In this Section
Bismillahir Rahmanir Rahim.
Dear valued shareholders, distinguished members of the Board of Directors, ladies and gentlemen and honorable guests Assalamu Walaikum.
I, on behalf of the Board of Directors have great pleasure to extend a hearty welcome to you all to the Twenty First Annual General Meeting of International Leasing And Financial Services Limited; I have the pleasure to present before you the Annual Report of 2016 including the audited financial statements and auditor's report thereon. I would take this opportunity to briefly discuss the developments during the year and also some issues following the close of our financial year in December 2016.
The non-bank financial institution (NBFI) sector was upbeat in the year 2016 and continued to gain ground in the economy, despite the negative macroeconomic undertones including the exchange rate depreciation, changes in duty and excise taxes on various issues and monetary policy adjustments impacting interest rates. The sector proactively and positively managed the macro prudential fundamentals resulting in it recording higher earnings and growing the asset base by over 56.40 percent while simultaneously improving asset quality with the non performing ratio falling to 4.68 percent.
The regulatory framework continued to remain supportive of the industry, enabling a ‘level-playing-field’with greater efficiency, transparency and accountability for the NBFIs to achieve their growth aspirations in a sustainable manner. We would like herein to place our recommendation to the regulators for their progressive approach and consistent efforts to bring in best practices and discipline to the industry.
In contrast to the setback of the last couple of years, the financial sector appears to be making a comeback in FY 2016, thanks to political stability, property price corrections and declining interest rates. This shift in the macroeconomic and political scenario has positively impacted our lending figures. In FY 2016 we have disbursed over Taka 10.87 billion lease/loans. Since inception, it is the highest amount disbursed by the Company in a single year.
The year 2016 has been comparatively peaceful with very little disruption to normal life. As such, we are in a position to give you a result which shows remarkable growth over last year and are likely to please all of you as shareholders of the Company. During the year under review, we reached a milestone of disbursed during the year and finally showed a post tax profit of Tk 11.42 crore.This milestone was achieved with hard work, dedication of all the employees and considerable support and guidance of the members of the esteemed Board of Directors. We wish to assure you all that your Company will continue to look for opportunities to diversity and bring new products in to the market for further development and progress and that we will make every effort to give you higher profits on your investments.
In the next year, our aim is to source diversified avenues of economical funding, continue to broaden our customer base and to deepen the relationship we have with our customers, harnessing the growing strength of the ILFSL brand and our core competency.
I wish to express my grateful thanks to the esteemed members of the Board of Directors for their excellent cooperation,suggestion and advice throughout the year. They have been forward looking, most thoughtful and kind. The entire Management Team performed admirably and in unison in a praiseworthy manner to produce a remarkable result under the leadership of the Managing Director of the Company. I seek your blessings for the Management Staff of ILFSL so that their hard work and brilliant efforts may continue in 2017 heralding a brighter future for the Company.
Finally, our profound thanks and immense gratitude’s to Bangladesh Bank, Bangladesh Securities and Exchange Commission,Dhaka stock Exchange Limited, Chittagong Stock Exchange Limited, Register of joint Stock Companies and Firms, National Board of Revenue and all other regulatory authorities for their valuable guidance, support and cooperation. Further we stay committed to serve all of our stakeholders. On behalf of the Board of directors, it’s our pledge that we will continue to add value for the shareholders thorough execution of prudent business strategies whilst focusing on the achievement of national priorities.
Thank you very much.
M. A. Hashem