Bank Asia riding on agent banking, corporate & syndication lending along with good corporate governance is placing its brand value as a sound bank in the new generation banking industry. Though the bank’s sister concern in USA is incurring huge losses its remittance and export and import business boost the revenue generation, Bank sources said.
Pioneer in Agent Banking over 25 lakh unbanked people encompassed with the bank’s network. Salary payment and other financial services of a good numbers of ReadyMade Garment (RMG) workers have been operating started through this platform.
Bank Asia have provided syndication loan to different Power Projects, Cement, Refinery Plant, Textiles, Ceramics, Pulp & Paper, Telecom, Steel, Construction, Economic Zone etc playing a key player in generating financial support to the country’s growth prospectus. As of December 31, 2019, syndication funded exposure of the bank rose to Tk.108 crore with zero classified loan. It provided syndicated loan to Bashundhara Industrial Complex Ltd. cement factory and establishment of different Economic Zones namely City Economic Zone Ltd., Meghna Industrial Economic Zone Ltd.
The bank is providing fund for development of Water Distribution and Supply Facilities at Purbachal New Town, Dhaka on a Public Private Partnership (PPP) Basis.
Although its US operating is still facing operating losses Bank Asia’s Express USA Inc. has two branches, one in New York and the other in Brooklyn. Working through an agent based models, BA Express USA Inc. serves its customers using a good number of agent locations placed across New York City area. The motto is to become the MTO of choice to all NRBs residing in USA by providing easy, low-cost and convenient remittance opportunity for the Bangladeshi community residing in New York. In 2019, BA Express sent remittance worth USD. 27.44 million. Operating loss stood at USD (277,574) in 2019 which was USD (328,169) in 2018. The bank made a net profit of Tk 203 crore last year, up 3.6 per cent year-on-year
Management of the bank has recommended a cash dividend of 10 per cent for 2020, keeping at par with its dividend paid in the previous year.
Shares of Bank Asia, which remained flat throughout 2020, closed at Tk 17.7 yesterday, which is more or less the same as in the previous session.
As of February 28, sponsors and directors of the company own 51.33 per cent of the company established in 2004, according to the exchange websites.