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Message from the Chairman
Bismillahir Rahmanir Rahim
Distinguished Shareholders:
Assalamu Alikum,
By the grace of Almighty Allah, it is my pleasure to welcome you all at 26th Annual General Meeting of GSP Finance Company (Bangladesh) Limited.
I would like to express my sincere thanks to the respected shareholders for their support and co-operation during the Year 2020. I also extend
my thanks to the Honorable Members of the Board of Directors for their presence and active support for the growth of the company.
COVID – 19 PANDEMICS has taken its toll throughout the World – as a consequence all most all countries of the world suffered economic slowdown since March 2020. The mayhem is still going on. Bangladesh is no exception. Our exports suffered serious setback during this period. Many business houses suffered loss of revenue due to intermittent lockdown. The entire financial industry suffered due to this PANDEMIC.
GBangladesh is a naturally beautiful middle-income country. Its economy is flourishing rapidly. Over the past decade Bangladesh’s economic growth has steadily increased from 6% to 8% per annum. The COVID-19 pandemic has adversely affected the economy of Bangladesh. According to the provisional estimates of the Bangladesh Bureau of Statistics (BBS), GDP growth in FY 2019 - 2020 stood at 5.24%, compared to 8.15% in the previous fiscal year. Growth in export and import in FY 2019 – 2020 is negative. However, remittance inflows grew by 10.87% has reduced the current account deficit compared to the previous fiscal year.
At the same time, the increase in capital and financial account inflows has led to a surplus in the overall balance of payments. As a result, the foreign exchange reserves have increased significantly. To keep the country’s economy afloat in the face of the ongoing corona pandemic, extra spending on healthcare, emergency humanitarian assistance has been materialized. The government has already announced a financial package of about Tk. 1.2 lakh crore for economic recovery in different sectors, that includes both industrial, service and agricultural sectors. As a result of these actions taken by the government, the economy is expected to turn around.
(Source: Bangladesh Economic Review 2020, Ministry of Finance)
As the COVID-19 pandemic unfolded, central banks across the globe responded with a dramatic easing of monetary policy to provide liquidity support to the economy. The monetary policy stance and monetary program of Bangladesh Bank for FY20 was drawn-up with the dual objectives of maintaining price stability and supporting inclusive, equitable and environmental-ly sustainable economic growth. The Bangladesh Bank injected over Tk. 36,000 crore reserve money considered as extra money into the market during this period through various methods.
In the year 2020 the entire financial sector especially NBFIs has suffered a lot due to COVID–19 pandemic and passed a difficult time with severe liquidity crunch, non-renewal of existing and new credit facilities by the banks, huge FDR encash-ment pressure from depositors and non-payment of installments by the borrowers on time etc, which adversely impacted the overall profitability of the industry.
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.
GSP Finance Company (Bangladesh) Limited maintains fair, transparent and sound management system. It has well designed management structure having professional experience and relevant training with clearly defined roles for different departments and delegation of authority at different levels.
The year 2020 was an unprecedentedly challenging and a difficult year, but the performance of the company was satisfacto-ry. In the year consolidated net profit after tax and provision stood at Tk. 220 million with earnings per share BDT 1.55. Deposits and Advances of the company stood at Tk. 2,269 million & Tk.7, 724 million as at 31st December 2020 respectively. I firmly believe that we shall be able to meet all the present & future challenges, more courageously.
We understand that the year 2021 will be a hard year for FIs. The key challenges for the Company in 2021 will be to continue to support demand for financing shrinking interest rate margins and increasing non-performing loans. It is my belief that the Company will be able to deliver on its commitment to grow sustainably and generate reasonable returns by pursuing a prudent and dynamic business strategy.
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 belongingness.
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 and other regulatory authorities for their continued guidelines and co-operation.
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. I also extend my heartfelt thanks to our shareholders for their trust in the Board of Directors of GSP Finance Company (Bangladesh) Limited.
Stay safe and stay well.
May the Almighty Allah bless us all.
Mr. Feroz U. Haider Chairman