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Agrani loss shoots to Tk2,172cr as int'l standards applied

Rejaul Karim Byron
Agrani Bank incurred a staggering loss ofTk 2,172 crore in 2004 while it attempted to achieve international standard in its financial statement tlirough making it more transparent.
In 2003, the bank made a net profit ofTk 25 lakh.
Syed Abu Naser Bukhtear Ahmed, managing director and CEO of Agrani Bank, told The Daily Star that in 2004 for the first time, tile annual report of the bank was prepared in line with International Accounting Standards (IAS) 30.
In doing so, the shortfall against
the outstanding bad loans since 1972 were covered, resulting in the calculation of the huge loss.
He, however, said the bank has already started making profit and during tlic first six months of the current year, it made a profit ofTk 109 crore, which. he hopes, would stand aroundTk250croreat thcycarend.
The bank would still require eight years to cover the loss, he added.
In 2004, the bank’s total classified loans stood at Tk 2692 crore, 95 percent of which, that is Tk 2548 crore, was half loans. Tire bank kept provision of Tk 2096 crore against the bad loan.
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Acting upon the advice of the World Bank and IMF, the government initiated reforms of the nationalised commercial banks (NCBs) and as part of the reform programme, tho finance ministry appointed the PricewaterhouseCoopers (PwC) as advisors to the management of AgraniBank.
Accordingly, an eight-member advisory team and a CEO started workingin Octoberlastyear.
PwC, who was given the charge for a three-year period on a Tk 36 crore contract, identified the major problems in relation to tile bank's accounting system, organisational and staff related issues, credit management, human resources, etc and submitted a diagnostic report to the government.
The annual report was prepared in line with die diagnostic report.
There is no written guideline for the accounting system, the PwC report pointed out. adding that there is also lack of staff with the required skills and experience for preparation ofaccounts.
The report also identified die necessity of a lot of provisions to be made for bad and doubtful assets under the heads -- loans and advances, investments, otherassets, etc for the sake of reflecting the true financial position of the bank.
Meanwhile, as part of NCB reforms, advisory teams that are working with Sonali and Janata banks will prepare the annual report of2005 in line with the IAS-30 for the first time, sources said, adding that the two banks will have to keep about Tk 3400 crore provisioningfortheir bad loans.