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Message from the Chairman


Bismillahir Rahmanir Rahim

Distinguished Shareholders:

Assalamu Alikum,

It gives me immense pleasure to welcome you all at the 24th Annual General Meeting of GSP Finance Company (Bangladesh) Limited. On behalf of the Board of Directors, I would like to express my sincere thanks to the respected shareholders for their support and co-operation towards the Company during the year and I also extend my thanks to the honorable members of the Board of Directors for their presence, active support and co-operation for the growth of the company.

GSP Finance Company (Bangladesh) Limited has a long successful history of professionalism & high standard of business ethics which is based on a well developed culture of accountability, transparency, fairness and good governance. Our company has been able to build resilience power to overcome any kind of stress emanating from external & internal factors.

Good governance and sound ethical practices are strongly ingrained in our culture. GSPB maintain zero tolerance on integrity issues. We have a very strong, experienced and diverse Board with a good balance of skills and competence. The Board provides the vision, strategic leadership and sets challenging targets for the management which collectively acts as a strong drive for the executive team to recurrently push the boundaries to achieve the growth aspirations.

GSP Finance Company (Bangladesh) Limited maintains fair, transparent and sound management. It has well designed management structure having professional experience and relevant training with clearly defined roles for different depart-ments and delegation of authority at different levels.

In the year 2018 Bangladesh has become eligible for the graduation from the least developed country to developing country as per the statement by UN Committee for development Policy (CDP). GDP grew at 7.88% in FY 2018, the highest ever for the country, which is mainly driven by strong domestic demand and continued investment in large-scale public projects and a recovery pick up in private investment and contained inflation. Despite optimistic export growth, balance of payment remained under pressure due to surge in import in the second half of the year. However, foreign exchange reserve remained healthy at USD 33 billion mainly due to steady flow of inward remittances. The economy is projected to grow at an even faster pace as new economic reforms and Government’s mega infrastructure projects come into light.

As political uncertainty abates of and the new government consolidates its position, capital market is expected to be upbeat in terms of turnover and general direction in price index. Although banking sector liquidity situation is still tight, it is expected to be better than that of last year.

The financial sector passed a stressful time during 2018 as Banks & FIs were facing challenges to grow their balance sheet maintain spread. In addition, non-performing loans in the financial sector was increasing at a rapid pace, which adversely impacted the overall profitability of the industry. However, we are optimistic that investment climate would improve, and the industry would rebound strongly in 2019.

The year 2018 has been a difficult year, but the performance of the company was satisfactory. In the year net profit after tax and provision stood at Tk. 310 million with earnings per share BDT 2.40. Deposits and Advances of the company stood at Tk. 3,113 million & Tk. 7,354 million as at 31st December 2018 respectively. I firmly believe that we shall be able to meet all the present & future challenges, more courageously and manage the situation in a better way than even before.

We understand that the year 2019 will be a hard year for FIs. The key challenging factor will be to compete with Banks in securing deposits and lending at comparative rates. As FI, depositors expect higher rate of interest on deposits but while borrowing from FIs, customers demand parallel rate with Banks which is a difficult phenomenon for FIs to provide due to high cost of fund of most of the FIs, already higher interest rates on deposits are being offered by Banks & FIs and interest rate is apprehended to go higher during the current year. Despite that we are to survive by rendering better & quick services to our customers, both depositors & borrowers, and by harnessing new sources of fund and managing it in a judicious manner.

GSP Finance Company (Bangladesh) Limited continuously reviews its human resource policies and implements effective management policies and practices to enhance the productivity of the employees by promoting the sense of belonging-ness. We believe that our human resources are our great assets in terms of their experience and professional expertise. Considering this, we strive to recruit the best suited persons for the right positions, provide them with adequate training and implement programs to develop and retain them. Congenial atmosphere in office is maintained and staff welfare measures are taken adequately in order to augment corporate social responsibility.

I would like to express my sincere thanks to the Government of Bangladesh, Bangladesh Bank, Bangladesh Securities and Exchange Commission, Dhaka Stock Exchange, Chittagong Stock Exchange, Registrar of Joint Stock Companies and Firms, National Board of Revenue (NBR) and all other regulatory authorities for their continued guidelines, co-operation and positive outlook towards running the company steadfastly.

I would once again like to express my deep appreciation to my colleagues in the Board and members of the staff for their co-operation and commitment to render their level best for our stakeholders. I also extend my heartfelt thanks to our share-holders for the trust reposed in the Board of Directors of GSP Finance Company (Bangladesh) Limited.

May the Almighty Allah bless us all.


Mr. Feroz U. Haider Chairman