BASIC Bank AGM approves 2025 financial statements

The 37th Annual General Meeting (AGM) of BASIC Bank PLC adopted the bank's financial statements for 2025 at a meeting held at its head office on Wednesday.

BASIC Bank Chairman Helal Ahmed Chowdhury chaired the AGM.

Secretary of the Financial Institutions Division (FID) of the Ministry of Finance, Nazma Mobarek attended the meeting as the representative of the bank's sole shareholder, the Government of Bangladesh, said a press release.

Managing Director (Current Charge) Abu Md Mofazzel welcomed the guests and answered various questions at the meeting.

Speaking at the AGM, FID Secretary Nazma Mobarek said BASIC Bank was gradually improving, with its losses showing a declining trend and deposits increasing.

"Losses cannot be reduced without sustained efforts. The increase in deposits means people's confidence in the bank is returning," she said.

She said a significant degree of confidence had been restored following the government's announcement that it would guarantee deposits in state-owned banks.

As a result, the bank's loan-to-deposit ratio has declined, increasing its capacity to extend loans, she said, while cautioning that new loans should be disbursed carefully.

"We are fully optimistic about BASIC Bank and believe the bank will overcome the challenges," Nazma Mobarek said.

She praised the capability of the bank's board members and the quality of its human resources, saying the joint efforts of the board and management were helping turn around the bank.

The FID secretary called on the bank's management to intensify efforts to improve its classified loan situation and increase non-interest income.

BASIC Bank Chairman Helal Ahmed Chowdhury said recovery of defaulted loans remained the bank's main focus.

He advised the bank to strengthen the recovery process for defaulted loans in line with Bangladesh Bank circulars and expedite legal proceedings.

He also stressed proper compliance with directives issued by regulatory authorities and ensuring good governance in the workplace.

The chairman expressed gratitude to the Ministry of Finance, Bangladesh Bank and other regulatory authorities for their support and guidance.

FID Joint Secretary Sheikh Farid also emphasised the importance of increasing the bank's non-interest income.

Bangladesh Bank Executive Director Rup Ratan Pine said the reputation of BASIC Bank was improving and expressed confidence that the bank would turn around.

Munshi Abdul Ahad, former additional secretary and currently a member of the National Pension Authority; Sheikh Farid, Joint Secretary of FID; Md Matiur Rahman, FCA, FCMA; Dr Abu Saleh Mostafa Kamal, former government official (Grade-1); S M Iqbal Hossain, retired banker; all directors of BASIC Bank; Rup Ratan Pine, Executive Director of Bangladesh Bank and observer of BASIC Bank's board; General Manager and Company Secretary Md Hasan Imam; and a representative of the audit firm Kazi Zahir Khan & Co. were present at the meeting.