In 2007, Janata boosted net profits by 17.8% to $72.3m while expanding assets by 14.8% to $3.5bn and raising Tier 1 capital by 5.7% to $43.2m.
The bank, which operates through 848 branches, including four in the United Arab Emirates, has brought 235 branches under the bank’s Online Banking Application System, computerised a further 200 branches and introduced the bank’s new remittance system to a further 200 branches as part of a major IT investment strategy.
On November 15 the bank was corporatised to enhance its autonomy and accountability and it is now being run by an 11-person board of directors. In order to improve the credit quality, at the advice of consultants under a World Bank project, the credit function and the credit committee have been reorganised and reconstituted and the Bangladesh bank (central bank) has introduced a new credit risk gradation system and loan classification guidelines.
“The Bank of the Year 2008 Award recognises once again the leading position of Janata Bank in Bangladesh,” says Aminur Rahman, CEO and managing director of Janata Bank. “We welcome this recognition. The bank’s strong team is the key to this success and recognition. We also expect to consolidate our existing position in the inward foreign remittance and export business in order to increase our share in import financing to achieve leadership and excellence in banking.”
