2 people.
80,000.00
95,311.13
0.15 • Conduct deposit campaigns to collect deposits like Hajj

71,857.90
60,000.00 deposit campaign, Student account campaign etc.

0.1
54,085.64
40,000.00 • NRBC Bank ensures a competitive interest rate.

0.05
20,000.00 • Conduct surveys to identify target groups and onboard
0.00 0 them, especially for low-cost and No-cost deposit to
2018 2019 2020 2021 2022 reduce deposit costs.
Total Deposit Growth
• Reinforcing corporate liability marketing dept.
• Taping different government agencies e.g. Bangladesh Rural Electrification board (BREB), Roads & Highway, LGED, Bangladesh
Bridge Authority, BIWTA, Office of the DC, different funded Project account etc. and also other different corporate houses, e.g.
Air Lines, insurance companies etc. and maintaining regular intense social interaction with different segments of the society.
• Ensure that priority banking customers receive the services they expect. Bank focus on building long term relationship with
customers.
• Achieve employee motivation through awarding appreciation letters, cash rewards, and crests for meeting 100% deposit target.
• Cross Selling of different products including retail to corporate customers.
• Emphasize a favorable deposit mix.
• Offering cash management services, i.e. collection of institutional accounts and effective use of EFTN service to ensure fast &
secure cash service.
• Promote micro-savings through opening no-fee accounts like school banking accounts, farmer accounts, RMG worker accounts,
and so on, and thereby contribute to national financial inclusion.
• Bank emphasized on digital banking channels and convenient features to attract customers. This include online and mobile
banking platforms, remote check deposit, automated transfers, and 24/7 customer support.
LOANS & ADVANCE/INVESTMENT STRATEGIES
Loans & Advance/Investment Growth • Develop and modify investment products to satisfy
business needs from time to time.
160,000 0.45 • Focus on New emerging sectors like ICT sector, Energy &
40.17% Power, jute yarn, ceramic, pharmaceuticals industry etc.
140,000 0.4 and Existing thrust sectors like agro based industries,
leather, frozen food, textile industry to be more focused.
0.35
120,000 29.82% • Focus on Backward linkage industries and their supply
28.88% 0.3 chains which will provide a good source of SME business
100,000 through availing the benefit of supply chain management.
136,174
0.25
104,898
20.67% • Ensure investment diversification and minimize

80,000 investment risk by investing in new and unconventional
0.2
sectors.
60,000
74,836
0.15 • Invest in fixed income securities like Govt. Bond,

62,015
40,000 Corporate Bond; Equity investments.

0.1
48,152
• More priority to export oriented industries to help

20,000 0.05 increase forex flow, earn through multi channel which will
help increase no cost fund of the Bank.
0.00 0 • Special attention will be given to expand SME and Micro
2018 2019 2020 2021 2022 Finance credit portfolio to achieve relatively higher
Total Loans & Advance Growth yields and also to reduce adverse effects of large volume
Annual Report 2022

137
defaults.
• Risk Management strategies should apply to diversify investment portfolios and mitigate potential risks and ensure strong
internal control over business operation.
IMPORT & EXPORT STRATEGIES
• Arranging credit lines from international agencies at a competitive rate to facilitate international trade business particularly for
import clients, thus strengthen foreign exchange reserve for the country.
• Actively participate in export promotion activities and specialized export-focused financial products, such as export working
capital loans and export bill discounting.
• Offer a range of trade services to facilitate smooth import and export operations. Act as intermediaries to ensure compliance
with import and export regulations and facilitate the movement of goods across borders.
• Provide remittance services to facilitate the transfer of funds from abroad to beneficiaries in Bangladesh. These services
include partnerships with global money transfer operators and specialized remittance solutions.
• Allow new export-import facilities without collateral for existing and loyal clients.
• Focus on service export sectors like IT, education, and the healthcare sectors.
• Tailor offerings and services to cater to the needs of different customer segments, including small and medium-sized enterprises
(SMEs) or large corporate clients engaged in international trade.
• Facilitate different schemes provided by the government and foreign bodies for export-import business, such as Cash Incentive,
LTFF, EDF, and other Bangladesh Bank Refinance, etc.
• Creating correspondent banking relationship with the renowned oversees banks and FI’s to expand global reach and provide
access to trade finance networks. Correspondent banking enables to handle international transactions efficiently, process LCs,
and facilitate cross-border payments to get more overseas funds.
• Marketing for not only established business houses but also the potential clients having strong entrepreneurship spirit to grow.
• Garments sector will be more focused where tested and potential clients will be in the portfolio basket under the regime of
calculative risk return trade-off.
• Emerging ship building and ship breaking sectors will explore new opportunities which the Bank will tap for increasing
international trade.
• Industries having backward linkage will yield better opportunity and reduce risk exposure.
Import & Growth Export & Growth
45,000.00 0.5
40,000.00 38.56% 40,000.00 02

0.4
35,000.00 16.39%
35,000.00
36,028.30
0.3 33,735.60 0.15

26.65% 30,000.00
30,652.00
30,000.00
42,371.00
30,579.76
0.2 25,000.00
16,39%
25,000.00 0.1
29,203.89
10.06%
25,091.91
33,220.62
26,229.88
20,000.00 9.20%
20,000.00 0.1
0.05
15,000.00
15,000.00
0
10,000.00
10,000.00 0
-7.95% -14.97% -0.1 5,000.00 -3.88%
5,000.00
0.00 -0.05
0.00 -0.2 2018 2019 2020 2021 2022
2018 2019 2020 2021 2022
Export Growth
Import Growth
Competitive Intensity and NRBC Bank’s Strategic Response based on market positioning
Banking industry has the upper hand over the Bangladesh’s financial sector. Internal and external risk exposures are posing challenges
to the banking business, and some of these risks are uncontrollable. With years of experience, NRBC Bank has developed and
adjusted a risk identification and mitigation framework that not only protects the bank from unfavorable conditions, but also helps
to improve operating viability and ensure long-term sustainability. NRBC Bank have analyzed the industry considering the threat of
new competition & substitute products or, services, the bargaining power of customers and suppliers, and the intensity of competitive
rivalry.
Annual Report 2022

Particulars Factors NRBC Bank’S Response
Buyer Buyer power is higher as Products are standardized and NRBC Bank is offering unique and differentiated
Power readily available, such as basic savings accounts, so products and services to stand out in the market in
customers can easily compare offerings. Buyers create competitive price both for deposit and investment
pressure for price cut with improved services i.e. lessen the products considering the overall economic condition.
rate of profit. Specially, Corporate clients exhibit greater Enhance relationship with existing customers by
interest rate sensitivity compared to retail & SME clients. providing personalized and exceptional customer
Large number of financial institutions in the country service, actively engaging with customers, and
increases buyer power as they can switch to one that addressing their needs effectively, NRBC bank
offers them better. Besides, there is lower switching cost enhance customer loyalty relationship and loyalty
in availability of alternative options. In this particular area, with existing customers by providing extraordinary
clients are a bit forceful to compel banks. However, Single and vibrant services and reduce the likelihood of
digit interest rate somewhat decreases the bargaining customers seeking alternative options.
power of buyers by leveling out the competitive landscape. Expand our retail and SME customer base further.
Regulatory policies can also influence buyer power. Strong Focus on decreasing high cost and increasing no-
regulations that protect customer rights and ensure fair cost, low-cost accounts.
practices can enhance buyer power by providing customers Invest in digital banking platforms, mobile apps,
with a recourse mechanism and self-service options, NRBC bank improve
convenience, accessibility, and customer satisfaction.
These technology-driven solutions provide a
competitive edge over alternatives.
In 2022 the bank has been awarded most innovative
mobile banking app (Planet app) in Global Economics
award.
NRBC Bank Building a strong brand and maintaining
a positive reputation by giving focus on transparency,
ethical practices, and strong corporate governance.
Supplier Deposit customers are the key supplier of money. Other Focus on retail & SME clients and Diversify depositor
Power Primary sources are employees, Corporations, other financial basket in order to reduce dependency on any specific
institutions. Individual depositors and employees have large corporate segment.
minimal bargaining power as Interest rate somewhat dictated Explore the large unbanked population of the country.
by market demand, however, central bank has fixed interest Retaining valuable depositors through providing
rate between 6-9% since 2019. Due to lower switching cost unique products and high quality service.
of banking industry, supplier bargaining power increases. Offering training to employees to improve their
productivity and quality of service. Boosting employee
morale through providing attractive remuneration
and benefit packages in recognition of their efforts
Threat of The rise of financial technology (FinTech) companies and NRBC Bank offers wide range of innovative products
substitute digital payment platforms has introduced alternatives and specialized unique financial services to its
to traditional banking services. These platforms offer customers to stand out from the competition
convenient and accessible financial services, such as online Provide personalized services, quick response times,
payments, peer-to-peer lending, digital wallets, and mobile and tailored financial solutions, to build strong
banking. They appeal to customers seeking quicker, more relationships and customer loyalty that make it less
user-friendly, and tech-driven financial solutions. likely for customers to switch to substitute services.
Non-bank financial institutions provide certain financial NRBC Bank invested in digital transformation
services traditionally offered by banks. Like EMI services initiatives to enhance their offerings and customer
on products such as cars, home appliance manufacturers, experience. By providing robust online and mobile
furniture manufacturers, etc. without the involvement of banking services, seamless digital payments, and
any financial intermediaries. These institutions may cater innovative financial tools, offer convenience and
to specific customer segments or offer specialized services, accessibility that can compete with substitute
posing a potential substitute threat for specific banking services. Adopt digitalization (Planet app, Internet
products. banking, MFS link) to stay up to date with rapidly
Cryptocurrencies, like Bitcoin, and blockchain technology changing modern financial sector
have gained attention as alternative methods for storing NRBC Bank prioritizes robust security measures to
value, conducting transactions, and facilitating peer-to- protect customer data, prevent fraud, and ensure the
peer transfers. While their adoption and mainstream use are integrity of transactions.
still evolving, they present a potential substitute threat to
traditional banking systems.
Apart from that, Subordinated Bond, Perpetual Bond, Sukuk
Bond and equity instruments are the substitute of Bank’s
Loan / investment products.
Government security and equity investments are the
substitutes of deposits products.
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139
Threat Stringent licensing requirements, capital adequacy With state-of-art modern banking facilities NRBC
of new regulations, and compliance obligations serve as a high bank launched sub-branch banking services
entrants barrier to entry for new players. Due to this the threat of throughout the country (Currently 950+ sub branches
new entrants is low but a number of new banks and NBFIs are operating) to bring more unbanked people under
have entered into an already matured & competitive market modern banking facilities and Bank also utilize the
in the last few years. Entering new banks will intensify the expertise to tap into the grassroots level segment.
competition. Introducing different types of updated technologies
More Banks and FIs are increasingly shifting their focus to to give customer unique experience of banking.
the retail and SME segment Being one of the well reputed private commercial
banks in the country, NRBC Bank has already built
a sufficiently diverse and loyal customer base which
only continues to grow every year.
Competitive Competition from large number of different banks and NBFIs For Retain existing and attracting newer customers,
rivalry Switching costs are very minimal in Bangladesh for banking NRBC Bank is working on differentiating and bringing
customers; they may quickly switch from one bank to another, unique product and service offers.
and there is no or little customer loyalty. The products and Various strategies taken by the bank to increase
services of rivals differ very little. brand value have been implemented with seamless
FIs competing for same customer segment services and the utmost care.
FIs are increasingly shifting their focus from corporate to the Adoption of digital technology and expanding online
retail and SME segment banking services
Extend our countrywide banking network further to
bring in more unbanked population of the country
under NRBC Bank’s umbrella.
Annual Report 2022

PESTEL Analysis
For a business to succeed, overcoming the complex challenges in ever changing world and creating proper mitigation strategies
is vital. PESTEL analysis enables NRBC Bank to identify key factors across some of the major domains that affect its business and
operations- both internal and external- that enable it to not only understand its intrinsic strengths, but also its position within the
competitive field.
P E S T E L
P Political
Macroeconomic factors
The stability of the government and the political environment in Bangladesh is now in an excellent condition under the visionary
leadership of the current regime. Periods of political unrest, protests, or frequent changes in government can disrupt business
operations and affect investor confidence. With the political stability, there has been Continuity in government policies and
regulations. These may include trade policies, taxation laws, labor regulations, environmental standards, and industry-specific
regulations. Understanding and complying with these policies is crucial for operating in Bangladesh.
Bangladesh government’s giving priority to infrastructure development, including transportation networks, power supply,
telecommunications, and industrial zones, which affect business operations and supply chains by improving connectivity and
creating opportunities for businesses.
Corruption has been a concern in Bangladesh. Presently Transparency initiatives and government efforts to curb corruption
has a positive influence on the business environment.
Bangladesh’s maintaining good international relations so various trade agreements took place, which plays a significant role
in shaping its business environment.
The government’s various initiatives to promote investment, entrepreneurship, and economic growth through incentives,
subsidies, and support programs are important political factors.
However, the biggest political threat comes from the international scene. The recent Russia-Ukraine conflict has sent shocks
through the entire global economic scene, causing disruption to supply chains, causing the price of commodities such as
grains and oil to rise drastically and ultimately increased the level of inflation. In addition, global financial market faced massive
disruptions and Bangladesh’s capital market was no exception.
NRBCB Initiatives
Regularly update our risk assessments and adapt our strategies accordingly. Develop robust risk management strategies to
mitigate political risks. Identify potential scenarios, such as, policy shifts, or social unrest, and create contingency plans to
ensure business continuity and minimize disruptions.
Implement CSR initiatives that align with the government’s development priorities and political agenda which include
supporting initiatives related to financial inclusion, education, healthcare, and sustainable development.
NRBCB Outlook
Due to political stability, almost all the financial and non-financial indicators of our bank was good during the year, however,
Increase of inflation as well as oil price hike have direct impact on the banking industry
Being an essential service institution, NRBC Bank has no major disruption to our business directly and we have continued to
provide uninterrupted banking service to our valuable customers.
Unless faced with a major unprecedented event, we will continue to do so in the future.
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141
E Economic
GDP growth rate in Bangladesh stood at 7.25 percent in FY 2021-22, 0.05 percentage point higher than the target rate and 0.31
percentage point higher than the previous fiscal year. Medium-term forecasts for GDP growth rates are 7.5 percent in FY 2022-
23, 7.8 percent in FY 2023-24 and 8.0 percent in FY 2024-25.
Inflation in FY 2020-21 stood at 5.56 percent, which is 0.09 percentage point lower than FY 2019-20. Like all over countries in
the world, an upward trend of price level is observed in Bangladesh as the economic damages created by COVID-19 pandemic
which is triggered by war in Ukraine.
Per capita GDP and per capita national income stood respectively US$ 2,723 and US$ 2,824 in FY 2021-22 compared to US$
2,462 and US$ 2,591 respectively in FY 2020-21.
Due to setback posed by global uncertainty, Fluctuations in exchange rates was high throughout the year which impacted
import/export costs, profitability, and the ability to repatriate earnings.
Bangladesh Govt. is always giving priority on infrastructure development including transportation networks, energy supply,
telecommunications, and digital infrastructure. Adequate infrastructure is essential for efficient operations, logistics, and
connectivity which resulted positive economic growth.
NRBCB Initiatives
NRBC Bank is one of the major participants in the trade finance. Like all other banks in Bangladesh, the bank was affected by
the foreign currency crisis. But, the bank took timely initiative and appropriate strategy to maintain adequate liquidity of foreign
and local currencies. As a result, the bank is now in a stable foreign exchange position and, at the same time, continue support
to the commercial importer to maintain proper supply chain as well as import of raw material of export items.
The bank participated in all the stimulus packages declared by the government and disbursed a sizable amount of investment
under various stimulus packages.
The bank concentrated on efficient fund management for reduction in the cost of funds.
NRBC Bank has been focusing more on fee-based and non-interest earning businesses as well investing in T-bills and bonds.
Bank has taken several measures to curb non-performing loans.
NRBCB Outlook
Bank continued its focus on CMSME (Cottage, Micro, Small and Medium Enterprises) activities, with a particular emphasis on
shifting its focus towards SME activities view to reduce the large corporate dependency.
Invest in digital banking solutions and technology to enhance financial inclusion and access to banking services. This includes
mobile banking, internet banking, and other innovative financial products. Expand our digital reach to remote areas and
underserved segments of the population, fostering economic growth and financial literacy.
NRBC Bank provides its banking services through 103 branches and more than thousands of sub-branches, booth and services
centers across the country.
Annual Report 2022

S Social
The total no. of employed is 7.08 crore according to BBS Report 2023. Agriculture continues to be the chief source of
employment which accounted for 45.33% of employment. The then service sector and Industry sector accounted for 37.65%
and 17.02% of total employment. The unemployment rate has come down to 3.6 percent. The female labour force participation
has increased and reached to 2.5 crore in 2022.
The Government of Bangladesh has taken various initiatives and projects to achieve the Sustainable Development Goals
(SDGs).
Bangladesh has now graduated to the developing country grouping from least developed country (LDC).
Bangladesh is a unique example of multicultural country where along with the 98% Bengali population there are at least 45
small ethnic groups who possess different cultures like their own language, food, habit, dress, music etc. which has a significant
impact on consumer behavior.
NRBCB Initiatives
NRBC Bank’s CSR philosophy is to have a meaningful and measurable impact on the lives of economically, physically, and
socially challenged communities of the country through an integrated approach to development that focuses on fostering
sustainable livelihoods, promoting education, and enhancing skills. In 2022 our investment behind CSR activities stood at 113
Million.
NRBC Bank has a strict no discrimination policy in the recruitment process of employees. and do not judge people based on
their age, race, gender, ethnicity, region etc.
NRBCB Outlook
NRBC Bank has conducted CSR activities in accordance with Bangladesh Bank’s guidelines. The CSR Strategy of NRBC Bank
includes long-term objectives for serving individuals, families, communities, and the nation.
NRBC Bank believes that a better society is a prerequisite for a better business environment. CSR is therefore considered one
of the Bank’s core corporate values.
T Technological
Digital Bangladesh is a popular phrase while Bangladesh continues to go through a digital transformation. The government has
implemented a large number of projects relating to digital technologies. National Policy was developed with a vision of “Digital
Bangladesh to Smart Bangladesh” by 2041 i.e. technologically advanced and sustainable society.
The adaptation of digital technology significantly transformed Bangladesh’s Financial sector.
Apart from the modernization of traditional banking system, the introduction of MFS providers, payment service providers,
fin-tech has played a vital role in adopting country’s banking system.
Besides introduction of agent banking, e-KYC, CRM technology for cash managment, Internet banking, people prefer digital
platforms for executing banking activities.
NRBCB Initiatives
NRBC Bank has always been proactive in keeping up to date with new technological innovations by ensuring proper
compliance. NRBC Bank was certified with ISO/IEC 27001:2013 for ensuring proper IT management and regularly invests in
digital transformation initiatives to enhance offerings and customer experience. By providing robust online and mobile banking
services, seamless digital payments, and innovative financial tools. Adopt digitalization (Planet app, Internet banking) to stay
up to date with rapidly changing modern financial sector. Bank continuously adopting the next generation market competitive
and secured technology.
NRBCB Outlook
NRBC Bank has been crowned with the title of ‘Most Innovative Mobile Banking App (NRBC Planet) in `The Global Economics
Awards-2022’ by The Global Economics Ltd, a UK-based financial publication and a quarterly business magazine.
Our aim is to stay up to date with the times and be a benchmark in technological adoption for others to follow. That’s why the
Bank is currently investing in new tools and platforms to adopt the latest technologies and approaches.
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143
P Environmental
Bangladesh is vulnerable to climate change and natural disasters such as floods, cyclones, and sea-level rise. There is a potential
impact of these events on business operations, supply chains, infrastructure, and risk management strategies.
There is a growing practice of incorporating environmental and social considerations into banking operations, products, and
services. It involves aligning banking practices with principles of sustainability, responsible investing, and environmental
stewardship. Green bonds and sustainable finance products are becoming more popular.
NRBCB Initiatives
NRBC Bank conducts several green banking training programs to create awareness regarding environmental concerns and
business practices for its employees.
NRBC Bank always put top priority whenever it finds any green financing opportunities such as renewable energy generation,
liquid Waste Management, setup solar equipment’s, ETP, Brick-field (Zigzag /HHK Tunnel kiln), Green Building, Bio-gas Plant
etc. Most of the Textile Industries we financed are equipped with ETP facilities. Moreover, NRBC Bank also focuses on Poultry,
Fisheries & Livestock business, Agro feed manufacturing industry and investment in MFI for capacity building, employment
generation etc. as a part of sustainable finance.
NRBCB Outlook
NRBC Bank aims to support the transition towards a low-carbon, resource-efficient, and socially inclusive economy. It combines
financial services with environmental and social considerations, fostering a more sustainable and resilient financial system.
L Regulatory & Legal

Government policies and initiatives impact businesses in Bangladesh. Like industrial policies, sector-specific regulations, trade
policies, investment promotion measures, environmental laws and regulations, consumer protection laws and regulations, Tax
regulations, Labor laws and regulations, Bangladesh Bank guideline.
In 2022 Government implemented a policy allowing investment clients to make partial payments of their dues while remaining
unclassified, which resulted in the rate of classification in Banking Sector.
NRBCB Initiatives
NRBC Bank is one of the most compliant financial institutions since its inception.
Bank has a dedicated compliance department to monitor and ensure adherence to regulatory requirements that are responsible
for staying updated on changes in laws and regulations, interpreting their implications, and implementing necessary measures
to comply with them.
Compile and submit regular reports to regulatory authorities to demonstrate compliance with legal and regulatory requirements.
These reports may include financial statements, risk assessments, anti-money laundering reports, customer due diligence
information, and other relevant documentation as mandated by regulatory bodies.
Develop and implement robust internal policies and procedures that align with legal and regulatory requirements. These policies
cover areas such as anti-money laundering, know-your-customer (KYC) procedures, customer data privacy, risk management,
and code of conduct and ensure that employees are aware of and trained on these policies.
Establish comprehensive risk management frameworks to identify, assess, and mitigate risks arising from regulatory and legal
factors.
Maintain a collaborative relationship with regulatory authorities. Actively engage in discussions, consultations, and meetings to
understand regulatory expectations and seek clarification on compliance-related matters. Provide necessary information and
cooperate with regulatory inspections and audits.
NRBCB Outlook
NRBC Bank is sincere with honoring and abiding by the standard set by the regulatory bodies. Maintaining proper ethical
standards has been an integral part of our organization’s culture since inception and our employees always work with integrity
and proper diligence
The policy allowing investment clients to make partial payments towards their dues while remaining unclassified resulted in a
decrease in the rate of classification.
Annual Report 2022

SWOT Analysis
Strength
• Best, effective, secure & user friendly usage of IT
• Stable entity credit rating
• Strong Market Presence
• Pioneer in inclusion of grassroots level unbanked people under Weakness
modern banking facilities. The bank has a wide network of
branches/sub-branch/booth across Bangladesh, allowing for greater • NRBC Bank is a relatively new entrant in the banking
customer reach and accessibility and facilitating customer industry, which pose challenges in terms of building brand
acquisition and retention.. recognition.
• Inward Remittance Growth. • Dependence on industry culture which requires a lot of time and
• Specialist SME/Micro Finance focus R&D to introduce new income avenues.
• Strong regulatory compliance • Limited scope of diversification of products due to market being
saturated.
• Sustainable business framework by creating value for stakeholders
complying with environmental issues. • NRBC Bank has limited international exposure and presence in
international markets, which limit its ability to tap into global
• The bank demonstrates Strong Asset Base, consistent profitability, opportunities.
sound financial ratios.
• Rising deposit costs due to withdrawal lending Cap.
• The Bank offers a diverse range of banking products and services,
digital banking solutions and catering to the needs of various
customer segments.
• The bank has a team of experienced professionals and
skilled employees who contribute to efficient
operations and quality customer service.
SW
• Enrichment of Human Capital: provided
online and classroom training to 37,122
participants.
O T
• Bangladesh's economy is
experiencing steady growth,
presenting opportunities for NRBC
Bank to expand its customer base and • A rise in the global commodity
capture a larger share of the market. prices and sluggish economic
activities by war induced supply chain
• There is a growing demand for banking disruption is being observed. The
services among Small and Medium global outlook has deteriorated
Enterprises (SMEs) and retail customers in markedly throughout 2022. Growth has
Bangladesh. NRBC Bank can focus on these lost momentum; high and persistent
segments to drive loan portfolio growth and inflation and elevated uncertainties cloud
revenue generation. global economic outlook and is proving
• There is an increasing awareness of Islamic financial persistent.
services and a demand for Shariah-compliant products and • The banking sector in Bangladesh is highly
services. competitive, with both local and international banks viewing
• The bank can explore financing opportunities in the infrastructure for market share.
sector, such as power, transportation, and real estate, as Bangladesh • Kaspersky Labs rated Bangladesh as the 3rd most vulnerable country
continues to invest in infrastructure development. in terms of not being able to defend against potential cyber-attacks. As
• Scope in digital financial inclusion and Growth in financial literacy such, the bank faces the risk of cyber threats and data breaches,
• Rise of green/sustainable finance and prospects in climate action necessitating robust cyber security measures to protect customer
initiatives. data and maintain trust.
• Digital/social media marketing • Single digit interest rate decreases the bank’s earning potential
• Exchange rate fluctuations cause risk in forex business especially in
import and export operations
Opportunities • Post COVID scenario and deferral facilities of Bangladesh Bank may
pose classification rate to be high,
Threat
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145
ESG Approch and Our Priorities
E S G
Environment Social Governance
NRBC Bank aims to support the NRBC Bank believes that a better NRBC Bank is always committed to
transition towards a low-carbon, society is a prerequisite for a better attain the highest levels of
resource-efficient, and socially business environment. CSR is corporate governance practices to
inclusive economy. It combines therefore considered one of the ensure sustainable growth of the
financial services with Bank's core corporate values. NRBC organization and to create
environmental and social Bank's CSR philosophy is to have a long-term value for shareholders.
considerations, fostering a more meaningful and measurable impact Since its inception, NRBC Bank has
sustainable and resilient financial on the lives of economically, continued with its efforts of
system. physically, and socially challenged adopting, implementing and
communities of the country through enhancing the application of the
an integrated approach to best and most up-to-date corporate
development that focuses on governance standards throughout
fostering sustainable livelihoods, the organization.
promoting education, and
enhancing skills.
• Conducts green banking training • Education • Clear Values and Compliance

programs for employees. • Health • Strategic Goals and
Accountability
• Priority on green financing • Disaster Management and others.
• Effective Oversight
opportunities
• Incentives and Information Flow
• Energy Savings
• Adaptation to Governance
• Waste Management Systems
Annual Report 2022

Value-added Statement
NRBC Bank’s value-added comprises the value created by the bank through its financing and operational activities, Remarkably,
despite global crisis, the bank was able to expand its value-added YoY by 14% to BDT 6,198 mn in 2022.
Value-added statement (BDT in Million)

Value-added 2022 % 2021 %
Net interest income 4,497 3,333
Investment income 2,576 3,006
Commission, exchange and brokerage 1,154 893
Other operating income 509 349
Operating expenses, excluding staff costs and depreciation (1,488) (1,094)
Provisions made during the year (1,050) (1,052)
Total value-added 6,198 100% 5,436 100%
Distribution of value-added (BDT in Million)

Value-added 2022 % 2021 %
To employees (as salary and allowance) 2,781 45% 2,099 39%
To providers of capital-dividend to shareholders (cash and 15% 20%
952 1,106
stock)
To government (as corporate tax) 1,249 20% 918 17%
To Statutory Reserve 598 10% 600 11%
For expansion and growth
as retained income 190 3% 377 7%
as depreciation 429 7% 335 6%
Total value distribution 6,198 100% 5,436 100%
13% 10%
To Employees 10%
11% To Employees
39% To Providers of Capital
45% To Providers of Capital
2021 To Government 2022
To Government
To Statutory Reserve 20%
17% To Statutory Reserve
For Expansion and Growth
For Expansion and Growth
20% 15%
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147
Economic Value-added
Particulars 2022 2021
Net operating profit 2,989 3,002
Provision for taxes (1,249) (918)
Net operating profit after tax (NOPAT) 1,740 2,084
Capital employed 15,941 13,762
Cost of equity (%) 7.69% 10.24%
Capital charge/Cost of capital 1,227 1,409
Economic value-added (EVA) 513 675
EVA/Average shareholders’ equity (%) 4.15% 6.25%
Dividend paid during the year 952* 1,106
Capital employed as at December 31
Average shareholders’ equity 12,372 10,803
Average accumulated provision for loans and advances 3,569 2,959
Total capital employed 15,941 13,762
* Proposed
STAKEHOLDERS’ ENGAGEMENT
NRBC Bank’s Stakeholders are the groups or individuals that can reasonably be expected to be significantly affected by bank’s
business activities, outputs or outcomes or whose actions can reasonably be expected to significantly affect the ability of the
bank to create value.
NRBC Bank identified its stakeholders through conducting impact analysis in respect of:
Shareholders/Investors
Employees
Subsidiaries
Local Communities
NRBC Bank’s
Stakeholders Board & Management
Customers
Partners
Govt. & Regulatory Authorities
NRBC Bank always tries to maintain transparency in providing both financial and non-financial data to its stakeholders. Perform various
activities where stakeholders can voice their concerns and have their questions answered. Bank use social media also to interact with
stakeholders and receive feedback and bank provide valuable information regarding upcoming developments and initiatives through
social media. Making partnership with local programs/authorities or charitable organizations in order to engage in community projects
and contribute to local needs. Bank provides training programs for employees to help them understand the needs of their stakeholders
and make sure they are providing adequate service.
NRBC Bank prioritizes stakeholders’ issues based on materiality mapping determining the level of relevance and significance on
economic, environmental, social and financial impacts.
Annual Report 2022

Financial Capital
Our Financial Capital is the pool of funds which includes our monetary resources such as funds arranged from valued depositors
and shareholders in form of deposits, equity and reinvestment which is for making loans, advances and investment. NRBC Bank
has demonstrated the optimal use of financial resources to achieve good returns for its shareholders, stakeholders, and the
nation at large in 2022. All important financial metrics for the year 2022 show NRBC Bank achieving sustainable development.
200,356 Million 12,935 Million 4,039 Million 1,740 Million

Balance Sheet Size Total Shareholders’ Equity Operating Profit Profit after Tax
Inputs:
• Deposits and placement funds, the bank’s funding profile are dominated by deposits, with a share of 73.51% of total assets as
at end December 2022.
• Borrowings accounted for 6.18% of the bank’s funding profile during the year.
• Retained earnings and statutory reserve during the year resulted in the bank’s equity base increasing by 9.54% to BDT 12,935
Million.
Material Drivers
• Use Financial Capital to expand business network
• Effective and responsible investment of shareholder’s fund
• Disciplined cost management to improve the cost to income ratio and thereby strengthen the bottom line
• Continuous improvement of performance management
• More focus on retail and SME products
Challenges
• Providing satisfactory return to shareholders
• Maintaining required Capital to Risk Weighted Assets Ratio
Key Highlights
• 29.82% growth - Loan & Advances/Investments
• 12.44% - CRAR
• Return on Equity- 14.06%
• Earnings per share- 2.194
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149
Human Capital
The Human capital of NRBC Bank is a pool of dedicated and highly professional workforce enabling the
Bank to implement strategies, deliver service and achieve Bank’s Goals. Our efficient workforce acts as the
pillar for the Bank to reach newer heights of success and always committed to optimize wealth of the Bank.
Our employee commitment, qualifications and loyalty toward the Bank give us a strong competitive edge.
NRBC Bank invests significant time, money, and energy to cultivate and retain a strong workforce, with the
aim of promoting employee satisfaction, equity, and value creation. The organization is committed to
provide equal opportunities for career advancement, embracing diversity, and fostering a positive work
environment that instills a sense of pride and respect among its employees. As a result, NRBC Bank Limited
is an exceptional workplace where individuals can thrive and prosper.
3,864 21,635 Million 1.05 Million

Employess Human Capital Operating Profit/Employee
Inputs:
• Competitive Compensation packages and end-of service benefits.
• Training programs - E-learning and E-training initiatives and physical classroom training
• Initiatives for the health and safety of employees.
• Recognition, rewards and incentives for performance
Material Drivers
• Retaining experienced and skilled employees
• Placement of the right person in the right position to generate maximum output
• Developing human resources towards company’s vision & growth
• Maintaining productivity and efficiency
• Build a culture of engagement.
• Guarantee a safe, healthy, and equitable environment for all employees
• Digitalization in Training process.
Challenges
• Recruit and retain qualified, effective, and efficient workforce.
• Ensure the motivation levels of the employees.
• Sustaining productivity and efficiency
Key Highlights:
• Fresh employee recruited- 160
• Experienced employee recruited- 463
• No. of training programs conducted- 192
• 37,211 participants in Training
Annual Report 2022

Manufactured Capital
The bank’s physical infrastructure, which includes buildings, furniture and fixtures, office equipment, computer
equipment, cars, books, IT infrastructure, and digital infrastructure, are represented by its manufactured capital.
Managing physical infrastructure are the vital functional area of the Bank which builds necessary infrastructure and
provides essential establishment which plays a crucial role in ensuring the smooth operation of the bank's various
departments and branches/sub-Branch.
594 103 Branches and 131 Micro finance program support partnership
Agent Outlets 925 Sub-Branches 81 own ATM
Inputs:
• Expanding the customer access points by Spreading the geographical boundaries through opening more channels
• ICT Infrastructure and its security concern
• Office equipment
• Automation of Business process and Upgrading Technology
• Enhancing Customer experience
• Stay updated to new complex challenges in ever changing world and adapt to overcome the challenges
Material Drivers
• By using the best, effective, secure & user friendly usage of IT; NRBC Bank is able to expand its banking service & operation in
every corner of Urban & Rural area across the Bangladesh.
• To some extent, by using the power of IT and combination of Business; NRBC Bank introduced new banking concept like Sub-
Branch Banking, Microfinance Banking etc. in Bangladesh.
• Systems that enhance productivity and customer experience.
• Premises and facilities that support efficient workflows.
• Introduced Mobile App based, Internet based, QR Code based banking service
• Introduced E-account opening services and Customer boarding through e-KYC
Challenges
• Discovering strategic locations for increasing infrastructure facility to support growth.
• Careful management of operation to address and protect the customer need.
• Technology adaptability by the customers.
• Cyber threats
Key Highlights:
• Served over 3 crore people all over the country with different services.
• Micro Merchants Beneficiaries- 46,246
• NRBC Bank has become one of the top five banks in terms of outlet at the end of 2022.
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151
Intellectual Capital
The bank’s intellectual capital is a key source of competitive edge and determines its capacity for innovation,
resilience and agility and commercial and social viability. NRBC Bank Intellectual Capital consists of intangible
intellectual resources like brand image, knowledge based assets like skills and competencies of employees,
innovative research and development team. The bank strives to continually increase the value of intellectual capital
by maintaining brand value, gaining customer confidence, adopting information technology to provide excellent
financial services to customers, enhancing technical knowledge, nurturing a strong compliance culture, and
innovating new products.
The Global Economics Awards-2022 for Most Innovative 121,000+

Mobile Banking App (NRBC Planet) Facebook followers
Inputs:
• Innovation in products and services
• Uses high quality and updated software, increased automation, and provides employee training
• Involvement in research & development and market analysis
• Efficiency and expertise of employees
Material Drivers
• Building trust in NRBC brand, by conducting operations in line with the highest ethical standards and in full compliance.
• Creates market reputation by introducing, expanding & diversifying product portfolio.
• Cautious about customer privacy.
• Providing training to employees for betterment of services.
• Digital presence through Internet-based banking, APPs and QR Code-based transactions for customers.
Challenges
• Rapid changes in technology
• Cyber threats
• Retention of knowledge based skilled employees
Key Highlights:
• NRBC Bank has won two international Awards `The Global Economics Awards-2022’ by The Global Economics Ltd, a UK-based
financial publication and a quarterly business magazine. The Bank has been crowned with the title of ‘Most Innovative Mobile
Banking App (NRBC Planet)’ and `Fastest Growing Micro-Finance Bank’.
• NRBC Bank has been recognized as the best bank in Asia in 6 categories twice in a row for innovative services,
• South Asian Business Excellence Award, Best Dealer Bank by Bangladesh Bank, RTV Krishi Medal, ACS Challan as the highest
revenue collecting bank among private commercial banks in the Financial 2021-2022.
Annual Report 2022

Social & Relationship Capital
Through comprehensive investment and community engagement initiatives, the bank has nurtured long-term and
meaningful relationships with its customers and communities. NRBC Bank believes that a better society is a
prerequisite for a better business environment. CSR is therefore considered one of the Bank's core corporate values.
Tk. 113 Million Tk. 20 Million on Tk. 16.6 Million on

CSR Activities Educational Activities Healthcare Activities
Inputs:
• CSR contribution to society as whole
• Building a customer-centric culture
• Supplier relationships
• Empowering women entrepreneur.
Material Drivers
• Sustainable value creation with our customers, trade partners and merchants or communities by nurturing our long-standing
relationships.
• NRBC bank always believes in customer-centric actions and continuous improvements in its offerings, processes and policies.
• The bank has formulated a Sustainable Procurement and Supplier Policy
• CSR is considered as one of the Bank’s core corporate values
• NRBC Bank has particularly excelled is in its support for women entrepreneurs.
Challenges
• Evolving customer satisfaction
• Addressing the shareholder’s needs
Key Highlights:
• Tk. 113 million spending for CSR
• Healthcare activities Tk. 16.6 million
• Educational activities Tk. 20.00 million
• Disaster Management Tk. 10 million
• Others 66.40 million
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153
Inputs Business Operation
Investment on
• Equity Conventional Banking
Social & Relationship • Short/Long term Debt
Capital Main Operation Islamic Banking
Offshore Banking
Investment on
• Employee Skill Development
Human Capital • Training Program
Investment on Agent Banking

Manufacturing •Infrastructural
Development of Distribution Alternative Banking
Capital channel Channel Operation
Alternative Delivery Channel
• Information Technology (IT)
Financial Inclusion
Investment on
• Brand
Intellectual Capital
• Research & Development
• Technological Innovation
Securities
Investment on
Subsidiaries Operation
Social & Relationship • CSR
Asset Management
Capital • Sustainable Value Creation
Annual Report 2022

Summary Stasustainability Report
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155
Sustainable Banking Operations
Key Highlights 2022
Sustainable Agriculture Finance
Total Loan disbursed Tk.

27,943 Borrowers 13,010.51 Million
Socially Responsible Finance

81 Borrowers 1,964.97 Million
Sustainable CMSME

322 Borrowers 522.06 Million
Liquid Waste Management

Environment Friendly Brick Production

Annual Report 2022

NRBC Sustainable Banking effort in 2022 for SDGs
NRBC Bank has also established 50 nos. of dedicated Sustainable Finance includes a product/a project/an
Sustainable Finance Help Desk to ensure sustainability initiative not only belongs to green financing but also
as its core banking activities. other products of Agriculture, CMSME or Socially
Responsible Financing Category linked to sustainability.
NRBC Bank Priority in Sustainable Linked Since the inception of the bank, NRBC Bank has
Finance and Green Finance emphasizing on the concept of promoting sustainable
business. The Bank has formed a separate “Sustainable
Finance Unit’ under Credit Risk Management Division to
Renewable energy generation promote Green & Environment-friendly projects on its
credit portfolio. Sustainable banking means banking
beyond profits. It is about banking for profitability while
Setup solar equipments
keeping the economic, social and environmental
considerations at the front and centre of what we do.
Brick-field (Zigzag /HHK Tunnel kiln) In 2022, NRBC made significant progress towards
achieving UN Sustainable Development Goals. We
Green Building promoted financial inclusions through our 557 nos. of
agents, contributed towards women and student
banking by developing low cost products for women
Bio-gas Plant entrepreneurs and students, empowering local people
through SME loans, agricultural and rural credits.
Textile industries with ETP Facilities Throughout 2022, NRBC disbursed Tk 86.80 million
(term loan) to contribute in Green Financing especially
in liquid waste management, environment friendly brick
Poultry, Fisheries & Livestock business production, green and environment friendly
establishments etc.
Investment in MFI for Capacity Building On the other hand, NRBC also contributed Tk,1,5497.54
million to Sustainable Financing especially in
sustainable agriculture, sustainable CMSME, MFI/ NGO
Agro feed Manufacturing Industry
for capacity building, employment generation including
self-employment and working capital & demand loan of
green total funded portfolio.
Triple Bottom-Line Approach of NRBC Bank:
People Planet Profit
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157
People
CSR Donation BDT No. of Agent Banking No. of Female

113 Million Outlet: 594 Employees: 15.40% 55,062 Man-hours of
training to its employees
No. of School Banking Total SMS sent to Search & Routine Dope
Unit: 31,731 Customers: 7,578,236 Test - All employees to Served over 3 crore
refrain from ………….. people through different
Services
The primary objective of NRBC Bank's CSR philosophy is to have a meaningful and measurable impact on the lives
of economically, physically, and socially challenged communities of the country through an integrated approach to
development that focuses on fostering sustainable livelihoods, promoting education, and enhancing skills. Which
are thoroughly illustrated in CSR section.
NRBC Bank provides its banking services through 103 branches and more than thousands of sub-branches, booth
and services centers across the country to bring more unbanked people under modern banking facilities.
In the context of value creation model for its employees, training program to its employees at NRBC Bank is an
exceptional experience that equipped individuals with the necessary skills and knowledge to thrive in the banking
industry. NRBC’s commitment to cultivating talent is evident throughout its comprehensive training programs.
NRBC Bank works with a wide range of suppliers, vendors, agents and others. To create value the Bank works with
them through collaboration by applying its own policy and practice for selecting these suppliers and others.
Planet
Loan Disbursed for Green Loan Disbursed for Cost saving on paper/ Launched Automated
Financing BDT 87 Million Sustainable Financing stationary usage Challan & QR Code for
BDT 15,498 Million BDT 31 Million cash withdrawal
No. Finance in prohibited Launched Green PIN for

sector like Tennary. NRBC Debit/Credit Card
As one of the strategic focuses of NRBC Bank is going to green, which includes; Identifying and managing
environmental risks associated with lending and investment activities, such as assessing the environmental
impact of projects seeking financing. Promoting and supporting environmentally sustainable practices by
financing projects that align with green initiatives, such as renewable energy, energy efficiency, and sustainable
agriculture. Implementing environmentally friendly practices within the bank's operations, such as reducing
carbon footprint, minimizing waste, conserving resources, and adopting sustainable procurement practices.
Profit
Net profit after Tax BDT : Profit from Digital Platform Number of Total Debit
1,739.57 Million (RTGS/SMS/E-Chalan ) BDT 14.73 Million Card: 112,090
Profit from SMS Banking Profit from e-challan

charge BDT 42.45 Million BDT 24.07 Million
NRBC Bank Maintaining financial stability, managing risk effectively, and ensuring sustainable financial
performance. Balancing financial returns with social and environmental considerations, integrating Environmental,
Social, and Governance (ESG) factors into investment decisions, and considering long-term sustainability.
Providing accurate and transparent financial reporting to stakeholders, including investors, regulators, and the
public.
Annual Report 2022

Highlights of National sustainable development strategy and NRBC
Bank Status/response
National Sustainable Development Strategy NRBC Bank Status/response
Poverty Alleviation and Social Development: Bangladesh focuses on poverty NRBC Bank believes that a better society is a
reduction, social protection, and improving access to basic services such as prerequisite for a better business environment.
education, healthcare, and clean water. Initiatives include the Social Safety CSR is therefore considered one of the Bank’s core
Net Program, primary education initiatives, and the promotion of women’s corporate values and act accordingly.
empowerment and gender equality.
Food Security and Agriculture: Bangladesh aims to ensure food security NRBC Bank recognizes the importance of
and promote sustainable agricultural practices. Initiatives include improving supporting agriculture and rural development
agricultural productivity, enhancing access to credit and technology for to promote economic growth and improve the
farmers, and promoting climate-resilient agriculture to cope with climate livelihoods of low-income people. In 2022, NRBC
change impacts. Bank Disbursed Agriculture Finance and Micro with
various loan products designed to meet the diverse
needs of farmers and rural entrepreneurs.
Climate Change Adaptation and Mitigation: Given its vulnerability to climate NRBC Bank giving priority for the development of
change, Bangladesh prioritizes climate change adaptation and mitigation climate-resilient infrastructure financing like Brick-
efforts. This includes the development of climate-resilient infrastructure, field (Zigzag /HHK Tunnel kiln)
early warning systems, and promoting renewable energy sources.
Environment and Natural Resource Management: Bangladesh focuses on NRBC Bank has been integrating environmental
protecting and managing its natural resources, including forests, wetlands, considerations into management practice.by
and water bodies. Efforts include afforestation and reforestation programs, reducing Office stationery and printing material
conservation of biodiversity, and sustainable management of water
resources.
Industrialization and Infrastructure Development: Bangladesh aims to NRBC Bank finance on Green building, Bio-gas
promote sustainable industrialization and infrastructure development. This plant, Textile industries with ETP Facilities No.
includes enhancing energy efficiency, promoting sustainable manufacturing Finance in prohibited sector like Tennary.
practices, and developing resilient and inclusive infrastructure projects.
Good Governance and Institutional Strengthening: Bangladesh emphasizes NRBC Bank ensures good governance practice
good governance, transparency, and effective institutions to support within the organization. Ensures gender equality,
sustainable development. This includes promoting accountability, reduce inequality within the organization. Recently
combating corruption, and strengthening capacity-building and institutional Bank introduce whistle bowling practice for ensure
frameworks. justification.
Corporate Governance Auditor M/s. Ahmed
Zakir & Co. issued satisfactory certificate
regarding compliance BSEC Notification No.BSEC/
CMRRCD/2006-158/207/Admin/80, dated 03 June,
2018
Digitalization and Technology: Bangladesh recognizes the role of Online banking operation, Digital Loan Processing
digitalization and technology in sustainable development. Initiatives include system, Fund transfer through RTGS, BEFTN &
promoting digital access, e-governance, and digital financial services to NPSB, 24/7 accessible internet banking services.
enhance efficiency and inclusivity.
Partnership and International Cooperation: Bangladesh actively engages NRBC Bank actively engages with development
in partnerships and international cooperation to achieve its sustainable partners Like SKS, VOST, etc and international
development goals. This includes collaboration with international cooperation
organizations, development partners, and civil society to mobilize resources
and expertise.
Annual Report 2022

159
Annual Report 2022
RISK MANAGEMENT REPORT
Annual Report 2022

161
Risk Management Report
to the Shareholders
NRBC Bank had just stepped into its 11th year of operations completing its very successful 10 years of vibrant journey on 2 April
2023. The bank is now a strong contender among the top banks of its generation to secure the number one position in terms
of its spectacular balance sheet size, liquidity, earnings, capital adequacy & solvency, deposit health, loans and advances health,
stakeholders confidence and, most importantly, its robust network across the country with more than 1600 service points catering
to the needs of the public that creates unwavering confidence among the household name, thus, in turn, establishing a very
sustainable goodwill for the bank. Strong risk management, mass people contributing to the branding of the very name ‘NRBC’, a
framework and its culture extended immense support to increase sustainable and remarkable growth of business for the bank. The
forward looking vision of the Board and strong commitment from the Management part to implement the board’s policy were pivotal
to this achievement.
Risk is inherent in all business operations, especially in banking operation, where financial entities conducting business with others
money, who have the fundamental responsibility to safeguard investment with earning of significant financial return.
Risk management in NRBC bank follows a stringent process flow starting with the identification of risks in its business operation,
planning and mapping the process considering the prevailing risk factors, protecting interest of the depositors and stakeholders.
With the passage of time, the types, magnitude and intensity of risks have undergone significant changes, which necessitate updating
proper risk management issues timely and accurately in the context of current challenges. Accordingly, the updates enriched us with
a function of implementation of appropriate policies, up to date procedures and a pro-active risk management culture. Over the past
ten years NRBC Bank, has navigated many internal and external challenges in an ever changing business and regulatory environment
to reach its current position.
In the recent past the COVID-19 pandemic had caused unprecedented impact on the Global economy, denting the global growth and
output. Bangladesh economy was disproportionately affected in three broad sectors- manufacturing sector was hard hit followed by
service sector while agriculture sector remained relatively insulated from the shock waves of the pandemic. NRBC Bank, because of
prudent risk measures taking had emerged with stronger showing in most of its financial and risk parameters.
Post Covid-19 period being more challenging for Global economies in general, Bangladesh Economy also had to cope with the
consequences. As the World eased the pandemic policy measures and geared up to fight inflation, the conflict in Europe threatened
food security and the supply chains across the Globe, as Commodity prices became volatile and capital markets became unstable,
credit was affected. In Bangladesh Market, liquidity levels fell, but NRBC Bank was able to meet both USD and BDT obligations keeping
market risk and liquidity ratios healthy. The withdrawal of Bangladesh Bank measures on NPL had an impact on NPL management and
CRAR management, but the Bank had kept the NPL ratio near the approved risk appetite for NPL limit.
In compliance with BRPD Circular No. 11 dated 27 October, 2013 the Board of Directors of NRBC Bank formed a Board Risk Management
Committee (BRMC) on 22 December 2013. The current Board Risk Management (BRMC) comprises five members as on December 31,
2022 as under:
Annual Report 2022

SN Name Position in the committee
1 Mr. AKM Mostafizur Rahman Chairman
2 Mr. S M Parvez Tamal Member
3 Mr. Rafikul Islam Mia Arzoo Member
5 Dr. Raad Mozib Lalon Member
BRMC is assisted by the CRO, who is Head of the Executive Risk Management Committee and member of other Risk Committees such
as ALCO. The objectives of the BRMC is to supervise on behalf of the Board of Directors as to see whether Risk Management Policies
and Procedures are properly implemented by the management and examine adequate capital and provision against different risks are
properly maintained. The Committee is to oversee report and make recommendations to the Board of Directors in respect of all types
of risks faced by the Bank.
During the year-2022, BRMC sat 4 times and discussed various risk issues including impact of Russia-Ukraine war, micro & macro
economy, monetary policy, central bank's other policies and guidance, banks specific risk issues, and approval of new risk policies for
adoption. Some of the major decisions of BRMC as taken are: -
• The Committee reviewed the decisions made in ERMC and SRP Team meetings and accorded guidance for proper
implementation of the same aiming at the goal for improving Risk Rating of the Bank.
• The Committee advised the Management to design business strategy according to economic trend and initiate proper action
to minimize core risks of the Bank. Bank Management have started to reduce exposure in RMG sector and focus more on SME
and Microfinance targeting on reduction of RWA
• BRMC reviewed the Risk appetite statement for 2022 and approved the suggested limits.
• The Committee oversaw the reduction of Large Loan ratio at a range below 20% of our overall Loan portfolio, leading towards
more diversification of the same.
• The Committee reviewed the information relating to 20 Crore+ customers. Branch wise NPL position, status of top 20
defaulters, sector-wise status of Bank’s exposure and NPL there against, Branch-wise Stimulus Fund status and sector-wise
stimulus Fund exposure and stimulus fund overdue position to formulate guidance for further reduction of risk.
• BRMC reviewed and endorsed the proposed Country Risk management policy and Bank Recovery Plan in 2022
• The Committee reviewed overdue liabilities and classified loan status under stimulus package and resolved that the
management should be very watchful with regard to the stimulus fund financing focusing on avoiding willful defaulters.
• The Committee advised the management to initiate all out efforts to improve current CRAR level with proper management
of NPL, issuance of Sub-Ordinate Bonds and giving special focus for overall improvement of Customers Credit Rating. The
volume of rated exposure was higher in December 2022. Tk. 250.00 crores in Sub-Ordinate Bonds have been subscribed by
the end of the year 2022.
• Committee advised Management to be more watchful in international transactions to maintain Bank’s exposure within the level
of risk appetite statement.
• As regards credit proposal including RMG and work order financing, committee recommended that a two tiers credit committee
to be formed by CRMD so that proposals are analyzed by one tier before submission to the next tier with detailed analysis.
As Bangladesh maintains its steady progress towards achieving its objective of meeting the Sustainable Development Goals by 2030
and for obtaining status of a developed nation by 2041, NRBCB Bank, as a partner in this development journey for becoming a
bank for the people, has been rendering its endeavors towards easy access for banking service based on use of modern technology
and devoted services for the customers. The bank shall continue its efforts on automation and centralization to curb cost, mitigate
operational risks for better deployment of its capital in the emerging revenue generating sectors.
The bank now is correctly positioned to implement the proper mix business diversification, organizational setup to deliver the expected
results while minimizing the risk exposure to the stakeholders. The Bank needs to continue it's process of updating and upgrading it's
risk management system, processes and framework to cope with the challenges that would have to be managed as the bank sets it
path to be the bank for the people fully aligned with the state’s vision of creating “Smart Bangladesh” in the coming years.
AKM Mostafizur Rahman

Chairman of the Board
Risk Management Committee
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163
RISK MANAGEMENT REPORT
Risk is an inseparable part of every business, whether it is financial or deals in trading in commodity or providing service. Risks
associated with the banking sector grew in scope and reach over the years due to the expansion in volume and scope of banking
activity, expansion of branch network, globalization, incorporation of diversified & sophisticated banking products/services, addition of
electronic systems and automation, introduction of risk-based capital framework, application of information technology and stringent
regulatory compliance. ‘Risk’ is an event that can have either a positive or negative impact on the health of a Financial Institution. Risk
and reward goes hand in hand and Banks need to have a fully integrated risk management system to measure, forecast, monitor, report
and manage as an integral part of its daily operation.
NRBCB (NRB Commercial Bank) is continuing its practice of giving the maximum effort to ensure full compliance with the guidelines
and policies of Bangladesh Bank and other regulators, and adopting the best industry practices for increasing the efficiency and
effectiveness of its risk management infrastructure, so the Bank can aptly identify and implement the optimal risk exposure level
and management strategy in these uncertain times to keep the projected risk impact at the minimal level possible. Structured Risk
Management practice has become an important tool for financial institutions because it empowers the organization with the necessary
solutions that are proper in the context of its risk environment and that it can efficiently identify and deal with potential risks timely
and in a cost effective manner.
RISKS FACED BY BANKING INDUSTRY
Global banking sectors managed to avoid a major liquidity crises in 2022 in line with market player expectations, despite an overhang
of risk from the pandemic, only two markets met a systemic banking crisis in 2022: Lebanon, where political paralysis extended a
severe systemic banking crisis into its third full year, and Ukraine, where Russia’s invasion and physical asset destruction exacerbated
pre-existing vulnerabilities. In South Asia, all countries faced some form of liquidity stress, with Sri Lanka defaulting on its international
obligations and Pakistan coming close to default, and both countries needing bailout from the international financial system.
Another factor that had impacted some areas in the international financial system is the gradual phasing out of COVID-19-related
support measures by the end of 2021, but loans benefiting from forbearance at the height of the pandemic proved more resilient
than many had expected, and non-performing loans (NPLs) did not rise markedly in 2022. Starting 2023, due to international political
tensions, rising inflation and interest rates supply disruptions, and the uncertainty rising from these issues the Banking industry
remains vulnerable to sudden shocks and high levels of financial and operational risks.
The world is heading into a cooling off period, with sharp reversals in monetary and fiscal stimulus, which is expected to slow global
growth and gradually bring down inflation. The core risk areas of banking sector needs to be managed in light with the expected
slowdown and related monitory measures from regulators that are likely to be introduced for managing the economic impact.
After BASEL I was introduced in 2003, Bangladesh Bank defined ‘Core Risks’ in Banking business and introduced specific Guidelines
for managing those risks, namely Credit, Asset Liability Management, Internal Control and Compliance, FX, & Anti Money Laundering,
Market and Liquidity risk management was covered by the FX ALM guidelines. A guideline for managing ICT was issued in 2004. With
the introduction of BASEL II in 2010 and BASEL III subsequent and in response to the changes in the financial markets, both global
and domestic, these guidelines had gone substantial changes. A Comprehensive Risk Management guidelines was introduced in 2018,
which is the core Risk Management document, for designing NRBC Bank Risk Management framework, tools and procedures. The
following core risks are part of the framework:
Credit Risk:
Credit risk is the potential financial loss that can occur from the default or credit quality deterioration of a customer or other third
party with a contractual obligation with NRBC Bank. In term of exposure, market and liquidity risk and capital consumption, this is the
most significant risk for the bank. The Credit Committee of the Bank endorses credit proposals which are then approved by the Board.
The CRM division is responsible for monitoring the risk indicators associated Credit Risk management, and taking necessary steps for
managing/mitigating/eliminating the potential risk. Day to day responsibility of NPL management rests with SAMD department and
the Branch Managers.
Internal Control & Compliance (ICC) Risk:
Every employee of the bank is responsible for ensuring full compliance with regulations and policies.
ICC risk arises from day to day operation of the Bank when there may be lapses in ensuring full compliance. NRBC Banks’ effective
internal control system continuously through audits and inspections ensures that all activities are undertaken with full compliance
with regulations and guidelines by identifying existing compliance gaps and advising proper solutions to mitigate the risks arising
from non compliance. ICCD department spearheads this process on a daily basis. The identification and possible mitigation of a major
portion of bank’s overall Operation Risk is thus managed through the activity of ICCD. Bank Audit Committee has oversight on ICCD.
Money Laundering Risk:
Trade based money laundering is a growing concern for the banking sector. It has been estimated that more than 80% of money
laundering happens through Trade based money laundering by the regulators. Black money is converted into white money through
Placement, Layering and Integration in the financial system to hide the source of the funds, a majority of which may have been sourced
from illegal activities, In the case of trade-based money laundering techniques, over-and under-invoicing of goods and services and
false declaration of goods are commonly found in our country.
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NRBC Banks’ AML team takes following steps minimize this risk possible measures are;
01. Frequently monitor the transaction type of the suspicious transaction.
02. Monitor the frequency of the suspicious transaction
03. Monitor the large transaction which happens unusually.
04. Monitor the sources and geographical origin of the suspicious transaction.
05. Monitor if any changes are made in the operating instruction in which suspicious transactions happen.
Asset Liability Management (ALM) Risk:
It is the risk that arises from the management of Assets and Liabilities of the Bank. It is mainly called Balance Sheet risk.
1. Weakness in analyzing Balance Sheet and other operations
2. Absence of proper analysis of interest rate risk and liquidity risk
3. Absence of contingency plan for an unforeseen or unexpected change in interest rate, competitive market condition, economic
development etc.
4. Absence of proper counterparty limits.
Treasury department is responsible for managing the liquidity risk and market risk by implementing strategies that minimizes the
liquidity gap in the balance sheet of the bank, provides best possible solution to reduce the interest rate risk while maximizing profit,
running the day to day fund management activity is crucial for the bank to ensure regulatory compliance and shield the bank from
sudden liquidity shocks. ALCO meetings are the platform where Market and Liquidity risk issues, and compliance with Bangladesh
Bank regulations are discussed and implementation status of the decisions are tracked. Treasury is also responsible for coordinating
with OBU and Islamic Banking wing for managing the risks of their balance sheets.
Foreign Exchange Risk:
It is the risk that arises from price and liquidity volatility associated with foreign exchange transactions, cross-border investment and
operating activities. A major source of the Bank’s foreign exchange is the inward remittances from overseas by migrant workers, non-
resident nationals, etc., as well as export proceeds, which in turn helps fund the import payments and reduce reliance on interbank foreign
exchange market. By managing this risk a bank seeks to maximize profit, minimize loss and ensure the needed foreign current liquidity is
available timely. Foreign exchange risk is also known as translation risk, as it converts one currency into another, and it is part of market
risk. Treasury is responsible for managing this risk. ALCO has oversight over Treasury, OBU and ID are responsible for the management
of FX Risk.
Information Technology (IT) Risk:
The risk comes from the use of information technology is called information technology risk. Information Technology (IT) Risk may
arise in the form of;
1. Network Risk – Improper Configuration, Authentication etc.
2. Data Centre Risk- Server Failure, Monitoring Failure, hacking etc.
3. Hardware Risk – Power Faults, Equipment Incompatibilities, damage etc.
4. Software Risk- Malicious or harmful software trespass, Software with Limitations, Functionality Mismatch etc.
The Covid-19 pandemic forced banks to rely heavily on work from home and speed up automation, which it turn increased its cyber
security risk and the need for proper solutions to mitigate and manage this risk.
Environmental & Social Risk:
Environmental & Social Risk refers to the uncertainty or probability of losses that originates from any adverse environmental or social
change (natural or manmade) or non-compliance of the existing Bangladesh bank environmental regulation.
Banks need to ensure that their client’s financial and operational sustainability is not undermined by adverse impacts on the environ-
ment and surrounding communities. Banks need to have a clear understanding of potential Environmental & Social Risks and implica-
tions for a client’s operations prior to being linked to the client in the context of the transaction.
Along with the mentioned risks these are some of the risks which NRBC Bank had encountered:
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Pandemic Risk Business Interference Risk
Covid-19 has had a negative impact on bank's Business Interference refers to the unprecedent-
revenue mainly due to the reduction in bank's ed events or emerging challenges that might put
income. Managing the pandemic risk to the bank in a insecure state while adapting to
safeguard both business and human resource the new work environment.
was given the highest priority.
Health and Safety Risk Country Risk

NRBCB gave the utmost priority to ensure the Coutry Risk refers the possibility that a foreign
safety and security of its workforce during the obligor may be incapable or unwilling to fulfill his
pandemic crisis and to manage other health and obligations due to country-specific economic,
safety related issues. political, social or ecological conditions.
Fraud and Embezzlement Risk Cybersecurity Risk

Fraud and Embezzlement Risk is the risk of Cybersecurity risk is the probability of exposure
unexpected financial, material, or reputational or loss resulting from a cyber attack or data
loss as a result of fraudulent actions of persons breach resulting the theft of potential financial
both internal or external to the organization. or sensitive data or the loss of monetary value of
the organization.
Risk Governance and Risk Culture:

Risk governance means the application of the principles of good governance to identify, assess, manage and communicate relevant
risks to the organization to related parties to adopt proper solutions. It also refers to the institutions, rules, conventions, processes and
mechanisms by which decisions about risk management are taken and implemented. Risk governance provides the structure within
which the risk management infrastructure operates in an organization.
Organizational Risk culture is one of the key elements of effective risk management process. It refers to an institution wide approach,
in which every member of the institution is fully aware of the risks associated with his or her assigned organizational role and is also
aware of their responsibility in the risk management process.
The Bank believes that risk management is not a function overseen by people specifically engaged in risk management activity but a
holistic approach across the bank, where the bank endeavors to create an open and respectful environment for discussing risk issues,
encouraging all employees to speak up and draw attention to all relevant risks for developing a coherent, relevant and vibrant risk
culture.
Risk Management Framework:
According to the Risk Management guidelines for Banks issued by Bangladesh Bank through DOS circular letter No. 04, October
08, 2018, Risk Management Division works as the central hub of Risk Management Process. So, the achievement and progress in
managing banking risks largely depend on the strength and empowerment of the Risk Management Division. NRBC Bank has adopted
a well-defined, structured approach to setup the Risk Management process of the Bank in line with Bangladesh Bank guidelines. The
process is multi-tired, as shown below:
Communicate Establish Identifying Risks Analyzing Risks

and Consult the context
Evaluating Treat the Monitor the

Risks Risks Risks
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Risk Management Division proactively identifies risks which arises from transaction level as well as at portfolio level to ensure efficient
usage of capital, suggests measures and mitigates that can eliminate or reduce the identified risks, and puts in place a monitoring
system to ensure management is aware of the risks. Functionally, risk management process is accomplished at strategic level, mana-
gerial level and at operational level.
COMMITTEE/
LAYER ROLES AND RESPONSIBILITIES
DIVISION
• Reviews various risk related reports such as MRMR, CRMR, CRAR, and opined their
views and provide suggestions to CRO and other concerned divisions;
• Providing the Board with greater oversight and advice on the risk management and
compliance frameworks;
STRATEGIC LAYER
• Strengthening the governance, effectiveness and resourcing of the risk management

and compliance frameworks;
Board Risk
Management • Review the overall risk management activities concerning Core risk analysis report, Risk
Committee (BRMC) Indicators, Stimulus Package customer monitoring report, and NPL Status of the Bank;
• Endorses risk strategies, reviews and approve risk policies.
• Setting limits of risks to be taken in line with bank’s risk appetite;
• Continuous monitoring of risk limits by risk management team and overseen by
Management level risk committee;
• Monitoring the due execution of core risk management policy and principles.
• Implementation of policies and strategies formulated by Board of Directors;
• Developing policies and procedures for identifying, measuring, and managing Bank’s
existing and potential risks through core risk analysis;
Executive Risk • Providing appropriate resources to evaluate and control risk;

MANAGERIAL LAYER
Management • Reviewing risk reports on a regular and timely basis;

Committee (ERMC)
• Reviewing prospective risks through brainstorming with staffs or external stakeholders
and identification of anticipated issues or risks
• Providing all reports required by the Board and its committees for the effective
performance of risk management oversight functions.
• Review the bank’s overall capital adequacy along with market risk, liquidity risk, and
credit risk in line with its risk profile;
Supervisory Review
• Ensure that the bank has an internal process to identify and assess all relevant risks of
Process (SRP)
the bank;
• Ensure that capital is adequately allocated against the ICAAP outcome;
Risk Management Division (RMD) has been established on 2013 as per the instruction of
Bangladesh Bank, headed by the Chief Risk Officer for overall supervision of risk management
of banks. .
OPERATIONAL LAYER
RMD had conducted 12 ERMC meetings and 6 SRP meeting in 2023 to monitor, discuss, escalate
risk issues and had forwarded the decisions to BRMC and Board.
Risk Management
Division (RMD) RMD had placed the Country Risk Management Policy and Bank Recovery Plan to Board and
had obtained approval
To ensure effective and smooth trade-off between risk-return and manage the overall risk
management activities more efficiently and effectively, RMD of the bank reviewed NRBCB Risk
Management policy which has been placed and approved in December 2021 at the 132nd Board
meeting.
BASEL Ensuring effective implementation of Risk Based Capital Adequacy requirements under Basel-
Implementation Unit III.
Three Lines of Defense Model:
NRBC Bank has an effective risk management framework. This framework is designed to protect capital base, reputation, revenue and
earnings of the bank without hindering growth. In the three lines of defense model of NRBC Bank, management control is the first line
of defense in risk management, the risk control and compliance oversight functions established by NRBC Bank, management are the
second line of defense and independent assurance is the third line of defense. Each of these three “lines” plays a distinct role within
NRBC Bank’s wider governance framework. NRBCB follows the three lines of defense model regarding Risk Governance.
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167
ASSESS
RISK
IDENTIFY
RISK
RISK
MANAGEMENT
CONTROL
RISK
PROCESS
REVIEW
RISK
• Identify,assess, •Established Internal •Performs bank's general

acknowledge, and manage Control Framework to and risk based internal
business and operational ensure effective and audit.
3rd Line of Defense

2nd Line of Defense
1st Line of Defense
risks. efficient operations. •Provides independent

• Escalating risk events to •Following up and periodic reviews of the
the Risk Management reporting on risk related first two lines of defense.
Division (RMD). issues across all risk types •Provides assurance and
• Conducts strategies in by Risk Management Unit. ensures the effectiveness
accordance with the risk •Compliance with laws, of bank's policies and
policies and delegated regulations, supervisory, procedures.
mandates. and the institution's
internal policies and
procedures.
Risk Communication and Treatment:

NRBC Bank wants to ensure the balance between risk with return
through ensuring effective risk management and establishing
healthy organizational ethos. As part of risk communication, Avoidance
senior management actively communicates the different
policies, procedures, rules as well as the roles, responsibilities,
accountabilities to the risk owners. This communication process
ensures that employees dealing with risk are well informed
about the risk associated with their activities and know their
responsibilities regarding the risk management processes. Risk
treatment options are not necessarily unique in all circumstances. Transfer/ Risk
It depends on scenario and institutions strategy. Based on Acceptance
the scenario, bank takes different risk treatment options, e.g.
Sharing Treatment
avoiding, accepting, reducing, and sharing.
Choosing a certain risk management option will depend on the
stated risk appetite of the bank and the existing risk bearing
capacity of the bank. The implementation of any of the above steps
will have consequences for the bank ranging from financial to
reputational, which the bank Risk Management Framework would Reduction
have to deal with. Existing of proper Guidelines and Standards is
crucial for managing the strategy adopted by the bank.
Risk Management Tools:

A. Guidelines, Processes and Standards:
NRBC Bank remains focused on the effective use of its guidelines, processes, and standards as Risk Management tools. Guidelines
provide the bank with necessary options and solutions to determine the course of action in terms of mitigating risks, and identifying
the gaps that may remain between the existing Financial/legal/regulatory landscape and NRBC Bank processes so they can be
properly addressed to mitigate the risk. Guidelines may change from time to time, due to changes in market conditions, regulatory
changes or other circumstances. RMD and other core risk managers determine the processes and standards using that needs to
be updated during the annual review and submit these to the board for approval of the necessary changes.
Guidelines Processes Standards

• Guidelines ensure the Bank has • The processes activities are • Standards are developed on an
the appropriate knowledge of its associated with the enterprise-wide basis, and
clients, products, and markets identification, evaluation, documented in a series of
and that it fully understands the documentation, reporting and policies, manuals and handbooks
risks associated with the controlling risk. under the preview of Risk
business it underwrites. Management Division.
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B. Risk Appetite: Implementation of the risk appetite statement and monitoring of the key risk appetite measures help to ensure
that the bank stays within appropriate risk boundaries. NRBC Bank, Board and Management is focused constructing the
appropriate on the credit risk appetite volume for the bank that takes into account the bank’s risk acceptance, risk capacity,
risk tolerance, shock resilience, and appropriate key risk appetite measurements. Risk Management Division of NRBC Bank,
prepares Risk Appetite Statement (RAS) in collaboration with concerned division/department while taking into consideration
various risk and business issues e.g. national economy, monetary policy, bank’s business trend, capital adequacy, strategic
planning, liquidity and other foreseeable risks.
C. Risk Reports: Risk Management Division of NRBC Bank regularly prepares different risk management reports and submits
to the central bank as per regulatory requirements. Moreover, as a regular activity, RMD prepare and submit various risk
management reports to ERMC, SRP Committee and BRMC for review and making of policy decisions. The concerned reports
prepared by RMD of NRBC Bank are provided below:
i. Minimum Capital Requirement Report: According to the Basel-III accord, the Banks are required to maintain a minimum
Capital to Risk Weighted Assets ratio (CRAR). It promotes strong capitalization and better financial resilience of banks to resist
economic and financial shocks and crises. NRBC Bank regularly prepares Basel-III report on half yearly basis in which required
provisions and minimum capital requirement are described thoroughly.
ii. CRMR & MRMR Report: Comprehensive Risk Management Report (CRMR) & Monthly Risk Management Report (MRMR)
mainly Identifies, monitors, and evaluates credit risk, market risk, operational risk, liquidity risk, reputation risk, bank’s shock
resilience capacity etc. Risk Management Division (RMD) of NRBC Bank regularly prepares CRMR on Half Yearly basis and
MRMR on Monthly basis.
iii. ICAAP: Internal Capital Adequacy Assessment Process (ICAAP) evaluates the bank’s preferred risk profile, the actual risks
identified, the means by which they will be mitigated, and what risks will be covered by capital allocation. ICAAP is prepared on
annual basis following Bangladesh Bank’s guidelines.
iv. Stress Testing: Stress Testing Sheds light on inherent risk exposures and offers alternative insight into the potential severity
of negative outcomes of different risk parameters. It also evaluates capital and liquidity needs under adverse risk scenarios
and examines the setting of risk tolerances, and facilitates the formation of appropriate contingency plans and is prepared by
RMD on Quarterly basis.
v. Duration Gap Analysis: Duration Gap Analysis measures interest rate risk, and examines the sensitivity of the market value of
the bank’s net worth (Assets, loans, or securities) to changes in interest rates
Status of some Risk Indicators
Risk Areas Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022

Capital to Risk Weighted Asset Ratio (CRAR) 14.02% 13.40% 12.52% 13.45% 12.44%
Liquidity Coverage Ratio (LCR) 148.83% 131.89% 164.95% 132.83% 144.47%
Net Stable Funding Ratio (NSFR) 113.80% 107.54% 101.13% 101.59% 102.89%
Non-Performing Loan (NPL) Ratio 2.94% 3.20% 2.93% 4.56% 4.69%
D-Gap of Asset and Liabilities 0.08 0.33 0.97 0.92 0.80
Advance Deposit Ratio (ADR) 85.91% 82.54% 78.66% 84.17% 84.49%
Large Loan Concentration 45.68% 45.92% 44.25% 36.92% 18.72%
Top 20 borrower Concentration 26.88% 24.36% 21.62% 19.45% 16.26%
Top-10 deposit suppliers to total deposit (%) 16.34% 12.30% 11.67% 11.65% 10.64%
High cost deposit to total deposit (%) 71.04% 64.78% 60.01% 50.20% 49.52%
Operating expenses to operating income (%) 47.19% 48.44% 56.71% 49.98% 53.77%
The Market Risk, liquidity and Asset Liability Management
related ratios and indicators are monitored by Treasury on a CRAR% -BENCHMARK
periodic basis and managed daily by them. RMD of the bank daily
monitors various liquidity indicators including CRR balance, SLR
29.00
balance, Cash on hand, branch wise cash and deposit position.

18.93
WB limit and utilization etc. and submits a summary report on

ERMC on monthly basis for discussion and possible escalation
14.02
13.58
13.45
13.40
13.50
to BRMC. The Bank was able to maintain all the liquidity ratios
12.87
12.44
under Core risk guidelines and Basel accords at the required

12.50
level during 2022.
2014 2015 2016 2017 2018 2019 2020 2021 2022
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169
RMD monitors the Capital adequacy ratios through ICAAP report and stress testing, escalates the findings to Board, Board Risk
Committee and ERMC for the required Management action.
LCR and NSFR
Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) are two important Liquidity measurement standards under Basel
III accord. These are managed by Treasury division. RMD monitors the ratios and submit the position along with necessary observa-
tions in ERMC on regular basis for necessary discussion and possible action.
LCR% -BENCHMARK NSFR% -BENCHMARK
164.95
113.80
148.83
144.47
107.54
102.89
131.89
132.83
101.59
101.13
100.00
100.00
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022
CREDIT CONCENTRATION Top 20 Borrower Concentration (in%)
Top 20 Borrowers Concentration

33.51
This chart depicts NRBC Bank’s last eight (8) year’s fund based
27.82
28.18
exposure to top-20 customers. NRBC Bank always tried to diver- 26.88

sify the credit portfolio and the corresponding result shows a
decreasing trend of top-20 borrowers’ concentration which indi- 24.36
21.62
cates a positive development in managing the concentration risk.
19.45
2015 2016 2017 2018 2019 2020 2021 16.26

2022
Large Loan Concentration

In accordance with Board directives and Bangladesh Bank observations, NRBC Bank Management has continued its effort to dissem-
inate the loan portfolio and reduce the share of large loans in the balance sheet. The bank had primarily focused on SME and Micro
Credit sectors and the share of large loan as shown in the chart.
Large Loan Concentration (in%)
45.92
45.68
43.20
44.25
40.98
39.81
36.92
31.29
18.72
2014 2015 2016 2017 2018 2019 2020 2021 2022
Annual Report 2022

Non-Performing Loan (NPL) Non-Performing Loan (NPL) refers to the untimely or non-repay-
ment of loans by the borrowers. NPL management and bad loan
recovery has always been a fundamental issue in banking sector
NPL RATIO which has the potential to impede the operational activities of
banks. Management of NPL has become more challenging due
to the impact of COVID -19 on the global financial sector and the
changes introduced in the Banking sector compliance landscape
4.69%
4.56%
for the necessary management of combating the economic im-
pact of the pandemic, followed by the economic volatility mainly
rising from external events in 2022.
3.20%
2.94%
2.93%
NRBC Bank Board and Management constantly monitor the clas-
2.46%
sified loans status and is ever engaged in trying to reduce the

volume of NPL to minimal level. The concerted effort of Business
units, Credit Risk Management, Special Asset Management, Se-
nior Management, and Recovery Division to keep the loan portfo-
0.52%
0.27%
0.00%
lio below the Risk appetite level healthy has seen the NPL status
improve since 2019. Due to the impact of the pandemic and sub-
sequent external events, the Bank had seen arise in NPL since
2014 2015 2016 2017 2018 2019 2020 2021 2022 2020 in line with the Banking sector and is taking measure to
reduce this in the coming years.
Material Risks and Mitigation Strategy

NRBC Bank conducts its operations by ensuring compliance with not only the Core Risk Management Guidelines but also the risk
which includes the Pillar-II. These are as follows:
Material Risks Management and Mitigation Strategy

• NRBC Bank’s credit functions are conducted in a compliant manner under a strict judicious and rational
credit policies and principles in conformity with Credit Risk Management guidelines of Bangladesh Bank.
• Determining risk appetite, risk tolerance, risk limit, MAT for different credit risk related areas.
Credit Risk • Conducting stress test in different areas of credit risk.
• Monitoring the asset quality, loans having excess over limit, recovery from rescheduled loan, creation of
forced loan etc.
• Monitor credit concentration from different aspects and ensure compliance in line with risk appetite.
• Ensuring proper management of investment portfolio and treasury related activities.
• Managing interest rate risk, liquidity risk, and foreign exchange risk faced by the bank.
• Conducting Maturity Gap analysis and Duration Gap analysis.
Market Risk • Risk Profiles are analyzed and mitigating strategies/processes are suggested by the Asset Liability
Committee (ALCO).
• Monitoring the NOSTRO accounts reconciliation regularly.
• Holding of equities is monitored regularly so that the investment remains within the limit as set by
Bangladesh Bank.
• Emphasizing on mobilizing low cost fund deposit.
• Maintaining a diversified and balanced loan portfolio to enable adequate liquidity in terms of shareholder’s
Liquidity Risk
funds, debt and capital funds.
• Identifying several liquidity key indicators and monitoring them on a regular basis.
• Bank measures effect of interest rates in two perspectives;
Interest Rate 1. Earnings perspective: Gap analysis is used to measure the impact of interest rate on net interest earnings.
Risk 2. Economic value perspective: Duration gap analysis is used to measure the impact of interest rate on
market value of equity.
• Management through three units of ICCD i.e. monitoring, compliance and Audit & Inspection controls
Operational overall operation of the bank.
Risk • Board audit committee directly oversees the functions of ICCD to prevent operational risk.
• NRBCB constantly seeks to minimize exposure to operational risk, subject to cost benefit trade-offs.
Reputational • Quantify reputational risk by emphasizing on external credit rating.
Risk • Thorough assessment, identification, and monitoring of key risk indicators related to reputational risk.
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171
• As part of ICT risk management bank had introduced “IT Security Policy”;
• Review of system vulnerability and penetration testing results, IT audits to ensure findings are sufficiently
addressed;
• Establish multi-layered boundary defenses to deploy a security wall (fire wall) between the un-trusted
external networks;
• Monitor access to all systems and maintains access control profiles on computer network and systems;
• Track documentation of access authorizations to all resources;
• IT Assets inventory is adequately maintained and reviewed periodically;
• Develop and/or maintain appropriate segregation of duties within and across applications;
ICT Risks • Research and investigate measures that address data security risks and potential losses for reporting
purposes;
• Install, modify, enhance and maintain data system security software;
• All changes are managed as per approved policy and process and also maintains all logs/forms;
• Arrange different programs to enhance the Information/Cyber security awareness programs for
employees and customers;
• Review system logs for the Bank’s infrastructure to identify trends. Investigate abnormalities and
exceptions to the Bank’s Information Security Program;
• Plan for proper disaster management related to ICT services;
• Establish an IT governance framework inside the bank.
• Identifying risks that arise from the composition and dynamics of the balance sheet, specifically in their
impact on liquidity, earnings and adequacy of Capital.
• Identifying risks that arise from the actual management process, specifically with regard to: the roles and
responsibilities of senior management; the timely availability and quality of operational information; and the
Asset Liability ability to interpret information, plan appropriately, and to execute those plans.
Management • Monitored the Regulatory Liquidity Indicators to ensure healthy liquidity position. The ratios are LCR,
Risk NSFR, MCO, MTF, ADR etc.
• Analyzing risks that arise from day-to-day treasury operations, specifically in front-office investment and
trading activities, middle-office monitoring and in back-office settlements and recording
• Conducting Gap analysis and Duration gap analysis to measure the impact of interest rate change on
earnings and market value of equity.
• Provide an independent assessment of the adequacy of the risk management processes and compliance
with risk policies and regulatory guidelines.
• Ensure maintenance of system of internal controls and compliance with laws and regulations, internal
procedures and guidelines.
• Support and maintain the independence of the internal and external audit functions.
The way Bank ensure compliance culture
• There have an elaborate Audit Charter in place to ensure transparency, accountability and authenticity
in the audit process.
Internal • The audit teams can access any information across the bank and entitled to make any query deems fit
Control and during the execution of the auditing.
Compliance
Risk • The Board of Directors regularly monitors the effectiveness of the internal control system of the Bank.
• The Audit committee meets the senior management periodically to discuss the effectiveness of the
internal control system of the bank and ensures that the management has taken appropriate actions as
per the recommendations of the auditors and the Internal Control and Compliance Division (ICCD).
• The significant deficiencies identified by Internal Control team are reported to the Audit Committee of
the Board.
• At the beginning of each year ICCD prepare a plan to conduct audit of branches and various departments.
• Internal audit & inspection team conduct surprise inspection (if deemed).
Annual Report 2022

• Developing policies, procedures, and controls to reduce the risk of money laundering,
• Applying a risk-based approach to detect and prevent money laundering. Understand the level of risk
associated with individual business relationships and transactions.
• Making appropriate risk-based decisions about customers and employees.
To prevent money laundering activities, NRBC Bank took various initiatives but not limited to:
• Every year MD & CEO conveys a special message that clearly sets forth the way forward for the present
year and shares the initiatives taken in the last year pertaining to combating Money Laundering and
Money Terrorist Financing.
Laundering
Risk • Bank has a CAMLCO and a DCAMLCO in place as per instructions of BFIU to manage and monitor AML
activities.
• Bank has nominated Branch Anti Money Laundering Compliance officer (BAMLCO) at every branch to
ensure AML & CFT compliance culture throughout the bank.
• Monitor, review and verify the account transactions regularly and prepare Suspicious Transactions
Reports (STR) and Cash Transactions Report (CTR).
• AML & CFT training is conducted on a regular basis to ensure that all the employees are well aware about
their activities in light with the related policies, guidelines and instructions.
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173
Market Disclosure Pillar-III of BASEL-III
Disclosures on Risk Based Capital (Basel III) For the Year Ended December 31, 2022
1. Introduction
The public disclosure of information specified under BASEL III guidelines is an important component of Basel Committee on Banking
Supervision’s framework of capital measurement and capital adequacy, commonly known as Basel III. Basel III, the latest capital and
liquidity standards for banks as prescribed by the Basel Committee for Banking Supervision (BCBS) was introduced in 2010, as the
previous version of capital standard, the BASEL II guidelines, was not fully up to the mark to provide the needed guidance for required
capital levels to be maintained by financial instauration during a crisis that had occurred globally in 2008. Following the crisis and the
savage impact on the world financial system, BCBS aimed to introduce new guidelines on global capital and liquidity rules to increase
sector resilience.
In this context, Basel III capital and liquidity standards had been formulated to shock resilience capacity of the banks. The goal of this
guideline is mainly two fold, by increasing the quality and quantity base of Banks/Financial Institutions capital, it seeks to minimize the
possible negative impact of a financial and economic crisis on financial instaurations, and by introducing global liquidity standards, it
proposes to ensure the daily operational stability of banks during liquidity crisis for longer periods. To implement the international best
practices and to increase Bangladesh Banking systems capital shock absorbent capacity in line with Global Standards, Bangladesh
Bank (BB) issued The Guidelines on Risk Based capital adequacy (a revised regulatory capital framework for banks in line with Basel
III) in December 2014, and with effect from January 1, 2015, all Banks are required to be fully compliant with BASEl III parameters.
The one of the objectives of this new framework is to establish a more transparent and disciplined financial analysis presentation of
some of the Banks health and risk parameters, so that stakeholders can assess the position of the bank regarding asset, exposure and
capital adequacy and take informed decision regarding it’s resilience in form of capital buffer. In compliance with BRPD circular no. 18
dated December 21, 2014 on ‘Guidelines on Risk Based Capital Adequacy’ following detailed quantitative and qualitative disclosures
are provided covering the bank capital adequacy framework, risk exposure and assessment methodologies, risk management and
mitigation strategies, and other relevant information.
2. Disclosure Policy
These disclosures provide information to market participants for assessing the status of the bank’s exposure to various risks and
provide a consistent and understandable disclosure framework for easy comparison among banks operating in the same market. The
report is prepared once a year and is available in the banks website a(https://www.nrbcommercialbank.com).
3. Components of Disclosure Framework
As defined and by the Risk Based Capital Adequacy guidelines, information on the following ratios and factors are required to be
calculated, assembled and provided:
i) Scope of application
ii) Capital structure
iii) Capital adequacy
iv) Credit risk
v) Equities disclosures for banking book positions
vi) Interest Rate Risk in the Banking Book (IRRBB)
vii) Market risk
viii) Operational risk
ix) Leverage ratio
x) Liquidity ratio
xi) Remuneration.
i) Scope of application
NRB Commercial Bank Ltd. (NRBCB) applies capital adequacy framework for both solo and consolidated basis, so he disclosure
provided in the following sections are given with NRBCB as a single entity (Solo Basis) as well as a consolidated entity (Consolidated
Basis), the scope of which is as under:
‘Solo Basis ’ refers only to the affairs of the Bank, which includes the affairs the Off-shore Banking
Unit and Islamic Banking as an integral part of its operations.
‘Consolidated Basis’ refers to the combined affairs of NRB Commercial bank and its two subsidiary companies as listed below:
1. NRBC Bank Securities Ltd. (NRBCSL): This is a majority owned subsidiary company which was incorporated as a Public Limited
Company on 20 September 2015.The company is engaged in buying, selling and settling of securities on behalf of investors and
its own portfolio. Registered office iis located at 114 Motijheel Commercial, Dhaka -1000.
2. NRBC Bank Asset Management Ltd. (NRBCAML): This subsidiary company was incorporated in Bangladesh on December 7,
2021 and is 99.9% owned by NRB Commercial bank and has its registered office at 114 Motijheel Commercial, Dhaka -1000.
Major activities of the company is asset management through investing in mutual funds for retail and institutional clients and
portfolio management services for institutional clients.
Annual Report 2022

ii) Capital structure
Qualitative disclosure
Bangladesh Bank’s guidelines centered on the “Basel III Accord”, comprising a series of banking regulations set by the Basel Committee
on Banking Supervision (BCBS) of the Bank for International Settlement (BIS) in December 2010 (revised in June 2011) is the basis for
calculating capital adequacy for Banks operating in Bangladesh. Under the Basel III framework, banks are required to compute Capital
to Risk Weighted Asset Ratio (CRAR) in three tiers:
•• Common Equity Tier I (CET-I) capital ratio
•• Total capital ratio (including Tier II capital)
The composition of a bank’s regulatory capital is different from a bank’s accounting capital. The terms and conditions of the main
features of capital instruments, especially, eligibility for inclusion in Common Equity Tier-1 (CET1), Additional Tier-1 and Tier-2 have
been prepared based on the ‘Guidelines on Risk Based Capital Adequacy’ and other instruction given by Bangladesh Bank.
Tier-1 capital of NRBC Bank consists of Common Equity Tier-1 capital only. Tier-1 capital is also known as going concern capital as it
allows a bank to continue its ongoing activities. Common Equity Tier 1 (CET1) capital of NRBCB consists of paid up Capital, Statutory
reserve, General reserve, Retained earnings and Minority interest in subsidiaries after netting regulatory adjustments applicable on
CET1 as mentioned in RBCA guideline.
Quantitative disclosure (BDT CRORE)
Particulars Solo Consolidated
Common Equity Tier-1 :
Paid up Capital 792.97 792.97
Statutory Reserve 306.50 308.50
Retained Earning 189.74 221.24
Minority interest in Subsidiaries 0.00 0.00
Regulatory Adjustments :
Deferred Tax Assets (DTA) 89.85 89.85
Total Common Equity Tier-1 1,199.35 1,232.85
Additional Tier-1 :
Total Tier-1 Capital 1,199.35 1,232.85
Tier-2 Capital :
General Provisions 174.44 174.44
Subordinated Debt 550.00 550.00
Regulatory Adjustments :
Total Tier-2 Capital 722.78 724.44
Total Regulatory Capital 1,922.13 1,957.29
Tier-2 capital is also known as Gone-Concern Capital, is the Capital which absorb losses only in a situation of liquidation of the bank.
Tier-2 capital of NRBC Bank comprised of General Provisions and Subordinated Debt. NRB Commercial Bank had issued Tier II 300
crore subordinated bond on November 23, 2021, which was fully subscribed by December 26, 2021, and Tier II 500 crore subordinated
debt on December 26, 2022, of which 250 crores were subscribed by 2022 year end.
COMPOSITION OF REGULATORY CAPITAL (SOLO) COMPOSITION OF REGULATORY CAPITAL (CONSOLIDATED)
Subordinated Subordinated
debt 26.15% debt 25.74%
Paid Up Capital Paid Up Capital
37.70 % 37.11 %
General Provisions General Provisions

8.29% 8.16%
Regulatory Regulatory
Adjustment 4.27% Adjustment 4.20%
Retained Minority interest
Statutory Reserve Retained Statutory Reserve
Earning 9.02% in Subsidiaries 0.00%
14.57% Earning 10.35% 14.44%
iii) Capital adequacy

Qualitative disclosure
NRBC Bank focuses on strengthening the risk management and control environment over increasing capital annually, as part of this
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175
may arise from any inefficient risk management, control and compliance processes and procedures, which, if applied properly, may
reduce the need for additional equity by yielding better risk indicators and lower capital requirement. The Bank effectively manages
its capital to meet the regulatory requirement for capital arising from its annual business growth and the required risk profile needed
to generate the growth.
The Bank follows following approaches for calculating Risk Weighted Asset (RWA) as per Basel-III guidelines stated in BRPD Circular
No.18 dated December 21, 2014 of Bangladesh Bank:
 Standardized approach for Credit risk
 Standardized approach for Market risk
 Basic indicator approach for Operational risk
Quantitative disclosure (BDT CRORE)
Particulars Solo Consolidate
Capital Requirement for Credit Risk 1,374.31 1,377.79
Capital Requirement for Market Risk 58.95 63.64
Capital Requirement for Operational Risk 111.67 111.67
Total Capital Requirement 1,544.93 1,553.10
Total Eligible Capital 1,922.13 1,957.29
Capital to Risk Weighted Asset Ratio (CRAR)(%) 12.44 12.60
Common Equity Tier-1 Capital Ratio (%) 7.76 7.94
Total Tier-1 Capital ratio (%) 7.76 7.94
Total Tier-2 Capital ratio (%) 4.68 4.66
Capital Conservation Buffer (2.5% of RWA) 1.76% 1.94%
Available Capital for Pillar II requirement 377.20 404.19
CAPITAL TO RISK WEIGHTED ASSET RATIO (CRAR) SOLO
DISTRIBUTION OF RISK WEIGHTED ASSETS (SOLO)
12.44%
Operational Risk
Market Risk 7.23%
3.82%
7.76%
4.68%
1.76%
Credit Risk
88.96%
Tier-1 Ratio CCB Tier-2 Ratio CRAR
Banks’ Capital Position

In line with the business growth and the subsequent risk profile of the bank, the bank management effectively manages its capital to
ensure full compliance with all the regulatory requirements. Some of the regulatory requirements regarding Capital management are
given:
9 Currently the Bangladesh Bank prescribed Minimum Capital Adequacy Ratio (MCR) is 10%, whereas as on December 2022 the
CRAR of the bank was 12.44%.
9 During the same period Minimum Capital Requirement (MCR) of the bank was BDT 1,544.93 crore (solo basis) and eligible
capital was BDT 1,922.13 crore; i.e. the bank held BDT 377.20 crore surplus capital.
Reduction of Capital Requirement through increasing the number of Rated Clients:
As per Basel-III norms capital adequacy i.e. maintaining buffer capital is compulsory for banks to absorb any possible financial loss
arising from the financial activities and unexpected market conditions. Under the Standardized Approach of the RBCA guidelines of
Basel-III, counterparties credit rating is determined on the basis of risk profile assessed by the External Credit Assessment Institutions
(ECAIs) duly recognized by Bangladesh Bank to derive risk-weights of exposures under the portfolio of claims.
According to the guideline, the rated exposures of a bank will reduce the Risk Weights and the regulatory capital requirement as well
as create the room to expand the business of the bank. This will also enable the bank to assess the creditworthiness of the borrowers
as well, to an acceptable level.
Annual Report 2022

The Board of Directors & the Senior Management had endorsed the decisions taken in the BRMC, ERMC and SRP Committee on
achieving the highest possible rated exposure in 2022 as this would lower our risk profile as well as reduce the capital requirement of
the bank. Accordingly, the Risk Management Division (RMD), Credit Risk Management Division(CRMD), Special Asset Management
Division(SAMD) and Credit Administration Department (CAD) along with the DMD & CRO and the branch managers made an all-out
effort to increase the number of rated corporate borrowers and SME borrowers throughout 2022.
The respective divisions and branches constantly took initiatives under guidance of the Senior Management; which were then
disclosed and discussed in a series of meetings, correspondence, and awareness programs with the allied concerns i.e. branches of
the bank & ECAIs. As a result of strong persuasion & motivation, the number of rated clients increased in the year 2022 from 2021.
iv) Credit risk
Credit risk refers to the risk of loss arising when a borrower, counterparty or issuer does not meet its financial obligations to the
organization. This is the risk of financial loss resulting from failure by a client or counterparty to meet its contractual obligations to the
Bank as well as Financial Institutions. Bank is exposed to credit risk from its dealing with or lending to corporate, individuals, and other
banks or financial institutions. The main objective of credit risk management is to minimize the negative impact through adopting
proper mitigates and also limiting credit risk exposures within acceptable limit.
The Board approve the credit policy in accordance with relevant Bangladesh Bank guidelines to ensure best in practice in credit risk
management and maintain quality of assets. Proper delegation of authority ensures effective check and balance in credit operation at
every stage i.e. screening, assessing risk, identification, management and mitigation of credit risk as well as monitoring, supervision
and recovery of loans with provision for early warning system. The Credit Risk Management Department approves extensions of credit,
evaluates the credit worthiness of the Bank’s counterparties and borrowers on a regular basis and helps ensure that credit exposure
is actively monitored and managed. Credit risk management has been independent of origination of business functions to establish
better control and to reduce conflicts of interest. Statuses of loans are regularly reported to the Board through Risk Management
Paper. The Board of Directors (BoD) sets credit policies and delegates authority to the management for setting procedures, which
together has structured the credit risk management framework in the bank. The Credit Policy Manual contains the core principles for
identifying, measuring, approving, and managing credit risk in the bank and is designed to meet the organizational requirements that
exist today as well as to provide flexibility for future. These policies represent the minimum standards for credit extension by the Bank,
and are not a substitute of experience and good judgment.
The Capital requirement for credit risk is based on the risk assessment made by External Credit Assessment Institutions (ECAIs)
recognized by Bangladesh Bank for capital adequacy purposes. The Bank assigned risk weights to all their on-balance sheet and off-
balance sheet exposures. Risk weights are based on external credit rating which mapped with the Bangladesh Bank rating grade or a
fixed weight that is specified by Bangladesh Bank.
Credit Risk Management Processes in NRBC Bank encompasses with the following steps:
Credit Risk Identification
9 A thorough credit risk assessment is done before extending loan. The Credit Risk assessment includes borrower risk analysis,
industry risk analysis, historical financial analysis, projected financial performance, the conduct of the account, and security
of proposed loan.
9 Critical analysis and review of delinquent accounts to identify weakness in credit.
9 Credit risk for the counterparty arises from an aggregation of the following: Financial Risk, Business/Industry Risk, Security
Risk, Management Risk.
Credit Risk Assessment and Measurement
9 Use of credit risk rating system to grade the quality of borrowers. Collection the Credit Information Bureau (CIB) report of the
potential borrower from the Central Bank.
9 Stress Testing of loan portfolios under various scenarios. Ensuring Credit Rating of the Customer from External Credit Rating
Agencies.
Credit Risk Control
9 Credit Policy which is the set of formal instructions, typically documented and approved by internal governing bodies, that
define in sufficient operational detail an organization’s perception and attitude towards the range or credit risks it faces and
desires to manage.
9 Requirements relating to what are to be documented and recorded as part of the credit-granting process, including for sam-
pling and audit purposes this should include, at a minimum, the requirements for the completion of credit applications, the
qualitative and quantitative rationale/analysis, and all supportive documentation that served as a basis for approving or de-
clining the credit facility.
9 The Credit Policy also contains the general principles to govern the implementation of detailed lending procedures and risk
grading systems of borrowers.
9 Requirements for monitoring credit-granting activities, the internal control framework ensure that it covers all phases after the
granting of credit.
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177
9 Credit Policy which documents the credit risk rating, collateral policy and policies on rehabilitation and restructuring of
problematic and delinquent loans.
9 Efficient credit personnel to deal with the credit approval, processing and review.
Credit Risk Monitoring
9 The core function of a Credit Risk Management (CRM) team is to optimize the risk-adjusted return from bank loans and ad-
vances by maintaining an appropriate standard in the underwriting process.
9 At NRBC Bank, a distributed collection model consistently follows-up with borrowers for timely repayments. A division named
‘Special Asset Management (SAM)’ deals with non-performing assets through harmonious settlement, execution of decrees
and arrangements of auctions to sell the mortgaged properties. SAM Division is also engaged in monitoring early alert ac-
counts.
9 CRMD and SAMD monitor the Credit Risk, and advise the top management and implement their directives.
9 Past due principal or interest payment, past due trade bills, account excesses and breach of loan covenants.
9 All loan facilities are approved through the submission of a Credit Application and performance are reviewed periodically.
Policies and processes for collateral Valuation and Management
The NRBC Bank has set a policy on Collateral Valuation and Management. The bank appoints approved surveyors for valuation
of collateral/securities objectively. The valuation methodology that Bank usually applies are forced sale/fire sale value, fair/market
value etc. The Bank creates Legal claims on collateral/securities through mortgage, lien, Assignments, hypothecation and other legal
documentation etc.
Eligible Collateral:
As per Bangladesh bank guidelines following items will be included as eligible collateral in determining base for provision:
9 100% of deposit under lien against the loan
9 100% of the value of government bond/savings certificate under lien
9 100% of the value of guarantee given by Government or Bangladesh Bank
9 100% of the market value of gold or gold ornaments pledged with the bank.
9 50% of the market value of easily marketable commodities kept under control of the bank
9 Maximum 50% of the market value of land and building mortgaged with the bank
9 50% of the average market value for last 06 months or 50% of the face value, whichever is less, of the shares traded in stock
exchange.
Impaired Credit:
To define past due and impairment for classification and provisioning, the bank follows Bangladesh Bank Circulars and Guidelines.
The summary of some objective criteria for loan classification and provisioning requirement as stipulated by the central bank, BRPD
circular no. 14 dated 23 September 2012, BRPD circular no 8 dated 2 August 2015, BRPD circular no 12 dated 20 August 2017, BRPD
circular no 15 dated 27 September 2017, BRPD circular letter no 1 dated 03 January 2018 and BRPD circular no 01 dated 20 February
2018, BRPD circular no 07 dated 21 June 2018, BRPD circular no 13 dated 18 October 2018 and BRPD Circular no. 03 dated 21 April 2019,
BRPD Circular no. 04 dated 19 March 2020, BRPD Circular no. 07 dated 19 March 2020, BRPD Circular no. 16 dated 21 July 2020, BRPD
Circular no. 17 dated 28 September 2020, BRPD Circular no. 52 dated 20 October 2020, BRPD Circular no. 56 dated 10 December 2020,
BRPD Circular no. 59 dated 30 December 2020, BRPD Circular no. 63 dated 31 December 2020, BRPD Circular no. 03 dated 31 January
2021, BRPD Circular no. 05 dated 24 March 2021, BRPD Circular no. 13 dated 27 June 2021, BRPD Circular no. 19 dated 26 August 2021,
BRPD Circular no. 50 dated 14 December 2021, BRPD Circular no. 51 dated 29 December 2021, BRPD Circular no. 52 dated 29 December
2021, BRPD Circular no. 53 dated 30 December 2021, BRPD Circular no. 14 dated 22 June 2022, BRPD Circular no. 51 dated 18 December
2022, BRPD Circular no. 53 dated 22 December 2022,. The summary of some objective criteria for loan classification and provisioning
requirement is as below
Loans Classification
Substandard Doubtful Bad & Loss
Type of Facility
Overdue Period Overdue Period Overdue Period
Continuous Loan and 3 months or more but less than 9 9 months or more but less
12 months or more
Demand Loan months than 12 months
3 or more but less than 9 equal 9 or more but less than 12 12 or more equal monthly
Fixed Term Loan (*)
monthly installment equal monthly installment installment
Annual Report 2022

Short Term Agricultural & 12 months or more but less than 36 months or more but less
60 months or more
Micro Credit 36 months than 60 months
Cottage, Micro and Small Credit
Continuous Loan and 6 months or more but less than 18 18 months or more but less
30 months or more
Demand Loan months than 30 months
6 or more but less than 18 equal 18 or more but less than 30 30 or more equal monthly
Fixed Term Loan (*)
monthly installment equal monthly installment installment
*In case of any installment(s) or part of installment(s) of a Fixed Term Loan is not repaid within the fixed expiry date, the amount of
unpaid installment(s) is treated as past due/overdue after six months of the expiry date.
Specific Provision for classified loans and general provisions for unclassified loans and advances and contingent assets are measured
following BB prescribed provision rates
General provision on:
Unclassified small and medium enterprise 0.25%

Unclassified loans for housing finance and unclassified short term agri. credit and micro credit 1%
Loans to BHs/MBs/SDs against shares etc. 2%
Unclassified consumer financing other than housing finance AND Unclassified credit card 2%
Off balance sheet exposures 1%
Specific provision on:
Substandard Small Cottage and Micro Credit 5%
Substandard & Doubtful short term agri. credit and micro credit 5%
Substandard loans and advances other than short term agri. credit and micro credit 20%
Doubtful Small Cottage and Micro Credit 20%
Doubtful loans and advances other than short term agri. credit and micro credit 50%
Bad/loss loans and advances 100%
Geographical Concentration
Quantitative Disclosures of NRBC Bank’s Credit Risk:
Geographical distribution of exposures, broken down in
Geographical Concentration
significant areas by major types of credit exposure:
Urban BDT Crore
Dhaka 8044.70
Chattogram 989.69
Rajshahi 517.07
Sylhet 349.60
Barishal 168.52
Rangpur 101.80
Khulna 198.76
Mymensingh 25.76
Rural
Dhaka 1233.16
Chattogram 479.85
Rajshahi 391.21
Dhaka Chattogram Rajshahi Sylhet Barishal Rangpur Khulna Mymensingh
Sylhet 34.51
Urban Rural
Barishal 142.14
Rangpur 766.94 Total gross credit risk exposures broken down by major
types of credit exposure:
Khulna 135.74
Mymensingh 37.96 Particulars BDT Crore
Total 13617.41 Overdraft 2,486.24
Cash Credit 716.47
Time loan 896.72
Term loan 3,592.59
Payment Against Document 5.96
Post Import Finance 319.19
Packing Credit 23.88
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179
EDF Loan 4.75 Doubtful 85.74
SME Credit 1,179.93 Bad/loss 426.94
Lease Finance 56.27 Sub-Total (b) 638.12
Hire Purchase (Conventional & Islamic) 340.97 Total (a+b) 13617.41
Retails Credit 1,432.49 DISTRIBUTION OF LOAN PORTFOLIO BASED ON CLASSIFICATION (FIG IN BDT CRORE)
Staff Loan 112.87
Credit card 80.21
SS 125.44
Other Loans and Advances 2,368.86
Total 13617.41 DF 85.74
Industry or counterparty type distribution of exposures, UC 95.27%
broken down by major types of credit exposures:
Industries BDT Crore
Agricultural Industry 234.75 BL 426.94
Textile 282.33
RMG 1265.85
NBFI 91.78
Movement of Nonperforming Asset (NPAs) and specific
Food 3.11
provisions of NRBC Bank:
Beverage 97.02
Pharmaceutical 36.52 Movement of Nonperforming Asset BDT Crore
Electrical 169.66 (NPAs)
Construction 904.15 Gross Non-Performing Assets(NPAs) 638.12
House Building Residential 817.75 Movement of NPAs
Leather 62.87 Opening balance 476.73
Service Industry 844.52 Addition 161.39
Transport 32.56 Reduction 0.00
Capital Market 133.85 Closing balance 638.12
Furniture 100.37 Movement of specific provisions for NPAs
Insurance 15.94 Opening balance 180.39
Consumer Finance 1348.26 Provisions made during the period 107.96
Printing 113.68 Write-off 36.13
Ship Breaking 162.04 Write-back of excess provisions 0.00
SME 4243.33 Closing balance 252.22
Staff Loan 90.47 v. Equities: Disclosures for banking book positions:
Steel 282.42
Trade Industry 1156.32 Investment in equity securities by NRBC Bank is broadly
categorized into two parts: Quoted securities (Ordinary shares,
Card 80.21
Mutual Fund) and Un-quoted securities (including preference
Other Manufacturing Industry 989.98 share and subscription for private placement). Unquoted
Others 63.12 securities are categorized as banking book exposures which are
Total 13617.41 further subdivided into two groups: unquoted securities which
Residual contractual maturity breakdown of the whole are invested without any expectation that these will be quoted in
portfolio, broken down by major types of credit exposure: near future (i.e. held to maturity) and securities that are acquired
under private placement or IPO and are going to be traded in the
Maturity BDT Crore secondary market after completing required formalities. Usually
Payable on demand 1,217.15 these securities are held for trading or investment for making
Not more than 3 months 2,404.84 capital gains.
More than 3 months but not more than Particulars (Solo Unrealized
3,222.91 Cost Price Market Price
1 year basis) Gain/Loss
More than 1 year but not more than 5 Quoted share 276.12 219.97 (56.16)
4,245.27
years Un-Quoted
More than 5 years 2,527.23 0.28
Share
Total 13,617.41
All investment securities are initially recognized at cost.
Gross Non-Performing Asset: Premiums are amortized and discount accredited, using the
effective yield method and are taken to discount income. The
Unclassified BDT Crore valuation methods of Marking to Market for investment used are
Standard Including Staff Loan 12,864.84
Special Mention Account 114.45 a) Held to Maturity (HTM) and by definition the investments
Sub-Total (a) 12,979.28 which have “Fixed or determinable” payments and fixed
Classified maturity that the group has the positive intent and ability
Substandard Loan 125.44 to hold to maturity other than those that meet the defi-
nition of ‘Held at amortized cost others’ are classified as
Annual Report 2022

held to maturity. These investments are subsequently measured at amortized cost, less any provision for impairment in value.
Amortized cost is calculated by taking into account any discount or premium in acquisition. Any gain or loss on such invest-
ments is recognized in the statement of income when the investment is derecognized or impaired as per IAS-39 “Financial
Instruments: Recognition and Measurement”
b) Held for Trading (HFT) is a method where investments are acquired principally for the purpose of selling or repurchasing or in
short trading or if designated as such by the management. After initial recognition, investments are measured at present value
and any change in the fair value is recognized in the statement of income for the period in which it arises. Transaction costs, if
any, are not added to the value of investments at initial recognition.
c) Revaluation: According to DOS Circular no.-05, dated 26th May 2008, the HFT securities are revalued once each week using
Marking to Market concept and the HTM securities are amortized once a year according to Bangladesh Bank guidelines. The
HTM securities are also revaluated if they are reclassified to HFT category with the Board’s approval.
Capital Charge on Equities:
Particulars Amount Capital Charge
Specific Risk 251.37 25.14
General Market Risk 251.37 25.14
Total 502.74 50.28
vi. Interest Rate Risk in the Banking Book (IRRBB):
Interest rate risk in the banking book (IRRBB) is the current or potential risk to the interest rate sensitive assets and liabilities of a
bank’s balance sheet as well as the off-balance sheet (OBS) items arising out of adverse or volatile movements in market interest rate.
Volatile movements of market interest rate adversely affect the value of interest rate sensitive assets and liabilities that consequentially
results in the loss of equity value.
IRRBB arises from differences between the timing of rate changes and the timing of cash flows (re-pricing risk); from changing
rate relationships among yield curves that affect bank activities (basis risk); from changing rate relationships across the range of
maturities (yield curve risk); and from interest rate related options embedded in bank products (option risk).
Organizational Structure: The Asset Liability Management Committee of the Bank monitors and manages the IRRBB. The ALCO is
responsible for management of the balance sheet of the Bank with a view to manage the market risk exposure by the Bank within the
risk parameters laid down by the Board of Directors/Risk Committee.
IRRBB Management procedure:
IRRBB architecture is the framework to measure, monitor and control the adverse impact of interest rates on the Bank’s financial
condition within tolerable limits. This impact is calculated from following perspectives:
i) Earning perspective: Indicates the impact on Bank’s net interest income (NII) in the short term.
ii) Economic perspective: Indicates the impact on the net-worth of bank due to re-pricing of assets, liabilities and off-balance
sheet items.
The ALM& Market Risk Policies define the framework for managing IRRBB through measures such as:
• Interest Rate Sensitivity Report: Measures mismatches between rate sensitive liabilities and rate sensitive assets in various
tenor buckets based on re-pricing or maturity, as applicable.
• Duration Gap Analysis: Measures the mismatch in duration of assets & liabilities and the resultant impact on market value of
equity.
• Stress Testing: It is conducted on quarterly basis as per the directives of Bangladesh Bank to gain better insight into the vul-
nerable issue of IRRBB. Evaluates the impact on duration of capital of banking book under various stress scenarios.
Quantitative Disclosure: sensitive assets than interest rate sensitive liabilities and
increase in interest rate may cause an increase in the economic
Particulars In Years value of bank’s capital.
Duration in Asset 2.01
Duration in Liabilities 1.23 Sensitivity Analysis:
Duration Gap (in Years) 0.80 BDT Crore
Interest rate risk in banking book as of Dec 31st, 2022 is calculated Total Risk Sensitive 8141.52
as change in Market Value (MV) of equity as below: Asset
Total Risk Sensitive 11560.30
Liabilities
Interest rate change 1% 2% 3% Cumulative Gap
Change in market value of (142.62) (285.25) (427.87)
equity < 3 months (1631.58)
< 6 months (644.89)
The below result implies that bank has more interest rate
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181
< 12 months (1142.32) vii. Market Risk:
CRAR before shock 12.44% Market risk is the risk of potential losses in the on-balance
(Solo) sheet and off-balance sheet positions of a bank stem from
Assumed Change in 1% 2% 3% adverse movements in market rates or prices such as interest
Interest Rate rates, foreign exchange rates, equity prices, credit spreads or
Capital after shock 1739.51 1556.89 1374.27 commodity prices. Market risk exists in all trading, banking and
investment portfolios. But for the purpose of this report, it is
CRAR after shock 11.26% 10.08% 8.90% considered as a risk specific to trading book of the Bank. The
major types of market risk as specified in the Risk Based Capital Adequacy (RBCA) are as follows:
9 Interest Rate Risk arises due to changes in yield curves, credit spreads and implied volatilities on interest rate options.
9 Equity Position Risk arises due to changes in equity price, indices, baskets & implied volatilities on related options.
9 Foreign Exchange Risk arises due to changes in exchange rates & implied volatilities on foreign exchange options.
9 Commodity Risk arises due to changes in exchange rates & implied volatilities on foreign exchange options.
Among the above list the main type of market risk faced by the Bank are interest rate risk, Equity price risk and foreign exchange
risk. The management of Bank has given significant attention to market risk in trading book, to assess the potential impact on the
Bank’s business due to the unprecedented volatility in financial markets. NRBC Bank is exposed to market risk mostly stemming from
Government Treasury Bills and Bonds, Quoted Equity investment and foreign currency etc.
Views of Board of Directors (BoD) on trading/investment activities:
The Board approves all policies related to market risk, sets limits and reviews compliance on a regular basis. The objective is to obtain
maximum returns without taking undue risks.
Methods used to measure Market Risk:
Bank applies maturity method in measuring interest rate risk in respect of securities in trading book. The capital charge for entire
market risk exposure is computed under the standardized approach using the maturity method and in accordance with the guideline
issued by Bangladesh Bank.
Market Risk Management System:
NRBC Bank sets limit for various market risks related indicators while preparing business strategies, also NRBC Bank has a board
approved Management Action Trigger (MAT) to effectively address the market risk exposures. The limits and Triggers are monitored
regularly and as deemed revised based on the market dynamism and macroeconomic outlook. The Treasury Division manage market
risk covering liquidity, interest rate and foreign exchange risks with oversight from Asset-Liability Management Committee (ALCO)
comprising senior executives of the Bank. To manage foreign exchange risk of the bank, the Bank has adopted the limit by central
bank to monitor foreign exchange open positions. Foreign Exchange Risk is computed on the sum of net short positions or net long
positions, whichever is higher of the foreign currency positions held by the Bank.
The Bank has the following Board approved policies to manage and mitigate market risk:
• Interest Rate Risk Management: ALMD reviews the risks of changes in income of the Bank as a result of movements in market
interest rates. In the usual course of business, the Bank tries to minimize the mismatch between the duration of interest
sensitive assets and liabilities. Effective interest rate management is done through Market Analysis and Gap analysis.
i. Market Analysis: Market analysis over interest rate movements are reviewed by the Treasury Division of the Bank. The type
and level of mismatch interest rate risk of the Bank are managed and monitored from two perspectives, being an economic
value perspective and an earnings perspective.
ii. Gap Analysis: ALCO has established guidelines in line with the central Bank’s policy for the management of assets and liabilities,
monitoring and minimizing interest rate risks at an acceptable level.
• Foreign Exchange Risk Management: It is the risk that arises from potential fluctuations in the exchange rate, adverse exchange
positioning or change in the market. ALMD mitigates this risk by supervising day to day trading activities and by setting limits.
• Continuous Supervision: The Bank’s Treasury Division manages and controls day-to-day trading activities under the supervision
of ALCO that ensures continuous monitoring of the level of assumed risks.
• Equity Risk Management: Equity risk is defined as losses due to changes in market price of the equity held. To measure and
identify the risk, market valuation of the share portfolio is done.
iii. Investment Portfolio Valuation: Mark-to-Market valuations of the share investment portfolio are followed in measuring and
identifying risk.
iv. Diversified Investment to minimize Equity Risk: NRBC Bank minimizes the Equity Risks by Portfolio diversification as per
investment policy of the Bank.
Annual Report 2022

Qualitative Disclosure viii. Operational Risk:
BDT Crore Operational risk is defined as the risk of loss resulting from
The capital requirements for Solo Consolidated inadequate or failed internal processes, people and systems
Interest Rate Risk 8.09 8.85 or from external events. It is the risk of loss arising from fraud,
Equity Position Risk 50.27 54.20 unauthorized activities, error, omission, inefficiency, systems
Foreign Exchange Risk 0.59 0.59 failure or external events. It is inherent in every business
Commodity Risk 0.00 0.00 organization and covers a wide spectrum of issues. The bank
captures some pre-identified risk events associated with all functional departments of the bank through standard reporting format.
Audit Committee of the Board directly oversees the activities of internal control and compliances aiming to check all types of lapses
and irregularities inherent with operational activities of the Bank and thereby may create a notable downfall risk for the Bank. The
Bank seek to minimize exposure to operational risk, subject to cost benefit trade-offs.
Views of BoD on system to reduce operational risk:
The BOD has modified its operational risk management process by issuing high level standards, supplemented by more detailed
formal guidance. This explains how the bank manages operational risk by identifying, assessing, monitoring, controlling and mitigating
the risk, rectifying operational risk events, and implementing any additional procedures required for compliance with local regulatory
requirements. Banks Internal Control & Compliance (ICCD) is the main tool in managing operational risk. Management through three
units of ICCD i.e. monitoring, compliance and Audit & Inspection controls overall operation of the bank. Board audit committee directly
oversees the functions of ICCD to prevent operational risk.
Performance gap of executives and staffs:
NRBC bank believes that training and knowledge sharing is the best way to reduce knowledge gap. Therefore, it arranges trainings
on a regular basis for its employees to develop their expertise. The bank offers competitive pay package to its employees based on
performance and merit. It always tries to develop a culture where all employees can apply his/her talent and knowledge to work for the
organization with high ethical standards in order to add more value to the company and for the economy.
Potential external Event:
No potential external event is expected to expose the Bank to significant operational risk.
Policies and processes for mitigating operational risk:
NRBC Bank has a Risk Management Division for managing and mitigating operational risk in conjunction with other business lines
and support functions. The Risk Management Division under ‘Chief Risk Officer’ of the bank review and update operational risks along
with all other core risks on systematic basis as essential ensuring that adequate controls exist and that the related returns reflect
these risks and the capital allocated to support them. The bank has a strong information systems/MIS inflow and data management
capabilities to support the risk management functions of the bank.
Moreover, the Internal Control & Compliance Department (ICCD) conducts risk-based internal audits on the branches periodically.
NRBC Bank’s risk governance structure, which includes the risk management committee at the board level; executive risk management
committee at the senior management level, ensures inclusive risk management culture. Bank strongly follows KYC norms for its
customer dealings and other banking operations. The Bank has board-approved risk management and internal control & compliance
policies to ensure effective processes and adequate systems are in place for operational risk management. The Internal Control and
Compliance Division of the Bank, the inspection teams of Bangladesh Bank and External Auditors conduct inspection of different
branches and divisions at Head Office of the Bank and submit reports presenting the findings of the inspections. Necessary control
measures and corrective actions have been taken on the suggestions or observations made in these reports.
Approach for calculating capital charge for operational risk:
The Bank applies ‘Basic Indicator Approach (BIA)’ as prescribed by Bangladesh Bank in revised RBCA (Risk Based Capital Adequacy)
guidelines. Under this approach, banks have to calculate average annual gross income (GI) of last three years and multiply the result
by 15% to determine required capital charge. The BIA stipulates the capital charge for operational risk is a fixed percentage, denoted
by (alpha) of average positive annual gross income of the Bank over the past three years. It also states that if the annual gross income
for any year is negative or zero, that should be excluded from both the numerator and denominator when calculating the average gross
income. The capital charge for operational risk is enumerated by applying the following formula:
K = [(GI1+ GI2+ GI3) × ] / n
Where: K = the capital charge under the Basic Indicator Approach, GI = only positive annual gross income over the previous three
years (i.e., negative or zero gross income if any shall be excluded), = 15 percent, n = number of the previous three years for which gross
income is positive.
Besides, Gross Income (GI) is calculated as “Net Interest Income” plus “Net non-Interest Income”. The GI is also the net result of:
i. Gross of any provisions;
ii. Gross of operating expenses, including fees paid to outsourcing service providers;
iii. Excluding realized profits/losses from the sale of securities held to maturity in the banking book;
iv. Excluding extraordinary or irregular items;
v. Excluding the income derived from insurance.
Annual Report 2022

183
The capital requirement for operational risk is as follows: liquidity management and formalizes the objectives of liquidity
management by ensuring:
Quantitative Disclosure:
BDT Crore a) Maintenance of reasonable amount of liquid assets.
Particulars Solo Consolidated b) Measurement and projection of funding requirements and
The capital requirement for 111.67 111.67 c) Management of access to funding sources.
operational risk
Quantitative Disclosure:
ix. Liquidity Ratio and Risk:
Liquidity ratios are a class of financial metrics used to determine Particulars BDT Crore
a bank’s ability to pay off its short-terms debts obligations. Liquidity Coverage Ratio (LCR) 144.47%
Liquidity risk is the risk that a bank may be unable to meet short Net Stable Funding Raito (NSFR) 102.89%
term financial demands. This usually occurs due to the inability to Stock of High quality liquid assets 3311.53
convert a security or hard asset to cash without a loss of capital Total net cash outflow over the 2292.19
and/or income in the process. This is managed by Treasury under next 30 days calendar
the guidance of ALCO. Available amount of stable funding 14832.96
Views of BOD on system to reduce Liquidity risk: Required amount of stable funding 14416.59
The Board Risk Management Committee regularly observe the 10. Leverage Ratio:
key liquidity risk indicator i.e. Volatile liability dependency ratio, As an additional safeguard against model risk, and measurement
Liquidity Coverage Ratio (LCR), medium term funding ratio, error by supplementing the risk based measure, a non-risk based
and Net stable funding ratio and provide their valuable opinion. regulatory leverage ratio has been introduced with a simple,
BRMC can communicate observations to ALCO through the CRO transparent and independent measurement of risk.
if and when needed.
Views of BOD on system to reduce excessive leverage:
Methods used to measure Liquidity risk:
The stress test for liquidity risk evaluates the resilience of the Excessive leverage by banks is widely believed to have contributed
banks towards the fall in liquid liabilities. The ratio “liquid assets to the global financial crisis. Thus Basel III rules have introduced
to liquid liabilities” is calculated before and after the application leverage ratio as a non-risk based capital requirements. Board of
of shocks by dividing the liquid assets with liquid liabilities. Liquid Directors of our Bank continuously monitoring the exposure limit
assets are the assets that are easily turned into cash without of lending, capital strength of our Bank in order to avoid building-
the threat of loss. They include cash, balances with Bangladesh up excessive on and off-balance sheet leverage.
Bank and balances with banks, call money lending, lending under
repo and investment in government securities. Liquid liabilities Approach for calculating exposure:
include the deposits and the borrowings. Appropriate shocks will According to instruction of supervisory body, the bank is
have to be absorbed to the liquid liabilities if the current liquidity calculating leverage ratio and submitted the same to BB on
position falls at the rate of 10%, 20% and 30% respectively. quarterly basis.
Liquidity risk Management System:
Qualitative Disclosure:
The ALCO of the NRBC Bank regularly monitors the driving BDT Crore
factors of liquidity risk called Regulatory liquidity indicators Particulars Solo consolidated
(RLIs). These factors are measures form the following aspects. Leverage Ratio (Required 3%) 5.46% 5.60%
 Cash Reserve Requirement (CRR) On Balance sheet Exposure 19783.38 19828.54
 Statutory Liquidity Ratio (SLR) Off Balance Sheet Exposure 2286.31 2286.31
 Maximum Cumulative Outflow (MCO) Total Exposure after 21979.84 22025.00
 Advance Deposit Ratio (ADR) Regulatory adjustment
 Liquidity Coverage Ratio (LCR) 11. Remuneration:
 Net Stable Funding Raito (NSFR)
The bodies that oversee remuneration
Policies and process for mitigating liquidity risk:
The bank has a Board approved payroll/remuneration policy
NRBCB manages liquidity risk in accordance with its ALM Policy which is incorporated in the bank HR policy. MANCOM with
and ALCO decisions through Treasury activity. This policy is the consent of the Board monitors, advises and implements the
framed as per the regulatory guidelines, and is approved by the related issues on required basis. The bank has approved reward
Board of Directors. The ALM Policy is reviewed periodically to policy for the performing employees. Financial benefits may be
incorporate changes as required by regulatory stipulation or to granted to an employee by the Board or any other authority
realign with changes in the economic landscape. NRBCB’s ALCO empowered by the Board for meritorious service. An award in
formulates and reviews strategies, and provides guidance to cash or in kind may be granted to an employee by the Board or
manage liquidity risk within the framework laid out in the ALM any other authority empowered by the Board for the outstanding
Policy. The committee proactively manages liquidity risk as a academic and professional achievements.
part of its ALM activities. Design and Structure of Remuneration:
In order to develop comprehensive liquidity risk management The Structure of remuneration arrangements for all employees
framework, the bank has a Liquidity Contingency Plan (LCP). consists of following components:
A set of policies and procedures that serves as a blueprint for
the bank to meet its funding needs in a timely manner and at a  Fixed Remuneration; and
reasonable cost. In this sense, LCP is an extension of ongoing  Variable pay
Annual Report 2022

The fixed remuneration is made up of base remuneration and superannuation. Base remuneration includes salary and allowances paid
in cash. Superannuation is paid to the employee at the time of retirement.
Variable pay consists of incentive bonuses award to most of the banks employee which are discretionary and recognize annual
performance over the financial year.
In case of following situation remuneration can be adjusted before vesting:
 Disciplinary Action (at the discretion of enquiry committee)
 Resignation of the employee prior to the payment date.
Qualitative Disclosure BDT Crore
Number of meetings held by the main body overseeing remuneration during the financial year and remuner-
ation paid to its member.
Number of employees having received a variable remuneration award during the financial year.
Number and total amount of guaranteed (festival) bonuses awarded during the financial year. 14.77 Crore
Number and total amount of sign-on awards made during the financial year.
Number and total amount of severance payments made during the financial year
Total amount of outstanding deferred remuneration, split into cash, shares and share-linked instruments
and other forms.
Total amount of deferred remuneration paid out in the financial year.
Breakdown of amount of remuneration awards for the financial year to show: (Incentive bonus) yet
to decided
Fixed and variable, deferred and non-deferred, different forms used (cash, shares and share linked instru-
ments, other forms).
Annual Report 2022

185
Air Chief Marshal Abu Esrar (Retd.)
Chairman , Audit Committee
Audit Committee Report

to the Shareholders
Dear Shareholders and Stakeholders,
I am pleased to present our Annual Audit Committee Report-2022 in the 10th Annual General Meeting (AGM), which depicts the
activities of the Audit Committee of the Board (ACB) throughout the year and the insight it had while disposing the issues.
I have been discharging my duties as the Chairman of the Audit Committee of the Board since October 29, 2020, elected by the Board of
Directors in its 106th Board Meeting and also elected as Chairman while reconstituted in 144th Meeting held on June 02, 2022. The Audit
Committee was formed to establish a platform for a compliant and secured banking structure in the Bank. On behalf of the Board, the
Audit Committee strives to ensure effective implementation of the process and procedures set out in the Business Plan & Policies. Audit
Committee of NRBC Bank is held responsible for oversight of the financial reporting process, reviews the adequacy of internal control
system, selection of the external auditor and the audit & inspection reports, both internal & external.
The Committee assists the Board of Directors of the Bank to fulfill its corporate governance objectives, strategies, and oversee the
responsibilities in relation to the bank’s financial reporting process, internal control system, internal & external audit functions and
compliance with applicable laws, rules & regulations of the country. On behalf of the Board, the Audit Committee strives to ensure
effective implementation of the process and procedures set out in the Business Plan & Policies. The Audit Committee also reviews the
internal control regime and compliance status of the Bank as a whole.
Roles & Responsibility of the Audit Committee of the Board (ACB):
Being watchdog for overseeing the affairs of the Bank, A define roles and responsibilities of the Audit Committee enumerated in
the Guidelines on Internal Control & Compliance in Banks, issued by Bangladesh Bank, relevant provisions of Corporate Governance
Guidelines/Notification, issued by Bangladesh Securities and Exchange Commission, and other best practices of governance.
The following functions are common recurring activities for the ACB of the Bank in carrying out its responsibilities in addition to any
other responsibilities which may be assigned from time to time by the Board:
a) Internal Control:
- Evaluate whether the management is establishing an appropriate compliance culture by communicating the importance of
internal control and the prudent management of risk and ensuring that all employees have clear understanding of their roles
and responsibilities;
- Review the management’s actions in computerization of the Bank and its applications and Management Information System (MIS);
- Consider whether the internal control strategies recommended by internal and external auditors have been prudently and
comprehensively implemented by the Management;
- Consider reports relating to fraud, forgery and deficiencies in internal control or other similar issues detected by internal and
Annual Report 2022

external auditors and inspectors of the regulatory authority and place it before the Board after reviewing whether necessary
corrective and remedial measures have been embraced by the management;
- With governance and guidance from the Board of Directors, the Audit Committee will put in place policies & procedures to
identify, measure, monitor and control risk.
b) Financial Reporting
- The Audit Committee checks whether the financial statements reflect complete and accurate information and determine
whether the statements are prepared according to the existing rules and regulations and standards enforced in the country
and as per the relevant financial reporting standards prescribed by Bangladesh Bank;
- Discuss with the management and external auditors to review the financial statements before finalization.
- Review the quarterly and half-yearly financial statements with the management before submission to the Board for approval.
c) Internal Audit
- Monitor/evaluate whether internal audit functions are truly independent from the Management;
- Review the activities and the organizational structure of the internal audit and ensure that no unjustified restriction or limitation
hinders the internal audit process;
- Review and assess the annual internal audit plan;
- Examine the efficiency and effectiveness of internal audit function;
- Examine whether the findings and recommendations made by the internal auditors are duly considered by the management
or not.
d) External Audit
- Review the performance of the external auditors and their audit reports;
- Examine whether the findings and recommendations made by the external auditors are duly considered by the management
or not;
- Make recommendations to the board regarding the appointment of the external auditors.
e) Compliance with existing Laws and Regulations
- Review whether the laws and regulations framed by the regulatory authorities (Bangladesh Bank, BSEC, and other bodies) and
internal regulations approved by the Board have been duly complied with.
f) Other Responsibilities
- Submit a comprehensive compliance report to the Board on a quarterly basis on regularization of the omission, fraud and
forgeries and other irregularities detected by the internal and external auditors and inspectors of regulatory authorities;
- External and internal auditors shall submit their related assessment report, if the committee solicits;
- Perform other oversight functions as desired by the Board of Directors and evaluate the committees own performance on a
regular basis.
Composition of the Audit Committee of the Board (ACB)
The present Audit Committee of the Board is comprised of 05 (five) Members of the Board of Directors including 02 (two) Independent
Directors having 01 (one) Independent Director as Chairman in accordance with the Notification on Corporate Governance Code issued
by Bangladesh Securities and Exchange Commission (BSEC) dated June 03, 2018 (Notification No. BSEC/CMRRCD/2006-158/207/
Admin/80) and Bangladesh Bank BRPD Circular No. 11 dated October 27, 2013.
The present Audit Committee was reconstituted by the Board in its 144th Meeting held on June 02, 2022 comprising of following
members followed on 9th Annual General Meeting (AGM):
Sl. Name Status with the Audit Committee Status with the Board
01 Air Chief Marshal Abu Esrar (Retd.) Chairman Independent Director
02 Mr. Rafikul Islam Mia Arzoo Member Director & Vice Chairman
03 Mr. Mohammed Nazim Member Director
04 Dr. Khan Mohammad Abdul Mannan Member Independent Director
05 Mr. S.M. Parvez Tamal Member Director & Chairman
As per regulatory guidelines, the Company Secretary of the Bank acts as the Secretary to the Audit Committee.
Meetings of the Audit Committee
Bangladesh Bank has suggested the Banks to hold at least 04 meetings in a year. The Audit Committee of NRB Commercial Bank
Limited held 05 (five) meetings in the year 2022 and had detailed discussions and review sessions with the Head of Internal Control
& Compliance, Chief Financial Officer and relevant officials to discuss the Bank’s Financial Reporting. Meeting dates are as follows:
Annual Report 2022

187
Sl. Audit Committee Meeting Date of Meeting The minutes of the Audit Committee Meetings with observations
1. 41st Meeting of the Audit Committee February 23, 2022 & recommendations were circulated among the members of the
Committee and relevant divisions for adoption & information.
2. 42nd Meeting of the Audit Committee April 13, 2022
3. 43rd Meeting of the Audit Committee May 12, 2022 The Committee had reviewed the comprehensive inspection
4. 44th Meeting of the Audit Committee July 31, 2022 reports conducted by the Internal Auditors on Branches/Sub-
5. 45th Meeting of the Audit Committee October 27, 2022 Branches, special investigation reports and the Annual Health
Report of the Bank and other relevant matters. Further the Committee had discussed about the audit findings and remedial suggestions
on various issues that need improvement. The Audit Committee instructed Management to follow those remedial suggestions and
monitor accordingly.
Major Issues reviewed by the Audit Committee
During the year 2022, under review, the Committee, inter alia, had undertaken the following activities:
9 Reviewed the Risk-Based Internal Audit Plan 2022 and followed up on its implementation status.
9 Reviewed the Comprehensive Inspection Reports on Branches/Sub-Branches conducted by the Internal Auditors of ICCD and
advised to take necessary actions for rectification and ensure proper compliance.
9 Reviewed the Special Investigation Reports conducted by the Internal Auditors of ICCD and advised the Management of the
Bank to take proper disciplinary action and legal action against the concerned persons.
9 Reviewed the major findings identified by the Internal Auditors from their Inspection Reports and Bangladesh Bank Auditors
from their Inspection Reports and advised the Management of the Bank to take corrective steps for rectification.
9 Reviewed the Audited Financial Statements of the Bank for the year ended on 31st December 2021 along with the Auditors’
Report thereon and recommended to forward the same to the Board for consideration.
9 Reviewed the Quarterly (Q1, Q2, and Q3) Un-Audited Financial Statements of the Bank for the year 2022, prepared as per
Bangladesh Securities and Exchange Commission (BSEC) Notification No. BSEC/CMRRCD/2006-158/208/ Admin/81 dated
20.06.2018, to evaluate the quarterly performances of the Bank and recommended to forward the same to the Board of
Directors of the Bank for consideration.
9 Recommended the appointment of Statutory Auditors for the financial year 2022 of the Bank.
9 Reviewed the Self-Assessment Reports of Anti-Fraud Internal Controls of the Bank.
9 Reviewed the Annual Integrated Health Report of the Bank for the year ended 2021.
9 Reviewed the Summary of Audit Findings.
The Audit Committee affirms that:
9 The rules and regulations of Bangladesh Bank and all other regulatory authorities and bank’s own policy guidelines approved
by the Board are duly complied with.
9 Adequate internal control and security measures have been taken by the bank facilitating IT based banking
9 Generation of proper Management Information System (MIS) Report is at place.
9 The system of internal control and business processes have been strengthened towards creation of a compliance culture in
the Bank.
9 Efforts have been made to keep assets of the Bank safe along with liabilities and commitments being transparent.
9 The Financial Statements of the Bank have been prepared in accordance with International Accounting Standards (IAS) and
International Financial Reporting Standards (IFRS) which contained full disclosure.
9 The good governance is in place in the Bank.
Focus of Future Activities
At the beginning of each year, the Committee discusses its key priorities for the coming year. In 2023, the Committee will continue to
prioritize internal controls, particularly those supporting regulatory reporting.
Acknowledgement
The Audit Committee of NRB Commercial Bank Ltd. expresses its sincere thanks and gratitude to the members of the Board of
Directors, Management and Auditors for their excellent supports extended to the Committee. The Committee is also grateful to the
regulators i.e. Bangladesh Bank, Bangladesh Securities and Exchange Commission, and others for direction and guidance, which
facilitated due diligence of its duties and responsibilities.
Air Chief Marshal Abu Esrar (Retd.)

Chairman
Audit Committee of the Board
Annual Report 2022

Credit Rating Report
In compliance with Bangladesh Bank’s BRPD circular No. 06,
dated July 05, 2006, and with a view to assure investors and
A+ Long Term Rating
other stakeholders of the sustainable operating positions of
the bank, while also safeguarding stakeholder interests, NRBC
Bank is subject to ratings assessment by reputed credit rating
agencies. Thus, the bank was rated by, Emerging Credit Rating
ST-2 Short Term Rating
Limited (ECRL), for the year ended 31 December 2022.
Rating-2022 Stable Outlook
Rating Pronouncement of ECRL

An institution rated A has a strong capacity to meet its financial commitments but is somewhat more susceptible
to adverse developments in the economy, and to business and other external conditions than Institutions in
A
higher-rated categories. Some minor weaknesses may exist, but these are moderated by other positive factors.
(+) suffix shows relative standing within the category.
An institution rated ST-2 has a strong capacity to meet its financial commitments in a timely manner; however, it
ST-2
is somewhat susceptible to adverse developments in the economy, and in business and other external conditions.
STABLE Which indicates that a rating is likely to remain unchanged;
Credit rating
NRBC Bank has been assessed by leading credit rating agency Emerging Credit Rating Limited (ECRL) based on financial statements
December 31, 2022 as well as other quantitative and qualitative information, NRBC Bank’s ratings are as follows:
Rating by Emerging Credit Rating Ltd. (ECRL) Long Term Short Term
Rating Agency
Rating based on Audited financial statements as of 2021 2022 2021 2022
12/31/2022
Validity June 21, 2024
Emerging Credit Rating
Long Term Rating A+ A+ A+ ST-2 ST-2
Ltd. (ECRL)
Short Term Rating ST-2
Outlook Stable
2021 2022
A+ | ST-2 A+ | ST-2
These ratings signify that

> NRBC Bank is backed by its good growth in total asset, deposit and loans.
> Good NPL ratio Compared to industry.
> Diversifying business into SME to reduce the loan concentration.
Annual Report 2022

189
Annual Report 2022
CORPORATE GOVERNANCE REPORT
Annual Report 2022

191
Report on Corporate Governance-2022
Statement from the Company Secretary: and to the public.
Adaptation to Governance Systems: NRBC Bank acknowledges
Dear Shareholders,
that corporate governance systems vary across countries and
It is our pleasure to present you the Annual Corporate Governance recognizes the need to incorporate oversight, supervision,
Report 2022. NRB Commercial Bank Limited play a critical role risk management, and audit functions within its organizational
in the economy by channeling funds and supporting economic structure.
growth. Good corporate governance is vital for the safety,
In conclusion, NRBC Bank demonstrates a strong commitment
viability, and financial stability of banks. The Bank recognizes
to corporate governance principles in Bangladesh. The bank
the importance of corporate governance and has implemented
complies with regulatory requirements set by institutions such as
strong governance practices.
Bangladesh Bank and the Bangladesh Securities and Exchange
Key elements of NRBC Bank Limited’s corporate governance Commission. It emphasizes the establishment of strategic goals,
framework include: accountability, and transparent governance throughout its
Clear Values and Compliance: The bank adheres to legislation operations. The board members are carefully chosen for their
and regulations set by regulatory agencies such as Bangladesh qualifications and independence, ensuring effective oversight of
Bank and the Bangladesh Securities and Exchange Commission. the bank’s activities. NRBC Bank has implemented subcommittees
It maintains codes of conduct, standards, and compliance and committees such as the Audit Committee, Risk Management
measures to ensure ethical behavior. Committee, Executive Committee to strengthen governance
practices. In addition to that NRBC Bank has Shariah Supervisory
Strategic Goals and Accountability: NRBC Bank sets strategic
Committee to supervise the ‘Alamin Islamic Banking Window’ of
objectives and communicates them throughout the organization.
the bank. The bank is actively working towards becoming a Public
The board of directors ensures that senior management aligns
Limited Company (PLC), aligning with the modified Company Act
corporate culture, activities, and behavior with the expectation
1994. The NRB Commercial Bank Limited is going to change its
of safe, ethical, and legal operations. The bank holds individuals
name to "NRBC Bank PLC." subject to approval from regulatory
accountable for their responsibilities and decisions.
authorities and special resolution. By adhering to the Corporate
Effective Oversight: The board of directors, along with Governance Code and fulfilling reporting obligations, NRBC
independent auditors and risk management functions, provides Bank ensures ethical practices and responsible management.
oversight to ensure checks and balances. Special attention is given Overall, the bank’s corporate governance framework promotes
to risk exposures and conflicts of interest, including business transparency, accountability, and the best interests of its
relationships with affiliated borrowers, large shareholders, and stakeholders.
key decision-makers.
With my best wishes,
Incentives and Information Flow: NRBC Bank provides financial
and managerial incentives, such as compensation, promotion,
and recognition, to motivate senior management, business line
managers, and employees to act in an appropriate manner. The Mohammad Ahsan Habib
bank emphasizes appropriate information flows both internally Company Secretary
Annual Report 2022

Statement of Corporate Governance
The basic principles of corporate governance are accountability, transparency, fairness, and responsibility. Good corporate governance
is an essential foundation for long term sustainable corporate success and enhances the stakeholders’ confidence. Bank is designed
corporate governance structure to ensure compliance with legal and regulatory framework and meeting the information needs to the
stakeholders.
NRBC Bank emphasizes its effective corporate governance principles, accountability, transparency, fairness, and responsibility in
business transactions, statutory and legal compliances, protection of shareholders’ interests; commitment to values and ethical
conduct of business.
The Board of Directors collectively is the supreme authority in the Bank’s affairs among its Members’ meetings. They owe a duty to the
shareholders and exercise care, skill and diligence in discharging their responsibilities and in exercising the powers vested to them.
The key purpose of the Board of Directors of NRBC Bank is to ensure the company’s prosperity by collectively directing the company’s
affairs, whilst meeting the appropriate interests of its shareholders and other stakeholders. In addition to business and financial issues,
the Board deals with challenges and issues relating to corporate governance, corporate social responsibility and corporate ethics
and ensures that its organization and operation are, at all times, in correct and appropriate order. The Board is, among other things,
responsible for setting business objectives, strategies and business plans, formulating risk policies, confirming key aspects of the
Bank’s internal organization and making decisions on the establishment of all business units i.e. Branches/Sub-branches/etc.
NRBC Bank is committed to excellence in corporate governance, transparency and accountability. This is essential for the long-term
performance and sustainability of the Company, and to protect and enhance the interests of their shareholders and stakeholders.
Their governance framework plays an integral role in supporting their business. It provides the structure through which their strategy
and business objectives are set, their performance is monitored, and the risks they face are managed. It includes a clear framework
for decision making and accountability across their business and provides guidance on the standards of behavior they expect from
their people.
As a listed Company, NRBC Bank must follow the guideline of Bangladesh Securities and Exchange Commission’s Corporate
Governance Code, which require disclosing the extent in the Annual Report. Especially as per Corporate Governance Code of BSEC,
the status of compliance shall be certified by a practicing professional Accountant/ Chartered Secretary. The Compliance Certificate
with corporate governance code certified by professional accountants M/s. Ahmed Zaker & Co. Chartered Accountants which depict
in the Page No. 212.
Scope
NRBC Bank operates within the legal framework of the Bank Companies (Amendment) Act, 2013 (updated 2018), Corporate
Governance guidelines of Bangladesh Securities and Exchange Commission and the Companies Act, 1994. It has recognized that
corporate governance guidelines are crucial for achieving a business that is built for the long-term sustainability.
Management & Supervisory

Board and Committes
Transparency Vision
Values and Ethics
Accountability
Objectives
Corporate
Mission
Governance
Policies & Regulatory
Framework
Risk & Performance Strategy
Management
Monitoring & Internal Control
NRBC Bank is always committed to attain the highest levels of corporate governance practices to ensure sustainable growth of the
organization and to create long-term value for shareholders. Since its inception, NRBC Bank has continued with its efforts of adopting,
implementing and enhancing the application of the best and most up-to-date corporate governance standards throughout the organization.
Annual Report 2022

193
Governance structure of the Bank
The Board of Directors plays a pivotal role in shaping governance structures and practices through their choice of strategy and
leadership to drive the bank towards growth. The board is responsible for the design and implementation of governance mechanisms,
including the selection and appointment of members of subcommittees. The risk management and overall support functions of the
bank have been designed and kept fully independent of the ordinary course of business to safeguard against any unforeseen events
that may weaken the bank’s brand value. The governance structure of the bank is as follows:
Appoint
Shareholders External Auditors
Elect
Board of Report
Directors
Appoint
Executive Managing Director Risk Management Audit Committee
Committee & CEO Committee
ALCO
MANCOM Credit Committee
Committee
Guiding philosophy of governance practices

Principles of good governance are embedded in the core values of NRBC Bank, a bank that strongly believes in inclusive and sustainable
growth. As a locally incorporated bank, the following acts, regulations, notifications, and circulars played a major role in shaping the
governance structure and practices of the bank.
External Internal
9 The Companies Act, 1994 9 Articles of Association of NRBC Bank.
9 The Bank Company Act, 1991 9 Organizational Structure
9 Bangladesh Securities and Exchange Commission 9 Resolutions of meetings of Management Committees
(BSEC) Ordinance 1969, Rules 1987, Act 1993 and 9 Board approved policies on all major operational aspects
Public Issue Rules 2015 9 Code of Conduct of NRBC Bank.
9 Circulars, Rules and regulations issued by 9 NRBC Bank Instruction & Information Circulars
Bangladesh Bank from time to time
9 Dhaka Stock Exchange Limited and Chittagong
Stock Exchange Limited rules and regulations
9 Financial Reporting Act 2015
Annual Report 2022

Board of Directors'
Size of the Board of Directors'
9th Annual General Meeting held on June 02, 2022 determined 12 members of the Board. The then 144th (Special) Meeting of Board
on same date, all members of the Board unanimously decided to re-elect Mr. S M Parvez Tamal as Chairman and Mr. Rafikul Islam Mia
Arzoo as the Vice Chairman of Board of Directors of the Bank. Subsequently, Bangladesh Bank accord 11 members in the Board of the
Bank wherein Abu Bakr Chowdhury, being ceased as Director.
Hence, The Board of consists of 11 (Eleven) Directors, excluding the Managing Director & CEO. The Managing Director is an Executive
Director (ex-Officio) and the others are Non-Executive Directors. The Board of NRBC Bank Limited is comprised of 11 Directors
including 3 Independent Directors.
Present Members of Board of Directors is as follows;

SL Name of the Directors Position
No
01 Mr. S M Parvez Tamal Chairman Composition of Board
02 Mr. Rafikul Islam Mia Arzoo Vice-Chairman
03 Mr. Mohammed Adnan Imam, FCCA Director
04 Air Chief Marshal Abu Esrar, BBP, 1
ndc (Retd.) Independent Director Non Executive Director
05 Mr. AKM Mostafizur Rahman Director 3 Independent Non
06 Mr. Mohammed Oliur Rahman Director Executive Director
07 Mr. Loquit Ullah Director 8 Managing Director
08 Mr. Mohammed Nazim Director & CEO
09 Mr. Abu Mohammad Saidur Rahman Director
10 Dr. Khan Mohammad Abdul Mannan Independent Director
11 Dr. Raad Mozib Lalon Independent Director
The Board of Directors of NRBC Bank fulfilled requirement of meeting at least once in a month for the year 2022 as per BRPD
Circular # 11, dated October 27, 2013.
In compliance with the Condition (1) BSEC of Corporate Governance (CG) Code-2018, The Bank completed all regulatory compliance
accordingly.
Hence, composition in the Board of Directors stand 11 (Eleven) including 3 (three) independent Directors.
The Managing Director & CEO Mr. Golam Awlia was appointed as Managing Director & CEO from the Board on May 02, 2021 and
work as executive director in the Board.
Company’s policy on appointment of Directors disclosed
NRBC Bank complied with pertinent guidelines of Bangladesh Bank circulars, rules and regulations of the Companies Act 1994
(amended up to 2020), Bank Companies Act 1991 (amended up to 2018), Bangladesh Securities and Exchange Commission (BSEC)
Notifications, Guidelines of Bangladesh Bank and Memorandum & Articles of Association of the Bank.
The Board of NRBC Bank is always committed to ensuring diversity and inclusiveness in its composition and deliberations, embracing
the proposition that having a diverse Board would have a positive, value relevant impact on the Bank. In this regard, the Board
considers diversity from a number of different aspects, including gender, age, cultural and educational Background. In case of
nomination, removal, causal vacancy and alternate Directors, NRBC Bank follows all relevant rules and regulations. The Bank’s non-
executive Directors are independent of management and free from day to day business of the bank. Directors are accountable to the
shareholders for the Bank’s performance and governance.
Directors’ Shareholding Status
All sponsors/promoters and directors of the bank shall perpetually hold minimum 30% (thirty percent) shares of the bank. Each
director other than the independent director(s) of the Bank shall hold minimum 2% (two percent) shares of the paid-up capital of the
Bank. In compliance with BSEC Notification No. SEC/CMRRCD/2009-193/15/Admin/112 dated December 10, 2020; all directors other
than independent directors of NRBC Bank have complied accordingly.
Annual Report 2022

195
As of 31 December 2022
SL Name of the Directors Status No. of Shares
Taka Holding %
held
1 Mr. S M Parvez Tamal Chairman 37,319,368 373,193,680 4.71%
2 Mr. Rafikul Islam Mia Arzoo Vice-Chairman 34,385,808 343,858,080 4.34%
3 Mr. Mohammed Adnan Imam, FCCA Director 18,550,031 185,500,310 2.34%
4 Mr. Abu Mohammad Saidur Rahman Director 20,734,557 207,345,570 2.61%
5 Mr. Mohammed Oliur Rahman Director 27,812,623 278,126,230 3.51%
6 Mr. Loquit Ullah Director 30,099,864 300,998,640 3.80%
7 Mr. Mohammed Nazim Director 30,166,895 301,668,950 3.80%
8 Mr. AKM Mostafizur Rahman Director 22,346,195 223,461,950 2.82%
9 Air Chief Marshal Abu Esrar, BBP, ndc (Retd.) Independent Director Nil - -
10 Dr. Khan Mohammad Abdul Mannan Independent Director Nil - -
11 Dr. Raad Mozib Lalon Independent Director Nil - -
The Sponsors and Directors jointly hold 73.49% share of the company including Board Member shareholding of 27.92% that comply
the aforesaid directive of BSEC.
Directors’ Remuneration
Directors are not entitled to any remuneration other than attending the meeting of the Board and its committees. As per Bangladesh
Bank guidelines, Director of NRBC Bank Limited is entitled to receive Tk. 8,000 excluding VAT for attending each meeting of Board
and its committee.
Adequate representation of Non-Executive Directors
As per guideline of Bangladesh Bank, NRBC Bank maintain adequate representation of non-executive directors in the Board mentioned
in the Directors shareholdings status. The Managing Director is the only Executive Director in the Board of Directors of the Bank. All
other Directors are non-executive directors.
Independent Directors
NRBC Bank complies with the Corporate Governance Code of Bangladesh Securities and Exchange Commission (BSEC) and the Bank
Companies Act, 1991 including the BRPD Circular No. 11, dated 27 October, 2013, for appointment of Independent Directors. Out of 11
(eleven), there are 3 (three) Independent Directors in the Board of NRBC Bank.
As per the Notification No-11 and dated 27 October, 2013, the Independent Directors declare their independency in a form of Fit and
Test. Pursuant to the Notification of Bangladesh Securities and Exchange Commission, an Independent Director meets the requisite
for the information to be an Independent Director.
Presently the Board of Director consist 11 (eleven) members including 3 (Three) Independent in the appointed in the 8th Annual
General Meeting (AGM) hold office accordingly as per BSEC’s Notification No.BSEC/CMRRCD/2006-158/207/Admin/80, dated 03
June, 2018.
Annual Report 2022

Qualification of Independent Director
3 (Three) Independent has perquisite qualification as per previous para two regulatory requirements. Details of Independent Directors
qualification are given below:
Independent Approval of Appointment

Qualification/Profile
Director before 8th AGM
Air Chief Marshal Air Chief Marshal Abu Esrar, BBP; ndc (Retd), has joined as an Independent Boards of its 100th Meeting
Abu Esrar, BBP; ndc Director of NRBC Bank Limited. He served Bangladesh Air Force for almost appoint as Independent
(Retd) 40 years. During his illustrious career in BAF, he assumed the highest Director. There upon
position of Bangladesh Air Force as Chief of Air Staff. Before that he served BSEC vide letter # BSEC/
as the Assistant Chief of Air Staff at Air Headquarters and also commanded CFD/58/2017/137 Dated
number of Bases of Bangladesh Air Force. He also served as Defense Attaché August 20, 2020 accord
at Embassy of Bangladesh in Russia. He was a Distinguished Graduate the appointment and,
from Air Command and Staff College, Air University, USA in 1993-1994. He subsequently, Bangladesh
completed NDC course from National Defence College, Mirpur in 2002. Bank confirm the same vide
During his glorious career, he earned many awards from home and abroad. # BRPD # 2 (651)/9(61)
he was awarded ‘King Fahad Merit of Excellence Medal’ from His Majesties DL/2020-6802 dated
King of KSA in 2017. He was also included in the ‘International Honour Roll’ August 27, 2020
of the Air University, Alabama, USA in 2016. Air Chief Marshal Abu Esrar was
awarded prestigious Biman Bahini Padak (BBP) of Bangladesh Air Force in
2013 for his outstanding contribution to BAF.
Dr. Khan Mohammad Dr. Khan Mohammad Abdul Mannan was Inspector General of Registration Boards of its 105th Meeting
Abdul Mannan of Bangladesh (Senior District & Sessions Judge), Registration Directorate. appoint as Independent
Before that he was a District & Sessions Judge at Jhenidah, Bangladesh. Director. There upon
He completed his PhD from American World University, California, USA. He BSEC vide letter # BSEC/
also completed his DLC (Development Lawyers Course) from International CFD/58/2017/216 Dated
Development Law Institute, Rome, Italy in the year 1992. During his glorious November 04, 2020 accord
career, he was involved in a number of extracurricular activities, such as the appointment and,
discharging duties as the Vice President of Bangladesh Judicial Service subsequently, Bangladesh
Association, Present of Bangladesh Law Association, Founder Secretary Bank confirm the same vide
General of Padma Degree Collage, Dohar and so on. He actively participated # BRPD # 2 (651)/9(61)
in the liberation war of Bangladesh in 1971. DL/2020-9537 dated
November 09, 2020
Dr. Raad Mozib Lalon Dr. Raad Mozib Lalon is a renowned Faculty Member of Department of Boards of its 106th Meeting
Banking and Insurance, University of Dhaka. Previously he discharged duties appoint as Independent
as a respected faculty member in different private universities of Bangladesh. Director. There upon
He completed his PhD from University of Dhaka on Banking in the year 2018. BSEC vide letter # BSEC/
He is a specialist of Multinational Financial Management, Risk Management CFD/58/2017/228 Dated
in Commercial Banking/ Financial Institution, Investment Analysis & Modern November 16, 2020 accord
Portfolio Management and so on. During his illustrious career, he conducted the appointment and,
many research and achieved a number of awards for his merit, such as subsequently, Bangladesh
Dean’s Merit Award, Certificate of Merit from University of Dhaka. He wrote Bank confirm the same vide
a number of International Journals on Finance and Banking, Economics and # BRPD # 2 (651)/9(61)
Business Management Studies. DL/2020-9918 dated
November 19, 2020
Role of Independent Directors
Under present rules and regulations, independent directors are not required to have any significant relationship with the bank, its top
management, or the board apart from receiving directors’ remuneration for attending board and committee meetings. The bank meets
the criterion by appointing independent directors who are not shareholders in the bank and have no family or other ties to the board
of directors, executives, or management. Apart from performing the roles of directors, independent directors also perform other roles
as follows:
• Oversee issues where there is a potential conflict of interest.
• Consider, review, evaluate, and provide oversight over related-party transactions to ensure transactions are fair and in the
best interests of NRBC Bank.
• Validate that the organization maintains an effective and independent compliance function.
• Bring valuable independent judgment to the Board.
Annual Report 2022

197
Duality of Chairperson of the Board of Directors and Managing Director & CEO
In compliance with Bangladesh Bank BRPD Circular No. 11 and Circular Letter No. 18 dated October 27, 2013, and Clause 1(4) of
BSEC Notification No. BSEC/ CMRRCD/2006-158/207/Admin/80 on Corporate Governance Code dated June 3, 2018, the functional
responsibilities of the Chairman of the Board and the Managing Director are kept separate and independent of each other. This has
been in practice since inception of the Bank.
Presently Mr. S.M Parvez Tamal is the Chairman elected in the 144th Special meeting followed on 9th AGM held on June 02, 2022
and Mr. Golam Awlia is Managing Director of the Bank. The Board has clearly defined respective roles and responsibilities of the
Chairperson and the Managing Director.
In the absence of the Chairperson of the Board, the remaining members of the Board elect one of themselves from non-executive
directors as Chairperson for that particular Board’s meeting; the reason of absence of the regular Chairperson is being duly recorded
in the minutes according to the Section 4 of the BSEC’s notification on Corporate Governance Code.
However, Mr. S.M Parvez Tamal presided all of 24 meeting held on 2022.
Responsibilities of the Chairman of the Board
As per BRPD Circular No. 11 dated October 27, 2013, issued by Bangladesh Bank and the Corporate Governance Code issued by BSEC
on June 3, 2018, the Chairman of the Board of Directors broadly possesses the following major responsibilities:
• Ensure that the board sets and implements the bank’s direction and strategy effectively;
• Organize the business of the board, ensure its effectiveness and establish its agenda;
• Ensure effective operations of the Board and its committees in conformance with the highest standards of corporate
governance;
• Ensure that all key issues are discussed in a timely and constructive manner by the Board of Directors;
• Ensure the non-intervention of any director in the routine affairs of the bank;
• Sign the minutes of the board meeting for formal confirmation.
The Directors’ Report to Shareholders
The Directors’ Report to Shareholders of NRBC Bank Limited is presented on page no. 64 of this Annual Report.
Meetings of the Board of Directors
The following is a statement of board meetings held in 2022, as well as the attendance of directors from January 1, 2022 to December
31, 2022:
Total Total
Board Meeting
Status in the Leave of
SL Name of the Members Meeting held during Attended Remarks
Board Absence
held during their
the year period
01 Mr. S M Parvez Tamal Chairman 24 24 24 00
02 Mr. Rafikul Islam Mia Arzoo Vice Chairman 24 24 24 00
03 Mr. Mohammed Adnan Imam, Director 24 24 23 01
FCCA
04 Mr. A M Saidur Rahman Director 24 24 22 02
05 Mr. Mohammed Oliur Rahman Director 24 24 21 03
06 Mr. Abu Bakr Chowdhury Director 24 11 07 04
07 Mr. Loquit Ullah Director 24 24 22 02
08 Mr. Mohammed Nazim Director 24 24 23 01 Including
presence of
Alternate
Director
09 Mr. AKM Mostafizur Rahman Director 24 24 24 00
10 Air Chief Marshal Abu Esrar (Retd.) Independent 24 24 23 01
Director
11 Dr. Khan Mohammad Abdul Independent 24 24 21 03
Mannan Director
12 Dr. Raad Mozib Lalon Independent 24 24 24 00
Director
13 Mr. Golam Awlia Managing 24 24 24 00
Director & CEO
Annual Report 2022

Code of Conduct for the Chairman, Board members and Managing
Director & CEO
Code of Conduct for the Chairman
a. As the Chairman of the Board of Directors or Chairman of any committee formed by the Board or personally possess the
jurisdiction to apply policy-making or executive authority, he/ she shall not participate in or interfere into the administrative or
operational and routine affairs of the bank.
b. The Chairman may conduct onsite inspections of any bank branch or financing activities under the purview of the oversight
responsibilities of the Board. He may call for any information relating to the bank’s operations or ask for investigation into any
such affairs; he may submit such information or investigation report to the meeting of the Board or the executive committee
and, if deemed necessary, with the approval of the Board, he shall take the necessary action thereon, in accordance with the
set rules through the CEO.
However, any complaint against the CEO shall have to be apprised to Bangladesh Bank through the Board along with the statement
of the CEO.
c. The Chairman may be offered an office room, a personal secretary/assistant, one peon/MLSS, one telephone at the office, one
mobile phone to use inside the country and a vehicle in the business interests of the bank, subject to the approval of the Board.
Code of Conduct for the Board of Directors
The Board of Directors follows a Code of Conduct which was adopted to provide guidance to directors to carry out their duties in an
honest, responsible and businesslike manner and within the scope of their authority, as set forth in the laws of the country as well as
in the Memorandum and Articles of Association of the Company.
The Code of Conduct states:
1. The Members shall act honestly, in good faith and in the best interests of the shareholders and the company.
2. The members shall not make improper use of information acquired as a director.
3. The members shall not take improper advantage of the position as a director.
4. The members will be obligated to be independent in judgment and actions and take all reasonable steps to be satisfied as to
the soundness of decision taken by the board of directors.
5. Members shall make every effort to attend all Board and Committee Meetings during their tenure. They will not absent
themselves without good reasons or confirming leave of absence.
6. Board members having interest of any nature in the agenda of the meeting, shall declare beforehand the nature of their interest
and withdraw from the room, unless they have a dispensation to speak.
7. Training opportunities/orientation/workshops will be arranged for the members (especially for the newly inducted members)
to make them acquainted with the international best practices, their fiduciary obligations, Code of Conduct etc.
8. Every Director will assure annually signing a confirmation that they have gone through, have complied with and will continue to
comply with the set of codes approved by the Board of Directors.
Code of Conduct for the Managing Director & CEO
1. The Managing Director & CEO shall remain accountable for the achievement of financial and other business targets approved by
the Board of Directors in respect of business plans, efficient implementation thereof and prudent administrative and financial
management.
2. The Managing Director & CEO shall recruit and promote of all of the bank’s staff, except those in the two tiers below him, shall
rest on the Managing Director & CEO.
3. The Managing Director & CEO shall act in such cases in accordance with the approved service rules on the basis of the human
resource policy and sanctioned strength of employees, as approved by the Board.
The authority relating to the recruitment, promotion, transfer and disciplinary action against staff, except two tiers below the Managing
Director & CEO, rest on him and are in compliance with the bank’s policy.
Succession Plan
NRBC Bank believes that the membership and composition of the Board should be reassessed from time to time so succession
planning is a pivotal part of corporate governance practices to meet the company’s long-term goals and objectives and to ensure
that the knowledge, experience, and skill set of its members would be well suited to meet the demands of the ever changing financial
industry.
Annual Report 2022

199
Develop Successors
Create Development Plans
Define Talent Recruiting

and Onboarding
Talent Managemant
Stratesic Goals
Succession
Planning
Affirmation by Board Members and Managing Director including two tiers below of Managing Director
According to Sub-Section 2 of Section 18 of the Banking Companies Act, 1991 (Amended 2018) “Every Directors, Managing Director
and the Officers immediate two tiers below the Managing Director must submitted return regarding particulars of Business entities
(i.e. commercial, financial, agricultural, industrial and other business) under their ownership or family business interests to the Board
on Yearly Basis.
Aforesaid members’ submitted yearly return to the Board of Directors in its 157th held on 14 January 2023 regarding particulars
of Business entities (i.e. commercial, financial, agricultural, industrial and other business) under their ownership or family business
interests based on 31 December 2022 as part of transparency and responsibility.
Policy on training of Directors
In line with clause no.6 of BRPD Circular 11 dated October 27, 2013, the Directors of NRBC Bank Limited make themselves fully aware of
the banking laws and other related rules and regulations for performing their duties properly. To facilitate this further, the bank makes
available all relative laws before the Board of Directors for their instant information, along with any single notification in due course.
Directors’ Training
Training in specific aspects of the bank’s businesses is provided to Directors when requested and regularly as part of site visits.
Directors are briefed on issues at Board and Committee meetings, for example, receiving briefings on cyber risks, and relevant
commercial, legal and regulatory developments. All Directors have full and timely access to relevant information ahead of each
meeting and are able to contact members of management for further information, as required. In accordance with best practice, the
Chairman considers and addresses the development needs of the Board as a whole, if any, and ensures that each Director updates
their individual skills, knowledge and expertise.
If required, external training courses may be provided at the company’s expense.
Knowledge and expertise in Finance and Accounting Professional Background of Directors
NRBC Bank’s Board of Directors comprises of members who
have wide knowledge and experience in the field of finance,
accounting, economics, management, marketing and business
5
administration. By that, it is ensured that they have the ability

Academician
to interpret the decisions of bank’s management in a prudent Professional Developement
manner. Central Banking
3
Banking
Enterprenurship
1
Annual Report 2022

Key Activities performed by Board in 2022
The Board meets on a monthly basis and meetings are scheduled well in advance (before the commencement of each financial year)
to enable members to plan ahead. When required, the Board will meet on an ad hoc basis to deliberate urgent matters.
Board of Directors
• Approval of decisions on the basis of the information and analysis of the Committees
and monitoring and oversight of decisions
Board Committees
• Analysis of proposals prior to submission to the Board, issuance of report and
oversight of implementation of decisions
Senior Management
• Proposals with exhaustive, comprehensive, suitable and consistent information
During the Financial Year 2022, the Board met twenty four (24) meetings to deliberate and consider a variety of significant matters
that required its guidance and approval. Among the topics and strategies that were reviewed, deliberated and approved by the
Board during the Financial Year 2022 were as follows:
Risk, Compliance and

Strategy oversight Governance
• Business Strategy of the bank • Risk appetite of the Bank for • Evaluation and Fit and Proper
• Budget and Business plan for the year 2022 Assessment
the year 2022 • Audit Plan for 2022 • Corporate Governance
• Capital and Dividend strategy • Capital adequacy statement Disclosures
• Sustainablity and Corporate in 2022 • Directors fees and disclosure
Governance Strategy • Anti money laundering issues the remunaration of top
• Human Resource policy • Ethical issues management
• Appointment of external
Directors
• Governance on subsidiaries
Governance of Board of Directors of Subsidiary Company

As per BSEC Corporate Governance Code Sec-2, dated 3 June 2018, NRBC Bank entirely follows the governance of Board of Directors
of Subsidiary Company:
• At least one independent director of NRBC Bank is a director on the Board of the subsidiary company.
• The minutes of the Board Meeting of the subsidiary company are being placed for review at the following Board meeting of
NRBC Bank Limited.
• The Board of Directors reviews the affairs of the subsidiary company.
• The Audit committee of NRBC Bank Limited review the Financial Statements, in particular the investments made by the
subsidiary company.
Dr. Raad Mozib Lalon and Chief Marshal Abu Esrar (Retd.) are appointed as Independent Director in the Board of NRBC Bank Securities
Limited that accord in 134th Meeting of Board of Directors of the Bank held on 1 February 2022. Presently Dr. Raad Mozib Lalon,
Independent Director of the Bank acted as Chairman in the Board of NRBC Bank Securities.
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201
Managing Director & CEO, Chief Financial Officer (CFO), Head of Internal Audit and Compliance (HIAC) and Company
Secretary (CS)
• The Board of NRBC Bank appoints The Managing Director & CEO, The Company Secretary, the Chief Financial Officer and the
Head of Internal Audit and Compliance;
• The positions of the Managing Director & CEO, Company Secretary, Chief Financial Officer and Head of Internal Audit and
Compliance are filled by different individual;
• The Managing Director, The Company Secretary, the Chief Financial Officer and Head of Internal Audit and Compliance are not
holding any executive position in other company;
• The Board have clearly defined respective roles, responsibilities and duties of the CFO, the HIAC and the CS;
• The Managing Director & CEO, the Company Secretary, the Chief Financial Officer and Head of Internal Audit and Compliance
are not being removed from their position without approval of the Board as well as immediate dissemination to the Commission
and Stock Exchanges.
Pursuitant of the above, Following official hold the position as under :
SL Name Position Remarks

1 Mr. Golam Awlia Managing Director & CEO
2 Mr. Harunur Rsahid Chief Financial Officer
3 Hajjaj Bin. Mahfooz Head of Internal Audit and Compliance
4 Mohammad Ahsan Habib Company Secretary Mohammad Ahsan Habib acted as
Company Secretary with effect from
March 02, 2023 in lieu of Md. Reaz Uddin
Asif who resigned from service that
dissemination to the Commission and
Stock Exchanges immediately. DSE and
CSE confirmed in their news archive on
March 07, 2023.
Requirement to attend Board of Directors’ Meeting
As per BSEC Corporate Governance Guidelines, The Managing Director & CEO and Company Secretary were attending every meetings
of Board of Directors. But the Chief Financial Officer and Head of Internal Audit & Compliance were attend the meeting wherein matter
relating affairs of the respective division.
They shall not attend such part of a meeting of the Board which involves consideration of an agenda item relating to their personal matters.
Duties of Managing Director & CEO and Chief Financial Officer
The CEO and CFO have certified to the Board that they have reviewed the financial statements and affirm that these statements do
not contain any materially untrue statement or omit any material fact or contain statements that might be misleading;
The CEO and CFO have certified to the Board that they have reviewed the financial statements and affirm that these statements together
present a true and fair view of the bank’s affairs and are in compliance with existing accounting standards and applicable laws;
The CEO and CFO have further certified to the Board that there are, to the best of their knowledge and belief, no transactions entered
into by the bank during the year which are fraudulent, illegal or in violation of the bank’s code of conduct.
The Certification of the Managing Director & CEO and CFO is disclosed in the Annual Report at Page 237.
Appointment of Directors (Chairman, Board of Directors and Managing Director & CEO)
NRBC Bank complies with the regulations stipulated by Bangladesh Bank, Bangladesh Securities and Exchange Commission (BSEC)
and the Companies Act, 1994, for the appointment of Directors. As per regulations, all Directors, except nominated, independent or
alternate Directors, are required to maintain at least 2% shareholding in the bank, individually.
Pursuant to the Companies Act, 1994, 1/3rd of the Directors will retire and, if eligible, are placed for reappointment, which refers to the
Annual General Meeting for approval of shareholders. As per the Bank Company Act, 1991 (as amended in 2018), Directors are appointed
with prior approval of Bangladesh Bank, considering a term of three years, which can be extended by three terms, subject to approval of
Bangladesh Bank as well as by shareholders in ensuing Annual General Meeting. As per the Corporate Governance guidelines issued by
BSEC dated on June 03, 2018, the Independent director shall not be subject to the retirement by rotation of Director.
An Independent Director, pursuant to the Bangladesh Bank guidelines, is appointed with the prior approval of Bangladesh Securities
and Exchange Commission (BSEC) and approval of Bangladesh Bank. Subsequently, it is placed in the following Annual General
Meeting for the approval of shareholders.
The Managing Director & CEO is also appointed with the prior approval of Bangladesh Bank, duly meeting the fit and test criteria.
Annual Report 2022

Adequate representation of Non-Executive Directors
A non-executive director is one who does not hold any positions in the bank other than serving on the board and its committees. All
the directors of NRBC Bank, including the Chairman, are non-executive directors, except for the Managing Director. The bank’s non-
executive directors are independent of management and do not participate in day-to-day operations. Adequate representation of non-
executive directors ensures the separation of management from the owners, which is an integral part of good corporate governance.
Presently 8 (eight) Non-Executive Directors hold position in the Board of Directors that comply the Condition 1(1) of Notification
No.BSEC/CMRRCD/2006-158/207/Admin/80, dated 03 June, 2018.
Independence of Independent Directors
According to Bangladesh Securities and Exchange Commission (BSEC) and Bangladesh Bank’s rules and regulations, Independent
Directors will not be an executive of the Company in the immediate preceding two financial years, who does not have any material
relationship and does not hold any shares of the company. The Independent Director will not have any significant relationship, whether
pecuniary or otherwise, with the bank, its top management and the Board. The bank complies with the requirement and appoints
Independent Directors who does not have any family or other relationship with its Board of Directors and its executive management.
However, approval of Bangladesh Securities and Exchange Commission and approval of Bangladesh Bank are required for the
appointment on Independent Director.
NRBC Bank ensures compliance with Bangladesh Bank’s guidelines and Bangladesh Securities and Exchange Commission’s
requirements relating to the appointment of Independent Directors.
Independence of non-Executive Directors
Non-Executive Directors enjoy full freedom in discharging their responsibilities. They attend board meetings and are actively involved
in formulating the general strategies of the bank. They also actively participate in discussions on the agenda.
The key roles and responsibilities of the Chairman
The Chairman’s main duties include chairing meetings of the Board of Directors are appended below;
 Provides leadership and governance of the Board so as to create the conditions for overall Board’s and individual Director’s
effectiveness, and ensures that all key and appropriate issues are discussed by the Board in a timely manner
 Promotes effective relationships and open communication, and creates an environment that allows constructive debates and
challenges, both inside and outside the boardroom, between Nonexecutive Directors and the management
 Ensures that the Board as a whole plays a full and constructive part in the development and determination of the company
strategies and policies, and that Board decisions taken are in the bank best interests and fairly reflect Board’s consensus
 Ensures that the strategies and policies agreed by the Board are effectively implemented by the Chief Executive and the
management
 Sets, in consultation with the Chief Executive and Company Secretary, the Board meeting schedule and agenda to take full
account of the important issues facing the bank and its subsidiaries of all Directors, and ensures that adequate time is available
for thorough discussion of critical and strategic issues
 Ensures that the Board is properly briefed on issues arising at Board meetings and receives, in a timely manner, adequate
information which must be accurate, clear, complete and reliable, to fulfill its duties, such as reports on the bank and its
subsidiaries performance, the issues, challenges and opportunities facing the bank and its subsidiaries, and matters reserved
for it to make decision
 Arranges informal meetings of the Directors at least annually, including meetings of the Nonexecutive Directors at which the
Chief Executive is not present, and ensures that sufficient time and consideration is given to complex, contentious or sensitive
issues
 Ensures that there is effective communication with shareholders, and that each Director develops and maintains an
understanding of the stakeholders’ views
 Establish good corporate governance practices and procedures and promotes the highest standards of integrity, probity and
corporate governance throughout the bank and its subsidiaries particularly at Board level
The key roles and responsibilities of the Board
The main roles and responsibilities of the Board of Directors, as envisaged in the BRPD Circular No. 11 dated 27 October, 2013, include
the following:
1. Lay down a code of conduct for all Board members and senior management;
2. Review and set up annual performance targets of the bank for achieving targets;
3. Monitoring the effectiveness of the bank’s governance practices and reviewing changes as needed and identifying
opportunities where corporate governance standards could be further improved ;
Annual Report 2022

203
4. Determining the bank’s corporate social responsibility status and taking steps for its improvement;
5. Ensure stronger internal controls;
6. Grant approval of policies and operational manuals to establish an effective risk management framework in core banking areas
and internal control;
7. Appoint Managing Director & CEO and fixing his benefits;
8. Purchase or acquisition of property for the bank;
9. Provide welfare benefits to employees;
10. Determining the Corporate Social Responsibly status and taking steps;
11. Analyze reasons for success or failure of the bank’s annual budget achievement;
12. Periodic review of the bank’s operational budget achievements;
13. Undertake risk management initiatives;
14. Review of sufficiency and requirement for internal control efforts of the bank;
15. Reviewing the bank’s human resource (HR) policy;
Appraisal of the Board’s performance
The Board of Directors is accountable to the shareholders of the bank. Once in every year, the bank holds an Annual General Meeting
(AGM). The shareholders attend the Annual General Meeting (AGM) and they critique and express their analysis about the performance
of the bank as before like listed company.
NRBC Bank takes constructive suggestions from the Annual General Meeting and tries to implement it for qualitative improvement
of the bank. The performance of the bank is also measured on the basis of other indicators, including financial aspects like business
performance, asset growth and current NPL.
Evaluation of the Managing Director & CEO
The Board of Directors of NRBC Bank Limited evaluates the performance of Managing Director & CEO in annual basis. The Board
also set the roles and responsibilities of the Managing Director & CEO of the bank. There are some key Performance Indicators
(KPI) to appraise the performance which are: meet the annual budgetary targets of the bank, which was approved by the Board,
maximize shareholder value measured through desired ROA, ROE, EPS, ensure proper risk management as per the expectations of the
Board, ensure sustainable growth in loans and advances, low-cost deposits, CASA mix, diversify revenue streams of the bank, ensure
improvement in NPL ratio, achieve recovery of overdue loan and improve all reviews conducted by BB, including scores in CAMELS
rating.
Training on corporate governance
At NRBC Bank, our corporate governance standards represent the foundations on which we have built transparent relationships
among the institution’s management, Board, shareholders and other stakeholders. In line with this, NRBC Bank organizes training on
corporate governance round the year for the staff. NRBC Bank offers special emphasis on training in corporate governance.
Objectives of corporate governance training:
i. To establish good governance, ensuring the best practices of corporate governance to understand how they improve
consistency in business direction and strategies;
ii. Mitigating risks and providing the maximum opportunities for developing individual skills, tools and frameworks in line with
action plans and to address challenges as well as overcome these with prudence;
iii. To help Board members develop the right strategies for change management and create advanced plans for seamless
change in order to identify internal and external opportunities and challenges, manage change or implement new approaches;
iv. To drive a positive culture such as developing the Board’s skills and leadership style;
Board of Director’ committee
The Board has constituted the following 3 (three) Board Sub-Committees, which are (i) Audit Committee, (ii) Risk Management
Committee and (iii) Executive Committee as BRPD Circular # 11, dated October 27, 2013
Annual Report 2022

i. Audit Committee
The Audit Committee was reconstituted by the Board in its 144th Meeting held on June 02, 2022:
Status with the Audit

Sl. Name Status with the Board
Committee
ii. Risk Management Committee

The Risk Management Committee was reconstituted by the Board in its 144th Meeting held on June 02, 2022:
Status with the Risk

Management Committee
1 Mr. AKM Mostafizur Rahman Chairman Director
5 Dr. Raad Mozib Lalon Member Independent Director
Audit Committee Report to the Shareholders is given in the Annual Port Page no. 186.
iii. Executive Committee
The Executive Committee was reconstituted by the Board in its 144th Meeting held on June 02, 2022:
Status with the Executive

Committee
1 Mr. Mohammed Adnan Imam, FCCA Chairman Director
2 Mr. Mohammed Oliur Rahman Member Director
3 Mr. Loquit Ullah Member Director
4 Mr. A M Saidur Rahman Member Director
5 Dr. Raad Mozib Lalon Member Independent Director
In compliance with the circular no SEC/CMRRCD/2006-158/207/Admin/80 dated 03 June 2018 of Bangladesh Securities & Exchange
Commission, NRBC Bank formed another committee in addition to aforesaid Audit Committee:
iv. Shariah Supervisory Committee
Sl. Name Status in Committee
1 Mr. Shah Mohammad Wali Ullah Chairman
2 Mr. Obaid Ullah Hamzah Member
3 Mr. Mohammed Oliur Rahman Member
4 Mr. Mohammed Adnan Imam, FCCA Member
5 Mr. AKM Mostafizur Rahman Member
6 Mr. Loquit Ullah Member
8 S M Parvez Tamal (Chairman, BoD) Member
Annual Report 2022

205
Committee Meeting
Board meeting held in 2022
Statement of Board meetings held and the attendance of Directors from 01.01.2022 to 31.12.2022 : 24
Total Board Total
Meeting Meeting held Leave of
SL Name of the Members Status in the Board Attended Remarks
held during during their Absence
the year period
01 Mr. S M Parvez Tamal Chairman 24 24 24 00
02 Mr. Rafikul Islam Mia Arzoo Vice Chairman 24 24 24 00
03 Mr. Mohammed Adnan Imam, Director 24 24 23 01
FCCA
04 Mr. A M Saidur Rahman Director 24 24 22 02
05 Mr. Mohammed Oliur Rahman Director 24 24 21 03
06 Mr. Abu Bakr Chowdhury Director 24 11 07 04
07 Mr. Loquit Ullah Director 24 24 22 02
08 Mr. Mohammed Nazim Director 24 24 23 01 Including
presence of
Alternate
Director
09 Mr. AKM Mostafizur Rahman Director 24 24 24 00
10 Air Chief Marshal Abu Esrar (Retd.) Independent Director 24 24 23 01
11 Dr. Khan Mohammad Abdul Independent Director 24 24 21 03
Mannan
12 Dr. Raad Mozib Lalon Independent Director 24 24 24 00
13 Mr. Golam Awlia Managing Director & 24 24 24 00
CEO
The Board has granted leave of absence against the absentee directors of the meeting.
Executive Committee (EC) meeting held in 2022
Statement of Executive Committee (EC) meetings held and the attendance of Directors from 01.01.2022 to 31.12.2022: 8 Meeting
Total Total
No. of No. of
Meeting Meeting
SL Name of the Members Position meeting meeting Remarks
held during held during
attended absent
the year their period
1 Mr. Mohammed Adnan Imam, FCCA Chairman 8 8 8 -
2 Mr. Mohammed Oliur Rahman Member 8 8 5 3
3 Mr. Loquit Ullah Member 8 8 7 1
4 Mr. A M Saidur Rahman Member 8 5 4 1
5 Dr. Raad Mozib Lalon Member 8 5 5 -
The EC has granted leave of absence against the absentee directors of the meeting.
Audit Committee (AC) meeting held in 2022
Statement of Audit Committee meetings held and the attendance of Directors from 01.01.2022 to 31.12.2022: 5 Meetings
Total Total
No. of No. of
Meeting Meeting held
SL Name of the Members Position meeting meeting Remarks
held during during their
attended absent
the year period
1 Air Chief marshal Abu Esrar (Retd.) Chairman 5 5 5 -
2 Mr. Rafikul Islam Mia Arzoo Member 5 5 5 -
3 Mr. Mohammed Nazim Member 5 5 2 3
Dr. Khan Mohammad Abdul
4 Member 5 2 2 -
Mannan
5 Mr. S M Parvez Tamal Member 5 2 2 -
The Audit Committee has granted leave of absence against the absentee directors of the meeting.
Annual Report 2022

Risk Management Committee meeting held in 2022
Statement of Risk Management Committee meetings held and the attendance of Directors from 01.01.2022 to 31.12.2022: 4 Meetings
Total
Total Meeting No. of No. of
Meeting
SL Name of the Members Position held during meeting meeting Remarks
held during
their period attended absent
the year
1 Mr. AKM Mostafizur Rahman Chairman 4 3 3 -
2 Mr. S M Parvez Tamal Member 4 3 3 -
3 Mr. Rafikul Islam Mia Arzoo Member 4 4 3 1
4 Dr. Khan Mohammad Abdul Member 4 4 3 1
Mannan
5 Dr. Raad Mozib Lalon Member 4 3 3 -
The Risk Management Committee has granted leave of absence against the absentee directors of the meeting.
Shariah Supervisory Committee meeting held in 2022
Statement of Shariah Supervisory Committee meetings held and the attendance of Directors from 01.01.2022 to 31.12.2022: 1 Meeting
Total
Total Meeting
Meeting held Leave of
SL Name of the Members Position held during Attended Remarks
during their Absence
the year
period
1 Mr. Shah Mohammad Wali Ullah Chairman 1 1 1 -
2 Mr. Obaid Ullah Hamzah Member 1 1 1 -
3 Mr. Mohammed Oliur Rahman Member 1 1 1 -
4 Mr. Mohammed Adnan Imam, FCCA Member 1 1 - 1
5 Mr. AKM Mostafizur Rahman Member 1 1 1 -
6 Mr. Loquit Ullah Member 1 1 - 1
7 Dr. Khan Mohammad Abdul Mannan Member 1 1 1 1
8 Mr. S M Parvez Tamal (Chairman, Member 1 1 1 1
BoD)
The Shariah Supervisory Committee has granted leave of absence against the absentee directors of the meeting.
Maintaining a website by the Company
NRBC Bank has an official website www.nrbcommercialbank.com with the linked website of the stock exchange.
Reporting and Compliance of Corporate Governance
The status of compliance with Corporate Governance guidelines of Bangladesh Securities and Exchange Commission has been given
hereafter ‘’ Ahmed Zaker & Co. “, Chartered Accountants, duly certified the bank’s Compliance Status, which is presented on page 212.
Appointment of professional for the Certification on Corporate Governance
The existing professional Accountant M/S Ahmed Zaker & Co., Chartered Accountants, has expressed of willingness to work as Auditor
on compliance status on Corporate Governance Code. But prior year, the Board of Directors has recommended M/S Ahmed Zaker & Co.,
Chartered Accountants, as compliance Auditor for the year 2022 in the 140th meeting held on May 15, 2022 and their appointment was
confirmed in 9th AGM held June 02, 2022.
As per Bangladesh Securities & Exchange Commission Notification on Corporate Governance Code for appointment of Professional
for the certification on Corporate Governance for the year 2023 will be confirmed at the 10th AGM that will be held on June 19, 2023.
Business objectives and strategic management
The Board of Directors of NRBC Bank determines the business objectives and goals and, to this end, chalk out strategies and work
plans on an annual basis. The Board specifically engages in formulating strategies consistent with the predetermined objectives and
goals and in issues relating to structural changes and reformation for the enhancement of institutional efficiency and other relevant
policy matters.
Philosophy on code of corporate governance
NRBC Bank believes in adopting and adhering to the best standards of corporate governance for the benefit of all its stakeholders.
The bank’s corporate governance standards are based on the following principles: Appropriate composition, size of the Board and
commitment to adequately discharge its responsibilities and duties Transparency and independence in the functioning of the Board
Independent verification and integrity assurance of financial reporting Adequate risk management and internal control Protection of
Annual Report 2022

207
shareholders’ rights and placing priority on investor relations Timely and accurate disclosure on all matters concerning operations
and performance of the bank. The bank’s philosophy on corporate governance enshrines the goal of achieving the highest levels of
transparency, accountability and equity in all spheres of its operations and in all its dealing with shareholders, employees, regulators and
other relevant stakeholders. By doing so, the bank demonstrates its understanding and respects its fiduciary roles and responsibilities
to shareholders.
Ethics and compliance
NRBC Bank has a Code of Conduct for the Board of Directors and ethical guidelines for the bank’s employees which are an integral part
of the Service Rules and Regulations for the employees of the bank. Our employees comply with the code of conduct and requirements
of ethical principles. The Board has always been deeply committed to establishing the highest levels of ethics and compliance among
all employees of the bank. It has always encouraged the management to ensure that everyone maintains high ethical standards within
the bank. The Board guides the management on policies that should be adopted and followed by everyone in the bank.
Facilities accorded to the Chairman, Directors and the Managing Director & CEO
In accordance with the guidelines of Bangladesh Bank, the following facilities can only be given to the Directors:
The Chairman has an office with personal secretary and office assistant provided by Bank along with a mobile
Chairman
phone and a car at his full- time disposal.
Fees and other facilities for attending each meeting of the Board or any Committee as per guidelines of
Directors
Bangladesh Bank and Bangladesh Securities and Exchange Commission.
Managing Director Only those benefits as agreed upon in his contractual appointment and approved by
Managing Director
Bangladesh Bank
Key policies regarding to remuneration of Directors and employees
The Board of Directors reviews the pay scale from time-to-time, the remuneration of employees based on the bank’s performance and
the general inflation in the economy. All employees including the senior management are paid a competitive remuneration package.
Policy on Ensuring Participation of Shareholders/ stakeholders at AGM
The following steps are taken to ensure shareholder participation in the AGM:
Step 1: NRBC Bank sends out the notice at least 21 days before the AGM, allowing shareholders ample time to receive and review the
notice and reply with their attendance.
Step 2: Annual Reports are circulated in accordance with the provisions of the Companies Act 1994 and related notifications issued
by the Bangladesh Securities and Exchange Commission (BSEC), giving shareholders sufficient time to review the report and freely
provide their valuable comments and suggestions at the AGM.
Step 3: Shareholders/stakeholders are allowed to speak freely at the AGM to offer their valuable suggestions. These suggestions are
noted for future compliance.
Sustainable financing
NRBC Bank has incorporated the ethos of socially -responsible banking through which it has been mainstreaming sustainable
development and aligning it with the core business strategies of the bank. In fact, sustainability is integrated into the way we do
business, into the contribution we make to local economies and into serving the communities we live in. The Board monitors all social
and ecological factors with the aim of protecting the environment and conserving natural resources.
Credit rating
As per Bangladesh Bank guidelines and notifications of Bangladesh Securities and Exchange Commission, NRBC Bank conducts its
credit rating each year with due disclosure. Credit rating of NRBC Bank is available on page 189 in this Annual Report.
Affiliation for Member of Bangladesh Association of Public

Listed Company:
NRBC Bank renewed its membership for the year 2023 as
listed company in the Bangladesh Association of Public Listed
Company:
Annual Report 2022

Roles and responsibilities of the Company Secretary
The roles, responsibilities and duties of the Company Secretary of NRBC Bank are prepared in pursuant to Circular No.SEC/
CMRRCD/2006-158/207/Admin/80 dated 03 June 2018 of Bangladesh Securities & Exchange Commission. The Company Secretary
ensures that all regulatory procedures for the appointment of Directors have been followed. He provides detailed support and
guidance to the Directors, both individually as well as collectively, for taking decisions and raises matters wherever needed to call for
the attention of the Board of Directors. He also assists the Board of Directors and the management of the bank in ensuring excellence
in governance. He communicates with shareholders, as appropriate, and ensures that due regard is given to their interests. He also
assists to form the sub-committee of the Board of Directors, as directed by the Regulatory Bodies Act, as a mediator to the Board
of Directors to resolve disputes rose to the Board, according to the laws, rules and regulations. The Company Secretary is also
mandated with providing comprehensive corporate secretarial services to the Board, Directors and committees and also ensures
that all compliance are complied following the respective laws, rules and regulations. He also ensures that the decisions taken by the
Board of Directors are transmitted to the concerned department/s for taking the next course of action. He also updates the Board of
Directors or the management about the direction, circulars, notifications, etc., which is made by the regulatory bodies and follows up
on the respective steps taken.
Presently Mohammad Ahsan Habib acted as Company Secretary with effect from March 02, 2023 in lieu of Md. Reaz Uddin Asif who
resigned from service.
Sponsors and Directors Jointly Shareholding as per BSEC guideline
In accordance with the directive of Bangladesh Securities and Exchange Commission (BSEC) no. SEC/ CMRRCD/2009-193/15/
Admin/112 dated December 10, 2020, all sponsors and directors other than independent directors of a company listed with any stock
exchange shall all time jointly hold minimum 30% (thirty percent) shares of the paid-up capital of the company. We confirm that, all
sponsors and directors other than independent directors of NRBC Bank shall all time jointly hold more than 30% (present holding
73.49%) shares of the paid-up capital of the company to meet up the BSEC requirement.
Shareholding Structure
Shareholding Structure
At the end of the year 2022, the shareholding structure of NRB
Commercial Bank Limited was as follows:
2.95%
No. of Shareholding as of
Shareholders 31.12.2022
Category 23.56%
as on In Sponsors/Pro moters
31.12.2022 In Number
Percentage
Sponsors/Promoters 55 582,758,113 73.49% Shareholders/Public
Shareholders/Public 18232 186,852,040 23.56% Institutions
Institutions 153 23,355,907 2.95%
Total 18440 792,966,060 100.00%
73.49%
Classification of shareholders by holding as on 31.12.2022
No. of Shareholders as on No. of Shares as on
Share Holding Ownership (%)
31.12.2022 31.12.2022
0000000001-0000010000 16,485 23,986,124 3.025%
0000010001-0000020000 852 11,685,299 1.474%
0000020001-0000030000 348 8,488,618 1.071%
0000030001-0000040000 193 6,679,669 0.842%
0000040001-0000050000 130 5,924,958 0.747%
0000050001-0000060000 78 4,278,274 0.540%
0000060001-0000070000 44 2,894,778 0.365%
0000070001-0000080000 34 2,532,872 0.319%
0000080001-0000090000 26 2,186,264 0.276%
0000090001-1000000000 250 724,309,204 91.342%
Total : 18,440 792,966,060 100.00%
Annual Report 2022

209
Latest Shareholding Position as on December 31, 2022
Sl.
Names of Directors & Sponsors Status Status Shareholding %
No.
1 Mr. S M Tamal Parvez Chairman 37,319,368 4.71%
2 Mr. Rafikul Islam Mia Arzoo Vice-Chairman 34,385,808 4.34%
3 Mr. Mohammed Adnan Imam, FCCA Director 18,550,031 2.34%
4 Mr. Abu Mohammad Saidur Rahman Director 20,734,557 2.61%
5 Mr. Mohammed Oliur Rahman Director 27,812,623 3.51%
6 Mr. Loquit Ullah Director 30,099,864 3.80%
7 Mr. Mohammed Nazim Director 30,166,895 3.80%
8 Mr. AKM Mostafizur Rahman Director 22,346,195 2.82%
9 Air Chief Marshal Abu Esrar (Retd) Independent Director - -
10 Dr. Khan Mohammad Abdul Mannan Independent Director - -
11 Dr. Raad Mozib Lalon Independent Director - -
12 Engr. Farasath Ali Sponsor 12,278,464 1.548 %
13 Dr. Toufique Rahman Chowdhury Sponsor 14,788,739 1.865 %
14 Mr. Abu Bakr Chowdhury Sponsor 30,367,607 3.830 %
15 Mr. Tanwir M.O. Rahman Chowdhury Sponsor 9,447,482 1.191 %
16 Mr. ABM Abdul Mannan Sponsor 44,977,882 5.672 %
17 Mr. Mohammed Enayet Hossain Sponsor 37,097,554 4.678 %
18 Mr. Md. Amir Hossain Sponsor 29,619,036 3.735 %
19 Mr. Abu Mohammad Tushar Iqbal Rahman Sponsor 1,961,296 0.247 %
20 Mr. Firoz Haider Khan Sponsor 201,279 0.025 %
21 Mrs. Kamrun Nahar Sakhi Sponsor 19,676,122 2.481 %
22 Mr. Mohammad Shahid Islam Sponsor 28,299,511 3.569 %
23 Engr. Syed Munsif Ali Sponsor 13,736,503 1.732 %
24 Mrs. Shamimatun Nasim Sponsor 1,425,928 0.180 %
25 Dr. Nizam Mohammad Meah Sponsor 16,186,239 2.041 %
26 Dr. Nuran Nabi Sponsor 2,957,746 0.373 %
27 Mrs. Kaniz Farzana Rashed Sponsor 957 0.000 %
28 Dr. Rafiqul Islam Khan Sponsor 5,829,965 0.735 %
29 Dr. Shahanara Begum Ali Sponsor 15,528,324 1.958 %
30 Mr. Sarwar Zaman Chaudri Sponsor 9,973,080 1.258 %
31 Mr. Mohammad Zakaria Khan Sponsor 15,973,834 2.014 %
32 Mr. Shabbir Ahmed Mubin Sponsor 6,679,392 0.842 %
33 Mr. Izaharul Islam Halder Sponsor 7,394,368 0.932 %
34 Mr. Mostafisur Prince Rahman Sponsor 6,078,760 0.767 %
35 Mr. Aziz U Ahmad Sponsor 4,809,146 0.606 %
36 Mr. Mohammed Manzurul Islam Sponsor 1,500,166 0.189 %
37 Mr. Mahammed Jamal Uddin Sponsor 1,478,872 0.186 %
38 Mr. Faruk Ali Sponsor 1,479,019 0.187 %
39 Mr. Zulfiker Alim Sponsor 1,479,019 0.187 %
40 Mrs. Ferdoushe Begum Sponsor 1,479,611 0.187 %
41 Mr. Mohammed Ashraf Ali Sponsor 375,483 0.047 %
42 Mr. Fahad Madani Islam Sponsor 1,479,019 0.187 %
43 Mr. Shamim Ali Sponsor 366,906 0.046 %
44 Mr. Shakawat Ali Sponsor 1,479,019 0.187 %
45 Mr. Mohammed Shofiqul Islam Sponsor 1,500,316 0.189%
46 Mr. Nahid Ahmed Chowdhury Sponsor 1,502,829 0.190 %
Annual Report 2022

47 Mr. Tohel Ahmed Sponsor 1,934,513 0.244 %
48 Mr. Azadul Haq Sponsor 1,501,499 0.189 %
49 Mr. Mohammad Iqbal Rashed Sponsor 1,527,377 0.193 %
50 Mr. Mohammed Jahangir Alam Sponsor 366,314 0.046 %
51 Mrs. Nazni Mansur Sponsor 1,504,456 0.190 %
52 Mr. Anwar Hossain Sponsor 1,555,181 0.196 %
53 Mr. Sunahwar Ali Sponsor 283,350 0.036 %
54 Mr. Mohammed Sabbir Ahmed Sponsor 132,060 0.017 %
55 Mr. Mohammad Kashem Sponsor 73,646 0.009 %
56 Mr. Mohammed Tanvir Ahmed Sponsor 73,646 0.009 %
57 Dr. Abul M. Ibrahim Sponsor 1,500,907 0.189 %
58 Mr. S.M. Gulam Robbani Chowdhury Sponsor 1,480,350 0.187 %
Total Shares (Directors & Sponsors) - 582,758,113 73.491%
Remaining Shareholding - Breakup given 26.506%
below:
Govt. 0.00%
Institution 2.945%
Foreign 0.00%
Public (including Shareholders other than 23.561%
Sponsors/Directors)
Total 100.00%
Nomination and Remuneration Committee
The Nomination and Remuneration Committee evaluates the Directors and recommends the Board for their appointment and ensures
optimum composition of Board. While recommending appointment of an Individual as a Director on the Board, the committee has to
review the following factors including the others:
• Diversity of the Board
• Qualification and positive attributes
• Independence of Directors (in the case of Independent Directors)
Clause 6 (5) (b) read with the applicable Clauses of Corporate Governance Code of Bangladesh Securities and Exchange Commission
require the Nomination and Remuneration Committee of a company (“NRC”) to recommend to the Board of Directors a policy, relating
to the appointment, removal and remuneration of the directors, top level executives and to devise a policy on Board diversity. The
said governance code also require NRC to lay down the evaluation criteria for performance evaluation of Board, its Committees and
individual directors. Further, the Board of Directors is responsible for monitoring and reviewing of the Board Evaluation framework.
Bur formation of Nomination and Remuneration Committee (NRC) for Bank is not applicable or restricted by Bangladesh Bank vides
letter ref. no. BRPD (R- 1)717 /2021-5064 dated June 16, 2021.
As Such Bank did not form of Nomination and Remuneration Committee (NRC) as per Bangladesh Bank Direction # BRPD (R- 1)717
/2021-5064 dated June 16, 2021.
External or Statutory Auditors
Present Statuary M/s. Howladar Yunus & Co., Chartered Accountant was recommend by Board of Director in its 140th held on May 12,
2022 that confirmed by 9th AGM held on June 02, 2022.
M/s. Howladar Yunus & Co., Chartered Accountant affirmed that they not engaged in appraisal or valuation services, Book keeping
or financial system design and implementation, Actuarial or Internal Audit service and even Partner or employees of the NRBC Bank.
Annual Report 2022

211
Annual Report 2022
STATUS OF COMPLIANCE ON BSEC
NOTIFICATION ON CORPORATE
GOVERNANCE
For the Period ended 31 December, 2022
Status of compliance with the conditions imposed by the Commission’s Notification No.BSEC/CMRRCD/2006-158/207/Admin/80,
dated 03 June, 2018 issued under section 2CC of the Securities and Exchange Ordinance, 1969:
(Report under Condition No. 9.00)
Compliance Status (Put √ in
Condition the appropriate column)
Title Remarks (if any)
No.
Complied Not Complied
1 Board of Directors. -
1(1) Size of the Board of Directors
The total number of members of a company’s √ -
The Board of NRBC Bank
Board of Directors (hereinafter referred to as
Limited is comprised of
“Board”) shall not to be less than 5 (five) and more
11 Directors. (9th Annual
than 20 (twenty).
General Meeting (AGM) held
on June 02, 2022 determined
12 Directors and the then
Bangladesh Bank confirmed
11 Members that treated as
final of Member of the Board.)
1(2) Independent Directors

1(2)(a) At least one fifth (1/5) of the total number √ - The Board of NRBC Bank
of directors in the company’s board shall be Limited is comprised of
independent directors; any fraction shall be 11 Directors including 3
considered to the next integer or whole number Independent Directors
for calculating number of independent director(s);
1.2 (b) For the purpose of this clause “independent
director” means a director-
1(2)(b)(i) Who either does not hold any share in the company √ -
Does not hold any share of
or holds less than one percent (1%) shares of the
the Company
total paid-up shares of the company;
1(2)(b)(ii) Who is not a sponsor of the company and is not √ -
connected with the company’s any sponsor or
director or nominated director or shareholder
of the company or any of its associates, sister
concerns, subsidiaries and parents or holding
entities who holds one percent (1%) or more shares
of the total paid-up shares of the company on the
basis of family relationship and his or her family
members also shall not hold above mentioned
shares in the company:
1(2)(b)(iii) Who has not been an executive of the company in √ -
immediately preceding 2(two) financial years;
1(2)(b)(iv) Who does not have any other relationship, whether √ -
pecuniary or otherwise, with the company or its
subsidiary or associated companies;
Annual Report 2022

213
1(2)(b)(v) Who is not a member or TREC ( Trading Right √ -
Entitlement Certificate) holder, director, or officer
of any stock exchange;
1(2)(b)(vi) Who is not a shareholder, director excepting √ -
independent direct or officer of any member or
TREC holder of stock exchange or an intermediary
of the capital market;
1(2)(b)(vii) Who is not a partner or an executive or √ -
was not a partner or an executive during the
preceding 3 (three) years of the concerned
company’s statutory audit firm or audit firm
engaged in internal audit services or audit firm
conducting special audit or professional certifying
compliance of this Code;
1(2)(b)(viii) Who is not an independent director in more than 5 √ -
(five) listed companies;
1(2)(b)(ix) Who has not been convicted by a court of √ -
competent jurisdiction as a defaulter in payment of
any loan or any advance to a bank or a Non-Bank
Financial Institution (NBFI);
1(2)(b)(x) Who has not been convicted for a criminal offence √ -
involving moral turpitude.
1(2)(c) The independent director(s) shall be appointed √ -
by the board of directors and approved by the
shareholders in the Annual General Meeting
(AGM).
1(2)(d) The post of independent director(s) cannot remain √ -
vacant for more than 90(ninety) days.
1(2)(e) The tenure of office of an independent director √ -
shall be for a period of 3(three) years, which may
be extended for 1(one) term only.
1(3) Qualification of Independent Director (ID)
1(3)(a) Independent director shall be a knowledgeable √ - The qualification and
individual with integrity who is able to ensure background of Independent
compliance with financial, regulatory and corporate Directors justify their
laws and can make meaningful contribution to capabilities to ensure
business. mentioned compliances.
1(3)(b)(i) Business Leader who is or was a promoter or N/A -
director of an unlisted company having minimum
paid -up capital of Tk. 100.00 million or any
listed company or a member of any national or
international chamber of commerce or business
association;
1(3)(b)(ii) Corporate Leader who is or was a top level N/A -
executive not lower than Chief Executive officer or
Managing Director or Deputy Managing Director
or Chief Financial Officer or Head of Finance
or Accounts or Company Secretary or Head of
Internal Audit and Compliance or Head of Legal
Service or a candidate with equivalent position
of an unlisted company having minimum paid up
capital of Tk. 100.00 million or of a listed company;
Annual Report 2022

1(3)(b)(iii) Former official of government or statutory or √ -
autonomous or regulatory body in the position
not below 5th Grade of the national pay scale, who
.
has at least educational background of bachelor
degree in economics or commerce or business or
law;
1(3)(b)(iv) University Teacher who has educational √ -
background in Economics or Commerce or
Business Studies or Law;
1(3)(b)(v) Professional who is or was an advocate practicing √ -
at least in the High Court Division of Bangladesh
Supreme Court or a Chartered Accountant or Details mentioned in Report
Cost and Management Accountant or Chartered on Corporate Governance
Financial Analyst or Chartered Certified (CG) -2022 (Detail report of
Accountant or Certified Public Accountant or CG before this check list)
Chartered Management Accountant or Chartered
Secretary or equivalent qualification;
1(3)(c) The independent director(s) shall have at least √ -
10(ten) years of experiences in any field mentioned Do
in clause (b);
1(3)(d) In special cases, the above qualifications or N/A -
experiences may be relaxed subject to prior
approval of the Commission.
1(4) Duality of Chairperson of the Board of Directors and Managing Director or Chief Executive Officer:-
1(4)(a) The positions of the Chairperson of the Board √ - Details mentioned in Report
and the Managing Director (MD) and /or Chief on Corporate Governance
Executive Officer (CEO) of the company shall be (CG) -2022 (Detail report of
filled by different individuals; CG before this check list)
1(4)(b) The Managing Director (MD) and/or Chief √ -
Executive Officer (CEO) of a listed company
Do
shall not hold the same position in another listed
company;
1(4)(c) The Chairperson of the Board shall be elected √ -
from among the non-executive directors of the Do
company;
1(4)(d) The Board shall clearly define respective roles √ -
and responsibilities of the Chairperson and the DO
Managing Director and/ or Chief Executive officer;
1(4)(e) In the absence of the Chairperson of the Board, the - -
No such event arose
remaining members may elect one of themselves
during reporting period i.e.
from non-executive directors as chairperson for
Chairperson of the Board
that particular Board’s meeting; the reason of
attend all meeting and
absence of the regular Chairperson shall be duly
preside over there.
recorded in the minutes.
1(5) The Directors’ Report to the Shareholders
1(5)(i) An industry outlook and possible future √ - The Directors’ Report
developments in the industry; Complied with the guideline.
1(5)(ii) The Segment-wise or product-wise performance; √ - Do
1(5)(iii) Risks and concerns including internal and external √ -
risk factors, threat to sustainability and negative Do
impact on environment, if any;
Annual Report 2022

215
1(5)(iv) A discussion on Cost of Goods sold, Gross Profit √ - Being a Bank, Interest Income,
Margin and Net Profit Margin, where applicable; Interest Expenses and Profit
Margins were discussed.
1(5)(v) A discussion on continuity of any extraordinary - - No such event arose during
activities and their implications (gain or loss); reporting period
1(5)(vi) A detailed discussion on related party transactions √ - Included in the Directors’
along with a statement showing amount, nature of Report part of this Annual
related party, nature of transactions and basis of Report [Annexure –I of
transactions of all related party transactions; Audited Financial Reporting
Segment].
1(5)(vii) A statement of utilization of proceeds raised √ - Tk. 120 Crore through Initial
through public issues, rights issues and/or through Public Offering (IPO) duly
any others instruments; utilized in the Year 2021 that
duly reported on that year
“Director report”
1(5)(viii) An explanation if the financial results deteriorate √ - Financial result was not
after the company goes for Initial Public Offering deteriorate after approval
(IPO), Repeat Public Offering (RPO). Rights Share by BSEC on November 18,
Offer, Direct Listing, etc; 2020 and Trading of share on
March 22, 2021
1(5)(ix) An explanation on any significant variance that √ -
occurs between Quarterly Financial Performance
and Annual Financial Statements;
1(5)(x) A statement of remuneration paid to the directors - - Directors do not get any
including independent directors; remuneration except Board
Meeting Fees and Travelling
Allowance related with Board
Meeting (at actual).
1(5)(xi) A statement that the financial statements prepared √ -
by the management of the issuer company present
fairly its state of affairs, the result of its operations,
cash flows and changes in equity;
1(5)(xii) A statement that proper books of account of the √ -
issuer company have been maintained;
1(5)(xiii) A statement that appropriate accounting policies √ -
have been consistently applied in preparation of
the financial statements and that the accounting
estimates are based on reasonable and prudent
judgment;
1(5)(xiv) A statement that International Accounting √ -
Standards (IAS)or International Financial Reporting
Standards (IFRS), as applicable in Bangladesh,
have been followed in preparation of the financial
statements and any departure there from has been
adequately disclosed;
1(5)(xv) A statement that the system of internal control √ -
is sound in design and has been effectively
implemented and monitored;
1(5)(xvi) A statement that minority shareholders have √ -
been protected from abusive actions by, or in the
interest of, controlling shareholders acting either
directly or indirectly and have effective means of
redress;
Annual Report 2022

1(5)(xvii) A statement that there is no Significant doubt upon √ -
the issuer company’s ability to continue as going
concern, if the issuer company is not considered
to be a going concern, the fact along with reasons
there of shall be disclosed;
1(5)(xviii) An explanation that significant deviations from the √ -
last year’s operating results of the issuer company
shall be highlighted and the reasons thereof shall
be explained;
1(5)(xix) A statement where key operating and financial √ -
data of at least preceding 5 (five) years shall be
summarized;
1(5)(xx) An explanation on the reasons if the issuer - - 12% Dividend comprised of
company has not declared dividend (cash or 7.5 % cash and 4.5% stock for
stock) for the year; the year ended December 31,
2022 recommended by Board
in its 160th meeting held on
April 30, 2023 and will be
placed before 10th AGM for
approval.
1(5)(xxi) Board’s statement to the effect that no bonus share - - No interim dividend was
or stock dividend has been or shall be declared as declared.
interim dividend;
1(5)(xxii) The total number of Board meetings held during √ -
the year and attendance by each director;
1(5)(xxiii) A report on the pattern of shareholding disclosing the aggregate number of shares(along with name-wise details where
stated below) held by:-
1(5)(xxiii)(a) Parent or Subsidiary or Associated Companies and √ - All shares held by

other related parties (name -wise details); individual Sponsors &
Shareholders
1(5)(xxiii)(b) Directors, Chief Executive Officer, Company √ -
Secretary, Chief Financial Officer, Head of Internal
Audit and Compliance their spouses and minor
children (name- wise details);
1(5)(xxiii)(c) Executives; √ -
1(5)(xxiii)(d) Shareholders holding ten percent (10%) or more √ - No Director/Shareholders
than voting interest in the company (name-wise holds 10% or more shares in
details). the Company.
1(5)(xxiv) In case of the appointment or reappointment of a director, a disclosure on the following information to the
shareholders: -
1(5)(xxiv)(a) a brief resume of the director √ -
1(5)(xxiv) nature of his/her expertise in specific functional √ -
(b) areas;
1(5)(xxiv) Names of companies in which the person also √ -
(c) holds the directorship and the membership of
committees of the board.
1(5)(xxv) A Management’s Discussion and Analysis signed by CEO or MD presenting detailed analysis of the company’s
position and operations along with a brief discussion of changes in financial statements, among others,
focusing on:
1(5)(xxv)(a) Accounting policies and estimation for preparation √ -
of financial statements;
Annual Report 2022

217
1(5)(xxv)(b) Changes in accounting policies and estimation, √ -
if any, clearly describing the effect on financial
performance or results and financial position
as well as cash flows in absolute figure for such
changes;
1(5)(xxv)(c) Comparative analysis (including effects of √ -
inflation) of financial performance or results and
financial position as well as cash flows for current
financial year with immediate preceding five years
explaining reasons thereof;
1(5)(xxv)(d) compare such financial performance or results and √ -
financial position as well as cash flows with the
peer industry scenario;
1(5)(xxv)(e) briefly explain the financial and economic scenario √ -
of the country and the globe;
1(5)(xxv)(f) risks and concerns issues related to the financial √ -
statements, explaining such risk and concerns
mitigation plan of the company; and
1(5)(xxv)(g) future plan or projection or forecast for company’s √ -
operation, performance and financial position, with
justification thereof, i.e., actual position shall be
explained to the shareholders in the next AGM;
1(5)(xxvi) Declaration or certification by the CEO and the √ -
CFO to the Board as required under condition No.
3(3) shall be disclosed as per Annexure-A; and
1(5)(xxvii) The report as well as certificate regarding √ -
compliance of conditions of this code as required
under condition No. 9 shall be disclosed as per
Annexure-B and Annexure-C.
1(6) Meetings of the Board of Directors
The company shall conduct its Board meetings √ -
and record the minutes of the meetings as well as
keep required books and records in line with the
provisions of the relevant Bangladesh Secretarial
Standards (BSS) as adopted by the Institute of
Chartered Secretaries of Bangladesh (ICSB) in so
far as those standards are not inconsistent with
any condition of this Code.
1(7) Code of Conduct for the Chairperson, other Board members and Chief Executive Officer
1(7)(a) The Board shall lay down a code of conduct, √ - Code of Conduct for the
based on the recommendation of the Nomination Chairman, Board members
and Remuneration Committee (NRC), for the and Managing Director &
Chairperson of the Board, other board members CEO duly lay down as per
and Chief Executive Officer of the company; BRPD Circular No.11 dated 27
October 2013.
1(7)(b) The code of conduct as determined by the NRC √ -
shall be posted on the website of the company
Such Code of Conduct
including, among others, prudent conduct and
is not designed/changed
behavior; confidentiality; conflict of
by recommendation
interest; compliance with laws, rules and regulations;
of the Nomination and
prohibition of insider trading; relationship with
Remuneration Committee
environment,
(NRC) due to formation of
employees, customers and suppliers; and
NRC for Bank is restricted by
independency.
Bangladesh Bank vides letter
ref. no. BRPD (R- 1)717 /2021-
5064 dated June 16, 2021
Annual Report 2022

2 Governance of Board of Directors of Subsidiary Company: -
2(a) Provisions relating to the composition of the Board √ -
of the holding company shall be made applicable
to the composition of the Board of the subsidiary
company;
2(b) At least 1 (one) independent director of the Board √ -
of the holding company shall be a director on the
Board of the subsidiary company;
2(c) The minutes of the Board meeting of the subsidiary √ -
company shall be placed for review at the following
Board meeting of the holding company.
2(d) The minutes of the respective Board meeting of √ -
the holding company shall state that they have
reviewed the affairs of the subsidiary company
also;
2(e) The Audit Committee of the holding company shall √ -
also review the financial statements, in particular
the investments made by the subsidiary company.
3. Managing Director (MD) or Chief Executive Officer (CEO), Chief Financial Officer (CFO) Head of Internal Audit
and Compliance (HIAC) and Company Secretary (CS):-
3(1)(a) The Board shall appoint a Managing Director √ - Details mentioned in Report
(MD) or Chief Executive Officer (CEO), a Company on Corporate Governance
Secretary (CS), a Chief Financial Officer (CFO) and (CG) -2022 (Detail report of
a Head of Internal Audit and Compliance (HIAC); CG before this check list)
3(1)(b) The positions of the Managing Director (MD) or √ -
Chief Executive Officer (CEO), Company Secretary
(CS), Chief Financial Officer (CFO) and a Head of Do
Internal Audit and Compliance (HIAC) shall be
filled by different individuals;
3(1)(c) The MD or CEO, CS, CFO and HIAC of a listed √ -
company shall not hold any executive position in
any other company at the same time;
3(1)(d) The Board shall clearly define respective roles, √ -
responsibilities and duties of the CFO, the HIAC
and the CS;
3(1)(e) The MD or CEO, CS, CFO and HIAC shall not be √ -
removed from their position without approval of
the Board as well as immediate dissemination to
the Commission and stock exchange(s).
3(2) Requirement to attend Board of Director’s Meetings

The MD or CEO, CS, CFO and HIAC of the company √ -
shall attend the meetings of the Board:
Provided that the CS, CFO and/or the HIAC shall
not attend such part of a meeting of the Board
which involves consideration of an agenda item
relating to their personal matters.
3(3) Duties of Managing Director (MD) or Chief Executive Officer (CEO) and Chief Financial Officer (CFO)
3(3)(a) The MD or CEO and CFO shall certify to the Board √ -
that they have reviewed financial statements for Stated in the certificate of
the year and that to the best of their knowledge due diligence by CEO & CFO
and belief:
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219
3(3)(a)(i) These statements do not contain any materially √ -
untrue statement or omit any material fact or
contain statements that might be misleading;
3(3)(a)(ii) These statements together present a true and fair √ -
view of the company’s affairs and are in compliance
with existing accounting standards and applicable
laws;
3(3)(b) The MD or CEO and CFO shall also certify that √ -
there are, to the best of knowledge and belief, no
transactions entered into by the company during
the year which are fraudulent, illegal or violation of
the code of conduct for the company’s Board or
its member;
3(3)(c) The certification of the MD or CEO and CFO shall √ -
be disclosed in the Annual Report.
4. Board of Director’s Committee. - For ensuring good governance in the company, the Board shall have at least
following sub-committees:
4(i) Audit Committee; √ - Audit Committee
reconstituted by the Board
in its 144th Meeting held on
June 02, 2022
4(ii) Nomination and Remuneration Committee - - Not Applicable as formation
of NRC for Bank is restricted
by Bangladesh Bank vide
letter ref. no. BRPD (R- 1)717
/2021-
5064 dated June 16, 2021
5. Audit Committee:-
5(1) Responsibility to the Board of Directors
5(1)(a) The company shall have an Audit Committee as a √ -
sub-committee of the Board;
5(1)(b) The Audit Committee shall assist the Board of √ -
Directors in ensuring that the financial statements
reflect true and fair view of the state of affairs of
the company and in ensuring a good monitoring
system within the business;
5(1)(c) The Audit Committee shall be responsible to the √ -
Board; the duties of the Audit Committee shall be
clearly set forth in writing.
5(2) Constitution of the Audit Committee
5(2)(a) The Audit Committee shall be composed of at √ - Audit Committee
least 3 (three) members; reconstituted by the Board
in its 144th Meeting held on
June 02, 2022
as per Prime Regulator i.e.
BB’s BRPD Circular:11
Date 27.10.2013
5(2)(b) The Board shall appoint members of the audit √ -
committee who shall be non-executive directors of
the company excepting Chairperson of the Board
Do
and shall include at least 1(one) independent
director;
Annual Report 2022

5(2)(c) All members of the audit committee should be √ -
“financially literate” and at least I (one) member
shall have accounting or related financial
Do
management background and 10(ten)years of
such experience;
5(2)(d) When the term of service of any Committee N/A -
members expires or there is any circumstance
causing any Committee member to be unable
to hold office before expiration of the term of
service, thus making the number of the Committee
members to be lower than the prescribed number No such situation arisen in
of 3 (three) persons, the Board shall appoint the the reporting year.
new Committee member to fill up the vacancy
immediately or not later than 1 (one) month from
the date of vacancy in the Committee to ensure
continuity of the performance of work of the Audit
Committee;
5(2)(e) The company secretary shall act as the secretary √ -
of the Committee.
5(2)(f) The quorum of the Audit Committee meeting shall √ -
not constitute without at least 1 (one) independent
director.
5(3) Chairman of the Audit Committee
5(3)(a) The Board of Directors shall select 1 (one) member √ - Air Chief Marshal Abu Esrsr,
of the Audit Committee to be Chairperson of the BBP; ndc (Retd.) and Dr. Khan
Audit Committee, who shall be an Independent Mohammad Abdul Mannan
director; are Independent director of
the Audit Committee
5(3)(b) In the absence of the Chairperson of the audit √ -
committee, the remaining members may elect one
of themselves as Chairperson for that particular
Chairperson of the board
meeting, in that case there shall be no problem of
attend all meeting and
constituting a quorum as required under condition
preside over there
No.5(4)(b) and the reason of absence of the
regular chairperson shall be duly recorded in the
minutes.
5(3)(c) Chairperson of the Audit Committee shall remain √ - Chairperson Air Chief Marshal
present in the Annual General Meeting (AGM): Abu Esrsr, BBP; ndc (Retd.) of
the Audit Committee present
in the last 9th AGM.
5(4) Meeting of the Audit Committee
5(4)(a) The Audit Committee shall conduct at least its √ -
four meetings in a financial year: Provided that any
5 (Five) Meeting Conducted
emergency meeting in addition to regular meeting
during the Year 2022
may be convened at the request of any one of the
members of the Committee;
5(4)(b) The quorum of the meeting of the Audit Committee √ -
shall be constituted in presence of either two
members or two third of the members of the Audit
Committee, whichever is higher, where presence of
an independent director is a must.
5(5) The Audit Committee shall:-
5(5)(a) Oversee the financial reporting process; √ -
5(5)(b) Monitor choice of accounting policies and √ -
principles;
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221
5(5)(c) Monitor Internal Audit and Compliance process to √ -
ensure that it is adequately resourced, including
approval of the Internal Audit and Compliance plan
and review of the Internal Audit and Compliance
Report;
5(5)(d) Oversee hiring and performance of external √ -
auditors.
5(5)(e) Hold meeting with the external or statutory auditors √ -
for review of the annual financial statements before
submission to the Board for approval or adoption;
5(5)(f) Review along with the management, the annual √ -
financial statements before submission to the
board for approval;
5.5(g) Review along with the management, the quarterly √ -
and half yearly financial statements before
submission to the board for approval;
5.5(h) Review the adequacy of internal audit function; √ -
5(5)(i) Review the Management’s Discussion and Analysis √ -
before disclosing in the Annual Report;
5(5)(j) Review statement of all related party transactions √ -
submitted by the management;
5(5)(k) Review Management Letters or Letter of Internal √ -
Control weakness issued by statutory auditors.
5(5)(l) Oversee the determination of audit fees based on √ -
scope and magnitude, level of expertise deployed
and time required for effective audit and evaluate
the performance of external auditors;
5(5)(m) Oversee whether the proceeds raised through √ -
Initial public Offering (IPO) or Repeat public
Offering (RPO) or Rights Share offer have been
utilized as per the purpose stated in relevant
offer document or prospectus approved by the
Commission:
5(6)(a) Reporting of the Audit Committee
5(6) Reporting to the Board of Directors
5(6)(a)(i) The Audit Committee shall report on its activities √ -
to the Board.
5(6)(a)(ii) The Audit Committee shall immediately report to the Board of Directors on the following findings, if any: -
5(6)(a)(ii) report on conflicts of interests; √ - No such event occurred
(a) during the period under
review
5(6)(a)(ii) suspected or presumed fraud or irregularity or √ -
(b) material defect identified in the internal audit and
Do
compliance process or in the financial statements;
control system;
5(6)(a)(ii) suspected infringement of laws, regulatory √ -
(c) compliances including securities related laws, rules Do
and regulations;
5(6)(a)(ii) any other matter which the Audit Committee √ -
(d) deems necessary shall be disclosed to the Board Do
immediately;
Annual Report 2022

5(6)(b) Reporting to the Authorities: -
If the Audit Committee has reported to the Board √ -
about anything which has material impact on the
financial condition and results of operation and has
discussed with the Board and the management
that any rectification is necessary and if the Audit No such event
Committee finds that such rectification has been occurred during
unreasonably ignored, the Audit Committee shall period under
report such finding to the Commission, upon review
reporting of such matters to the Board for three
times or completion of a period of 6 (six) months
from the date of first reporting to the Board,
whichever is earlier.
5(7) Reporting to the Shareholders and General Investors
Report on activities carried out by the Audit √ -
Committee, including any report made to the
Board under condition 5(6)(a)(ii) above during No such reportable
the year, shall be signed by the Chairperson of incidence arose
the Audit Committee and disclosed in the annual
report of the issuer company.
6. Nomination and remuneration Committee Not Applicable as formation of NRC for Bank is restricted by
(NRC). Bangladesh Bank vide letter ref. no. BRPD (R- 1)717 /2021-5064
dated June 16, 2021
6(1) Responsibility to the Board of Directors
6(1)(a) The company shall have a Nomination and -
Remuneration Committee (NRC) as a sub-
committee of the Board;
6(1)(b) The NRC shall assist the Board in formulation of -
the nomination criteria or policy for determining
qualifications, positive attributes, experiences and
independence of directors and top level executive
as well as a policy for formal process of considering
remuneration of directors, top level executive;
6(1)(c) The Terms of Reference (ToR) of the NRC shall -
be clearly set forth in writing covering the areas
stated at the condition No. 6(5)(b).
6(2) Constitution of the NRC
6(2)(a) The Committee shall comprise of at least three -
members including an independent director;
6(2)(b) All member of the Committee shall be non- -
executive directors;
6(2)(c) Members of the Committee shall be nominated -
and appointed by the Board;
6(2)(d) The Board shall have authority to remove and -
appoint any member of the Committee;
6(2)(e) In case of death, resignation, disqualification, or -
removal of any member of the Committee or in any
other cases of vacancies, the board shall fill the
vacancy within 180 (one hundred eighty) days of
occurring such vacancy in the Committee;
Annual Report 2022

223
6(2)(f) The Chairperson of the Committee may appoint -
or co-opt any external expert and/or member(s)
of staff to the Committee as advisor who shall be
non-voting member, if the Chairperson feels that
advice or suggestion form such external expert
and/or member(s) of staff shall be required or
valuable for the Committee;
6(2)(g) The company secretary shall act as the secretary -
of the Committee;
6(2)(h) The quorum of the NRC meeting shall not -
constitute without attendance of at least an
independent director;
6(2)(i) No member of the NRC shall receive, either directly -
or indirectly, any remuneration for any advisory or
consultancy role or otherwise, other than Director’s
fees or honorarium from the company.
6(3) Chairperson of the NRC
6(3)(a) The Board shall select 1(one) member of the NRC -
to be Chairperson of the Committee, who shall be
an independent director;
Not Applicable as formation
6(3)(b) In the absence of the Chairperson of the NRC, the -
of NRC for Bank is restricted
remaining members may elect one of themselves
by Bangladesh Bank vide
as Chairperson for that particular meeting, the
letter ref. no. BRPD (R- 1)717
reason of absence of the regular Chairperson shall
/2021-5064 dated June 16,
be duly recorded in the minutes;
2021
6(3)(c) The Chairperson of the NRC shall attend the -
annual general meeting (AGM) to answer the
queries of the shareholders:
6(4) Meeting of the NRC
6(4)(a) The NRC shall conduct at least one meeting in a -
financial year;
6(4)(b) The Chairperson of the NRC may convene any -
emergency meeting upon request by any member
of the NRC; Not Applicable as formation
6(4)(c) The quorum of the meeting of the NRC shall be - of NRC for Bank is restricted
constituted in presence of either two members by Bangladesh Bank vide
or two third of the members of the Committee, letter ref. no. BRPD (R- 1)717
whichever is higher, where presence of an /2021-5064 dated June 16,
independent director is must as required under 2021
condition No. 6(2)(h);
6(4)(d) The proceedings of each meeting of the NRC shall -
duly be recorded in the minutes and such minutes
shall be confirmed in the next meeting of the NRC.
6(5) Role of the NRC
Annual Report 2022

6(5)(a) NRC shall be independent and responsible or - -
accountable to the Board and to the shareholders;
6(5)(b) NRC shall oversee, among others, the following - -

matters and make report with recommendation to
the Board:
6(5)(b)(i) Formulating the criteria for determining - -
qualifications, positive attributes and independence
of a director and recommend a policy to the Board,
relating to the remuneration of the directors, top
level executive, considering the following:
6(5)(b)(i) The level and composition of remuneration is - -
(a) reasonable and sufficient to attract, retain and
motivate suitable directors to run the company
successfully;
6(5)(b)(i) The relationship of remuneration to performance - -
(b) is clear and meets appropriate performance
benchmarks; and
6(5)(b)(i) Remuneration to directors, top level executive - - Not Applicable as formation
(c) involves a balance between fixed and incentive of NRC for Bank is restricted
pay reflecting short and long-term performance by Bangladesh Bank vide
objectives appropriate to the working of the letter ref. no. BRPD (R- 1)717
company and its goals; /2021-5064 dated June 16,
6(5)(b)(ii) Devising a policy on Board’s diversity taking into - - 2021
consideration age, gender, experience, ethnicity,
educational background and nationality;
6(5)(b)(iii) Identifying persons who are qualified to become - -
directors and who may be appointed in top level
executive position in accordance with the criteria
laid down, and recommend their appointment and
removal to the Board;
6(5)(b)(iv) Formulating the criteria for evaluation of - -
performance of independent directors and the
Board;
6(5)(b)(v) Identifying the company’s needs for employees - -
at different levels and determine their selection,
transfer or replacement and promotion criteria;
6(5)(b)(vi) Developing, recommending and reviewing annually - -
the company’s human resources and training
policies;
6(5)(c) The company shall disclose the nomination and - -
remuneration policy and the evaluation criteria
and activities of NRC during the year at a glance
in its annual report.
7. External or Statutory Auditors
7(1) The issuer shall not engage its external or statutory auditors to perform the following services of the company, namely
:--
7(1) (i) Appraisal or valuation services or fairness opinions; √ -
7 (1) (ii) Financial information system design and √ -
implementation;
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225
7 (1) (iii) Book-keeping or other services related to the √ -
accounting records or financial statement;
7 (1) (iv) Broker –dealer services; √ -
7 (1) (v) Actuarial services; √ -
7 (1) (vi) Internal audit services or special audit services; √ -
7 (1) (vii) Any services that the Audit Committee determines. √ -
7 (1) (viii) Audit or certification services on compliance of √ -
corporate governance as required under condition
No.9(1);
7 (1) (ix) Any other service that creates conflict of interest √ -
7(2) No Partner or employees of the external audit firms √ -
shall possess any share of the company they audit
at least during the tenure of their audit assignment
of that company; his or her family members also
shall not hold ant shares in the said company:
7(3) Representative of external or statutory auditors √ -
shall remain present in the Shareholders’ Meeting
(Annual General meeting or Extraordinary General
Meeting) to answer the queries of the shareholders.
8. Maintaining a website by the Company.-
8(1) The Company shall have an official website linked √ - The address of official
with the website of the stock exchange. website of the Bank is www.
nrbcommercialbank.com & it’s
already linked with websites
of DSE & CSE.
8(2) The company shall keep the website functional √ -

from the date of listing.
8(3) The company shall make available the detailed √ -
disclosures on its website as required under the
regulations of the concerned stock exchange(s)
9. Reporting and Compliance of Corporate Governance.-
9(1) The company shall obtain a certificate from a √ -
practicing Professional Accountant or Secretary
(Chartered Accountant or Cost and Management
Accountant or Chartered Secretary) other than
its statutory auditors or audit firm on yearly basis
regarding compliance of Corporate Governance
Code of the Commission and shall such certificate
shall be disclosed in the Annual Report.
9(2) The professional who will provide the certificate √ -
on compliance of this Corporate Governance Code
shall be appointed by the Shareholders in the
annual general meeting.
9(3) The directors of the company shall state, in √ -
accordance with the Annexure-C attached, in
the directors’ report whether the company has
complied with these conditions or not.
Annual Report 2022

STATUS OF COMPLIANCE ON
BANGLADESH BANK GUIDELINES ON
CORPORATE GOVERNANCE
The Bangladesh Bank (BB) guidelines and NRBCBL’s compliance as per BRPD Circular No.11 dated 27 October 2013 thereto are
presented below:
SL No. Particulars Compliance Status

1. FORMATION OF BOARD OF DIRECTORS Complied : Bangladesh
According to Section 15 of the Bank Company Act, 1991 (Amended up to 2018) includes Bank confirmed 11
provisions for prior approval of Bangladesh Bank before the appointment of new bank directors, Members that treated
as well as dismissal, termination or removal of any director from the post; director’s fit & proper as final of Member of
criteria; maximum number of directors; appointment of independent directors; appointment of the Board instead of 12
maximum 4(four) members from a family as director; etc. Member approached
by Bank
1.1 Appointment of New directors:
Under section 15(4) of the Bank Company Act, 1991 (amended up to 2018), every banking
company, other than specialized banks, at the time of taking prior approval from Bangladesh
Bank for appointing/reappointing directors should furnish the following documents along with
the application:
a) Personal information of the nominated person (Appendix-ka);
b) Nominated person’s declaration(Appendix-kha); Complied
c) ‘Declaration for confidentiality’ by the nominated person (Appendix-ga);
d) In case of Independent director, the approval letter from Security and Exchange commission;
e) In case of Independent director, a declaration of the directors concern as Appendix-gha (he
will also submit declaration under Appendix-ka, kha & ga);
f) CIB report of the nominated person;
g) Updated list of the directors.
1.2 Vacation of office of Director:
The office of director shall be vacated according to the instructions specified in section 108(1) of
the Companies Act, 1994. Besides, when a bank director becomes defaulter and does not repay
the loan within two months after getting a notice under the section 17 of the Bank Company
Act, 1991; provides false statement at the time of appointment; or fails to fulfill the minimum
eligibility criteria, the office of the director will be vacated.
If the office of a director is vacated by a notice under the section 17 of BCA, the person will not
Complied : Bangladesh
be eligible to become a director of the bank or any other bank or any financial institution for
Bank vacated the office
one year from the date of repayment of the total amount due to the bank. It is mentionable here
of 1(One) Director.
that the dues can be adjusted with the shares held by the director in that bank. When a director
receives a notice under section 17 of BCA, 1991, he/she can’t transfer his/her shares of that bank
until he/she repays all the liabilities of the noticed bank or financial institution
Besides, Bangladesh Bank can remove a director or chairman of a bank, except state owned
banks, for conducting any kind of activities that is detrimental to the interest of the banks
depositors or against the public interest under Section 46 and can supersede the board of a
banking company under Section 47 of BCA, 1991.
1.3 Removal of Directors from office:
According to section 108(2) of the Companies Act, 1994, with the prior approval of Bangladesh
Bank, a bank director other than specialized banks can be removed from his office for the reason
specified in its Articles of Association. For this purpose, the reason and grounds of the dismissal/ Complied
removal and copy of the decision of the board and list of directors should be submitted to
Bangladesh Bank. In this case, the removal will be effective from the date of Bangladesh Bank’s
approval.
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227
1.4 Appointment of Alternate Director:
Subject to compliance of section 101 of the Companies Act, 1994, an alternate director can be
appointed to act for a director during his absence for a continuous period of not less than three
months from Bangladesh. In this context, the following instructions should be followed:
Bank has to collect and properly maintain the documentary evidences relating to departure
and arrival of the original director. If there is any exception, the chief executive officer should
immediately inform it to Bangladesh Bank.
The copy of the decision of the board regarding appointment of alternate director, with original
director’s probable returning date from abroad should be sent to Bangladesh Bank within 7 days
of taking the decision and the director’s arrival date must be intimated to Bangladesh Bank
Complied
immediately after his return.
Any loan defaulter or any person who is not eligible to become a director as per any rules &
regulation will not be appointed as an alternate director.
As appointment of alternate director is a temporary measure; therefore, he/she will not be
included in any kind of committee constituted by the board.
While in the office, an alternate director or his/her affiliated organization will not get any kind of
loan facilities from his bank. In case of previous loan, enhancement of limit or extension of time
period or any kind of exemption or interest waiver will not be allowed. Moreover, all restrictions
applicable to directors according to rules & regulations will also be applicable to the alternate
director
2. DEPOSITOR DIRECTOR
As the previous provisions regarding appointment of Depositor Directors of the Bank Company
Act, 1991 has been amended; appointment of director from depositors is no longer required.
N/A
But, after complying regulation under sec 15(9) of the Bank Company Act, 1991 (amended
upto 2018) bank can consider the tenure of existing depositor director or may appoint them as
independent director.
3. INFORMATION REGARDING DIRECTORS
Banks are advised to take the following steps regarding director information:
Every bank should keep an updated list of bank directors,
Complied
Banks should send a directors’ list to other banks or financial institutions immediately after the
appointment or release of director.
Banks should display a list of directors in the website and update it on a regular basis.
4. RESPONSIBILITIES OF THE BOARD OF DIRECTORS
4.1 Responsibilities and Authorities of the Board of Directors:
To ensure good governance in the bank management it is essential to have specific
demarcation of responsibilities and authorities among controlling bodies over bank affairs. In
the Bank Company Act, 1991 (amended upto 2013) the newly included Section 15(kha) & (ga)
give responsibility to the board of directors for establishing policies for the bank company,
for risk management, internal controls, internal audit and compliance and for ensuring their
implementation.
(a) Work-planning and strategic Management:
i) The board Shall determine the objectives and goals and to this end shall chalk out strategies
and work-plans on annual basis. It shall specially engage itself in the affairs of making strategies
consistent with the determined objectives and goals and in the issues relating to structural
Complied
change and reorganization for enhancement of institutional efficiency and other relevant policy
matters. It shall analyze/monitor at quarterly rests the development of implementation of the
work-plans.
ii) The board shall have its analytical review incorporated in the Annual Report as regard the
success/failure in achieving the business and other targets as set out in its annual work-plan and
shall apprise the shareholders of its opinions/recommendations on future plans and strategies.
It shall set the Key Performance Indicators (KPIs) for the CEO and other senior executives and
have it evaluated at times.
(b) Credit and risk management:
Annual Report 2022

(i) The policies, strategies, procedures etc. in respect of appraisal of loan/investment proposal,
sanction, disbursement, recovery, reschedule and write-off thereof shall be made with the
board’s approval under the purview of the existing laws, rules and regulations. The board shall
specifically distribute the power of sanction of loan/investment and such distribution should
desirably be made among the CEO and his subordinate executives as much as possible. No
director, however, shall interfere, direct or indirect, into the process of loan approval.
Complied
(ii) The board shall frame policies for risk management and get them complied with and
shall monitor the compliance at quarterly rests and review the concerned report of the risk
management team and shall compile in the minutes of the board meeting. The board shall
monitor the compliance of the guidelines of Bangladesh Bank regarding key risk management.
(c) Internal control management:
The board shall be vigilant on the internal control system of the bank in order to attain and
maintain satisfactory qualitative standard of its loan/investment portfolio. The board will
establish such an internal control system so that the internal audit process can be conducted
Complied
independently from the management. It shall review the reports submitted by its audit
committee at quarterly rests regarding compliance of recommendations made in internal and
external audit reports and the Bangladesh Bank inspection reports.
(d) Human resources management and development:
(i) Policies relating to recruitment, promotion, transfer, disciplinary and punitive measures,
human resources development etc. and service rules shall be framed and approved by the board.
The chairman or the directors shall in no way involve themselves or interfere into or influence
over any administrative affairs including recruitment, promotion, transfer and disciplinary
measures as executed under the set service rules. No member of the board of directors shall
be included in the selection committees for recruitment and promotion to different levels.
Recruitment, promotion, transfer & punishment of the officers immediate two tiers below the
CEO shall, however, rest upon the board. Such recruitment and promotion shall have to be
carried out complying with the service rules i.e., policies for recruitment and promotion. Complied
(ii) The board shall focus its special attention to the development of skills of bank’s staff in
different fields of its business activities including prudent appraisal of loan/investment
proposals, and to the adoption of modern electronic and information technologies and the
introduction of effective Management Information System (MIS). The board shall get these
programs incorporated in its annual work plan.
(iii) The board will compose Code of Ethics for every tier and they will follow it properly. The
board will promote healthy code of conducts for developing a compliance culture.
(e) Financial Management:
(i) The annual budget and the statutory financial statements shall be finalized with the approval
of the board. It shall at quarterly rests review/monitor the positions in respect of bank’s income,
expenditure, liquidity, non-performing asset, capital base and adequacy, maintenance of loan
loss provision and steps taken for recovery of defaulted loans including legal measures.
(ii) The board shall frame the policies and procedures for bank’s purchase and procurement
activities and shall accordingly approve the distribution of power for making such expenditures.
Complied
The maximum possible delegation of such power of expenditures shall rest on the CEO and his
subordinates. The decision on matters relating to infrastructure development and purchase of
land, building, vehicles etc. for the purpose of bank’s business shall, however, be adopted with
the approval of the board
iii) The board will review whether an Asset-Liability Committee (ALCO) has been formed and it
is working according to Bangladesh Bank guidelines.
(f) Appointment of Chief Executive Officer (CEO):
In order to strengthen the financial base of the bank and obtain confidence of the depositors,
one of the major responsibilities of the board of directors is to appoint an honest, efficient, Complied
experienced and suitable CEO or Managing Director. The Board of directors will appoint a
suitable CEO with the approval of the Bangladesh Bank.
(g) Other responsibilities of the Board:
Complied
The board should follow and comply with the responsibilities assigned by Bangladesh Bank.
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229
4.2 Meetings of the Board of Directors: Complied. Usually
Board of Directors may meet once or more than once in a month upon necessity and shall meet NRBCBL holds one or
at least once in every three months. Excessive meetings are discouraged. two Board Meetings
in a month [Total 24
meeting held in 2022]
4.3 Responsibilities of the Chairman of the Board:
(a) As the chairman of the board of directors or chairman of any committee formed by the board
or any director does not personally possess the jurisdiction to apply policy making or executive
authority, he/she shall not participate in or interfere into the administrative or operational and
routine affairs of the bank.
(b) The chairman may conduct on-site inspection of any bank-branch or financing activities
under the purview of the oversight responsibilities of the board. He may call for any information
relating to bank’s operation or ask for investigation into any such affairs; he may submit such
Complied
information or investigation report to the meeting of the board or the executive committee and
if deemed necessary, with the approval of the board, he shall effect necessary action thereon in
accordance with the set rules through the CEO. However, any complaint against the CEO shall
have to be apprised to Bangladesh Bank through the board along with the statement of the CEO
(c) The chairman may be offered an office-room, a personal secretary/assistant, one peon/
MLSS, one telephone at the office, one mobile phone to use inside the country and a vehicle in
the business-interest of the bank subject to the approval of the board.
5. FORMATION OF COMMITTEES FROM THE BOARD OF DIRECTORS: Complied : Details
Each bank company can form 1(one) executive committee, 1(one) audit committee and 1(one) mentioned in Report on
risk management committee with the directors. Board can’t form any other permanent, Corporate Governance
temporary or sub- committee except the above mentioned three committees. (CG) -2022 (Detail
report of CG before this
check list)
5.1 Executive committee
Executive Committee (EC): Executive committee should be formed with the members of the
board to continue the urgent and daily or routine works between the intervals of two board Complied
meetings. Executive committee will perform according to their terms of reference determined
by the board of directors.
a) Organizational structure:
i. Members of the committee will be nominated by the board of directors from themselves;
ii. The executive committee will comprise of maximum 07 (seven) members;
Complied
iii. Members may be appointed for a 03 (three)-year term of office;
iv. Chairman of the Board of Directors can be the chairman of executive committee;
v. Company secretary of the bank will be the secretary of the executive committee.
b) Qualifications of the Members:
i. Integrity, dedication, and opportunity to spare time in the functions of committee will have to
be considered while nominating a director to the committee;
ii. Each member should be capable of making valuable and effective contributions in the Complied
functioning of the committee;
iii. To perform his or her role effectively each committee member should have adequate
understanding of the detailed responsibilities of the committee membership as well as the
bank’s business, operations and its risks.
c) Roles and Responsibilities of the Executive Committee:
i. The executive committee can decide or can act in those cases as instructed by the Board of
directors that are not specifically assigned on full board through the Bank Company Act, 1991
and other laws and regulations. Complied
ii. The executive committee can take all necessary decision or can approve cases within power
delegated by the board of directors.
iii. All decisions taken in the executive committee should be ratified in the next board meeting.
Annual Report 2022

d) Meetings:
i. The executive committee can sit any time as it may deem fit.
ii. The committee may invite Chief Executive Officer, Head of internal audit or any other Officer
to its meetings, if it deems necessary; Complied
iii. To ensure active participation and contribution by the members, a detailed memorandum
should be distributed to committee members well in advance before each meeting;
iv. All decisions/observations of the committee should be noted in minutes.
5.2 Audit Committee:
The board will approve the objectives, strategies and overall business plans of the bank and the
audit committee will assist the board in fulfilling its oversight responsibilities. The committee
Complied
will review the financial reporting process, the system of internal control and management of
financial risks, the audit process, and the bank’s process for monitoring compliance with laws
and regulations and its own code of business conduct.
a) Organizational structure:
i. Members of the committee will be nominated by the board of directors from the directors;
ii. The audit committee will comprise of maximum 05 (five) members, with minimum 2(two)
independent directors; Complied
iii. Audit committee will comprise with directors who are not executive committee members;
iv. Members may be appointed for a 03 (three) year term of office;
v. Company secretary of the bank will be the secretary of the audit committee.
b) Qualifications of the Member:
i. Integrity, dedication, and opportunity to spare time in the functions of committee will have to
be considered while nominating a director to the committee ;
ii. Each member should be capable of making valuable and effective contributions in the
functioning of the committee
iii. To perform his or her role effectively each committee member should have adequate Complied
iv. Professionally Experienced persons in banking/financial institutions specially having
educational qualification in Finance, Banking, Management, Economics, Accounting will get
preference in forming the committee.
c) Roles and Responsibilities of the Audit Committee:
i) Internal Control:
1. Evaluate whether management is setting the appropriate compliance culture by communicating
the importance of internal control and the management of risk and ensuring that all employees
have clear understanding of their roles and responsibilities;
2. Review management’s actions in building computerization of the bank and its applications
and bank’s Management Information System (MIS);
Complied
3. Consider whether internal control strategies recommended by internal and external auditors
have been implemented by the management;
4. Consider reports relating to fraud, forgery, deficiencies in internal control or other similar
issues detected by internal and external auditors and inspectors of the regulatory authority and
place it before the board after reviewing whether necessary corrective measures have been
taken by the management.
(ii) Financial Reporting:
1. Audit committee will check whether the financial statements reflect the complete and concrete
information and determine whether the statements are prepared according to existing rules &
regulations and standards enforced in the country and as per relevant prescribed accounting Complied
standards set by Bangladesh Bank;
2. Discuss with management and the external auditors to review the financial statements before
its finalization.
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231
(iii) Internal Audit:
1. Audit committee will monitor whether internal audit working independently from the
management.
2. Review the activities of the internal audit and the organizational structure and ensure that no
Complied
unjustified restriction or limitation hinders the internal audit process;
3. Examine the efficiency and effectiveness of internal audit function;
4. Examine whether the findings and recommendations made by the internal auditors are duly
considered by the management or not.
(iv) External Audit:
1. Review the performance of the external auditors and their audit reports;
2. Examine whether the findings and recommendations made by the external auditors are duly Complied
considered by the management or not.
3. Make recommendations to the board regarding the appointment of the external auditors.
(v) Compliance with existing laws and Regulations:
Review whether the laws and regulations framed by the regulatory authorities (central bank and Complied
other Bodies) and internal regulations approved by the board are being complied with.
(vi) Other Responsibilities:
1. Submit compliance report to the board on quarterly basis on regularization of the omission,
fraud and forgeries and other irregularities detected by the internal and external auditors and
inspectors of regulatory authorities;
Complied
2. External and internal auditors will submit their related assessment report, if the committee
solicit;
3. Perform other oversight functions as desired by the Board of Directors and evaluate the
committee’s own performance on a regular basis.
d) Meetings:
1. The audit committee should hold at least 4 meetings in a year and it can sit any time as it may
deems fit;
2. The committee may invite Chief Executive Officer, Head of internal audit or any other Officer Complied
to its meetings, if it deems necessary;
3. To ensure active participation and contribution by the members, a detailed memorandum
4. All decisions/observations of the committee should be noted in minutes.
5.3 Risk Management Committee:
To play an effective role in mitigating impending risks arising out from strategies and policies
formulated by the Board and to carry out the responsibilities efficiently, a risk management
committee will be formed. After identifying and assessing several risk factors like credit
risks, foreign exchange risks, internal control and compliance risks, money laundering risks, Complied
information and communication risks, management risks, interest risks, liquidity risks etc.; the
risk management committee will scrutinize whether appropriate risk management measures are
being put in place and applied and whether adequate capital and provision is being maintained
against the risks identified.
a) Organizational Structure:
1. Members of the committee will be nominated by the board of directors from themselves;
2. The Risk Management Committee will comprise of maximum 05 (five) members; Complied
3. Members may be appointed for a 03 (three) year term of office;
4. Company secretary of the bank will be the secretary of the Risk Management Committee.
b) Qualifications of the Member:
1. Integrity, dedication, and opportunity to spare time in the functions of committee will have to
be considered while nominating a director to the committee;
2. Each member should be capable of making valuable and effective contributions in the Complied
functioning of the committee;
3. To perform his or her role effectively each committee member should have adequate
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c) Roles and Responsibilities of the Risk Management Committee:
i) Risk identification & control policy :
Formulation and implementation of appropriate strategies for risk assessment and its control
is the responsibility of Risk Management Committee. Risk Management Committee will monitor Complied
risk management policies &methods and amend it if necessary. The committee will review the
risk management process to ensure effective prevention and control measures.
ii) Construction of organizational structure:
The responsibility of Risk Management Committee is to ensure an adequate organizational
structure for managing risk within the bank. The Risk Management Committee will supervise
formation of separate management level committees and monitor their activities for the Complied
compliance of instructions of lending risk, foreign exchange transaction risk, internal control &
compliance risk, money laundering risk, information & communication risk including other risk
related guidelines.
iii) Analysis and approval of Risk Management policy:
Risk management policies & guidelines of the bank should be reviewed annually by the
committee. The committee will propose amendments if necessary and send it to the Board of Complied
Directors for their approval. Besides, other limits including lending limit should be reviewed at
least once annually and should be amended, if necessary.
iv) Storage of data & Reporting system:
Adequate record keeping & reporting system developed by the bank management will be
approved by the risk management committee. The committee will ensure proper use of the Complied
system. The committee will minute its proposal, suggestions & summary in a specific format &
inform the Board of Directors.
v) Monitoring the implementation of overall Risk Management Policy:
Risk Management Committee will monitor proper implementation of overall risk management Complied
policies. They will monitor whether proper steps have been taken to mitigate all risks including
lending risk, market risk, and management risk.
vi) Other responsibilities:
1. Committee’s decision and suggestions should be submitted to the Board of Directors quarterly
in short form;
Complied
2. Comply instructions issued time to time by the controlling Body;
3. Internal & external auditor will submit respective evaluation report whenever required by the
committee.
d) Meetings:
1. The risk management committee should hold at least 4 meetings in a year and it can sit any
time as it may deem fit;
2. The committee may invite Chief Executive Officer, Chief Risk Officer and any other Officer to
Complied
its meetings, if it deems necessary;
3. To ensure active participation and contribution by the members, a detailed memorandum
4. All decisions/observations of the committee should be noted in minutes.
6 Training of the Directors:
The directors shall make themselves fully aware of the banking laws and other related rules and Complied
regulations for performing his duties properly.
7 Intimation of the Circular to the Board and related persons by CEO:
Complied
The CEO will inform about this Circular to the directors and other related persons.
2. Appointment and responsibilities of Chief Executive Officer (CEO)
A Rules and regulations for appointment of the CEO
1. Moral Integrity: In case of appointment to the post of CEO, satisfaction in respect of the
concerned person should be ensured to the effects that:
a) He has not been convicted by any Criminal Court of Law
b) He has not been punished for violating any rules, regulations or procedures/ norms set by Complied
any regulatory authority.
c) He was not associated with any such company/organization; registration or license of which
has been cancelled.
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233
2. Experience and Suitability:
a) For appointment as a CEO, the concerned person must have experience in banking profession
for at least 15 (fifteen) years as an active officer and at least 02 (two) years experience in a post
immediate below the CEO of a bank
b) He must have a Master’s degree at minimum from any recognized university. Higher academic
education in the field of Economics, Banking and Finance or Business Administration will be
treated as additional qualification for the concerned person. Complied
c) In respect of service, the concerned person should have excellent track record of performance.
d) Satisfaction should be ensured that the concerned person was not dismissed from service
when he was chairman/director/official of any company
e) Any director of any bank or financial institution or any person who has business interest in
the concerned bank will not be eligible for appointment to the post of the CEO
3. Transparency and financial integrity: Before making appointment as a CEO, satisfaction
should be ensured to the effects that:
a. The concerned person was not involved in any illegal activity while performing duties in his
own or banking profession
b. He has not deferred payment to creditors or has not compromised with his creditors to be Complied
relieved from debts or he is not a loan defaulter
c. He is not a tax defaulter
d. He has never been adjudicated a bankrupt by the Court.
4. Age Limit: No person crossing the age of 65 years shall hold the post of CEO of a bank.
5. Tenure: The tenure of the CEO shall not be more than 03 (three) years, which is renewable.
If the candidate has less than 3 years left to attain 65 years, he/she can be appointed for that Complied
shorter period
6. Guidelines in fixing the salary and allowances: Banks are required to follow the guidelines
stated below while determining the salary and allowances of the CEO and submitting such
proposal to Bangladesh Bank:
a. In fixing the salary and allowances of the CEO, financial condition, scope of operation,
business-volume and earning capacity of the bank; qualifications, achievement of the candidate
in the past, age and experience and the remuneration paid to the persons occupying same
position in the peer banks shall have to be taken into consideration.
b. Total salary shall be comprised of direct salary covering ‘Basic Salary’ and ‘House Rent’ and
allowances as ‘Others’. The allowances (e.g., provident fund, utility bill, leave-fare assistance) in
‘Others’ head should be specified in amount/ceiling. Besides, other facilities (e.g., car, fuel, driver
etc.), as far as possible, shall have to be converted in the monetary value and thus determining
monthly total salary, it shall have to be mentioned in the proposal submitted to Bangladesh
Bank. In the proposal, Basic Salary, House Rent, Festival Allowance, other allowances and other
facilities shall have to be specified in Taka amount
b. Total salary shall be comprised of direct salary covering ‘Basic Salary’ and ‘House Rent’ and
allowances as ‘Others’. The allowances (e.g., provident fund, utility bill, leave-fare assistance) in
‘Others’ head should be specified in amount/ceiling. Besides, other facilities (e.g., car, fuel, driver Complied
etc.), as far as possible, shall have to be converted in the monetary value and thus determining
monthly total salary, it shall have to be mentioned in the proposal submitted to Bangladesh
Bank. In the proposal, Basic Salary, House Rent, Festival Allowance, other allowances and other
facilities shall have to be specified in Taka amount
d. Terms of salary-allowances and other facilities as specified in the terms and conditions of
appointment cannot be changed during the tenure. In case of renewal, proposal may be made
for re-fixation of the salary considering the work performance of the current CEO.
e. The CEO so appointed shall not get any other direct or indirect facilities (e.g., dividend,
commission, club expense, etc.) other than the salary-allowances and other facilities as
enumerated in clause (b) above
f. The bank shall not pay any income tax for the CEO, i.e., the CEO so appointed shall have to
pay it.
7. Incentive Bonus: The CEO will get incentive bonus subject to paying incentive bonus to
all executives/officers/workers of the bank and the said bonus amount will not exceed BDT Complied
1,000,000 in a year
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8. Honorarium for attending the Board Meeting: Being a salaried executive, CEO will not get any
Complied
honorarium for attending the Board meeting or Board formed Committee meeting.
9. Evaluation Report: For reappointment of the CEO, the Chairman of the bank shall have to N/A [Managing
submit a Board approved evaluation report to Bangladesh Bank. Director & CEO is
continue his first time
appointment]
10. Prior Approval from Bangladesh Bank: Prior approval from Bangladesh Bank is mandatory
before appointing CEO as per section 15(4) & (5) of Bank Company Act 1991 (amended up to
2018). For processing such approval, along with the proposal signed by the Chairman of the
Board, the selected person’s complete resume, offer letter (mentioning the direct & indirect Complied
remuneration and facilities) and copy of Board’s approval must be submitted to Bangladesh
Bank. The selected person must also submit declarations as per Annexure Ka& Annexure Kha
to Bangladesh Bank.
11. Decision of Bangladesh Bank is final: The decision of Bangladesh Bank regarding appointment
of the CEO will be treated as final and such appointed CEO cannot be dismissed, released or Complied
removed from his/her office without prior approval from Bangladesh Bank.
B Responsibilities and Authorities of the CEO: The CEO of the bank, whatever name called,
shall discharge the responsibilities and exercise the authorities as follows:
a. In terms of the financial, business and administrative authorities vested upon him by the Board,
the CEO shall discharge his own responsibilities. He shall remain accountable for achievement
Complied
of financial and other business targets by means of business plan, efficient implementation
thereof and prudent administrative and financial management.
b. The CEO shall ensure compliance of the Bank Company Act 1991 and other relevant laws and
Complied
regulations in discharging of routine functions of the bank.
c. The CEO shall include clearly any violation from Bank Company Act 1991 and/or other
relevant laws and regulations in the “Memo” presented to the meeting of the Board or any other Complied
Committee (s) engaged by the Board.
d. The CEO shall report to Bangladesh Bank of issues in violation of the Bank Company Act 1991
Complied
or of other laws/regulations.
e. The recruitment and promotion of all staffs of the bank except those in the two tiers below
him/her shall rest on the CEO. He/she shall act in such cases in accordance with the approved
Complied
service rules on the basis of the human resources policy and approved delegation of employees
as approved by the Board.
f. The authority relating to transfer of and disciplinary measures against the staff, except
those at two tiers below the CEO, shall rest on him/her, which he/she shall apply in accordance
Complied
with the approved service rules. Besides, under the purview of the human resources policy as
approved by the Board, he/she shall nominate officers for training etc.
3 Contractual appointment of Advisor and Consultant
A Rules and regulations for appointment of an Advisor
1. Experience and Suitability: For appointment as advisor, the concerned person will have to
fulfill the following requirements with regard to experience and qualifications:
a. Experience in Banking or Administration for at least 15 (fifteen) years or have a long experience
in social activities.
b. Higher academic education in the field of Economics, Banking and Finance or Business
Administration will be treated as additional qualification for the concerned person. N/A [No such advisor
c. Satisfaction should be ensured that the concerned person was not dismissed from his service appointed by Bank]
when he was Chairman/ Director/ Executive of any company.
d. The person who is working in any bank or financial institution or who has business interest in
that bank will not be eligible for appointment to the post of Advisor.
e. Satisfaction should be ensured that the concerned person is not a loan defaulter or tax
defaulter and has never been adjudicated a bankrupt by the Court.
2. Responsibilities of the Advisor: The roles and responsibilities of the Advisor should be defined
specifically. The Advisor can advise the Board of Directors or CEO only on those matters
specified in the appointment letter. The routine and general activities of the bank will not be N/A [No such advisor
included in his terms of reference. He will not be entitled to exercise any power or involved appointed by Bank]
himself in the decision making process of financial, administrative, operations or other activities
of the bank.
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235
3. Prior approval from Bangladesh Bank: Prior approval from Bangladesh Bank is mandatory
before appointing an Advisor. For such appointment, the justifications of the post of advisor,
responsibilities or terms of reference, complete resume of the concerned person, terms of N/A [No such advisor
appointment (mentioning remuneration and facilities) and copy of Board’s approval shall appointed by Bank]
be submitted to Bangladesh Bank. The nominated person has to make a declaration as per
Annexure A. This declaration shall also be submitted to Bangladesh Bank.
4. Remuneration and other facilities of Advisor: The post of Advisor is not a fixed or substantive
post in the bank’s organization structure. Advisor will not be entitled to salaries and allowances
N/A [No such advisor
as regular employee except gross amount of remuneration, transport and telephone facilities.
appointed by Bank]
Remunerations inconsistent with the terms of reference of the advisor will not be considered as
acceptable to Bangladesh Bank.
5. Tenure of Advisor: The tenure of the Advisor shall be maximum 01(one) year, which is
N/A [No such advisor
renewable. An evaluation report (by the Chairman that is approved by the Board) of previous
appointed by Bank]
tenure should be submitted to Bangladesh Bank along with the re-appointment proposal.
6. Appointment of Ex-officials: For ensuring good governance, any former Director, CEO or Complied [Ex.
any other Executive of the bank will not be eligible to become an Advisor in the same bank Managing Director was
immediately after their retirement or resignation. However, after one year from such retirement not pointed as advisor
or resignation, he/she will be eligible for appointment as Advisor who retire from service
on March 31, 2021
B Rules and regulations for appointment of a Consultant
1. Terms of reference of Consultant: Consultant can be appointed for specialized tasks like
N/A [No such
tax, law and legal procedures, engineering and technical works, information technology, etc.
consultant appointed
Consultants’ appointment should be avoided as much as possible for those works that could be
by Bank]
done by regular employees of the bank.
2. Responsibilities of a Consultant: The responsibilities or terms of reference of a Consultant
N/A [No such
should be specified. He/she should not be involved in any activities beyond his/her terms of
references and he/she cannot exercise any kind of power in bank operation or cannot participate
by Bank]
in the decision making process.
3. Appointment of a Consultant: A Consultant can be appointed with the approval of the Board. N/A [No such
After Such appointment the bank shall send the Consultant’s complete resume, terms of consultant appointed
reference and details of remuneration to Bangladesh Bank immediately. by Bank]
4. Tenure of a Consultant: The tenure of a Consultant should be consistent with the terms of
reference, but would not exceed 02 (two) years. Generally the Consultant will not be eligible
N/A[No such
for re-appointment. But to complete the unfinished tasks, his contract may be extended for
maximum period of 01 (one) year with the approval of Bangladesh Bank. The Chairman of the
by Bank]
bank upon approval of the Board shall have to submit the extension proposal to Bangladesh
Bank with the evaluation report of his previous tenure.
5. Remuneration/Honorarium of a Consultant: The Consultant’s remuneration should be in the N/A [No such
form of monthly or single lump-sum payment and he is not entitled to any other facilities consultant appointed
by Bank]
6. Appointment of Ex-officials: For ensuring good governance, any former Director, CEO or any Complied [Ex.
other Executive of the bank will not be eligible for appointment as a Consultant in the same bank Managing Director
immediately after their retirement or resignation. However, after one year from such retirement was not pointed as
or resignation, he/ she will be eligible for appointment as a Consultant. consultant who retire
from service on March
31, 2021]
Annual Report 2022

CEO & CFO’S Declaration
To The Board
April 30, 2023
The Board of Directors

114, Motijheel C/A, Dhaka-1000
Sub: Declaration on Financial Statements for the Year Ended on December 31, 2022
Dear Sirs,
Pursuant to the condition No. 1(5)(xxvi) imposed vide the Commission’s Notification No. BSEC/CMRRCD/2006-158/207/Admin/80
dated June 3, 2018 under section 2CC of the Securities and Exchange Ordinance, 1969, we do hereby declare that:
1. The Financial Statements of NRB Commercial Bank Limited for the year ended on December 31, 2022, have been prepared
incompliance with International Accounting Standards (IAS) or International Financial Reporting Standards (IFRS), as applicable
in the Bangladesh and any departure there from has been adequately disclosed;
2. The estimates and judgments related to the financial statements were made on a prudent and reasonable basis, in order for the
financial statements to reveal a true and fair view;
3. The form and substance of transactions and the Company’s state of affairs have been reasonably and fairly presented in its
financial statements;
4. To ensure above, the Company has taken proper and adequate care in installing a system of internal control and maintenance
of accounting records;
5. Our internal auditors have conducted periodic audits to provide reasonable assurance that the established policies and
procedures of the Company were consistently followed; and
6. The management’s use of the going concerns basis of accounting in preparing the financial statements is appropriate and
there exists no material uncertainty related to events or conditions that may cast significant doubt on the Company’s ability to
continue as a going concern.
In this regard, we also certify that:
(i) We have reviewed the financial statements for the year ended on December 31, 2022, and that to the best of our knowledge and
belief:
(a) these statements do not contain any materially untrue statement or omit any material fact or contain statements that might
be misleading;
(b) these statements collectively present true and fair view of the Company’s affairs and are in compliance with existing
accounting standards and applicable laws.
(ii) There are, to the best of knowledge and belief, no transactions entered into by the Company during the year which are
fraudulent, illegal or in violation of the code of conduct for the company’s Board of Directors or its members.
Harunur Rashid Golam Awlia

Chief Financial Officer Managing Director & CEO
Annual Report 2022

237
From The Desk Of
Chief Financial Officer (CFO)
A Decade of Reaching Milestones and Building Trust along the Way

Walking down a path begins with a desire to go somewhere. It is an integral part of the circle of life – to move forward with a purpose
that would eventually lead to actualization of the dreams of fulfilling societal obligations for betterment of the people around us. We
are ecstatic to be discharging this responsibility of creating meaningful and purposeful fulfilling lives for ourselves and how that would
make an impact and a difference in the lives of others. Once that is accomplished – we can say that we have reached a point of true
success. For the past decade, it has been one of the prime goals of NRBC Bank to contribute to the development of the society and
the nation as a whole.
I am truly grateful for getting this opportunity to be able to work in line with the development goals of our beloved institution and work
to ensure the financial freedom with a view to developing livelihoods of our rural areas, where I have personally grown up with. There
are countless contributions of those people in my life from early childhood to here now. Throughout my life, when I have my breakfast
or being suited-booted, there were such immeasurable contribution of those marginalized people. We have debt to the marginalized
people, whose contribution makes us successful.
To actualize the dreams of millions like myself, NRBC Bank embarked on a journey back in 2013 to stand beside the marginalized
people and honor those who are turning the wheels of the economy. Thus, we aim to be a driving force in the development of our rural
area. We have branched out across the country on our path toward prosperity together as one.
Creating a strong business and building a better world
Creating a strong business and building a better world are not conflicting goals-both are essential ingredients for long-term success.
The motto of NRBC Bank for marching towards success induced the sustainable development of the society as we introduced special-
ized banking activities of micro-credit to better prepare marginalized communities for fourth industrial revolution accessing financial
and technological ecosystems to end poverty and discrimination.
NRBC Bank: Financial Overview 2022
While global economy was recovering strongly from the COVID-19 pandemic, the war in Ukraine posed a setback to the ongoing re-
covery. The global economy is facing significant challenges with price hike in energy, food and all other costs, currency depreciation
against US Dollar etc. Against this backdrop NRBC Bank continued its solid efforts to achieve sustainable growth and passed another
year of consolidation and compliance.
Loans and Advances/ Investment
Loans and advance/Investments are the most substantial earning source of bank due to role of intermidiary. Bank’s Success is con-
tingent upon the success of revenue generating ability of its loans & advance/investments. Bank’s profitability depends on the asset
quality, or on revenue generating ability. Loans and Advance/ Investments of Bank increased since inception of its operation in 2013
and stood at BDT 136,174.05 million, which is 29.82% more than the preceding year. The Bank is focused on diversifying its portfolio
and concentrating on SME sector and achieved the target of SME, Women Entrepreneur Loan and Agricultural loan set by Bangladesh
Bank. The Bank approved loan application on the basis of its merit, credit worthiness, security market reputation etc. This Prudential
credit management team helps the bank to build a healthy assets portfolio and to attain quality growth.
Annual Report 2022

Loans & Advance/Investment Growth sulting from foreign currency crisis, increase of Non-performing
loan, increasing pressure on maintaining provision and minimum
160,000 0.45 capital requirement, sluggish credit growth, increasing trade
40.17%
140,000 0.4 based money laundering, increase in different financial scams
etc.
0.35
120,000 29.82%
28.88% For sustainable growth in business earning genuine profit is man-
0.3
100,000 datory. Profit gives life to the organization to continue it busi-
136,174
0.25 ness. At present, banking sector are in a challenge of shrinking
104,898
20.67%
80,000 profit gradually in terms of ROA (Return on Asset) and ROE (Re-
0.2
60,000 turn on equity). Increasing NPL and decreasing growth of credit
74,836
0.15 are the main reasons. NPL not only hindrance in generating earn-
62,015
40,000 0.1
ing but also it eats overall profit as bank has to maintain provision
48,152
and charge capital for NPL. It also deteriorates the asset quality
20,000 0.05 hence affecting in ROA. The interest rate cap is a barrier for the
0.00 0 banks to breathe smoothly to fight against challenges.
2018 2019 2020 2021 2022
From its inception, NRBC Bank is showing extraordinary per-
Total Loans & Advance Growth formance in terms of profit generation in the last couple of year
Deposits Mobilization through our network except this year due to deferral facilities by regulator, however,
it was impressive despite of local and global crises. Thanks to
Deposit & Growth interest income which increased by 41.45% in 2022 compared to
2021 and in last 5 years of it average increased by 92.68%. Overall
180,000.00
operating income increased by 112.12% in last 5 years.
160,000.00 32.86% 0.35
30.75% 29.31% Operating Profit
140,000.00 32.63% 0.3
161,149.66
120,000.00
124,626.36
0.25
100,000.00
0.2
4,039
80,000.00
95,311.13
4,054
0.15
71,857.90
60,000.00
0.1 3,068
54,085.64
40,000.00
2,587
20,000.00 0.05
1,904
0.00 0
2018 2019 2020 2021 2022
Deposit mobilization Total Deposit

is the process Growth
of mobilizing funds by 2018 2019 2020 2021 2022
financial institutions from the surplus units to the deficit units
to create better opportunities for productive investment. Bank Business Budget Achievement
retains the deposit of its customer as custodian. But truly Deposit Loans
speaking, it is the lifeblood of banking business and as such Bank
accepts/procures deposits in two broad categories- Demand
Actual: 161,149 98% 98% Actual: 136,174
Budget: 164,000 Budget: 139,200
Deposit and Time Deposit. Deposit growth in the country’s
banking sector was 5.66 per cent in 2022, which is much lower Export Import
than that in recent years as people were struggling with various Actual: 33,735
Budget: 40,000
84% 66% Actual: 36,028
Budget: 55,000
issues including rising inflation, economic crisis, low interest rate
and irregularities. Despite of nation crises, Total deposit and
Remittance Operating Profit
number of Account Increased by 29.31 percent and 47.36 percent
respectively over that of preceding year. Deposit and Number of
Actual: 13,329
Budget: 36,400
37% 81% Actual: 4,039
Budget: 5,000
Deposit Account Increased significantly because of expansion of
network, and mobilization deposit from individual savers instead
Budget plays an important role to specify the position to be
of corporate savers.
reached by a stipulated time period. We have prepared our
Financial performance highlights of NRBC Bank business budgets for helping us to achieve our ultimate goal.
We have prepared our budget with the participation of both
The year 2022 has been ended with so many economic and finan-
branches and head office. The banking business was seriously
cial crises that leave the economy of Bangladesh in new challeng-
affected by Global uncertainties since 2020. Moreover, profit
es to rebound. The sum of all these crises hit the growth of the
rate cap on investment at maximum 9.00% and inflation adjusted
banking sector of Bangladesh and exhibit multifarious challenges
profit rate on deposits also put pressure on the profitability of
for the year 2023 like liquidity crisis, shrinking spread as such
the Bank. The important targets and their achievements of 2022
degradation of income, slowdown of export & import business re-
are shown below:
Annual Report 2022

239
Key performance indicators 2022
Due to Global crisis, NRBC Bank passed a year with median performance but the thrusts and all-out efforts from all the corner of the
bank to achieve exceptional results was praiseworthy.
Some of the key performance indicators are presented:
• Accelerate growth in loans and advances/investment

2021 2022 under shahraih with a focus on each area of financing
keeping good quality of assets and, at the sametime,
15,418 Million Revenu 12,151 Million considering individual or business requirements along
with continuous exploring customized financing needs of
2.194 EPS 2.628 customers and step forward to meet their requirements.
• For risk diversification, we have been concentrating on
0.98% ROA 1.54% having relatively moderate growth in corporate business
while accelerating in SME/retail businesses as our
14.06% ROE 19.29% ultimate goal. For this purpose, during the last couple of
years, we have set our branch business targets in various
Key focus area segments such as Corporate, Export Finance, SME, retail,
Micro Finance, Islamic and agent banking where every branches performance are closely monitored against targets.
• By using the best, effective, secure & user friendly usage of IT; expand banking service & operation in every corner of Urban &
Rural area across the country. Through the finest & efficient usage of IT maintain business operation under a well-equipped,
structured, secured and a single IT Platform in full automated way. The technologies will not only ensure faster business
growth, but will also play a pivotal role in achieving cost efficiency. We are working on many new exciting opportunities to
improve customer experience and introduce new innovations.
• NRBC Bank invests significant time, money, and energy to cultivate and retain a strong workforce, with the aim of promoting
employee satisfaction, equity, and value creation. The organization is committed to provide equal opportunities for career
advancement, embracing diversity, and fostering a positive work environment that instills a sense of pride and respect among
its employees.
Outlook and major priorities
• Ensuring Adequate Liquidity and regulatory Capital
• Priority on fundamental financing for attaining credit growth
• Cross selling of different products to exiting/ new customers & collect more deposit from the market
• Booking of new business clients and mobilizing CASA deposits
• Securing Cybersecurity
• Increasing Digital Presence
• Enhancing Customer Relations
• Minimizing Operational Inefficiencies
• Moderate cost-to-income ratio
• Cautiously grow Corporate Portfolio
• Assure risk and compliance governance
• Optimise shareholder returns
To conclude, I would like to echo the words of the great Albert Einstein – “Not everything that counts can be counted and not everything
that’s counted truly counts.” While our Bank has certainly developed by leaps and bounds and reached multiple milestones through
this process over the decade of its journey, it is not always important to show what we have achieved in the last decade statistically,
but what is more important is that we have managed to achieve trust of our customers nationwide – which is immeasurable.
Harunur Rashid
Chief Financial Officer
Annual Report 2022

Annual Report 2022
241
Annual Report 2022
INDEPENDENT AUDITORS’
REPORT
Annual Report 2022

243
Independent Auditor’s Report
to the Shareholders of NRB Commercial Bank Limited
Report on the Audit of the Consolidated and Separate Financial Statements
Opinion standards are further described in the Auditors’ Responsibilities for
We have audited the consolidated financial statements of NRB the Audit of the Consolidated and Separate Financial Statements
Commercial Bank Limited and its subsidiaries (the “Group”) as section of our report. We are independent of the Group and the
well as the separate financial statements of NRB Commercial Bank in accordance with the International Ethics Standards Board
Bank Limited (the “Bank”), which comprise the consolidated for Accountants’ Code of Ethics for Professional Accountants
and separate Balance Sheets as at 31 December 2022, and (IESBA Code), Bangladesh Securities and Exchange Commission
consolidated and separate Profit and Loss Accounts, consolidated (BSEC), and Bangladesh Bank, and we have fulfilled our other
and separate statement of Changes in Equity, and consolidated ethical responsibilities in accordance with the IESBA Code and the
and separate Cash Flow Statements for the year then ended, Institute of Chartered Accountants of Bangladesh (ICAB) Byelaws.
and notes to consolidated and separate financial statements, We believe that the audit evidence we have obtained is sufficient and
including a summary of significant accounting policies. appropriate to provide a basis for our opinion.
In our opinion, the accompanying consolidated financial Key Audit Matters
statements of the Group and separate financial statements of Key audit matters are those matters that, in our professional
the Bank (the “financial statements”) give a true and fair view judgment, were of most significance in the audit of the financial
of the consolidated balance sheet of the Group and the separate statements for the financial year 2022. These matters were
balance sheet of the Bank as at 31 December 2022, and of its addressed in the context of the audit of the financial statements,
consolidated and separate profit and loss accounts, consolidated and in forming the auditor’s opinion thereon, and we do not
and separate statement of changes in equity and its consolidated provide a separate opinion on these matters. For each matter
and separate cash flow statement for the year ended in accor- described below our description of how our audit addressed the
dance with International Financial Reporting Standards (IFRSs) matter is provided in that context.
as explained in note #2 and comply with the Bank Companies We have fulfilled the responsibilities described in the auditor’s
Act, 1991 (as amended up to date), the Companies Act, 1994, the responsibilities for the audit of the financial statements
rules and regulations issued by the Bangladesh Bank, the rules section of our report, including in relation to these matters.
and regulations issued by the Bangladesh Securities & Exchange Accordingly, our audit included the performance of procedures
Commission (BSEC) and other applicable laws and regulations. designed to respond to our assessment of the risks of material
misstatements of the financial statements. These results of our
Basis for Opinion
audit procedures, including the procedures performed to address
We conducted our audit in accordance with the International
the matters below, provide the basis for our audit opinion on the
Standards on Auditing (ISAs). Our responsibilities under those
accompanying financial statements.
1. Measurement of provision for Loans and Advances
See notes no. 7, 13.1, 13.2 & 13.3 to the financial statements.
The Key Audit Matter Our response to key audit matters
The process of estimating provision for loans and advances We tested the design and operating effectiveness of key controls
associated with credit risk is judgmental and complex. While focusing on the following:
estimating such provision certain judgmental factors need to be • Tested the credit monitoring and provisioning process.
considered including: • Identification of loss events, including early warning and
• Future business performance of the borrower. default warning indicators; and
• Key assumptions relating to the further business • Reviewed the adequacy of transfer of interests to the
performance of the borrower. Income account appropriate approvals in line with the
• The market value of the collateral; and Bangladesh Bank’s guideline.
• Ability to repossess collateral. Our substantive procedures in relation to the provision for loans
Furthermore, these provisions are processed automatically and advances portfolio comprised the following:
using the IT system of the Bank and following the instructions of • Reviewed the adequacy of the company’s general and
Bangladesh Bank (the central bank of Bangladesh) issued from specific provisions.
time to time. • Assessed the methodologies on which the provision
Due to the high level of judgment involved and using automatic amounts based, recalculated the provisions, and tested
process in estimating the provision for loans and advance, we the completeness and accuracy of the underlying
considered this to be a key audit matter. information.
An additional 1% Special General Provision COVID-19 has been • Finally assessed the appropriateness and presentation
maintained amounting to BDT 201.84 million (2021: BDT 416.57 of disclosures against relevant accounting standards
million) in line with the direction of the circular. and Bangladesh Bank guidelines; and
As per BRPD Circular Letter No-53 dated December 30, 2022, • Reviewed the grounds for recommendations for
the bank needs to keep 2% extra general provision for loans. approvals in cases of transfer of interests to the Income
account.
Annual Report 2022

Considering at the year-end, the Bank reported total loans
and advances of BDT 136,174.05 million (2021: BDT 104,898.31
million) and provision for loans and advances of BDT 4266.58
million (2021: BDT 3,792.79 million) as of 31 December 2022.
2. Valuation of Treasury Bill and Treasury Bond

See note no. 6 to the financial statements.
The classification and measurement of Treasury Bills and We assessed the processes and controls put in place by
Treasury Bonds require judgment and complex estimates. In the the Group to identify and confirm the existence of financial
absence of a quoted price in an active market, the fair value instruments.
of T-Bills and T-Bonds is determined using complex valuation We obtained an understanding, evaluated the design, and tested
techniques which may take into consideration direct or indirect the operating effectiveness of the key controls over the financial
unobservable market data and complex pricing models which instrument valuation processes, including controls over market
require an elevated level of judgment. data inputs into valuation models, model governance, and
valuation adjustments.
We tested a sample of the valuation models and the inputs
used in those models, using a variety of techniques, including
comparing inputs to available market data.
Finally, we have assessed the appropriateness and presentation
of disclosures against relevant accounting standards and
Bangladesh Bank guidelines.
3. Measurement of Deferred Tax Assets
See note no. 10.5 to the financial statements.
Deferred tax assets for deductible temporary differences that We obtained an understanding, evaluated the design, and
it believes are recoverable. The recoverability of recognized tested the operational effectiveness of the Group and Bank’s
deferred tax assets is in part dependent on the Bank’s ability key controls over the recognition and measurement of deferred
to generate future taxable profits sufficient to utilize deductible tax assets and the assumptions used in estimating the Group
temporary differences. and the Bank’s future taxable income.
We have determined this to be a key audit matter, significant We also assessed the completeness and accuracy of the data
judgment is required in relation to deferred tax assets as their used for the estimates of future taxable income.
recoverability is dependent on forecasts of future profitability We involved tax specialists to assess key assumptions, controls,
over a few years. recognition, and measurement of deferred tax assets.
The Bank has reported net deferred tax assets to a total of BDT Finally, we assessed the appropriateness and presentation of
990.37 million (2021: BDT 711.31 million) as of 31 December 2022. disclosures as per IAS 12 Income Tax.
4. Legal and Regulatory matters
We focused on legal and regulatory matters because the Group We obtained an understanding, evaluated the design, and tested
and the Bank operate in a legal and regulatory environment the operational effectiveness of the Group’s key controls over
that is exposed to significant litigation and similar risks arising the legal provision and contingencies process.
from disputes and regulatory proceedings. Such matters are We asked those charged with governance to obtain their view
subject to many uncertainties and the outcome may be difficult on the status of all significant litigation and regulatory matters.
to predict. We enquired of the Group’s internal legal counsel for all
These uncertainties inherently affect the amount and timing significant litigation and regulatory matters and inspected
of potential outflows with respect to the provisions which have internal notes and reports. We also received formal confirmations
been established and other contingent liabilities. from external counsels.
Overall, the legal provision represents the Bank’s best estimate We assessed the methodologies on which the provision
for existing legal matters that have a probable and estimable amounts are based, recalculated the provision, and tested the
impact on the Group’s financial position. completeness and accuracy of the underlying information.
We also assessed the Bank’s provisions and contingent liabilities
disclosure.
Annual Report 2022

245
5. IT Systems and Controls
Our audit procedures have a focus on IT systems and We tested the design and operating effectiveness of the Bank’s
controls due to the pervasive nature and complexity of the IT IT access controls over the information systems that are critical
environment, the large volumes of transactions processed in to financial reporting. We tested IT General Controls (Logical
numerous locations daily, and our reliance on automated and Access, Changes in management, and aspects of IT Operational
manual with automated (IT Dependent) controls. Controls). This included testing that requests for access to
We have focused on Data management, user access management, systems were appropriately reviewed and authorized.
and developer access to the production environment and We tested the Bank’s periodic review of access rights and
changes to the IT environment. Among others, these are key to reviewed requests of changes to systems for appropriate
ensuring the operating effectiveness of manual with automated approval and authorization.
control and automated controls. We performed the Tests of IT General Controls to evaluate the
We also concentrated on formal security administration policies Application Development and Database, Hosting Platforms, and
and procedures to determine whether they are approved, segregation of incompatible duties relevant to application and
comprehensive, up-to-date, and bank-wide communicated. database change management.
6. Recognition of interest income from loans and advances
See note no. 20.
Recognition of interest income has a significant and wide We tested the design and operating effectiveness of key
influence on financial statements. controls over recognition and measurement of interest on loans
Recognition and measurement of interest income is involved in and advances.
complex IT systems. We performed a test of operating effectiveness on automated
We identify recognition of interest income from loans and control in place to measure and recognize interest income.
advances as a key audit matter because this is one of the key We have also performed a substantive procedure to check
performance indicators of the Bank and therefore there is an whether interest income is recognized completely and
inherent risk of fraud and error in recognition of interest by accurately.
management to meet specific targets or expectations. We assessed the appropriateness and presentation of disclosure
against relevant accounting standards and Bangladesh Bank
guidelines.
Other Information Regulations issued by the Bangladesh Bank, the Rules and
Regulations issued by the Bangladesh Securities & Exchange
Management is responsible for the other information. The other
Commission (BSEC) and other applicable Laws and Regulations
information comprises all the information in the annual report
and for such internal control as management determines is
other than the financial statements and our auditor’s report
necessary to enable the preparation of financial statements that
thereon. The annual report is expected to be made available to us
are free from material misstatement, whether due to fraud or error.
after the date of this auditor’s report.
The Bank Companies Act, 1991 (as amended up to date) and the
Our opinion on the consolidated and separate financial statements Bangladesh Bank guidelines require the management to ensure
does not cover the other information and we do not express any effective internal audit, internal control, and risk management
form of assurance conclusion thereon. functions of the Bank.
In connection with our audit of the consolidated and separate The Management is also required to make a self-assessment on
financial statements, our responsibility is to read the other the effectiveness of anti-fraud internal controls and report to
information identified above when it becomes available and, in Bangladesh Bank on instances of fraud and forgeries.
doing so, consider whether the other information is materially
In preparing the financial statements, management is responsible
inconsistent with the consolidated and separate financial
for assessing the Group’s and the Bank’s ability to continue as a
statements or our knowledge obtained in the audit, or otherwise
going concern, disclosing, as applicable, matters related to going
appears to be materially misstated.
concern and using the going concern basis of accounting unless
When we read the annual report, if we conclude that there is a management either intends to liquidate the Bank or to cease
material misstatement therein, we are required to communicate operations, or has no realistic alternative but to do so.
the matter to the board of directors of the Bank.
Those charged with governance are responsible for overseeing
Responsibilities of Management and Those Charged with the Group’s and the Bank’s financial reporting process.
Governance for the Consolidated and Separate Financial
Auditor’s Responsibilities for the Audit of the Consolidated
Statements and Internal Controls
and Separate Financial Statements
Management is responsible for the preparation and fair
Our objectives are to obtain reasonable assurance about whether
presentation of the financial statements in accordance with
the consolidated and separate financial statements are free from
International Financial Reporting Standards (IFRSs) as explained
material misstatement, whether due to fraud or error, and to
in note # 2 and comply with the Bank Companies Act, 1991 (as
issue an auditor’s report that includes our opinion. Reasonable
amended up to date), the Companies Act, 1994, the Rules and
Annual Report 2022

assurance is a high level of assurance but is not a guarantee that that we have complied with relevant ethical requirements
an audit conducted in accordance with ISAs will always detect regarding independence, and to communicate with them all
a material misstatement when it exists. Misstatements can arise relationships and other matters that may reasonably be thought
from fraud or error and are considered material if, individually to bear on our independence, and where applicable, related
or in the aggregate, they could reasonably be expected to safeguards.
influence the economic decisions of users taken based on these
From the matters communicated with those charged with
consolidated and separate financial statements.
governance, we determine those matters that were of most
As part of an audit in accordance with ISAs, we exercise significance in the audit of the consolidated and separate financial
professional judgment and maintain professional skepticism statements of the current period and are therefore the key audit
throughout the audit. We are also: matters. We describe these matters in our auditors’ report unless
law or regulation precludes public disclosure about the matter
• Identify and assess the risks of material misstatement
or when, in extremely rare circumstances, we determine that a
of the consolidated and separate financial statements,
matter should not be communicated in our report because the
whether due to fraud or error, design and perform audit
adverse consequences of doing so would reasonably be expected
procedures responsive to those risks, and obtain audit
to outweigh the public interest benefits of such communication.
evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material Report on other Legal and Regulatory Requirements
misstatement resulting from fraud is higher than for
In accordance with the Companies Act 1994, the Securities and
one resulting from error, as fraud may involve collusion,
Exchange Rules 2020, the Bank Companies Act 1991 (as amended
forgery, intentional omissions, misrepresentations, or the
up to date), the Financial Reporting Act 2015, and the rules and
override of internal control.
regulations issued by Bangladesh Bank, we also report that:
• Obtain an understanding of internal control relevant to
(i) We have obtained all the information and explanations
the audit to design audit procedures that are appropriate
which to the best of our knowledge and belief were
in the circumstances.
necessary for the purpose of our audit and made do
• Evaluate the appropriateness of accounting policies used verification thereof.
and the reasonableness of accounting estimates and
(ii) To the extent noted during our audit work performed
related disclosures made by management.
on the basis stated under the Auditor’s Responsibility
• Conclude on the appropriateness of management’s use of section in forming the above opinion on the
the going concern basis of accounting and, based on the consolidated financial statements of the Group and
audit evidence obtained, whether a material uncertainty the separate financial statements of the Bank and
exists related to events or conditions that may cast considering the reports of the Management to
significant doubt on the Group’s and the Bank’s ability Bangladesh Bank on anti-fraud internal controls and
to continue as a going concern. If we conclude that a instances of fraud and forgeries as stated under
material uncertainty exists, we are required to draw the Management’s Responsibility for the financial
attention in our auditor’s report to the related disclosures statements and internal control:
in the consolidated and separate financial statements or,
(a) Internal audit, internal control, and risk management
if such disclosures are inadequate, to modify our opinion.
arrangements of the Group as disclosed in the financial
Our conclusions are based on the audit evidence obtained
statements appeared to be materially adequate.
up to the date of our auditor’s report. However, future
events or conditions may cause the Group and the Bank (b) Nothing has come to our attention regarding material
to cease to continue as a going concern. instances of forgery or irregularity or administrative
error and exception or anything detrimental
• Evaluate the overall presentation, structure, and content
committed by employees of the Group and its related
of the consolidated and separate financial statements,
entities.
including the disclosures, and whether the consolidated
and separate financial statements represent the (iii) The financial statements of one subsidiary, namely,
underlying transactions and events in a manner that NRBC Bank Securities Limited, have been audited
achieves fair presentation. by Haque Bhattacharjee Das & Co. Chartered
Accountants and have been properly reflected in the
• Obtain sufficient appropriate audit evidence regarding
consolidated financial statements.
the financial information of the entities or business
activities within the Group to express an opinion on the (iv) In our opinion, proper books of accounts as required
consolidated financial statements. We are responsible for by law have been kept by the Group and the Bank
the direction, supervision, and performance of the group so far as it appeared from our examination of those
audit. We remain solely responsible for our audit opinion. books.
We communicate with those charged with governance regarding, (v) The records and statements submitted by the
among other matters, the planned scope and timing of the branches have been properly maintained and
audit and significant audit findings, including any significant consolidated in the financial statements.
deficiencies in internal control that we identify during our audit.
(vi) The consolidated balance sheet and consolidated
We also provide those charged with governance with a statement profit and loss account together with the annexed
Annual Report 2022

247
notes dealt with by the report agree with the books of (x) The information and explanations required by us have
account and returns. been received and found satisfactory.
(vii) The expenditure incurred was for the purpose of the (xi) We have reviewed over 80% of the Risk-weighted
Bank’s business for the year. Assets of the Bank and spent over 4,950 person-
hours; and
(viii) The consolidated financial statements of the Group
and the separate financial statements of the Bank (xii) The bank has maintained Capital to Risk-weighted
have been drawn up in conformity with prevailing Asset Ratio (CRAR) adequately during the year as
rules, regulations, and accounting standards as well explained in note 14.7.
as related guidance issued by Bangladesh Bank.
(ix) Adequate provisions have been made for advance
and other assets which are in our opinion doubtful of
recovery.
Howladar Yunus & Co.

Chartered Accountants
Md. Jahidur Rahman FCA

Enrolment No.: 0860
Partner
DVC No.: 2304300860AS497844
Dated: Dhaka, April 30, 2023
Annual Report 2022

NRB Commercial Bank Limited & Its Subsidiary
Consolidated Balance Sheet
As at 31 December 2022
At Dec 31, 2022 At Dec 31, 2021

Particulars Notes
Taka Taka
PROPERTY AND ASSETS
Cash: 3a 10,991,977,991 8,155,346,132
In Hand (Including Foreign Currencies) 3.1a 3,811,777,020 2,625,175,939
3.2a 7,180,200,971 5,530,170,193
Balance with other banks and financial institutions including Foreign Currency 4a 6,759,702,910 4,589,691,026
In Bangladesh 6,431,013,378 3,050,655,473
Outside Bangladesh 328,689,532 1,539,035,553
Money at call and short notice 5a 144,400,000 147,450,000
Investments 6a 37,749,560,243 28,881,509,606

Government 29,385,131,331 23,063,358,749
Others 8,364,428,911 5,818,150,857
Loans and advances 136,523,713,235 105,490,584,892

Loans, cash credits, overdrafts etc./ investments 7.2a 135,275,327,263 103,905,515,370
Bills purchased and discounted 8a 1,248,385,972 1,585,069,522
Fixed assets including premises, furniture and fixtures 9a 1,898,267,240 1,837,801,597

Other assets 10a 6,739,984,557 5,335,023,463
Non - banking assets - -
Total assets 200,807,606,176 154,437,406,715

Liabilities
Borrowings from other banks, financial institutions and agents 11a 12,621,818,040 7,542,165,550
Bond - BASEL Capital Tier-I & II 11aa 5,500,000,000 3,000,000,000
Deposits and other accounts 12a 146,882,051,068 114,947,262,637
Current accounts/Al-wadeeah current accounts and other accounts 25,025,406,406 20,621,909,941
Bills payable 8,122,839,163 10,248,187,225
Savings bank/Mudaraba savings bank deposits 18,222,998,616 12,973,902,116
Special/Mudaraba notice deposits 15,563,503,214 12,600,505,712
Fixed deposits/Mudaraba fixed deposits 57,980,343,168 34,102,481,411
Schemes Deposit/ Mudaraba Scheme Deposits 21,966,960,500 24,400,276,232
Other liabilities 13a 22,533,453,177 16,898,114,983
Total liabilities : 187,537,322,285 142,387,543,170
Total Shareholders' Equity 13,270,283,862 11,989,739,507

Paid -up capital 14.2 7,929,660,615 7,376,428,479
Statutory reserve 15a 3,084,967,445 2,471,024,497
Revaluation reserve 16a 43,248,455 85,493,276
Retained earnings 17a 2,212,407,347 2,056,793,255
Minority Interest 17b 27 60,124,038
Total Equity 13,270,283,889 12,049,863,545
Total Liabilities and Shareholders’ Equity 200,807,606,175 154,437,406,715
Net Asset Value (NAV) Per Share 16.73 16.25
Net Asset Value (NAV) per Share [Restated] 16.73 15.12
Annual Report 2022

249
Consolidated Balance Sheet
At Dec 31, 2022 At Dec 31, 2021

Particulars Notes
Taka Taka
OFF - BALANCE SHEET EXPOSURES
Contingent liabilities 18 50,265,905,800 53,600,415,599

Acceptances and endorsements 10,501,168,916 10,153,585,783
Letters of guarantee 27,671,554,283 25,797,741,477
Irrevocable letters of credit 5,946,697,949 12,124,268,552
Bills for collection 6,146,484,651 5,524,819,787
Other contingent liabilities - -
Total Off-Balance Sheet exposures including contingent liabilities 50,265,905,800 53,600,415,599
These Financial Statements should be read in conjunction with annexed notes (1 to 48)
Golam Awlia Air Chief Marshal Abu Esrar, BBP, ndc (Retd.) Rafikul Islam Mia Arzoo S M Parvez Tamal
Managing Director & CEO Audit Committee Chairman, BoD Vice Chairman, BoD Chairman, BoD
Signed as per annexed report on even date
Howladar Yunus & Co., Chartered Accountants

Firm Registration Number:
Md. Jahidur Rahman, FCA

Partner
Enrolment No.: 860
DVC No.: 2304300860AS497844
Place: Dhaka
Dated: April 30, 2023
Annual Report 2022

Consolidated Profit and Loss Account
For the year ended 31 December 2022
2022 2021
Particulars Notes
Taka Taka
OPERATING INCOME
Interest income 20a 11,368,477,512 7,984,075,832
Interest paid/Profit Shared on deposits and borrowings, etc 21a 6,714,192,463 4,604,674,236
Net interest income 4,654,285,049 3,379,401,596
Investment income 22a 2,597,423,933 3,086,988,924

Commission, exchange and brokerage 23a 1,369,387,477 1,115,633,132
Other operating income 24a 509,406,200 349,418,212
Total operating income (A) 9,130,502,658 7,931,441,863
OPERATING EXPENSES
Salary and allowances 25a 2,840,117,781 2,135,973,080
Rent, taxes, insurance, electricity, etc. 26a 410,668,810 311,162,309
Legal expenses 27a 20,029,722 38,610,372
Postage, stamps, telecommunication, etc. 28a 76,753,812 51,381,279
Stationery, printing, advertisement, etc. 29a 483,520,270 337,951,044
Chief Executive's salary and fees 30 13,211,021 12,149,459
Directors' fees & meeting expenses 31a 13,699,860 10,642,201
Auditors' fees 32a 967,500 1,127,250
Replacement, Repair and Depreciation of Bank's Assets 33a 500,945,793 397,949,845
Other expenses 34a 406,660,163 275,796,240
Total operating expenses (B) 4,766,574,733 3,572,743,079
Profit before provision (C = A-B) 4,363,927,925 4,358,698,784
Provision against loans and advances 35a 871,639,352 725,204,313
Provision for diminution in value of investments 36a 257,214,637 160,226,408
Provision for Off-Balance Sheet Exposures 37a (39,594,584) 191,692,476
Total provision (D) 1,089,259,405 1,077,123,197
Profit before taxation (C-D) 3,274,668,520 3,281,575,587
Provision for taxation 1,341,375,541 998,083,871
Current Tax Expenses 38b 1,620,590,362 1,249,361,784
Deferred Tax Expenses/(Income) 39a (279,214,821) (251,277,914)
Net profit after taxation 1,933,292,978 2,283,491,716
Appropriations:
Statutory reserve 597,739,636 600,484,058
Retained surplus 1,335,553,338 1,663,052,893
Attributable to:
Equity holders of NRBC Bank Limited 1,933,292,974 2,263,536,952
Minority Interest 4 19,954,765
Earnings per share (EPS) 40a 2.438 3.069

Earnings per share (EPS)-[Restated] 40.1a 2.438 2.855

Partner
Place: Dhaka Enrolment No.: 860
Dated: April 30, 2023 DVC No.: 2304300860AS497844
Annual Report 2022
251
Consolidated Statement of Cash Flows
As at Dec 31, 2022 As at Dec 31, 2021

Particulars Notes
Taka Taka
A. Cash flows from operating activities
Interest receipts in cash 11,510,038,472 8,087,934,321
Interest paid in cash (5,239,670,328) (3,948,871,497)
Dividend receipts 130,286,635 95,017,389
Fee and commission receipts in cash 1,390,005,884 1,132,359,022
Write Off/Recoveries on loans/Investments(Net) (361,266,613) -
Payments to employees (2,861,154,519) (2,058,880,651)
Payments to suppliers (492,935,720) (352,115,591)
Income taxes paid (1,363,461,969) (760,119,842)
Receipts from other operating activities 41a 2,938,002,094 3,803,387,804
Payments for other operating activities 42a (1,156,471,309) (1,432,593,542)
Operating profit before changes in operating assets & liabilities 4,493,372,627 4,566,117,412
Increase/decrease in operating assets and liabilities
Purchased of Trading Security - -
Loans and advances to Other Bank(s) - -
Loans and advances to customers (29,963,007,954) (30,580,280,013)
Other assets 43a 224,979,942 231,230,716
Deposits from other bank(s) (960,000,000) (3,100,000,000)
Deposits from customers 32,747,924,321 28,121,370,677
Trading liabilities (short-term borrowings) - -
Other liabilities 44a 950,824,793 108,303,645
Net increase/(decrease) in operating liabilities 3,000,721,102 (5,219,374,975)
Net cash from operating activities (A) 7,494,093,729 (653,257,563)
B. Cash flows from investing activities

(Purchase)/ sale of government securities 45 (6,364,225,903) 353,694,660
(Purchase)/sale of Non-trading Security/Bond (1,670,000,000) (1,624,961,056)
Investment in Subsiadry M/s. NRBC Bank Securities Ltd (79,999,980) -
Investment in Subsidiary of NRBC Bank Asset Management Ltd. (99,999,990) -
(Purchase)/Sale of Share/Securities (876,278,055) (1,607,732,552)
(Purchase)/ sale of property, plant and equipment (452,471,204) (835,798,278)
Net cash from/(used) in investing activities (B) (9,542,975,132) (3,714,797,226)
C. Cash flows from financing activities

Borrowing from other Bank(s)/ Bangladesh Bank 5,085,039,767 3,153,245,535
Long Term Borrowings/Loan Capital & Debt Capital (79,540,986) 866,364,979
Paid up Capital Through Initial Public Offerings (IPO) - 1,200,000,000
Paid up Capital 100,000,000 -
Receipt from Issuance of sub-Bond - BASEL Capital Tier-I & II 2,500,000,000 3,000,000,000
Dividend paid (Cash Dividend) (553,232,136) (566,887,749)
Net cash from/(used) in financing activities (C) 7,052,266,645 7,652,722,766
D.Net increase/(decrease) in cash and cash equivalents (A+B+C) 5,003,385,243 3,284,667,977
E. Cash and cash equivalents at the beginning of the year 12,894,893,559 9,610,225,581
Cash and cash equivalents at the end of the year [D+E] 17,898,278,801 12,894,893,559
Cash and cash equivalents:

Cash 3.1a 3,811,777,020 2,625,175,939
Prize Bonds 6.1 2,197,900 2,406,400
Money at call and on short notice 5a 144,400,000 147,450,000
Reverse Repo -
Balance with Bangladesh Bank and its agent bank(s) 3.2a 7,180,200,971 5,530,170,193
Balance with other banks and financial institutions 4a 6,759,702,910 4,589,691,026
17,898,278,801 12,894,893,558
Net Operating Cash Flow Per Share 9.451 (0.89)
Net Operating Cash Flow Per Share (NOCFPS)-[Restated] 9.451 (0.82)
Place: Dhaka
Annual Report 2022

Consolidated Statement of Changes in Equity
Reserve for Reserve for
Foreign Currency
Statutory/ Capital amortization revaluation
Particulars Paid-up capital translation Gain/ Minority Interest Retained earnings Total
reserve of treasury of treasury
(loss)
securities (HTM) securities (HFT)
Balance at 01 January 2022 7,376,428,479 2,471,024,497 - 6,962,796 78,530,480 60,124,038 2,056,793,255 12,049,863,545
changes in accounting policy
Restated Balance 7,376,428,479 2,471,024,497 - 6,962,796 78,530,480 60,124,038 2,056,793,255 12,049,863,545
Addition of paid up capital by issuing Stock Dividend 2021@7.5% 553,232,136 (553,232,136) -
Net profit after taxation for the Period 1,953,000,182 1,953,000,182
Change in Minority Interest (60,124,011) - (60,124,011)
Profit/(Loss) from investment in Subsidiary - -
Transfer to statutory Reserve 613,942,948 (613,526,120) 416,828
Cash Dividend Paid for 2021@7.5% (553,232,136) (553,232,136)
Transfer to Start-up Fund (17,395,697) (17,395,697)
Stock Dividend by Subsidiary M/s. NRBC Bank Securities Ltd (60,000,000) (60,000,000)
Reserve for HFT treasury securities (63,812,382) - (63,812,382)
Reserve for HTM securities 21,567,562 21,567,562
Currency translation difference - -
Balance at 31 December 2022 7,929,660,615 3,084,967,445 - 28,530,357 14,718,098 27 2,212,407,347 13,270,283,889
Consolidated Statement of Changes in Equity

Foreign Currency
Statutory/ Capital amortization revaluation
Particulars Paid-up capital translation Gain/ Minority Interest Retained earnings Total
reserve of treasury of treasury
(loss)
securities (HTM) securities (HFT)
Balance at 01 January 2021 5,825,169,980 1,866,788,986 - 4,531,019 806,099,685 44,169,273 1,332,477,501 9,879,236,444
Public offering of share in 2021 1,200,000,000 1,200,000,000
changes in accounting policy -
Restated Balance 7,025,169,980 1,866,788,986 - 4,531,019 806,099,685 44,169,273 1,332,477,501 11,079,236,444
Addition of paid up capital by issuing Stock Dividend 351,258,499 (351,258,499) -
Profit/(Loss) from investment in Subsidiary 199,547,646 199,547,646.26
Change in Minority Interest 15,954,765 (15,954,765) -
Transfer to statutory Reserve 604,235,510 (604,235,510) -
Transfer to Start Up Fund (20,839,441) (20,839,441)
NRBC Bank Securites Ltd Cash Dividend Paid for 2020@10% (40,000,000) (40,000,000)
Reserve for HFT treasury securities 2,431,777 - - 2,431,777
Reserve for HTM securities - (727,569,205) (727,569,205)
Balance at 31 December 2021 7,376,428,479 2,471,024,497 - 6,962,795 78,530,481 60,124,038 2,056,793,255 12,049,863,544

Annual Report 2022
253
Place: Dhaka
NRB COMMERCIAL BANK LIMITED
Balance Sheet
At Dec 31, 2022 At Dec 31, 2021

Particulars Notes
Taka Taka
PROPERTY AND ASSETS
Cash: 3 10,991,790,088 8,145,327,886

In Hand (Including Foreign Currencies) 3.1 3,811,589,117 2,615,157,693
3.2 7,180,200,971 5,530,170,193
Balance with other banks and financial institutions 4 7,049,686,978 4,547,851,355

In Bangladesh 6,720,997,447 3,008,815,802
Outside Bangladesh 328,689,532 1,539,035,553
Money at call and short notice 5 144,400,000 147,450,000
Investments 6 36,996,575,294 28,541,079,915

Government 29,385,131,331 23,063,358,749
Others 7,611,443,962 5,477,721,165
Loans and advances/investments 136,174,054,080 104,898,313,929

Loans, cash credits, overdrafts etc./ investments 7.2 134,925,668,108 103,313,244,407
Bills purchased and discounted 8 1,248,385,972 1,585,069,522
Fixed assets including premises, furniture and fixtures 9 1,883,196,499 1,828,381,361

Other assets 10 7,116,360,235 5,443,979,487
Non - banking assets - -
Total assets 200,356,063,174 153,552,383,932

Liabilities
Borrowings from other banks, financial institutions and agents 11 12,372,255,871 7,287,216,105
Bond - BASEL Capital Tier-I & II 11aa 5,500,000,000 3,000,000,000
Deposits and other accounts 12 147,274,688,468 114,874,873,363
Current accounts/Al-wadeeah current accounts and other accounts 24,942,802,075 20,515,046,726
Bills payable 8,122,839,163 10,248,187,225
Savings bank/Mudaraba savings bank deposits 18,222,998,616 12,973,902,116
Special/Mudaraba notice deposits 16,038,744,946 12,634,979,653
Fixed deposits/Mudaraba fixed deposits 57,980,343,168 34,102,481,411
Schemes Deposit/ Mudaraba Scheme Deposits 21,966,960,500 24,400,276,232
Other liabilities 13 22,273,798,622 16,581,671,302
Total liabilities : 187,420,742,961 141,743,760,769
Total Shareholders' Equity 12,935,320,213 11,808,623,163

Paid -up capital 14.2 7,929,660,615 7,376,428,479
Statutory reserve 15 3,065,012,681 2,467,273,044
Revaluation reserve 16 43,248,455 85,493,276
Retained earnings 17 1,897,398,462 1,879,428,364
Net Asset Value (NAV) per Share 16.31 16.01
Net Asset Value (NAV) per Share [Restated] 16.31 14.89
Annual Report 2022

Balance Sheet
At Dec 31, 2022 At Dec 31, 2021

Particulars Notes
Taka Taka
Contingent liabilities 18 50,265,905,800 53,600,415,599

Acceptances and endorsements 10,501,168,916 10,153,585,783
Letters of guarantee 27,671,554,283 25,797,741,477
Irrevocable letters of credit 5,946,697,949 12,124,268,552
Bills for collection 6,146,484,651 5,524,819,787
Other contingent liabilities - -
Total Off-Balance Sheet exposures including contingent liabilities 50,265,905,800 53,600,415,599


Partner
Enrolment No.: 860
DVC No.: 2304300860AS497844
Place: Dhaka
Annual Report 2022

255
Profit and Loss Account
For the year ended 31 December 2022
2022 2021
Particulars Notes
Taka Taka
OPERATING INCOME
Interest income 20 11,178,651,416 7,902,903,813
Interest paid/Profit Shared on deposits and borrowings, etc. 21 6,682,027,185 4,569,458,163
Net interest income 4,496,624,231 3,333,445,649
Investment income 22 2,576,054,733 3,006,034,816

Commission, exchange and brokerage 23 1,154,406,858 893,103,649
Other operating income 24 509,410,800 349,422,812
Total operating income (A) 8,736,496,621 7,582,006,925
OPERATING EXPENSES
Salary and allowances 25 2,767,889,323 2,087,048,876
Rent, taxes, insurance, electricity, etc. 26 405,271,839 307,599,297
Legal expenses 27 19,506,258 38,360,897
Postage, stamps, telecommunication, etc. 28 75,334,228 50,170,978
Stationery, Printing, Advertisement, etc. 29 482,213,309 337,136,927
Chief Executive's salary and fees 30 13,211,021 12,149,459
Directors' fees & meeting expenses 31 13,592,040 10,488,328
Auditors' fees 32 858,250 1,058,250
Replacement, Repair and Depreciation of Bank's Assets 33 497,458,063 395,516,811
Other expenses 34 422,035,577 288,015,455
Total operating expenses (B) 4,697,369,910 3,527,545,278
Profit before provision (C = A-B) 4,039,126,712 4,054,461,647
Provision against loans and advances 35 874,649,717 705,358,686
Provision for diminution in value of investments 36 215,373,399 154,990,194
Provision for Off-Balance Sheet Exposures 37 (39,594,584) 191,692,476
Total provision (D) 1,050,428,531 1,052,041,356
Profit before taxation (C-D) 2,988,698,181 3,002,420,291
Provision for taxation 1,249,128,478 918,476,220
Current Tax Expenses 38 1,528,191,679 1,169,781,963
Deferred Tax Expenses/(Income) 39 (279,063,202) (251,305,742)
Net profit after taxation 1,739,569,703 2,083,944,071
Appropriations:
Statutory reserve 597,739,636 600,484,058
Retained surplus to retained earnings 1,141,830,067 1,483,460,012
Earnings per share (EPS) 40 2.194 2.825

Earnings per share (EPS)-[Restated] 40.1 2.194 2.628


Partner
Enrolment No.: 860
Place: Dhaka DVC No.: 2304300860AS497844
Annual Report 2022

Statement of Cash Flows
At Dec 31, 2022 At Dec 31, 2021

Particulars Notes
Taka Taka
Interest receipts in cash 11,183,715,958 7,896,759,044
Interest paid in cash (5,103,173,910) (3,834,677,962)
Dividend receipts 122,117,348 84,354,344
Fee and commission receipts in cash 1,154,406,858 893,103,649
Payments to employees (2,789,532,566) (2,022,811,974)
Payments to suppliers (481,862,174) (341,409,804)
Receipts from other operating activities 41 2,924,802,181 3,733,096,741
Payments for other operating activities 42 (1,118,367,028) (1,391,958,712)
Operating profit before changes in operating assets & liabilities 4,238,056,944 4,307,600,961
Increase/decrease in operating assets and liabilities
Purchased of Trading Security - -
Loans and advances to Other Bank(s) - -
Other assets 43 110,290,088 345,643,262
Trading liabilities (short-term borrowings) - -
Other liabilities 44 950,824,793 108,303,645
Net increase/(decrease) in operating liabilities 3,196,885,573 (4,292,452,824)
Net cash from operating activities (A) 7,434,942,517 15,148,137
B. Cash flows from investing activities
(Purchase)/ sale of government securities 45 (6,364,225,903) 353,694,660
(Purchase)/sale of Non-trading Security/Bond (1,670,000,000) (1,624,961,056)
(Purchase)/Sale of Share/Securities (463,722,797) (1,626,662,165)
Investment in Subsidiary of NRBC Bank Securities Ltd (79,999,980) -
Investment in Subsidiary of NRBC Bank Asset Management Ltd. (99,999,990) -
(Purchase)/ sale of property, plant and equipment (443,762,153) (830,243,110)
Net cash from/(used) in investing activities(B) (9,121,710,823) (3,728,171,672)
C. Cash flows from financing activities
Borrowing from other Bank(s)/ Bangladesh Bank 5,085,039,767 3,153,245,535
Paid up Capital Through Initial Public Offerings (IPO) - 1,200,000,000
Receipt from Issuance of sub-Bond - BASEL Capital Tier-I & II 2,500,000,000 3,000,000,000
Dividend paid (Cash Dividend) (553,232,136) (526,887,749)
Net cash from/(used) in financing activities (C) 7,031,807,631 6,826,357,787
D.Net increase/(decrease) in cash and cash equivalents (A+B+C) 5,345,039,324 3,113,334,252
E. Effects of exchange rate changes on cash and cash equivalents - -
F. Cash and cash equivalents at the beginning of the year 12,843,035,641 9,729,701,389
Cash and cash equivalents at the end of the year [D+E+F] 18,188,074,965 12,843,035,641
Cash and cash equivalents:

Cash 3.1 3,811,589,117 2,615,157,693
Prize bonds 6.1 2,197,900 2,406,400
Money at call and on short notice 5 144,400,000 147,450,000
Balance with Bangladesh Bank and its agent bank(s) 3.2 7,180,200,971 5,530,170,193
Balance with other banks and financial institutions 4 7,049,686,978 4,547,851,355
18,188,074,966 12,843,035,641
Net Operating Cash Flow Per Share (NOCFPS) 9.376 0.021

Net Operating Cash Flow Per Share (NOCFPS)-[Restated] 9.376 0.019
Place: Dhaka
Annual Report 2022

257
258
Statement of Changes in Equity
Foreign Currency
Annual Report 2022

amortization of revaluation of
Particulars Paid-up capital Statutory reserve translation Gain/ Retained earnings Total
treasury securities treasury securities
(loss)
(HTM) (HFT)
Balance at 01 January 2022 7,376,428,479 2,467,273,044 - 6,962,795 78,530,481 1,879,428,364 11,808,623,163

Changes in accounting policy
Restated Balance 7,376,428,479 2,467,273,044 - 6,962,795 78,530,481 1,879,428,364 11,808,623,163
Addition of paid up capital by issuing Stock Dividend 2021@7.5% 553,232,136 (553,232,136) -
Transfer to Start-up Fund - - - - - (17,395,697) (17,395,697)
Reserve for HTM securities 21,567,562 21,567,562
Balance at 31 December 2022 7,929,660,615 3,065,012,680 - 28,530,357 14,718,098 1,897,398,462 12,935,320,212

Foreign Currency
amortization of revaluation of
Particulars Paid-up capital Statutory reserve translation Gain/ Retained earnings Total
treasury securities treasury securities
(loss)
(HTM) (HFT)
Balance at 01 January 2021 5,825,169,980 1,866,788,986 - 4,531,019 806,099,685 1,294,954,040 9,797,543,709
Public offering of share in 2021 1,200,000,000 1,200,000,000
Changes in accounting policy
Restated Balance 7,025,169,980 1,866,788,986 - 4,531,019 806,099,685 1,294,954,040 10,997,543,709
Addition of paid up capital by issuing Stock Dividend 351,258,499 (351,258,499) -
Cash Dividend Paid for 2020 @7.5% (526,887,749) (526,887,749)
Transfer to Start-up Fand (20,839,441) (20,839,441)
Reserve for HTM securities 2,431,777 - 2,431,777
Balance at 31 December 2021 7,376,428,479 2,467,273,044 - 6,962,795 78,530,480 1,879,428,364 11,808,623,163
Place: Dhaka
Liquidity Statement
Assets and Liability Maturity Analysis
Particulars Total
Up to 1 month 1-3 months 3-12 months 1-5 years Above 5 years
Assets
Cash in hand and with banks 4,779,721,875 - - - 6,212,068,213 10,991,790,088
Balance with other banks and financial institutions 1,945,127,259 878,732,555 4,034,644,678 191,182,487 - 7,049,686,978
Money at call and on short notice 144,400,000 - - - - 144,400,000
Investments 214,202,048.52 - 2,354,271,508 13,964,412,743 20,463,688,993 36,996,575,294
Loans and advances 21,593,007,010 15,622,641,621 32,301,617,917 40,563,650,282 26,093,137,250 136,174,054,080
Fixed assets including premises, furniture and fixtures - - - - 1,883,196,499 1,883,196,499
Other assets 74,974,180 53,679,545 3,365,457,288 2,985,975,802 636,273,421 7,116,360,235
Non-banking assets - - - - - -
Total Assets (A) 28,751,432,372 16,555,053,721 42,055,991,392 57,705,221,313 55,288,364,375 200,356,063,174
Liabilities
Borrowings from Bangladesh Bank, other banks, financial institutions and agents (4,644,340,538) (1,563,902,553) (5,475,909,154) (6,188,103,626) - (17,872,255,871)
Deposits and other accounts (24,702,833,627) (29,205,262,099) (60,996,871,537) (28,747,151,906) (3,622,569,298) (147,274,688,468)
Provision and other liabilities (1,541,082,257) (5,919,869,046) (6,435,637,735) (8,077,058,689) (300,150,894) (22,273,798,622)
Total Liabilities (B) (30,888,256,423) (36,689,033,698) (72,908,418,426) (43,012,314,222) (3,922,720,192) (187,420,742,961)
Net Liquidity Gap-Excess/(Shortage) (A-B) (2,136,824,050) (20,133,979,977) (30,852,427,034) 14,692,907,092 51,365,644,183 12,935,320,213
Place: Dhaka

Annual Report 2022
259
NRB COMMERCIAL BANK LIMITED & ITS SUBSIDIARY
Explanatory Notes to the Financial Statements
For the year ended 31 December, 2022
1 Legal Status of the Bank

NRB Commercial Bank Limited (NRBC Bank) having its Registered Office at 114 Motijheel Commercial Area, Dhaka-1000, Bangladesh, was incorporated
(Inc. no. C-107535) on February 20, 2013 as a Public Limited Company under the Companies Act, 1994 (Act No.18 of 1994) and also is governed by the
Banking Companies Act 1991 (Amendment up to 2013) with Authorized Capital of Tk. 10000 million and having initial capital base of Tk. 4446 million
(Paid up Capital) by converting the hard earned foreign currency of 53 (Fifty three) qualified NRBs from business persons, community leaders, scientists,
educationists, living in across the globe which includes USA, Canada, UK, Russia, Italy, Germany, UAE and Kuwait
NRBC Bank started its journey from 02 April 2013 after getting permission vide memo No. BRPD (P-3)/745(60)/2013-1189 dated 10 March 2013 as a
scheduled Bank. Presently NRBC Bank has 103 Branches, 224 sub-Branches, 131 Partnership Sub-Branches and 319 land registration collection Booths in
different locations of Bangladesh. The Bank has also two offshore Banking Unit (OBU) operated through Gulshan Branch and Agrabad Branch.
The registered office of the Bank is situated at Jasim Tarde Centre, 114 Motijheel C/A, Dhaka 1000, Bangladesh.
1.01 Listed Company

The Bank is listed with Dhaka Stock exchange andChittagong Stock Exchange after getting letter of consent from Bangladesh Securities Exchange
Commission vide their letter no. BSEC/CI/IPO-307/2020/304, dated January 4, 2021. Trading Code for NRB Commercial Bank Limited is “NRBCBANK”,
along with DSE Company Code is 11150 and CSE Company ID is “22034” under ‘Bank’ sector.
1.02 Principal activities

The principal activities of the Bank are to provide all kinds of Conventional and Islamic commercial banking services to its customers through its
branches, islamic windows, SME centres, and vibrant alternative delivery channels (ATM booths, internet banking) in Bangladesh. Bank also provide
service in foreign currency to promote cross border transaction specially facilated foreign direct Investment and inward remittance.
1.03 Islamic banking unit

NRBC Bank has got permission from Bangladesh Bank for Islamic Banking Business window vide memo no. BRPD (P-3)/745(60)/2019-9274 dated 14
November 2019 and Its soft operation inaugurated on 20 January 2020 of our 08 Branches. After one year letter, Bangladesh Bank vide their letter #
BRPD (P-3)/745(60)/2021-1427 dated 08 February 2021 has given permission for Islamic Banking Operation of all NRBC’s Branches in spirit of Islami
Shariah.
1.04 Off-shore banking unit

Off-shore Banking Unit (OBU) is a separate business unit of NRB Commercial Bank Limited, governed under the rules and guidelines of Bangladesh
Bank. The Bank obtained the Off-shore Banking Unit (OBU) permission from Bangladesh Bank vide letter no. BRPD(OB)/744(128)/2020-7786 dated 22
September, 2020. The Bank commenced the operation of its Off-shore Banking Unit on February 7, 2021. The principal activity of the unit is to provide all
kinds of commercial banking services to its customers through its Off-shore Banking Unit in Bangladesh.
1.05 Custodian Service

NRBC Bank obtained permission to work as a Security Custodian from Bangladesh Securities and Exchange Commission vide its Registration certificate
no. 14/2021 dated 24 October, 2021 under the Securities and Exchange Commission (Securities Custodial Service) Rules, 2003 after congruence by The
Board of Directors in its 114th Meeting held on February 15, 2021.
1.06 Subsidiaries of the Bank

The Bank has two subsidiaries. These are NRBC Bank Securities Limited and NRBC Bank Asset Management Limited. Details of the subsidiaries have
been presented in note no. 1.06.1 to 1.06.2.
1.06.1 NRBC Bank Securities Limited

NRBC Bank Securities Limited was formed as subsidiary company after getting approval from Bangladesh Bank following guidelines of the Bangladesh
Securities and Exchange Commission (BSEC). It incorporated as company on 20 September 2015 bearing certificate of incorporation no. C-125904/2015
under the Companies Act 1994 wherein NRBC Bank has 99.99% of contribution to equity participation of the company. The subsidiary company resumed
its Commercial operation on December 12, 2016.
In addition to above, The Bank through its branches and non-banking subsidiary provides a diverse range of financial services and products in Bangladesh.
The financial statements, audited by Haque Bhattacharjee Das & Co., Chartered Accountants, have been enclosed
1.06.2 NRBC Bank Asset Management Limited

NRBC Bank Asset Management Limited was formed as subsidiary company after getting approval from Bangladesh Bank having incorporated in
Bangladesh on December 7, 2021 vide registration # C-176879/2021 as a private company limited by shares, under Companies Act, 1994 followed on
Board of Directors decided the same in its 121st Meeting held on May 20, 2021. “NRBC Bank Asset Management Limited” has authorized capital Tk.
2,000.00 Million and Paid up capital Tk.1,000.00 Million. NRB Commercial Bank Limited holds 99.99% ownership of the company. The Company applied
for “Asset Manager” licenses to Bangladesh Securities and Exchange Commission under The Bangladesh Securities and Exchange Commission (Mutual
Fund) Rules, 2001
The financial statements, audited by Hoque Bhattacharjee Das & Co., Chartered Accountants, have been enclosed
Annual Report 2022

2 Basis of preparation of the Consolidated financial statements and Significant accounting policies
Consolidated financial statements and separate financial statements of the Bank comprise of Balance Sheet, Profit and Loss Account, Cash Flow
Statement, Statement of Changes in Equity, Liquidity Statement and relevant notes and disclosures
The Consolidated Financial statements of the Bank as at 31 December 2022 have been prepared under the historical cost convention except investments
categorized under held for trading, right-of-use assets, lease liabilities, and in accordance with International Financial Reporting Standards (IFRS), the
“First Schedule” (section-38) of the Banking Companies Act 1991 (amended up to 2018), as amended by BRPD circular no. 14 dated 25 June 2003, the
Companies Act, 1994, the Securities and Exchange Ordinance 1969, Securities and Exchange Rules 1987, the rules, regulations and circulars issued by
Bangladesh Bank from time to time and other laws and rules applicable for the Bank.
Consolidated financial statements and financial statements of the Bank have been prepared in accordance with the measurement and recognition
requirements of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) as adopted by the Institute of Chartered
Accountants of Bangladesh.
2.1 Basis of consolidation

Separate set of records for consolidating the financial statements of the Branches including Head office are maintained at the Head Office of the Bank,
based on which these financial statements have been prepared. The consolidated financial statements of Bank and its Subsidiary M/s. NRBC Bank
Securities limited have been prepared in accordance with the IFRS 10 “Consolidated Financial Statements”. The Consolidated Financial Statements have
been prepared on the basis of :
i Control over Investee i.e. Subsidiary M/s. NRBC Bank Securities limited and M/s. NRBC Bank Asset Management limited are 99.99% of its
shareholding or voting right
ii Using uniform accounting policies for like transactions and other events in similar circumstances as well as common reporting period ended on
31 December 2022
iii Combine like items of assets, liabilities, equity, income, expenses and cash flows of the parent with those of its subsidiaries
iv Offset (eliminate) the carrying amount of the parent's investment in subsidiary and the parent's portion of equity of subsidiary
v Eliminate in full intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between entities
2.2 Statement of compliance:

The basis of preparation of Financial statements of the Bank differ with those of IAS/IFRS and, therefore, the requirements of the Bank Companies Act
1991 (amended up to 2018), Income Tax Ordinance 1984, VAT Act, 2012 and provisions and circulars issued by Bangladesh Bank shall prevail.
As such Bank has departed from those contradictory requirements of IAS/IFRS in order to comply with rules and regulations of Bangladesh Bank which
are disclosed below:
i. Presentation of financial statements

IFRS: As per IAS 1, a complete set of financial statements comprises a statement of financial position, a statement of profit or loss and other
comprehensive income, a statement of changes in equity, a statement of cash flows, notes comprising a summary of significant accounting policies
and other explanatory information and comparative information. IAS 1 has also stated the entity to disclose assets and liabilities under current and
non-current classification separately in its statement of financial position.
Bangladesh Bank: A format of financial statements (i.e. balance sheet, profit and loss accounts, cash flows statement, changes in equity, liquidity
statement) is prescribed in the “First Schedule” of section 38 of the Bank Company Act 1991 (amended up to 2018) and BRPD circular no. 14
dated 25 June 2003 of Bangladesh Bank. Assets and liabilities are not classified under current and non-current heading in the prescribed format
of financial statements
ii. Investment in shares and securities

IFRS: As per requirements of IFRS 9, the investment in shares and securities generally falls either under “at fair value through profit and loss
account” or under “at fair value through other comprehensive income” where any change in the fair value of securities measured “at fair value
through profit and loss account” is taken to profit and loss account and any changes
in the fair value of securities measured “at fair value through other comprehensive income” is transfer to equity through other comprehensive
income
Bangladesh Bank: As per BRPD circular no. 14 dated 25 June 2003 investments in quoted shares and unquoted shares are revalued at the year
end at market price revealed in the Stock exchange and as per book value of last audited balance sheet respectively. Provision should be made
for any loss arising from diminution in value of investment; otherwise investments are recognised at cost.
iii. Revaluation gains/losses on Government securities

IFRS:As per IFRS 9 Financial instruments, treasury bills (T-bills)/treasury bonds (T-bonds) are measured ‘at fair value through other comprehensive
income’ where gains or losses shall be recognised in other comprehensive income (OCI), except for impairment gains or losses and foreign
exchange gains and losses. The loss allowance arisen from impairment shall be recognised in OCI and shall not reduce the carrying amount of
financial assets in the financial position. Interest calculated using the effective interest method shall be recognised in profit or loss account.
Bangladesh Bank: According to DOS Circular no. 05, dated 26 May 2008, DOS Circular no. 05, dated 28 January 2009, DOS Circular no. 02, dated
19 January 2012, the HFT securities are revalued once each week using Marking to Market concept and the HTM securities are amortized once
a year according to Bangladesh Bank guidelines. The HTM securities are also revaluated if they are reclassified to HFT category with the Board’s
approval
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261
iv. Repo and reverse repo transactions
IFRS: As per IFRS 9 when an entity sells a financial asset and simultaneously enters into an agreement to repurchase the asset (or a similar asset)
at a fixed price on a future date (repo), the arrangement is treated as a loan and the underlying asset continues to be recognized at amortised cost
in the entity’s financial statements. The difference between selling price and repurchase price will be treated as interest expense. The same rule
applies to the opposite side of the transaction (reverse repo).
Bangladesh Bank: As per DOS Circular letter no. 6 dated 15 July 2010 and subsequent clarification in DOS Circular no 03 dated 30 January 2012
and DOS circular no. 2 dated 23 January 2013, when a bank sells a financial asset and simultaneously enters into an agreement to repurchase the
asset (or a similar asset) at a fixed price on a future date (repo or stock lending), the arrangement is accounted for as a normal sales transactions
and the financial assets are derecognized in the seller’s book and recognized in the buyer’s book.
v. Recognition of Lease Rent of the Office premises

IAS/IFRS: As per IFRS 16 is specify single lessee accounting model and requires a lessee to recognise assets and liabilities for all leases with a
term of more than 12 months, unless the underlying asset is of low value. A lessee is required to recognise a right-of-use asset representing its
right to use the underlying leased asset and a lease liability representing its obligation to make lease payments.
Bangladesh Bank : As per BRPD circular no. 14 dated 25 June 2003 (First Schedule of under section 38 of Banking Company Act, 1991, lease rent
of the office Premises must be shown in the Profit and Loss account under “Rent, taxes, insurance, electricity etc.”
Income Tax Ordinance 1984: According to section 53A of the act, where any specified person is a tenant/lessee in respect of a house property,
the tenant has obligation to deduct tax from the rent of such house property which is preclude to treat it’s shown Asset (right-of-use asset) and
the lease liability instead of as direct expense.
VAT act, 2012 : According to VAT S-074 (Place and establishment renter) refer to any person, Organization or Corporation, who or whose has
got the right to use of the place and establishment for certain period or renewal after period expire against consideration. VAT will be payable on
basis of use of place and establishment for such period.
Despite of disproportion of IFRS 16 with BRPD circular no. 14 dated 25 June 2003 and Acts, Bank implemented IFRS 16 with retrospective for 2020
though its original implementation started January 01, 2019.
vi. Provision on loans and advances/investments

IFRS: As per IFRS 9 Financial instruments, loans and advances shall be recognised and measured at amortised cost (net of any write down for
impairment). When any objective evidence of impairment (a loss allowance for expected credit losses) exists for such financial assets, impairment
assessment should be undertaken individually or portfolio basis (when assets are not individually significant).
Bangladesh Bank: As per BRPD circular no. 14 dated 23 September 2012, BRPD circular No. 19 dated 27 December 2012 and BRPD circular no. 05
dated 29 May 2013 a general provision at 0.25% to 5% under different categories of unclassified loans (good/standard loans) has to be maintained
regardless of objective evidence of impairment. Also provision for sub-standard loans, doubtful loans and bad losses has to be provided at 20%,
50% and 100% respectively for loans and advances depending on the duration of overdue. Again as per BRPD circular no. 10 dated 18 September
2007 and BRPD circular no. 14 dated 23 September 2012 a general provision at 1% is required to be provided for all off-balance sheet exposures
with having some exception. Such provision policies are not specifically in line with those prescribed by IAS 36 as well as IAS 39.
vii. Other comprehensive income

IFRS: As per IAS 1 Other Comprehensive Income (OCI) is a component of financial statements or the elements of OCI are to be included in a
single Other Comprehensive Income statement.
Bangladesh Bank: Bangladesh Bank has issued templates for financial statements which are strictly to be followed by all banks. The templates
of financial statements issued by Bangladesh Bank do not include Other Comprehensive Income nor are the elements of Other Comprehensive
Income allowed to be included in a single Other Comprehensive Income (OCI) Statement. As such the Bank does not prepare the other
comprehensive income statement. However, elements of OCI, if any, are shown in the statements of changes in equity.
viii. Financial instruments – presentation and disclosure

As per BB guidelines, in certain cases financial instruments are categorized, recognized, measured and presented differently from those prescribed
in IFRS 7 Financial instruments - disclosure and IFRS 9 Financial instruments. As such, some disclosures and presentation requirements of IFRS
7 and IFRS 9 cannot be fully made in these financial statements.
ix. Financial guarantees

IFRS: As per IFRS 9 Financial instruments, financial guarantees are contracts that require an entity to make specified payments to reimburse the
holder for a loss it incurs because a specified debtor fails to make payment when due in accordance with the terms of the instrument. Financial
guarantee liabilities are recognized initially at their fair value and is amortized over the life of the instrument. Any such liability is subsequently
carried at the higher of this amortized amount and the present value of any expected payment when a payment under the guarantee becomes
probable. Financial guarantees are prescribed to be included within other liabilities.
Bangladesh Bank: As per BRPD circular no. 14 dated 25 June 2003, financial guarantees such as letter of credit, letter of guarantee are to be
treated as off-balance sheet items. No liability is recognised for the guarantee except the cash margin.
x. Cash and cash equivalents
IFRS: Cash and cash equivalent items should be reported as cash item as per IAS 7.
Annual Report 2022

Bangladesh Bank: Some cash and cash equivalent items such as ‘money at call and short notice’, treasury bills, Bangladesh Bank bills and prize
bonds are not prescribed to be shown as cash and cash equivalents. Money at call and short notice are presented on the face of the balance sheet,
and treasury bills, prize bonds are shown in investments. However, in the cash flow statement, money at call and short notice and prize bonds are
shown as cash and cash equivalents besides cash in hand, balance with Bangladesh Bank and other banks.
xi. Non-banking asset

IFRS: No indication of Non-banking asset is found in any IFRS.
Bangladesh Bank: As per First Schedule (Section 38 of Banking Company Act, 1991 vide BRPD circular no. 14, dated 25 June 2003) there must
exist a face item named as Non-banking asset with duration its obtained under classification of unable to earn or not. Furthermore, BRPD Circular
No -22 dated 20 September 2021 enumerated the process of account for in the Books of account and its disposal.
xii. Cash flow statement

IFRS: The Cash flow statement can be prepared using either the direct method or the indirect method. The presentation is selected to present
these cash flows in a manner that is most appropriate for the business or industry. The method selected is ‘applied consistently’.
Bangladesh Bank: As per BRPD circular no. 14 dated 25 June 2003, cash flow is the mixture of direct and indirect methods.
xiii. Balance with Bangladesh Bank: (Cash Reserve Requirement)

IFRS: Balance with Bangladesh Bank should be treated as other assets as it is not available for use in day to day operations as per IAS 7.
Bangladesh Bank: Balance with Bangladesh Bank is treated as cash and cash equivalents.
xiv. Presentation of intangible asset

IFRS: An intangible asset must be identified and recognised, and the disclosure must be given as per IAS 38
Bangladesh Bank: There is no regulation for intangible assets in BRPD circular no. 14 dated 25 June 2003
xv. Off-balance sheet items

IFRS: There is no concept of off-balance sheet items in any IFRS; hence there is no requirement for disclosure of off-balance sheet items on the
face of the balance sheet
Bangladesh Bank: As per BRPD circular no. 14 dated 25 June 2003, off balance sheet items (e.g. Letter of credit, Letter of guarantee etc.) must
be disclosed separately on the face of the balance sheet
xvi. Disclosure of appropriation of profit

IFRS: There is no requirement to show appropriation of profit in the face of statement of comprehensive income
Bangladesh Bank: As per BRPD circular no. 14 dated 25 June 2003, an appropriation of profit should be disclosed on the face of Profit and Loss
Account.
xvii. Loans and Advances/Investments net of provision

IFRS: Loans and advances/Investments should be presented net of provision.
Bangladesh Bank: As per BRPD circular no. 14 dated 25 June 2003, provision on loans and advances/investments are presented separately as
liability and can not be netted off against loans and advances.
Also refer to the Note 2.18 Compliance of International Accounting Standards (IASs) and International Financial Reporting Standards (IFRSs)
2.3 Functional and Presentational Currency

Financial statements of the Bank have been presented in Taka, which is the Bank’s functional and presentational currency.
2.4 Materiality, Aggregation and Offsetting

The Bank aggregates each material class of similar items and separately which are dissimilar in nature or function unless those are immaterial. The Bank
did not offset assets and liabilities or income and expense, unless required or permitted by IAS/ IFRS.
2.5 Basis of measurement
The financial statements have been prepared on the historical cost basis except for the following material items:
- Government Treasury Bills and Bonds designated as ‘Held for Trading (HFT)’ at present value using mark to market concept with gain credited to
revaluation reserve but loss charged to Profit and Loss Account.
- Government Treasury Bills and Bonds designated as ‘Held to Maturity (HTM)’ at present value using amortization concept.
- Investment in Share and Securities under quoted are valued at market price revealed in the stock exchange
- Zero Coupon Bond at present value using amortization concept.
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263
2.6 Use of Estimates and Judgments
The preparation of financial statements of the Bank required for management to make judgments, estimates and assumptions that affected 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 have been reviewed ongoing basis. Revisions of accounting estimates have been recognised in the period in which
the estimates have been revised and in the future periods affected, if applicable.
Key estimates includes the following:

- Loan loss provision
- Deferred Tax Assets/Liabilities
- Provision for other operating expenses
2.7 Foreign Currency Transactions:

Foreign currency transactions have been converted into equivalent Taka currency at the ruling exchange rates on the respective date of such transactions
as per IAS 21 “The Effects of Changes in Foreign Exchange Rates” and “balances with other banks and financial institutions” have been converted as per
directives of Bangladesh Bank vide circular no. BRPD (R) 717/2004-959 dated 21 November 2004.
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.
Translation Gain and Losses

Gains or losses arising out of translation of foreign exchange have been included in the Profit and Loss account.
2.8 Cash Flow Statement

Cash Flow Statement is prepared principally in accordance with IAS 7 “Cash Flow Statement” under direct method as per the guidelines of BRPD circular
no. 14 dated 25 June 2003. The Cash Flow Statement shows the structure of and changes in cash and cash equivalents during the year. Cash flows during
the period have been classified as operating activities, investing activities and financing activities.
2.9 Statement of Changes in Equity

Statement of Changes in Equity has been prepared in accordance with IAS 1 “Presentation of Financial Statements” and following the guidelines of
Bangladesh Bank BRPD circular no. 14 dated 25 June 2003.
2.10 Liquidity Statement

The liquidity statement has been prepared in accordance with remaining maturity grouping of Assets and Liabilities as at the close of the year as per
following bases:
Particulars Basis of use
Cash, Balance with other banks and financial institutions, money at Maturity/behavioral trend.
call and short notice etc.
Investments Residual maturity term
Loans and advances Repayment/maturity schedule and behavioral trend (non-maturity products).
Fixed assets Useful life
Other assets Realization/amortization basis.
Borrowing from other banks, financial institutions and agents Maturity/ repayment terms
Deposits and others accounts Maturity and behavioral trend (non-maturity products).
Other long term liability Maturity term.
Provisions and Other liabilities Settlement/adjustment schedule basis.
2.11 Significant Accounting Policies

The accounting policies set out below have been applied consistently to all periods presented in these financial statements, and have been applied
consistently except otherwise instructed by the Central Bank as prime regulator Certain comparative amounts in the financial statements have been
reclassified and rearranged to conform to the current year’s presentation.
A Assets and basis of their valuation
i. Cash and cash equivalents

Cash and cash equivalents include notes and coins in hand and at ATM, unrestricted balances held with Bangladesh Bank and its agent bank, balance
with other banks and financial institutions, money at call and short notice and prize bond which are not ordinarily susceptible to change in value.
Cash equivalents are short term, highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant
risk of changes in value.
ii. Investments
Investments have been initially recognised at cost, including acquisition charges associated with the investment. Government Treasury Bills and Bonds
(categorized as HFT or/and HTM) are accounted for as per Bangladesh Bank DOS circular letter no. 05 dated 26 May 2008, DOS circular no. 05 dated 28
January 2009 and DOS Circular no. 02, dated 19 January 2012.
The valuation methods of investment used are:
Annual Report 2022

Held to Maturity (HTM)
Investments which are intended to be held till 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 on acquisition. Premiums are amortized and discounted/ accredited, using the effective or historical yield
method. Any increase or decrease in value of such investments is accounted for equity.
Held for Trading (HFT)

These are investments primarily held for selling or trading. After initial recognition, investments are marked to market weekly and any 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
as per Bangladesh Bank DOS Circular no. 05 dated 28 January 2009.
REPO and Reverse REPO

REPO and Reverse REPO are recorded based on DOS Circular no. 06, dated 15 July 2010 of Bangladesh Bank and subsequent clarification in DOS Circular
no 03 dated 30 January 2012 and DOS circular no. 2 dated 23 January 2013. In the case of REPO of both coupon and non-coupon bearing (Treasury bill)
securities, the Bank adjusts the Revaluation Reserve Account for HFT securities and stops the weekly revaluation (if the revaluation date falls within the
REPO period) of the same security. For interest bearing security, the Bank dully accrues interest during REPO period.
Investments – Initial recognition and subsequent measurement at a glance

Value of investments has been enumerated as follows:
Investment class Initial Measurement after initial recognition Recording of changes

recognition
Treasury Bill / Bond Cost Fair value Loss to Profit & Loss Account, gain to
(HFT) Revaluation Reserve through Profit and Loss Account.
Treasury Bill / Bond Cost Amortised value Increase or decrease in value to equity.
(HTM)
Debenture/Bond Face value None None
Shares (Quoted) Cost Lower of cost or market value Loss (net) to Profit and Loss Account but no
* /** unrealised gain booking.
Prize Bond Cost None None
* Provision has been made on unrealized loss (gain net off) according to DOS Circular no. 4, dated 24 November 2011.
** Investment in the capital from special fund is reported as cost of acquisition basis and no unrealized loss provided in the profit and loss account
as DOS Circular 01, Dated February 10, 2020
iii. Loans, advances and provision

- Loans and advances are stated at gross amounts at 31 December 2022
- Interest is calculated on a daily product basis but charged and accounted for on accrual basis. Interest on classified loans and advances will be
kept in suspense account as per Bangladesh Bank instructions and such interest is not accounted for as income until realized from borrowers.
Interest is not charged on bad and loss loans/ investments as per guideline of Bangladesh Bank.
- Provision for loans and advances is made on the basis of quarter-end review by the management and as per instructions contained in BRPD
circular no. 14 dated 23 September 2012, BRPD circular No. 19 dated 27 December 2012, BRPD circular no. 05 dated 29 May 2013, BRPD circular no.
12 dated 20 August 2017,BRPD Circular No. 16 dated November 18, 2014, BRPD Circular No. 12 dated August 20, 2018 BRPD Circular No. 15 dated
27 September 2018, BRPD Circular No. 01 dated 20 February 2018, BRPD Circular No. 07 dated 21 June 2018, BRPD Circular No. 03 dated 21 April
2019 and BRPD Circular Letter No. 07 dated 03 March 2020. The rates for provisions are stated below:
Types of loans and advances General Provision Specific Provision

UC SMA SS DF BL
Consumer Financing Credit Card Financing 2% 2% 20% 50% 100%
Housing Finance 1% 1% 20% 50% 100%
Professionals to set up business 2% 2% 20% 50% 100%
Other Consumers Finance 2% 2% 20% 50% 100%
SMEF Cottage, Micro and Small 0.25% 0.25% 5% 20% 100%
Medium 0.25% 0.25% 20% 50% 100%
Special General Provision-COVID-19 * 1%
Special General Provision-COVID-19 ** 2%/1.5%
Loan Reschedule under One time Exit Scheme *** 50% 50%
Loans to brokerage house/MBs/SDs against Share etc. 2% 2% 20% 50% 100%
Short-term agri-credit and micro credit 1% - 5% 5% 100%
All Other Credits 1% 1% 20% 50% 100%
Off balance sheet exposures except Bills for Collection 1%
* According to BRPD Circular Letter No-56 dated December 10, 2020, 1% Special Covid Provision as General Provision on Loan account whose has taken
deferral facilities.
**According to BRPD Circular Letter No-50 and 52 dated December 14 and 29, 2021 respectively, 2% Special General Covid Provision on Loan account
whose repaid 25% of their loan Installments due for the Year 2021 except CMSME for 1.5% whose have to repay only 15% of total due installments for the
year 2021.
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***Required provision for Loan Reschedule under One time Exit Scheme kept in General Provision and Specific Provision
**** However, as per BRPD Circular No. 14, dated June 14, 2022 and subsequent BRPD Circular letter No. 51 dated December 18, 2022 , All kind of Term
loan (Large Corporate) will not consider as classification loan if 50% due amount paid within December 31, 2022 and remaining 50% will be paid within I
(One) Year as per Customer -Banker relationship and All kind of term Loan in form of Agri & CMSME would not be classified if proportion (25% for April
to June 2022, 30% for July to Sep 2022 and 40% for Oct to December 202 of due installment paid within December 31, 2022.
iv. Property, Plant and Equipment:

Recognition and measurement
All fixed assets are stated at cost less accumulated depreciation as per IAS 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 recognised in accordance with the specific requirements of the IFRS.
Property, plant & equipment are recognized if it is probable that future economic benefits associated with the assets will flow to the Bank and the cost
of the assets can be measured reliably:
The cost of an item of Fixed Assets comprises:

- its purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates.
- any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner
intended by management.
- the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located
Subsequent costs
Subsequent costs are capitalized only when it is probable that the future economic benefits associated with the costs will flow to the entity and cost
can be measured reliably. The carrying amount of the replaced portion is derecognized. The costs of day to day servicing of fixed assets i.e. repairs and
maintenance is charged to profit and loss account as expense when incurred.
Depreciation
- Depreciation on fixed assets is charged on straight-line method irrespective of all assets. The rates of depreciation are as follows:
Category of asset Rate of depreciation

Building and Construction 2.50%
Furniture and Fixtures 10%
Machinery and Plant 20%
Office Equipment 20%
Computer and Computer Equipment 20%
Intangible Assets/Bangladesh Made Computer Software 20%
Motor Vehicles-Office Used 20%
Motor Vehicles-Transport 20%
Professionals and Reference Books 20%
Leasehold Assets - Motor Vehicles 20%
- Depreciation on fixed assets acquired during the year is charged from the month of their acquisition. Full month’s depreciation is charged from
the date of putting the assets into use irrespective of the value and purchase/ acquisition date and no depreciation is charged in the month of
their disposal.
- The cost and accumulated depreciation of disposed assets are eliminated from the fixed assets schedule.
- Useful life and method of depreciation of fixed assets will be reviewed periodically. If useful life of assets do not differ significantly as these were
previously estimated, revaluation of assets does not consider to be done.
- Bank also follows a policy for amortization of expenditure considering the durability and useful life of items. These are treated as intangible assets
and are booked under the head “Fixed Assets” and amortized over their estimated useful life by charging under the broad head “Depreciation”.
Derecognition of fixed asset

The carrying amount of an item of fixed assets is derecognized on disposal or when no future economic benefits are expected from its use or disposal.
The gain or loss arising from derecognition of an item of fixed assets is to be recorded in profit or loss when the item is derecognized.
Depreciation of Property, Plant & Equipment for Tax Purpose

The policy of Depreciation for tax purpose is different from accounting depreciation. According to third schedule of income tax ordinance, 1984,
Depreciation is application on annual basis whatever it’s purchased or to become workable condition. Differences of deprecation shall have effect on
deferred assets or liabilities.
v. Accounting policy for IFRS 16:Leased Assets

The Bank has applied “ IFRS 16: Lease” using the modified retrospective approach only for the year 2020 though the Institute of Chartered Accountants
of Bangladesh (ICAB) adapted January 01, 2019 and, therefore, the comparative information has not been restated and continues to be reported under
IAS 17 and IFRIC 4 (Determining Whether an Arrangement Contains a Lease).
Annual Report 2022

vi. Intangible Assets
According to IFRS-38, an intangible asset is recognized 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.
The software used by NRBC Bank represents the value of computer application software licensed for the use of the Bank. Software is carried out at
cost less amortization/depreciation and any impairment losses. Initial cost comprise licensing fees paid at the time of purchase along with subsequent
payment for user license and other directly attributable expenditure that are carried in customization of software for its intended use. Software is
amortized/depreciated using the straight line method over the estimated useful life of 5 (five) years commencing from the month at which payment is
made in line with third schedule of Income Ordinance-1984.
vii. Impairment of Assets

An asset is impaired when its carrying amount exceeds its recoverable amount as per IAS 36 “Impairment of Assets”. The Bank assesses at the end of
each reporting period whether there is any indication that an asset may be impaired and/or whenever events or changes in circumstances indicate that
the carrying value of the asset may not be recovered. If any such indication exists, the Bank and the subsidiaries make an estimate of the recoverable
amount of the assets. The carrying amount of the asset is reduced to its recoverable amount, if the recoverable amount is less than its carrying amount
and impairment losses are recognized in the profit and loss account. However, impairment of financial assets are guided by the relevant BB circulars/
instructions and IAS 39.
No such impairment has been occurred/identified in the financial year 2021 except Loans and Advances which measured by relevant Bangladesh Bank
Circulars.
viii. Other Assets

Other assets include advance for operating and capital expenditure, stocks of stationary and stamps, security deposits to government agencies etc. and
such accounts may be quite insignificant in the overall financial condition of the Bank.
ix. Non-banking Assets:

There are no assets acquired in exchange for loan during the period of financial statements.
B Liabilities and Provisions:
i.Borrowings
Borrowings include call money, term borrowings and re-finance from other banks, financial institutions and Central Bank include interest bearing
borrowings which are stated in the financial statements at principal amount of the outstanding balance. Interest payables on such borrowings are
reported under other liabilities.
ii. Deposits and Other Accounts

Deposits and other accounts include non-interest bearing current deposits redeemable at call, interest bearing short-term deposits, savings deposits and
fixed deposits which are initially measured at the consideration received. These items are subsequently measured and accounted for at the gross value
of the outstanding balance in accordance with the contractual agreements with the counter parties.
iii. Other liabilities
Other liabilities are comprised of items such as provision for loans and advances/ investments, provision for taxes, interest payable on borrowing, interest
suspense and accrued expenses etc. Individual item-wise liabilities are recognized as per the guidelines of Bangladesh Bank and International Financial
Reporting Standards (IFRS).
iv. Dividend Payable/Declaration

Dividend payable is recognized when it is recommended by Board of Directors. Final dividend is recognized when it is approved by the shareholders in
AGM. Any dividend yet to propose/confirm for the year 2021, therefore, it has not been recognized as a liability in the balance sheet in accordance with
IAS 10: “Events after the Reporting Period”. Dividend payable to the Bank’s shareholders is recognized as a liability if it is approved by the Shareholder in
the Annual General Meeting and there upon shareholders’ right to receive the payment will be established.
v. Provision for loans and advances

Provision for unclassified loans and advances is made on the basis of quarter end review as instructions contained in BRPD Circular no. 14 dated 23
September 2012 and BRPD Circular no. 19 dated 27 December 2012. Details are stated in Note 13.01 and 13.02.
vi. Provision for investment in capital market

For recognition of loss suffered from investment in capital market, provision has been made on unrealized loss (gain net off) according to DOS Circular No.
04 dated 24 November 2011 on portfolio basis. However, Clause cha (2)(i) of DOS Circular 01, Dated February 10, 2020, no provision have to be provided
till February 2025 for investment in the capital market by scheme of special Fund.
vii. Provision for off-balance sheet exposures

In compliance with Bangladesh Bank guidelines, contingent liabilities have been disclosed under off-balance sheet items. As per BRPD Circular no.14
dated 23 September 2012 and related earlier circulars, the bank has been maintaining provision @ 1% against certain off-balance sheet exposures.
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267
viii. Provision for other assets
Provision for other assets is made as per the guidelines mentioned (100% provision is required on other assets which are outstanding for one year and
above) in the BRPD Circular No. 14 dated 25 June 2001.
ix. Provision for nostro account balance.

As per instructions contained in the circular letter no. FEPD (FEMO) / 01 / 2005-677 dated 13 September 2005 issued by Foreign Exchange Policy
Department of Bangladesh Bank, provision is to be maintained for the un-reconciled debit balance of Nostro account more than 3 months as on the
reporting date in these financials.
Since there is no unreconciled entries which are outstanding for more than 3 months, Thereafter no provision has been made.
x. Provision for liabilities and accrued expenses

A provision is recognised in the balance sheet when the Bank has legal or constructive obligations as a result of past events and it is probable that an
outflow of economic benefit will be required to settle the obligations, in accordance with IAS 37 “Provision, Contingent Liabilities and Contingent Assets”.
No provision is recognised 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 cannot be made. However, certain provisions on assets and liabilities are maintained in accordance with relevant Bangladesh Bank
Circulars issued from time to time.
xi. Contingent liabilities

Contingent liabilities which include certain guarantees and letters of credit pledged as collateral are possible obligations that arise from past events
whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not within the control of the Bank.
Contingent liabilities are not recognized in the financial statements as per IAS 37 “Provisions, Contingent Liabilities and Contingent Assets”. However,
disclosure on contingent liabilities have been made on the face of balance sheet under “Off-balance Sheet Items” as per the guidelines of BRPD Circular
No. 14 dated 25 June 2003.
C Share Capital and Reserves
i. Authorized and issued capital

The Authorized Capital of the Bank is the maximum amount of share capital that the bank is authorized by its Memorandum and Articles of Association
to issue (allocate) among shareholders. Part of the authorized capital can (and frequently does) remain unissued. This number can be changed by
shareholders’ approval upon fulfillment of related provisions of Companies Act 1994. The part of the authorized capital which has been issued to
shareholders is referred to as the Issued Share Capital of the bank.
Herewith ordinary shares are classified as equity which is transferable to another person/institution as restriction of transfer being expired.
ii. Paid-up capital
The paid-up capital represents the amount of Bank’s capital that has been contributed by ordinary shareholders. The holders of ordinary shares are
entitled to receive dividend as recommended by the Board and subsequently approved by the shareholders from time to time in the Annual General
Meeting (AGM).
NRBC Bank listed with Exchanges in Bangladesh through IPO subscription of Tk. 1,200.00 Million from February 3 to February 9, 2021 followed by
Bangladesh Securities Exchange Commission consent letter no.BSEC/CI/IPO-307/2020/304, dated January 4, 2021 and subsequently listed in DSE
and CSE. The DSE accord the trading vide letter no. DSE/Listing/ULC/2021/1948 dated March 16, 2021 as DSE Trading Code for NRB Commercial Bank
Limited is “NRBCBANK” and DSE Company Code is 11150 under ‘Bank’ sector. On the other hand, The CSE accord the trading Vide letter no. CSE/RAD/
LD/NRBCBANK/Trade dated March 18, 2021 as CSE trading code for the scrip is ‘NRBCBANK’ and CSE Company ID is “22034” before recommendation
by the Board of Directors in its 119th Meeting held on April 29, 2021.
Paid up capital stood at Tk. 7929.66 million after dully approved 7.5% stock dividend on basis of record date July 13, 2022 on 9th Annual General Meeting
(AGM) held on June 02, 2022.
No diluation effect exist while authorized to Issue of Audited Financial Statements except restated EPS of the previous year for comparision with the
present year.
iii. Statutory reserve

In compliance with the provision of Section 24 of Bank Companies Act 1991, the bank transfers at least 20% of its profit before tax to “Statutory Reserve
Fund” each year until the sum of statutory reserve and share premium equals to the paid up capital of the bank.
iv. Asset revaluation reserve

When an asset’s carrying amount is increased as a result of revaluation, the increased amount is credited directly to equity under the heading of assets
revaluation reserve as per IAS 16- “Property, Plant and Equipment”. The bank is also required to follow the asset’s revaluation guidelines issued by BSEC
on 18 August 2013.
No asset’s revaluation has occurred during the reported financial year
Annual Report 2022

v. Reserve for Amortization/ revaluation of securities
When a Financial Asset is catagorised under HTM or HFT and subsequent value of the asset is increased as a result of amortisation of assets or mark
to market revaluation, the net increased amount (for HTM increase or decrease of book value and for HFT loss to P&L but gain to revaluation reserve
through P&L) is credited directly to equity under the heading of reserve for amortization/revaluation of securities as per Bangladesh Bank DOS circular
no. 06, dated 15 July 2010.
D Revenue Recognition
i. Interest Income
According to the IFRS 15 “Revenue from Contracts with Customers”, the interest income is recognized on accrual basis. Interest on loans and advances
ceases to be taken into income when such advances are classified as per BRPD circular no. 19 dated 27 December 2012 and is kept in interest suspense
account. Interest on classified advances is accounted for as income when realized.
ii. Profit on investment (Islamic Banking)

Mark-up on investment is taken into income account proportionately from Unearned Income account. Income/compensation on
classified investments is transferred to profit/rent/compensation/suspense account instead of income account.
iii. Interest income from investments

Interest income on investments in Government and other securities, debentures and bonds is accounted for on accrual basis.
iv. Fees and Commission Income

Fees and commission income on services provided by the Bank are recognised as and when the services are rendered. Commission charged to customers
on letters of credit and letters of guarantee is credited to income at the time of effecting the transactions.
v. Income from Exchange

Exchange income includes all gains and losses from foreign currency’s day to day transactions, conversions and revaluation of Non-Monetary items.
vi. Dividend income

Dividend income from investments is recognized at the time when it is declared, ascertained and right to receive the payment is established.
vi. Interest paid on Deposits and Borrowings

Interest paid on deposits, borrowings, etc. is accounted for on accrual basis according to the IAS 1 “Presentation of Financial Statements”.
vii. Profit paid on deposits (Islamic Banking)

Profit paid to mudaraba deposits is recognised on accrual basis according to Income Sharing Ratio (ISR).
viii. Management and other expense
Expenses incurred by the Bank are recognised on actual and accrual basis.
ix. Taxation
The expense is comprised of current and deferred tax. Current tax and deferred tax are recognized in profit or loss except to the extent that it relates to
a business combination or items recognized directly in equity.
a. 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 Bank’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 made on taxable income of the Bank @ 37.5% (except other business income i.e. Tax @0% on gain of govt.
securities under section 32(7), Tax @0% on capital gain for sale of freehold assets subject to new assets purchased that must be morethan capital gain
for the year under section 32(5B). Tax @ 20% on Winning of Govt Prize Bond U/S 55, Tax@ 10% on capital gain of trading shares in Secondary Market
and 20% on dividend income as per SRO no.196/2015) as prescribed in the Income Tax Ordinance 1984.
b. Deferred Tax
Deferred tax is recognized 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
recognized for all taxable temporary differences and deferred tax assets are recognized 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 utilized. Such assets and liabilities are not
recognized 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 recognized for taxable temporary differences arising on investments in subsidiaries and associates, and interests in
joint ventures, except where the Bank 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.
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269
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.
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 realized, 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 Statement as per IAS-12
“Income Taxes” (note 39) and BRPD Circular no. 11 dated 12 December 2011.
ix. Retirement/post-employment benefits

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 IAS
19 “Employee Benefit”. Bases of enumerating the retirement benefit schemes operated by the Bank are outlined below:
a) Defined contribution plans

Defined contribution plans are post-employment benefit plans under which payments into the plan are fixed. Subsequent payments out of the plan to
retired members are based on the size of the ‘fund’ meaning contributions that have been made into the scheme and investment returns on scheme
assets. The Bank maintains one funded defined contribution plan i.e. “Provident fund” for its employees under a separate trustee board.
Provident Fund
The Bank operates a contributory provident fund for its permanent employees funded by both the employees and the Bank equally; employees contribute
10% of basic salary and the Bank contributes an equal amount. The Bank’s contribution is made each month and recorded under salary and allowances.
This fund is managed by a separate trustee board i.e. “NRB Commercial Bank Limited Employees’ Provident Fund” and any investment decision out of
this fund is made separately from that of the Bank’s funds. This fund has received approval from the National Board of Revenue on 02 September 2014.
b) Defined benefit
Defined benefit plans are post-employment benefit plan other than defined contribution plans. These plans define the amount that retired members will
receive from the plans during retirement, by reference to factors such as length of service and salary levels. Contributions are paid into the scheme based
on policy of the plan approved by Board of Directors of its 2nd meeting held on 02 March 2013. The Bank retains an obligation to make up any shortfall
in a plan, thereby bearing the risk of the plan under-performing. The Bank maintains one funded defined benefit plans “Gratuity fund” for its employees
under separate trustee committee.
Staff Gratuity Fund
The Bank operates a funded gratuity scheme approved by the National Board of Revenue with effect from 21 September 2014. The Gratuity Fund is
managed separately by “”NRB Commercial Bank Limited Employees’ Gratuity Fund Trust” and any investment decision out of this fund is also made by
this Trust. The benefit is paid to the eligible employees i.e. who have completed minimum 3 (three) years of continuous service at the time of separation
from the Bank. As per policy of the Bank, eligible employees are provided with the benefit equal to 2 monthly basic salary multiplied by varied rates as
per service length.
2.12 Reconciliation of Books of Account

Books of accounts with regard to inter-bank (in Bangladesh and outside Bangladesh) and inter-branch transactions are reconciled and no material
difference was found which may affect the financial statements significantly.
2.13 Earnings Per Share (EPS)
Basic Earnings Per Share

Basic earnings per share has been calculated in accordance with IAS 33 “Earnings Per Share” which has been shown in the face of the Profit and Loss
Statement. This has been calculated by dividing the basic earnings by the total ordinary outstanding shares.
Diluted Earnings Per Share

Diluted EPS is a calculation used to gauge the quality of a company’s earnings per share (EPS) if all convertible securities were exercised. Convertible
securities are all outstanding convertible preferred shares, convertible debentures, stock options, and warrants. NRBC did not offer any option or no
option of exercise prevail to the investors before authorized to isssue by Board of Directors.
Earnings per share (EPS)-[Restated]

The Shareholders in its 9th Annual General Meeting (AGM) held on June 02, 2022 dully approved 7.5% stock dividend on basis of record date May 11, 2022
that finally accord by Bangladesh Securities and Exchange Commission vide their letter # BSEC/CI/CPLC (Public)-1031/2022-869 dated June 28, 2022 in
line with gazate notification # BSEC/CMRRCD/2009-193/23/Admin/123 dated December 31, hence Number of shares stood 7,929.66 million @ Tk. 10 Per.
Therefore, it’s become inevitable to restated the Earning Per Share (EPS) for the year end 2022 for comparison with the current year in persuasion of
relevant Act of Bangladesh Securities Exchange Commission (BSEC).
2.14 Directors’ Responsibility on Statements

The Board of Directors takes the responsibility for the preparation and presentation of these financial statements.
Annual Report 2022

2.15 Memorandum items
Memorandum items are maintained to have control over all important items and for such transactions where the Bank has only a business responsibility
and no legal commitment. Bills for collection, Stock of Govt. savings certificates and all other fall under the memorandum items. However, Bills for
Collection is shown under contingent liabilities as per Bangladesh Bank’s format of reporting.
2.16 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 no.14 dated 23 September 2012 and BRPD Circular No. 07 dated 21 June 2018, general provision @ 1% has been made
on the outstanding balances of Off-Balance Sheet exposure except Bills for collection of the Bank as at 31 December 2018. Provision is made on the total
exposure and amount of cash margin or value of eligible collateral is not deducted while computing Off-Balance sheet exposure.
2.17 Reporting Period

These financial statements of the Bank cover one calendar year from 1 January to 31 December
2.18 Segment Reporting

As per IFRS 8 “Operating Segments”, is a component of an equity:
a. that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses
relating to transactions with other components of the same entity)
b. whose operating results are regularly reviewed by the entity’s chief operating decision maker to make decisions about
resources to be allocated to the segment and assess its performances, and
c. for which discrete financial information is available
Bank reported its segments in respect of business segment and geographical segment. Business segments are comprised of Conventional Banking,
Islamic Banking, Offshore Banking Unit (OBU)and NRBC Bank Securities Limited. Geographical segments report consist of location wise performance of
above segments.
2.19 Compliance of International Accounting Standard (IAS) and International Financial Reporting Standards (IFRS)
While preparing the financial statements, Bank applied most of the International Accounting Standards (IAS) and International Financial Reporting
Standards (IFRS) as adopted by the Institute of Chartered Accountants of Bangladesh as applicable to the Bank:
SL
Name of IAS No. of IAS Status
No.
1 Presentation of Financial Statements 1 Complied *
2 Inventories 2 Complied
3 Statement of Cash Flows 7 Complied
4 Accounting Policies, Changes in Accounting Estimates and Errors 8 Complied
5 Events after the Reporting Period 10 Complied
6 Income Taxes 12 Complied
7 Property, Plant and Equipment 16 Complied *
8 Employee Benefits 19 Complied
9 Accounting for Government Grants and Disclosure of Government ssistance 20 N/A
10 The Effects of Changes in Foreign Exchanges Rates 21 Complied
11 Borrowing Costs 23 Complied
12 Related Party Disclosures 24 Complied
13 Accounting and Reporting by Retirement Benefit Plans 26 N/A **
14 Separate Financial Statements 27 Complied
15 Investments in Associates 28 N/A
16 Financial Reporting in Hyper inflationary Economics 29 N/A
17 Financial Instruments: Presentation 32 Complied *
18 Earnings Per Share 33 Complied
19 Interim Financial Reporting 34 Complied
20 Impairment of Assets 36 Complied
21 Provisions, Contingent Liabilities and Contingent Assets 37 Complied
22 Intangible Assets 38 Complied
23 Financial Instruments: Recognition and Measurement 39 Complied *
24 Investment Property 40 Complied
25 Agriculture 41 N/A
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271
SL
Name of IFRS No. of IFRS Status
No.
1 First-time Adoption of International Financial Reporting Standards 1 N/A
2 Share Based Payment 2 N/A
3 Business Combinations 3 N/A
4 Insurance Contracts 4 N/A
5 Non-Current Assets Held for Sale and Discontinued Operations 5 N/A
6 Exploration for and Evaluation of Mineral Resources 6 N/A
7 Financial Instruments: Disclosures 7 Complied *
8 Operating Segments 8 N/A
9 Financial Instruments 9 Complied
10 Consolidated Financial Statements 10 Complied
11 Joint Arrangements 11 N/A
12 Disclosure of Interests in Other Entities 12 Complied
13 Fair Value Measurement 13 Complied *
14 Regulatory Deferral Accounts 14 N/A
15 Revenue from Contract with Customers 15 Complied *
16 Lease 16 Complied
17 Insurance Contracts 17 N/A
* In order to comply with certain specific rules and regulations of the local Central Bank (Bangladesh Bank) and National Board of Revenue which
are different to IAS/IFRS, some of the requirements specified in these IAS/IFRSs are not applied. Departure from IAS/IFRS mentioned in the note 2.1.
** This Standard regards a retirement benefit plan as a reporting entity separate from the employers of the participants in the plan. Therefore, it is not
applicable for the Bank’s annual report as it is the employer and not the retirement benefit plan itself.
2.20 Regulatory and Legal Compliance
The Bank complied with the requirements of the following regulatory and legal authorities:
i) The Banking Companies Act 1991 (amendment upto 2018)

ii) The Companies Act 1994
iii) Rules, regulations and circulars issued by the Bangladesh Bank from time to time
iv) The Securities and Exchange Rules 1987
v) The Income Tax Ordinance 1984 and Rules
vi) The Value Added Tax (VAT) 2012 and Rules 2016
2.21 Risk Management

Risk is defined as uncertainties resulting in adverse variation 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:
2.21.1 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 form 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.
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
divisions have been formed within the Credit Division. These are (a) Credit Risk Management Division and (b) Credit Administration Division. Credit
Risk Management Division 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.
A thorough assessment is done before sanction of any credit facility at Credit Risk Management Division. 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 Division when it is approved / declined by the
competent authority. Credit approval authority has been delegated to the individual executives. Proposals beyond their delegation are approved /
declined by credit committee or the Management of the Bank or / the Executive Committee. Concentration of credit risk is shown in note -7.7.
In determining a 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
borrowers / large loan limits is shown in note- 7.7.
Annual Report 2022

2.21.2 Operational Risk
Operational risk may arise from error and fraud due to lack of internal control and compliance. Management through Internal Control and Compliance
Division controls operational procedure of the Bank. Internal Control and Compliance Division undertakes periodical and special audit of the
branches and departments at the Head Office for review of the operation and compliance of statutory requirements. The Audit Committee of the Board
subsequently reviews the reports of the Internal Control and Compliance Division.
2.21.3 Market Risk

The exposure of market risk of the Bank is restricted to foreign exchange risk, interest rate risk and equity risk.
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. Foreign
exchange dealing on Bank’s account was accounted & reconciled during the year.
Front Office of Treasury Division and International Division jointly conducted the foreign exchange transactions and the Mid Office and the Back Office
of Treasury Division 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.
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, etc.
The short term movement in interest rate is negligible 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.
Equity Position Risk
Equity risk arises from movement in market value of equities held. The NRBC Bank duly exposed the risk capital market movement and necessary
provision has been made on diminution value in share.
2.21.4 Liquidity Risk comprising Asset Liability Management 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 Treasury Department under approved policy guidelines. Treasury front office is supported by a very structured
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.
2.21.5 Money Laundering Risk

Money laundering risk is defined as the loss of reputation and expenses incurred as penalty for being negligent in prevention of money laundering. For
mitigating the risks, the Bank has a designated Chief Compliance Officer at Head Office and Compliance Officers at branches, who independently
review the transactions of the accounts to verify suspicious transactions. Manuals for prevention of money laundering have been established and
transaction profile has been introduced. Training is continuously given to all the category of Officers and Executives for developing awareness and skill
for identifying suspicious activities / transactions.
2.21.6 Information & Communication Technology (ICT) Security Risk

ICT security risk management is a threat to an information technology, data, critical systems and business processes. Bank exposed these risks through
defining clear policies and procedure by assigning roles and responsibilities of the personnel, ongoing risk assessment, mitigation of risk involving
prioritization of the risk sensitive area and implementing risk control mechanism, and establishing Data Centre (DC) & Disaster Recovery (DR) for
physical security of ICT.
2.21.7 Internal Audit

The Bank has established an independent internal audit function with the head of internal control & compliance (ICC) reporting directly to the chairman
of audit committee. The internal audit team performs risk based audit on various business and operational areas of the Bank on continuous basis. The
audit committee and the Board regularly reviews the internal audit reports as well as monitor progress of previous findings.
2.21.8 Prevention of Fraud and Forgeries

As per the requirement of Bangladesh Bank regular reportings are made on self assessment of various anti fraud controls as well as any incident of fraud
and forgeries that have been identified by the Bank. Regular staff training and awareness programs are taken to ensure that all officers and staff of the
Bank are fully aware of various fraud risks in their work area and prepare them to deal efficiently.
However, no such incident of fraud and forgeries has not been identified in the period ended December 31, 2022
2.22 Credit rating of the Bank

Emerging Credit Rating Limited (ECRL) was engaged by the Bank for the purpose of rating the bank as per BRPD Circular No. 6 dated5 July 2006, The
following ratings have been awarded:
Particulars Periods Date of Rating Long term Short term
Initial Entity Rating 18 April to December 2013 24-Jun-14 BBB+ ST-3
Surveillance Rating 2014 22-Feb-15 A- ST-3
Surveillance Rating 2015 30-Mar-16 A ST-3
Surveillance Rating 2016 4-Apr-17 A ST-3
Surveillance Rating 2017 23-Jun-18 A ST-3
Surveillance Rating 2018 30-May-19 A ST-2
Surveillance Rating 2019 19-Aug-20 A ST-2
Surveillance Rating 2020 24-Jun-21 A ST-2
Surveillance Rating 2021 14-Jun-22 A+ ST-2
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273
2.23 Events after Reporting Period
As per IAS -10 “Events after Reporting Period” events after the reporting period are those events, favourable and unfavourable, 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:
(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).
In pursuance of para (b) as mentioned above, event after reporting period is in the Note-48
2.24 Related party disclosures

A party is related to the company if:
i) 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;
ii) the party is an associate;
iii) the party is a joint venture;
iv) the party is a member of the key management personnel of the Company or its parent;
v) the party is a close member of the family of any individual referred to in (i) or (iv);
vi) 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
vii) 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.
Details of the related party transactions have been disclosed in Annexure -I
2.25 Implementation of IFRS 16 and its relevant assumptions

IFRS 16: “Leases” came into force on 01 January 2019, as adopted by the Institute of Chartered Accountants of Bangladesh (ICAB). But NRBC applied the
IFRS 16 one year later i.e., from o1 January 2020 using the modified retrospective approach considering threshold level, with regard to the paid capital as
well as discard leases for which underlying assets is of low value, where the Bank measured the lease liability at the present value of the remaining lease
payments, discounted it using the bank’s incremental borrowing rate at the date of initial application, and recognized a right-of-use asset at the date of
initial application based on following criteria:
i. Materiality threshold is 3.45% of the discounted lease liability for the year 2020 (up to Lease term with lessor) of capital of the Bank Tk.7,025,169,980
(including IPO subscription) for right of use of assets
Bank Extend the application of IFRS 16 under modified retrospective approach effect from January 01, 2021 taking into consideration of 18
Branches having morethan 5 Years lease term. Hence, Materiality threshold is 10.40% of the discounted lease liability for the year 2021 (up to Lease
term with lessor) of capital of the Bank Tk.7,376,428,479 for right of use of assets
Further Bank extend the the application of IFRS 16 under modified retrospective approach effect from Januray 01, 2022 taking into
consideration of another 6 Branches those are above of benchmark low value as per Paragraphs B3-B8 of IFRS 16.
Therefore, Materiality threshold is stand 10.17% of the discounted lease liability for the year 2022 (up to Lease term with lessor) of capital of the
Bank Tk.7,929,660,615 for right of use of assets apart from underlying low value assets.
Underlying low value assets is considered below USD 1,000 equivqlent Tk.103,292.7 per month for application of IFRS 16
ii. Implicit incremental borrowing rate is used for discounting the lease payment based on Treasury bill/bond rate supporting lease tenor 2 -7 years.
As such 5 and 10 years T-bill/bond rate has been used as Implicit incremental borrowing rate:
a. Implicit incremental borrowing rate 8.86% has been used for those contracts having weighted average lease tenor of 5 years or more implemented
from the date of initial application as of 01 January 2020.
b. Implicit incremental borrowing rate is 4.24% with effect from January 01, 2021 for 18 Branches after initial application.
c. Implicit incremental borrowing rate is 6.50% with effect from January 01, 2022 for 5 Branches after SL no. b
d. Implicit incremental borrowing rate is 8.10% for 10 Years T-bill/bond rate with effect from November 01, 2022 for Banusree Branch (Br Code 200)
iii. Right-of-use assets are being depreciated over the respective lease term.
iv. fixed payments, including in-substance fixed payments (if any)
v. amounts expected to be payable under a residual value guarantee (if any); and
vi. Lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain
to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised.
Right-of-use assets
The right-of-use asset is initially measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the
commencement date, plus any initial direct costs incurred. The right-of-use assets are subsequently depreciated over the lease term using a straight-line
basis as it closely reflects the expected pattern of consumption of future economic benefits. The right-of-use assets are to be reduced by impairment losses,
if any, and adjusted for certain remeasurements of lease liability. Right-of-use assets are recognized using cost model.
Lease liabilities against right-of-use assets

The lease liability is initially measured at present value of lease payments to be made over lease term, discounted using bank’s incremental weighted
average borrowing rate. The lease liability shall be subsequently measured at amortized cost using the effective interest rate method i.e. increase by
interest cost on lease liability and decrease by lease payments made.
Short-term leases and leases of low-value asset along with threshold level 1% of capital.
The bank applies threshold below 1% discounted lease payment of paid-up capital for time being. Apartment from this, the bank also applies the short-
term lease recognition exemption to its short-term leases (i.e., those leases that have a lease term of 12 months or less from the commencement date and
do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases that are low value. Lease payments on
short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term.
Annual Report 2022

2.26 Country Risk Management (CRM) Exposures
According to BRPD Circular No-07 dated 13 April 2021 enumerate the Guideline of the Country Risk Management (GCRM) for Banks that have to
disclosed in the Note to the account.
i. The Risk Category-wise country exposure:
Equivalent
Total Assets % Of Total Rating Of Risk Required
Country Exposure [Tk.] Provision in %
(Tk) Assets S&P And Category Provision
Fitch
USA 27,06,43,165.07 0.135% AA+ Insignificant 0% Not Applicable
INDIA 12,54,28,282.75 0.063% BBB- Marginal 1% Not Applicable
UK 1,15,11,795.76 0.006% AA Insignificant 0% Not Applicable
JAPAN 7,07,68,043.34 0.035% A+ Low 0.25% Not Applicable
SOUTH KOREA 62,32,377.08 0.003% AA Insignificant 0% Not Applicable
PAKISTAN 1,01,95,848.89 0.005% B- Moderate 5% Not Applicable
199812715597
ITALY 14,06,68,301.16 0.070% BBB Marginal 1% Not Applicable
CHINA 9,37,40,653.38 0.047% A+ Low 0.25% Not Applicable
SPAIN 4,04,04,322.35 0.020% A Low 0.25% Not Applicable
FRANCE 25,85,399.57 0.001% AA Insignificant 0% Not Applicable
CANADA 1,08,36,709.18 0.005% AAA Insignificant 0% Not Applicable
TOTAL 78,30,14,898.53 0.392%
ii. The extent of aggregate provisions held against the country risk:
As per “Guidelines on Country Risk Management (GCRM) for Banks” issued by Bangladesh Bank through BRPD circular No 7 dated 13 April 2021, Bank
calculated risk category-wise country exposure and required provision thereof. As, net funded exposure for any country have not exceeded the 2% of
Total Assets, Therefore, no provision is required against country risk exposure.
2.27 Audit Committee of the Board of Directors
i) Functions of the Audit Committee

The Audit Committee is a Committee of the Board of Directors responsible for oversight of the financial reporting process, selection of the external
auditor, and review of the audit reports, both internal & external. The Committee assists the Board of Directors to fulfill its corporate governance and
oversee the responsibilities in relation to the entity’s financial reporting, internal control system, internal & external audit functions and compliance with
applicable laws, rules & regulations. The main responsibilities of the Audit Committee are as follows:
- Review the adequacy of Internal Control System,
- Review the Choice of Selection of Accounting Policy and principles,
- Review Financial Reporting Process & Financial Statements,
- Review Internal Audit & Inspection Reports and External Auditors Report (Management Report),
- Monitor the Internal Control Risk Management Process and Compliance culture,
- Recommendation for appointment of External Auditors and review performance,
ii) Particulars of Audit Committee

The present Audit Committee of the Board was reconstituted in the 144th Meeting of the Board of Directors held on June 02, 2022 in accordance with
the BRPD Circular No. 11 dated October 27, 2013 issued by Bangladesh Bank comprising 05 (five) directors of the Board including 02 (two) independent
directors:
SL Name Status with the Committee Status with the Board

2 Mr. Rafikul Islam Mia Arzoo Member Vice Chairman
5 Mr. S.M Parvez Tamal Member Chairman
As per regulatory guidelines, the Company Secretary of the Bank acts as the Secretary to the Audit Committee. Senior Officials of the Bank attend the
Meetings on invitation.
Meetings of the Audit Committee and Major Focused Areas

Bangladesh Bank has suggested Banks to hold at least 04 meetings in a year. The Audit Committee of NRB Commercial Bank Limited held 05 (five)
meetings in the year 2022 and had had detailed discussions and review sessions with the Head of Internal Control & Compliance, Chief Financial Officer
and other Bank Officials to discuss the Bank’s financial reporting. The Committee had reviewed and recommended Appointment of the Auditor for
the Financial Year 2022, the Audited Financial Statements (AFS) for the year ended on 31 December 2021, Un-Audited Financial Statements quarterly,
comprehensive inspection reports conducted by the Internal Auditors on Branches/ Sub-Branches/ Divisions, comprehensive inspection reports
conducted by Bangladesh Bank on Foreign Trade and Foreign Currency transaction of the Bank, Special Investigations conducted by the Bangladesh
Bank and Internal Auditors of ICC Division and the Annual Health Report of the Bank and other relevant matters. Further the Committee had discussed
about the audit findings and remedial suggestions on various issues that need improvement. The Audit Committee instructed Management to follow
those remedial suggestions and monitor accordingly. Meeting dates are as follows:
Annual Report 2022

275
Sl. No. Audit Committee Meeting Date of Meeting
1 41st Meeting of the Audit Committee 23-Feb-22
2 42nd Meeting of the Audit Committee 13-Apr-22
3 43rd Meeting of the Audit Committee 12-May-22
4 44th Meeting of the Audit Committee 31-Jul-22
5 45th Meeting of the Audit Committee 27-Oct-22
During the year 2022, under review, the Committee, amongst other, had undertaken the following activities:
a. Reviewed the Audited Financial Statements of the Bank for the year ended on 31st Dec. 2020 along with the Auditors’ Report thereon and
recommended to forward the same to the Board for consideration.
b. Reviewed the Quarterly Un-Audited Financial Statements of the Bank for the year 2021, prepared as per Bangladesh Securities and Exchange
Commission Notification No. BSEC/CMRRCD/2006-158/208/ Admin/81 dated 20.06.2018, to evaluate the quarterly performances of the Bank and
recommended to forward the same to the Board of Directors of the Bank for consideration.
c. Reviewed the Risk Based Audit Plan 2021 and followed up on its implementation status.
d. Recommended the appointment of Statutory Auditors for the financial year 2021 of the Bank.
e. Reviewed key functions of ICC Divisions.
f. Reviewed the major findings identified by the Internal Auditors from their Internal Inspection Reports and Bangladesh Bank Auditors from their
Inspection Reports and advised the Management of the Bank to take corrective steps for rectification.
g. Reviewed the Annual Integrated Health Report of the Bank for the year ended 2020.
h. Reviewed the Summary of Audit Findings.
2.28 Reconciliation of net profit with cash flows from operating activities (Solo basis)
Profit before Tax as per profit and loss account 2,988,698,181 3,002,420,291
Adjustment for non-cash items:

Provision against loans and advances 874,649,717 705,358,686
Provision for diminution in value of investments 215,373,399 154,990,194
Provision for Off-Balance Sheet Exposures (39,594,584) 191,692,476
Depreciation for Property, plant and equipment 428,660,356 334,680,118
Non-Cash Effect of IFRS 16 (104,108,935) (105,642,358)
1,374,979,952 1,281,079,116
Increase/decrease in operating assets and liabilities:
Other operating assets 110,290,088 345,643,262
Receipts from operating Income (33,481,462) (57,786,665)
Payments for operating Expense 1,561,909,996 790,742,585
Other operating liabilities 950,824,793 108,303,645
3,071,264,384 (4,268,351,270)
Cash flows from operating activities as per Cash flow statement 7,434,942,517 15,148,137
2.28(a) Reconciliation of net profit with cash flows from operating activities (Consolidated basis)
Profit before Tax as per profit and loss account 3,274,668,520 3,281,575,587
Adjustment for non-cash items:

Provision against loans and advances 871,639,352 725,204,313
Provision for diminution in value of investments 257,214,637 160,226,408
Provision for Off-Balance Sheet Exposures (39,594,584) 191,692,476
Depreciation for Property, plant and equipment 431,718,902 336,666,517
Non-Cash Effect of IFRS 16 (104,108,935) (105,642,358)
1,416,869,373 1,308,147,356
Annual Report 2022

Increase/decrease in operating assets and liabilities:
Other operating assets 224,979,942 231,230,716
Receipts from operating Income (33,481,462) (57,786,665)
Payments for operating Expense 1,560,044,778 794,300,977
Other operating liabilities 950,824,793 108,303,645
2,802,555,837 (5,242,980,506)
Cash flows from operating activities as per Cash flow statement 7,494,093,729 (653,257,562)
2.29 Disclousre of Uncalimed Dividend Account as of December 31, 2022

NRB Commercial Bank Limited dislosed Uncalimed Dividend Account as of December 31, 2022 as BSEC Directive Ref.: BSEC/CMRRCD/2021-386/03
Dated : Januray 14, 2021:
Cash Dividend Stock Dividend

Year Wise Dividend Unclaim
AGM Date Bank Account with BO Suspense No Share Qty.
Dividend (Tk.)
2020 26-Jun-21 1,298,080.56 NRBC Bank Ltd 1205950073720583 1452
2021 2-Jun-22 1,527,895.03 NRBC Bank Ltd 1205950075447748 192
2.30 These Audited Financial Statements(AFS) were reviewed by the Audit Committee of the Board of NRBC Bank Limited in its 47th meeting held on April
30, 2023 and on the same date the AFS approved by the Board in its 162th Board Meeting.
2.31 Disclosures on Cost savings initiatives taken by Bank
According to BRPD circular letters 28, 30 and 35 dated 26 July 2022, 27 July 2022 and 05 September 2022 respectively regarding disclosures on Bank’s
cost savings initiatives are given below:
a. Electricity and Fuel Expense incurred by the bank on Half yearly Basis :
Expense Types Jan-Jun'2022 Jul-Dec'2022 Jan-Jun'2021 Jul-Dec'2021
Power and Electricity Expense 37,515,863 73,099,810 22,829,933 34,940,043
Generator Fuel Expense 5,520,578 10,724,581 3,261,340 4,491,295
Car or Vehicles Fuel (Oil/Gas/LPG) Cost 6,592,133 7,964,041 5,959,199 6,475,170
Cost saving initiatives :

NRBC Bank tried to curtail expenditure for fuel & electricity through strict compliance of reduced office hours and virtual program wherein physical has
been avoided. Despite average 45% increase of fuel price and increased demand of electricity due to new employment and expansion of Branches, Bank
took initiatives:
i. Ensured maximum utilization of day light savings and execution of reduced office timing as per Bangladesh Bank instruction
ii. Maintained AC temperature in the office premises not below 24 degree Celsius
iii. Fuel consumption of pool vehicles was monitored rigorously on daily basis
iv. Curtailed monthly allocated fuel for pool cars assigned for the high officials of the bank
b. Stationeries, Entertainment and Inland travel Expense incurred by the bank on Half yearly Basis :
Expense Types Jan-Jun'2022 Jul-Dec'2022 Jan-Jun'2021 Jul-Dec'2021
Packaging/Printing (Expense) 13,363,636 14,441,576 5,680,817 8,065,661
Office Stationery (Expense) 16,509,932 17,997,681 11,566,261 20,723,932
Entertainment and Refreshment Expense 9,416,107 11,797,841 4,491,464 6,942,391
Travelling Expenses (Inland & Foreign) 3,057,874 4,810,013 6,939,822 2,273,569
Cost saving initiatives :

i. Printing on both sides of paper and emphasis on using of digital communication
ii. Extended use of existing assets and putting restriction on avoidable expenditure as much as possible
iii. Encouraged sharing and recycling of table stationeries and cleaning materials
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277
2.32 Disclosure on DVS (Document Verification System) regarding customer loan File
As per BRPD circular no. 04 dated 04 January 2021 and BRPD circular letter no. 35 dated 06 July 2021, Credit facilities (fresh/renewal) subject to
validate financial statements of the clients under relationship of Corporate Banking, the Bank has verified DVC mentioned in audited financials with DVS
(Document Verification System) developed by ICAB (Institute of Chartered Accountants of Bangladesh) for partial cases and has preserved with loan file
accordingly. Current status of the Bank is as follows:
Compliance Status
Particular % of compliance as per BRPD Circular % of compliance as per BRPD Circular
Letter 04* Letter 35**
Corporate Loan File -2022 52% 24%
* BRPD Circular Letter no. 04: Regarding preservation of audited financial statements/statutory audit report for credit sanction (fresh/renewal) where
applicable.
** BRPD Circular Letter no. 35: Regarding verification of audited financial statements through the data available in the Document Verification System
(DVS) developed by ICAB.
2.33 General
i. Figures relating to the previous year included in this report have been rearranged, wherever considered necessary, to make them comparable with
those of the current year without, however, creating any impact, except mentioned above, on the operating result and value of assets and liabilities
as reported in the financial statements for the current year.
ii. Figures in these notes and in the annexed financial statements have been rounded off to the nearest Taka.
iii. These notes form an integral part of the annexed financial statements and accordingly are to be read in conjunction therewith.
Annual Report 2022

At Dec 31, 2022 At Dec 31, 2021
Taka Taka
3 Cash:
Conventional and Islamic banking
Cash In hand (including foreign currencies) : (Note: 3.1) 3,811,589,117 2,615,157,693
Balance with Bangladesh Bank and its agent bank(s) (Note: 3.2) 7,180,200,971 5,530,170,193
10,991,790,088 8,145,327,886
3a Consolidated Cash:
NRBC Bank Limited 10,991,790,088 8,145,327,886
NRBC Bank Securities Limited 179,029 10,018,246
NRBC Bank Asset Management Limited 8,874 -
10,991,977,991 8,155,346,132
3.1 Cash In hand (including foreign currencies) :
In local currency (Note: 3.1.1) 3,805,427,749 2,603,165,868
In foreign currency 6,161,368 11,991,826
3,811,589,117 2,615,157,693
3.1.1 Cash In Hand:
Cash in Hand 3,708,902,349 2,527,116,368
Cash at ATM and Branch Agent Point 96,525,400 76,049,500
3,805,427,749 2,603,165,868
3.1a Consolidated Cash In Hand (Including Foreign Currency)
NRBC Bank Securities Limited 179,029 10,018,246
3,811,777,020 2,625,175,939
3.2 Balance with Bangladesh Bank and its agent bank(s)
In local currency (LCY) (Note: 3.2.1) 6,602,078,258 4,963,954,258
In foreign currency (FCY) (Note: 3.2.2) 383,197,011 455,700,395
6,985,275,269 5,419,654,653
Sonali Bank Ltd.
(as an agent bank of Bangladesh Bank) - local currency 194,925,701 110,515,539.63
7,180,200,971 5,530,170,193
3.2a Balance with Bangladesh Bank and its agent bank(s)
NRBC Bank Securities Limited - -
NRBC Bank Asset Management Limited - -
7,180,200,971 5,530,170,193
3.2.1 Balance with Bangladesh Bank and its agent bank(s)-LCY
Bangladesh Bank, Motijheel Office 6,440,346,488 4,859,375,309
Bangladesh Bank, Motijheel Office, Islamic Banking Wings 150,135,577 91,108,131
Bangladesh Bank, Chittagong Office 887,924 3,114,487
Bangladesh Bank, Barisal Office 516,752 7,255,676
Bangladesh Bank, Sylhet Office 804,302 1,069,023
Bangladesh Bank, Rangpur Office 8,474,642 506,944
Bangladesh Bank, Khulna Office 106,290 1,027,685
Bangladesh Bank, Rajshahi Office 413,589 302,153
Bangladesh Bank, Bogra Office 392,696 194,849
6,602,078,258 4,963,954,258
Reconciliation between Bangladesh Bank statement and Bank’s book
As per Bangladesh As Per Bank’s Reconciling

Particular
Bank Statement General ledger Difference
Bangladesh Bank, Motijheel Office 6,222,025,941 6,440,346,488 (218,320,547)
Bangladesh Bank, Motijheel Office, Islamic Banking Wings 150,135,577 150,135,577 -
Bangladesh Bank, Chittagong Office 887,924 887,924 -
Bangladesh Bank, Barisal Office 516,752 516,752 -
Bangladesh Bank, Sylhet Office 804,302 804,302 -
Bangladesh Bank, Rangpur Office 8,474,642 8,474,642 -
Bangladesh Bank, Khulna Office 106,290 106,290 -
Bangladesh Bank, Rajshahi Office 413,589 413,589 -
Bangladesh Bank, Bogra Office 392,696 392,696 -
6,383,757,712 6,602,078,258 (218,320,547)
Bank credited but not debited by Bangladesh Bank -

Bank debited but not credited by Bangladesh Bank (128,979,440)
Bangladesh Bank credited but not debited by Bank 130,791,556
Bangladesh Bank debited but not credited by Bank (220,132,663)
Annual Report 2022

279
At Dec 31, 2022 At Dec 31, 2021
Taka Taka
3.2.2 Balance with Bangladesh Bank -FCY

Bangladesh Bank, Motijheel Office Clg -USD 382,139,468 430,568,443
Bangladesh Bank, Motijheel Office Clg - EURO 893,368 25,050,712
Bangladesh Bank, Motijheel Office Clg - GBP 88,736 81,240
Bangladesh Bank, Motijheel Office Clg - CNY 75,440 -
383,197,011 455,700,395
Details of Balance with BB (FCY Wise) Account and reconciliation between Bangladesh Bank statement and Bank’s book reconciliation are given in
Annexure-A
3.2.3 Maturity grouping of balance with other banks

Repayable -on demand 383,197,011 455,700,395
– up to 3 months - -
– over 3 months but below 1 year - -
– over 1 year but below 5 years - -
– over 5 years - -
3.3 Statutory deposits:
Cash Reserve Requirement (CRR) and Statutory Liquidity Ratio (SLR):
Cash reserve requirement and statutory liquidity ratio have been calculated and maintained in accordance with clause 1 of section 33 of Bank Company
Act -1991 (Amended upto 2020) along with and DOS circular no. 01 dated 19 January 2014.
The statutory Cash Reserve Requirement (CRR) is calculated on the Bank’s average total demand and time liabilities (ATDTL) and maintained
accordingly with Bangladesh Bank in current account while Statutory Liquidity Ratio (SLR) is in the form of treasury bills and bonds 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. A. Cash Reserve Requirement (CRR) :

As per Bangladesh Bank MPD Circular No. 03 dated April 09, 2020, Bank maintained CRR of minimum 3.50% on daily basis and 4.00% on bi-weekly
basis on average total demand and time liabilities (ATDTL) of the base month which is two months back of reporting month (i.e. CRR of December 2022
is based on weekly/Bi-weekly average balance of October 2022):
Conventional Banking
i. i. Daily Position as on the reporting date:

Average total demand and time liabilities (ATDTL) excluding inter-bank deposit for basis of determining daily Cash Reserve Requirement (Daily CRR is
basis of every two months back of average time and demand liabilities as mentioned previous para):
Average time and demand liabilities (excluding inter-bank deposit) 144,383,142,857 112,371,860,000
Required Reserve (3.5% on daily basis of Average Time and Demand Liabilities) 5,053,410,000 3,933,015,100
Actual reserve maintained with Bangladesh Bank 6,054,065,145 4,570,060,042
Surplus (Maintained over requirement) 1,000,655,145 637,044,942
ii. ii. Bi-weekly cumulative Position

Average total demand and time liabilities (ATDTL) excluding inter-bank deposit for basis of determining Bi-weekly Cash Reserve Requirement
(Bi-weekly CRR is basis of every two months back of average time and demand liabilities):
Average time and demand liabilities (excluding inter-bank deposit) 144,383,142,857 112,371,860,000
Required Reserve (4% on bi-weekly basis of Average Time and Demand Liabilities) 5,775,325,714 4,494,874,400
Average actual reserve maintained 6,054,065,145 4,570,060,042
Surplus (Maintained over requirement) 278,739,431 75,185,642
Islamic Banking
i. i. Daily Position as on the reporting date:
Average time and demand liabilities (excluding inter-bank deposit) 3,387,875,000.00 1,584,076,000
Required Reserve (3.5% on daily basis of Average Time and Demand Liabilities) 118,576,000.00 55,442,660
Actual reserve maintained with Bangladesh Bank 143,335,879.35 85,481,660
ii. ii. Bi-weekly cumulative Position
Average time and demand liabilities (excluding inter-bank deposit) 3,387,875,000.00 1,584,076,000
Required Reserve (4.00% on bi-weekly basis of Average Time and Demand Liabilities) 135,515,000.00 63,363,040
Average actual reserve maintained 143,335,879.35 85,481,660
Annual Report 2022

At Dec 31, 2022 At Dec 31, 2021
Taka Taka
B. Statutory Liquidity Ratio (SLR) of 13 % Average Demand and Time Liabilities
As per clause 1 of section 33 of Bank Company Act -1991 (Amended upto 2018) & DOS circular No - 01 dated 19 January 2014 of Bangladesh bank
(effective from 01 February 2014) all scheduled banks have to maintain SLR of minimum 13% based on average total demand and time liabilities (ATDTL)
of the base month which is two months back of the reporting month:
Average time and demand liabilities(excluding inter-bank deposit) 144,383,142,857 112,371,860,000

Required reserve of SLR(13% on basis of Average Time & Demand Liabilities) 18,769,808,571 14,608,341,800
Average Actual SLR maintained (details in the note C) 23,458,115,083 23,394,552,257
Surplus / (deficit) 4,688,306,511 8,786,210,457
Islamic Banking
Average time and demand liabilities(excluding inter-bank deposit) 3,387,875,000 1,584,076,000
Required reserve of SLR(5.5% on basis of Average Time & Demand Liabilities) 186,333,125 87,124,180
Average Actual SLR maintained (details in the note C) 1,008,451,806 433,580,431
Surplus / (deficit) 822,118,681 346,456,251
C. Components of Statutory Liquidity Ratio (SLR)

Ave. Cash in hand including Foreign Currency 2,085,383,091 2,327,043,815
Ave. Excess Reserve of Bi-weekly @4% under CRR Bal with Bangladesh Bank 348,907,832 127,383,695
Ave. Unencumbered approved securities (HTM) 17,184,557,538 16,776,388,164
Ave. Unencumbered approved securities (HFT) 3,526,458,722 3,850,666,606
Ave. Other Eligible Security i.e. Prize Bond 312,807,900 313,069,977
23,458,115,083 23,394,552,257
Islamic Banking
Cash in hand 33,170,927 12,916,932
Excess of CRR - Balance with Bangladesh Bank 7,820,879 22,118,660
Government securities - 20,000,000
Other Eligible Security 967,460,000 378,544,839
1,008,451,806 433,580,431
BRPD Circular No.-02 dated 25/02/2019 and BRPD Circular Letter No.-09 dated 27/05/2019 on Policy for Offshore Banking Operation of the Banks in
Bangladesh is not applicable for Bank. Hence refer to DOS Circular Letter No.26 dated 19/08/2019 has no obligation to maintain CRR and SLR
4 Balance with other banks and financial institutions
In Bangladesh:
Conventional and Islamic banking (Note: 4.1) 6,720,997,447 3,008,815,802
Outside Bangladesh:
Conventional and Islamic banking (Note: 4.2 & 4.3) 177,548,593 74,680,916
6,898,546,039 3,083,496,718
6,898,546,039 3,083,496,718
Offshore Banking Unit (OBU) (Note: 4.2) 151,140,939 1,464,354,637
7,049,686,978 4,547,851,355
4a Consolidated Balance with other banks and financial institutions

In Bangladesh (Note: 4.1a) 6,431,013,378 3,050,655,473
Outside Bangladesh (Note: 4.2a) 328,689,532 1,539,035,553
6,759,702,910 4,589,691,026
4.1 Conventional and Islamic banking In Bangladesh
i. Current Deposits:
Krishi Bank Ltd, Principal Office Br 28,387,487 5,710,072
Bank Asia Ltd, Ruhitpur Br. 1,101 500
NCC Bank Ltd, Bhaban Br. 6,023,128 7,097,178
Sonali Bank Ltd, Rangpur Corporate Br. 9,011,223 26,568
Sonali Bank Ltd, Feni Br. 34,006,029 10,087,868
Sonali Bank Ltd, Gopalgonj Br. 582,435 1,032,207
Jamuna Bank Limited maintained by Branches/Sub-Branches 83,020 1,733,860
Agrani Bank Limited maintained by Branches/Sub-Branches 6,729,644 2,891,115
Rupali Bank Limited by Branches 887,069 1,738,569
85,711,135 30,317,936
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Taka Taka
ii. Special Notice Deposits
Mercantile Bank Ltd, Main Br. 25,941,923 42,179,536
Mercantile Bank Ltd., Sylhet Br. 2 1,163
Janata Bank Ltd, Local Office 110,052,231 12,527,211
Southeast Bank Ltd., Principal Br. 29,273,596 15,925,732
NCC Bank Ltd., Motihjeel Br. 6,658,910 25,295,577
Eastern Bank Ltd., Principal Br. 33,392,999 11,474,404
Jamuna Bank Ltd., FEX Br. 28,372,959 15,544,351
Agrani Bank Ltd., Principal Br. 280,740,239 204,317,803
Agrani Bank Ltd., Sonargaon Br. 54,500 84,704,611
Sonali Bank Ltd.,Khulna Corp. Branch 296 3,270
Sonali bank Ltd.Tangail Br. 6,006 6,047
Sonali Bank Ltd., Baitul Mokarram Branch 2,661,938 2,627,121
Sonali Bank Ltd, Dilkusha Corporate Branch 178,568,035 88,356,453
Sonali Bank Ltd., B.I.S.E Dhaka Branch 212,211,289 136,351,088
Agrani Bank Limited, Dhaka University Branch 133,197,555 246,191,656
Janata Bank Limited, Bonshal Road Branch 184,000,856 296,296,124
Agrani Bank Ltd Maintained by Sub-Branch 21,011,105 14,510,000
Rupali Bank Limited Maintained by Branch 629,269 24,638
Southeast Bank Limited, Motijheel Islamic Banking Branch (Islamic) 673,210 668,749
First Security Islami Bank, Dilkusha Branch (Islamic) 5,273,321 5,167,858
Social Islami Bank Limited, Principal Branch (Islamic) 581,450 369,100
Union Bank Limited, Elephant Road Branch (Islamic) 44,067,616 43,451,106
Agrani Bank Ltd., Amin Court Branch (Islamic) 10,151,608 10,000,000
EXIM Bank Ltd., Rajuk Avenue Branch (Islamic) 10,000,000 -
1,317,520,913 1,255,993,599
iii. Settlement Account with Mobile Banking Services (MFS)
bKash Limited (Add Money Thr Planet) Settlement A/c 11,574,989 2,434,111
bKash Limited (Transfer Money) Settlement A/c 1,400,013 -
bKash Limited (Add Money thr link AC) Settlement A/c 153,588 -
13,128,590 2,434,111
iv. Fixed Deposits Receipt (FDRs)/Mudaraba Term Deposit Receipts (MTDR)
FDR placement to NBFIs 1,242,975,523 1,537,475,523
FDR /Mudaraba Term Deposit Receipt (MRDR) placement to Banks 3,700,000,000 172,047,500
4,942,975,523 1,709,523,023
Details of Placement with Bank & NBFI in Annexure-B
v. Card Settlement Account
Trust Bank Ltd, Dilkhusha Corp Br (Q-cash Settlement A/c) 12,101,422 3,596,651
12,101,422 3,596,651
vi. Balance with with Brokerage Co./Custodian Partner
MBL Securities Ltd [Under own Discretionary BO Account] 32,958 32,958
IIDFC Securities Ltd [Under own Discretionary BO Account] 8,988 8,988
NRBC Bank Securities Ltd(Code-100) [Under own Discretionary BO Account] 340,673,605 1,369,911
NRBC Bank Securities Ltd [Code: 1234] [ Special BO Account by Special Fund] 4,717,658 5,360,602
Asian Tiger Capital Partners Investments Ltd. [Custodian Partner] 4,126,655 178,024
349,559,865 6,950,482
4.1a Consolidated In Bangladesh
NRBC Bank Securities Limited 85,310,890 76,313,611
NRBC Bank Asset Management Limited 99,946,773 -
6,906,255,110 3,085,129,413
Less: Inter company transaction 475,241,731 34,473,941
Annual Report 2022

At Dec 31, 2022 At Dec 31, 2021
Taka Taka
6,431,013,378 3,050,655,473
4.2 Conventional and Islamic banking Outside Bangladesh
Nastro Deposits:
Habib American Bank NY, USD 53,791,966 11,050,572
Mashreq Bank PSC NY, USD 62,930,293 16,048,887
AB Bank Ltd Mumbai, Acu Dollar 52,869,814 16,434,980
United Bank of India, Kolkata, Acu Dollar 53,304,701 1,327,807
United Bank of India, Kolkata, Acu Euro 344,383 2,031,847

Mashreq Bank Mumbai Acu Dollar 53,460 6,340,483
National Bank Of Pakistan, Tokyo, Jpy 1,296,894 1,628,577
Kookmin Bank, Seoul, Korea 3,552,593 5,837,621
Habib Metro Bank Limited, Karachi Acu Dollar 10,195,849 1,114,494
Axis Bank Limited, India 1,296,820 1,743,074
Banca UBAE S.P.A., Italy 14,139,017 567,936
Kookmin Bank, Korea Republic 2,679,784 2,758,437
Bank of Huzhou,China 60,863 497,667
Sonali Bank Ltd. Kolkata Branch, ACU Dollar 17,559,105 1,578,053
Sonali Bank Ltd-USD, UK Branch 10,878,695 13,918,310
Sonali Bank Ltd-GBP, UK Branch 403,726 612,787
Sonali Bank Ltd-Euro, UK Branch 229,374 202,116
Zhejiang Chouzhou Commercial Bank Co. Ltd. China-USD 2,278,785 307,371
Zhejiang Chouzhou Commercial Bank Co. Ltd. China-Chinese Yuan (CNY) 89,059,447 -
Mizuho Bank Ltd., Tokyo 9,092,325 890,269
CAIXA Bank, S.A-USD 595,762 -
CAIXA Bank, S.A-EURO 313,848 -
386,927,505 84,891,288
Mashreq Bank, NY USA-USD (OBU) 151,140,939 1,464,354,637
538,068,444 1,549,245,925
Details of Nastro Accounts along with conversion and unreconciled position in the Annexure-C
4.2a Consolidated Outside Bangladesh (Nostro Accounts)

NRBC Bank Limited 538,068,444 1,549,245,925
538,068,444 1,549,245,925
Less: Inter company transaction - -
538,068,444 1,549,245,925
4.3 NRBC Fund Placement to Offshore Banking Unit (OBU)
NRBC Bank Fund Placement to Offshore Banking Unit (OBU) 969,236,880 1,879,919,657
OBU Fund Placement/Bal. with HO-ID 2,603,373 2,052,236
971,840,253 1,881,971,893
Less: Inter Branch Transaction with OBU 1,181,219,165 1,892,182,265
(209,378,912) (10,210,371)
5 Money at call and short notice : In Bangladesh
Money at call and short notice to Banks (Note: 5.1) - -
Money at call and short notice to NBFIs (Note: 5.1) 144,400,000 147,450,000
144,400,000 147,450,000
5.1 Money at call and short notice to Banks
BRAC Bank Ltd. - -
- -
5.2 Money at call and short notice to NBFIs
GSP Finance Company (Bangladesh) Limited 21,600,000 24,500,000
Union Capital Ltd. 5,000,000 5,150,000
Fareast Finance and Investment Ltd. 45,900,000 45,900,000
FAS Finance and Investment Limited 5,000,000 5,000,000
International Leasing & Financial Services Ltd 66,900,000 66,900,000
144,400,000 147,450,000
5a Consolidated money at call and on short notice
NRBC Bank Limited 144,400,000 147,450,000
144,400,000 147,450,000
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Taka Taka
6 Investments
Type of Investment
Treasury Bill 208,518,855 -
Treasury Bond 27,896,344,577 21,762,882,349
Islamic Bond - 20,000,000
Sukuk Bond 1,278,070,000 1,278,070,000
Prize Bond 2,197,900 2,406,400
Other Investment 7,611,443,962 5,477,721,165
36,996,575,294 28,541,079,915
Nature wise:
Held for Trading 5,045,587,576 4,069,561,726
Held to Maturity 24,337,345,855 18,991,390,623
Others 7,613,641,862 5,480,127,565
36,996,575,294 28,541,079,915
Claim wise:
Government securities (Note: 6.1) 29,385,131,331 23,063,358,749
Other investments (Note: 6.2) 7,611,443,962 5,477,721,165
36,996,575,294 28,541,079,915
6a Consolidated investments
37,749,560,243 28,881,509,606
37,749,560,243 28,881,509,606
6.1 Government securities - Conventional and Islamic banking
Treasury bills and Bonds (Govt. Securities) (Note: 6.1.1) 29,382,933,431 23,060,952,349
Prize Bond 2,197,900 2,406,400
29,385,131,331 23,063,358,749
6.1.1 Treasury bills and Bonds (Govt. Securities) : Conventional and Islamic Banking including Sukuk Bonds:
a.Unencumbered
i. Held for Trading(HFT)
364 Days Treasury Bills 208,518,855 -
2 Year Treasury Bonds 1,015,539,020 10,112,730
5 Year Treasury Bonds 3,060,411,091 2,514,466,995
10 Year Treasury Bonds 80,962,944 601,654,358
5 Year Sukuk Bond 310,610,000 310,610,000
5,045,587,576 4,069,561,726
ii. Held to Maturity(HTM)
182 Days Bangladesh Government Islamic Investment Bond(Islamic Banking) - 20,000,000
Investment In Government Sukuk (Ijarah Sukuk) Bond (Islamic Banking) 967,460,000 967,460,000
5 Year T-Bonds 1,658,398,221 1,204,170,158
10 Year T-Bonds 5,953,780,685 8,138,256,829
15 Year T-Bonds 2,747,340,650 3,105,709,565
20 Year T-Bonds 7,325,037,982 5,555,794,071
18,652,017,538 18,991,390,623
Annual Report 2022

At Dec 31, 2022 At Dec 31, 2021
Taka Taka
b. Encumbered : Disclosure regarding of the securities were being lien under re-purchased agreement in the Annexure- D as per DOS Circular No.- 06
dated 15 July 2010.
i. Held for Trading(HFT) - -
ii. Held to Maturity(HTM)-(Coventional & Islamic)

5 Year T-Bonds 1,318,598,000.00 -
10 Year T-Bonds 2,404,451,545.64
15 Year T-Bonds 1,063,610,400 -
20 Year T-Bonds 898,668,372 -
5,685,328,317.25 -
Disclosure regarding of the securities under Repo and Revers Repo in the Annexure-D
6.1a Consolidated Government securities

29,385,131,331 23,063,358,749
29,385,131,331 23,063,358,749
6.2 Other investments
A. Quoted shares & Mutual Funds
Investment in Listed Co. Share under Bank Own Discretionary Fund 1,400,069,542 897,395,584
Investment in Listed Co. Share under Special Scheme Fund * 794,421,617 793,357,401
Portfolio Inv. Thr Asian Tiger Capital Partners Investments Ltd 66,697,257 84,490,634
Investment in Listed SUKUK Bond (Other than Govt.) 500,000,000 500,000,000
2,761,188,415 2,275,243,618
* NRB Commercial Bank Limited maintained another BO # 1205950072055133 at NRBC Bank Securities Limited under scheme of special Fund as
per DOS Circular 01, Dated February 10, 2020.
B. Unquoted shares
Investment in IPO Subscription - 22,222,000.00
Investment in SWIFT Share (6 no. of Share) of SWIFT SCRL, Belgium 2,779,967 2,779,967
2,779,967 25,001,967
C. Investment in Preference Share:
Regent Energy and Power Ltd. 37,475,580 37,475,580
Impress-Newtex Composite Textiles Limited 350,000,000 350,000,000
Jinnat Knitwears Limited 320,000,000 400,000,000
Fair Electronics Ltd. 200,000,000 -
907,475,580 787,475,580
D. Investment in Subordinated Bond:
UCBL Subordinated Bond 1 - 20,000,000
IPDC Finance Subordinate bond 90,000,000 120,000,000
UCBL Subordinated Bond-2 400,000,000 500,000,000
One Bank Subordinated Bond 500,000,000 500,000,000
MTB Subordinated Bond - 40,000,000
AB Bank Subordinated Bond 2 - 60,000,000
Trust Bank Ltd. 6th Subordinated Bond 1,000,000,000 -
Pubali Bank Ltd. 3rd Subordinated Bond 800,000,000 -
2,790,000,000 1,240,000,000
E. Investment in Perpetual Bond:
The City Bank Ltd Perpetual Bond 300,000,000 300,000,000
Jamuna Bank Ltd Perpetual Bond 400,000,000 400,000,000
UCBL Perpetual Bond 450,000,000 450,000,000
1,150,000,000 1,150,000,000
Total (A+B+C+D+E) 7,611,443,962 5,477,721,165
Details of investment in Share, Preference Share and Bonds in the Annexure-E
6.2a Consolidated other investments

8,364,428,911 5,818,150,857
8,364,428,911 5,818,150,857
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At Dec 31, 2022 At Dec 31, 2021
Taka Taka
7 Loans and Advances/Investments 136,185,138,845 104,898,313,929
Loans, cash credits, overdrafts, etc/Investments 134,925,668,108 103,313,244,407

Bills purchased and discounted 1,248,385,972 1,528,677,738
136,174,054,080 104,841,922,144
Bills purchased and discounted : Offshore Banking Unit(OBU) - 56,391,785
136,174,054,080 104,898,313,929
7a Consolidated Loans and advances /Investments
NRBC Bank Securities Limited 1,683,526,295 2,000,291,811
137,857,580,375 106,898,605,740
Less: Inter company transaction 1,333,867,139 1,408,020,848
136,523,713,235 105,490,584,892
7.1 Product wise Loans and Advances/Investments:
i) Loans, cash credits, overdrafts, etc./Investments
Inside Bangladesh
Overdraft 24,862,420,436 19,051,046,620
Cash Credit 7,164,672,476 8,919,532,064
Term loan 35,925,901,508 27,901,615,133
Lease Finance 562,657,749 919,881,883
Hire Purchase/HPSM (Transport) 3,409,748,532 2,861,618,324
Time loan 8,967,215,321 7,512,732,155
HBL (Commercial)- Corporate 78,770,291 -
Post Import Finance (PIF) - Corporate 4,612,578 -
Post Import Finance (PIF) 3,187,285,507 2,450,385,207
Packing Credit 238,842,472 442,433,457
EDF Loan 47,517,857 341,770,395
Payment Against Document (PAD) 59,586,031 86,827,516
SME Credit 11,799,308,592 13,014,574,030
Retail Credit 14,324,903,629 6,637,413,434
House Building Loan-Residential 3,403,651,178 3,291,896,406
Staff Loan 1,128,681,357 947,711,913
Advance Against Credit Card 802,123,706 698,807,501
Agricalture and Rural Credit 1,942,679,008 2,036,139,455
Micro Credit 13,184,445,696 3,185,953,644
Other Loans and Advances 751,020,898 737,570,248
Bai-Murabaha (Work Order Finance) 6,005,450 -
Bai-Murabaha (Trading) 416,565,146 35,274,730
Bai-Murabaha (Working Capital) 253,731,864 60,684,963
Bai-Murabaha Term (CMSME- Refinance) 29,663,678 -
Bai-Murabaha Term (CMSME-Stimulus) 4,779,419 -
Single Bi-Salam 5,613,453 2,827,565
132,562,403,831 101,136,696,641
Offshore Banking Unit(OBU) : General Loan & Advance (U-pass) 2,363,264,277 2,176,547,766
134,925,668,108 103,313,244,407
Outside Bangladesh
ii) Bills purchased and discounted
Inside Bangladesh
Inland bills purchased 1,092,286,819 1,286,511,250
1,092,286,819 1,286,511,250
Outside Bangladesh
Foreign bills purchased and discounted 156,099,153 242,166,488
156,099,153 242,166,488
Offshore Banking Unit(OBU) - 56,391,785
156,099,153 298,558,273
1,248,385,972 1,585,069,522
Total (i+II) 136,174,054,080 104,898,313,929
Annual Report 2022

At Dec 31, 2022 At Dec 31, 2021
Taka Taka
7.2 Loans, cash credits, overdrafts, etc./Investment (Inside Bangladesh)

In Bangladesh
Loans 100,535,310,919 73,166,117,958
Overdrafts 24,862,420,436 19,051,046,620
Cash Credit 7,164,672,476 8,919,532,064
132,562,403,831 101,136,696,641
Offshore Banking Unit(OBU) 2,363,264,277 2,176,547,766
134,925,668,108 103,313,244,407
Outside Bangladesh
Loans - -
Overdrafts - -
Cash Credit - -
- -
134,925,668,108 103,313,244,407
7.2a Consolidated Loans, cash credits, overdrafts, etc./Investment (Inside Bangladesh)
136,609,194,402 105,313,536,218
135,275,327,263 103,905,515,370
7.3 Loans and Advances/Investments under following Broad categories:
Inside Bangladesh
Loans 100,535,310,919 73,166,117,958
Overdrafts 24,862,420,436 19,051,046,620
Cash Credit 7,164,672,476 8,919,532,064
Bills purchased and discounted 1,092,286,819 1,286,511,250
133,654,690,650 102,423,207,891
Offshore Banking Unit(OBU) 2,363,264,277 2,176,547,766
Outside Bangladesh
Bills purchased and discounted (Conventional & Islamic) 156,099,153 242,166,488

Foreign bills purchased and discounted (OBU) - 56,391,785
136,174,054,080 104,898,313,929
7.4 Residual maturity grouping of loans and advances including bills purchased and discounted
Payable on demand 12,171,519,981 9,458,212,343
Not more than 3 months 24,048,422,031 21,422,610,368
More than 3 months but not more than 1 year 32,229,067,656 27,728,720,829
More than 1 year but not more than 5 years 42,452,747,445 21,396,130,342
More than 5 years 25,272,296,968 24,892,640,047
136,174,054,080 104,898,313,929
7.5 Net loans and advances/investments
Gross loans and advances/investments 136,174,054,080 104,898,313,929
Less: Interest suspense (Note 13.9) 2,371,918,268 1,360,222,532
Provision for Classified loans and advances/investments (Note 13.2) 2,522,225,634 1,803,943,529
4,894,143,902 3,164,166,061
131,279,910,178 101,734,147,868
7.6 Sector wise Loans and Advances excluding bill purchased and discounted:
Govt. Sector - -
Public Sector 248,850,742 -
Co-operative sector - -
Private Sector 135,925,203,338 104,898,313,929
136,174,054,080 104,898,313,929
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At Dec 31, 2022 At Dec 31, 2021
Taka Taka
7.7 Loans and Advances on the basis of significant concentration including Bills Purchased and Discounted.
a) Loans and advances given in favor of sister concern of the Directors ; 258,962,867 281,492,659
b) Loans and advances given to Chief Executive and other senior executives & staff of the Banks :
Managing Director & CEO - -
other executives and staffs 904,749,818 761,826,725
904,749,818 761,826,725
c) Loans and advances allowed to customer exceeding 10% of Bank's Total Equity for the period ended December 31, 2022:
Total capital of the Bank (Figure in lac Taka) 19,221 16,069
No. of Customer 29 52
Amount of Outstanding Facilities: Amount in lac taka
Funded Facilities 239,389 322,453
Non-Funded Facilities 113,686 153,534
Classified loan thereon Nil Nil
Measures taken for recovery Nil Nil
Figure in Lac
Facilities approved by Bank Balance/Business as on 31.12.2022
SL Name of Client
Funded Non-Funded Funded Non-Funded
1 Mosharaf Group* 20,963.09 42,979.09 24,874.60 24,148.04
2 MIR AKHTER HOSSAIN LIMITED* 13,450.00 27,000.00 10,528.27 3,078.33
3 JAMUNA INDUSTRIAL AGRO GROUP 24,578.60 15,000.00 21,665.89 -
4 AKIJ ESSENTIALS LIMITED 10,000.00 25,000.00 9,999.35 8,476.71
5 SB GROUP* 18,950.00 15,000.00 9,241.64 9,472.36
6 SHELTECH (PVT.) LTD. 16,000.00 16,305.00 6,311.82 5,800.00
7 WESTERN ENGINEERING (PVT.) LIMITED & ITS ASSOCIATES* 16,783.00 14,500.00 16,093.45 8,006.09
8 M/S. MD. RASHEDUZZAMAN 11,913.00 17,890.04 6,994.47 5,567.37
9 MATIN CONSTRUCTION LIMITED* 11,900.00 15,000.00 1,944.08 -
10 SILVER APPERALS LTD.* 18,328.36 7,800.00 17,667.72 1.03
11 RELIABLE BUILDERS LIMITED* 9,008.00 15,500.00 4,529.08 8,385.39
12 Gemcon Group* 14,500.00 10,000.00 7,547.75 -
13 LABIB GROUP 8,590.35 15,888.00 3,504.38 918.70
14 THREE ANGLE MARINE LTD.* 2,150.00 22,252.44 5,625.69 5,738.52
15 SS RAHMAN* 12,429.00 11,000.00 5,971.89 -
16 AA SYNTHETIC FIBRES LTD* 8,149.56 14,674.11 8,036.49 11,786.13
17 INTERNATIONAL DISTRIBUTION COMPANY BANGLADESH (PVT.) 15,072.77 6,484.06 13,798.09 2,729.44
LTD
18 NITOL MOTORS LTD. 15,500.00 5,000.00 4,958.71 63.10
19 PRAGOTI INDUSTRIES LTD* 0.00 20,000.00 - -
20 BSMRAU 20,000.00 0.00 2,488.51 -
21 NIRMAN 13,800.00 6,000.00 800.63 -
22 STYLISH GARMENTS LIMITED* 14,078.35 5,000.00 13,158.81 1,435.98
23 BEQ GROUP* 6,092.55 12,200.00 3,543.89 10,478.52
24 AG AGRO* 18,203.06 0.00 19,553.75 40.73
25 FAIR ELECTRONICS 6,400.58 11,761.90 3,140.22 51.44
26 ABUL KHAIR LIMITED* 16.48 16,500.00 16.79 1,044.13
27 BSRM* 16,500.00 0.00 6,023.08 -
28 ARISTOCRATS PROPERTIES LTD. AND 3,300.00 13,000.00 1,734.67 1,664.54
ASSOCIATES
29 S K S FOUNDATION 10,035.02 5,114.00 9,634.87 4,799.00
Total 239,388.59 113,685.55
**Note: Inner limit exist in (*) mark customer's.
Annual Report 2022

At Dec 31, 2022 At Dec 31, 2021
Taka Taka
d) Industry wise loans including Bills purchased & discounted:
SL Industries
1 Agri cultural Industry 2,347,487,674 1,615,822,255
2 Textile 2,823,340,469 3,299,369,350
3 RMG 12,658,459,646 10,899,651,473
4 NBFI 917,840,262 872,820,085
5 Food 31,110,875 557,685,762
6 Beverage 970,198,834 584,169,968
7 Pharmaceutical 365,221,755 105,082,149
8 Chemical - -
9 Electrical 1,696,641,173 1,499,363,152
10 Construction 9,041,545,630 5,450,186,089
11 House Building Residential 8,177,459,374 4,965,867,486
12 Leather 628,666,189 666,645,399
13 Service Industry 8,445,191,007 6,525,090,059
14 Transport 325,635,985 280,437,270
15 Basic Metal - -
16 Capital Market 1,338,503,344 1,408,746,093
17 Car loan - 47,591
18 Furniture 1,003,655,858 1,094,652,221
19 Insurance 159,420,790 148,232,789
20 Consumer Finance 13,482,604,611 6,613,843,714
21 Printing 1,136,832,214 1,388,817,627
22 Ship Breaking 1,620,402,974 1,670,139,363
23 SME 42,433,337,019 33,784,973,152
24 Staff Loan 904,749,818 761,826,725
25 Steel 2,824,167,532 2,638,701,805
26 Trade Industry 11,508,467,543 9,337,287,397
27 Card 802,123,706 698,807,501
28 Other Manufacturing Industry 9,899,822,289 7,330,936,473
29 Others 631,167,507 699,110,984
136,174,054,080 104,898,313,929
7.8 Geographical location-wise Loans and Advances
Urban Branch
Dhaka 80,446,950,577 68,207,102,486
Chittagong 9,896,866,342 8,192,929,631
Rajshahi 5,170,703,380 3,969,135,261
Sylhet 3,496,031,412 1,641,291,103
Barisal 1,685,151,868 1,791,798,517
Rangpur 1,018,020,921 910,872,149
Khulna 1,987,568,886 1,011,906,001
Mymensingh 257,581,485 318,954,579
Sub-total 103,958,874,873 86,043,989,728
Rural Branch
Dhaka 12,331,602,947 8,677,514,220
Chittagong 4,798,510,310 2,969,949,892
Rajshahi 3,912,090,355.64 1,014,509,968.69
Sylhet 345,121,803 469,541,219
Barisal 1,421,425,460 1,327,092,593
Rangpur 7,669,442,385 3,278,127,784
Khulna 1,357,406,143 544,891,034
Mymensingh 379,579,804.62 572,697,491.94
Sub-total 32,215,179,207 18,854,324,202
Total 136,174,054,080 104,898,313,929
7.9 Classification of loans, advances and lease/investments

Conventional & Islamic
Standard including Staff Loan 128,648,377,285 96,421,157,655
Special Mention Account (SMA) 1,144,467,669 3,421,402,161
129,792,844,954 99,842,559,816
Classified
Substandard 1,254,439,456 1,844,660,012
Doubtful 857,387,458 93,771,242
Bad/Loss 4,269,382,211 2,828,902,546
6,381,209,126 4,767,333,799
136,174,054,080 104,609,893,615
Annual Report 2022

289
At Dec 31, 2022 At Dec 31, 2021
Taka Taka
7.10 Particulars of required provision for loans and advances (for Funded facility):
For Unclassified Loans Base for Provision Rate (%)
Standard Including Staff Loan 1,27,646,549,308 Various (*) 1,091,740,724 880,360,287
Special General Provision-COVID-19 for 2020 [BRPD Cir 56 of 2020] 1% 123,801,071 284,637,268
Special General Provision-COVID-19 for 2021 [BRPD Cir 50 & 52 of 2021] 2% & 1.5% (for UC) 78,048,391 131,938,933
Special Mention Account (SMA) 1,134,119,127 Various (*) 9,574,561 211,127,260
Sub-Total (a) 1,303,164,747 1,508,063,748
(*) General Provision is Kept @ 2% on Credit Card Loan, 2% Loan for Professional, 1% on housing loan, 5% on Consumer Financing and 0.25% on small
and medium enterprise Financing and 1% on rest unclassified Loans and advances.
However, as per BRPD Circular No. 14, dated June 14, 2022 and subsequent BRPD Circular letter No. 51 dated December 18, 2022 , All kind of Term loan
(Large Corporate) will not consider as classification loan if 50% due amount paid within December 31, 2022 and remaining 50% will be paid within I (One)
Year as per Customer -Banker relationship and All kind of term Loan in form of Agri & CMSME would not be classified if proportion (25% for April to June
2022, 30% for July to Sep 2022 and 40% for Oct to December 2022 of due installment paid within December 31, 2022.
For Classified Loans Base for Provision Rate (%)

Substandard Loan (SS) (**) 700,540,106 20% 104,671,438 252,344,096
Doubtful (DF) (**) 410,836,520 50% 169,057,198 6,306,677
Bad/loss (BL) 2,161,122,603 100% 2,248,496,997 1,545,292,756
Sub-Total (b) 2,522,225,634 1,803,943,529
Required Provision for Loan and advance (c=a+b) 3,825,390,381 3,312,007,277
Total Provision maintained (Note:13.1 & 13.2) 3,825,390,381 3,312,007,277
Excess/(Shortfall) of provision as of 31 December 2022 - -
(**) Except Short-term agri-credit and micro credit where 5% provision has to be kept on base for provision under SS & DF stage
7.11 Particulars of Loans and Advances:

(i) Loans and advances considered good in respect of which the Bank is fully secured 25,760,240,439 21,558,524,358
(ii) Loans and advances considered good against which, the Bank holds no security other than, 802,123,706 698,807,501
the debtors' personal guarantee
(iii) Loans and advances considered as good which is secured owing to personal liability of one or 56,519,475,513 36,391,004,073
more parties in addition to debtors' personal guarantee
(iv) Loans and advances adversely classified; Such a classified loan for which no provision has - -
been left
83,081,839,657 58,648,335,932
(v) Loans and advances due by directors or officers of the banking company or any of them
either separately or jointly with any other persons 16,496,842,239 14,220,817,600
(vi) Loans and advances due from companies or firms in which the directors of the Bank have 258,962,867 281,492,659
interest as directors, partners or managing agents or in case of private companies, as members
(vii) Maximum total amount of loans and advances, including temporary advances made at any time 180,000,000 160,000,000
during the year to directors or managers or officers of the banking company or any of them
either separately or jointly with any other person.
(viii) Maximum total amount of loans and advance, including temporary Loans and advances granted 1,826,305,991 1,750,000,000
during the year to the companies or firms in which the directors of the banking company
have interest as directors, partners or managing agents or in the case of private companies,
as members
(ix) Money Receivable/Due from different banking companies - -
(x) The amount of classified loan on which interest has not been charged:
a. (Decrease)/ increase of provision (Specific) 718,282,104 255,316,640
b. Amount of loan write off 361,266,612.81 -
c. Amount realized against loan previously written off - -
d. Provision kept against classified loan as bad/loss account on the date of preparation of balance
sheet; 2,522,225,634 1,803,943,529
e. Interest imposed in suspense account 2,371,918,268 1,360,222,532
Annual Report 2022

At Dec 31, 2022 At Dec 31, 2021
Taka Taka
(xi) Movement of write off loan :

Opening balance - -
Add: During the period/year 361,266,612.81 -
Less: Amount realised against loans & advances previously written off - -
Closing Balance 361,266,612.81 -
7.12 Suits filed by the Bank (Branch wise details)

As of the responding Date, the Bank filed lawsuit against recovery of its default loans and advances as under
Principal Branch 1,114,444,522 443,136,398

Gulshan Branch 241,821,718 235,061,805
Mawna Branch 189,162,353 7,800,457
Agrabad Branch 1,219,445,914 289,184,476
Chinishpur Branch 30,864,468 31,923,955
Uttara Branch 1,380,009,291 185,340,750
Dhanmondi Branch 473,530,715 474,452,815
Aganagar Branch 122,970,811 81,165,986
Panchabati Branch 42,303,068 39,690,610
Zirabo Branch 145,936,492 143,028,798
Sylhet Branch 460,322,088 148,201,726
O R Nizam Road Branch 184,059,659 110,192,700
Banani Branch 89,458,792 91,716,320
Naogaon Branch 435,204,942 10,073,865
Chandragonj Branch 49,614,216 40,499,543
Chatkhil Branch 4,340,711 4,927,291
Bordighirpar Branch 1,587,583 3,166,370
Narayangonj Branch 52,323,288 54,636,972
Mirpur Brnach 1,702,615 2,525,803
Rangpur Branch 15,914,509 14,228,418
Khulna Branch 3,066,720 3,066,720
Sonargaon Janapath Sorok Branch 89,148,410 90,545,023
Sylhet Uposhor Branch 114,518,248 127,801,153
Jubilee Road Branch 176,118,667 7,964,980
Munshibazar Branch 3,868,163 3,251,254
Phulhat Branch 72,522,180 56,604,259
Hatirpul Branch 121,118,630 111,935,351
Dhanmondi Mohila Branch 95,941,966 63,977,666
Bandura Branch 3,093,506 3,710,375
Jashore Branch 1,817,359 5,671,965
Bhulta Branch 51,054,728 -
Imamgonj Branch 39,367,209 -
Bogra Branch 58,507,289 -
Ekoria Branch 83,710,003 -
Raozan Branch 585,341 -
Hemayetpur Branch 7,877,876 -
Mograpara Branch 18,327,294 -
Nabinagar Branch 45,191,221 -
7,240,852,564 2,885,483,804
8.0 Bills purchased and discounted:

Conventional & Islamic
Inside Bangladesh 1,092,286,819 1,286,511,250
Outside Bangladesh 156,099,153 298,558,273
1,248,385,972 1,585,069,522
8.1 Maturity grouping of Bills purchased and discounted
Receivable within a period not exceeding 01 month 399,913,040 671,810,861
Receivable within a period exceeding 01 months but less than 03 months 578,515,346 599,390,518
Receivable within a period exceeding 03 months but less than 06 months 183,052,597 239,456,717
Receivable within a period equal to 06 months or exceeding that time 86,904,989 74,411,427
1,248,385,972 1,585,069,522
8a Consolidated Bills purchased and discounted:
1,248,385,972 1,585,069,522
Annual Report 2022

291
At Dec 31, 2022 At Dec 31, 2021
Taka Taka
9 Fixed assets including premises, furniture and fixtures of the Bank
Building and Construction - -
Furniture & Fixtures 1,258,764,940 1,116,904,397
Machinery and Plant 546,626,556 374,639,916
Office Equipment 412,918,679 347,916,996
Computer and Computer Equipment 330,892,424 272,060,137
Intangible Assets/ Bangladesh Made Computer Software 191,049,151 184,968,150
Motor Vehicles-Office Used 4,600,000 4,600,000
Motor Vehicles-Transport 15,000,000 15,000,000
Professionals and Reference Books 23,370 23,370
Leased Assets: Motor Vehicle - -
Right-of-use assets : Office space (Note : 9.01) 753,795,349 714,082,008
3,513,670,469 3,030,194,975
Less: Accumulated Depreciation-Own Assets & Lease Assets 1,297,450,119 1,006,429,689

Less: Accumulated Depreciation-Right of Use Assets (RoU) 333,023,851 195,383,926
1,630,473,970 1,201,813,614
Book Value 1,883,196,499 1,828,381,361
9.01 Right of use assets (Lease assets)

a. Present value of lease liabilities (obligation) :
Opening Balance 593,923,369 202,085,347
Add: Inclusion 6 Brs during the year having rental tenor morethan 5 Years and 10 Years with Annual Rental Value Tk. 12.00 Lac 36,446,941 445,020,272
Less: Right of Use Asset due to Termination of agreement - 53,182,250
630,370,310 593,923,369
b. Initial payment in form of advance rent to the lessor:

Opening Balance 120,158,640 40,262,600
Add: Inclusion during the year paid as Advance Rent as per ceriteria mentioned -a 3,266,400 79,896,040
Less: Remaining advance rent due to Termination of agreement - -
123,425,040 120,158,640
Total [a+b] 753,795,349 714,082,008
A schedule of fixed assets for Accounting Purpose and Tax Purpose Annexure-H
9a Consolidated Fixed assets including premises, furniture and fixtures

At cost:
3,540,149,177 3,050,444,632
Accumulated depreciation:
1,641,881,938 1,212,643,035
Net Book Value 1,898,267,240 1,837,801,597
10 Other assets
i. Income Generating-Equity Investment
99.99% equity shareholding of NRBC Bank Securities limited* 439,999,980 360,000,000
99.99% equity shareholding of NRBC Bank Asset Management Ltd.** 99,999,990 -
539,999,970 360,000,000
*NRBC Bank formed the subsidiary company NRBC Bank Securities Limited on 20 September 2015 bearing certificate of incorporation no. C-125904/2015
under the Companies Act 1994 wherein Bank has 99.99% stakeholding of the company.
**NRBC Bank formed the subsidiary company NRBC Bank Asset Management Ltd. on 07 December 2021 bearing certificate of incorporation no.
C-176879/2021 under the Companies Act 1994 wherein Bank has 99.99% stakeholding of the company.
Annual Report 2022

At Dec 31, 2022 At Dec 31, 2021
Taka Taka
ii. Non-Income Generating

Advance Security Deposit 8,014,293 6,531,549
Stock of Stationery and printing items [Note -10.3] 17,120,858 17,471,993
Suspense Account [Note -10.4] 216,862,829 215,568,775
Deferred Tax Assets (Note 10.5) 990,376,113 711,312,912
Stamps in Hand 13,279,370 8,267,999
Advance Office Rent (Note 9.01 and Note 10.6) 102,211,142 136,877,075
Suspense Settlement Parking A/c 33,708 218
Interest/Profit Receivable on Loans and Advances (LDOs) 2,787,500 2,017,330
Interest/Profit Receivable on Balance with Banks & FIs 26,991,500 32,826,212
Interest Receivable on Call Loan & Short Notice Loan 1,822,872 90,794
Interest Receivable on Treasury Bonds 502,308,428 516,884,550
Interest Receivable on Sukuk Bonds 15,009,313 416,100
Interest Receivable on Coupon Bond (Other than Govt.) 34,899,544 37,829,966
Interest Receivable on USD Fund Placement to OBU 6,841 -
Prepaid Insurance Premium 3,155,644 2,795,675
Prepaid for House Furnishing cost & Passage for Travel (LFA) 1,247,684 5,658,395
Interest Receivable-COVID Block Account 1,259,729 1,270,271
Dividend Receivable on Share/Preference Share 48,283,356 8,562,941
Advance Income Tax [Note -10.7] 4,568,541,552 3,275,758,442
Inter Branch General Account (IBGA) Debit Balance [Note -10.8] 22,147,989 103,838,290
6,576,360,265 5,083,979,487
7,116,360,235 5,443,979,487
10.1 Aging of Others Assets
Up to 6 months 894,878,060 892,224,210
Over 6 Months to 1 Year 13,466,523 46,946,724
Over 1 Years to 4 Years 3,161,805 3,714,849
Above 4 Years 5,664,853,877 4,141,093,704
6,576,360,265 5,083,979,487
10.2 Classification Status of Others Assets
Unclassified 6,576,360,265 5,083,979,487
Doubtful - -
Bad/Loss - -
6,576,360,265 5,083,979,487
** No protested bill and legal expenses included in the Other Assets
10a Consolidated Other assets

7,301,302,791 5,696,341,680
6,739,984,557 5,335,023,463
10.3 Stock of Stationery and printing items

(Conventional & Islamic Banking)
Packaging/Printing and Office Stationery (Assets) 8,028,828 16,685,059
Security Papers/Stationery (Assets) 244,655 129,235
Stock of Stationery/Inventory 8,847,375 657,700
17,120,858 17,471,993
Annual Report 2022

293
At Dec 31, 2022 At Dec 31, 2021
Taka Taka
10.4 Suspense Account:
Cash Incentive agst Foreign Remittance by Government 13,829 -
Advance Against Procurements 73,393,040 39,217,947
Receivable against payment for Principal of Govt. Securities ( BSP/PSP/3MB) 54,417,901 114,701,685
Advance Agst Travelling/Dearness Allowance (TA/DA) 81,840 935,720
Parking/Settlement account 41,327,818 -
Cash Remittance - Banking Booth/Other Bank 20,302,252 25,055,000
Suspense Payment Others 7,754,767 12,725,222
Suspense A/C Bank POS and NPSB TXN Dispute amount 2,464,037 1,134,892
Interest Receivable Against payment for Interest of Govt. Securities ( BSP/PSP/3MB) 16,311,837 20,974,810
Foreign Remittance Agencies 28,075 -
Stamp for Utility Bill Collection 767,432 823,500
Settlement A/c for Govt. Security Instruments - -
216,862,829 215,568,775
Aging of Suspense Account (31 December,2022)

Over 6 Months to 1 Over 1 Year to 4
Head of Account Up to 6 Months Above 4 Years
Year (**) Years
Advance Agst Travelling/Dearness Allowance (TA/DA) 81,840 - - -
Advance against Suppliers 73,393,040 - - -
Cash Incentive agst Western Union FR Payment 13,829 - - -
Advance against TA/DA - - - -
Cash Remitted to HO/Feeding Branch 20,302,252 - - -
Suspense A/C Bank POS and NPSB TXN Dispute amount 2,464,037 - - -
Principal & Intt. Paid for Govt. Securities ( BSP/PSP/3MB) 63,854,738 6,875,000 - -
Suspense Others 5,509,767 2,245,000 - -
Advance against Printing and Stationary - - - -
Parking/Settlement account 41,327,818 - -
Foreign Remittance Agencies 28,075 - - -
Stamp for Utility Bill Collection 767,432 - - -
**This includes the amounts that are kept in temporary parking accounts shown under other assets. These balances are in the process of regular
monitoring so that it remains within a non material level.
10.5 Deferred Tax Assets

Opening Balance 711,312,912 460,007,169
Additional provision during the Year (Note-39) 279,063,202 251,305,742
Less: Adjustment/Settlement - -
990,376,113 711,312,912
Deferred tax assets/(liabilities) have been recognized and measured as per IAS-12: Income Taxes and BRPD circular # 11 dated 12 December 2011.
As per Bangladesh Bank, BRPD circular no. 11 dated December 12, 2011 deferred tax assets may be recognized but restrictions are to be followed if
deferred tax assets is calculated and recognized based on the provisions against classified loan, advances; such as i. amount of the net income after tax
increased due to recognition of deferred tax assets on such provision will not be distributed as divided. ii. the amount of deferred tax assets recognized
on such provisions should be deducted while calculating the Regulatory Eligible Capital. iii. a description should be provided regarding deferred tax
assets recognized on loan loss provision in the notes to the financial statements. On the other hand, deferred tax liabilities must be recognized for those
items which are mentioned to recognize in IAS. Hence, the bank recognized both deferred tax assets and deferred tax liabilities for Carrying vs Tax base
for Fixed Assets as well as provision for Classified loan. Furthermore, comply the aforesaid (i) regarding distribution of dividend.
10.6 Advance Office Rent

Advance Rent [Out of threshold level set by Bank and Low value for IFRS-16] 102,211,142 136,877,075
Advance Rent [Consideration of IFRS -16 as initial payment] 123,425,040 120,158,640
225,636,182 257,035,714
Portion of advance rend to landlord considered as Initial payment for IFRS 16 as Right of Use of Assets
10.7 Advance Income Tax
Advance income tax represents the tax payment to the government exchequer.
Opening Balance 3,275,758,442 2,566,904,077
Add: Advance Corporate Tax and withholding Tax during the year 1,292,783,110 708,854,365
4,568,541,552 3,275,758,442
Less: Settlement during the year * - -
4,568,541,552 3,275,758,442
Annual Report 2022

At Dec 31, 2022 At Dec 31, 2021
Taka Taka
10.7.1 Advance Corp. Tax & Withholding Tax in details
Advance Corporate Tax ( Under Section # 64 and 74 of ITO, 1984) 3,833,383,499 2,709,919,068
TDS@10% & 15% on Interest Income from FDR and Balance with Bank & FIs 383,571,782 365,548,959
TDS @ 20% on Cash Dividend received from Quoted Share 52,097,159 33,504,521
Tax deposited @ 5% on commission on L/C 30,116,830 22,587,546
Advance Tax to City Corporation/Purasuva under section 52k 434,040 236,175
Advance Tax for Bank's Pool Vehicles 3,087,500 2,547,500
Advance Tax on Interest on Securities of Bill and Bond (u/s 51) 264,528,010 141,183,574
Adv. Tax on Assets Transfer/Lease/Agreement Registration (u/s 53H and 53HH) 999,700 -
Advance Tax on Others Income 323,034 231,099
4,568,541,552 3,275,758,442
10.8 Inter Branch General Account Balance

Inter Branch General Account Debit Balance Debit 140 24,584,052 107,804,937
Inter Branch General Account Credit Balance Credit 223 2,436,063 3,966,647
22,147,989 103,838,290
11 Borrowings from other Banks, Financial Institutions and Agents
In Bangladesh (Note 11.1) 12,372,255,871 7,287,216,105
Outside Bangladesh - -
12,372,255,871 7,287,216,105
11.1 In Bangladesh
Bangladesh Bank (Refinance under SPD/SME/WE) * 4,870,020,365 2,080,190,855
Borrowing Call from Bank 810,000,000 2,380,000,000
Borrowing Short Notice from Bank - 1,050,000,000
Repo Borrowing from Bangladesh Bank 5,518,018,006 -
11,198,038,371 5,510,190,855
Offshore Banking Unit (OBU) 2,355,436,665 3,669,207,515
13,553,475,036 9,179,398,369
Less: Inter Branch Transaction 1,181,219,165 1,892,182,265
12,372,255,871 7,287,216,105
*Details of Product wise pre/Refinance Facilities in the Annexure-F
11.2 Analysis by Security

Borrowing with Security - -
Borrowing without Security 12,372,255,871 7,287,216,105
12,372,255,871 7,287,216,105
11.3 Repayment pattern
Repayable on demand 7,502,235,506 5,207,025,250
Repayable on maturity/terms 4,870,020,365 2,080,190,855
12,372,255,871 7,287,216,105
11a Borrowings from Bangladesh Bank, other Banks, Financial Institutions and Agents
13,955,685,179 8,950,186,399
12,621,818,040 7,542,165,550
11aa Bond - BASEL Capital Tier-I & II 5,500,000,000 3,000,000,000

NRBC Bank Subordinated Bond -I
Janata Bank Limited 2,000,000,000 2,000,000,000
Agrani Bank Limited 500,000,000 500,000,000
Sonali Bank Limited 500,000,000 500,000,000
3,000,000,000 3,000,000,000
Purpose of NRBC Bank SB-I : To raise Tier-II Regulatory Capital for ensure the sustainable doing business including capital adequacy to support
healthy growth of business and thereby enhancing Capital to Risk-weighted Asset Ratio (CRAR) as per “Guidelines
on Risk Based Capital Adequacy” of Bangladesh Bank.
Effect of CRAR after NRBC Bank :

12.44% Solo Basis
SB-I for the Reporting Period
12.60% Consol Basis

Subscription : Successfully subscribed on December 26, 2021 [Within Stipulated time]
Major Features of NRBC Bank : -Non-convertible Unsecured Fully-redeemable Floating Rate Subordinated Bonds
SB-I Issue -Rate Basis-Reference Rate + Coupon Margin
-Coupon Range: 7.00%-9.00% p.a.
-The redemptions in 5 (five) annual tranches commenc at the end of 36th month
-Section 51 is applicable for Tax deduction at Source under ITO, 1984
Annual Report 2022

295
At Dec 31, 2022 At Dec 31, 2021
Taka Taka
Tenor or maturity : 7 Years or 84 Months from the date of Issue
Name of the trustee : UCB Investment Limited
Declard rate for Dec 26, 2022 : 8.22% p.a
to June 25, 2023 by Trustee
NRBC Bank Subordinated Bond -II
Mutual Trust Bank Limited 1,000,000,000 -
Premier Bank Limited 800,000,000 -
NRB Bank Limited 700,000,000 -
2,500,000,000 -
Purpose of NRBC Bank SB-II : To raise Tier-II Regulatory Capital for ensure the sustainable doing business including capital adequacy to support
healthy growth of business and thereby enhancing Capital to Risk-weighted Asset Ratio (CRAR) as per “Guidelines
on Risk Based Capital Adequacy” of Bangladesh Bank.
Effect of CRAR after NRBC Bank : 12.44% Solo Basis
SB-II for the Reporting Period
12.60% Consol Basis
Subscription : Successfully subscription on December 26, 2022 as subscripted amount of Tk. 250.00 Crore out of Tk. 500.00 Crore.
Major Features of NRBC Bank : -Non-convertible Unsecured Fully-redeemable Floating Rate Subordinated Bonds
SB-II Issue -Rate Basis-Reference Rate + Coupon Margin
-Coupon Range: 6.00%-9.00% p.a.
-The redemptions in 5 (five) annual tranches commenc at the end of 36th month
-Section 51 is applicable for Tax deduction at Source under ITO, 1984
Tenor or maturity : 7 Years or 84 Months from the date of Issue
Name of the trustee : City Bank Capital Resources Limited
Declard rate for Dec 26, 2022 : 8.55% p.a
to June 25, 2023 by Trustee
12 Deposits and other accounts

Deposit from Inter Bank (Note-12.1) 90,000,000 1,050,000,000
Deposit from Customers (Note-12.2) 147,184,688,468 113,824,873,363
147,274,688,468 114,874,873,363
12a Consolidated Deposits and other accounts
147,357,292,799 114,981,736,578
146,882,051,068 114,947,262,637
12.1 Deposits from Inter Bank/FIs
Fixed Deposit: - 800,000,000
Bank Asia Limited 90,000,000 -
IPDC Finance Limited - 250,000,000
Al Arafah Islami Bank Ltd. 90,000,000 1,050,000,000
12.2 Deposits and other accounts
i. Current accounts and other accounts
Current Deposit/Al-Wadeah Current Deposit Account 18,395,287,155 14,492,463,141
Non-Resident Taka Account-NRTA 8,803,294 721,117
Foreign Currency Deposit 500,759,268 263,540,225
Sundry for Retail Business 39,414,369 16,853,018
Sundry Deposit for retailer Point 290,880 177,813
Sundry Deposit (Note : 12.2.1) 5,998,247,110 5,741,291,412
24,942,802,075 20,515,046,726
ii. Bills Payable
Pay Order (Conventional & Islamic) 8,122,839,163 10,248,187,225
iii. Savings Bank Deposit/Mudaraba Savings Deposit (MSDA) 18,222,998,616 12,973,902,116
iv. Term Deposit/Fixed Deposit

Fixed Deposit/Mudaraba Term Deposit Receipt Account (MTDR) 57,890,343,168 33,052,481,411
Short Term Deposit/Mudaraba Term Deposit Receipt Account (MTDR) 16,038,744,946 12,634,979,653
Schemes Deposit /Mudaraba Scheme Deposits 21,966,960,500 24,400,276,232
Annual Report 2022

At Dec 31, 2022 At Dec 31, 2021
Taka Taka
95,896,048,613 70,087,737,296
Total [i+ii+iii+iv] 147,184,688,468 113,824,873,363
12.2.1 Sundry Deposit
Margin on Bank Guarantee 2,985,982,663 2,595,267,286
Margin on Letter of Credit (Conventional & Islamic) 1,176,728,094 1,745,381,943
Margin on Bills 177,735,726 205,309,285
Margin on FBC/ FBP Collected Bills 100 -
Margin on IDBC/ IDBP Collected Bills 12,431,007 14,538,983
Margin on IBC/IBP Collected Bills 6,000 6,000
Margin on Earnest Money Scheme/Commitment 248,237,327 226,540,721
Sale Proceeds of Govt. Savings Certificates 22,642,600 14,925,000
Land Registration Collection [Parking Account] 7,990,290 5,484,721
Security Deposits 2,143,813 2,431,222
Insurance Coverage Fund on Loans and Advances 170,485,135 43,632,069
Cover Fund from Exchange House 856,787 16,897
NRBC Employees Welfare Fund 2,548,855 3,189,780
VAT, Excise Duty and Withholding Tax (Conventional & Islamic) 525,103,489 332,334,716
Value Added Tax - VAT on Utility Bills Collection 83,635,034 73,143,501
Proceed from Lottery Sale 22,719 19,106
Bills/Fees Collection-Agent Point 5,981 5,251
Sundry Creditors 98,956,296 38,104,004
Sundry Deposit-Agent Point 19,094 3
Parking/Settlement - Fund/Inst./Liabilities 173,299,454 109,490,551
Other Sundry Deposits (Conventional & Islamic) 309,416,647 331,470,374
5,998,247,110 5,741,291,412
12.3 Maturity Analysis of Interbank Deposit
Repayable on demand - -
Payable within 1 month 90,000,000 1,050,000,000
Over 1 month but within 3 months -
Over 3 months but within 6 months - -
Over 6 months but within 1 year - -
Over 1 year but within 5 years - -
Over 5 years but within 10 years - -
Over 10 years - -
90,000,000 1,050,000,000
12.4 Maturity Analysis of Other Deposit
Repayable on demand 4,061,419,582 5,124,093,613
Payable within 1 month 20,274,810,181 15,620,977,173
Over 1 month but within 3 months 20,423,029,406 16,128,418,134
Over 3 months but within 6 months 8,041,803,975 6,072,758,639
Over 6 months but within 1 year 14,765,489,663 11,138,189,140
Over 1 year but within 5 years 44,193,576,971 33,267,409,252
Over 5 years but within 10 years 35,424,558,690 26,473,027,412
Over 10 years
147,184,688,468 113,824,873,363
Total Maturity Wise Deposit 147,274,688,468 114,874,873,363
12.5 Demand and Time Deposits

A. Demand Deposits
Current Accounts and Other Accounts 18,404,090,449 14,493,184,258
Savings Deposits (9%) 1,640,069,875 1,167,651,190
Sundry Deposit 5,998,537,990 5,741,469,225
Foreign Currency Deposit 500,759,268 263,540,225
Deposit Under Q-Cash 39,414,369 16,853,018
Bills Payable 8,122,839,163 10,248,187,225
34,705,711,114 31,930,885,142
B. Time Deposits
Savings Deposits (91%)
Short Notice Deposits 16,582,928,741 11,806,250,925
Fixed Deposits 16,038,744,946 12,634,979,653
Deposit Under Schemes 57,980,343,168 34,102,481,411
21,966,960,500 24,400,276,232
Total Demand and Time Deposits 112,568,977,354 82,943,988,221
147,274,688,468 114,874,873,363
Annual Report 2022

297
At Dec 31, 2022 At Dec 31, 2021
Taka Taka
13 Other Liabilities
Accumulated Provision against unclassified Loans and Advances (Note 13.1) 1,303,164,747 1,508,063,748
Accumulated Provision against Classified Loans and Advances (Note 13.2) 2,522,225,634 1,803,943,529
Accumulated Provision against off Balance Sheet (OBS) items (Note 13.3) 441,194,211 480,788,796
Payable to Recognized NRBC Bank Employees' Gratuity Fund (Note 13.4) - -
Provision for diminution of Share of listed Company and Securities (Note 13.5) 336,368,668 120,995,269
Provision for Share, Bond and Securities - Unquoted 37,475,580 37,475,580
OBUs Account with Intl Div-HO-USD 2,145,765 2,035,304
Accrued Interest/Profit Payable (Note 13.6) 5,854,211,505 4,275,359,313
Current Income Tax Payable (Note 13.7) 6,121,567,330 4,593,375,650
Interest Suspense of classified Loans & Adavances (Note 13.9) 2,371,918,268 1,360,222,532
Payable/Provision for Incentive Bonus-Employees 171,694,746 157,864,839
Provision/Paybale for Office Rent 6,665,341 9,926,209
Parking GL For Daily Txn of EOD Settlement (3,242,159) 26,982
QR Code & EOD Settlement Account 134,011 -
Lease liabilities (present value of lease payments) (Note 13.10) 384,486,537 452,148,531
Provision for Telephone Bill-Residence 15 -
Unearned Income [Islamic Banking] 97,419,965 28,190,893
Compensation Account [Islamic Banking] 151,917 195,569
Profit Payable on SME Credit Wholesaling Program (SMEF) 1,083 -
Payable/Provision for Ex-gratia-Security and Cleaning support Staff 8,200,000 34,872,840
FC Held Against BTB Bills, EDF Loan and Others 2,561,995,716 1,676,548,924
Start-up Fund (Note : 13.11) 51,663,438 34,267,741
Corporate Social Responsibility (CSR) Fund (Note : 13.12) 16,350 16,350
Audit Fees payable 575,000 862,500
Accrued Revenue for Disbursement-Cards Business 3,707,201 4,488,102
Corp. Governance Auditor Fees Payable 57,500 -
BACH Clearing Settlement 250 2,100
22,273,798,622 16,581,671,302
13.1 Provision against Unclassified of loans, advances and lease/investments
Standard including Staff loan 1,091,740,724 880,360,287
Special General Provision-COVID-19 201,849,462 416,576,201
Special Mentioned Account (SMA) 9,574,561 211,127,260
1,303,164,747 1,508,063,748
i. General Provision for Standard Loans
Provision held at the beginning of the period 880,360,287 828,602,502
Add : Provision During the period 211,380,437 51,757,785
1,091,740,724 880,360,287
ii. General provision for Special Mentioned Account (SMA)
Provision held at the beginning of the period 211,127,260 391,177,051.95
Add: Provision during the period (201,552,699) (180,049,791.98)
9,574,561 211,127,260
13.2 Provision against classified of loans, advances and lease/investments
Substandard 104,671,438 252,344,096
Doubtful 169,057,198 6,306,677
Bad/Loss 2,248,496,997 1,545,292,756
2,522,225,634 1,803,943,529
13.2.1 Movement of Provision against Classified Loans and Advances/Investments
The movement in specific provision for Bad and Doubtful Debts
Provision held at the beginning of the period 1,803,943,529 1,102,231,770
Less : Fully provisioned Depreciated/written off loan during the period 361,266,613 -
Add: Recovery of amounts previously Depreciated /written off Loan - -
Add: Special provision kept for the Current year (Note 35) 1,079,548,717 701,711,760
Less: Recoveries and such provision which are not necessary - -
Add: Net charge to Profit and Loss Statement - -
Provision held as on 31 Dec, 2022 2,522,225,634 1,803,943,529
Details Written-off loan given in the Annexure-G
Annual Report 2022

At Dec 31, 2022 At Dec 31, 2021
Taka Taka
13.3 Movement the Provision against Off Balance Sheet (OBS) items
Provision held at the beginning of the period 480,788,796 289,096,320
Less : Transferred to general reserve - -
Add: Provision made during the period - 191,692,476
Less: Adjustment during the period 39,594,584 -
Provision held as on 31 Dec, 2022 441,194,211 480,788,796
13.3.1 Particulars of required provisions for off balance sheet items

Required
% of Required Required
Particulars Outstanding Amount (Tk.) Provision
Provision provision 2021
December-2022
Acceptances and endorsements 10,501,168,916 1.00% 105,011,689 101,535,858
Letters of guarantee 27,671,554,283 1.00% 276,715,543 257,977,415
Irrevocable letters of credit 5,946,697,949 1.00% 59,466,979 121,242,686
Bills accepted for collection 6,146,484,651 0.00% - -
Required Provision 441,194,211 480,755,958
Previous Year Balance 480,755,958 160,459,933
Required charged to Profit and Loss account (Note:37) (39,561,747) 320,296,025
13.4 Recognized NRBC Bank Employees' Gratuity Fund

Opening Balance - -
Add: Contribution made by Bank during the year 20,000,000 20,000,000
Less: Release from Bank to the Fund 20,000,000 20,000,000
Closing Balance - -
National Board of Revenue approved “NRB Commercial Bank Limited Employees’ Gratuity Fund” on 21 September 2014, (Ref:08.01.0000.03502.0021
.2014/322) as per clause 2, 3, 4 of Part-C of First Schedule, Income Tax Ordinance 1984. “The Trusty” will manage the fund and settle the liabilities of
employees.
13.5 Provision for diminution of Share of listed Company and Securities

Opening Balance 120,995,269 3,480,655
Add: Provision kept for devaluation of Share value of DSE & CSE invested by Bank 215,373,399 117,514,614
Less: Decrease of devaluation of Share value of DSE & CSE invested by Bank - -
Closing Balance 336,368,668 120,995,269
13.5.1 Required Provision for diminution of Share of listed Company and Securities
Opening Balance 120,995,269 3,480,655
Add: Provision kept for devaluation of Share value of DSE & CSE invest by Bank[Note :13.5.1.1 and Note 215,373,399 117,514,614
13.5.1.2]
Less: Decrease of devaluation of Share value of DSE & CSE invested by Bank -
336,368,668 120,995,269
Provision requirement for quoted and unquoted share 336,368,668 120,995,269
Provision maintained 336,368,668 120,995,269
Excess/(Shortfall) - -
13.5.1.1 Provision for diminution (gain net of) of value of quoted shares has been made as per DOS circular no. 4, dated 24 November 2011 and for mutual funds
(closed-end) as per DOS circular letter no. 03 dated 12 March 2015 of Bangladesh Bank.
13.5.1.2 BO # 1205950072055133 at NRBC Bank Securities Limited under scheme of special Fund as per direction of DOS Circular 01, Dated February 10, 2020
incurred unrealized loss of Tk. 236,113,701.20 for the period ended December 31, 2022 has not been kept as per Clause cha (2)(i) of aforsaid circular.
Annual Report 2022

299
At Dec 31, 2022 At Dec 31, 2021
Taka Taka
13.6 Accrued Interest/Profit Payable

Interest/Profit Payable on SB A/C 100 100
Interest Payable of FDR-Day basis 750,599 1,919,753
Interest/Profit Payable of FDR-1 month 12,831,660 2,067,253
Interest Payable of FDR-1 month-Agent 10,323 11,212
Interest/Profit Payable of FDR-3 months 157,333,272 81,747,798
Interest Payable of FDR-3 months-Agent 36,590 53,174
Interest Payable of FDR-24 months 29,407,654 12,344,114
Interest Payable of FDR-36 months 21,289,860 18,508,003
Interest/Profit Payable on Deposit Under Scheme 4,970,625,865 3,816,665,604
Intt. Payable on Pre/Refinance fm Bangladesh Bank/Institutions 32,808,182 -
Interest Payable on Refinance from Bangladesh Bank 2,241,615 8,018,254
Intt. Payable on Call and Short Notice 388,125 537,778
Interest Payable on borrowing from Other Banks & FIs 5,235,156 6,494,722
Interest Payable on Repo borrowing from Other Banks & FIs 5,675,557 -
Interest Payable on Mudaraba Term Depsoit - 61,111
Interest/Profit Payable on Subordinated Bond 7,584,658 3,053,425
5,837,890,139 4,272,272,090
Add: OBU- Interest Payable for Borrowing from Banks -USD (LCY) 16,321,366 3,087,223
5,854,211,505 4,275,359,313
13.7 Current Income Tax Payable
Opening Balance 4,593,375,650 3,423,593,688
Add: Provision during the Period 1,528,191,679 1,169,781,963
Less: Adjustment during the period (Note : 39) - -
Less: Payment - -
6,121,567,330 4,593,375,650
13.8 Deferred Tax Payable
Opening Balance
Additional Expenses during the Year - -
Less: Adjustment/Settlement - -
- -
Deductible temporary differences may be incurred due to application of different depreciation method from third schedule of ITO-1984 and classified
loan loss provision. Inception of company, temporary difference in respective accounting depreciation was lesser than tax depreciation which already
been revert. At the same, BRPD circular no 06 dated 31 July 2011 impairment of loan assets claimed for deferred tax purpose unless it will be expense
while write off from Books of account and will be charge in the profit & loss account.
13.9 Movement of Interest Suspense Account:

Opening Balance at 1 January 1,360,222,532 741,656,357
Add: Amount of Interest Transferred/credited as suspended in the Year 3,018,510,939 1,020,979,869
4,378,733,471 1,762,636,226
Less: Amount of suspended interest Recovered during the year 1,704,194,290 344,555,897
Less: Amount of suspended interest depreciated/Waiver during the year 302,620,913 57,857,797
2,371,918,268 1,360,222,532
Annual Report 2022

At Dec 31, 2022 At Dec 31, 2021
Taka Taka
13.10 Lease liabilities
Balance as at 1 January 452,148,531 141,447,585
Add: Inclusion 6 Brs during the year having rental tenor morethan 5 Years and 10 Years with Annual 36,446,941 445,020,272
Rental Value Tk. 12.00 Lac
Add: Interest charge during the year 20,306,406 24,234,766
508,901,878 610,702,623
Less: Remaining Lease liabilities due to Termination of agreement - 28,676,968
Less : Payment made during the year 124,415,341 129,877,124
384,486,537 452,148,531
The lease liabilities represents the present value of the lease payments discounting using the incremental borrowing rate @8.86% for the year 2020,
@4.24% for the year 2021, @ 6.50% & 8.10% for the Year 2022 of 5/10 year weighted Treasury Bond rate of the respective initial month of the year as per
IFRS 16 against which right-of- use assets has been arisen (ref: Annex G).
13.11 Start-up Fund

Opening Balance 34,267,741 13,428,300
Add: Transfer from Retained Profit 17,395,697 20,839,441
51,663,438 34,267,741
13.12 Corporate Social Responsibility (CSR) Fund
Opening Balance 16,350 13,428,300
Add: Transfer from Retained Profit - -
Less: Paid during the period (Distributed among the Beneficiaries) - 13,411,950
16,350 16,350
13a Consolidated Other liabilities
22,534,771,432 16,899,433,200
22,533,453,177 16,898,114,983
14 Share Capital
14.1 Authorized Capital
100,00,00,000 ordinary shares of Taka 10 each 10,000,000,000 10,000,000,000
14.2 Issued, Subscribed and Paid-up-Capital

792,966,061 ordinary shares of Taka 10 each 7,929,660,615 7,376,428,479
14.3 Movement of Paid-up-Capital

Opening Balance 7,376,428,479 5,825,169,980
Add: IPO subscription of 120,000,000@ Tk.10* - 1,200,000,000
Add: Issue as Bonus share 7.5% for the year 2021** 553,232,136 351,258,499
7,929,660,615 7,376,428,479
* Paid up capital raised at Tk.1,200.00 million through IPO subscription of the bank from February 3 to February 9, 2021 followed by Bangladesh
Securities Exchange Commission consent letter no.BSEC/CI/IPO-307/2020/304, dated January 4, 2021 and subsequently listed in DSE and CSE.
**In the 9th AGM held on June 02, 2022, the shareholder approved 7.5% stock dividend and subsequent record date July 13, 2022 after accord by BSEC
vide their letter # BSEC/CI/CPLC (Public)-1031/2022-869 dated June 28, 2022 in line with gazate notification # BSEC/CMRRCD/2009-193/23/Admin/123
dated December 31
14.4 Particulars of Share Capital

No. of Shareholding as of 31.12.2022 Shareholding as of 31.12.2021
Particulars
Shareholders In Number In Percentage In Number In Percentage
Sponsors/Promoters/ Directors 55 582,758,113 73.49% 540,800,594 73.31%
Shareholders/Public 18232 186,852,040 23.56% 176,901,317 23.98%
Institutions 153 23,355,907 2.95% 19,940,936 2.70%
Others - - -
Total 18440 792,966,060 100.00% 737,642,847 100.00%
Annual Report 2022

301
At Dec 31, 2022 At Dec 31, 2021
Taka Taka
14.5 Movement of Paid Up Capital :
Year Declaration Number of Shares Value (TK) Commulative
2013 Initial 444,605,900 4,446,059,000 4,446,059,000
2014 - - 4,446,059,000
2015 - - 4,446,059,000
2016 Bonus @3% for the Year-2015 13,338,177 133,381,770 4,579,440,770
2017 Bonus @7% for the Year-2016 32,056,069 320,560,690 4,900,001,460
2018 Bonus @ 5% for the Year-2017 24,499,988 244,999,880 5,145,001,340
2021 IPO subscription of the bank from February 3 to 120,000,000 1,200,000,000 7,025,169,980
February 9, 2021 followed by Bangladesh Securities
Exchange Commission consent letter no.BSEC/CI/IPO-
307/2020/304, dated January 4, 2021
2022 Bonus @ 7.5% for the Year-2021 55,323,214 553,232,136 7,929,660,615
14.6 Name of the Directors and their shareholdings according to Form XII along with Schedule X and Form XV
As of 31 December 2022
SL Name of the Directors Status
No. of Shares held Taka Holding %
1 Mr. SM Tamal Parvez Chairman 37,319,368 373,193,680 4.71%
2 Mr. Mohammed Adnan Imam,FCCA Director 18,550,031 185,500,310 2.34%
3 Mr. Rafikul Islam Mia Arzoo Director 34,385,808 343,858,080 4.34%
4 Mr. Mohammed Oliur Rahman Director 27,812,623 278,126,230 3.51%
5 Mr. Loquit Ullah Director 30,099,864 300,998,640 3.80%
6 Mr. Mohammed Nazim Director 30,166,895 301,668,950 3.80%
7 Mr. AKM Mostafizur Rahman Director 22,346,195 223,461,950 2.82%
8 Mr. Abu Mohammad Saidur Rahman Director 20,734,557 207,345,570 2.61%
9 Air Chief Marshal Abu Esrar, BBP, ndc (Retd.) Independent Director - -
10 Dr. Khan Mohammad Abdul Mannan Independent Director - -
11 Dr. Raad Mozib Lalon Independent Director - -
The Board of directors represent/hold 27.92% and Sponsors/Promoters/Diretors jontly hold 73.49% share of the company.
14.7 Capital to Risk Weighted Assets Ratio (CRAR) - as per BASEL III for period end on December 31, 2022
In terms of section 13(2) of Banking Companies Act, 1991 and Bangladesh Bank BRPD Circular No. 07 & 18 dated March 31, 2014 and December 21, 2014
respectively, required capital based on RWA (Solo and Consolidated Basis) of the Bank are shown below:
Amt in Million Amt in Million
Core Capital/Common Equity (Tier I) (Going Concern Capital) Solo Basis Consolidated Basis
Fully Paid-up-Capital 7,929.66 7,929.66
Statutory Reserve 3,065.01 3,084.97
Retained Earnings 1,897.40 2,212.41
Non-Controlling Interest in Subsidiaries - 0.000027
12,892.07 13,227.04
Regulatory Adjustment from Tier-1 (Core Capital)
Admissible Tier-I Capital 11,993.53 12,328.49
Additional Tier-1 Capital - -
Less: Regulatory Adjsutment - -
Total Additional Tier -1 Capital Available - -
Maximum Limit of Additional Tier-1 Capital [Para 3.2(iv) Incl. footnote 9 of RBCA Guidline) 2,710.36 2,815.21
Excess Amount over Maximum Limit of AT-1 - -
Admissible Additional Tier-1 Capital - -
Total Admissible Tier-1 Capital 11,993.53 12,328.49
Tier -2 Capital (Gone-Concern Capital)

General Provision 1,744.36 1,744.36
NRBC Bank Sub-ordinated Bond [Subordinated Debt/Instrument Issued by Bank that Qualify as Tier -2 ] 5,500.00 5,500.00
Regulatory Adjustment from Tier-2
Total Tier-2 Capital Available 7,244.36 7,244.36
Maximum Limit of Tier-2 Capital [Para 3.2(v) Incl. footnote 9 of RBCA Guidline) 7,227.74 7,507.36
Excess Amount over Maximum Limit of T-2 16.62 -
Admissible Tier-II Capital 7,227.74 7,244.36
Total Regulatory Capital (Tier I + Tier II) 19,221.27 19,572.85
A. Total Assets including off-Balance Sheet items 250,621.97 251,073.51
B. Total Risk-Weighted Assets (RWA)
Annual Report 2022

At
Amt
Decin31,
Million
2022 At
Amt
Decin31,
Million
2021
Solo
Taka
Basis Consolidated
Taka Basis
Credit Risk on
Balance Sheet Exposure 118,092.97 118,440.42
Off Balance Sheet Exposure 19,338.31 19,338.31
137,431.29 137,778.73
Market Risk 5,895.29 6,363.70
Operational Risk 11,166.82 11,166.82
154,493.40 155,309.25
Details of Risk-Weighted Assets (RWA) in the Annexure-I (A)
C. Required capital based on Risk Weighted Assets (12.5% of RWA for December 31, 2022) 19,311.67 19,413.66
D. Capital Surplus / (Shortfall) (90.40) 159.19
E. Capital to Risk Weighted Assets Ratio (CRAR) (%) 12.44% 12.60%
Capital Requirement (Percentage of Capital on Risk-Weighted Assets)
Solo Consolidated
Required Held Required Held
Core Capital (Tier - I) excl. Cap. Conservation Buffer 7.00% 7.76% 7.00% 7.94%
Supplementary Capital (Tier II) 4.68% 4.66%
Total Capital to Risk Weighted Assets Ratio (CRAR) 12.44% 12.60%
Minimum Total Capital plus Capital Conservation Buffer for December 31, 2022 12.50% 12.50%
Excess/(Shortage) of CRAR for December 31, 2022 -0.06% 0.10%

14.8 Capital to Risk Weighted Assets Ratio (CRAR) - as per BASEL III for period end on 31.12.2021
In terms of section 13(2) of Banking Companies Act, 1991 and Bangladesh Bank BRPD Circular No. 07 & 18 dated March 31, 2014 and December 21, 2014
respectively, required capital based on RWA (Solo and Consolidated Basis) of the Bank are shown below:
Amt in Million Amt in Million
Core Capital/Common Equity (Tier I) (Going Concern Capital) Solo Basis Consolidated Basis
Fully Paid-up Capital 7,376.43 7,376.43
Statutory Reserve 2,467.27 2,471.02
Retained Earnings 1,879.43 2,056.79
Non-Controlling Interest in Subsidiaries - 60.12
11,723.13 11,964.37
Regulatory Adjustment from Tier-1 (Core Capital)
Admissible Tier-I Capital 11,080.48 11,321.72

Total Additional Tier-1 Capital Available 11,080.48 11,321.72
Tier -2 Capital (Gone-Concern Capital)
General Provision 1,988.85 2,013.93
NRBC Bank Sub-ordinated Bond-1 3,000.00 3,000.00
4,988.85 5,013.93
Regulatory Adjustment from Tier-2 - -

4,988.85 5,013.93
Admissible Tier-II Capital 4,988.85 5,013.93
Total Regulatory Capital (Tier I + Tier II) 16,069.33 16,335.65
A. Total Assets including off-Balance Sheet items 207,153 208,038
B. Total Risk-Weighted Assets (RWA)

Credit Risk on
Balance Sheet Exposure 89,929.93 90,524.37
Off Balance Sheet Exposure 14,846.29 14,846.29
104,776.22 105,370.65
Market Risk 6,438.25 6,605.64
Operational Risk 8,268.40 8,342.73
119,482.86 120,319.02
Details of Risk-Weighted Assets (RWA) in the Annexure-I (B)
C. Required capital based on Risk Weighted Assets (12.5% of RWA for December 31, 2021) 14,935.36 15,039.88
D. Capital Surplus / (Shortfall) 1,133.97 1,295.77
(E) Capital to Risk Weighted Assets Ratio (CRAR) (%) 13.45% 13.58%
Capital Requirement (Percentage of Capital on Risk-Weighted Assets)
Annual Report 2022

303
At Dec 31, 2022 At Dec 31, 2021
Taka Taka
Solo Consolidated
Required Held Required Held
Core Capital (Tier - I) plus Cap. Conservation Buffer 7.00% 9.27% 7.00% 9.41%
Supplementary Capital (Tier II) 4.18% 4.17%
Total Capital to Risk Weighted Assets Ratio (CRAR) 13.45% 13.58%
Minimum Total Capital plus Capital Conservation Buffer for December 31, 2021 12.50% 12.50%
Excess/(Shortage) of CRAR for December 31, 2021 0.95% 1.08%
15 Statutory Reserve
Opening Balance at the beginning of the period 2,467,273,044 1,866,788,986
Add: Addition during the year * 597,739,636 600,484,058
Add./less Adjustment for Foreign Exchange Rate Fluctuation - -
Closing Balance at the end of the period 3,065,012,681 2,467,273,044
* As per Section-24 of Banking Companies Act 1991, 20% of Pre Tax Profit has been transferred to statutory Account
15a Statutory/Capital reserve

3,084,967,445 2,471,441,325
Less: Minority Interest -NRBC Bank Securities Limited 0.50 416,828
Less: Minority Interest - NRBC Bank Asset Management Limited - -
3,084,967,445 2,471,024,497
16 Revaluation reserve:
Assets Revaluation Reserve (Note 16.1) - -
Investment Revaluation Reserve (Note 16.2) 43,248,455 85,493,276
Foreign Currency Translation/Revaluation Reserve (Note 16.3) - -
43,248,455 85,493,276
16.1 Assets Revaluation Reserve
Opening Balance at the beginning of the period - -
Add: Addition during the year (+) - -
Less : Adjustment during the year (-) - -
Closing Balance at the end of the period - -
16.2 Investment Revaluation Reserve:

Revaluation Reserve for HFT Securities (a)
Opening Balance at the beginning of the period 78,530,481 806,099,685
Add: Addition during the year (+) -
Less : Adjustment during the year (-) 63,812,382 727,569,205
Closing Balance at the end of the period 14,718,098 78,530,481
Revaluation Reserve for HTM Securities (b)
Opening Balance at the beginning of the period 6,962,795 4,531,019
Add: Addition during the year (+) 2,431,777
Less : Adjustment during the year (-) (21,567,562) -
Closing Balance at the end of the period 28,530,357 6,962,795
Total Revaluation Reserve for HFT & HTM Securities (a+b) 43,248,455 85,493,276
Revaluation Reserve 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 is treated as Supplementary Capital.
16.3 Foreign Currency Translation Gain/ (Loss)
Opening Balance at the beginning of the period - -
Add: Addition during the year (+) - -
Closing Balance at the end of the period - -
Annual Report 2022

At Dec 31, 2022 At Dec 31, 2021
Taka Taka
16a Consolidated Other Reserve:
43,248,455 85,493,276
17 Retained Earnings/Movement of Profit and Loss Account
Opening Balance 1,879,428,364 1,294,954,040
Add: Post-Tax Profit during the period (+) 1,739,569,703 2,083,944,071
Less: Transfer to Statutory Reserve (-) 597,739,636 600,484,058
Less: Cash Dividend (-) 553,232,136 526,887,749
Less: Stock Dividend (-) 553,232,136 351,258,499
Less: Payment the Fraction of share to shareholder (-) - -
Less: Strat-up Fund [Note: 17.1] (-) 17,395,697 20,839,441
Less: Transfer to General Reserve (-) - -
Add/(Less): Foreign Exchange Translation Loss (+) - -
1,897,398,462 1,879,428,364
17.1 Start Up Fund :
According to SMESPD Circular no. 04 dated March 29, 2021 and SMESPD Circular letter no. 05, Dated April 26, 2021, Schedule Bank will form Strat-up
fund for extending Loan/Refinance facilities view to creation of New Entrepreneur and self-employment in the country. The basis of Strat-up is the 1% of
net profit of that concern year and Bank will extend credit to that amount for prospective client as mentioned in the circular. Though, above mentioned
circular para Kha(2) is also instructed to site aside and will be shown in other liabilities which is paradox of BASEL III accord of BRPD Circular No. 07 & 18
dated March 31, 2014 and December 21, 2014. Site aside from retained profit will reduce to Capital to Risk Weighted Assets Ratio (CRAR) meaning that
loan/Investment will be contraction. The Retain Profit will work as reinvestment facilities and Bank will ensure Loan/Refinance facilities of that 1% of net
profit. This SMESPD Circular no. 04 dated March 29, 2021 and and SMESPD Circular letter no. 05, Dated April 26, 2021 are also paradox of the section
16G of Income Tax Ordinance, 1984 [ 10% tax shall be payable on the total amount so transferred more than 70% of that income year in form retained
profit, Reserve, etc.]
Strat Up Fund Basis of Fund At Dec 31, 2022 At Dec 31, 2021
Net Profit
% of Operating Profit Taka Taka
Opening Balance 34,267,741 13,428,300
Addition during the year 1% 1,739,569,703 17,395,697 20,839,441
51,663,438 34,267,741
17a Retained Earnings/Movement of Profit and Loss Account
2,212,407,354 2,076,500,465
Less: Minority Interest -NRBC Bank Securities Limited 7 19,707,210
Less: Minority Interest -NRBC Bank Asset Management Ltd 0.0001 -
2,212,407,347 2,056,793,255
17b Non-Controlling Interest
A. NRBC Bank Securities Limited:
Equity Capital of Minority Group 10 40,000,000
Add: Retained Earning/(Loss) 7 19,707,210
Add: Capital reserve 0.50 416,828
17 60,124,038
B. NRBC Bank Asset Management Limited
Equity Capital of Minority Group 10
Add: Retained Earning/(Loss) 0.00011
10 -
Total (A+B) 27 60,124,038
18 Contingent liabilities 50,265,905,800 53,600,415,599

18.1 Acceptances and Endorsements
Accepted Bills Against BTB LC - Local 1,840,201,381 2,513,029,709
Accepted Bills Against BTB LC - Foreign 930,341,945 1,014,283,780
Accepted Bills Against BTB LC EPZ 74,602,184 67,126,229
Customer Liability agst EDF Fund 4,163,647,599 2,472,413,723
Accepted Bills Against LC Cash-Local 39,125,488 166,051,800
Accepted Bills Against LC Cash-Foreign 3,443,718,421 3,920,680,541
Accepted Bills Against LC Cash-EPZ 9,531,899 -
10,501,168,916 10,153,585,783
Annual Report 2022

305
At Dec 31, 2022 At Dec 31, 2021
Taka Taka
18.2 Letters of Guarantee
Money for which the Bank is in contingently liable in respect of guarantees issued in favour of:
Directors - -
Government - -
Banks and other Financial Institutions - -
Others (Note 18.2.1) 27,671,554,283 25,797,741,477
27,671,554,283 25,797,741,477
18.2.1 Letters of Guarantee -Others
Shipping Guarantee Against Cash LC-Sight 91,289,838 205,439,106
Bid Bond Local 2,117,606,074 2,963,956,457
Performance Guarantee Local 22,612,888,504 19,328,354,210
Advance Payment Guarantee Local 2,840,674,965 3,299,991,704
Other Payment Guarantee Local 9,094,902 -
Shipping Guarantee agst. BTB LC - -
Performance Guarantee Foreign - -
27,671,554,283 25,797,741,477
18.3 Irrevocable Letters of Credit (Conventional &Islamic) 5,946,697,949 12,124,268,552
18.4 Bills For Collection (Conventional &Islamic) 6,146,484,651 5,524,819,787
18.5 Workers’ profit participation fund (WPPF)
According to section 11(1)(b)(ii) of Banking Company act, 1991, “Bank shall not appoint any employee/Managing Agent who will take in the profit,
meaning that Bank shall not appoint any person on condition who will be take part in the Profit except few cases for commission/bonus on basis of
specific term and condition”. Hence, this section prevent for establishment of Profit Participation.
However, Bangladesh Labour Act 2006 and SRO no. 336/Law/2010, all companies falling within the scope of WPPF are required to provide 5% of its profit
before charging such expense to their eligible employees within the stipulated time. Bank Companies must be bound to follow Prime Regulatory Act, i.e.
Banking Company act, 1991 over any other laws.
Ambiguity between Banking Company Act, 1991 (Amendment 2018) and Bangladesh Labour Act 2006, Bank and Financial Institution Division, Ministry
of Finance, vide their letter no.53.00.0000.311.22.002.17.130 dated 14 February 2017 opined that Chapter 15 “Participation in company Profit by Worker”
of Bangladesh Labor Act, 2006 and amendment made in the July 22, 2013, is not applicable for Bank & Financial Institution. As such the Bank did not
make any provision for WPPF.
19 Income statement 2022 2021

Income : Taka Taka
Interest, discount and similar income (Note-19.1) 13,471,593,081 9,775,045,375
Dividend income (Note-22) 161,837,763 90,301,281
Fees, commission and brokerage (Note-23) 1,154,406,858 893,103,649
Gains less losses arising from dealing in securities (Note-19.2) 105,603,038 1,042,071,899
Gain on Termination of Right of Use of Assets [as per IFRS 16] (Note : 22.02) - 1,520,074
Gains less losses arising from investment securities - -
Gains less losses arising from dealing in foreign currencies - -
Income from non-banking assets - -
Other operating income (Note-24) 509,410,800 349,422,812
15,402,851,540 12,151,465,088
Less :Intra Business Unit for Borrowing from ID-HO (LCY)(Note-22) 28,824,500 -
15,374,027,039 12,151,465,088
Expenses :
Interest / profit paid on deposits, borrowings, etc. (Note-21) 6,682,027,185 4,569,458,163
Losses on loans, advances and lease/ investments - -
Administrative expenses (Note-19.3) 3,846,673,977 2,904,849,705
Other operating expenses (Note-34) 377,538,810 288,015,455
Depreciation on banking assets (Note-33) 428,660,356 334,680,118
11,334,900,328 8,097,003,442
Operating Profit of the Bank 4,039,126,712 4,054,461,647
Annual Report 2022

2022
At Dec 31, 2022 2021
At Dec 31, 2021
Taka Taka
19.1 Interest, discount and similar income
Interest Income (Note 20) 11,178,651,416 7,902,903,813
Interest on Treasury Bills (Note:22) 53,993,942 -
Interest Income Money at Call (Note:22) 34,182,715 10,038,925
Interest Income on Govt Treasury Bond (Note:22) 1,889,052,210 1,655,484,863
Interest on Sub/Perpetual Bond (Note:22) 195,328,662 184,399,837
Intt. Income on Govt. T-Bond Reverse Repo (Note:22) 34,254,420 -
Interest on USD Fund Placement to OBU (Note:22) 26,407,393 -
Income from Govt. Islamic Bond (Note:22) 69,716 201,462
Income/Profit from Govt. Sukuk Bonds (Note:22) 59,652,607 17,766,489
Interest on Bangladesh Bank Bill (Note:22) - -
Gain on Sale of Assets, Properties and Others (Note:22) - 4,249,986.00
13,471,593,081 9,775,045,375
19.2 Gains less losses arising from dealing in securities
Gain on Sale of Shares and Securities listed with DSE/CSE (Note:22) 28,514,458 447,536,999
Gain on Sale of Bonus Shares listed with DSE/CSE (Note:22) - 78
Prize Money from Winning of Prize Bond (Note:22) - 10,000
Gain on Sale of Approve Govt. Securities (Note : 22) 121,585,347 594,524,822
150,099,805 1,042,071,899
Less : losses arising from dealing in securities 44,496,767 -
105,603,038 1,042,071,899
19.3 Administrative expenses
Salaries and Allowances (Note : 25) 2,767,889,323 2,087,048,876
Rent, Taxes, Insurance, Electricity, etc. (Note : 26) 405,271,839 307,599,297
Regulatory and Legal expenses (Note : 27) 19,506,258 38,360,897
Postage, Stamps, Telecommunication, etc (Note : 28) 75,334,228 50,170,978
Stationery, Printing, Advertisement, etc (Note : 29) 482,213,309 337,136,927
Chief Executive's salary and fees (Note : 30) 13,211,021 12,149,459
Directors' Fees & Meeting Expenses (Note : 31) 13,592,040 10,488,328
Auditors' Fees (Note : 32) 858,250 1,058,250
Purchased of Spares parts/Accessories for Replacement of Banks Assets(Note: 33) 57,895,639 55,080,284
Repairs of Bank's Assets (Note : 33) 10,902,068 5,756,409
3,846,673,977 2,904,849,705
Annual Report 2022

307
2022
At Dec 31, 2022 2021
At Dec 31, 2021
Taka Taka
20 Interest Income/profit on investments
Interest/Profit on Loans and Advances:
Loans and Advances 9,434,053,453 7,229,611,602
Bills Purchased and Discounted 78,315,919 72,646,213
9,512,369,373 7,302,257,815
Offshore Banking Unit(OBU) 234,976,408 34,073,797
9,747,345,780 7,336,331,612
Interest/Rebate on:
Balance/Forex Dealing with Banks in Foreign Currency (FCY) 1,292,662,221 378,657,469
Fund palcement with Banks and NBFIs in Foreign Currency (FCY) 6,787,205 -
Fund palcement with Banks and NBFI in Local Currency (LCY) 131,443,757 187,795,565
1,430,893,182 566,453,034
Balance with Banks in FCY : Offshore Banking Unit(OBU) 412,453 119,166.76
1,431,305,635 566,572,201
11,178,651,416 7,902,903,813
20.1 Product wise Interest/profit on investments
Interest Income on Overdraft 1,835,367,814 1,471,778,805
Interest Income-Term Loan 1,641,304,950 1,334,801,843
Interest Income-Lease Finance 75,045,035 81,735,613
Interest Income-Hire Purchase 178,885,098 223,460,474
Interest Income on Corporate Staff Loan 21,538,942 3,452,593
Interest Income- Time Loan 818,429,152 760,182,677
Interest Income on Overdraft-Corporate 46,566,318 55,173,736
Interest Income on Payment Against Documents(PAD) - Corporate - 60,360
Interest Income- Payment Against Documents(PAD) 12,397,809 16,143,055
Interest on Post Import Finance (PIF) 360,856,635 248,416,147
Interest Income-Packing Credit 29,638,975 50,187,683
Interest Income-EDF Loan 40,124,313 36,969,681
Interest Income from Personal Loan 8,777,891 14,009,393
Interest Income - SME Credit 1,226,609,805 1,055,524,013
Interest Income on Retail Credit 1,033,902,086 463,335,742
Interest Income from Agricultural Credit 152,100,828 85,186,031
Interest Income from House Construction Finance 312,431,360 277,400,879
Interest Income from Staff Loan 26,379,925 22,048,271
Interest Income from Forced Loan 99,669,577 231,499,042
Interest Income from Micro Credit 748,606,931 51,986,929
Interest Income from Cash Credit Hypo 613,573,871 716,764,488
Profit received from Musharaka - 137,477
Profit received from Bai-Murabaha 57,204,218 11,013,309
Profit received from Bai-Muazzal 11,704,989 2,184,883
Profit received from Single Bi-Salam 1,775,885 194,313
Profit/Interest from Hire Purchase Shirkatul Meelk (HPSM)/Construction (Commercial) 76,900,163 11,924,012
Profit received from Quard 640,211 2,051,812
Interest Income-Term Loan-Corporate 3,620,671 1,988,343
9,434,053,453 7,229,611,602
Profit Rcvd. from Bills Purchased and Discounted-Islamic Banking 6,635,170 4,468,855
Interest Income on Bill Purchased and Discounted -Offshore Banking 2,779,913 1,355,826
Interest Income on Import Bill -Lcy -Offshore Banking 232,196,494 32,717,971
Interest Income from Documentary Bill Purchase 71,680,749 68,177,358
313,292,327 106,720,010
9,747,345,780 7,336,331,612
Annual Report 2022

2022 2021
Taka Taka
20a Consolidated Interest Income/Profit on investments
11,504,973,930 8,094,079,089
11,368,477,512 7,984,075,832
21 Interest Paid/profit shared on Deposits and Borrowings, etc.
Interest Paid on Deposits (Note 21.1) 6,000,484,645 4,389,314,322
Interest Paid on Borrowings (Note 21.2) 681,542,540 180,143,841
6,682,027,185 4,569,458,163
21a Consolidated Interest Paid/Profit shared on Deposits and Borrowings, etc.
6,850,688,881 4,714,677,494
6,714,192,463 4,604,674,236
21.1 Interest Expenses/Profit shared on Deposits
Current Account 98,364,404 39,339,516
Savings Account/Mudaraba Savings Deposit (MSDA) [Customer] 249,984,733 157,447,419
Savings Account/Mudaraba Savings Deposit (MSDA)[Staff] 2,105,086 2,338,243
Special Notice Deposits (SND)/ Mudaraba Savings Deposit (MSDA) 732,324,610 410,633,896
Interest/Profit paid on Other Institution 4,097 -
Interest/Profit paid on Sohoj Sanchay 184,848,859 102,969,506
Fixed/Mudaraba Deposit Receipts 2,482,393,475 1,170,184,118
Interest/Profit Paid on Foreign Currency Deposit 3,734,474 -
Schemes/Mudaraba Scheme Deposits 2,230,940,634 2,506,401,624
Agent Banking Deposit 15,784,274 -
6,000,484,645 4,389,314,322
21.2 Interest Paid on Borrowings
Interest Expense/Profit Shared on Borrowing from Bangladesh Bank 54,479,884 8,552,145
Interest Expense on USD Borrowings 12,616,495 152,285
Interest Expense for REPO Borrowings from Other Banks and FIs 71,022,867 6,729,518
Interest Expense on Borrowing from Call and Short Notice 137,032,528 96,128,084
Interest Expense on Banks and Fin. Institutions (FI) Deposit 63,659,444 38,037,065
Interest Expense for Bond and Refinance from BB and Bank/Institutions 280,357,959 30,544,744
619,169,176 180,143,841
Offshore Banking Unit(OBU) : Borrowing from Banks-USD (LCY) 62,373,364 -
681,542,540 180,143,841
22 Investment Income
Interest Income on Money at call and S. Notice 34,182,715 10,038,925
Interest Income on Govt. Treasury Bills 53,993,942 -
Interest Income on Govt. Treasury Bonds (Net) (Note: 22.01) 1,889,052,210 1,655,484,863
Interest on Sub/Perpetual Bond 195,328,662 184,399,837
Interest on USD Fund Placement to OBU 26,407,393 -
Intt. Income on Govt. T-Bond Reverse Repo 34,254,420 -
Income from Govt. Islamic Bond 69,716 201,462
Income/Profit from Govt. Sukuk Bonds 59,652,607 17,766,489
Dividend from Share and Securities* 161,837,763 90,301,281
Prize Money from Winning of Prize Bond - 10,000
Gain on Termination of Right of Use of Assets [as per IFRS 16] (Note : 22.02) - 1,520,074
Gain on Sale of Bonus Share - 78
Gain on Sale of Shares and Securities listed with DSE/CSE 28,514,458 447,536,999
Gain on Sale of Assets, Properties and Others - 4,249,986
Gain on Sale of Approve Govt. Securities (Net)** 121,585,347 594,524,822
2,604,879,233 3,006,034,816
Less :Intra Business Unit for Borrowing from ID-HO (LCY) 28,824,500 -
2,576,054,733 3,006,034,816
* Tax applicable @20% as Second Sch., Para -4(a)] of ITO-1984
** Tax applicable@15% U/S 32/Second Sch., Para -2(a)(ii)] of ITO-1984 & Finance Act 2022
Annual Report 2022

309
2022 2021
Taka Taka
22.01 Interest Income on Govt. Treasury Bonds (Net)
Interest Income on Govt .Treasury Bond Through Auction and purchased from Secondary Security 2,062,575,700 2,603,452,039
Interest Paid on Secondary Security Purchased (T-Bond) 173,523,490 947,967,177
1,889,052,210 1,655,484,863
22.02 Gain on Termination of Right of Use of Assets [as per IFRS 16]
Lease contract with Silver Tower terminated regarding Gulshan Branch Premises wherein Interest Expense and Depreciation of that premises is greater
than monthly rental payment till to termination:
Total Interest Charge till to Termination of Lease Contract - 6,908,062

Total Depreciation Charge to Termination of Lease Contract - 26,025,357
- 32,933,419
Less: Monthly Rental Payment 31,413,345
Gain - 1,520,074
This gain from IFRS -16 has no impact on Corporate Tax Calculation
22a Consolidated Investment income

2,597,423,933 3,086,988,924
2,597,423,933 3,086,988,924
23 Commission, Exchange and Brokerage
Commission on Letter of Credit including BTB Letter of Credit 139,291,096 173,463,021
Commission on Bank Guarantee 475,215,180 403,609,623
Commission on Export Bills/Documents 4,167,113 6,270,309
Commission on Accepted Bill including BTB Letter of Credit 113,339,017 92,258,375
Commission on Clean (FBP/IBP Purchased) Bill 856,625 1,950,385
Commission/Charge on Inland and Foreign Remittance 39,270,721 37,418,325
Commission on Sale of Cash Foreign Currency (Fcy) 227,298 102,834
Commission on Foreign Tarde Services 92,211 31,485
Underwriting Commission on sale of Govt. Securities 9,887,900 22,012,885
Commission on Agent Banking Service 2,223 239,140
Exchange gain for Trading of Foreign Currency through Export, Import, dealing, remittance (Net) 372,057,475 155,747,265
1,154,406,858 893,103,649
Commission income arises on service provided by the bank recognized on a cash basis. Commission charged the Customer on Letter of Credit and letter
of Guarantee are credited to income at the time of effecting the transaction.
23a Consolidated Commission, Exchange and Brokerage

NRBC Bank Limited 1,154,406,858 893,103,649
1,390,005,884 1,132,359,022
1,369,387,477 1,115,633,132
24 Other Operating Income
Service Charges and Fees 252,869,079 153,854,939
Locker Rental Income 905,775 756,250
Online Transaction Commission 14,993,054 9,555,128
Income from Card Services 30,746,468 21,937,412
Loan Documents Deferral & CDBL Charges 12,560 -
General Islami Banking Service 4,091,136 -
Recoveries-Postage Charge 7,640 53,940
Loan Restructuring Fees 7,186 -
Trade Finance Fees & Charges 126,378,279 113,064,970
Miscellaneous Earnings 78,340,061 48,850,416
508,351,239 348,073,055
Trade Finance Charges -OBU : Swift Charge 1,059,561 1,349,757
509,410,800 349,422,812
Annual Report 2022

2022 2021
Taka Taka
24a Consolidated Other Operating Income
509,410,800 349,422,812
Less: Inter company transaction 4,600 4,600
509,406,200 349,418,212
25 Salary and Allowance
Basic Salary 950,577,908 714,215,527
Festival Bonus 146,677,944 94,186,520
Performance Bonus/Incentive (Recovery/Campaign) Bonus 178,660,801 143,909,188
Bank Contribution To Recognized NRBC Employees' Provident Fund 66,105,251 46,324,531
Bank Contributed to Recognized NRBC Employees' Gratuity Fund Payment/Expense 20,000,000 20,000,000
Leave Encashment/Retirement/Service benefit on Resignation from bank 31,016,222 22,073,752
House Furnishing Cost &Leave Fare Assistance 112,905,131 90,467,142
Contractual Staff Salary 12,788,596 13,970,093
Salary of Security and support Staff 295,158,190 215,454,403
Exgratia/Bonus of Security and support Staff 29,952,675 53,069,431
Employees Allowances and Benefits 922,302,698 672,510,032
Health Hazard Compensation/ Medical Expense 1,305,500 548,846
Leverage and Uniforms payment /Expense for Support Staff 438,407 319,411
2,767,889,323 2,087,048,876
25a Consolidated Salaries and Allowances
2,840,117,781 2,135,973,080
2,840,117,781 2,135,973,080
26 Rent, Taxes, Insurance, Electricity, etc.
Office and Garage Rent (Note : 26.1) 210,537,734 171,026,966
Rates, Taxes and Duties (Note : 26.2) 8,974,342 8,037,683
Insurance Expenses including DMB Insurance to BB (Note : 26.3) 75,144,089 53,203,180
Electricity and Utility Expenses (WASA/Water Supply by Div./Purasuva) 110,615,673 75,331,469
405,271,839 307,599,297
26.1 Office and Garage Rent
Office Rent -Branch & HO [Note : 26.1.1] 107,891,010 101,924,285
Office Rent -Sub-Branch 61,185,396 34,952,863
Office Rent -ATM 20,662,722 9,480,351
Office Rent - Godown/Store Room 492,200 434,700
Interest portion on lease liabilities [Instead of Rental Expense] [Note : 26.1.2] 20,306,406 24,234,766
210,537,734 171,026,966
26.1.1 Office Rent -Branch & HO [Rental Expense as per contract with Lessors] 314,646,669 276,669,324
26.1.2 Total rent expenses for the year 2022 was Tk.314,646,669 as per IAS 17. According to “IFRS 16: Lease” this rent expense has been adjusted with
depreciation Tk. 137,639,925.76 arises against right-of-use assets (ref: Annex H & H1) and interest expenses Tk.20,306,406.25 arises against lease
liabilities
26.2 Rates, Taxes and Duties
Trade/Gun License and Patent Right Tax 2,968,186 1,532,517
Holding, Municipality, Sign Board Tax 1,089,154 914,315
Vehicle Registration, Tax token, Fitness, etc. 50,922 179,363
Toll and Parking Tax/Charge 1,598,550 997,726
Excise/Supplementary Duty 2,379,224 1,793,517
NBR Fees & Charge (Tax and VAT) 1,600 1,100
Garage Rent for Car Parking 291,760 220,740
Other Rates and Taxes 594,946 2,398,405
8,974,342 8,037,683
Annual Report 2022

311
2022 2021
Taka Taka
26.3 Insurance Expenses inluding DMB Inurance to BB
Deposit Money Insurance to Bangladesh Bank* 63,275,196 47,270,117
Central Insurance Policy (Cash in safe, Counter & Transit) 8,449,384 4,101,176
Vehicle Insurance Premium 170,730 199,402
Fixed Assets Insurance Premium 3,248,780 1,632,484
75,144,089 53,203,180
* Insurance premium paid to Bangladesh Bank against DBOD Circular no. 02 dated 01.04.2003 for protection of Depositors’ in case of in insolvency of
Banking Industry
26a Consolidated Rent, Taxes, Insurance, Electricity, etc.
410,668,810 311,162,309
410,668,810 311,162,309
27 Legal, Regulatory Fees and Documentation Expense
Consultancy/Professional Fees and Charges 8,577,395 9,702,473
Lawyer Fees and Charge 837,053 227,600
Power of Attorney/Court Fees with Stamp Charge 36,000 97,150
Annual /Listing Fees to Stock Exchange (DSE/CSE)* 3,059,696 22,453,776
Notary Public Charge and Government Fees 7,310 3,400
DSE/CSE and CDBL Fees and Charges* 1,437,712 1,865,136
RJSC & BSEC Fees and Charges* 5,551,092 4,011,362
19,506,258 38,360,897
* VAT Exempted as 4 (Ga) & (Gha) of 1st Schedule (2nd Part) of VAT Act 2022 (All Service by Stock/Securities Exchange)
27a Consolidated Legal, Regulatory Fees and Documentation Expense
NRBC Bank Securities Limited 523,464 249,475
20,029,722 38,610,372
20,029,722 38,610,372
28 Postage, Stamps, Telecommunication, etc
Stamps and Cartridge Cost 614,266 703,583
Govt. Postal/Registered Postal Service Charge 65,746 115,443
Courier Service Charge 11,880,824 8,078,195
Telephone and Mobile Expenses* 7,631,122 5,550,835
Mobile Internet & WIFI Expense * 1,155,360 601,336
WAN/Connectivity/Link Charge (Internet Service) 53,986,911 35,121,586
75,334,228 50,170,978
*VDS not applicable as per SL 5(3) of SRO -240/AIN/2021/44 dated June 29, 2011 as well as Tax deduction at Source
28a Consolidated Postage, Stamps, Telecommunication, etc
76,753,812 51,381,279
76,753,812 51,381,279
29 Stationery, Printing, Advertisement, etc
Stationary and Printing Expenses [Note:29.1] 103,556,615 70,390,758
Advertisement and Sponsorship Expense [Note:29.2] 43,236,170 25,911,552
Computer Expenses including Toner, Ribbon, Other Computer Expenses [Note:29.3] 335,420,524 240,834,617
482,213,309 337,136,927
29.01 Stationery and Printing Expenses
Packaging/Printing (Expense) 27,805,213 13,746,478
Security Papers/ Stationery (Expense) 37,806,022 18,956,797
Office Stationery (Expense) 34,507,613 32,290,194
Crockeries and Utensils Expense 1,803,385 3,763,400
Electric Bulbs/Tube and Wire Expense 1,634,382 1,633,889
103,556,615 70,390,758
Annual Report 2022

2022 2021
Taka Taka
29.02 Advertisement and Sponsorship Expense
Advertisement in News Papers and Magazine Exp. 7,796,021 6,437,567
Advertisement for mourn/Death (VAT Exempted) in News Paper Expense - 425,097
Advertisement in Radio, Television and Online Media 23,599,151 14,567,718
Souvenir/Calendar/Dairy(Printing Exp.) 3,802,500 1,485,560
Advertisement In Newspapers, Radio and Television Through Media Agent - 174,754
Sponsorship of Program, event and Sports 8,038,498 2,820,856
43,236,170 25,911,552
29.03 Computer and Software related Expense
Toner, Ribbon, Printer Ink Expenses* 15,813,687 10,892,287
CBS Annual Maintenance Expense 10,352,055 6,131,404
Data Base Software Annual Maintenance Expense 11,900,000 11,900,000
Software (Other) Maintenance Cost/Expense 14,319,837 10,333,037
DC and DRC Maintenance Expense 400,000 1,000,000
Parts purchased (Replacement) for DC and DRC 1,812,568 -
IT Enable Expenses 280,822,377 200,577,889
335,420,524 240,834,617
* VAT Exempted as per 3rd Schedule (Table -5- Goods sold at bsuiness stage) of VAT act 2012
29a Consolidated Stationery, Printing, Advertisement, etc
NRBC Bank Securities Limited 1,306,961 814,117
483,520,270 337,951,044
483,520,270 337,951,044
30 Chief Executive's salary and fees
Basic Salary 6,395,161 5,951,612
Festival Bonus 1,000,000 1,000,000
Allowances 5,815,860 5,197,847
13,211,021 12,149,459
31 Directors’ Fees & Meeting Expenses
Directors' Fees 3,044,800 2,745,600
Directors' Haulage and Travel (BB Circular) 9,721,338 6,937,973
Directors Meeting Stationery Expense 49,607 83,808
Board Meeting Expenses including allowance to the Drivers 776,295 720,947
13,592,040 10,488,328
Each Director is entitled to get honorium@Tk.8000 & travelling expenses at actual for attending meeting of the board of directors as per BRPD Circular
Letter #11 dated October 04, 2015. There were no other financial benefits provided to the Directors of the Bank.
31a Consolidated Directors’ Fees & Meeting Expenses

13,699,860 10,642,201
13,699,860 10,642,201
32 Auditors’ Fees
Bank Statutory Auditor Fees 575,000 805,000
Auditors’ Fees-Others [ Note 32.01] 283,250 253,250
858,250 1,058,250
32.01 Auditors' Fees-Others
Bank Credit Rating Fees 225,750 161,250
Corporate Governance Auditor Fess 57,500 92,000
283,250 253,250
32a Consolidated Auditors’ fees
NRBC Bank Limited 858,250 1,058,250
967,500 1,127,250
Annual Report 2022

313
2022 2021
Taka Taka
33 Depreciation and Repairs of Bank's Assets
Purchased of Spares parts/Accessories for Replacement of Banks Assets (a):
Items purchased for Replacement of Land, Building and Construction 39,108 55,926
Items/Accessories purchased (Replacement) for Furniture and Fixtures 9,855,587 7,122,891
Parts purchased (Replacement) for office Equipment 12,707,818 10,445,225
Refilling (ABC and E-Powder) Fire Extinguisher Expense 1,257,250 -
Items/Accessories purchased (Replacement) for Rented Premises 3,262,710 869,620
Electricity Connection Fee, Installation & Replacement* 1,406,289 10,301,920
Telephone Connection Fee, Installation & Replacement* 16,310 29,756
Domain/Internet Connection Fee & Installment * 3,890 1,500
Parts purchased (Replacement) Utility (Electricity/ Internet/ Telephone) Connection 5,906,969 9,862,695
Parts/Accessories purchased (Replacement) for Computer and Computer Equipment ** 5,557,338 3,868,265
Parts/Accessories purchased (Replacement) for Vehicles 9,759,057 7,044,472
Spare Parts purchased(Replacement) for of Machinery and Plant 8,123,315 5,476,662
Parts purchased (Replacement) for Premises - 1,352
57,895,639 55,080,284
* VDS not applicable as per SL 5(3) of SRO -240/AIN/2021/44 dated June 29, 2021
** VAT Exempted as per 3rd Schedule (Table -5- Goods sold at bsuiness stage) of VAT act 2012
Repair, Renovation & Maintenance of Bank’s Assets (b):

Repair and Maintenance for Furniture and Fixtures 753,042 339,032
Repair and Maintenance for Office Equipment 3,256,651 3,235,122
Repair and Maintenance for Rented Premises 292,165 321,720
Repair and Maintenance for Utility (Electricity/Internet/Telephone) Connection 231,037 124,553
Repair and Servicing of Computer and Computer Equipment 203,187 199,665
Repair and Servicing of Vehicles 4,581,400 1,207,586
Repair and Maintenance for Machinery and Plant 1,584,587 313,672
Repair and Maintenance for Premises - 15,059
10,902,068 5,756,409
Depreciation of Bank's Assets-Own Assets (c) *:
Land, Building and Construction - -
Furniture & Fixtures 121,915,447 76,725,779
Machinery and Plants 52,570,674 24,870,552
Office Equipments 52,962,903 35,453,591
Intangible Assets/Bangladesh Made Computer Software 11,744,024 31,134,097
Depreciation on Vehicles-Transport 3,000,000 18,138,409
Computer and Computer Equipment 47,907,382 920,000
Vehicle-Office Use 920,000 3,000,000
Books - -
291,020,430 190,242,428
Depreciation of Bank's Assets-Leased Assets (d):
Land, Building and Construction - -
Furniture & Fixtures - -
Equipment and Machinery - -
Motor Vehicle - -
- -
Depreciation of Bank's Assets-Right of Use Assets (e) :
Office space 137,639,926 144,437,690
137,639,926 144,437,690
Total Depreciation [c+d+e] 428,660,356 334,680,118

*Depreciation has been charged from the month of purchased
Total [a+b+c+d+e] 497,458,063 395,516,811
33a Consolidated Depreciation and Repairs

500,945,793 397,949,845
500,945,793 397,949,845
Annual Report 2022

2022 2021
Taka Taka
34 Other Expenses
Bank Charges (Note: 34.1) 9,676,589 8,226,673
Donation/Contribution and Corporate Social Responsibility (CSR) 99,626,853 54,163,822
Car, Vehicles and helicopters Expenses (Note: 34.2) 38,596,824 36,275,900
Brokerage/Commission to Bank/FIs/Share Trading Co. (Note: 34.3) 10,130,417 8,179,003
Training & Internship Allowances (Note: 34.4) 5,546,493 4,963,133
Annual Subscription/Membership Fees-Regulatory/Govt./Institutions/Others 3,120,231 5,143,947
Entertainment and other Expenses (Note: 34.5) 21,213,947 11,433,855
Traveling Expenses (Inland & Foreign) for official purpose (Note: 34.6) 7,867,887 9,213,391
Conveyance, Labor, Carriage and Freight Expense (Note: 34.7) 19,427,597 15,766,984
Business Development/Promotion Expense (Note: 34.8) 18,512,595 9,923,926
First Aid Box/Medical Expenses 38,676 76,719
Newspaper, Magazine and Periodicals 626,000 428,613
Manpower/Security Service Providers Commission & Charge (Note: 34.9) 100,873,131 77,869,864
Loss on Sale of Trading (Listed) Share and Securities 44,496,767 -
Card Contract Point Verification 337,930 232,818
Agent Banking Charge and Expenses 209,814 8,767,718
Miscellaneous Expenses (Note: 34.10) 41,733,826 37,349,091
422,035,577 288,015,455
34.1 Bank Charges *
Clearing Cheque Charge (VAT Incl.) 463,480 385,910
Online/SMS Banking Charge (VAT Incl.) 5,376,012 4,606,335
Bank Charge incl. A/c Maintain./Cheq. Issue (VAT Incl.) 3,837,097 3,234,427
9,676,589 8,226,673
* VAT paid while service received under VAT code # 056
34.2 Car, Vehicles and helicopters Expenses
Car or Vehicles Fuel (Oil/Gas/LPG) Cost* 14,556,174 12,434,369
Car or Vehicles Hiring Charge 24,040,650 23,841,531
38,596,824 36,275,900
* VAT exempted as per SRO -149/AIN/2020/100 dated June 11, 2020 and SRO-240-AIN/2021/163 Mushok Dated June 29, 2021
34.3 Brokerage/Commission to Bank/FIs/Share Trading Co.
Charge and Discount paid to Bank/FIs - 5,233
Commission paid to Bank/Fis - 37,519
Brokerage Commission/Fees - Share Trading (VAT Exempted)* 10,130,417 8,133,305
Commission and Charge Paid to Others - 2,946
10,130,417 8,179,003
* VAT Exempted as per SL 4(ga) of Part -II of First Schedule, VAT Act 2012
34.4 Training, Scholarship and Allowance
Training and Seminar Fees & Expenses 464,939 138,248
Recruitment Test Allowance 841,815 3,986,772
Honorarium/Trainer Allowance 1,559,166 762,420
Scholarship and Higher Study Training 200,000 -
Research and Development Exp./Allowance - 840
Internship Allowances to Universities Graduate 353,895 20,000
Stipend, Reward and Recognition 13,613 1,800
Employee Refresher Program (Tournament/Competition event, etc.) 261,565 53,053
Recruitment Test Expense conducted by Institutions 1,851,500 -
5,546,493 4,963,133
34.4.1 Training and Seminar Fees & Expenses
Domestic Training & Seminar Fees 242,338 134,405
Other Training Arranging Fees & Expenses 27,138 -
Seminar and Awareness Program Expense by BB/Regulators 195,464 3,843
464,939 138,248
34.5 Entertainment and Refreshment Expenses
Process Food Items Through Mushak-6.3 or VAT Paid 6,276,615 4,205,406
Food Items from Street or open Market 13,162,786 6,020,559
Green Food (Natural) Item from open Market 1,774,546 1,207,890
21,213,947 11,433,855
34.6 Traveling Expenses (Inland & Foreign) for official purpose
Foreign Travel -Bank Sponsored 843,500 212,680
Foreign Travel -Government Sponsored* - 1,520,105
Inland or Domestic Travel by Staff 7,024,387 7,480,606
7,867,887 9,213,391
* Section 30(K) of Income tax Ordinance, 1984, Foreign Travel engaged in providing any service to the Government or Travel for Trade delegates of Govt.
will not be considered for limited of expense i.e. 1.25% of yearly Turnover.
Annual Report 2022

315
2022 2021
Taka Taka
34.7 Conveyance, Carriage, Freight and Worker Charge
Local Conveyance by Staff 16,438,550 13,911,263
Plumber, Electrician and labor Charge 2,853,457 1,791,871
Physically Carriage and Freight Charge 135,590 63,850
19,427,597 15,766,984
34.8 Business Development/Promotion Expense
Business Development (Gift of Prize Bond, Goods/items to valued clients of the Bank) 7,160,194 6,598,876
Gift (Prize Bond) for clients 787,540 274,100
Event Management for Business Development Purpose 8,563,938 2,148,333
Customer Gathering Expense 128,432 496,571
Actor/Actress payment for Business Development event 962,500 7,777
Promotional Fair by Bank or Govt. Invitation 96,028 116,558
Display/distribution of Leaflet/Banner/Festoon 813,963 281,711
18,512,595 9,923,926
34.9 Manpower/Security Service Providers Commission & Charge
Security Service Providers Commission & Charge 68,820,975 52,093,542
Manpower Service Providers Commission & Charge 32,052,156 25,776,322
100,873,131 77,869,864
34.10 Miscellaneous Expenses
Laundry and Cleaning (Note:34.10.1) 4,609,409 3,406,092
Binding, Photograph and Photocopy 1,031,924 671,116
Cash Carrying/Remitting Charge to Security Service Provider 6,117,051 6,030,741
Nursery and Plantation Cost/Exp. 828,799 534,577
COVID-19 (Corona-virus) Related Expenses* 1,143,757 4,473,350
Discomfort/Closing/Saturday Banking Allowance ** 10,897,364 5,824,122
Program Expense 13,104,571 14,734,117
NID Verification Charge to Bangladesh Election Commission (Incl. VAT) 4,000,951 1,674,976
41,733,826 37,349,091
* COVID -19 related expenses are VAT exempted as per SRO -92/AIN/2020/69/custom Dated March 22, 2020.
** Special order for the employees to facilities banking service apart from normal Banking hour directed by Bangladesh Bank and Bank Management to
continue Banking Service for all level of the customer seeks of greater interest of the country.
34.10.1 Laundry and Cleaning Expenses
Manual Laundry and Cleaning Expense 4,528,841 3,333,851
Auto Laundry and Cleaning Expense 80,568 72,241
4,609,409 3,406,092
34.10.2 Program Expense
Goods/Items Purchased for Branch/Bank's Ceremony Expense 9,848,996 11,073,276
Annual General Meeting Expense 159,452 -
Business Conference Meet Expense - 866,256
Event Management for Ceremony/Program 3,068,623 2,744,585
Actor/Actress payment for Ceremony/Program 27,500 50,000
13,104,571 14,734,117
34a Consolidated Other Expenses
427,283,170 292,526,730
406,660,163 275,796,240
35 Provision against loans and advances
i. Provision against unclassified loans and advances 211,380,437 51,757,785
Provision for Unclassified/Standard Loans and Advances (214,726,739) 131,938,933
Special General Provision-COVID-19 (201,552,699) (180,049,792)
Provision for SMA Loans and Advances (204,899,001) 3,646,926
ii. Provision against classified loans and advances (147,672,658) 243,697,300

Provision for Sub-Standard Loans and Advances 162,750,521 (22,672,774)
Provision for Doubtful Loans and Advances 1,064,470,854 480,687,233
Provision for Bad & Loss of Loans and Advances 1,079,548,717 701,711,760
874,649,717 705,358,686
35a Consolidated provision against loans and advances
NRBC Bank Securities Limited (3,010,365) 19,845,628
871,639,352 725,204,313
36 Provision for Diminution in Value of Investments
Provision for diminution of Shares list with DSE/CSE 215,373,399 117,514,614
Provision For Investment Bond and Securities Unquoted - 37,475,580
215,373,399 154,990,194
*According to DOS Circular 01, Dated February 10, 2020, NRB Commercial Bank Limited maintained another BO # 1205950072055133 at NRBC Bank
Securities Limited under scheme of special Fund and Investment to be made as per clause 2 of the said circular.
** As per Clause cha (2)(i) of DOS Circular 01, Dated February 10, 2020, All kind revaluation will be suspended till February 2025 resulting no provision
have to be provided of the aforesaid period and Financial Statement will be finalized on cost basis.
Annual Report 2022

2022 2021
Taka Taka
36a Consolidated Provision for Diminution in Value of Investments
257,214,637 160,226,408
37 Provision for Off-Balance Sheet Exposures
Conventional and Islamic banking (39,594,584) 191,692,476
(39,594,584) 191,692,476
37a Provision for Off-Balance Sheet Exposures
NRBC Bank Limited (39,594,584) 191,692,476
(39,594,584) 191,692,476
38 Current Tax Expense /Payable
2022 2021
SL Particulars
Taka Taka
1 Taxable Income 3,966,797,360 2,957,174,370
2 Current Tax Payable @37.5% before considering extra ordinary items 1,487,549,010 1,108,940,389
3 Less: 10% Tax exemption/rebate on actual expenditure of CSR [SRO 229/2011] (9,962,685) (1,974,382)
4 Add: Gain on Sale of Approved Govt. Securities [Tax@15% U/S 32/Second Sch., Para -2(a)(ii)] 18,237,802 -
5 Add: Dividend Income Tax [Tax@20% as Second Sch., Para -4(a)] 32,367,553 18,060,256
6 Add: Tax on Winning of Govt Prize Bond U/S 55 with Final Tax liability under section 82C - 2,000
7 Add: Gain on Sale of Shares and Debentures [10% Tax as per SRO no.196/2015] - 44,753,700
8 Current Tax Payable after considering extra ordinary items 1,528,191,679 1,169,781,963
9 Deferred Tax Liability for the period (279,063,202) (251,305,742)
10 Tax Expense for the Period 1,249,128,478 918,476,220
38a Consolidated Current Tax Expense

NRBC Bank Limited 1,249,128,478 918,476,220
NRBC Bank Asset Management Limited 416 -
1,341,375,541 998,083,871
38b Consolidated Current Tax Payable
NRBC Bank Asset Management Limited 416 -
1,620,590,362 1,249,361,784
39 Deferred Tax (Income)/Expense Carrying Amt Tax Base Temporary Difference
Fixed Assets other than ROU 1,462,425,001 1,581,202,336 (118,777,335) (92,890,902)

Total Taxable Temporary Difference at Asset side (118,777,335) (92,890,902)
Provision for Classified Loan 2,522,225,634 - (2,522,225,634) (1,803,943,529)
Total Deductible Temporary Difference at Liability side (2,522,225,634) (1,803,943,529)
Net Taxable deductible Temporary Difference [i.e. Tax will be (2,641,002,969) (1,896,834,431)
paid in future period]
Tax Rate @37.50% i.e deferred Tax Asset (990,376,113) (711,312,912)
Less : Deferred Tax Income as at 31.12.2021 (711,312,912) (460,007,169)
Deferred Tax Income for the year (279,063,202) (251,305,742)
39a Consolidated Deferred Tax (Income)/ Expense

NRBC Bank Limited (279,063,202) (251,305,742)
NRBC Bank Securities Limited (151,619) 27,829
(279,214,821) (251,277,914)
40 Earnings Per Share (EPS)
Profit after Taxation 1,739,569,703 2,083,944,071
Number of Ordinary Shares outstanding 792,966,061 737,642,848
Earnings Per Share 2.194 2.825
40.1 Restated Earnings Per Share (EPS)

Profit after Taxation 1,739,569,703 2,083,944,071
Annual Report 2022

317
2022 2021
Taka Taka
40a Consolidated Earnings Per Share (EPS)
Net Profit attributable to the shareholders of parent company 1,933,292,974 2,263,536,952
40.1a Restated Consolidated Earnings Per Share (EPS)

Net Profit attributable to the shareholders of parent company 1,933,292,974 2,263,536,952
Earnings Per Share* 2.438 2.855
*Earnings Per Share (EPS) has been Calculated by dividing the basic earnings with the number of ordinary shares outstanding as of September 30, 2022
in terms of International Accounting Standard (IAS)-33
41 Receipts from Other Operating Activities
Interest on Treasury Bill 53,993,942 -
Interest on Money at call 32,450,638 10,004,455
Interest Income on Govt Treasury Bond 1,903,628,332 1,624,233,733
Interest on Sub/Perpetual Bond 198,259,083 170,406,577
Gain on Sale of Shares and Securities listed with DSE/CSE 28,514,458 447,536,999
Gain on Sale of Bonus Shares listed with DSE/CSE (Net) - 78
Gain on Sale of Assets, Properties and Others - 4,249,986
Income from Govt. Islamic Bond 69,716 201,462
Interest on USD Fund Placement to OBU (Net Basis over Intt. Expense by OBU) (2,423,948) -
Income/Profit from Govt. Sukuk Bonds 45,059,394 17,350,390
Interest on Reverse Repo 34,254,420 -
Gain on Sale of Approve Securities 121,585,347 1,109,680,250
Prize Money from Winning of Prize Bond - 10,000
Service Charges and Fees 252,869,079 153,854,939
Locker Rental Income 905,775 756,250
Online Transaction Commission 14,993,054 9,555,128
Loan Restructuring Fees 7,186 -
Loan Documents Deferral & CDBL Charges 12,560 -
General Islami Banking Service 4,091,136 -
Recoveries-Postage 7,640 53,940
Income from Card Services 30,746,468 21,937,412
Charges on Trade Finance 126,378,279 113,064,970
Miscellaneous Earnings 78,340,061 48,850,416
2,923,742,620 3,731,746,984
Offshore Banking Unit(OBU) 1,059,561 1,349,757
2,924,802,181 3,733,096,741
41a Consolidated Receipts from Other Operating Activities
2,938,002,094 3,803,387,804
42 Payments for Other Operating Activities
Rent, Taxes, Insurance, Electricity, etc 513,001,611 412,931,493
Legal, Regulatory Fees and Documentation Expense 19,506,258 38,360,897
Auditor' Fees 1,088,250 885,750
Postage, Stamps, Telecommunication, etc 80,345,584 54,184,218
Directors' fees & Meeting Expenses 13,592,040 10,488,328
Purchased for Replacement/Spares parts /Accessories of Banks Assets 57,895,639 55,080,284
Repair & Maintenance of Bank's Assets 10,902,068 5,756,409
Payment for Donation/Contribution/CSR 99,626,853 67,575,772
Other Expenses 322,408,724 746,695,561
1,118,367,028 1,391,958,712
42a Consolidated Payments for Other Operating Activities
1,156,471,309 1,432,593,542
Cash Increase/(Decrease) through Inter-company Transaction - -
1,156,471,309 1,432,593,542
Annual Report 2022

2022 2021
Taka Taka
43 Payment/(Settled/Received) for Other Assets
Advance Security Deposit 1,482,744 1,617,001
Suspense Account 1,327,544 75,139,147
Advance Office Rent (34,665,933) 19,993,749
Advance Rent for Initial Payment of Right of Use Assets 3,266,400 79,896,040
Inter Branch General Account Balance (Dr Balance) (81,690,301) 103,838,290
Interest Receivable-COVID Block Account (10,542) (626,127,706)
EKYC Settlement A/c - 218.00
(110,290,088) (345,643,262)
43a Consolidated Payment/(Settled) for Other Assets
NRBC Bank Limited (110,290,088) (345,643,262)
NRBC Bank Securities Limited (114,689,854) 114,412,545
(224,979,942) (231,230,717)
Cash Increase/(Decrease) through Intercompany Transaction - -
(224,979,942) (231,230,717)
44 (Payment)/Received of Other Liabilities
FC Held Against BTB Bills, EDF Loan and Others 885,446,792 83,261,576
OBUs Account with Intl Div-HO-USD 110,461 2,035,304
BACH Clearing Settlement (1,850) 2,100
Inter Branch General Account Balance (Cr Balance) - (347,157)
Received against service of Card Business (Accrued income) (780,901) 1,789,214
QR Code & EOD Settlement Account 134,011 -
Parking GL For Daily Txn of EOD Settlement (3,269,141) 26,982
Unearned Income [Islamic Banking] 69,229,072 21,416,093
Compensation Account (Islamic) (43,652) 119,532
950,824,793 108,303,645
44a Consolidated (Payment)/Received of Other Liabilities
950,824,793 108,303,645
Cash Increase/(Decrease) through Intercompany Transaction - -
950,824,793 108,303,645
45 (Purchase)/Sale of Government Securities
Treasury Bills-HFT (976,025,850) 7,114,578,869
Treasury Bills-HTM (5,345,955,232) (6,035,746,781)
Less: Decrease of Revaluation Gain on Treasury Bills which is non cash (42,244,821) (725,137,428)
(6,364,225,903) 353,694,660
46 Currency Conversion Rates
Assets and Liabilities as at 31 December 2022 denominated in foreign currencies have been converted to local currency Bangladesh Taka (BDT)
at the following exchange rates:
Currency Abbreviation Unit Equivalent BDT

US Dollar USD 1 103.2927
ACU Dollar ACU 1 103.2927
Japanese Yen JPY 1 0.7777
EURO EURO 1 110.4098
ACU EURO ACU EURO 1 110.4098
Chinese Yuan CNY 1 14.95
GBP GBP 1 125.4241
Annual Report 2022

319
47 Highlights of overall activities of the Bank [Solo Basis]
At Dec 31, 2022 At Dec 31, 2021

Sl Particulars
Taka Taka
1 Paid-up Capital 7,929,660,615 7,376,428,479
2 Total Capital 19,221,269,927 16,069,327,549
3 Capital Surplus (90,404,719) 1,133,969,614
4 Shareholders' Equity/Capital 12,935,320,213 11,808,623,163
5 Total Assets 200,356,063,174 153,552,383,932
6 Total Deposits 161,149,657,727 124,626,357,755
7 Total Loans and Advances 136,174,054,080 104,898,313,929
8 Total Contingent Liabilities and Commitments 50,265,905,800 53,600,415,599
9 Credit-Deposit/AD Ratio 84.50% 84.17%
10 Ratio of Classified Loans against Total Loans and Advances 4.69% 4.56%
11 Profit after Tax and Provisions 1,739,569,703 2,083,944,071
12 Loans Classified 6,381,209,126 4,767,333,799
13 Provision kept against Classified Loans 2,522,225,634 1,803,943,529
14 Provision Surplus/(deficit) - -
15 Cost of Fund 7.31% 7.56%
16 Interest Earning Assets 179,598,557,920 136,555,984,828
17 Non-interest Earning Assets 20,757,505,254 16,996,399,105
18 Net Interest Income (NIM) 4,496,624,231 3,333,445,649
19 Return on Equity/Investments (ROE/ROI) 14.06% 19.29%
20 Return on Assets (ROA) 0.98% 1.54%
21 Income from Investments 2,576,054,733 3,006,034,816
22 Earnings Per Share [Reststed] 2.19 2.83
23 Net Income Per Share 2.19 2.83
24 Net Assets Value Per Share [Reststed] 16.31 16.01
25 Price-Earnings Ratio (Times) as on 29/12/2022 11.87 13.38
48 Events after Reporting Period
The Board of Directors of NRB Commercial Bank Limited in its 162th Board Meeting held on April 30, 2023 recommended @12.00% comprising 7.5%
Cash Dividend and 4.5% Stock Dividend for the year end December 31, 2022. Eligible shareholders (who holds NRBC shares on the record date i. e. May
25, 2023) will be entitled to get this dividend subject to shareholders' approval in 10th AGM will be held on June 19, 2023. The amount of recommended
dividend is Tk. 9,515.59 lakh
Aforesaid disclosed issues have no effect that occurred after the reporting period which could affect the values stated in the financial statements.
Annual Report 2022

Annex-A
Foreign Currency (FC) Wise Balance with Bangladesh Bank

and It’s Reconciliation
As of 31 December, 2022
A. Currency wise balance position of FC Clearing Accounts With Bangladesh Bank
As at 31 December, 2022 As at 31 December, 2021
Currency Foreign Equivalent Foreign Equivalent
SL Name of the Account Location Conversion Conversion
Types Currency Amount in Currency Amount in
Rate Rate
Amount Taka Amount Taka
1 Bangladesh Bank FC Clearing Dhaka USD 3,699,579 103.2927 382,139,468 5,018,280 85.8000 430,568,443
2 Bangladesh Bank FC Clearing Dhaka Euro 8,091 110.4098 893,368 257,285 97.3658 25,050,712
3 Bangladesh Bank FC Clearing Dhaka GBP 707 125.4241 88,736 702 115.7099 81,240
4 Bangladesh Bank FC Clearing Dhaka Cny 5,200 14.9500 77,740 - -
Total 3,713,578 383,199,312 5,276,267 455,700,395
B. Reconciliation between Bangladesh Bank statement and Bank’s book
As per Bangladesh Reconciling
As Per Bank’s General ledger
B-1 Foreign Currency Bank Statement Difference
USD USD BDT USD
USD -Clearing Account 3,976,260 3,699,579 382,139,468 276,681
3,976,260 3,699,579 382,139,468 276,681
Bank credited but not debited by Bangladesh Bank 169,218
Bank debited but not credited by Bangladesh Bank (3,500)
Bangladesh Bank credited but not debited by Bank 110,964
Bangladesh Bank debited but not credited by Bank
276,681
EUR EUR BDT EUR
EUR -Clearing Account 8,091 8,091 893,368 -
8,091 8,091 893,368 -
Bank debited but not credited by Bangladesh Bank -
Bangladesh Bank credited but not debited by Bank -
Bangladesh Bank debited but not credited by Bank -
-

GBP GBP BDT GBP
GBP -Clearing Account 707 707 88,736 -
707 707 88,736 -
-
Cny Cny BDT Cny
Cny -Clearing Account 5,200 5,200 77,740 -
5,200 5,200 77,740 -
-
C. Maturity grouping of FC Clearing balance with Bangladesh Bank As of 31 December 2022
Repayable -on demand 383,199,311.56 455,700,395

– up to 1 months -
–over 1 months but not morethan 3 months -
– over 3 months but not morethan 1 year -
– over 1 year but not morethan 5 years -
– over 5 years -
Annual Report 2022

321
Annexure-B
Placement of Fund (FDR/TDR) with Banks/NBFIs
as at 31 December 2022
a. Placement of Fund (FDR/TDR) with Banks (FCY)
SL Name of the NFBIs Period Issue Date Maturity Date Principal Amount
1 NRB Bank Limited 182 Daily 12/26/2022 6/26/2023 700,000,000.00
2 The Premier Bank Limited 7 Daily 12/29/2022 1/5/2023 1,000,000,000.00
Sub-Total (a) 3,700,000,000.00
b. Placement of Fund (FDR/TDR) with NBFIs (LCY)

SL Name of the NFBIs Period Issue Date Maturity Date Principal Amount
1 Bangladesh Industrial Finance Company Ltd. 365 Daily 3/11/2018 3/11/2019 52,404,993.98
2 Bangladesh Industrial Finance Company Ltd. 365 Daily 4/15/2018 4/15/2019 54,070,528.56
3 FAREAST FINANCE AND INVESTMENT LTD. 181 Daily 12/29/2022 6/28/2023 50,000,000.00
4 FAS FINANCE AND INVESTMENT LIMITED 181 Daily 11/15/2021 5/15/2022 60,000,000.00
5 FIRST FINANCE LIMITED 99 Daily 10/12/2022 1/19/2023 16,000,000.00
6 GSP Finance Company (Bangladesh) Limited 90 Daily 12/28/2022 3/28/2023 150,000,000.00
7 ICB 91 Daily 10/18/2022 1/17/2023 160,000,000.00
8 Industrial & Infrastructure Development Finance Company Ltd. 91 Daily 12/26/2022 3/27/2023 50,000,000.00
9 INTERNATIONAL LEASING & FINANCIAL SERVICES LTD. 181 Daily 12/30/2021 6/29/2022 70,000,000.00
10 INTERNATIONAL LEASING & FINANCIAL SERVICES LTD. 91 Daily 12/30/2021 3/31/2022 30,000,000.00
11 Meridian Finance and Investment Ltd. 182 Daily 9/4/2022 3/5/2023 40,000,000.00
14 Phoenix Finance & Investment Limited 182 Daily 3/3/2022 9/1/2022 70,000,000.00
17 PRIME FINANCE & INVESTMENT LIMITED 185 Daily 8/14/2022 2/15/2023 35,000,000.00
18 PRIME FINANCE & INVESTMENT LIMITED 90 Daily 11/15/2022 2/13/2023 37,500,000.00
19 UNION CAPITAL LTD. 181 Daily 4/26/2022 10/24/2022 50,000,000.00
Total 1,242,975,522.54
Annual Report 2022

Annexure-C
Currency wise balance position of Nostro Accounts
1 Conventional Banking Unit:
a. Balance with other banks-Outside Bangladesh (Nostro Account) as at 31 December 2022
As at 31 December 2022 As at 31 December 2021
Name of Foreign Foreign
SL Name of the bank Location Conversion Equivalent to Conversion Equivalent to
currency Currency Currency
Rate Taka Rate Taka
Amount Amount
1 Habib American Bank New York USD 520,772 103.2927 53,791,966 128,795 85.8000 11,050,572
2 Mashreq Bank PSC New York USD 609,242 103.2927 62,930,293 187,050 85.8000 16,048,887
3 AB Bank Limited Mumbai Acu Dollar 511,845 103.2927 52,869,814 191,550 85.8000 16,434,980
4 Mashreq Bank PSC London GBP Account Closed
5 United Bank of India Kolkata Acu Dollar 516,055 103.2927 53,304,701 15,476 85.8000 1,327,807
6 United Bank of India Kolkata Acu Euro 3,119 110.4098 344,383 20,868 97.3658 2,031,847
7 Mashreq Bank PSC London EURO Account Closed Account Closed
8 BHF-Bank Aktiengesellschaft, EURO Account Closed Account Closed
9 Mashreq Bank PSC Mumbai Acu Dollar 518 103.2927 53,460 73,898 85.8000 6,340,483
10 National Bank of Pakistan Tokyo Jap. Yen 1,667,602 0.7777 1,296,894 2,182,202 0.7463 1,628,577
11 Kookmin Bank Seoul USD 34,393 103.2927 3,552,593 68,038 85.8000 5,837,621
12 Kookmin Bank Seoul GBP 21,366 125.4241 2,679,784 23,839 115.7099 2,758,437
13 Habib Metro Bank Limited Karachi Acu Dollar 98,708 103.2927 10,195,849 12,989 85.8000 1,114,494
14 Aktif Yatirim Bankasi A.S Istanbul EURO Account Closed
15 Banca UBAE S.P.A Rome EURO 128,059 110.4098 14,139,017 5,833 97.3658 567,936
16 Axis Bank Limited Kolkata Acu Dollar 12,555 103.2927 1,296,820 20,316 85.8000 1,743,074
17 BANK of Huzhou China CNY 4,071 14.9500 60,863 36,969 13.4616 497,667
18 Zhejiang Chouzhou Commercial Bank Co. Ltd. China USD 22,061 103.2927 2,278,785 3,582 85.8000 307,371
19 Zhejiang Chouzhou Commercial Bank Co. Ltd. China CNY 5,957,154 14.9500 89,059,447 - 13.4616 -
20 Mizuho Bank Ltd. Tokyo Jap. Yen 11,691,301 0.7777 9,092,325 1,192,910 0.7463 890,269
21 Sonali Bank (UK) Ltd. London USD 105,319 103.2927 10,878,695 162,218 85.8000 13,918,310
22 Sonali Bank (UK) Ltd. London GBP 3,219 125.4241 403,726 5,296 115.7099 612,787
23 Sonali Bank (UK) Ltd. London EURO 2,077 110.4098 229,374 2,076 97.3658 202,116
24 Sonali Bank Kolkata Acu Dollar 169,994 103.2927 17,559,105 18,392 85.8000 1,578,053
25 CAIXA Bank Spain USD 5,768 103.2927 595,762
26 CAIXA Bank Spain EURO 2,843 110.4098 313,848
27 Mashreq Bank PSC Dubai, UAE Dirham - - - - -
28 Transkapitalbank Russia CNY - 14.9500
29 Transkapitalbank Russia EURO - 110.4098 -
30 Transkapitalbank Russia Ruble - -
31 Transkapitalbank Russia USD - -
Total 22,088,041 386,927,505 4,352,297 84,891,288
b. Statement of outstanding unreconciled entries (nostro account) as at 31 December 2022
As per Local book As per Correspondent’s book
Debit Entries Credit Entries Debit Entries Credit Entries
SL Period of Unreconciliation
Amount Amount Amount Amount
Number Number Number Number
(USD) (USD) (USD) (USD)
1 Less than one (01) Month 2 21,000 18 675,971.43 7 50,052.36 79 1,333,798.07
2 More than 1 Month but less than 3 Months 1 463
3 More than 3 Month but less than 6 Months
6 More than 12 Months
2.00 21,000 18.00 675,971 7.00 50,052 80.00 1,334,261
C. Maturity grouping of balance of Nostro Accounts

Repayable -on demand 386,927,505
– over 5 years -
Annual Report 2022

323
2 Offshore Banking Unit:
a. Balance with other banks-Outside Bangladesh (Nostro Account) as at 31 December 2022
As at 31 December 2022 As at 31 December 2021
Name of Foreign Foreign
SL Name of the bank Location Conversion Equivalent to Conversion Equivalent to
currency Currency Currency
Rate Taka Rate Taka
Amount Amount
1 Mashreq Bank PSC New York USD 1,463,230 103.2927 151,140,939 17,067,070 85.80 1,464,354,637
Total 1,463,230 151,140,939 17,067,070 1,464,354,637
b. Statement of outstanding unreconciled entries (nostro account) as at 31 December 2022

As per Local book As per Correspondent’s book
Debit Entries Credit Entries Debit Entries Credit Entries
SL Period of Unreconciliation
Amount Amount Amount Amount
Number Number Number Number
(USD) (USD) (USD) (USD)
1 Less than one (01) Month
3 More than 3 Month but less than 6 Months NIL
6 More than 12 Months
- - - - - - - -
C. Maturity grouping of balance of Nostro Accounts
Repayable -on demand 151,140,939
– over 5 years -
Annexure-D
Disclosure regarding of the securities under Repo and Reverse Repo

a. (i) Disclosure regarding outstanding Repo as on 31 December 2022

Amount
SL
Counter party name Agreement Date Reversal Date (Ist leg cash
No
consideration)
1 Bangladesh Bank 12/20/2022 3/20/2023 1,390,000,000.00
2 Bangladesh Bank 12/26/2022 1/2/2023 3,485,177,814.10
3 Bangladesh Bank 12/27/2022 1/3/2023 642,840,192.00
Total 5,518,018,006.10
a. (ii) Disclosure regarding outstanding Reverse Repo as on 31 December 2020

Amount
SL
Counter party name Agreement Date Reversal Date (Ist leg cash
No
consideration)
Nil
Total -
b. Disclosure regarding overall transaction of outstanding Repo and Reverse repo

Minimum Maximum Daily average
SL
Counter party name outstanding during outstanding during outstanding during
No
the year the year the year
Securities Sold Under repo:
i. With Bangladesh Bank 642,840,192 5,518,018,006 -
ii With Other Bank & FIs 208,124,396 1,652,828,939 -
Securities purchased under reverse repo
i. From Bangladesh Bank
ii from Other Bank & FIs
Annual Report 2022

Annexure-E
Investment in Share Portfolio, Preference Share and Bonds
a-1. Quoted shares & MFs under Own Discretionary Fund by NRBC itself and and Asian Tiger Capital Partners Investments Ltd :
Appreciation/
SL Industry Types Market Value (Tk.) Cost Value (Tk.)
(Depreciation)
1 Tannery Industries 12,775,813 20,095,525 (7,319,711.51)
2 Services & Real Estate 133,647,132 184,559,211 (50,912,079.14)
3 Financial Institutions 9,893,084 11,559,459 (1,666,374.80)
4 Food & Allied 6,732,832 6,738,305 (5,473.48)
5 Insurance 93,265,441 127,358,459 (34,093,018.42)
6 Engineering 36,033,349 40,018,765 (3,985,415.36)
7 IT Sector 195,382,432 224,070,634 (28,688,202.58)
8 Mutual Funds 30,000,000 30,000,000 -
9 Paper & Printing 349,631,409 489,180,655 (139,549,245.63)
10 Pharmaceuticals & Chemicals 207,612,952 269,578,320 (61,965,368.25)
11 Textile 11,690,000 13,925,000 (2,235,000.00)
12 Miscellaneous 2,809,800 3,457,259 (647,458.90)
13 Telecommunication 4,383,254 4,644,761 (261,507.43)
14 Ceramics Sector 36,540,633 41,580,445 (5,039,812.53)
Total 1,130,398,130.10 1,466,766,798.20 (336,368,668.04)
a-2. Quoted shares & MFs under Special Scheme Fund :

Appreciation/
SL Industry Types Market Value (Tk.) Cost Value (Tk.)
(Depreciation)
1 Bank 75,406,497 94,168,274 (18,761,777)
2 Cement 6,589,115 8,648,779 (2,059,664)
3 Financial Institutions 59,031,146 73,651,358 (14,620,212)
4 Fuel & Power 70,983,592 85,676,708 (14,693,115)
5 Insurance 213,961,202 324,458,855 (110,497,653)
6 Engineering 69,829,032 85,231,497 (15,402,465)
7 Food & Allied 5,392,477 6,705,829 (1,313,352)
8 Jute 49,209,671 48,715,265 494,406
9 Mutual Funds 31,702,169 40,052,666 (8,350,497)
10 Pharmaceuticals & Chemicals 27,990,996 23,756,452 4,234,544
11 Services & Real Estate 3,212,019 3,355,934 (143,915)
Sub-Total (a-2) 613,307,916 794,421,617 (181,113,701)
Total (a-1 and a-2) 1,743,706,046 2,261,188,415 (517,482,369)
b-1. Own & Special Fund wise investment in Quoted shares & MFs:
Appreciation/
SL Fund Types BO Account Market Value (Tk. Cost Value (Tk.)
(Depreciation)
1 Own Discretionary Fund 1205950052123209 1,077,445,932 1,400,069,542 (322,623,610)
2 Special Scheme Fund 1205950072055130 613,307,916 794,421,617 (181,113,701)
3 Asian Tiger Capital Partners Investments Ltd. 1605930073622750 52,952,198 66,697,257 (13,745,059)
4 MBL Securities Ltd 1602170051312906 Nil Nil Nil
Total 1,743,706,046 2,261,188,415 (517,482,369)
b-2. Investment in Sukuk Bonds (Quoted ) :

Rental
Maturity Amount
SL Issuer Name Financial Product Tenure yield Major Feature
Date (Taka)
(Apprx)
1 Beximco Limited SUKUK Bond 5 years 9.00% 12/30/2026 500,000,000 Secured Convertible or Redemable
Asset-Backed Green-Sukuk having
feature of Base Rate plus Profit
Margin Rate if Issuer Dividend
Declard of previous year is more than
base rate.
Total 500,000,000
Annual Report 2022

325
c. Investment in Preference Share:
Intt. Rate/ Maturity Amount
SL Issuer Name Financial Product Tenure Major Feature
Divi. Date (Taka)
1 Regent Power Limited Regent Power Preference Share 6 Years 13.00% 11-May-20 37,475,580 Preference Share with having tax
Rebate
2 Impress-Newtex Impress-Newtex Composite Textiles 5 Years 8.30% 6-Jul-26 50,000,000 Face value BDT Tk. 10.00 per issue
Composite Textiles Limited Preference Share wherein Dividend to be paid Half
Limited Yearly Basis.
3 Jinnat Knitwears Limited Jinnat Knitwears Limited Preference 5 Years 8.35% 28-Oct-26 320,000,000 Face value BDT Tk. 100.00 per issue
Share wherein Dividend to be paid on each
anniversary. Default Divdend Rate is
2% for default of dividend payment
on schedule date.
4 Fair Electronics Limited Fair Electronics Limited Preference 5 Years 7.50% 15-Jun-27 200,000,000 Face value BDT Tk. 100.00 per issue
Share wherein Dividend to be paid on each
anniversary. Default Divdend Rate is
1% for default of dividend payment
on schedule date.
Total 907,475,580
d. Investment in Sub-ordinated Bonds:

Divi. Date (Taka)
1 One Bank One Bank Subordinated Bond-iii 7 years Floating 5-May-26 500,000,000 Ranging From 7% to 9% based on 6
rate month average FDR rate of schedule
Bank Plus 2.0% markup.
2 United Commercial Bank UCBL Subordinated Bond-iv 7 years Floating 5-Dec-26 400,000,000 Coupon Range 7%-10.50%.Based
Limited rate on 6 month average FDR rate of
schedule Bank Plus 2.0% markup.
3 IPDC Finance IPDC Finance Subordinated Bond 6 years Floating 31-Jul-25 90,000,000 7.96%+3%=10.96% Ranging From
rate 7.50% to 11% based on 6 month
average FDR rate of schedule Bank
Plus 3.0% markup.
4 Trust Bank Limited Trust Bank Ltd. Subordinated Bond- 7 years Floating 26-Dec-29 1,000,000,000 Ranging From 6% to 9% based on 6
06 rate month average FDR rate of schedule
5 Pubali Bank Limited Pubali Bank Sub-Bond 3rd 7 years Floating 29-Dec-29 800,000,000 Ranging From 6% to 9% based on 6
rate month average FDR rate of schedule
Total 2,790,000,000
e. Investment in Perpetual Bonds:

Divi. Date (Taka)
1 The City Bank Ltd Perpetual Bond N/A Floating N/A 300,000,000 Latest available rate of 20 years
rate treasury Bond by BB five (5) days
before the first day of any period
for which a coupon rate is to be
determined
2 Jamuna Bank Ltd Perpetual Bond N/A Floating N/A 400,000,000 Latest available rate of 20 years
rate treasury Bond by BB five (5) days
determined
3 United Commercial Bank Perpetual Bond N/A Floating N/A 450,000,000 Latest available rate of 20 years
Limited rate treasury Bond by BB five (5) days
determined
Total 1,150,000,000
Annual Report 2022

Product wise Pre/Refinance Facilities as of December 31, 2022
Annexure-F
Disbursed/ Principal Remaining
SL Pre/Refinance Facility Types No . Of Client No. Branches Ave. Tenor
Principal (Taka) Repayment (Taka) Principal (Taka)
1 Agri-Working Capital 85 54 1.5 Years 131,000,000 - 131,000,000
2 Emergency and Crisis Response Facility Project (CECREP) 31 19 1 Year 29,650,000 - 29,650,000
3 Refinance for Exporter Workers Salary 63 8 1.5 Years 566,410,372 450,514,997 115,895,375
4 Refinance for Ghore fera Program 21 6 2.5 Years 6,650,000 - 6,650,000
5 Refinance for Large Industries Working Capital 144 17 1 Year 586,783,811 59,581,000 527,202,873
6 Refinance for Low-Income Group (Professional, Farmers and Marginal Business) 7641 395 2.5 years 3,461,585,000 278,974,524 3,182,610,450
7 Refinance for CMSME Enterpreneur 389 147 1 Year 662,950,000 4,500,000 658,450,000
8 Refinance for Women Entrepreneur 34 23 2 years 33,100,000 4,663,333 28,436,667
9 Refinance for SME Credit Wholesaling Program (SMEF) 56 43 2.5 years 100,000,000 25,000,000 75,000,000
10 Pre-Finance Safety Retrofits and Environmental Upgrade Prog. (SREUP) 2 1 5 years 122,800,000 7,675,000 115,125,000
Total 8466 5,700,929,184 830,908,855 4,870,020,365
Details of borrowers for written-off loan during the year 2022

Annexure-G
Write Off Interest Suspense kept Provision Kept at time Appropriation Income at
SL Name of Borrower Loan Type Suit Value
Amount at time of written off of written off time of written off
1 Karim Trading Corporation Limited Corporate Loan-General 55,105,569 23,241,026 - 31,864,543 157,380,568
SME Credit-OD-ME 22,958,058 6,245,893 3,105,630 13,606,535
Corporate Loan-Time Loan 18,749,814 638,779 18,092,945 18,090
Loan against Supply Order-ME 60,609,574 19,303,149 41,306,424 -
2 Norm Outfit Accessories Limited Corporate Loan-Time Loan 29,144,561 4,556,984 24,587,577 - 299,500,661
Corporate Loan-Time Loan 260,479,218 39,142,182 221,337,036
3 BMC Trading Corporate Loan-General 36,454,405 712,519 25,398,000 10,343,886 Both Concerned under Prop. Masud
4 BIDHU ChemicalsS Corporate Loan-Overdraft 36,863,295 2,037,902 26,894,000 7,931,393 Rana and Suit under
Artha Rin: Tk. 96,694,994.55
N I Act: Tk. 40,926,054.87
5 N R S Bricks SME Credit-CASH CREDIT (HYPO) - 18,501,366 8,723,152.27 545,000.00 9,233,213.98 12,273,121.31
SE
Total 538,865,860 104,601,586 361,266,613 72,997,660

Annual Report 2022
327
328
Annexure-H

Schedule of Property, Plant & Equipment for Accounting Purpose
Annual Report 2022

Assets Depreciation

Sl Addition Disposal Disposal
Properties & Assets Rate of Opening Addition during Closing Book Value
NO. Opeing Balance during the during the Closing Balance during the
Depreciation Balance the year Balance
year year year
1 Building and Construction - - - 2.50% - - -
2 Furniture and fixtures 1,116,904,397 141,860,543 1,258,764,940 10.00% 262,661,316 121,915,447 384,576,763 874,188,177
3 Machinery and Plant 374,639,916 171,986,640 546,626,556 20.00% 260,930,057 52,570,674 313,500,731 233,125,825
4 Office Equipment 347,916,996 65,001,683 - 412,918,679 20.00% 181,319,756 52,962,903 234,282,659 178,636,019
5 Computer &Computer Equipment 272,060,137 58,832,287 330,892,424 20.00% 130,855,997 47,907,382 178,763,379 152,129,045
6 Intangible Assets/ Bangladesh Made
Computer Software 184,968,150 6,081,000 191,049,151 20.00% 157,565,864 11,744,024 169,309,888 21,739,263
7 Motor Vehicles-Office Used 4,600,000 (0) 4,600,000 20.00% 2,990,000 920,000 3,910,000 690,000
8 Motor Vehicles-Transport 15,000,000 - 15,000,000 20.00% 10,083,333 3,000,000 13,083,334 1,916,667
9 Professionals and Reference Books 23,370 - 23,370 20.00% 23,365 - 23,365 5.00
10 Leased Assets: Motor Vehicle - - - 20.00% - - - -
Total as at 31 December, 2022 2,316,112,967 443,762,153 - 2,759,875,120 1,006,429,689 291,020,430 - 1,297,450,119 1,462,425,001
Total at 31 December-2021 1,533,450,466 830,243,124 47,580,624 2,316,112,967 863,767,870 190,242,428 47,580,610 1,006,429,689 1,309,683,278
1 Right-of-use assets : Office space * 714,082,008 39,713,341 - 753,795,349 - 195,383,926 137,639,926 - 333,023,851 420,771,498
Sub-Total 714,082,008 39,713,341 - 753,795,349 - 195,383,926 137,639,926 - 333,023,851 420,771,498
Grand-Total as at 31 December, 2022 3,030,194,975 483,475,494 - 3,513,670,469 1,201,813,614 428,660,356 - 1,630,473,970 1,883,196,499
Grand-Total as at 31 December-2021 1,775,798,414 1,355,159,436 100,762,874 3,030,194,975 940,739,463 334,680,118 73,605,967 1,201,813,614 1,828,381,361
* Right-of-use assets arises for implementing of the “IFRS 16: Lease”. This amount comprises lease liabilities (ref: Note 13.10) and initial payment for executing the contract.
Annexure-H1

Schedule of Property, Plant & Equipment for Tax Purpose (3rd Schedule As Per IT Rule, 1984)
Assets Depreciation/Amortization
Sl
Properties & Assets Addition during Disposal during Closing Rate of Opening Addition during Disposal during Closing Book Value
NO. Opeing Balance
the year the year Balance Depreciation Balance the year the year Balance
1 Building and Construction - - - 2.50% - - - -
2 Furniture and fixtures 1,116,904,397 141,860,543 - 1,258,764,940 10.00% 270,458,658 98,830,628 - 369,289,286 889,475,654
3 Machinery and Plant 374,639,916 171,986,640 546,626,556 20.00% 168,735,010 75,578,309 244,313,319 302,313,237
4 Office Equipment and Machinery 347,916,996 65,001,683 - 412,918,679 10.00% 100,347,915 31,257,076 - 131,604,991 281,313,688
5 Computer and Computer Equipment 272,060,137 58,832,287 - 330,892,424 30.00% 193,751,192 41,142,370 - 234,893,562 95,998,863
6 Intangible Assets/Bangladesh Made
Computer Software 184,968,150 6,081,000 - 191,049,151 50.00% 172,802,106 9,123,522 - 181,925,628 9,123,522
7 Motor Vehicles-Office Used * 16,100,000 -0 11,500,000 4,600,000 20.00% 14,075,997 62,545 9,788,724 4,349,818 250,181
8 Motor Vehicles-Transport * 30,750,000 - 15,750,000 15,000,000 20.00% 24,416,662 681,562 12,824,473 12,273,751 2,726,249
9 Professionals and Reference Books 23,370 - - 23,370 30.00% 22,023 404 - 22,427 943
10 Leased Assets: Motor Vehicle * 20,330,624 - 20,330,624 - 20.00% 16,509,847 - 16,509,847 - -
Grand-Total as at 31 December, 2022 2,363,693,591 443,762,153 47,580,624 2,759,875,120 961,119,410 256,676,417 39,123,044 1,178,672,784 1,581,202,336
Grand-Total as at 31 December-2021 1,533,450,466 830,243,124 - 2,363,693,591 739,313,855 221,805,556 - 961,119,411 1,402,574,180
* Motor Vehicles had been sold/disposed on December 29, 2021, But inadvertantly disposed in the Schedule of Property, Plant & Equipment for Tax Purpose

Annual Report 2022
329
Annexure-I (A)
Detailed of Risk Weighted Assets on Solo Basis under Basel III as at 31 December 2022
31-Dec-2022 31-Dec-2021
Risk Weighted Assets (RWA) for Risk Weighted
Exposure Exposure Risk Weighted Asset
Asset
A. Credit Risk 220,784,331,490 137,431,286,074 170,582,950,841 104,776,218,144
On- Balance Sheet (as shown below) 197,921,211,934 118,092,974,707 153,552,395,311 89,929,931,868
Off-Balance Sheet (as shown below) 22,863,119,556 19,338,311,368 17,030,555,529 14,846,286,276
B. Market Risk 5,895,287,396 6,438,249,954
C. Operational Risk 11,166,823,702 8,268,395,377
Total: RWA (A+B+C) 220,784,331,490 154,493,397,172 170,582,950,841 119,482,863,475
Credit Risk - On Balance Sheet Items
31 Dec 2022
SL Exposure Type Risk Weighted
Exposure Rating Risk Weigh
Asset
a Cash and Cash Equivalents 3,811,589,117 0% -
b Claims on Bangladesh Government and Bangladesh Bank 31,830,354,726 0% -
c Claims on other Sovereigns & Central Banks* - 50% -
d Claims on Bank for International Settlements, International - 0% -
Monetary Fund and European Central Bank
e Claims on Multilateral Development Banks (MDBs): 0% -
i. IBRD,IFC,ADB,AFDB,EBRD,IADB,EIB,EIF,NIB,CDB,IDB,CEDB - -
ii. Others MDBs - 1 20% -
- 2,3 50% -
- 4,5 100% -
- 6 150% -
- Unrated 50% -
f Claims on Public Sector Entities (other than Government) in - 1 20% -
Bangladesh - 2,3 50% -
- 4,5 100% -
- 6 150% -
- Unrated 50% -
g Claims on Banks and Non-bank Financial Institution (NBFI): -
i) Original maturity over 3 months 349,087,534 1 20% 69,817,506.77
38,821,230 2, 3 50% 19,410,614.75
888,000,000 4, 5 100% 888,000,000.00
- 6 150% -
824,508,373 Unrated 100% 824,508,372.73
ii) Original Maturity Up to 3 months 7,985,671,097 20% 1,597,134,219.40
h Claims on Corporate (excluding equity exposure) 4,430,172,943 1 20% 886,034,588.55
12,881,263,111 2 50% 6,440,631,555.68
9,147,976,970 3, 4 100% 9,147,976,969.62
- 5, 6 150% -
18,435,323,541 Unrated 125% 23,044,154,426.34
i Claim on SME - SME 1 20% -
286,875,085 SME 2 40% 114,750,034.06
7,766,070,855 SME 3 60% 4,659,642,513.13
1,185,188,064 SME 4 80% 948,150,451.30
- SME 5 120% -
- SME 6 150% -
5,331,196,532 Unrated (Small 75% 3,998,397,398.63
Enterprise &
<BDT 3.00m)
14,021,820,252 Unrated (Small 100% 14,021,820,251.66
enterprise
having ≥ BDT
3.00m & medium
enterprise)
Annual Report 2022

31 Dec 2022
Asset
j Claims under Credit Risk Mitigation - PSE -
93,331,890 Banks & NBFIs 93,331,889.62
11,008,411,648 Corporate 6,948,800,139.20
5,887,099,085 Retail & Small 3,967,765,880.15
14,867,168,374 SME 10,608,348,905.88
271,315,464 Consumer 270,855,936.59
Finance
- Residential -
property
- Commercial Real -
State
k Claim categories as retail portfolio (Excluding SME, Consumer 4,435,511,351 75% 3,326,633,513.06
Finance & Staff loan) Upto 1 Crore
l Consumer Loan 4,082,811,022 100% 4,082,811,022.20
m Claims fully secured by residential property 8,167,376,598 50% 4,083,688,299.20
n Claims fully secured by commercial real estate 1,249,051,162 100% 1,249,051,162.22
o 1. Past Due Claims (Risk weights are to be assigned net of specific - -
provision):
Where Specific provisions are less than 20 percent of the 3,336,588,758 150% 5,004,883,137.23
outstanding amount of the past due claim
Where Specific provisions are no less than 20 percent of the 878,119,084 100% 878,119,083.51
Where Specific provisions are more than 50 percent of the 809,957,265 50% 404,978,632.47
2. Claims fully secured against residential property that are past 43,738,784 100% 43,738,784.36
due for more than 60 days and/or impaired specific provision held
there-against is less than 20 percent of outstanding amount
3. Loans & Claims fully secured against residential property 22,421,664 75% 16,816,248.08
that are past due for more than 60 days and/or impaired and
specific provision held there-against is more than 20 percent of
outstanding amount
p Capital Market Exposure 1,338,503,344 125% 1,673,129,179.91
q Investment in Equity and Regulatory Capital Instruments issued 4,979,999,970 125% 6,224,999,962.50
by other banks and Merchant Bank/Brokerage Houses/Exchange
Houses which are not listed in Stock Exchange (other than those
deducted from capital) held in banking book
r Investments in Venture Capital - 150% -
s Investments in premises, plant and equipment and all other fixed 1,883,196,499 100% 1,883,196,499.34
assets
t Claims on all fixed assets under operating lease - 100% -
u All other Assets - -
i. Claims on GoB & BB 13,967,647,632 0% -
ii. Staff Loan/Investment 869,908,739 20% 173,981,747.85
iii. Cash Item in process of Collection 22,147,989 20% 4,429,597.76
iv. Claim on Offshore Banking Unit (OBU) - 100% -
v. Other Assets (Not specified above) ( Net of Specific Provision, 492,986,183 100% 492,986,182.79
If any)
Total 197,921,211,934 118,092,974,707
Annual Report 2022

331
Credit Risk - Off Balance Sheet Items
31 Dec 2022
Exposure
Asset
a Claims on Bangladesh Government (Other than PSEs) and - 0% -
Bangladesh Bank
b Claims on other Sovereigns & Central Banks* - -
c Claims on Bank for International Settlements, International - 0% -
d Claims on Multilateral Development Banks (MDBs): - -
i. IBRD, IFC, ADB, AfDB, EBRD, IADB, EIB, EIF, NIB, CDB, IDB, CEDB - - -
ii. Other MDBs - 1 20% -
- 2, 3 50% -
- 4, 5 100% -
- 6 150% -
- Unrated 50% -
e Claims on Public Sector Entities (other than Government) in - 1 20% -
Bangladesh - 2, 3 50% -
- 4, 5 100% -
- 6 150% -
- Unrated 50% -
f Claims on Banks and NBFIs: - -
i) Maturity over 3 months - 1 20% -
- 2, 3 50% -
- 4, 5 100% -
- 6 150% -
- Unrated 100% -
ii) Maturity less than 3 months - 20% -
g Claims on Corporate 517,317,003 1 20% 103,463,401
5,487,044,415 2 50% 2,743,522,207
3,970,292,259 3, 4 100% 3,970,292,259
- 5, 6 150% -
4,577,239,623 Unrated 125% 5,721,549,529
h Claims against retail portfolio (excluding SME & consumer loan) 622,625,174 75% 466,968,881
i Claim On SME - SME 1 20% -
131,121,597 SME 2 40% 52,448,639
1,819,456,311 SME 3 60% 1,091,673,787
34,082,786 SME 4 80% 27,266,229
- SME 5 120% -
- SME 6 150% -
2,171,255,804 Unrated (Small 75% 1,628,441,853
Enterprise &
<BDT 3.00m)
3,532,684,583 Unrated (Small 100% 3,532,684,583
enterprise
having ≥ BDT
3.00m & medium
enterprise)
j Consumer Finance - 100% -
k Claims fully secured by residential property - 50% -
l Claims fully secured by commercial real estate - 100% -
m Investments in venture capital - 150% -
n All other assets - 100% -
Total 22,863,119,556 19,338,311,368
Annual Report 2022

Annexure-I (B)
Detailed of Risk Weighted Assets on Consolidated basis under Basel III as at 31 December 2022
31 Dec 2022 31 Dec 2021

Risk Weighted Assets (RWA) for Risk Weighted
Exposure Exposure Risk Weighted Asset
Asset
A. Credit Risk 221,235,874,492 137,778,729,006 171,467,973,533 105,370,652,810
On- Balance Sheet (as shown below) 198,372,754,936 118,440,417,639 154,437,418,003 90,524,366,534
Off-Balance Sheet (as shown below) 22,863,119,556 19,338,311,368 17,030,555,529 14,846,286,276
B. Market Risk 6,363,700,582 6,605,637,264
C. Operational Risk 11,166,823,702 8,342,726,523
Total: RWA (A+B+C) 221,235,874,492 155,309,253,290 171,467,973,533 120,319,016,597
Credit Risk - On Balance Sheet Items
31 Dec 2022
Asset
a Cash and Cash Equivalents 3,811,777,020 0% -
b Claims on Bangladesh Government and Bangladesh Bank 31,830,354,726 0% -
c Claims on other Sovereigns & Central Banks* - 50% -
d Claims on Bank for International Settlements, International - 0% -
e Claims on Multilateral Development Banks (MDBs): - -
i. IBRD,IFC,ADB,AFDB,EBRD,IADB,EIB,EIF,NIB,CDB,IDB,CEDB - 0% -
ii. Others MDBs - 1 20% -
- 2,3 50% -
- 4,5 100% -
- 6 150% -
- Unrated 50% -
f Claims on Public Sector Entities (other than Government) in - 1 20% -
Bangladesh - 2,3 50% -
- 4,5 100% -
- 6 150% -
- Unrated 50% -
g Claims on Banks and Non-bank Financial Institution (NBFI): - -
i) Original maturity over 3 months 349,087,534 1 20% 69,817,507
38,821,230 2, 3 50% 19,410,615
888,000,000 4, 5 100% 888,000,000
- 6 150% -
824,508,373 Unrated 100% 824,508,373
ii) Original Maturity Up to 3 months 7,695,687,028 20% 1,539,137,406
h Claims on Corporate (excluding equity exposure) 4,430,172,943 1 20% 886,034,589
12,881,263,111 2 50% 6,440,631,556
9,147,976,970 3, 4 100% 9,147,976,970
- 5, 6 150% -
18,435,323,541 Unrated 125% 23,044,154,426
i Claim on SME - SME 1 20% -
286,875,085 SME 2 40% 114,750,034
7,766,070,855 SME 3 60% 4,659,642,513
1,185,188,064 SME 4 80% 948,150,451
- SME 5 120% -
- SME 6 150% -
5,331,196,532 Unrated (Small 75% 3,998,397,399
Enterprise &
<BDT 3.00m)
14,021,820,252 Unrated (Small 100% 14,021,820,252
enterprise
having ≥ BDT
3.00m & medium
enterprise)
Annual Report 2022

333
31 Dec 2022
Asset
j Claims under Credit Risk Mitigation - PSE -
93,331,890 Banks & NBFIs 93,331,890
11,008,411,648 Corporate 6,948,800,139
5,887,099,085 Retail & Small 3,967,765,880
14,867,168,374 SME 10,608,348,906
271,315,464 Consumer 270,855,937
Finance
- Residential -
property
- Commercial Real -
State
k Claim categories as retail portfolio (Excluding SME, Consumer 4,435,511,351 75% 3,326,633,513
Finance & Staff loan) Upto 1 Crore
l Consumer Loan 4,082,811,022 100% 4,082,811,022
m Claims fully secured by residential property 8,167,376,598 50% 4,083,688,299
n Claims fully secured by commercial real estate 1,249,051,162 100% 1,249,051,162
o 1. Past Due Claims (Risk weights are to be assigned net of specific - -
provision):
Where Specific provisions are less than 20 percent of the 3,336,588,758 150% 5,004,883,137
Where Specific provisions are no less than 20 percent of the 878,119,084 100% 878,119,084
Where Specific provisions are more than 50 percent of the 809,957,265 50% 404,978,632
2. Claims fully secured against residential property that are past 43,738,784 100% 43,738,784
due for more than 60 days and/or impaired specific provision held
there-against is less than 20 percent of outstanding amount
3. Loans & Claims fully secured against residential property that 22,421,664 75% 16,816,248
are past due for more than 60 days and/or impaired and specific
provision held there-against is more than 20 percent of outstanding
amount
p Capital Market Exposure 1,237,077,754 125% 1,546,347,192
q Investment in Equity and Regulatory Capital Instruments issued 5,229,735,276 125% 6,537,169,094
by other banks and Mercahant Bank/Brokerage Houses/Exchange
Houses which are not listed in Stock Exchange (other than those
deducted from capital) held in banking book
r Investments in Venture Capital - 150% -
s Investments in premises, plant and equipment and all other fixed 1,898,267,240 100% 1,898,267,240
assets
t Claims on all fixed assets under operating lease - 100% -
u All other Assets - -
i. Claims on GoB & BB 14,340,624,482 0% -
ii. Staff Loan/Investment 869,908,739 20% 173,981,748
iii. Cash Item in process of Collection 22,147,989 20% 4,429,598
iv. Claim on Offshore Banking Unit (OBU) - 100% -
v. Other Assets (Not specified above) ( Net of Specific Provision, 697,968,044 100% 697,968,044
If any)
Total 198,372,754,936 118,440,417,639
Annual Report 2022

Credit Risk - Off Balance Sheet items
31 Dec 2022
Asset
a Claims on Bangladesh Government (Other than PSEs) and - 0% -
Bangladesh Bank
b Claims on other Sovereigns & Central Banks* - -
c Claims on Bank for International Settlements, International - 0% -
d Claims on Multilateral Development Banks (MDBs): - -
i. IBRD, IFC, ADB, AfDB, EBRD, IADB, EIB, EIF, NIB, CDB, IDB, CEDB - - -
ii. Other MDBs - 1 20% -
- 2, 3 50% -
- 4, 5 100% -
- 6 150% -
- Unrated 50% -
e Claims on Public Sector Entities (other than Government) in - 1 20% -
Bangladesh - 2, 3 50% -
- 4, 5 100% -
- 6 150% -
- Unrated 50% -
f Claims on Banks and NBFIs: - -
i) Maturity over 3 months - 1 20% -
- 2, 3 50% -
- 4, 5 100% -
- 6 150% -
- Unrated 100% -
ii) Maturity less than 3 months - 20% -
g Claims on Corporate 517,317,003 1 20% 103,463,401
5,487,044,415 2 50% 2,743,522,207
3,970,292,259 3, 4 100% 3,970,292,259
- 5, 6 150% -
4,577,239,623 Unrated 125% 5,721,549,529
h Claims against retail portfolio (excluding SME & consumer loan) 622,625,174 75% 466,968,881
i Claim On SME - SME 1 20% -
131,121,597 SME 2 40% 52,448,639
1,819,456,311 SME 3 60% 1,091,673,787
34,082,786 SME 4 80% 27,266,229
- SME 5 120% -
- SME 6 150% -
2,171,255,804 Unrated (Small 75% 1,628,441,853
Enterprise &
<BDT 3.00m)
3,532,684,583 Unrated (Small 100% 3,532,684,583
enterprise
having ≥ BDT
3.00m & medium
enterprise)
j Consumer Finance - 100% -
k Claims fully secured by residential property - 50% -
l Claims fully secured by commercial real estate - 100% -
m Investments in venture capital - 150% -
n All other assets - 100% -
Total 22,863,119,556 19,338,311,368
Annual Report 2022

335
Annexure-J
Related Party Disclosure
The parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other
party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant influence. Related
party information are given below:
i. Directors’ interest in different entities

Percentage
Name of the firms/companies in which
Status with Status as in of Holding/
Sl Name of Director Experience interested as Proprietor, Partner, Director,
Bank Column E Interest in
Managing Agent, Guarantor, Employee, etc.
the concern
A B C D E F G
1 Mr. S M Parvez Tamal Chairman 26 Years a. System Invest Trekhprudnaya, 11/13, Off 25, a. Shareholder a. 95%
Moscow, Russia.
b. Telexia Oy, Finland b. Board Member b. 33%
c. R & M, Kurtskaya, Moscow, Russia c. Shareholder c. 63%
d. A & P Venture, House # 4, Road # 27, Block-J, d. Chairman d. 50%
Banani, Dhaka, Bangladesh
e. OY STN Electronics Ltd., IC 02230 Espoo, e. CEO & e. 100%
President
f. Bangla Grow Agro Ltd. f. Director f. 80%
Damarpara, Jamgram, Kahaloo, Bogura,
Bangladesh
2 Mr. Rafikul Islam Mia Arzoo Vice 30 Years a. Mela, 2nd Magietralnaya 14 G, Moscow, a. Managing a. 89.5%
Chairman Russia. Director
b. Lisichka, St. Bibirovskaya 2/1, Moscow, Russia. b. Director b. 67%
c. JSC Bibirevo, St. Bibirobskaya 2/1 c. Director c. 94%
Moscow, Russia
3 Mr. Mohammed Adnan Imam, Director & 21 Years a. IPE Group (Holdings) Limited a. Managing a. 50%
FCCA Chairman of 73, New Bond Street, Mayfair, London, W1S Director
Executive 1RS, UK.
Committee b. Genex Infosys Ltd. b. Managing b. 8.20%
House # 9, Road-25/A, Block-A, Banani, Director
Dhaka-1213, Bangladesh.
c. Green & Red Technologies Limited c. Chairman & c.1%
House # 9, Road-25/A, Block-A, Banani, Representative
Dhaka-1213, Bangladesh. Director of
Genex Infosys
Limited
d. Denim Asia Limited d. Shareholder d. 21%
117/A, Tejgaon Industrial Area, Dhaka-1208
e. AWR Developments (BD) Limited, e. Managing e. 45%
House # 4, Road-27, Block-J, Banani, Director
f. AWR Real Estate Limited, f. Managing f. 50%
g. Oracle Services Ltd. g. Managing g. 50%
4 Mr. A M Saidur Rahman Director 19 Years a. Saidur Rahman Foundation a. Chairman
b. Pandemic Fisheries Ltd. b. Chairman b.25%
c. Royal Denim c. Chairman c. 3.09%
5 Mr. Mohammed Oliur Rahman Director 30 Years a. AIBL Capital Market Services Ltd. Dhaka. a. Shareholder a. 3%
b. Al Haramain Trading LLC, PO Box: 13754, b. Director b. 10%
Dubai, UAE.
c. Al Haramain Perfumes Pvt. Ltd., Bangladesh. c. MD c. 20%
d. Al Haramain Hospital Pvt. Ltd. d. Director d. 20%
e. Al Haramain Securities Ltd. e. Sponsor- e. 40%
Director
Annual Report 2022

Percentage
Name of the firms/companies in which
Status with Status as in of Holding/
Sl Name of Director Experience interested as Proprietor, Partner, Director,
Bank Column E Interest in
Managing Agent, Guarantor, Employee, etc.
the concern
A B C D E F G
6 Mr. Loquit Ullah Director 39 Years a. Al Arafat SNC, Via Principe Amedia, 134-136, a. Managing a.100%
Rome, Italy. Director
7 Mr. Mohammed Nazim Director 22 Years a. Al Majal Car Wash and Maint, Al Maliha Street, a. Managing a. 50%
Industrial Area,-10, Near Gico, PO: 29037, Director
Sharjah, UAE.
b. Al Badar Car Washing Station, New I/A, PO b. Managing b. 100%
Box-1267, Ajman, UAE. Director
c. Dar Al Madina Washing Station, Jouraf I/A-1, c. Managing c. 100%
Near China Mall, Ajman, UAE. Director
d. Dar Al Salam Car Washing Station, Ajman, d. Managing d. 100%
UAE. Director
e. Al Ardh Al Thahabiah Trucks & Heavy e. Managing e. 50%
Machines Maint. Center, Sharjah, UAE. Director
f. Lucent Developments Limited f. Director f. 20%
Madina Tower,(6th Floor), 805/A, CDA
Avenue, GEC Circle, Khulshi, Chittagong,
Bangladesh
8 Mr. AKM Mostafizur Rahman Director & 19 Years a. Pendamic Trade International a. Managing a. 100%
Chairman Director
of Risk b. Pendamic Agro Fisheries b. Managing b. 100%
Management Director
Committee
c. Royal Denim Ltd. c. Vice Chairman c. 12%
d. Pandemic Fisheries Ltd. d. Managing d. 10%

Director
e. Meghna Bank Ltd. e. Sponsor- e. 1.79%
Shareholder
f. Uzirpur Fish Park Ltd. f. Managing f. 10%
Director
9 Air Chief Marshal Abu Esrar Independent 38 years a. NRBC Bank Securities Limited, a. Nominated -
(Retd.) Director & 7th Floor, Hadi Mansion, 2 DIT Ave, Director of NRBC
Chairman Dhaka-1000. Bank Ltd.
of Audit
Committee
10 Dr. Khan Mohammad Abdul Independent 38 years Nil
Mannan Director
11 Dr. Raad Mozib Lalon Independent 11 years a. NRBC Bank Securities Limited, a. Chairman -
Director 7th Floor, Hadi Mansion, 2 DIT Ave, and Nominated
Dhaka-1000. Director of NRBC
Bank Ltd.
ii. Significant contracts were executed where the Bank is a party and wherein Directors have interest: Nil
iii. Shares to the Directors and Executives without consideration or exercisable at discount: Nil
iv. Related Party relationship and transaction: Given in the Annexure I1
v. Lending policies for granting loan to the Related Party : Related parties are allowed Loans and Advances as per General Loan Policy of the Bank.
vi. Business other than Banking business with any related concern of the Directors as per section -18 (2) of the Banking Companies Act, 1991: Nil
vii. Investments in the Security of Directors and their related concerns: Nil
Annual Report 2022

337
338
Annexure-J1
Related Party Transactions
Related party transaction is a transfer of resources, services, or obligations between related parties, regardless of whether a price is charged as per IAS 24 Related Party Disclosures. The Bank in normal course of business had
transactions with other entities that fall within the definition of ‘Related Party’ as contained in International Accounting Standards (IAS)-24 (Related party disclosures) and as defined in the BRPD circular no 14, dated 25 June 2003.
The significant related party transactions during the year were as follows [Disclosure as per BRPD 4, Dated February 23, 2014]:
a.Credit (Funded) Facilities to the Directors’ Companies:
Nature of
Annual Report 2022

Interest of the Bangladesh Outstanding Outstanding
Name of "Representing BB "Nature of Sanctioned Amount Overdue
Directors with the Bank Approval as at 01/01/2022 [Lac as at 31/12/2022 [Lac
Organization Directors" Reference Facilities" Amount [Lac Tk.] [Lac Tk.]
borrowing firm / Date Tk.] Tk.]
individual

Pandemic Fisheries Mr. A.M. Saidur Rahman, Chairman Term Loan & 1,700.00 1,645.31 1,632.69 -
Ltd. Customer ID : Director-NRBC Bank Over Draft-
July 05, 2020
0000476724 Mr. A.K.M. Mostafizur Rahman, Managing Director Agri *
Director-NRBC Bank
ABC Associates Mr. Abu Bakr Chowdhury, Managing Director Loan General Sep 29, 2020 1,200.00 1,169.01 956.94 26.02
Limited Director-NRBC Bank
b. Transactions relating to office rent:
Transaction Outstanding
Name of Organization/ Representing Director Relationship Nature of transactions
made in 2022 as at 31/12/2022
Mr. Rafikul Islam Mia Arzoo Common Director/Close Family Members of Director Rental payment for Kalimohor Sub-Branches 120,000
Mr. Rafikul Islam Mia Arzoo Common Director/Close Family Members of Director Advance rent for Kalimohor Sub-Branches - 57,258
Mr. Chowdhury Fazle Imam Common Director/Close Family Members of Director Rental payment for Bashundhara Sub-Branches 1,080,000
Mr. Chowdhury Fazle Imam Common Director/Close Family Members of Director Advance rent for Bashundhara Sub-Branches 1,575,000
A & P Venture Ltd. represented by it’s authorized signatory Mr. Common Director/Close Family Members of Director Rental payment for Central Store, Hatirjheel -
S.M. Parvez Tamal
A & P Venture Ltd. represented by it’s authorized signatory Mr. Common Director/Close Family Members of Director Advance rent for Central Store, Hatirjheel -
S.M. Parvez Tamal
c. Inter-company balances between NRBC and Subsidiary Figure in Lac Taka
Figure in Lac Taka
Credit Facilities Transaction made Account with NRBC Bank, Outstanging as of
Subsidiary Service Type
Types Limit Outstanding in 2022 PB 31/12/22
NRBC Bank Securities Limited Term Loan 11,500 1,033.32 Interest on OD and Term Loan 1,364.96 SND:0101-360-99 239.29
Over Draft 3,000 3,005.50 Brokerage Commission 206.18 SND: 0101-360-098 0.04
Banking Servcie from Bank Bank Charge 0.05 SND:0101-364-002 17.96
SND: 0101-360-164 0.48
d. Inter-company balances between NRBC and Subsidiary Figure in Lac Taka

Figure in Lac Taka
Service/ Facilities Transaction made Account with NRBC Bank, Outstanging as of
Subsidiary Service Type
Types Limit Outstanding in 2022 PB 31/12/22
NRBC Bank Asset Management Term Loan - - Interest on OD and Term Loan - NRBC A/C # 99,946,773
Limited 01013640000023
Over Draft - - Brokerage Commission - - -
Banking Servcie Bank Charge 575.00 - -
Intt on Deposit 388,705
Adv. Tax on Intt NRBC A/C # 77,741
01013640000023
Annexure-K
Islamic Banking Operations
as at for the period ended 31 December 2022
The operation of our Islamic Banking is totally different from the Bank’s conventional operation as the former operates their business on the basis of
Islamic Shariah. Accounting system is vital for ensuring Shariah compliance in such banking operation. Our Islamic Banking operation is committed to
follow the accounting principles that refrain from interest. In a nutshell, we follow under noted principles for accounting under its Islamic Banking umbrella,
run through a separate Islamic Banking software namely Ultimus
1 Deposit Collection and income Sharing Ratio (ISR) based Profit Distribution
For procuring funds from depositors, our Islamic Banking follows Al-Wadiah and Mudaraba principles. In case of Al-Wadiah Account, no profit is allowed
at present. But for Mudaraba depositors, NRBC is follow Income Sharing technique in our Islamic Banking operator.
Income sharing module of NRBC has been appreciated by different quarters/institutions/ organizations, particularly by the Central Shariah Board for
Islamic Banks of Bangladesh and Islamic Banks Consultative Forum. Our module offers pre-defined Income Sharing Ratio (ISR) for each type of depositor
and the Bank. The ISR determines the portion of income for each type of depositor and the Bank. For example, the ISR of 75 : 25 would mean that 75% of
distributable income is to be shared by the concerned depositors and the rest 25% to be shared by the Bank. The ISR between each type of Mudaraba
depositors and the Bank (Mudarib) are duly disclosed at the time of Account opening and/or beginning of the concerned period. Profit rate is emerged at
actual, as derived from the income fetched from deployment of the concerned fund. As such our rate of profit on deposit under Islamic Banking is nothing
but a post facto expression of the respective agreed sharing ratios. Our profit rate is an output based on the Bank’s earning on investment.
Distributable Investment
Types of Mudaraba Deposit Income Sharing Ratio
Client Bank
Al-Wadeah Current Deposit A/c (AWCDA) 0% 100%
Mudaraba Savings Account (MSA) 45% 55%
Mudaraba Shohoj Shanchay 50% 50%
Mudaraba Special Notice Deposit Account (MSND) 35% 65%
Mudaraba Term Deposit A/c (MTDR 1 Month) 60% 40%
Mudaraba Term Deposit A/c (MTDR 2 Months) 60% 40%
Mudaraba Term Deposit A/c (MTDR 1 Year) 72% 28%
Mudaraba Monthly Installment Scheme 75% 25%
Mudaraba Monthly Profit Scheme 75% 25%
Despite of above mentioned sharing principle, Bank distributed the profit by making expenditure as per direction of Board in its 93rd meeting held on
January 18, 2020
2 Investment Operation and Return Thereon

Investments of our Islamic Banking are broadly categorized in the following two types in respect of charging (rate of) return:
Fixed return based investment
Variable return based investment
Fixed return base investment system is applicable for our Bai-Murabaha Muajjal Investment mode. Under this mode, Bank sells the goods to a client at
a fixed profit /mark-up on deferred payment including post import basis. Hire Purchase Shirkatul Melk (HPSM) is also a fixed return based investment
mode. In this case rate of rent is fixed but amount of rent becomes variable on the basis of diminishing balance method.
Variable return based income is applied for our Musaharaka mode of investment. In these cases, only ratio of Income Sharing is stated in the agreement.
Bank bags income on the basis of the concerned venture according to the agreed ratio (comparable to our Mudaraba deposit products). Genuine loss, if
any, is borne according to capital ratio of the client & the Bank.
3 Income/ Revenue Recognition Principle
The bank earns income from various sources such as charges, fees, commission and investment income. To recognize all sorts of income, Bank follows
Shariah principle strictly. Usually charges, fees & commission etc. are recognized on actual basis. Recognition of income from investment follows principles
as under:
Annual Report 2022

339
For Bai-Murabaha Muajjal Investment
While creating each deal, in case of Bai-Murabaha Muajjal mode of investment, markup/profit is added to the bank’s purchase cost with a credit to
unearned income A/c. Thereafter time apportionment of profit is recognized out of the unearned income amount at the end of each month on accrual
basis. Allowance (rebate) for early repayment, if any, may however be applied at Bank’s discretion.
For Hire Purchase Shirkatul Melk (HPSM) Investment

In case of HPSM mode of investment rent is charged and taken into income account at the end of each month on accrual basis.
If the account has a provision of gestation period, generally no income is earned during the period. In this case income starts just after the end of gestation
period. However rent is chargeable in spite of gestation, if the delivery of asset is completed in usable condition such as a machine or a set of machinery
or building etc.
All accrual income is subject to prevailing classification and provisioning rules of Bangladesh Bank.
For Musharaka Investment

In recognizing the revenue from Musharaka Investment we follow the actual (cash/ realization) basis instead of accrual i.e. no income is recognized until
the result of the venture is arrived at.
4 Cost Recognition Principle

Cost in respect of profit paid on deposit is recognized on accrual basis. Monthly accruals in this respect are calculated on the basis of Income Sharing
Ratio. Other costs are also recognized on the accrual basis following the matching concept of Accounting.
To ensure/ supervise Shariah compliance in banking operation, NBRC has a knowledgeable Shariah Supervisory Committee comprising renowned
Fuqaha, Islamic bankers and academicians conversant in Islamic Economics & Finance.
Annual Report 2022

Annexure-K1
Islamic Banking Unit
Balance Sheet
At Dec 31, 2022 At Dec 31, 2021
Particulars
Taka Taka
PROPERTY AND ASSETS
Cash: 193,421,219 104,225,853

In Hand (Including Foreign Currencies) 43,285,643 13,117,721
Balance with Bangladesh Bank and its agent bank (s) (including FC) 150,135,577 91,108,131
Balance with other banks and financial institutions 3,070,747,205 131,704,314

In Bangladesh 3,070,747,205 131,704,314
Outside Bangladesh - -
Placement with other banks and financial institutions - -
Investments 967,460,000 987,460,000

Government 967,460,000 987,460,000
Others - -
investments 2,863,773,236 954,691,904

General investments 2,767,081,729 902,512,583
Bills purchased and discounted 96,691,507 52,179,320
Fixed assets including premises, furniture and fixtures 5,076,512 6,120,133
Other assets (3,020,065,703) 5,518,067
Total assets 4,080,412,469 2,189,720,270

Liabilities
Placement from other banks, financial institutions and agents 3,000,000 -
Deposits and other accounts 3,847,095,276 2,110,364,287

Al-wadeeah current accounts and other accounts 278,796,999 76,459,576
Bills payable 66,078,203 33,368,143
Mudaraba savings bank deposits 491,918,105 250,270,128
Mudaraba notice deposits 98,903,228 52,734,435
Mudaraba fixed deposits 2,482,134,902 1,265,062,923
Mudaraba Term Deposit- Banks - 250,000,000
Mudaraba Scheme Deposits 372,334,487 138,177,448
Non-Residence Taka A/C 1,366,226 42,255
Sundry Deposits 55,563,127 44,249,378
Other liabilities 144,541,127 76,210,675
Total liabilities 3,994,636,404 2,186,574,962
Shareholders' Equity
Retained Profit/(loss) transferred for consolidated Income 85,776,066 3,145,309

Acceptances and endorsements 153,555,747 105,094,106
Letter of Guarantee agst. LC 1,667,559 3,283,763
Bank Guarantee 54,154,957 13,952,200
Irrevocable letters of credit 199,673,315 189,580,313
Bills for collection 167,762,698 88,968,573
Total Off-Balance Sheet exposures including contingent liabilities 576,814,276 400,878,955
Annual Report 2022

341
Annexure-K2
Islamic Banking Unit
For the Period ended 31 December 2022
2022 2021
Particulars Note
Taka Taka
OPERATING INCOME
Profit Received from Investment/Bal. with bank and financial institutions 173,627,999 40,398,078
Profit paid on deposits and borrowings, etc 133,171,870 39,365,217
Net investment income 40,456,129 1,032,861
Investment income 45,276,111 9,802,353

Commission, exchange and brokerage 12,632,639 4,070,900
Other operating income 9,489,283 2,642,597
Total operating income (A) 107,854,162 17,548,711
OPERATING EXPENSES
Salary and allowances 1,030,822 -
Rent, taxes, insurance, electricity, etc. 213,500 129,000
Legal expenses - -
Postage, stamps, telecommunication, etc. 18,840 -
Stationary, Printings and Advertisements, etc. 461,459 207,265
Chief Executive's salary and fees - -
Directors' fees & meeting expenses 140,950 -
Auditors' fees - -
Charges on Investment losses - -
Depreciation and repairs of Bank's assets 1,521,446 1,395,727
Other expenses 281,698 5,388
Total operating expenses (B) 3,668,714 1,737,380
Profit before provision (C = A-B) 104,185,448 15,811,331
Provision for investments
General provision 14,318,866 9,546,919
Specific provision - -
14,318,866 9,546,919
Provision for of balance sheet items 4,090,516 3,119,104
Total provision (D) 18,409,382 12,666,023
Profit before taxation (C-D) 85,776,066 3,145,309
Annual Report 2022

Annexure-L
Off-shore Banking Unit (OBU)
Balance Sheet
As on 31 December 2022
At Dec 31, 2022 At Dec 31, 2021

Particulars Notes
USD Taka USD Taka
PROPERTY AND ASSETS
Cash: - - - -
In Hand (Including Foreign Currencies) - - - -
Balance with Bangladesh Bank and its agent - - - -
bank (s) (including FC)
Balance with other banks and financial institutions 3 1,488,433 153,744,312 17,090,989 1,466,406,873
In Bangladesh 25,204 2,603,373 - -
Outside Bangladesh 1,463,230 151,140,939 17,090,989 1,466,406,873
Money at call and short notice - - - -
Investments - - - -
Government - - - -
Others - - - -
Loans and advances 4 22,879,296 2,363,264,277 26,024,936 2,232,939,551

Loans, cash credits, overdrafts etc. 22,879,296 2,363,264,277 25,367,690 2,176,547,766
Bills purchased and discounted - - 657,247 56,391,785
Fixed assets including premises, furniture and fixtures - - - -
Other assets - - - -
Non - banking assets - - - -
Total assets 24,367,730 2,517,008,588 43,115,926 3,699,346,424

Liabilities
Borrowings from other banks, financial institutions and agents 5 22,803,515 2,355,436,665 42,764,656 3,669,207,515
Deposits and other accounts - - - -

Current deposits and other accounts - - - -
Bills payable - - - -
Savings bank deposits - - - -
Special notice deposits - - - -
Fixed deposits - - - -
Schemes Deposit - - - -
Other liabilities 6 158,011 16,321,366 35,982 3,087,223
Total liabilities 22,961,526 2,371,758,031 42,800,638 3,672,294,738
Shareholders’ Equity
Retained Profit/(loss) transferred for consolidated Income 1,406,204 145,250,557 315,288 27,051,686
Total Liabilities and Shareholders’ Equity 24,367,730 2,517,008,588 43,115,926 3,699,346,424
Annual Report 2022

343
Annexure-L1

As on 31 December 2022
2022 2021
Particulars Notes
USD Taka USD Taka
OPERATING INCOME
Interest income 7 1,850,134 191,105,354 398,519 34,192,964
Interest Paid on deposits and borrowings, etc 8 882,907 91,197,864 98,963 8,491,034
Net investment income 967,227 99,907,489 299,556 25,701,930
Investment income - - - -
Commission, Exchange and Brokerage Income - - - -
Other operating income 9 438,977 45,343,068 15,731 1,349,757
Total operating income (A) 1,406,204 145,250,557 315,288 27,051,686
OPERATING EXPENSES
Salary and allowances - - - -
Rent, taxes, insurance, electricity, etc. - - - -
Legal expenses - - - -
Postage, stamps, telecommunication, etc. - - - -
Stationery, printing, advertisement, etc. - - - -
Chief Executive's salary and fees - - - -
Directors' fees & meeting expenses - - - -
Auditors' fees - - - -
Charges on loan losses - - - -
Depreciation and repairs of Bank's assets - - - -
Other expenses - - - -
Total operating expenses (B) - - - -
Profit before provision (C = A-B) 1,406,204 145,250,557 315,288 27,051,686
Provision for investments
General provision - - - -
Specific provision - - - -
- - - -
Provision for Off-Balance Sheet items - - - -
Total provision (D) - - - -
Profit before taxation (C-D) 1,406,204 145,250,557 315,288 27,051,686
Annual Report 2022

Annexure-L2
Notes to the Financial Statements
as at and for the year ended 31 December 2022
1 Status of the unit

Off-shore Banking Unit (OBU) is a separate business unit of NRB Commercial Bank Limited, governed under the rules and guidelines of Bangladesh
Bank. The Bank obtained the Off-shore Banking Unit (OBU) permission from Bangladesh Bank vide letter no. BRPD(OB)/744(128)/2020-7786 dated
22 September, 2020. The Bank commenced the operation of its Off-shore Banking Unit on February 7, 2021. The principal activitiy of the unit is to
provide all kinds of commercial banking services to its customers through two Off-shore Banking Unit attach with Gulshan Branch and Agrabad
Branch.
2 Significant accounting policies and basis of preparation of financial Statements

2.1 Basis of preparation
Accounting policies have been followed in preparing these Consolidated financial statements are same as applied in Consolidated financial statements
of the Bank of preceding year December 31, 2021
2.2 Foreign currency transaction

The financial statements of the Unit are presented in US Dollar (USD) and Taka where USD is the functional currency and Taka are the Unit’s
presentation currency. Foreign Currency transactions are converted into equivalent USD using the ruling exchange rates on the dates of respective
transactions as per IAS 21: The Effects of Changes in Foreign Exchange Rates.
At Dec 31, 2022 At Dec 31, 2021

Particulars Notes
USD Taka USD Taka
3 Balance with other banks and financial institutions
3.1 In Bangladesh
Fund Placement with Intra Business Unit (ID-HO) 25,204 2,603,373 - -
3.1 Outside Bangladesh

Balance with Nastro Account : Mashreq Bank, Ny USA-USD 1,463,230 151,140,939 17,090,989 1,466,406,873
1,488,433 153,744,312 17,090,989 1,466,406,873
4 Loans and advances
Loans, cash credit, overdrafts etc. (Note 4.1) 22,879,296 2,363,264,277 25,367,690 2,176,547,766
Bills purchased and discounted (Note 4.2) - - 657,247 56,391,785
22,879,296 2,363,264,277 26,024,936 2,232,939,551
4.1 Loans, cash credit, overdrafts etc.
General Loan & Advance (U-pass) 22,879,296 2,363,264,277 25,367,690 2,176,547,766
22,879,296 2,363,264,277 25,367,690 2,176,547,766
4.2 Bills purchased and discounted
Payable Inside Bangladesh - - - -
Payable Outside Bangladesh - - 657,247 56,391,785
- - 657,247 56,391,785
5 Borrowings from other banks, financial institutions and agents
Borrowing from Banks 11,367,865 1,174,217,500 20,711,250 1,777,025,250
Borrowing from ID-HO Through Treasury 11,435,650 1,181,219,165 22,053,406 1,892,182,265
22,803,515 2,355,436,665 42,764,656 3,669,207,515
6 Other liabilities
Interest Payable for Borrowing from Intra Business Unit (ID-HO) Through Treasury -USD (LCY) - - - -
Interest Payable for Borrowing from Banks -USD (LCY) 158,011 16,321,366 35,982 3,087,223
158,011 16,321,366 35,982 3,087,223
7 Interest income
General Loans & Advances 1,819,228 187,912,988 381,328 32,717,971
Export Bills Purchased-Lcy 26,913 2,779,913 15,802 1,355,826
Deposit with Banks and Financial Institution 3,993 412,453 1,389 119,167
1,850,134 191,105,354 398,519 34,192,964
8 Interest Paid on deposits and borrowings, etc
Interest Expense for Borrowing from Intra Business Unit (ID-HO) Through Treasury-USD (LCY) 279,057 28,824,500 - -
Interest Expense for Borrowing from Banks-USD (LCY) 603,851 62,373,364 98,963 8,491,034
882,907 91,197,864 98,963 8,491,034
9 Other operating income
Swift Charge Recovery 438,977 45,343,068 15,731 1,349,757
438,977 45,343,068 15,731 1,349,757
Annual Report 2022

345
346
Annexure-M
Segment Reporting
The Bank reports its operations under the following business segments as per International Financial Reporting Standards (IFRS) 8 “Operating segment”
Annual Report 2022

Amount in BDT

NRBC Bank Limited’s Subsidiary
Inside Bangladesh
NRBC Bank Inter Company
Particulars NRBC Bank Consolidated
Conventional Off-shore Asset Transaction
Islamic Banking Total Securities
Banking Banking Unit Management
Limited
Ltd.
PROPERTY AND ASSETS
Cash 10,798,368,868 193,421,219 - 10,991,790,088 179,029 8,874 (0) 10,991,977,991
Balance with other banks and financial institutions 3,825,195,461 3,070,747,205 153,744,312 7,049,686,978 85,310,890 99,946,773 (475,241,731) 6,759,702,910
Money at call and short notice 144,400,000 - - 144,400,000 - - - 144,400,000
Investments 36,029,115,294 967,460,000 - 36,996,575,294 752,984,949 - 0 37,749,560,243
Loans and advances/investments 130,947,016,567 2,863,773,236 2,363,264,277 136,174,054,080 1,683,526,295 - (1,333,867,139) 136,523,713,235
Fixed assets including premises, furniture and fixtures 1,878,119,988 5,076,512 - 1,883,196,499 15,070,740 - (0) 1,898,267,240
Other assets 10,136,425,938 (3,020,065,703) - 7,116,360,235 184,865,231 77,325 (561,318,234) 6,739,984,557
Total Assets 193,758,642,116 4,080,412,469 2,517,008,588 200,356,063,174 2,721,937,134 100,032,972 (2,370,427,105) 200,807,606,176

Borrowings from other banks, financial institutions and agents 10,013,819,206 3,000,000 2,355,436,665 12,372,255,871 1,583,429,308 - (1,333,867,139) 12,621,818,040
Bond - BASEL Capital Tier-I & II 5,500,000,000 - - 5,500,000,000 - - - 5,500,000,000
Deposits and other accounts 143,427,593,192 3,847,095,276 - 147,274,688,468 82,604,331 - (475,241,731) 146,882,051,068
Other liabilities 22,112,936,128 144,541,127.49 16,321,366 22,273,798,622 260,940,936 31,874 (1,318,254) 22,533,453,177
Total liabilities 181,054,348,526 3,994,636,404 2,371,758,031 187,420,742,961 1,926,974,575 31,874 (1,810,427,125) 187,537,322,285
Total Shareholders' Equity 12,704,293,590 85,776,066 145,250,557 12,935,320,213 794,962,559 100,001,098 (559,999,980) 13,270,283,889
Total Liabilities and Shareholders' Equity 193,758,642,116 4,080,412,469 2,517,008,588 200,356,063,174 2,721,937,134 100,032,972 (2,370,427,105) 200,807,606,175
Annexure-M1
Segment Reporting
The Bank reports its operations under the following business segments as per International Financial Reporting Standards (IFRS) 8 “Operating segment”
Amount in BDT
NRBC Bank Limited’s Subsidiary
Inside Bangladesh
NRBC Bank Inter Company
Particulars NRBC Bank Consolidated
Conventional Off-shore Asset Transaction
Islamic Banking Total Securities
Banking Banking Unit Management
Limited
Ltd.
Interest income 10,813,918,063 173,627,999 191,105,354 11,178,651,416 325,933,809 388,705 (136,496,418) 11,368,477,512
Interest paid/Profit Shared on deposits and borrowings, etc 6,457,657,451 133,171,870 91,197,864 6,682,027,185 168,511,121 150,575 (136,496,418) 6,714,192,463
Net interest income 4,356,260,613 40,456,129 99,907,489 4,496,624,231 157,422,688 238,130 (0) 4,654,285,049
Investment income 2,530,778,622 45,276,111 - 2,576,054,733 21,369,200 - (0) 2,597,423,933
Commission, exchange and brokerage 1,141,774,219 12,632,639 - 1,154,406,858 235,599,025 - (20,618,407) 1,369,387,477
Other operating income 454,578,449 9,489,283 45,343,068 509,410,800 - - (4,600) 509,406,200
Total operating income (A) 8,483,391,902 107,854,162 145,250,557 8,736,496,621 414,390,913 238,130 (20,623,007) 9,130,502,658
Salary and allowances 2,766,858,501 1,030,822 - 2,767,889,323 72,014,842 213,616 (0) 2,840,117,781
Rent, taxes, insurance, electricity, etc. 405,058,339 213,500 - 405,271,839 5,396,971 - 0 410,668,810
Legal expenses 19,506,258 - - 19,506,258 523,464 - - 20,029,722
Postage, stamps, telecommunication, etc. 75,315,388 18,840 - 75,334,228 1,419,584 - - 76,753,812
Stationery, printing, advertisement, etc. 481,751,851 461,459 - 482,213,309 1,306,961 - - 483,520,270
Chief Executive's salary and fees 13,211,021 - - 13,211,021 - - - 13,211,021
Directors' fees & meeting expenses 13,451,090 140,950 - 13,592,040 107,820 - - 13,699,860
Auditors' fees 858,250 - - 858,250 86,250 23,000 - 967,500
Depreciation and repairs of Bank's assets 495,936,617 1,521,446 - 497,458,063 3,487,730 - 0 500,945,793
Other expenses 421,753,880 281,698 - 422,035,577 5,247,593 - (20,623,007) 406,660,163
Total operating expenses (B) 4,693,701,195 3,668,714 - 4,697,369,910 89,591,214 236,616 (20,623,007) 4,766,574,733
Profit before provision (C = A-B) 3,789,690,707 104,185,448 145,250,557 4,039,126,712 324,799,699 1,514 (0) 4,363,927,925
Provision against loans and advances 860,330,850 14,318,866 - 874,649,717 (3,010,365) - 0 871,639,352
Provision for diminution in value of investments 215,373,399 - - 215,373,399 41,841,239 - - 257,214,637
Provision for Off-Balance Sheet Exposures (43,685,100) 4,090,516 - (39,594,584) - - - (39,594,584)
Total provision (D) 1,032,019,149 18,409,382 - 1,050,428,531 38,830,874 - 0 1,089,259,405
Profit before taxation (C-D) 2,757,671,558 85,776,066 145,250,557 2,988,698,181 285,968,825 1,514 (0) 3,274,668,520
Provision for taxation 1,249,128,478 - - 1,249,128,478 92,246,647 416 (0) 1,341,375,541
Current Tax Expenses 1,528,191,679 - - 1,528,191,679 92,398,267 416 (0) 1,620,590,362
Deferred Tax Expenses/(Income) (279,063,202) - - (279,063,202) (151,619) - 0 (279,214,821)
Net profit after taxation 1,508,543,080 85,776,066 145,250,557 1,739,569,703 193,722,178 1,098 (0) 1,933,292,978

Annual Report 2022
347
Annual Report 2022
INDEPENDENT AUDITORS’ REPORT TO
THE SHAREHOLDERS OF
NRBC BANK SECURITIES LIMITED
Annual Report 2022

349
to the Shareholders of NRBC Securities Limited
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of NRBC Bank Securities Limited, which comprise the Statement of Financial Position as at
31 December 2022, and the Statement of Profit or Loss and Other Comprehensive Income, Statement of Changes in Equity and the
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, of the financial position of the
Company as at 31 December 2022 and of its financial performance and its cash flows for the year then ended in accordance with
International Financial Reporting Standards (IFRSs), the Companies Act 1994 and other applicable laws and regulations.
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 Auditor’s 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) together with ethical requirement that are relevant to our audit of the financial statements in Bangladesh,
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our opinion.
Responsibilities of Management and Those Charged with Governance for the Financial Statements and Internal Controls
Management is responsible for the preparation and fair presentation of the financial statements in accordance with International
Financial Reporting Standards (IFRSs), and for such internal control as management determines is necessary to enable the preparation
of financial statements that are free from material misstatement, whether due to fraud or error. The Companies Act, 1994 require the
management to ensure effective internal audit, internal control and risk management functions of the company.
In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either
intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the financial reporting process.
Auditors’ Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the
audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in
the circumstances.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the
Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However,
future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the
financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Annual Report 2022

Report on other Legal and Regulatory Requirements
In accordance with the Companies Act 1994, we also report the following:
(a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the
purposes of our audit and made due verification thereof;
(b) in our opinion, proper books of account as required by law have been kept by the company so far as it appeared from our
examination of those books;
(c) the statement of financial position and statement of comprehensive income dealt with by the report are in agreement with the
books of account and returns.
-SD-
Place : Dhaka Hoque Bhattacharjee Das & Co.
Dated : April 03, 2023 Chartered Accountants
DVC: 2304050824AS305954 Signed by
Avijit Bhattacharjee, FCA
Partner
Enrollment No : 824
Annual Report 2022

351
NRBC Bank Securities Limited
Statement of Financial Position
As at December 31, 2022
At Dec 31, 2022 At Dec 31, 2021

Properties & Assets Notes
Taka Taka
Non Current Assets:
Property, Plant & Equipment 4 15,070,740 9,420,236
Investments :
Investment in Share & Stock 5 752,984,949 340,429,691
Loan and Advances :

Margin Loan 6 1,683,526,295 2,000,291,811
Current Assets:
Advances, Deposits, Prepayments, Receivables 7 184,865,231 252,362,194
Cash and Cash Equivalents 8 85,489,919 86,331,857
270,355,150 338,694,051
Total Properties & Assets 2,721,937,134 2,688,835,788
Shareholders' Equity: 794,962,559 601,240,381

Share Capital 9 460,000,000 400,000,000
Retained Earnings 10 315,007,794 197,072,101
Capital Reserve 11 19,954,765 4,168,280
Current Liabilities 893,657,746 978,942,923

Other Liabilities 12 343,545,267 424,625,113
Overdraft NRBC Bank Ltd 13 550,112,479 554,317,810
Long Term Liabilities
Long Term Loan 14 1,033,316,830 1,108,652,484
Total Equity and Liabilities 2,721,937,134 2,688,835,788
The annexed notes form an integral part of the Financial Statements.
-SD- -SD- -SD-

Chief Executive Officer Director Chairman
Place : Dhaka
Dated : April 03, 2023 -SD-
DVC: 2304050824AS305954 Haque Bhattacharjee Das & Co.
Signed by :
Partner
Enrollment No. 824
Annual Report 2022

Statement of Profit or Loss and Other Comprehensive Income
For the year ended December 31, 2022
2022 2021
Particulars Notes
Taka Taka
Revenue 15 581,402,034 511,384,759
Less : Direct Expense/Cost of Revenue 16 168,511,121 145,219,330
Gross Profit 412,890,913 366,165,428
Other Income 17 1,500,000 -

Total Operating Income 414,390,913 366,165,428
Operating Expenses
Salary & Allowances 18 72,014,842 48,924,204
Rent, Taxes, Insurance, Electricity, etc. 19 5,396,971 3,563,012
Legal/Professional/Preliminary Expenses 20 523,464 249,475
Stamp, Postage & Telecommunication etc. 21 1,419,584 1,210,301
Stationery, Printing, Advertisement, etc. 22 1,306,961 814,117
Board of Directors' Meeting Expense 23 107,820 153,873
Audit Fee 86,250 69,000
Depreciation & Repair of Property, Plant & Equipment 24 3,487,730 2,433,034
Other Expenses 25 5,247,593 4,511,275
Total Operating Expenses 89,591,214 61,928,290
Operating Profit/(Loss) 324,799,699 304,237,138
Operating Profit/(Loss) before Provision 324,799,699 304,237,138
Provision for Diminution listed Company of Share/Securities 26 41,841,239 5,236,214
Provision against Margin Loan 27 (3,010,365) 19,845,628
Total Provision 38,830,874 25,081,842
Profit/(Loss) before Taxation 285,968,825 279,155,297
Provision for Taxation 92,246,647 79,607,651
Current Tax 28 92,398,267 79,579,822
Deferred Tax 29 (151,619) 27,829
Profit/Loss after taxation 193,722,178 199,547,646
Appropriations:
Capital Reserve 15,786,485 4,168,280
Distributable Profit 177,935,693 195,379,366
Earnings Per Share (EPS) 30 4.21 4.99

Re-stated Earnings Per Share (EPS) 31 4.21 4.34
-SD- -SD- -SD-

Place : Dhaka
Dated : April 03, 2023 -SD-
DVC: 2304050824AS305954 Haque Bhattacharjee Das & Co.
Signed by :
Partner
Enrollment No. 824
Annual Report 2022

353
At Dec 31, 2022 At Dec 31, 2021

Particulars
Taka Taka
Cash received from :
Brokerage Commission/Charge Receipts 235,599,025 239,255,373
Interest income Received on Margin Loan & Deposit 325,933,809 191,175,277
Gain on sale of Fixed Assets 1,500,000 -
Dividend Received 8,169,287 10,663,045
Gain on Sale of Shares and Debentures 11,699,913 70,291,063
582,902,034 511,384,759
Cash payment to :
Lagal Charge to DSE 22,568,720 23,283,467
Interest paid for OD & Term loan 136,496,418 114,193,535
CDBL Charges paid for Share Trading (Net) 6,361,769 1,430,380
Advance Tax Payment 70,601,118 51,265,477
DES/BSEC/RJSC Fees & Charge paid for facilitating Trade 3,084,215 10,502,225
Paid to the Employee 71,408,337 36,068,677
Legal/Preliminary Expense 523,464 249,475
Audit Fees 69,000 57,500
Payments to suppliers/Service providers 11,073,546 11,152,423
Paid for Other Operating Activities 5,355,413 4,665,148
327,541,998 252,868,308
Operating profit before changes in operating assets & liabilities 255,360,036 258,516,451
Increased/decreased in operating assets and liabilities
Increased/(Decreased) of Deposit from client against Share purchased (26,083,138) (104,129,393)
Increased/(Decreased) of Deposit from client against IPO Fund (146,407,574) 146,407,574
Increased/(Decreased) of Consolidated Customer Fund Account 1,367,718 -
(Increased) / Decreased in Operating Assets (171,122,994) 42,278,181
Net cash from/(used in) operating activities (A) 84,237,042 300,794,632
Cash used in Investing Activities
Purchase of Property, Plant and Equipment (8,709,051) (5,555,168)
Investment in Shares/Securities (412,555,258) 18,929,614
Advances, deposits, prepayments, Receivables 114,689,854 (114,412,545)
Margin Loan 301,036,460 (1,136,265,572)
Net cash used in Investing Activities (B) (5,537,994) (1,237,303,671)
Cash flows from Financing Activities
Loan From Parent Company (NRBC Bank Ltd)[Term & OD facility] (74,153,709) 611,415,533
Loan From Other Parent Company [OD facility] (5,387,277) 254,949,446
Dividend Paid - (40,000,000)
Net cash flows from financing activities (C) (79,540,986) 826,364,979
Net Surplus/(Deficit) in Cash and Bank Balances for the year (A+B+C) (841,938) (110,144,060)
Cash and Bank Balance at beginning of the year 86,331,857 196,475,917
Cash & Bank Balance at the end of the year (*) 85,489,919 86,331,857
(*) Cash & Bank Balance:
Cash in Hand 179,029 10,018,246
Cash at Bank 85,310,890 76,313,611
85,489,919 86,331,857
-SD- -SD- -SD-


-SD-
Haque Bhattacharjee Das & Co.
Signed by :
Place : Dhaka
Dated : April 03, 2023 Partner
DVC: 2304050824AS305954 Enrollment No. 824
Annual Report 2022

Particulars Paid up capital Retained Earnings Capital Reserve Total

Opening Balance at January 01, 2022 400,000,000 197,072,101 4,168,280 601,240,381
Net Profit after Tax for the year after Capital Reserve 177,935,693 - 177,935,693
Add : Transfer to Capital Reserve - - 15,786,485 15,786,485
Less: 15% Stock Dividend Paid for FY 2021 60,000,000 (60,000,000) -
Balance at December 31, 2022 460,000,000 315,007,794 19,954,765 794,962,559
Balance at December 31, 2021 400,000,000 197,072,101 4,168,280 601,240,381
-SD- -SD- -SD-

-SD-
Haque Bhattacharjee Das & Co.
Place : Dhaka Signed by :
Dated : April 03, 2023 Avijit Bhattacharjee, FCA
DVC: 2304050824AS305954 Partner
Enrollment No. 824
Annual Report 2022

355
Selective Notes to the Preparation of Financial Statements
1.1 Nature of Business Activities
NRBC Bank Securities Limited (the Company), a majority owned subsidiary company of NRBC Bank Limited was incorporated as a Public limited
company in Bangladesh on 20 September 2015 bearing certificate of incorporation no. C-125904/2015 under the Companies Act 1994 having its
registered office at 114 Motijheel Commercial Area, Dhaka - 1000.
1.2 Nature of business
NRBC Bank Securities Limited (the Company) has two Licenses to carry out its Business :
a. Broker License # wbeÜb3.1/wW Gm B-82/2016/542 /07.09.2016 Bs
b. Dealer License # wbeÜb3.1/wW Gm B-82/2016/543 /07.09.2016 Bs
Aforesaid licenses issued by Bangladesh Securities & Exchange Commission (BSEC) for buy, sell and deal in shares, stocks, debentures and other
securities under stock exchange in Bangladesh and/ or elsewhere as well as to carry on any business as permissible for a broker and dealer time to time
circular issued by Bangladesh Securities & Exchange Commission (BSEC).
a. Broker License : In Persuasion of Broker License, NRBC Bank Securities Limited engaged in trading of Share & Securities on behalf Potential
Investors of capital market, hence Brokerage Commission/Charge are treated as revenue according to Securities and Exchange Ordinance,
1969 (XVII of 1969) and Securities and Exchange Commission ( Stock-Broker, Stock Dealer & Authorized Representative) Rule, 2000 Dated
November 29, 2000.
NRBCBSL extended margin loan to the Potential Investors of capital market as per Margin Rules, 1999 Dated April 1999 and No. BSEC/
CMRRCD/2017-357/221/Admin/89 dated 22 May 2019 wherein Interest Income is treated as Revenue.
b. Dealer License : In Persuasion of Dealer License, NRBC Bank Securities Limited engaged itself Buying & Selling Stock of its own name, hence
Capital Gain/loss and Dividend of the holding Share & Securities are treated as revenue according to Securities and Exchange Ordinance,
1969 (XVII of 1969) and Securities and Exchange Commission ( Stock-Broker, Stock Dealer & Authorized Representative) Rule, 2000 Dated
November 29, 2000
2.0 Significant accounting policies and basis of preparation of financial statements
2.1 Statement of compliance:
The financial statements of the Company are prepared on a going concern basis under historical cost conversion in accordance with International
Financial Reporting Standards (IFRS). The financial statements has also been made in accordance with the Companies Act 1994, the Securities and
Exchange Rules 1987, the listing Rules of Dhaka Stock Exchange, Guidelines from Bangladesh Bank, other applicable laws and regulations.
NRBC Bank Securities Ltd. was also registered with the Bangladesh Securities and Exchange Commission (BSEC) to act as Stock Dealer for carrying
its own investment in the capital market.
2.2 Use of estimates and judgments
The preparation of financial statements are inconformity with IFRS 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 to accounting estimates are recognised in the periods in which the
estimate were made and in any future periods affected.
2.3 Going Concern Assessment
The Company has adequate resources to continue in operation for foreseeable future. For this reasons the directors continue to adopt going concern
basis in preparing the financial statements. The Probable credit facilities from parents and Others as well as adequate resources of the Company provide
sufficient funds to meet the present requirements of its businesses and operations in the future.
2.4 The financial statements referred to here comprise :
a. Statement of Financial Position
b. Statement of Profit or Loss and Other Comprehensive Income
c. Statement of Cash Flows
d. Statement of Changes in Equity and
e. Notes to the Financial Statements
2.5 Statements of Cash flows
Statement of cash flows is prepared in accordance with the International Accounting Standard-7 “Statement of Cash Flows”.
2.6 Reporting period
These financial statements cover one calendar year from 1 January to 31 December.
2.7 Functional and presentational currency
The financial statements are presented in Bangladesh Taka, which is the Company’s functional currency.
3.0 Consistency accounting policies
The accounting policies set out below have been applied consistently to all periods presented in these financial statements.
3.1 Property, plant and equipment
Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses, as per IFRS /IAS 16: Property, Plant
and Equipment. The cost of acquisition of an asset comprises its purchase price and any directly attributable cost of bringing the assets to its working
condition for its intended use inclusive of inward freight, duties and non-refundable taxes.
3.2 Depreciation policy
Full month’s depreciation has been charged on additions irrespective of date when the related assets are put into use and no depreciation is charged
for the month of disposal. Depreciation is provided at the following rates on straight-line basis in accordance with IAS 16 over the periods appropriate
to the estimated useful lives of the different types of assets:
Annual Report 2022

Categories of Assets Rate of Depreciation (%)
Furniture and fixtures 10
Office Equipments 10
Computer and Accessories 20
Bangladesh Made Computer Software 20
Motor Vehicles 30
Professionals and Reference Books 10
3.3 Investment in TREC (Membership)

NRBC Bank Securities Ltd. obtained Trading Right Entitlement Certificate (TREC] from Dhaka Stock Exchange Ltd (DSE) having no. 082 and As per
the Demutualization Act, 2013, Trading Right Entitlement Certificate (TREC) has been allotted 7,215,106 no. of ordinary shares of Dhaka Stock Exchange
Limited (DSE).
In persuasions of Demutualization Act, 2013, Dhaka Stock Exchange sold 25% share holding of 7,215,106 to Strategic Partner M/s. Shenzhen Stocks &
Shanghai Stock Exchange @Tk.21.00 in 2018 and, therefore, holding of is reduced to 5,411,330 shares and, at the same, DSE’s Trading Right Entitlement
Certificate (TREC] has no value as per Demutualization Act, 2013.
NRBC Bank Securities Limited also obtained Trading Right Entitlement Certificate (TREC] having no 152/2021/04 dated September 19, 2021 from
Chittagong Stock Exchange Ltd. (CSE). The Company has deposited Tk. 30,000,000.00 as Security Money against TREC # 152 with Chittagong Stock
Exchange Ltd. (CSE) mentioned in the Note:7.01
3.4 Investment in Securities

Investment in listed securities are to be recognized at cost. Quarterly impairment test will be carried out by comparing cost with market price as a
whole of its total holdings. In case of diminution of market value compared to cost, provision will be made on portfolio basis but no unrealized gain will
be booked when market value exceeds cost.
3.5 Margin loan/Loan to customer

The Company extends margin loan to the portfolio investors at an agreed ratio (between investors deposit and loan amount) of purchased securities
against the respective investor account as per prescribe Guideline of BSEC. The investors are to maintain the margin as per set rules and regulations.
The margin is monitored on daily basis as it changes due to change in market price of shares. If the margin falls below the minimum requirement, the
investors are required to deposit additional fund to maintain margin as per rules otherwise the company take necessary steps to bring the margin to the
required level within prescribed guideline of BSEC.
According to Notification No. BSEC/CMRRCD/2017-357/221/Admin/89 of Bangladesh Securities & Exchange Commission (BSEC), All registered entity
must maintained @1% Provision on outstanding margin exposure with net Interest Suspense against Margin Loan
3.6 Advance, deposits and prepayments

Advances are initially measured at cost. After initial recognition, advances are carried at cost less deductions, adjustments or charges to other account
heads. Deposits are measured at payment value. Prepayments are initially measured at cost. After initial recognition, prepayments are carried at cost
less charges to income statement.
3.7 Deferred taxation

Deferred tax liabilities are the amount of income taxes payable in future periods in respect of taxable temporary differences. Deferred tax assets
are the amount of income taxes recoverable in future periods in respect of deductible temporary Differences. Deferred tax assets and liabilities are
recognized for the future tax consequences of timing differences arising between the carrying values of assets, liabilities, income and expenditure and
their respective tax bases. Deferred tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantially enacted
at the reporting date. The impact on the account of changes in the deferred tax assets and liabilities have also been recognized in the statement of
comprehensive income as per IAS-12 “Income Taxes”
3.8 Provision for income tax

Provision for current income tax has been made in compliance with relevant provisions of income tax law 1984 along with Financial Act, 2022
3.9 Cash and cash equivalents

Cash and cash equivalents comprise cash in hand and cash at bank, which are held and available for use by the company without any restriction and
are readily convertible to a known amount of cash and that are subject to an insignificant risk of change in value.
3.10 Share Capital

Ordinary shares are classified as equity when there is no contractual obligation to transfer cash or other financial assets.
3.11 Payables
Trade and other payables will be stated at their nominal values.
3.12 Other Liabilities for Expenses

Liabilities are to be recognized for the goods and services received, whether paid or not for those goods and services. Payables will not interest bearing
and are stated at their nominal values.
3.13 Revenue from Contracts with Customers

Revenue is recognized only when it is probable that the economic benefits associated with the transaction will flow to the company in accordance with
the International Financial Reporting Standard (IFRS) 15 “Revenue from Contracts with Customers”
3.13.1 Interest income
Income from margin loan/bank deposit are recognised on accrual basis. Such income is calculated considering daily margin loan balance of the
respective parties or balances with the banks.
3.13.2 Brokerage commission/Other Income relating Buying/selling of Securities

Brokerage commission/fees based income are recognized as income when selling or buying order executed and service rendered.
Annual Report 2022

357
3.13.3 Other Business Income
Other income, comprises of service charges and capital gain, is recognized when service rendered and sell process completed.
3.14 Risk and Uncertainty Management

The business activities of the Company expose it to a variety of risks, namely market risks, interest rate risk, liquidity risk and credit risk. The Company’s
risk management strategies focus on the un-predictability of these elements and seek to minimise the potential adverse effects on its financial
performance.
The financial risk management for the Company is driven by the Company’s Management, in close co-ordination with internal / external experts. The
management periodically reviews the exposures to financial risks and the measures taken for risk mitigation and the effectivness thereof.
a) Market Risk
Market risk is the possibility of a specific business incurring losses due to factors affecting the market or the industry that the business belongs to. Some
known causes of market risk include economic recessions, shifts in interest rates and political unrest.
(i) Interest rate risk
Interest rate risk primarily arises from floating rate borrowing. Interest rate risk is the risk that the fair value or future cash flows of a financial instrument
will fluctuate because of changes in market interest rates.However, currently the company is not exposed to any borrowings with floating interest rate.
b) Credit risk
Credit risk refers to the risk of default on its obligation by the counter-party, the risk of deterioration of creditworthiness of the counter-party as well as
concentration risks of financial assets, and thereby exposing the Company to potential financial losses. The Company is exposed to credit risk mainly
with respect to margin loan.
c ) Liquidity risk
Liquidity risk arises from the Company’s inability to meet its cash flow commitments on due dates. As a prudent liquidity risk management measure,
the company closely monitors its liquidity position and deploys a robust cash management system. Accordingly, the company maintains credit facilities
sufficient to honour its commitments. The company’s treasury department monitors rolling forcast of company’s cash flow position and ensures that the
company meets its financial obligations at all times including contingencies.
d) Risk impact on account of Covid-19
The Company has considered the possible effects that may result from the pandemic relating to COVID-19. In developing the assumptions relating to
the possible future uncertainties in the global economic conditions because of this pandemic, the Company, as at the date of approval of these financial
statements has used internal and external sources of information.
3.15 Event after the reporting period

As per IAS - 10 “Events after the Reporting period”, 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 authorized for issue. Two types of events can be identified:
i) those that provide evidence of conditions that existed at the end of the reporting period (Adjusting events after the reporting period) and
ii) those that are indicative of conditions that arose after the reporting period (Non- adjusting events after the reporting period).
There was no material events which have occurred after the reporting period which could affect the values stated in the financial statements except
mention in note 31
3.16 Related party transaction

As per IAS 24 “Related Party Disclosures”, a related party is a person or entity that is related to the entity (i.e. NRBCBSL) that is preparing its financial
statements. Related party transaction is a transfer of resources, services, or obligations between a reporting entity and a related party, regardless of
whether a price is charged as per IAS 24.
Related Parties include the Company’s Directors, key management personnel, associates, companies under common directorship etc. as per IAS 24
“Related Party Disclosures”. All transactions involving related parties arising in the normal course of business are conducted as arm’s length transactions.
Related parties disclosure given in the Note-33
3.17 Authorization of the financial statements for issue

The financial statements of the company have been authorized for issue by the Board of Directors on April 03, 2023 of its 30th meeting.
3.18 General
i. Figures relating to previous year/period included in this report have been rearranged, wherever considered necessary.
ii. The figures appearing in these financial statements are expressed in Taka currency and rounded off to the nearest Taka unless otherwise stated.
Annual Report 2022

At Dec 31, 2022 At Dec 31, 2021
Taka Taka
4.00 Property, Plant and Equipment
At Cost
Opening Balance 20,249,657 14,694,489
Add: Addition During the Year(Net) 6,229,051 5,555,168
26,478,708 20,249,657
Less: Accumulated Depreciation 11,407,968 10,829,421
Written Down Value 15,070,740 9,420,236
A Schedule of Property, Plant and Equipment is given in Annexure-1 for accounting & Tax Purpose
5.00 Investment in Share & Stock

Quoted Share (Publicly Traded listed with DSE) 503,249,644 90,694,386
Cost of Acquisition of DSE TREC & Share 213,749,990 213,749,990
Investment in Share Strategic Investment A/c [Note: 5.01] 35,985,316 35,985,316
752,984,949 340,429,691
A Schedule of Investments in Shares is given in Annexure -2
5.01 Investment in Share Strategic Investment 35,985,316 35,985,316

According to Demutualization Act 2013, DSE was agreed to sale 25% share to Strategic partner to Shenzhen Stock Exchange & Shanghai Stock
Exchange. At the same National Board of Revenue(NBR) issued এস.আর.ও নং ৩১৯-আইন/আয়কর/২০১৮- Income Tax Ordinance 1984 dated October 30, 2018
stated that all proceed of selling to Strategic partner will be operated in BO Account 1205950066923412. Therefore, company could not recognized
as capital gain due to all amount being block to the aforesaid BO Account 1205950066923412 until completion of year as well as sale of the stock .
6.00 Loan and Advances

Margin Loan 1,683,526,295 2,000,291,811
1,683,526,295 2,000,291,811
This represent amount of loan to the customer against shares purchased under prescribed guideline of BSEC
7.00 Advances, deposits, prepayments, Receivables

Security Deposit (Note: 7.01) 30,200,000 30,200,000
Advance Income Tax (Note: 7.02) 132,142,101 85,100,828
Advance Others (Note: 7.03) 7,497,746 3,002,750
Accounts Receivable (Note: 7.04) 14,812,056 133,996,906
Deferred Tax Assets (Note: 7.05) 213,328 61,709
184,865,231 252,362,194
7.01 Security deposits
Security Deposit with Central Depository Bangladesh Ltd. (CDBL) 200,000 200,000
Security Deposit with Chatrogram Stock Exchange Ltd [Agst Membership] 30,000,000 30,000,000
30,200,000 30,200,000
On Turnover under Section 53BBB of ITO 1984 101,818,760 71,197,565
Adv Tax Corporate U/S 74 and 64 of ITO 1984 20,476,970 525,574
On Bank Interest under Section 53F of ITO 1984 1,192,644 1,523,734
On Dividend Income under Section 54 of ITO 1984 6,740,785 9,913,515
Advance Tax on Motor Vehicle under Section 68B of ITO 1984 16,000 46,500
Advance Tax paid to City Corporation u/s 53K of ITO-1984 3,000 -
Advance Tax- Strategic Investment u/s 53H of ITO 1984* 1,893,941 1,893,941
132,142,101 85,100,828
Gain Tax on Sale of Share (25% i.e. 1,803,777X21 less cost) no. Share sale to Shenzhen Stocks & Shanghai Stock Exchange @Tk.21.00 Through DSE in
2018 which to be utilized after expiry of 3 (Three) Years as S.R.O No 319 - Ayin/Aykor/2018 Dated Nov-11-2018. Such tax will cliamed after close of the
Strategic Investment BO # 1205950066923412.
7.03 Advance
Advance Office Rent (Head Office) 3,848,198 2,805,750
Advance Others 3,649,548 197,000
7,497,746 3,002,750
7.04 Accounts Receivable
Receivable from Merchant Bank 3,234,823 -
Dhaka Stock Exchange Ltd. (Settlement A/c) Broker 11,577,232 40,780,281
Dhaka Stock Exchange Ltd. (Settlement A/c) Dealer - 93,216,625
14,812,056 133,996,906
Opening Balance from Note 12.04 61,709 89,538
Add: Addition During the Year 151,619 (27,829)
213,328 61,709
Less: Adjustment during the period - -
213,328 61,709
8.00 Cash and Cash Equivalents
Cash inTransit 179,029 10,018,246
Cash at Bank (Note: 08.01) 85,310,890 76,313,611
85,489,919 86,331,857
* Cash in transit means cash kept as petty for maintaining daily regular expenses which adjust periodically and included unclear cheque from client.
Annual Report 2022

359
At Dec 31, 2022 At Dec 31, 2021
Taka Taka
8.01 Cash at Bank

NRB Commercial Bank Limited, Principal Branch (a) 25,777,040 27,565,405
NRB Commercial Bank Limited CCA 0101-360-099 23,929,078 26,828,240
** NRB Commercial Bank Limited IPO A/C 0101-360-098 4,275 5,425
NRB Commercial Bank Limited Operation A/C 0101-364-002 1,795,721 273,267
NRB Commercial Bank Limited Operation A/C 0101-360-164 47,966 458,473
Al-Arafa Islami Bank Limited, Motijheel Branch (b) 3,075,257 48,728,057
Al-Arafah Islami Bank Limited CCA 0021220006396 3,068,895 48,402,399
Al-Arafah Islami Bank Limited Dealer A/C 0021220006385 6,362 325,658
The City Bank Bank Limited,Gulshan Branch (c) 17,796 20,149
The City Bank Bank Limited Strategic A/C3103261464001 17,796 20,149
Mercantile Bank Limited, Nikunja Branch (b) 56,440,797 -
Mercantile Bank Limited CCA1131000048022 55,434,055 -
Mercantile Bank Limited dealer A/C1131000048692 1,006,743 -
Total (a+b+c+d) 85,310,890 76,313,611
** Balance shown as minimum balance due to banking policy
9.00 Share Capital

Authorized Capital
100,000,000 Ordinary Shares of Taka 10.00 each 1,000,000,000 1,000,000,000
Issued, Subscribed and Paid-up Capital
40,000,000 Ordinary Shares of Taka 10.00 each fully paid 400,000,000 400,000,000
Add: Stock Dividend @ 15% i.e. 6,000,000 Shares of Tk. 10 each * 60,000,000 -
460,000,000 400,000,000
* Stock Dividend @ 15% approved in the 6th Annual General Meeting (AGM) held on 19 June, 2022.
10.00 Retained Earnings

Opening Balance 197,072,101 41,692,735
Add: Profit after tax during the period 193,722,178 199,547,646
390,794,279 241,240,381
Less: Stock Dividend for 2021 60,000,000 -
Less: Dividend Paid - 40,000,000
Less: Transfer to Capital Reserve 15,786,485 4,168,280
315,007,794 197,072,101
11.00 Capital Reserve
Opening Balance 4,168,280 -
Add: During the year 15,786,485 4,168,280
19,954,765 4,168,280
According to clause no. e(i) of Part B [rule (1)(b); rule 5(2)] of Notification No. BSEC/CMRRCD/2017-357/221/Admin/89 dated May 19, 2019 of Bangladesh
Securities & Exchange Commission (BSEC), All registered entity must maintained @10% as Capital Reserve on basis of last year Net income.
12.00 Other Liabilities
Payable to Stock Exchanges (Note: 12.01) 399,065 2,223,319
Payable to Clients (Note: 12.02) 82,604,331 106,863,215
Current Income Tax Payable (Note: 12.03) 174,956,581 106,118,160
Deferred Tax Liability (Note: 12.04) - -
Payable to Supplier 1,045,384 -
Statutory Audit Fee payable 86,250 69,000
TDS at Source 386,935 809,428
VDS at Source 131,563 129,099
Incentive and Performance Bonus 17,006,505 16,400,000
Provision for Diminution of Shares/Investment (Note: 12.05) 47,077,453 5,236,214
Interest Suspense on Margin Loan [Default Margin Loan] - 15,729,056
Payable with Merchant Bank 1,648,219 4,784,900
Provision for loss on Margin Loan @ 1% (Note: 12.06) 16,835,263 19,845,628
Client IPO Application Fund - 146,407,574
Other payable - 9,521
Consolidated Customer Fund Account (Note: 12.07) 1,367,718 -
343,545,267 424,625,113
Annual Report 2022

At Dec 31, 2022 At Dec 31, 2021
Taka Taka
12.01 Payable to Stock Exchanges
Dhaka Stock Exchange Ltd. Broker 399,064 2,161,788
Dhaka Stock Exchange Ltd. Dealer - 61,531
399,065 2,223,319
12.02 Payable to Clients 82,604,331 106,863,215

This represents amount payable to customers against sale of shares and/or receipts for purchasing of
shares. No payable for Client IPO
12.03 Current Income Tax Payable

Opening Balance 106,118,160 26,538,338
Add: Addition During the Year 92,398,267 79,579,822
198,516,426 106,118,160
Less: Adjustment during the period 23,559,845 -
174,956,581 106,118,160
12.04 Deferred Tax Liability
Opening Balance - -
Add: Addition During the Year - -
- -
Less: Adjustment During the Year - -
- -
12.05 Provision for Diminution of Shares/Investment
Opening Balance 5,236,214 -
Add: Addition During the Year 41,841,239 5,236,214
47,077,453 5,236,214
Less: Adjustment During the Year - -
47,077,453 5,236,214
12.06 Provision for Margin Loan
Margin Loan 1,984,562,755 2,000,291,811
Less : Interest Suspense on Margin Loan [Default Margin Loan] - 15,729,056
Less : Realized of Interest Suspense on Margin Loan 15,729,056 -
Net Loan Balance 2,000,291,811 1,984,562,755
Add: Increase/(Decrease) of Margin Loan Balance (316,765,516) -
1,683,526,295 1,984,562,755
1% Provision for Margin Loan as BSEC Guidline 16,835,263 19,845,628
According to Notification No. BSEC/CMRRCD/2017-357/221/Admin/89 of Bangladesh Securities & Exchange Commission (BSEC), All registered entity
must maintained @1% Provision on outstanding margin exposure with net Interest Suspense against Margin Loan
12.07 Consolidated Customer Fund Account

Interest Income on Consolidated Customer Fund (CCA ) 1,867,888 -
Less: Charges for CCA # 0021220006396, AIBL, Motijheel 65,538 -
Less: Charges for CCA # 1131000048022, MBL, Nikunja Branch 326,879 -
Less: Charges for CCA # CCA 0101-360-099, NRBC, Principal Branch 107,753 -
1,367,718 -
Consolidated Customer Fund Account has been formed as per directive of BSEC/CMRRCD/2009-193/21 dated June 21, 2021.
13.00 Overdraft Facility
The City Bank limited 249,562,169 254,949,446
550,112,479 554,317,810
*Overdraft facility from NRBC Bank limited (Parent Company) having Limit of Tk.30,00,00,000 @9% Per annum
**NRBC Bank Securities Limited also availed another Overdraft facility from The City Bank limited, Gulshan Br having Limit of Tk.25,00,00,000 @9%
Per annum
14.00 Long Term Loan

Term Loan General * 883,290,515 958,126,651
Term Loan Special ** 150,026,315 150,525,833
1,033,316,830 1,108,652,484
* NRBC Bank Securities Ltd. availed Term Loan facility 10 year tenor from NRBC Bank limited (Parent Company) having Limit of Tk.100,00,00,000
@9% Per annum with quarterly installment under General category.
** Term Loan under special Category availed from NRBC Bank Limited (Parent Company) with 3.5 Year Tenor as per DOS Circular 01, Dated February
10, 2020 for investment in capital market @9% Per annum with quarterly installment
Annual Report 2022

361
At Dec 31, 2022
2022 At Dec 31, 2021
2021
Taka Taka
15.00 Revenue
Brokerage Commission/Charge * 235,599,025 239,255,373
Interest Income on Margin Loan ** Note-15.01 325,933,809 191,175,277
Dividend Income *** 8,169,287 10,663,045
Gain on Sale of Shares and Debentures (Net) *** 11,699,913 70,291,063
581,402,034 511,384,759
NRBC Bank Securities Limited (the Company) has two Licenses to carry out its Business :
a. Broker License # wbeÜb3.1/wW Gm B-82/2016/542 /07.09.2016 Bs
b. Dealer License # wbeÜb3.1/wW Gm B-82/2016/543 /07.09.2016 Bs
a. Brokerage Commission/Charge Through Broker License *: In Persuasion of Broker License, NRBC Bank Securities Limited engaged in trading of
Share & Securities on behalf Potential Investors of capital market, hence Brokerage Commission/Charge are treated as revenue according to Securities
and Exchange Ordinance, 1969 (XVII of 1969) and Securities and Exchange Commission ( Stock-Broker, Stock Dealer & Authorized Representative)
Rule, 2000 Dated November 29, 2000.
Interest Income ** : NRBCBSL extended margin loan to the Potential Investors of capital market as per Margin Rules, 1999 Dated April 1999 and No.
BSEC/CMRRCD/2017-357/221/Admin/89 dated 22 May 2019 wherein Interest Income is treated as Revenue.
b. Capital Gain/loss and Dividend Through Dealer License ***: In Persuasion of Dealer License, NRBC Bank Securities Limited engaged itself
Buying & Selling Stock of its own name, hence Capital Gain/loss and Dividend of the holding Share & Securities are treated as revenue according
to Securities and Exchange Ordinance, 1969 (XVII of 1969) and Securities and Exchange Commission ( Stock-Broker, Stock Dealer & Authorized
Representative) Rule, 2000 Dated November 29, 2000
Furthermore, Aforesaid Revenue is recognized according to Notification No. BSEC/CMRRCD/2017-357/221/Admin/89 dated May 29, 2019 of
Bangladesh Securities & Exchange Commission (BSEC).
15.01 Interest Income
Interest Income on Margin Loan 325,819,296 190,817,233
Interest Income on Bank Balance 114,513 358,044
325,933,809 191,175,277
16.00 Direct Expense/Cost of Revenue

Laga Charge [Paid to DSE for Trading]-VAT Exempted 22,568,720 23,283,467
Interest Expense on OD & Term loan (Note : 16.01) 136,496,418 110,003,258
CDBL Charges -Share Trading (Net)-VAT exempted 6,361,769 1,430,380
DES/BSEC/RJSC Fees & Charge (Note : 16.02) 3,084,215 10,502,225
168,511,121 145,219,330
16.01 Interest Expense for Loan from Schedule Bank
The Company availed loan facilities in form of Overdraft and Term Loan from NRB Commercial Bank Limited and The City Bank limited for margin loan
facitlities to the Potential/Intendant Investors of capital market as per Margin Rules , 1999 Dated April 28, 1999
16.02 DSE/BSEC/RJSC Fees & Charge

DSE/RJSC/Trade/Broker Association Membership Fee 133,184 95,708
TREC Renewal Fees to DSE 2,355,000 222,334
Authorized Representative Fee to DSE 387,900 117,500
Investor Protection Fund Fees to DSE 208,131 66,683
Membership Fees to CSE [Against TREC No.-152] * - 10,000,000
3,084,215 10,502,225
* Membership Fees is tax exempted as per SRO -210/AIN/2012 Dated July 01, 2013
17.00 Other Income

Gain on sale of Fixed Assets * 1,500,000 -
* Used for Business Purpose u/s 32(5) & Paripatra 2020 1,500,000 -
18.00 Salary and Allowance

Basic Salary 19,614,551 10,909,298
Allowances 26,171,815 16,095,488
Incentive/Performance Bonus 17,000,000 16,400,000
Salaries & Allowances -Security & Cleaning Staff 987,970 1,026,501
Over Time to casual staff 35,239 52,038
Festival Bonus 3,470,480 1,845,000
Ex-Gratia-Security & Cleaning Satff 114,199 69,340
Company Contribution to Recognized Gratuity Fund 2,965,218 1,578,638
Company Contribution to Recognized Provident Fund 1,655,370 947,901
72,014,842 48,924,204
Annual Report 2022

2022 2021
Taka Taka
19.00 Rent, Taxes, Insurance, Electricity, etc.
Office Rent 3,329,100 2,611,134
Rate & Taxes (Note : 19.01) 18,200 20,000
Insurance Premium Expenses [incl. VAT] 313,020 -
Power and Electricity Expense [incl. VAT] 1,408,802 636,103
WASA, Gas and Sewerage Expense [incl. VAT] 60,800 20,975
Common Utility Bill (Electricity, Gas, Wasa, Security Guard Salary, etc.) 267,049 274,800
5,396,971 3,563,012
19.01 Rate & Taxes
Patent /Trade License/Holding Tax/Sign Board Tax 18,200 20,000
20.00 Legal/Professional/Preliminary Expenses

Legal & Consultancy Fees 523,464 249,475
523,464 249,475
21.00 Stamp, Postage & Telecommunication etc.
Stamp and Cartridge Cost 24,842 20,800
Postage & Courier Charges 11,803 8,190
Mobile and Telephone Charges 301,664 372,701
Networking/Bandwidth Charge 1,081,275 808,610
1,419,584 1,210,301
22.00 Stationery, Printing, Advertisement, etc.
Office Stationery Expenses 384,942 254,225
Printing Stationery Expenses 100,980 72,420
Advertisement in Newspapers and Online media, etc 534,000 211,200
Printing BO form ,Binding, Photography and Photocopy 127,105 64,900
Computer Accessories ( Toner/Rebbon/Ink/etc.) 159,934 211,372
1,306,961 814,117
23.00 Board of Directors' Meeting Expenses
Board Meeting Attendance Fees 82,500 110,000
Other BOARD Meeting Expenses * 25,320 43,873
107,820 153,873
* Expense include Tips, stationery etc.
24.00 Depreciation and Repair of the Property, Plant & Equipment
A. Depreciation of the Freehold Properties
Furniture & Fixtures 780,957 284,962
Office Equipment 464,612 291,358
Computer Accessories 1,252,977 1,080,079
Bangladesh Made Software - 330,000
Motor Vehicles 560,000 -
3,058,547 1,986,399
B. Repair, Renovation & Maintenance of the Company’s Assets:
Parts (Replacement) of Office appliances items 16,511 18,640
Parts (Replacement) of Furnitures and Fixtures 129,401 303,978
Servicing and Spare parts replacement of Vehicle 259,956 -
Parts (Replacement) of Office Appliance & Equipment - 111,119
Parts (Replacement) of Computer and Computer Equipment 23,315 12,898
429,183 446,635
Total [a+b] 3,487,730 2,433,034
25.00 Other Expenses

Bank Charge [Note 25.01] 351,145 598,672
Office Maintenance 338,777 355,710
Local Conveyance 203,527 149,435
Travelling Expenses 6,180 14,796
AGM Expenses 57,969 148,765
Annual Software Maintenance and IT enable Cost 468,200 401,300
Uniform & Liveries-SCS Staff 70,455 54,327
IPO Application Fee to DSE 14,000 32,000
Entertainment 1,318,319 967,281
Program Expenses 1,482,118 1,067,424
Electric Appliance - 16,940
Non capital Iteam:Computer,UPS Etc. - 467,625
Donation/CSR 900,000 210,000
Training fee 17,653 27,000
Security Service Provider Commission 19,250 -
5,247,593 4,511,275
Annual Report 2022

363
2022 2021
Taka Taka
25.01 Bank/Financial Expenses
Excise Duty for Account with Banks 80,000 190,000
Excise Duty for OD Facilities from NRB Commercial Bank 250,000 240,000
Bank Charge & Commission (VAT Incl.) for Account with Banks 17,694 165,222
Bank Charge & Commission (VAT Incl.) for OD Facilities from NRB Commercial Bank 3,450 3,450
351,145 598,672
As per Section 33 (a) of income tax Ordinance 1984 regarding Interest Income from account with Schedule Bank In Bangladesh and The Company
earned these income for payment Excise duties and Maintenance Charge as section 34 of the act.
26.00 Provision for Diminution of listed Company of Share/Securities

Cost Price of Listed Co. Share 329,890,668 77,143,369
Market price of Listed Co. Share 282,813,215 71,907,155
Required Provision as of the end of the Period 47,077,453 5,236,214
Provision kept in the previous year 5,236,214 -
41,841,239 5,236,214
*Provisions for diminution in value of investments have been maintained in accordance with IAS-37 and BSEC Circular # SEC/CMRRCD/2009-193/166
Dated December 08, 2015.
27.00 Provision against Margin Loan

Net Margin Loan 1,683,526,295 1,984,562,755
1% Provision for Margin Loan as BSEC Guidline 16,835,263 19,845,628
Provision Kept in previous year 19,845,628 -
Provision on Margin Loan for the year (3,010,365) 19,845,628
According to clause no. e(ii) of Part B [rule (1)(b); rule 5(2)] Notification No. BSEC/CMRRCD/2017-357/221/Admin/89 of Bangladesh Securities &
Exchange Commission (BSEC), All registered entity must maintained @1% Provision on outstanding margin exposure with net Interest Suspense
against Margin Loan.
28.00 Current Tax Expense

i. Taxable Income
Operating Profit 324,799,699 304,237,138
Less : Business Income Other than Standard Tax Rate
Dividend Income [Tax @20% as per Finanance Act. 2022] 8,169,287 10,663,045
Gain on sale of Fixed Assets [Used for Business Purpose u/s 32(5) & Paripatra 2020]* 1,500,000 -
Gain on Sale of Shares and Debentures (Net) [Tax@10% as per SRO 196/2015] 11,699,913 70,291,063
Taxable Income after extra ordinery items 303,430,499 223,283,030
Add:
Depreciation for Accounting Purpose 3,058,547 1,986,398
Entertainment & Refreshment 1,318,319 967,281
Excise Duty for Account with Banks consider for Interest Income - 190,000
Bank Charge (VAT Incl.) for Account with Banks consider for Interest Income - 165,222
Excess Perquiste & Other Expense 20,738,400 10,746,696
25,115,266 14,055,598
Less:
Depreciation for Tax Purpose 2,247,744 1,647,147
Entertainment expenses allowable as per limit u/s 30(i) Rule 65
i. @4% On 1st 10 lac of Profit including Entertainment) 40,000
ii. @2% Remaining balance of Balance of Profit 6,523,960
(Whichever is lower berween Actual Cost & Rule 65) 6,563,960 1,318,319 967,281
Taxable Income before considering Other Income 324,979,702 234,724,199
Other Financial Income : Interest Income for Balance with Banks - 358,044
Less: Bank Charge & Excise Duty for earned Interest Income - 355,222
Net Other Financial income - 2,822
Taxable Income for Standard Rate@27.50% as per Finance Act, 2022 324,979,702 234,727,021
Operating Profit 324,799,699 304,237,138

Taxable Income for Standard Rate@27.50% as per Finance Act, 2022 324,979,702 234,727,021
Taxable Income other than standard tax rate 21,369,200 80,954,109
Taxable Profit as per Income Tax Ordinance 346,348,902 315,681,130
Annual Report 2022

2022 2021
Taka Taka
ii. Current Tax Expense
a. Minimum Tax liabilities under Section 82C on trunover tax
Minimum Tax on Turnover as per sub 4(a) of the section 82C 3,497,412 3,068,309
Total Turnover 582,902,034
Minimum Tax @0.6% on Turnover 0.60%
Tax on Other Finanancial Income @ 27.5% - 847

Total Tax (a) 3,497,412 3,069,155
b. Tax on Regular Corporate tax Basis
Tax @27.50% as Finance Act, 2022 89,369,418 70,417,260

Gain on sale of Fixed Assets [Tax@15% Used for Business Purpose u/s 32(5) & Paripatra 2020]* 225,000 -
92,398,267 79,578,975
Tax on Other Finanancial Income @ 27.50% - 847
Total Tax (b) 92,398,267 79,579,822
c. Minimum Tax of Sebsection 2(b) on deduction at Source under section 82C
Tax on Trading Securities u/s 53BBB with 82C of ITO, 1984 on Business Income 47,507,026 48,589,355
Tax on Interest Income under Section 53F of ITO, 1984 - 33,939
Gain on sale of Fixed Assets [Tax@15% Used for Business Purpose u/s 32(5) & Paripatra 2020]* 225,000 -
50,535,875 57,785,009
Current Expense for Financial Year 2022 Max of a, b & c 92,398,267 79,579,822
29.00 Deferred Tax Expense
Carrying Amt Tax Base
Fixed Assets 15,070,740 15,846,480 (775,740) (615,054)
Net Taxable Temporary Difference [i.e. Tax will be paid in future Period] (775,740) (615,054)
Corporate Tax @ 27.5% I.e. Deferred Tax Assets as of 31.12.2022 (213,328) (184,516)
Less : Deferred tax (Asset)/Liability in 2021 (184,516) (212,345)
Deferred Tax expense for the year end on 31.12.2022 (28,812) 27,829
Add: Error in previous Year (122,807) -
(151,619) 27,829
30.00 Earnings Per Share (EPS)

Profit after Taxation 193,722,178 199,547,646
Number of Ordinary Shares Outstanding 46,000,000 40,000,000
4.21 4.99
Earnings per shares (EPS) have been computed by dividing the basic earnings by the number of ordinary shares outstanding as on December 31, 2022
in accordance with IAS-33.
31.00 Re-Stated Earnings Per Share (EPS)

Profit after Taxation 193,722,178 199,547,646
Number of Ordinary Shares Outstanding 46,000,000 46,000,000
4.21 4.34
The Board of Director in its 30th meeting held on April 03, 2023 approved the audited financial Statement
Annual Report 2022

365
2022 2021
Taka Taka
33.00 Nature and type of related party transaction of the company
A. NRBC Bank Limited : Parents Subsidiary Relationship
Nature of Transaction Types Note 2022 2021

Advance Income Tax- AIT on Interest Assets - Inter Company 7 1,318,254 1,318,217
Bank Deposit: Assets - Inter company 8 25,777,040 27,565,405
NRB Commercial Bank Limited A/C 0101-360-099 23,929,078 26,828,240
NRB Commercial Bank Limited A/C 0101-360-098 4,275 5,425
NRB Commercial Bank Limited A/C 0101-364-002 1,795,721 273,267
NRB Commercial Bank Limited Operation A/C 0101-360-164 47,966 458,473
Payable to NRBC Bank Ltd : Client Deposit Liability-Inter Company 12 771,997 6,730,512
(Code100+1234)
Overdraft Facility Liability-Inter Company 13 300,550,309 299,368,364
Long Term Loan Income-Inter company 14 1,033,316,830 1,108,652,484
Interest on OD & Term Loan Facility Expense-Inter company 15 136,496,418 110,003,258
Brokerage Commission Income-Inter company 16 20,618,407 16,725,890
Interest on Bank Deposit Income-Inter company 24 - -
Bank/Financial Expense Expense-Inter Company 25 4,600 4,600
B. Other Related Parties with Directors :

i. No other transaction been occurred with stake holding of Directors of NRBC Bank Securities Limited
ii. Above transactions has been occurred under normal course of business
Annual Report 2022

Annexure - 1

Details of Property, Plant & Equipment for Accounting Purpose
Assets Depreciation
Sl
Properties & Assets Opeing Addition Disposal Closing Rate of Opeing Addition Disposal Closing Book Value
NO.
Balance during the year during the year Balance Depreciation Balance during the year during the year Balance
1 Furniture and fixures 7,252,625 1,359,651 - 8,612,276 10.00% 897,001 780,957 - 1,677,958 6,934,318
2 Office Equipment 2,964,563 3,097,025 - 6,061,588 10.00% 934,454 464,612 - 1,399,066 4,662,522
3 Computer and Computer Equipment 5,752,469 1,052,375 6,804,844 20.00% 4,717,966 1,252,977 - 5,970,943 833,901
4 Bangladesh Made Computer Software 1,800,000 - - 1,800,000 20.00% 1,800,000 - - 1,800,000 -
5 Motor Vehicles 2,480,000 3,200,000 2,480,000 3,200,000 30.00% 2,480,000 560,000 2,480,000 560,000 2,640,000
6 Professionals and Reference Books - - - - 10.00% - - - - -
Total 20,249,657 8,709,051 2,480,000 26,478,708 10,829,421 3,058,547 2,480,000 11,407,968 15,070,740
Details of Property, Plant & Equipment for Tax Purpose

Assets Depreciation
Sl
Properties & Assets Opeing Addition Disposal Closing Rate of Opeing Addition Disposal Closing Book Value
NO.
Balance during the year during the year Balance Depreciation Balance during the year during the year Balance
1 Furniture and fixures 72,52,625 13,59,651 - 86,12,276 10.00% 12,88,847 7,32,343 - 20,21,190 65,91,086
2 Office Equipment 29,64,563 30,97,025 - 60,61,588 10.00% 8,84,008 5,17,758 - 14,01,766 46,59,822
3 Computer and Accessories 57,52,469 10,52,375 - 68,04,844 30.00% 44,39,904 7,09,482 - 51,49,386 16,55,458
4 Bangladesh Made Computer Software 18,00,000 - - 18,00,000 50.00% 17,71,725 14,138 - 17,85,863 14,138
5 Motor Vehicles 24,80,000 32,00,000 24,80,000 32,00,000 20.00% 18,29,883 2,74,023 18,29,883 2,74,023 29,25,977
6 Professionals and Reference Books - - - - 10.00% - - - - -
Total 2,02,49,657 87,09,051 24,80,000 2,64,78,708 1,02,14,367 22,47,744 18,29,883 1,06,32,228 1,58,46,480

Annual Report 2022
367
Investments in Shares
Annexure - 2
A. Dealer BO Account: 1205950062197150 Portfolio Investment:
Market price Cost per

Particulars Number of Shares Market price Total Cost Group
per share share
BDPAINTS* 1493896 37.80 56,469,268.80 49.17 73,450,449.61 S
FORTUNE* 2362510 75.70 178,842,007.00 82.93 195,931,939.55 A
LHBL* 178627 64.80 11,575,029.60 76.57 13,677,316.84 A
MEGHNALIFE* 836 64.30 53,754.80 63.00 52,667.59 A
MOSTFAMETL* 150 16.10 2,415.00 23.37 3,504.98 S
POWERGRID* 153589 52.40 8,048,063.60 73.05 11,219,279.45 A
SADHESIVE* 1370 68.40 93,708.00 10.00 13,700.00 S
SONALIPAPR* 42441 615.10 26,105,459.10 800.82 33,987,491.98 A
ICICL 8798 28.10 247,223.80 10.00 87,980.00 N
MEGHNAINS 4002 42.80 171,285.60 10.00 40,020.00 N
MONNOFABR 50000 24.10 1,205,000.00 28.53 1,426,318.13 B
Total 282,813,215 329,890,668
B. Special Scheme BO Account: 1205950073697384 of Portfolio Investment:
Market price Cost per

Particulars Number of Shares Market price Total Cost Group
per share share
FORTUNE* 2047489 75.70 154,994,917.30 84.65 173,319,278.37 A
IPDC* 678 57.60 39,052.80 58.55 39,697.08 A
Total 155,033,970 173,358,975
As per Clause cha (2)(i) of DOS Circular 01, Dated February 10, 2020, All kind revaluation will be suspended till February 2025 resulting no provision have to be
provided of the aforesaid period and Financial Statement will be finalized on cost basis.
C. Cost of Acquisition of DSE TREC & Share : 213,749,990
This represents our original investment cost for DSE memberships in exchange of which shares at a face value of Tk. 10 each have been allotted in favor of the
Company through vendor agreement on October 12, 2015 and subsequently it endorsed by Dhaka Stock Exchange in its 812th meeting held on November 12,
2015. As per the provision of the Exchange Demutualization Act-2013 and in accordance with the Bangladesh Security Exchange Commission (BSEC) approved
Demutualization Scheme, Dhaka Stock Exchange Ltd. (DSE) allotted total 72,15,106 ordinary Shares at face value of Tk.10.00 each and, out of which. the 60%
shares (shares 43,29,064) were kept in blocked accounts as per the provisions of the Exchange Demutualization Act, 2013, and as such the value of these shares
have been classified as investment (Blocked Share) and considered under non-current assets in the books of accounts.
At the same time, Out of the above DSE has transferred 2,886,042 shares directly credited to the Beneficiary Owner’s account of the Company which is 40% of
the total holding of the shares and also shown as investment. Meanwhile, as per the section 12 of the Exchange Demutualization Act-2013 scheme, The DSE sold
25% company shares to the strategic partners to Shenzhen Stock Exchange & Shanghai Stock Exchange.
Moreover remaining 75% shares have not been shown in the monthly report on Net Capital Balance as prescribed in rule 3(4) of the Securities and Exchange
Rules 1987 to the stock exchange.
The company recognized capital loss Tk. 33,370,693.50 for the year end 2020 due to sell of 25% shares to the strategic partners to Shenzhen Stock Exchange
& Shanghai Stock Exchange as per the section 12 of the Exchange Demutualization Act-2013 scheme.
Annual Report 2022

Bank Analysis
As at 31 Dec, 2022
Sl. NRBC. A/C # NRBC. A/C # AIBL A/C # MBL. A/C # AIBL. A/C # NRBC. A/C NRBC. A/C # The City. A/C # MBL. A/C # Cash in Total Cash &
Particulars Note
No 01013640000002 010136000000099 0021220006396 1131000048022 0021220006385 #010136000000098 01013600000164 3103261464001 1131000048692 Hand Bank 31.12.22
[A] Opening balance 273,267 26,828,240 48,402,399 - 325,658 5,425 458,473 20,149 - 15,746 76,329,357
[B] Receipts
Share capital -
Account Transfer/Deposit Contra 93,988,510 20,425,692 2,574,308 116,988,510
Receive from client Share purchase purpus 168,511,121 946,924,052 6,412,608,611 182,777,535 875,328,700 8,586,150,018
A/C Transfer -
Revenue(Brokerage Commission/Charge) 15 234,669,327 33,038 536,000 360,660 235,599,025
Revenue( Gain on Sale of Shares and Debentures) 15 11,699,913 11,699,913
Revenue(Dividend Income) 15 8,169,287 8,169,287
Revenue (Interest Income) 15 325,819,296 27,390.00 4,755 196 82,172 325,933,809
Revenue (Other Income) 17 1,500,000 1,500,000
Total Receipts [B] 113,857,710 730,499,744 946,924,052 6,433,034,303 182,837,963 - 540,755 196 875,771,531 2,574,308 9,286,040,562
Total Amount [A+B] 114,130,977 757,327,985 995,326,450 6,433,034,303 183,163,621 5,425 999,228 20,345 875,771,531 2,590,054 9,362,369,919
[C] Payment: -
Direct Charge 16 167,562,121 949,000 168,511,121
Account Transfer/Deposit Contra 23,000,000 93,988,510 116,988,510
Client Payment 639,303,794 992,203,778 6,209,982,785 7,841,490,357
DSE for share settlement 183,141,209 874,746,563 1,057,887,772
Administrative Expenses-1 18-25 89,240,069 89,240,069
Administrative Expenses-2 21,22,25 2,590,054 2,590,054
Bank Charge & others 25.01 95,187 106,603 53,777 55,342 16,050 1,150 2,262 2,549 18,225 351,145
Total Payment [C] 112,335,256 733,398,907 992,257,555 6,377,600,248 183,157,259 1,150 951,262 2,549 874,764,788 2,590,054 9,277,059,029
Closing balance: (A+B)-C 1,795,721 23,929,078 3,068,895 55,434,055 6,362 4,275 47,966 17,796 1,006,743 - 85,310,890

Annual Report 2022
369
Annual Report 2022
INDEPENDENT AUDITORS’ REPORT TO
THE SHAREHOLDERS OF
NRBC BANK ASSET MANAGEMENT LIMITED
ASSET MANAGEMENT LIMITED

Annual Report 2022
371
NRBC Bank Asset Management Limited
Report on the Audit of the Financial Statements
Qualified Opinion
We have audited the financial statements of NRBC Bank Securities Limited, which comprise the Statement of Financial Position as at
31 December 2022, and the Statement of Profit or Loss and Other Comprehensive Income, Statement of Changes in Equity and the
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, of the financial position of the
Company as at 31 December 2022 and of its financial performance and its cash flows for the year then ended in accordance with
International Financial Reporting Standards (IFRSs), the Companies Act 1994 and other applicable laws and regulations.
Basis for Qualified Opinion
“Provision for income tax expense has not been made correctly. According to the provision 82c/53F of the ITO 1984, income tax
expense arrived at taka 77,741 but it has been made taka 416 resulting in understatement of liabilities to the extent of taka 77,741 as of
31 December 2022”.
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are
further described in the Auditor’s 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) together with ethical requirement that are relevant to our audit of the financial statements in Bangladesh,
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our opinion.
Responsibilities of Management and Those Charged with Governance for the Financial Statements and Internal Controls
Management is responsible for the preparation and fair presentation of the financial statements in accordance with International
Financial Reporting Standards (IFRSs), and for such internal control as management determines is necessary to enable the preparation
of financial statements that are free from material misstatement, whether due to fraud or error. The Companies Act, 1994 require the
management to ensure effective internal audit, internal control and risk management functions of the company.
In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either
intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the financial reporting process.
Auditors’ Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the
audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in
the circumstances.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the
Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However,
future events or conditions may cause the Company to cease to continue as a going concern.
Annual Report 2022

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the
financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Report on other Legal and Regulatory Requirements
In accordance with the Companies Act 1994, we also report the following:
(a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the
purposes of our audit and made due verification thereof;
(b) In our opinion, proper books of account as required by law have been kept by the company so far as it appeared from our
examination of those books;
(c) The statement of financial position and statement of comprehensive income dealt with by the report are in agreement with the
books of account and returns.
(d) The expenditures incurred were for the purposes of the company’s business;
-SD-
Place : Dhaka Avijit Bhattacharjee, FCA
Date: 01 February 2023 Partner
DVC : 2302010824AS826749 Enrolment No: 824
Annual Report 2022

373
Statement of Financial Position
At Dec 31, 2022

Particulars Note
Taka
Non Current Assets
Property, plant and equipment ( At cost less Depreciation) 4
Investments :
Investment in Share & Securities 5
Current Assets:
Advances, Deposits, Prepayments, Receivables 6 77,325
Cash and Cash Equivalents 7 99,955,647
100,032,972
Total Properties & Assets 100,032,972
Capital/Shareholders' Equity:
Share Capital 8 100,000,000
Retained Earnings 9 1,098
100,001,098
Current Liabilities
Other Liabilities 10 31,874
Overdraft Facilities 11
31,874
Long Term Liabilities
Long Term Loan 12
Total Equity and Liabilities 100,032,972
The annexed notes form an integral part of these financial statements.
-Sd/- -Sd/- -Sd/-

-Sd/-
Place: Dhaka Avijit Bhattacharjee, FCA
DVC: 2302010824AS826749 Enrollment No: 824
Annual Report 2022

Statement of Profit or Loss and Other Comprehensive Income
2022
Particulars Note
Taka
Revenue 13 388,705
Less : Direct Expense/Cost of Revenue 14 150,575
Gross Profit 238,130
Operating Expenses
Salary & Allowances 15 213,616
Rent, Taxes, Insurance, Electricity, etc. 16
Legal/Professional/Preliminary Expenses 17
Stamp, Postage & Telecommunication etc. 18
Stationery, Printing, Advertisement, etc. 19
Board of Directors' Meeting Expense 20
Audit Fee 21 23,000
Depreciation & Repair of Property, Plant & Equipment 22
Other Expenses 23
Total Operating Expenses 236,616
Operating Profit/(Loss) before Provision 1,514
Provision against Investment in Share/Securites 24
Profit/(Loss) before Taxation 1,514
Provision for Taxation 416
Current Tax 25 416
Deferred Tax 26 -
Net Profit after Tax 1,098
Appropriation of Profit: 1,098
Retained Earning/Distributable Profit among
Shareholders 1,098
Capital Reserve
General Reserve
Earning Per Sharen (EPS) 27 0.00011
-Sd/- -Sd/- -Sd/-

-Sd/-
Annual Report 2022

375
As at Dec 31, 2022

Particulars Note
Taka
Cash received from :
Brokerage Commission/Charge Receipts
Interest income Received 388,705
Dividend Received
Gain on Sale of Shares and Debentures
388,705
Cash payment to :
Charge and Comission for Assets Management 150,575
Interest Expense for Term/Overdraft Loan
Advance Tax Payment 77,741
Paid to the Employee 213,616
Legal/Preliminary Expense
Audit Fees -
Payments to suppliers/Service providers
Paid for Other Operating Activities (8,874)
433,058
Operating profit before changes in operating assets & liabilities (44,353)
Increased/decreased in operating assets and liabilities
Increased/(Decreased) of Deposit from client against Share purchased
Increased/(Decreased) of Loans & Advances/Margin Loans
(Increased) / Decreased in Operating Assets -
Net cash from/(used in) operating activities (A) (44,353)
B. Cash used in Investing Activities

Purchase of Property, Plant and Equipment
Investment in Shares/Securities
Advances, deposits, prepayments, Receivables
Net cash used in Investing Activities (B) -
C. Cash flows from Financing Activities
Share Capital 100,000,000
Dividend payment
Net cash flows from financing activities (C) 100,000,000
D. Net Surplus/(Deficit) in Cash and Bank Balances for the year (A+B+C) 99,955,647
E. Cash and Bank Balance at beginning of the year
F. Cash & Bank Balance at the end of the year (D+E) 99,955,647
(*) Cash & Bank Balance:

Cash in Hand 8,874
Cash at Bank 99,946,773
99,955,647
-Sd/- -Sd/- -Sd/-
-Sd/-
Annual Report 2022

Share Capital Retained Profit Capital Reserve Total Equity

Taka Taka Taka Taka
Opening Balance at January 01, 2022 - - - -
Profit during the year - 1,098 - 1,098

Paid up Capital 100,000,000 - - 100,000,000
Dividend - - - -
Balance at December 31, 2022 100,000,000 1,098 - 100,001,098
-Sd/- -Sd/- -Sd/-

-Sd/-
Annual Report 2022

377
Notes to the Financial Statements
As at and for the year ended 31 December 2021
1 Company and its activities
1.1 Legal status and nature of the

company
NRBC Bank Asset Management Limited was incorporated in Bangladesh on December 7, 2021 vide registration # C-176879/2021 as a private company
limited by shares, under Companies Act, 1994. The registered office of the Company is situated at 114, Motihjeel Commercial Area, Dhaka 1000. It is a
subsidiary Company of NRB Commercial Bank Limited that holds 99.99% ownership of the company. The Company applied for licences to Bangladesh
Securities and Exchange Commission:
Nature of Business Applicable Rule

Asset Manager Bangladesh Securities and Exchange Commission (Mutual Fund) Rules, 2001
1.2 Principal activities and nature of operation

NRBC Bank Asset Management Limited shall provide high standard of professional services to its individual and institutional clients through mutual
funds, portfolio management and other services. Principal activities shall include the followings:
i. Asset management through mutual funds for retail and institutional clients;
ii. Portfolio management services for institutional clients;
iii. Corporate advisory services, etc
2 Basis of preparation of Financial Statements
2.1 Statement of compliance

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) covering International Accounting
Standards (IAS), the Companies Act, 1994 and other applicable laws and regulations of Bangladesh.
2.2 Other regulatory compliance

As required, NRBC Asset Management Limited also complies with the applicable provisions of the following major laws/ statutes:
-The Income Tax Ordinance, 1984

-Securities and Exchange Commission (Mutual Fund) Rules, 2001 (Amended in 2013)
-Bangladesh Securities and Exchange Commission (Alternative Investment) Rules, 2015
-Other applicable laws and
regulations.
2.3 Basis of measurement

These financial statements have been prepared on a going concern basis under the historical cost convention in accordance with International
Financial Reporting Standards (IFRS).
2.4 The financial statements referred to here comprise :

a. Statement of Financial Position
b. Statement of Profit or Loss and Other Comprehensive Income
c. Statement of Cash Flows
d. Statement of Changes in Equity and
e. Notes to the Financial Statements
2.5 Functional and presentational currency

The financial statements are presented in Bangladesh Taka, which is the Company’s functional currency.
2.6 Reporting period

These financial statements cover one calendar year from 1 January to 31 December.
Annual Report 2022

2.7 Use of estimates and judgments
The preparation of financial statements 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. Revision of accounting estimates is recognized in the period in which the
estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future
periods
In particular, the key areas of estimation, uncertainty and critical judgments in applying accounting policies that have the most significant effect on
the amounts recognized in the financial statements are described in the following cases :
SL Area of estimates and judgments

i. Depreciation and amortization
ii. Deferred tax Assets / (Liabilities)
iii. Accounts receivables
iv. Provision for income tax
2.8 Going Concern Assessment

The Company has adequate resources to continue in operation for the foreseeable future. For this reason, the directors continue to adopt going
concern basis in preparing the financial statements. The current credit facilities and adequate resources of the company provide sufficient funds to
meet the present requirements of its existing businesses and operations.
3 Significant accounting policies
3.1 Basis of accounting

The financial statements have been prepared under the historical cost convention and after due compliance with the International Financial Reporting
Standards (IFRSs), the Companies Act, 1994 and other applicable laws and regulations.
3.2 Property, plant and equipment
3.2.1 Recognition and measurement

Property, plant and equipment are stated at cost, less accumulated depreciation in compliance with IAS-16: Property Plant and Equipment. The cost
of acquisition of an asset comprises its purchase price and any directly attributable cost of bringing the assets to its working condition for its intended
use.
3.2.2 Subsequent costs

The cost of replacing part of an item of property, plant and equipment are recognized in the carrying amount of the item if it is probable that the future
economic benefits embodied within the part will flow to the Company and its cost can be measured reliably. The costs of the day-to-day servicing of
property, plant and equipment are recognized in the profit or loss and other comprehensive income account as incurred.
3.2.3 Depreciation
Depreciation on property, plant and equipment is charged using reducing balance method over their estimated useful lives. Depreciation rates are
as follows:
SL Nature of Assets Rate of Depreciation

a Land 0%
b Furniture and fixtures 10%
c Computer & Computer Equipments 30%
d Bangladeshi Made Software 50%
e Plant & Machineries 20%
f Office Equipment 10%
g Motor Vehicles-Office Staff 20%
h Motor Vehicles-Office Purpose 20%
Depreciation on all items of property, plant and equipment is calculated and charged from the date of putting the assets in to use irrespective of the
value and purchase/ acquisition date of the property, plant and equipment.
3.3 Impairment
The carrying value of the Company’s assets other than inventories, are reviewed at closing date to determine whether there is any indication of
impairment. If any such indication exists, the asset’s recoverable amount is estimated. An impairment loss is recognized whenever the carrying amount
of the asset or its cash-generating unit exceeds its recoverable amount. Impairment losses, if any, are recognized in the profit and loss account.
Annual Report 2022

379
3.4 Financial Instruments
3.4.1 Financial Assets
Financial assets of the company include cash and cash equivalents, accounts receivables and other receivables. The company initially recognizes
receivable on the date they are originated. All others financial assets are recognized initially on the date at which the company becomes a party to the
contractual provisions of the transaction. The company derecognizes a financial asset when, and only when the contractual rights or probabilities of
receiving the cash flows from the asset expire or it transfers the right to receive the contractual cash flows on the financial asset in a transaction in
which substantially all the risk and rewards of ownership of the financial asset are transferred
3.4.1.1 Cash and Cash Equivalents
Cash and cash equivalents comprise cash balances and bank deposits when it has a short maturity of three months or less from the date of acquisition.
3.5.2 Financial Liabilities

The company initially recognizes financial liabilities on the transaction date at which the company becomes a party to the contractual provisions of
the liability. The company derecognizes a financial liability when its contractual obligations are discharged or cancelled or expired.
These are recognised when its contractual obligations arising from past events are certain and the settlement of which is expected to result in an
outflow from the company of resources embodying economic benefits.
3.5.2.1 Accounts Payable and Other Payables

Accounts payable and other payables are recognised when its contractual obligations arising from past events are certain and the settlement of which
is expected to result in an outflow from the group of resources embodying economic benefits.
3.6 Investment in shares

Investments are stated at cost or market value whichever is lower. A security which is not listed at stock exchange as on the reporting date then the
price is shown at cost.
3.7 Taxation
3.7.1 Current tax

Provision for income tax is made on the basis of company’s computation based on the best estimate of taxable profit in accordance with the Income
Tax Ordinance, 1984.
3.7.2 Deferred tax

Deferred tax is calculated as per International Accounting Standard (IAS) 12 "Income Taxes". Deferred tax is recognized on difference between the
carrying amount 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 recognized for all taxable temporary differences. Deferred
tax assets are generally recognized for all deductible temporary differences.
3.8 Revenue recognition

The Revenue during the period is recognized as follows which satisfy all conditions of revenue recognition as prescribed by IAS -15 “Revenue”
3.8.1 Portfolio management fees

Portfolio management fees are recognized on the market value of the clients’ portfolio on daily accrual basis and charged to clients’ balance on
quarterly basis
3.8.2 Interest Income

Interest Income from Bank Account is accounted for accrual basis
3.8.3 Dividend income and profit or loss on sale of securities

Dividend is accounted for as income when right to receive is established whereas profit or loss arising from the sale of securities is accounted for only
when the securities are sold/offloaded.
3.9 Provision
A provision is recognized in the accounts when the Company has a legal or constructive obligation as a result of past event, it is probable that an
outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made.
As per IAS - 10 “Events after the Reporting period”, 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 authorized for issue. Two types of events can be identified:
i) those that provide evidence of conditions that existed at the end of the reporting period (Adjusting events after the reporting period) and
ii) those that are indicative of conditions that arose after the reporting period (Non- adjusting events after the reporting period).
There was no material events which have occurred after the reporting period which could affect the values stated in the financial statements except
mention in note 27
3.11 Authorization of the financial statements for issue

The financial statements of the company have been authorized for issue by the Board of Directors on …………….. of its …….th meeting
3.12 General
i. Figures relating to previous year/period included in this report have been rearranged, wherever considered necessary.
ii. The figures appearing in these financial statements are expressed in Taka currency and rounded off to the nearest Taka unless otherwise
stated.
Annual Report 2022

At Dec 31, 2022
Taka
4 Property, plant and equipment
A. At Cost
Opening Balance
Add: Addition during the year
-
Less: Disposal/adjustments during the year
-
B. Accumulated depreciation
Opening Balance
Add: Addition during the year
-
Less: Disposal/adjustments during the year
-
C. Written down value (A-B) -
A Schedule of Property, Plant and Equipment is given in Annexure-1
5 Investment in Share & Securities

No Investment made during the year.
6 Advances, Deposits, Prepayments, Receivables

Advance Income Tax Note 6.1 77,325
Advance Security Deposit Note 6.2 -
Prepayments Note 6.3 -
Accounts Receivable Note 6.4 -
Deferred Tax Assets Note 6.5 -
77,325
Opening balance
Addition during the year:
Income Tax Deducted on Trade License U/S 52K -

Income Tax Deducted on Interest Income U/S 53F 77,741
77,741
Less: Income Tax for the year 416
77,325
6.2 Advance Security Deposit
No security deposit paid during the year.
6.3 Prepayments
No prepayment made during the year.
6.4 Accounts Receivable

Accounts Receivable yet to create during the year.

No Temporary difference to create during the year as IAS -12.
7 Cash and Cash Equivalents

Cash in hand 8,874
Cash at bank Note 7.1 99,946,773
99,955,647
7.1 Cash at bank
Bank Name Branch A/C No Type
NRBC Bank Principal 0101 36400000023 SND 99,946,773
99,946,773
Almost after one year of incorporation on 07th December, 2021, The company has started its operation through opening a bank account on 12
December, 2022 with NRBC Bank, Principle Branch .
Annual Report 2022

381
At Dec 31, 2022
Taka
8 Share Capital
Authorized Capital
20,000,000 ordinary shares of Taka 10 each 200,000,000
Issued, subscribed & paid up capital
The issued, subscribed and paid-up capital of Taka 10,00,00,000 is divided into 10,000,000 ordinary shares of Taka 10 each. 100,000,000
Details are as follows:
100,000,000
9,999,999 shares of Taka 10 each fully paid up 99,999,990
Mr. Mohammad Ahsan Habib

1 share of Taka 10 fully paid up 10
100,000,000
9 Retained Earnings
Opening Balance -
Add: Total Comprehensive Income/(Loss) during the year 1,098
1,098
Less: Appropriation :
Dividend Paid -
Transferred to:
Capital Reserve
General Reserve -
-
-
1,098
10 Other Liabilities
Audit Fee Payable 23,000
Source Tax Payable 8,874
Source Vat Payable
31,874
11 Overdraft Facilities
No Overdraft Facilities avalied during the period
12 Long Term Loan

No Long Term Loan avalied during the period
At Dec 31, 2022
Taka
13 Revenue
Management fee/Charge -
Interest Income 388,705
Dividend Income -
Gain on Sale of Shares and Securities(Net) -
388,705
14 Direct Expense/Cost of Revenue
Bank Charges and Commission 50,575
Interest Expense -
DES/CSE/BSEC/RJSC Fees & Charge Note : 14.1 100,000
150,575
14.1 DES/CSE/BSEC/RJSC Fees & Charge
BSEC License Fees 100,000
Membership Fees -
100,000
15 Salary & Allowances
Basic Salary 115,000
Allowances 98,616
213,616
16 Rent, Taxes, Insurance, Electricity, etc.
17 Legal/Professional/Preliminary Expenses
18 Stamp, Postage & Telecommunication etc.
Annual Report 2022

At Dec 31, 2022
Taka
19 Stationery, Printing, Advertisement, etc.
20 Board of Directors' Meeting Expense
21 Audit Fee
Statutory Audit Fees 23,000
23,000
22 Depreciation & Repair of Property, Plant & Equipment
23 Other Expenses
24 Provision against Investment in Share/Securites

No Investment in Listed Co. Share, as such no provision is required
25 Current Tax
i. Taxable Income
Operating Profit 1,514

Less : Business Income Other than Standard Tax Rate
Dividend Income [Tax @20% as per Finanance Act. 2022] -
Gain on Sale of Shares and Debentures (Net) [Tax@10% as per SRO 196/2015] -
-
Taxable Income after extra ordinery items 1,514
Add:
Depreciation for Accounting Purpose -
Entertainment & refreashment -
Excess Perquiste & Other Expense -
-
Less:
Depreciation for Tax Purpose -
Entertainment expenses allowable as per limit u/s 30(i) Rule 65 :
i. @4% On 1st 10 lac of Profit including Entertainment)
ii. @2% Remaining balance of Balance of Profit
(Whichever is lower berween Actual Cost & Rule 65)
-
Taxable Income 1,514
Operating Profit 1,514

Taxable Income for Standard Rate@27.50% as per Finance Act, 2022 1,514
Taxable Income other than standard tax rate -
Taxable Profit as per Income Tax Ordinance 1,514
ii. Current Tax Expense
a. Minimum Tax liabilities under Section 82C on trunover tax
Minimum Tax on Turnover as per sub 4(a) of the section 82C

Total Turnover 388,705
Minimum Tax @0.6% on Turnover 233
Total Tax (a) 233
b. Tax on Regular Corporate tax Basis

Tax @27.50% as Finance Act, 2022 416
Total Tax (b) 416
c. Minimum Tax of Sebsection 2(b) on deduction at Source under section 82C

-
Current Expense for Financial Year 2022 = Max of a, b & c 416

Annual Report 2022
383
At Dec 31, 2022
Taka
26 Deferred Tax
No Temporary difference yet to create during the year as IAS -12.
27 Earning Per Sharen (EPS)
Profit after Taxation 1,098

Number of Ordinary Shares Outstanding 10,000,000
0.00011
Earnings per shares (EPS) have been computed by dividing the basic earnings by the number of ordinary shares
outstanding as on December 31, 2022 in accordance with IAS-33.
27 Nature and type of related party transaction of the company
A. NRBC Bank Limited : Parents Subsidiary Relationship
Nature of Transaction Types Note 2021
Advance Income Tax on Interest Assets - Inter Company 6.1 77,741

Cash At Bank Assets - Inter Company 7 99,946,773
NRBC A/C # 01013640000023
Interest Income on Bank Deposit Income-Inter company 13 388,705
Bank Charges and Commission 14 575
B. Other Related Parties with Directors :

i. No other transaction been occurred with stake holding of Directors of NRBC Bank Securities Limited
ii. Above transactions has been occurred under normal course of business
Annual Report 2022

Schedule of Property, plant and equipment
Annexure-A
Particulars Assets Rate of Depreciation Depreciation Book
Opeing Addition Disposal Closing Opeing Addition Disposal Closing Value
Balance during during Balance Balance during during Balance
the year the year the year the year
Land 0%
Furniture and fixtures 10%
Computer & Computer 30%
Equipments
Bangladeshi Made Software 50%
Plant & Machineries 20%
Office Equipment 10%
Motor Vehicles-Office Staff 20%
Motor Vehicles-Office Purpose 20%
Total - - - - - - - -
Annexure-B

Bank Analysis
NRBC. A/C #
Cash at Bank Cash In Hand Total Bank & Cash
Sl. No Particulars Note 01013640000023
Taka Taka Taka Taka
[A] Opening balance - - - -
[B] Receipts
Share capital Received 8 100,000,000 100,000,000 - 100,000,000
Interest Income 13 388,705 388,705 - 388,705
Source Tax 10 8,874 8,874
Total Receipts [B] 100,388,705 100,388,705 8,874 100,397,579
Total Amount [A+B] 100,388,705 100,388,705 8,874 100,397,579
[C] Payment:
Bank Charges and Commission 14 50,575 50,575 50,575
DES/CSE/BSEC/RJSC Fees & Charge 14 100,000 100,000 100,000
Salary & Allowances 15 213,616 213,616 213,616
Advance Tax On Interest 6.1 77,741 77,741 77,741
Total Payment [C] 441,932 441,932 - 441,932
Closing balance: 99,946,773 99,946,773 8,874 99,955,647
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Corporate Head Office
114, Motijheel,C/A, Dhaka-1000.
Phone: +880-2-223353422-30
Email: share@nrbcommercialbank.com
Website: www.nrbcommercialbank.com
PROXY FORM
I/We .................................................................................................................................................................................................
of ......................................................................................................................................................................................................
being a member of NRB Commercial Bank Ltd. do hereby appoint Mr./Ms. ...................................................................................
as my / our PROXY to attend and vote for me/us and on my / our behalf at the 10th AGM of the Bank to be held on June 19,
2023 (Monday) at 12.00 noon and at any adjournment thereof.
As withness my/our hand this .......................day of ..................2023.
Revenue
Signature of Shareholder (s) Stamp Signature PROXY
No. of Shares held ............... TK. 20
Folio No.
or
BO ID No.
Note: A member entitled to attend at the General Metting may appoint a PROXY to attend on his/her behalf. The Proxy Form, duly
stamped, must be deposited at the Registered Office of the Bank at least 72 hours before the time for the meeting.
Signature Verified
Authorized Signatory
Corporate Head Office

114, Motijheel,C/A, Dhaka-1000.
Phone: +880-2-223353422-30
Email: info@nrbcommercialbank.com
Website: www.nrbcommercialbank.com
SHAREHOLDER / PROXY ATTENDANCE SLIP

I hereby record my attendance at the 10th AGM of the Bank to be held on June 19, 2023 (Monday) at 12.00 noon and at any
adjournment thereof.
Name of the Shareholder

No. of Shares
Folio No.
BO ID No.
Name of the Proxy (if any)
Shareholder/Proxy Signature Verified by

Note: Please present this Slip at the reception desk. Children and non-Shareholders will not be allowed at the meeting.
Annual Report 2022

387

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Committed to Common

On a mission to uplift the gurdians of our economy

Annual Report 2022

Triple Bottom-Line Approach of NRBC Bank 158

Annual Report 2022

Mohammad Ahsan Habib

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Notice of the 10th Annual General Meeting

Mohammad Ahsan Habib

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Registered Office Vice Chairman

Legal Form Chairman – Audit Committee

Date of Incorporation Managing Director & CEO

Formal Inauguration Company Secretary

Core Banking Segment Chief Anti Money Launder Officer

Islamic Banking Window Chief Risk Officer

Name of NRBC Bank’s Subsidiary Tax Consultants

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Paid-up Capital Network

Loans & advances Date of IPO Subscription

Reserves Date of publication of Prospectus

Employees Listing with stock Exchange

Return on Investment/Equity (ROI/ROE) Date of first share trading in stock market

Total Nostro Account : 24

Number of Internet Banking Transactions: 1,418,474

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May 31, 2011

April 02, 2014

May 26, 2016

February 20, 2013

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September 25, 2019

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Chairman Mr. S M Parvez Tamal

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Executive Mr. Mohammed Adnan Imam, FCCA Chairman

Audit Air Chief Marshal Abu Esrar (Retd.) Chairman

Risk Management Mr. AKM Mostafizur Rahman Chairman

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Mr. S M Parvez Tamal Mr. Rafikul Islam Mia Arzoo

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