Disclosure of Non-financial Information by Some Selected Banks of Bangladesh

Master of Business Administration (MBA)
Faculty of Business Studies
Thesis Paper
On
Disclosure of Non-financial Information by Some Selected Banks of
Bangladesh
Submitted To:
Md. Sohel Rana
Assistant Professor
Department of Accounting & Information System (AIS)
Jahangirnagar University
Savar, Dhaka-1342
Submitted By:
Tanzib Ahmed
ID: 20202124, Batch: 27
EMBA Program
Department of Accounting & Information System (AIS),
Jahangirnagar University (JU)
Savar, Dhaka-1342
Date of Submission: 04-06-2022

Letter of Transmittal
04 June, 2022
The Chairman
Department of Accounting & Information System
Savar, Dhaka-1342
Through: Md. Sohel Rana, Thesis Supervisor
Subject: Submission of Thesis Report.
Dear Concern,
With due respect and humble submission, I would like to inform you that I have completed my
thesis paper on “Disclosure of Non-financial Information By Some Selected Banks of
Bangladesh” and with pleasure I am presenting this dissertation before you. I have tried my
best to prepare this report in consistent with your clairvoyant and vigilant direction.
I have made every possible endeavor to prepare this dissertation and tried my best to accumulate
the relevant information. It is a great experience for me to work on this topic under the
supervision of you. I have tried to make the paper vivid and comprehensive within the scheduled
time.
Thank you very much, Sir, for your kind cooperation and supervision. I would be grateful to you
if you kindly accept this report and give your assessment on it.
Sincerely Yours,
---------------------------
Tanzib Ahmed
Id: 20202124, Batch: 27
EMBA Program

Declaration
I thereby declare that this thesis entitled ―Disclosure of Non-financial Information By Some
Selected Banks of Bangladesh‖ submitted for the partial fulfillment of the requirements for the
degree of Master of Business Administration in the department of Accounting & Information
System is my own work resulted by my own investigation under the supervision and cordial
guidance of Md. Sohel Rana, Assistant Professor, Department of Accounting & Information
System, Jahangirnagar University.
I further declare that this thesis has not been previously submitted in partial or full by me for any
degree or diploma to any University or Institution.
-------------------------
Tanzib Ahmed
Id: 20202124, Batch: 27
EMBA Program

Acknowledgement
This dissertation would not have been possible without the guidance and the help of several
individuals who in one way or another contributed and extended their valuable assistance in the
preparation and completion of this study. First and foremost, my utmost gratitude to my
supervisor Md. Sohel Rana Sir whose sincerity and encouragement I will never forget. He has
been my inspiration as I hurdle all the obstacles in the completion of this research. Thanks to the
staff of the AIS department for their cordial support.
Last but not the least, my family and the one above all of us, the omnipresent Allah, for
answering my prayers and for giving me the strength to plod on despite my constitution wanting
to give up and throw in the towel, thank you so much.

Abstract
Stakeholders' interest in corporate environmental, social, and ethical performance has grown
dramatically in recent years. Non-financial reporting affirms the practice of measuring,
revealing, and holding internal and external stakeholders responsible for organizational
performance with the objective of sustainable development. Non-financial business reporting can
help to inform the investment by revealing in both quantitative and qualitative terms those
drivers that increasingly shape company performance. Given the voluntary nature of this
information, organizations are seeking guidance on what and how to report. Placing the results of
supply and demand of non-financial information next to each other reveals something of a
chicken and egg problem. Although interest from banks in reporting this information clearly
exists, it has not yet led to a fully fleshed system of data of use to investors. While investors are
incorporating such information into their decision-making and want to do so more in the future,
they have not yet created a systematic method for completely incorporating such non-financial
information into their decision-making process. For advocates, regulators, corporations and
investors, it seems that there is a space for a multi-stakeholder process that helps to coordinate
standards for reporting information that is of use to investors.

Table of Contents
Chapter Particular Page No
Letter of Transmittal i
Declaration ii
Acknowledgement iii
Abstract iv
01
Introduction
1.1 Background of the study 01
1.2 Rationale of the study and statement of the problem 02
1.3 Research Objective 02
1.4 Limitations 02-03
1.5 Methodology 03
02
Literature Review
2.1 Non-Financial Reporting 04
2.2 Objective of Reporting Non-Financial Information 04
2.3 Current state of Play 04-05
2.4 Categories of information 06
2.5 Principles of reporting non-financial Information 06-07
2.6 Evaluation of Effect, Cost and Benefits 07-08
2.7 Key Criterion for Non-Financial Reporting 08
03
Analysis
3.1 Introduction 09
3.2 Variable Based Score Test 09-12
04
Findings and Recommendation’s
4.1Findings. 13-14
4.2 Recommendation’s 15-16
05 Conclusion 17-18
06 Reference 19-20
07 Appendix 21-27

Chapter - 1
Introduction
Over recent years, the extent of interest from stakeholders in company environmental, social and
moral performance has up considerably. Non-Financial reporting asserts the practice of
measuring, disclosing and being accountable to internal and external stakeholders for
organizational performance towards the goal of sustainable development. There is no doubt that
there is a growing interest in the production and dissemination of non-financial information.
Though advocates argue that non-financial information forms or should form an increasingly
important part of investor decision-making, relatively little research has been done to analyze the
non-financial information currently available or to determine how investors value specific types
of non-financial information. Given the voluntary nature of this information, organizations are
seeking guidance on what and how to report. This study has examined both the availability of
specific types of non-financial data, as well as the extent to which retail and professional
investor’s value non-financial information on key social, environmental, and governance factors.
The goal of this study was to better assess both the supply and demand of non-financial reporting
in the current investment climate. We believe that the results of this study offer academics,
investors, corporations and regulators a clearer picture both of investor desires for non-financial
information and the ways in which various forms of reporting are used. The results can inform
choices about which regulatory approach might be best applied to non-financial reporting. They
can also support corporate and investor efforts to supplement that regime with voluntary
corporate reporting on specific non-financial information types.
1.1 Background of the study:
Experts have long observed the disparity between a company’s total value as measured in stock
price and the value of its underlying, tangible assets. To correct the information asymmetry that
currently exists between managers and investors, some advocates have argued for reforms that
better capture value drivers in the marketplace. According to these advocates, the current
disclosure regime overemphasizes past results at the expense of future prospects and fails to
provide valuable information that enables investors to assess long-term value. Nonfinancial
information may be windows through which light can be shed on key elements of corporate
performance to help investors better determine how to allocate their money.

1.2 Rationale of the study and statement of the problem:
Academic education is not enough to build student confidence; research like study gives a
practical knowledge of the real world. The main purpose of this study is to find the limitations of
disclosing of non-financial information and also to find out valid and reasonable scope of using
non-financial information for making critical investment decision. We also try to find out
whether it helps the companies to increase its market values.
1.3 Research Objective:
Broad objective:
To identify limitations and father prominent scope of non-financial information by the banking
sector of Bangladesh in their annual report.
Specific objective:
 To sort out and categorize the non-financial information provided by the banking
sectored of Bangladesh.
 To identify the influence of non-financial information on the investor’s decision-making
process.
 To find out the scope and limitation of the disclosure of non-financial information.
 Identify which issues are actually being reported by companies.
1.4 Limitations:
Lack of data comparability:
Without adherence to consistent disclosure guidelines still absent despite the work of multi-
stakeholder group’s non-financial information can lack the comparability of traditional financial
data.
Lack of data clarity and reliability:
Without clear regulations or effective auditing systems governing non-financial reporting, the
credibility of voluntary corporate disclosures may be called into question.
Limited time and resources:
Investors have restricted time and resources to research company information. Data overload
particularly if that data has no clear link to investment decision-making may be a serious

concern. The knowledge needs to be accessible, straightforward to use, and associated reliable
for it to effectively support an economical market.
1.5 Methodology:
In this study in order to assess the publication of non-financial information by the banking sector
of Bangladesh, 10 listed banks were taken as a sample through convenient sampling. We will use
secondary data collected from the financial statements of the selected banks of the DSE (Dhaka
Stock Exchange). Then the non-financial discloser of each of these companies will be analyzed
in order to identify whether it covers the several components. Then we will use necessary
statistical techniques such as ranking and variable-based scoring to analyze our collected data.
We will also use the necessary graph for presenting our findings.

Chapter - 2
Literature Review
2.1 Non-Financial Reporting:
Stakeholder interest in corporate environmental, social, and ethical performance has increased
dramatically in recent years. Non-financial reporting refers to the process of measuring,
revealing, and holding internal and external stakeholders responsible for organizational
performance with the objective of long-term sustainability. It’s often referred to as sustainability
reporting, measuring, disclosing and being enabling businesses to be transparent in
communicating these non-financial aspects of their management and performance. While non-
financial reporting is currently voluntary, it offers significant benefits in terms of stakeholder
engagement and reputation.
2.2 Objective of Reporting Non-Financial Information:
Banking Companies of Bangladesh choose to report non-financial information for a variety of
reasons, including: to inform non-shareholder stakeholders of impacts of the company's
performance and strategies to improve impacts, to inform shareholders and the market how well
the company is dealing with non-financial and financial risks, and to enable companies to
identify areas of key risks and analyze performance.
2.3 Current state of Play:
There is no doubt that there is a growing interest in the production and dissemination of non-
financial information. This interest is not new and has its origins in two converging streams of
interest. The first stream emerged from the concern for corporate social responsibility dating as
far back as the 1950s. The second stream emerged in the late 1980s, in an attempt to understand
how to utilize the non-financial elements of organizations in the value creation process.
Frameworks such as the Balanced Scorecard emerged from the USA and guidelines for the
development of Intellectual Capital Statements emerged from Europe. What has also emerged
since the late 1990s has been a concern for sustainable management and development of
contemporary organizations. As a result, several initiatives have been undertaken to develop

guidelines form the reporting of sustainability practice and outcomes, the most notable to date
being the Sustainability Guidelines of the GRI. Other organizations such as Accountability,
Organization for Economic Cooperation and Development (OECD), United Nations and the
Word Bank have also undertaken exercises to produce guidelines, but from differing
perspectives and using different processes. The purpose of these initiatives can be summarized as
to meet the need to develop organizational sustainability practices that are cognizant of the needs
of the present, without compromising the needs of future generations. This type of reporting has
grown exponentially over last few years. Thus, it comes as no surprise that accounting
technologies have emerged as central to progressing the sustainability agenda, by way of
reporting on an organization’s sustainability strategies, activities and outcomes. This reporting is
designed to report to both internal and external stakeholders about an organization’s
sustainability practices in relation to specific environmental, social, ethical and managerial
matters using metrics, narratives or both. Presently, most of this reporting is a voluntary activity,
although there is growing influence from governments to push the sustainability reporting
agenda. Likewise, the professional accounting bodies across the world have shown an interest in
non-financial reporting and have become involved in the development of the reporting or have
formed strategic alliances with the creators of the frameworks. The ongoing issue for
organizations is the development of assurance practices to ensure that the disclosed information
is truthful and reliable.
This is because there is an ongoing concern among stakeholders as to the amount of rhetoric
contained in these reports and a reliance on metrics which, in many cases, are not comparable or
consistent with other organizations. In response to these concerns organizations have
substantially increased the number of reports issued but have also increased the assurance level
of these reports. The current state of play is characterized by an increasing proliferation of
reporting, which is more likely to be assured in order to address concerns as to the truthfulness
and reliability of the disclosures contained. Given the voluntary nature of this information,
organizations are seeking guidance on what and how to report.

2.4 Categories of information:
The following table shows that banking companies currently are voluntarily reporting a range of
non-financial information and that the intensity of such reporting is influenced by the company’s
size and industry position.
Industry Cohort Governance Social
 Market share.
 Quality Ranking.
 Customer satisfactory
survey data.
 Employee satisfactory
data.
 Turn over data.
 Innovation data.
 Risk management.
 Board selection process.
 Independence standard.
 Executive compensation
procedures.
 Audit process.
 Ethics guidelines.
 Change of control
procedures.
 Management system.
 Employee training
/human capital
development.
 Community relation.
 Humanitarian
initiatives.
 Political
giving/Lobbing
related.
 Work force retention.
2.5 Principles of reporting non-financial Information:
Materiality - A problem is regarded as "material" if it has the potential to affect an
organization's or its stakeholders' decisions, actions, or performance. Materiality also can be
defined as the analysis of information that takes into consideration sustainability drivers, and
accounts for the needs, concerns and expectations of the organization and its stakeholders.
Responsiveness – It asserts how an organization demonstrates its response and accountability to
its stakeholders. A responsive organization addresses its material problems and responds to its
stakeholders during a comprehensive and balanced manner.

Stakeholder inclusiveness – Similarly to responsiveness, the reporting institution should
identify its stakeholders and explain how it has reacted to their reasonable expectations and
interests in its report.
Completeness - Completeness is the coverage of the material topics, indicators and the
definition of the report boundary which sufficiently reflects economic, environmental and social
impacts, enabling stakeholder assessment. It is a key concept to the extent to which materiality;
inclusively and responsiveness have been achieved.
Sustainability context - The non-financial report should cover a wider context of sustainability.
This is where performance, as well as the organization's business plan, should be discussed. The
link between sustainability and organizational strategy, as well as the environment in which
performance is reported, should be obvious.
2.6 Evaluation of Effect, Cost and Benefits:
The assessment of the costs and advantages of corporate reporting of non-financial information
was deemed significant by the majority of respondents, with almost half saying that they had
conducted some study, analysis or that they have assessed the research conducted by third
parties. Although many stakeholders were not able to quantify costs and benefits, a significant
number of contributors provided a qualitative analysis related to mandatory disclosure. In this
respect, while some stated that the costs associated with reporting on non- financial information
were significant, others explained that costs in this field could be considered as "investments"
which helped to build capabilities that were necessary for managing properly the business with
a long-term performance perspective. As far as costs are concerned, data collection, internal
processing and consolidation, staff training/education, development of specific tools and
potential third party verification were quoted amongst the main factors that might cause
significant administrative burden. On the benefits side, positive effects relating to increased
transparency, reputation, branding, global competitiveness, credibility, and generally increased
attractiveness for both consumers and investors were highlighted in a significant number of
contributions. A relevant number of stakeholders also pointed out that the costs, although
potentially quite significant, would most likely be outweighed by the potential benefits.
Furthermore, it seems apparent that there is no broadly recognized methodology in place for the

assessment of costs arising from reporting activities. There should however be a distinction
between start-up costs in upgrading capabilities and the less considerable longer term costs once
the practice had been established.
2.7 Key Criterion for Non-Financial Reporting:
A key criterion for deciding whether to disclose an item of non-financial information is its
relevance to the company’s stakeholders. Users of financial reporting can already derive a great
deal of decision-useful information from the non-financial data companies disclose – frequently
on a very extensive scale. As it’s found that, non-financial reporting based on a long list of
undifferentiated aspects and divorced from the individual circumstances of the company
involved sometimes could result in the really relevant information.

Chapter 3
Data Analysis
3.1 Introduction:
This chapter presents the data analysis and research findings elicited from the annual report of
the selected banking company of Bangladesh. To realize the current status of disclosing non-
financial information by the banking companies of Bangladesh, we select a sample of 10 selected
banks which are listed in Dhaka Stock Exchange (DSE). Then the non-financial disclosers of
each of these companies have analyzed in order to identify whether it covers the several
components. Here we will use variable based scoring test. Besides we will show different pie and
charts format, from that we tried to draw the Study findings. And lastly we tried to compare the
real collected data with the insights gained from the literature review presented in chapter 2. The
selected bank’s profile is later attached in the appendix.
3.2 Variable Based Score Test:
For variable based score testing, firstly we select 25 variables or point related to the non-
financial disclosure. Then we go through the annual report of the each bank selected and scoring
them. Our scoring rule is; if the particular variable present in the bank’s annual report then the
bank will get 1 otherwise 0 for that variable.
Se
ria
l
No
List of
Variables.
Name
of
Banks
AB
Bank
UCBL MBL Trust JBL Exim Al-
Arafa
FSIB SBL SIBL Score
1 Corporate profile. 1 1 1 1 1 1 1 1 1 1 10
2 Bank’s chronicles 1 1 1 1 1 1 1 1 1 1 10
3 Vision statement. 1 1 1 1 1 1 1 1 1 1 10
4 Mission
Statement.
1 1 1 1 1 1 1 1 1 1 10
5 Core Values. 1 0 0 1 1 0 0 1 1 0 05
6 Objectives of
Bank.
0 1 1 0 0 0 0 0 0 0 02
7 Disclosure of
strategies.
0 0 0 0 1 0 0 1 0 1 03
8 List of sponsors 0 1 1 0 0 1 0 1 1 0 05

shareholders.
9 Chairman’s
message.
1 1 1 1 1 1 1 1 1 1 10
10 Director’s Report. 1 1 1 1 1 1 1 1 1 1 10
11 Report of the
Audit committee.
1 1 1 1 1 1 0 1 0 1 08
12 Description of
Management
Team.
1 1 1 0 1 1 1 1 1 1 09
13 Auditor’s Reports. 1 1 1 1 1 1 1 1 1 1 10
14 Presentation of
bank’s Events.
1 0 1 0 1 1 0 1 0 1 06
15 Presentation of
product &
services
1 0 0 0 1 0 0 0 0 0 02
16 Reports on
Project Financed.
0 0 0 0 0 0 0 1 1 0 02
17 Risk Management
Report.
1 1 1 1 1 1 1 1 0 1 09
18 Credit Rating
Report
0 1 1 0 0 0 0 1 1 1 05
19 Presentation of
branch & ATM
network.
1 1 1 1 1 1 1 1 1 1 10
20 Report on CSR. 1 1 1 1 1 0 1 1 1 1 10
21 Report on
corporate
governance.
1 1 1 1 1 0 1 1 1 1 10
22 Notice of the
AGM
1 1 1 1 1 1 1 1 1 1 10
23 Anti-money
Laundering
activities.
1 0 0 0 0 0 0 0 0 0 01
24 Report on human
capital.
0 0 1 0 0 0 0 0 0 0 01
25 Reports on
customer services.
0 0 1 0 0 0 0 0 0 0 01
Score of each
bank
18 17 20 14 18 14 13 19 10 17
Name of Banks in details:
1. AB- Arab Bangladesh Bank Limited.
2. UCBL- United Commercial Bank Limited Bank Limited.
3. MBL- Mercantile Bank Limited.
4. Trust- Trust Bank Limited.
5. JBL- Jamuna Bank Limited.
6. Exim- Export Import Bank of Bangladesh Limited.
7. Al-Arafa- Al-Arafa Islami Bank Limited.

8. FSIB- First Security Islami Bank Limited.
9. SBL- Standard Bank Limited.
10. SIBL- Shahjalal Islami Bank Limited.
After plotting score extracting from the above table it has found that all the selected bank’s score
range is 13 to 20. The average score of these banks is 16, where the total score is 25 for each
bank. So it’s clear that still we have huge gap between the minimum standards required and the
actual situation.

After plotting scores extracted from the above table, it has been found that the reporting style is
varying greatly among the banks. We have selected 25 variables to analyze the non-financial
disclosure of our selected banks. In the case of some variables it has been found that these are
present almost in all bank’s annual report; on the other hand, some are present in only a few
banks. It represents the absence of a clear guideline or format for reporting non-financial
information.

Chapter - 4
Findings and Recommendations
4.1 Findings:
This study focuses on the use of three broader categories of non-financial information.
 Industry cohort measurements of performance.
 Corporate governance information.
 CSR information
Industry cohort measurements of performance linked to non-financial value indicators:
Industry cohort measurements information that contextualizes performance against peers – has
received particular attention in this era of competition. It is argued that the real value drivers of a
banking company for example, credit rating, risk management, corporate innovation and
customer satisfaction – are often better assessed using industry cohort metrics. This approach
may allow management to better identify the company’s strengths and weaknesses. Similarly,
these metrics would allow investors building portfolios to compare the relative performance of
companies, enhancing opportunities to identify intangible value in their portfolio companies.
Corporate governance information:
Corporate governance has become a key focus of investors and regulators in recent years.
Director independence, audit processes and executive pay have become key drivers for assessing
the robustness of a banking company’s monitoring processes and its ability to prevent fraud and
mismanagement key indicators of portfolio risk for investors. The availability of company
governance data may facilitate management and shareholders determine and improve on the
general role that company governance plays in price creation.
CSR information on stakeholder relations, including work force, community and
environment:
Disclosing social information, stressing that many social and environmental issues present
material risks for companies. Information on human rights policies, corporate environmental
performance, corporate philanthropy, diversity policies, and human resource development: these
may all be important indicators of corporate value. Advocates of greater non-financial reporting
often stress that poor management of these issues presents risks to corporate reputation or carries
litigation risk. Others suggest that sound management of these issues can be a proxy for good
management and an indicator of intangible value. Companies may analyze these risks and
possibilities by publishing CSR information, giving investors more insight into intangible value.

The lack of metrics and common reporting frameworks:
The data supplied is not easily comparable between companies or sectors. The analysis
discovered a lot of boilerplate reporting, namely audit committee charters and independence
norms. Boilerplate reporting provides minimal assistance to investors looking to judge the
soundness of the company's monitoring mechanisms, as well as their suitability and efficacy for
the company's specific circumstances. Similarly, business risk as a result of prospective
"changing market circumstances" may meet legal responsibilities, but it provides little
information for investors about the market's risk profile. Management discussion and analysis
sections, for example, offer nearly none of the information regarding risk and opportunity that
advocates for governance and social reporting argue is important for investor decision-making.
Finally, it has been discovered that while non-financial information may provide investors with
valuable detail about a bank's industry cohort position, governance systems, or social
performance, it lacks the standardized assessment mechanisms associated with traditional
financial reporting, which would allow a rigorous analysis of the information presented.

4.2 Recommendations:
1) Expectations of non-financial reporting:
Depending on the topics of special relevance to them, different stakeholder groups and interested
parties have varying demands and expectations about the kind of information important to their
decision making. Investors seek information about how a company creates financial value and
deals with issues including governance, environmental, social and ethical issues that can affect
its financial performance and value over time.
2) Basic requirements from a shareowner and investor perspective:
There is a need to strike a balance between corporate disclosure and economically sensitive
information protection. The goal of providing guidance on non-financial company reporting from
the standpoint of shareowners and investors is to show firms what sort of reporting is helpful and
to encourage the investing community to seek such information. Given that non-financial
business reporting should be both quantitative and qualitative in character, important disclosures
to long-term investors will include:
Non-financial business reporting should supplement and improve the information in the financial
accounts. It will place a company's historical performance in the context of its strategy and
market conditions, and it will provide insight into the possibility for future success.
Be material, relevant and timely –
Non-financial business reporting is material if it might reasonably be expected to affect
investors’ decisions about the acquisition and sale of accessible and appropriately shares or the
exercise of ownership rights and obligations. Non-financial business reporting should be timely,
in particular meeting market guidelines and it should be made available as soon as reasonably
possible so that investors are able to make informed decisions based on it and the likelihood of a
false or distorted market is diminished.
Information should be focused in order for it to be genuinely useful. Too much information that
is not relevant will dilute the message. The materiality (or not) and relevance of the issues
covered will be determined by the company’s circumstances and the sector within which it
operates, rather than being determined by a prescriptive approach to what should be reported.

3) Describe the company’s strategy, and associated risks and opportunities, and explain the
board’s role in assessing and overseeing strategy and the management of risks and opportunities.
4) Be accessible and appropriately integrated with other information that enables investors to
obtain a whole picture of the company.
5) Use key performance indicators that are linked to strategy and facilitate comparisons.
6) Independent assurance about the extent to which non-financial business reporting has
followed established measurement and reporting standards can be useful to enhance the
credibility and reliability of the reported information. The Company should adopt a clear and
disclosed policy towards obtaining assurance.
7) The management cycle of non-ﬁnancial information can only function properly if it meets the
wishes of the users inside and outside the organization. When formulating policy, agreements
have to be made with the users on the type of information, the method of reporting and the
assessment criteria to be used.

Conclusions
When viewed together this study offer a reasonably coherent picture of the state of supply and
demand for industry cohort, governance and social information. In the first place, the supply of
such information does exist, to varying degrees, in the universe of corporate disclosure. Large
banks– perhaps because of their significant resources and enhanced reputational risk – supply
more information than their smaller counterparts.
The reporting itself, on the other hand, was not necessarily useful – that is, it did not provide
data comparable across banking companies or industry sectors, or provided so little
information as to offer the investor little to distinguish a particular bank’s performance across a
range of non-financial metrics. And the non-financial information reported tended to be far more
often positive than negative, suggesting it to be spin or at least partial in nature.
A similar tale may be found on the demand side — from the standpoint of investors. Both retail
and professional investors acknowledge the use of non-financial information in the past and
anticipate using it more in the future. While there are distinctions, the retail and professional
investing groups in their rank ordering of the non-financial categories of information considered
in this study match significantly. Industry cohort information, notably market share and customer
happiness, was regarded as particularly vital. Governance information was deemed to be more
valuable than social information. Even in the least-used areas of social information, investors
expressed a strong interest.
Nevertheless, investors tend to discount non-financial information to the extent that they find it
incomparable, unreliable, or not directly material to bank’s performance. Qualitative assessments
from both retail and professional investors suggest that auditing and other forms of third-party
verification increase the reliability of non-financial information. However, experiments revealed
that both retail and professional investors did not substantially modify their decision-making
when presented with audited or non-audited non-financial information.
Although interest from banks in reporting this information clearly exists, it has not yet led to a
fully fleshed system of data of use to investors. While investors are incorporating such
information into their decision-making and want to do so more in the future, they have yet to

create a systematic method for completely incorporating such non-financial information into
their decision-making process. The qualitative responses from the investor indicate that where
companies present information in a manner that effectively communicates its relevance to
corporate value, investors are more likely to pay attention. For advocates, regulators,
corporations and investors, it seems that there is a space for a multi-stakeholder process that
helps to coordinate standards for reporting information that is of use to investors. However, it
should be noted that the skepticism investors have toward the reliability of (often voluntary)
corporate reporting of non-financial information that tends to be overwhelmingly positive and
not clearly linked to bank’s performance, in combination with a corporate disclosure regulatory
regime that neither mandates nor currently sets standards for non-financial reporting, may prove
a significant barrier to greater use of this information.
The research here suggests that a substantial unmet demand from investors for non-financial
information will exist, regardless of how investor demands change over time.

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Annual Report 2021:
UCBL Bank Limited: www.ucb.com.bd
AB Bank Limited: www.abbl.com.bd
First Security Islami Bank Limited: www.fsiblbd.com
Al Arafah Islami Bank Limited: www.al-arafahbank.com
Shahjalal Islami Bank Limited: www.shahjalalbanksecurities.com.bd
Standard Bank Limited: www.standardbankbd.com
Trust Bank Limited: www.tblbd.com
Jamuna Bank Limited: www.jamunabankbd.com
Mercantile Bank Limited: www.mblbd.com
Export Import Bank of Bangladesh Limited: www.eximbankbd.com

Appendix: A
Companies Profile:
Name of the Company: UCBL (United Commercial Bank Limited)
Legal Status: Public Limited Company.
Date of Incorporation: June26, 1983
Date of Commencement: June27, 1983
Brief History: United Commercial Bank Limited (UCBL), a first generation private sector bank
in Bangladesh was incorporated in the year 1983 under the Companies Act, 1913. Sponsored by
reputed entrepreneurs of the country UCBL commenced its operation immediately after
incorporation with due permission from Bangladesh Bank.
Vision: To be the bank of the first choice through maximizing value for our clients, shareholders
& employees and contributing to the national economy with social commitments.
Mission: To offer financial solutions that create, manage and increase our clients’ wealth while
improving the quality of life in the communities we serve.
Name of Chairmen: Mrs Rokhmila Zaman
Name of Managing Director (MD): Mr. Arif Quadrui
Address of Head office: Bulus Center, Plot - CWS- (A)-1, Road No - 34, Gulshan avenue, Dhaka-
1212
Telephone No.: +88-02-55668070, +88-09610999999
Fax No. : +88-02-55668070-6000, +88-09610999911-5200
SWIFT Code: UCBLBDDH
E-mail: info@ucb.com.bd
Website: www.ucb.com.bd
Name of the Company: AB Bank Limited (ABBL).
Date of Incorporation: December31, 1981.
Date of Commencement: February29, 1982
Brief History: AB Bank Limited, the first private sector bank was incorporated in Bangladesh
on 31st December 1981 as Arab Bangladesh Bank Limited and started its operation with effect
from April 12, 1982. AB Bank is known as one of leading bank of the country since its
commencement 29 years ago. It continues to remain updated with the latest products and
services, considering consumer and client perspectives. During the last 29 years, AB Bank
Limited has opened 82 Branches in different Business Centers of the country, one foreign
Branch in Mumbai, India and also established a wholly owned Subsidiary Finance Company in
Hong Kong in the name of AB International Finance Limited. To facilitate cross border trade and
payment related services, the Bank has correspondent relationship with over 220 international
banks of repute across 58 countries of the World.
Vision: To be the trendsetter for innovative banking with excellence and perfection.
Mission: To be the best performing bank in the country.
Name of Chairmen: Muhammad A. (Rumee) Ali
Name of Managing Director (MD): Tarique Afzal

Address of Head office: BCIC Bhaban, 30-31 Dilkusha Commercial
Area, Dhaka 1000, Bangladesh.
SWIFT Code: ABBLBDDH
E-mail: info@abbl.com.bd
Website: www.abbl.com.bd
Name of the Company: First Security Islami Bank Ltd. (FSIB)
Date of Incorporation: 29 August1999
Date of Commencement: 29 August 1999
Vision: To be the unique modern Islami Bank in Bangladesh and to make significant
contribution to the national economy and enhance customer’s trust and wealth, quality
investment, employee’s value and rapid growth in shareholder’s equity.
Mission:
* To be the most caring and customer friendly and service oriented bank.
* To create a technology based most efficient banking environment for its customers
* To ensure ethics and transparency in all levels.
* To ensure sustainable growth and establish full value of the honorable shareholders and
* Above all, to add effective contribution to the national economy.
Name of Chairmen: Mohammad Saiful Alam.
Name of Managing Director (MD): Mr. Syed Waseque Md. Ali
Address of Head office: Rangs RD Center, Block: SE (F), Plot:03, Gulshan Avenue,
Gulshan-1, Dhaka-1212
SWIFT Code: FSEBBDDH
E-mail: info@fsiblbd.com
Website: www.fsiblbd.com
Name of the Company: Al Arafah Islami Bank Ltd. (AIBL)
Date of Registration: June18, 1995.
Brief History: With the objective of achieving success here & hereafter by pursuing the way
directed by Allah and the path shown by His Rasul (SM), Al Arafah Islami Bank Ltd was
established (registered) as a private limited company on 18 June 1995. The inaugural ceremony
took place on 27 September 1995. The authorized capital of the Bank is Tk.5000.00 million and
the paid up capital is Tk. 4677.28 million as on 31.12.2010. Renowned Islamic Scholars and
pious businessmen of the country are the sponsors of the Bank. 100% of paid up capital is being
owned by indigenous shareholders.

The Bank is committed to contribute significantly to the national economy. It has made a
positive contribution towards the socio economic development of the country with 78 branches
of which 21 is AD throughout the country.
Vision: To be a pioneer in Islami Banking in Bangladesh and contribute significantly to the
growth of the national economy.
Mission:
*Quality financial services adopting the latest technology.
*Fast and efficient customer service.
*Maintaining high standard of business ethics.
*Balanced growth.
*Steady & competitive return on shareholders' equity.
*Innovative banking at a competitive price.
*Attract and retain quality human resources.
*Extending competitive compensation packages to the employees.
*Firm commitment to the growth of national economy.
*Involving more in Micro and SME financing.
Name of Chairmen: Alhajj Salim Rahman
Address of Head office: Al-Arafah Tower, 63, Purana Paltan, Dhaka-1000
Tele PABX: +88-02-44850005
Fax: +88-02-44850066
SWIFT Code: ALAR BD DH
E-mail: info@aibl.com.bd
Website: www.al-arafahbank.com
Name of the Company: Shahjalal Islami Bank Limited (SJIBL)
Date of Incorporation: 1st April 2001
Date of Commencement: 10th May 2001
Brief History: Shahjalal Islami Bank Limited (SJIBL) commenced its commercial operation in
accordance with principle of Islamic Shariah on the 10th May 2001 under the Bank Companies
Act, 1991. During last 10 years SJIBL has diversified its service coverage by opening new
branches at different strategically important locations across the country offering various service
products both investment & deposit. Islamic Banking, in essence, is not only INTEREST-FREE
banking business, it carries deal wise business product thereby generating real income and thus
boosting GDP of the economy. Board of Directors enjoys high credential in the business arena of
the country, Management Team is strong and supportive equipped with excellent professional
knowledge under leadership of a veteran Banker Mr. Md. Abdur Rahman Sarker.
Vision: Most admirable brand of shariah banking & investment in Bangladesh ensuring
sustainable value for all our stakeholders embodied with human development based on morality
and ethics.
Mission:
Uncompromised quality service and customer care.
Setting high standards of integrity.
Inclusive and innovative banking.

Sustainable value for all stakeholders.
Continuous development of professionals and system up gradation to face the challenges and
drive for excellence.
System Automation and digitization adopting the state-of art technology with full proof security
to ensure fast and accurate customer service.
Human Resources Development based on morality and ethics.
Name of Chairmen: Md. Sanaullah Shahid
Name of Managing Director (MD): Mr. Muhammed Shahidul Islam
Address of Head office: DSL Building, (3rd floor) 1/C, DIT Avenue,
Dainik Bangla, Motijheel, Dhaka-1000.
SWIFT Code: SJBL BD DH
E-mail: info@shahjalalbanksecurities.com.bd
Website: www.shahjalalbanksecurities.com.bd
Name of the Company: Standard Bank Limited (SBL)
Date of Incorporation: May 11, 1999.
Date of Commencement: June 03, 1999.
Brief History: Standard Bank Limited (SBL) was incorporated as a Public Limited Company on
May 11, 1999 under the Companies Act, 1994 and the Bank achieved satisfactory progress from
its commercial operations on June 03, 1999. SBL has introduced several new products on credit
and deposit schemes. It also goes for Corporate and Retail Banking etc. The Bank also
participated in fund Syndication with other Banks. Through all these myriad activities SBL has
created a positive impact in the Market.
Vision: To be a Shari'ah based modern Bank having the objective of building a sound national
economy and to contribute significantly to the public exchequer.
Mission: To be the best Shari'ah based Islami Bank in Bankladesh in terms of efficency, capital
adequacy, asset quality, management any profitability.
Name of Chairmen: Kazi Akram Uddin Ahmed
Name of Managing Director (MD): Mr. Md. Abul Hossain
Address of Head office: Metropolitan Chamber Building (3rd Floor),
122-124 Motijheel C/A
Phone: +8802223358385 ,+8802223385106 ,+8802223357913
Fax: + 02-222297607
SWIFT Code: SDBLBDDH
E-mail: sblho@standardbankbd.com
Website: www.standardbankbd.com

Name of the Company: Trust Bank Limited
Date of Incorporation: June17, 1999
Date of Commencement: June17, 1999.
Brief History: Trust Bank Limited is one of the leading private commercial banks having a
spread network of 52 branches, 7 SME centers, 28 ATM Booths and 48 Branch POS across
Bangladesh and plans to open more branches to cover the important commercial areas in Dhaka,
Chittagong, Sylhet and other areas in 2011. The bank, sponsored by the Army Welfare Trust
(AWT), is first of its kind in the country. With a wide range of modern corporate and consumer
financial products Trust Bank has been operating in Bangladesh since 1999 and has achieved
public confidence as a sound and stable bank.
Vision: Build a long-term sustainable financial institution through financial inclusion and deliver
optimum value to all stakeholders with the highest level of compliance.
Mission:
 Long term sustainable growth – diversified business with robust risk management.
 Financial inclusion – bring unbanked population into banking network through low cost
and technology based service delivery.
 Accountable to all stakeholders – customers, shareholders, employees and regulators.
 Highest level of compliance and transparency at all levels of operation.
Name of Chairmen: General S M Shafiuddin Ahmed
Name of Managing Director (MD): Humaira Azam
Address of Head office: Shadhinata Tower, Bir Srestha Shaheed Jahangir Gate Dhaka
Cantonment, Dhaka-1206.
SWIFT Code: TTBLBDDH
E-mail: info@tblbd.com
Website: www.tblbd.com
Name of the Company: Jamuna Bank Limited (JBL)
Date of Incorporation: 2April, 2001.
Date of Commencement: 3June 2001
Brief History: The Bank started its operation from 3rd June 2001. The Bank is being managed
and operated by a group of highly educated and professional team with diversified experience in
finance and banking. The Management of the bank constantly focuses on understanding and
anticipating customers' needs. The scenario of banking business is changing day by day, so the
bank's responsibility is to device strategy and new products to cope with the changing
environment. Jamuna Bank Ltd. has already achieved tremendous progress within only eight
years. The bank has already ranked as one of top quality service providers & is known for its
reputation. At present the Bank has real-time centralized Online banking branches (Urban &
Rural) throughout the Country having smart IT-Backbone. Besides this traditional delivery point,
the bank has ATM of its own, sharing with other partner banks & Consortium throughout the
Country.
Vision: To become a leading banking institution and to play a pivotal role in the development of
the country.

Mission: The Bank is committed to satisfying diverse needs of its customers through an array of
products at a competitive price by using appropriate technology and providing timely service so
that a sustainable growth, reasonable return and contribution to the development of the country
can be ensured with a motivated and professional work-force.
Name of Chairmen: Al-Haj Nur Mohammed
Name of Managing Director (MD): Mr. Mirza Elias Uddin Ahmed
Address of Head office: Jamuna Bank Tower, Plot# 14, Bir Uttam A. K. Khandaker Road,
Block# C, Gulshan-1, Dhaka, Bangladesh
Tel: +8809610005678
Fax: 880-2-9565762
SWIFT Code: JAMUBDDH
E-mail: info@jamunabank.com.bd
Website: www.jamunabankbd.com
Name of the Company: Mercantile Bank Limited. (MBLBD)
Date of Incorporation: 20 May1999
Date of Commencement: June 2, 1999.
Brief History: Mercantile Bank Limited emerged as a new commercial bank to provide efficient
banking services and to contribute socio-economic development of the country. The Bank
commenced its operation on June 2, 1999.The Bank provides a broad range of financial services
to its customers and corporate clients. The Board of Directors consists of eminent personalities
from the realm of commerce and industries of the country.
Vision: would make finest corporate citizen.
Mission: will become most caring, focused for equitable growth based on diversified
deployment of resources, and nevertheless would remain healthy and gainfully profitable Bank.
Name of Chairmen: Morshed Alam, MP
Name of Managing Director (MD): Md. Quamrul Islam Chowdhury
Address of Head office: 61, Dilkusha Commercial Dhaka-1000
Phone: +88-02-9559333, 9553892, 9561140
Fax: +88-02-9561213
SWIFT Code: MBLBBDDH
E-mail: contact@mblbd.com
Website: www.mblbd.com

Name of the Company: Export Import Bank of Bangladesh Limited. (EXIM)
Date of Incorporation: June 2, 1999.
Date of Commencement: August 3,1999.
Vision: Together towards tomorrow.
Mission:
To be the most caring and customer friendly and service oriented bank.
 To create technology based most efficient banking environment for its customers.
 To ensure ethics and transparency in all levels.
 To ensure sustainable growth and establish full value to the honorable stakeholders and
 Above all, to add effective contribution to the national economy.
Name of Chairmen: Md. Nazrul Islam Mazumder.
Name of Managing Director (MD): Dr. Mohammed Haider Ali Miah
Address of Head office: "SYMPHONY"
Plot # SE (F): 9, Road # 142
Gulshan Avenue, Dhaka- 1212
Phone: 880-2-9889363, 9891489
Fax: 880-2-8828962
SWIFT Code: EXBKBDDH.
E-mail: corporategulshan@eximbankbd.com
Website: www.eximbankbd.com

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