GSP Finance Logo

Message from the Chairman

Bismillahir Rahmanir Rahim

Distinguished Shareholders:

Assalamu Alikum,

It gives me immense pleasure and honor to welcome you all at the 20th Annual General Meeting of GSP Finance Company (Bangladesh) Limited. On behalf of the Board of Directors, I would like to express my cordial thanks to the respected shareholders for their support and co-operation towards the Company over the last year and I also extend my thanks to the honorable members of the Board of Directors of the Company for their active support and co-operation.

GSP Finance Company (Bangladesh) Limited has a long successful history of professional ethics which is based on a well-developed culture of accountability, transparency, fairness and good governance that remains constant since our beginning in 1995. With the help of our strong corporate governance we are able to be stable in uncertain economic times; it has also facilitated us to construct, balance and maintain strong and continuing relationships with our stakeholders including clients, regulators and employees.

GSP Finance Company (Bangladesh) Limited maintains fair, transparent and sound management. It has well designed management structure with clearly defined roles for different departments and delegation of authority at different levels.

The country went through a number of major challenges in 2014 which include volatility in capital market, the widening gap between deposit and lending rates etc. Despite these issues due to the buoyant export market and good harvests, Bangladesh witnessed a 6.2 percent GDP growth in 2014, balancing both positive and negative performances throughout the year.

The year 2014 of course has been a truly challenging one for the country as well as the financial sector and the overall economy, but I am happy to say that the performance of the Company in 2014 is better despite the challenges of last year. In the year net profit after tax and provision was reported at Tk 106 million as compared to previous year’s Tk 90 million. I firmly believe that we will meet all the future challenges, competently manage the situation as before and will continue to grow further in the coming years.

We understand that the year 2015 will be more challenging. The key challenging areas will a higher inflation rate, mobilization of sizable amount of funds and keeping the cost of borrowings at the lowest possible level in order to remain competitive. Our business expansion drive will be continued by broadening product-line to serve the ever-increasing customers demand.

Pursuant to the requirement of Bangladesh Securities and Exchange Commission (BSEC), GSP Finance Company (Bangladesh) Limited formed a subsidiary in the name of “GSP Investments Limited “ with a view to separate its existing Merchant Banking operation for which was approved by Bangladesh Securities and Exchange Commission vide their letter no. SEC/Reg./MB/SUB-16/2011/113 dated August 14, 2014. GSP Investments Limited is duly incorporated with the RJSC, Dhaka as a private limited company with an authorized and paid up capital of Tk. 500 million and Tk. 250 million respectively.

GSP Finance Company (Bangladesh) Limited continuously reviews its human resource policies and implements effective management policies and practices to enrich its employee involvement. We believe that our human resources are our competitive advantage 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.

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 regulatory authorities for their continued valuable guidelines and co-operation.

Once again, I would like to express my deep appreciation to my colleagues in the Board and the Management for their co-operation and commitment to do their level best for our stakeholders. I also extend my heartfelt thanks to our shareholders for their trust in GSP Finance Company (Bangladesh) Limited.

May the Almighty Allah bless us all.

Mr. Feroz U. Haider Chairman