City Bank Annual Report 2023

We’re not writers.
Yet we help you write your financial story!
Through our Agility!

In helping you to be a
part of City Bank in seconds!
We’re not astrologers.

Yet we give you the whole bank in your palm!
Through our commitment to Digitality!

In helping you complete your
banking needs in a jiffy!
We’re not a start-up.

Yet we focus on innovation just like an upstart!
Through our emphasis on Versatility!

In helping you make
payments in just 3 words-Twist. Tap. Go!
We’re not an airline.

Yet we connect our customers to convenience!
Through our focus on Vitality!

In helping you make your
shopping fun, fast and cash-free!
City Bank lives the spirit of Agility, Digitality, Versatility, Vitality.
This is reflected in our drive for a #DigitalBankForAll!
As a leading bank of Bangladesh, we are focused on providing a convenient, mobile-centric, feature-rich

banking experience, where our customers can have their entire banking world fit in the palm of their hand!
City Bank has served generations of customers with mindful products and solutions that enrich their life
journeys and cater to their changing needs and expectations.
We have contributed to the transformation of the banking industry through modern digital apps and
secure platform services that offer banking as a lifestyle solution, accessible on the fingertips, easy to use,
and conducted on-the-go. This has enabled our customers to consume more of our banking and payment
services seamlessly, effortlessly and conveniently.
Accompanying the surge of digital adoption and e-commerce transactions in Bangladesh, we have
ensured real-time issuance of virtual cards, representing the new digital wallet for our customers right in
their back-pocket.
The bank’s AGILITY is reflected in its swift response to market trends and customer demands. We stay
ahead of the competition by continuously introducing new products and services. CityGO is a prime
example of this endeavour, comprising an NFC tag that our customers can strap on their wrist or their
watches and make payments swiftly, securely, conveniently and on the go.
2 Annual Report 2023

Preface
DIGITALITY is deeply ingrained in every aspect of the bank’s operations. We have leveraged technology to streamline
processes, enhance customer experience, and provide seamless online banking services. By investing in robust digital
infrastructure, we have made banking simple and accessible to all, enabling our customers to perform transactions
anytime and anywhere.
VERSATILITY is a hallmark of the bank’s offerings. We have curated a comprehensive range of financial solutions, including
traditional banking services, investment products and digital payment solutions. Whatever the financial needs may be,
our diverse portfolio ensures that our customers find tailored solutions that suit their requirements. A classic case is our
Citytouch app that has come to stand for a mobile experience revolution with instant, convenient and a wide range of
banking services available at the fingertips.
VITALITY is at the core of the bank’s value system and codes. We prioritise customer satisfaction and continuously strive
to improve our services and solutions capabilities. Our dynamic customer-centric approach ensures we remain relevant
and effective in an ever-evolving banking landscape. We actively engage in corporate social responsibility initiatives,
supporting various community development projects and promoting sustainable practices.
Rooted in our pillars of agility, digitality, versatility, vitality, we have embraced the digital era, offering innovative banking
solutions while adapting to the changing market dynamics. With our commitment to customer satisfaction and forward-
thinking approach, we stand as a beacon of progress in the financial sector of Bangladesh.
Executive summary, 2023
Closing 2023, we can look back at a year that in many ways presented a challenging and unpredictable environment.
Yet for City Bank, it was a busy year as we supported our customers in navigating the complex environment, though also a successful
one as we executed on our strategic enablers and delivered satisfying financial results for the period.
Building a stronger foundation for the bank has enabled us to hold a position where we can focus entirely on the needs of our
customers and on driving our strategic developments, for instance in digital banking, green and sustainable finance, etc.
Our financial results of 2023 provide a platform for us to continue to be a valuable partner for our customers, help finance the green
transition, invest in developing our solutions, improve returns to our shareholders, and deliver long-term value to our stakeholders.
We invite you to be a part of our journey where we are building a #DigitalBankForAll!
Scan this QR code with your mobile device for

quick access to this Annual Report.
Annual Report 2023 3

Awards and Accolades
As one of the most awarded bank of the nation, City Bank believes that credible external endorsements are always a
motivating factor in the journey of accomplishing excellence. Continuing with its trailblazing path, the bank was bestowed
with a number of awards and accolades in 2023.
Best Women Program Launch Award

Financial Alliance for Women
Best Premium Banking Services in

Bangladesh
Global Climate Partnership
Asiamoney Best Bank Awards
Award
Global Climate Partnership Best Bank in Bangladesh
Fund Global Finance Best Emerging
Markets Bank
Best Premium Banking
Services in Bangladesh Syndicated Loan of the Year
Asiamoney Best Bank Awards Bangladesh
Asian Banking & Finance
Best Bank in Bangladesh
FinanceAsia Best Bank TFP Momentum Award
Awards ADB TFP Awards
2016 Best Investment Bank in

Bangladesh
FinanceAsia Country Awards
Best Consumer Digital Bank

Global Finance Award
2017

Global Finance Best
Emerging Markets Bank

FinanceAsia Best Bank
ICMAB Best Corporate Award
ICMA Bangladesh
2018 2020
Awards
Best Online Bank
2019
Best Financial Institution ICT Division of the Government of Bangladesh
of the Year
DHL-The Daily Star Best Bank in Bangladesh
Bangladesh Business Asiamoney Banking Awards
Awards
ICMAB Best Corporate Global Finance Best Emerging Markets Bank
Award
ICMA Bangladesh Best Bank in Bangladesh Best CSR Bank in Bangladesh
FinanceAsia Best Bank Awards Asiamoney Best Bank Awards
Best Bangladesh Deal Leading Partner Bank in
Summit Group’s $79.67 million 12-year and Bangladesh
10.5-year syndicated loans Asian Development Bank (ADB)
FinanceAsia Achievement Awards under Trade and Supply Chain
Finance Program (TSCFP)
Best Consumer Digital Bank
Global Finance Award

Preface
In the last 11
years City Bank
has achieved
50+ awards

FinanceAsia Country Awards
Global Finance World’s Best Best Bank in Bangladesh
Global Finance Best Bank Awards
Banks Global Finance Best Bank Awards
Best Sustainable Finance Bank in
Best Bank in Bangladesh Bangladesh Best Premium Banking Services in
FinanceAsia Country Awards Global Finance’s Sustainable Finance Bangladesh -Asiamoney Best Bank
Country Awards Awards
Best Digital Bank in Bangladesh
Asiamoney Best Bank Awards Best Retail Bank Best Innovation in Bank (City Remit)
Bangladesh – Retail Banker Asia Bangladesh Innovation Award
Best Consumer Digital Bank in Trailblazer Awards
Bangladesh SDG Brand Champion in Climate &
Global Finance World’s Best Digital Best New Islamic Banking Window Environment
Bank Award Bangladesh – Global Brands Banking & SDG Brand Champion Award
Finance Awards
Best Innovation in Banks for Best Islamic SME Bank in Bangladesh
Digital Loan Best Islamic SME Bank in Bangladesh The Asset Triple A Islamic Finance
Bangladesh Innovation Award The Asset Triple A Islamic Finance Awards
Awards
Best CSR Bank in Bangladesh Honorable Mention for ‘Financier of
Asiamoney Best Bank Awards Best CSR Bank in Bangladesh
the Year 2023 Asia’
Asiamoney Best Bank Awards
Global SME Finance Awards
Leading Partner Bank in
Bangladesh Leading Partner Bank in Bangladesh
Asian Development Bank (ADB) under Leading Partner Bank in Bangladesh
Asian Development Bank (ADB) Asian Development Bank (ADB) under
under Trade and Supply Chain Trade and Supply Chain Finance
Program (TSCFP) Trade and Supply Chain Finance
Finance Program (TSCFP) Program (TSCFP)
Product Innovation of the Year
Best Retailer Banks
Global SME Finance Awards
Bangladesh Retail Awards
SME Financier of the Year
Asia – Global SME Finance Awards
ICMAB Best Corporate Award

by ICMA Bangladesh
2023
2021
2022

CONTENT
PREFACE MANAGEMENT COMMENTARY
Cover Story 01 Statement from our Chairman 96

Awards and Accolades 04 From the desk of our Managing Director and CEO 100
Letter of Transmittal 08 Statement from the Chief Financial Officer 104
The Board’s support of value creation 09
Corporate Philosophy 10
Code of Conduct and Ethical Guidelines 12
STAKEHOLDERS INFORMATION & PERFORMANCE ANALYSIS
INTEGRATED REPORT Product & Services 108

Performance at a Glance, 2023 116
Economic and operating environment and strategic plans
120
and business outlook
Welcome to City Bank’s Integrated Annual Report 15 Our Strategic Priorities 122
Navigating through the Integrated Annual Report 18 Connecting with Our Stakeholders 123
Our Business Model 20 Shareholding Structure 125
Our Integrated Approach to Performance Management 22 Shareholding by Directors 126
Financial Capital 25 Distribution of Value 127
Manufactured Capital 28 Financial Calendar 128
Human Capital 31 Key Ratios 129
Social & Relationship Capital 34 Quarterly Performance of City Bank 130
Intellectual Capital 35 Competitive Analysis under Porter's Model 131
Natural Capital 37 PESTEL in the context of key megatrends 133
Strategy and Resource Allocation 40 SWOT Analysis 136
Deposit and Advance Strategies 42 DuPont Framework 138
Export-Import Strategies 45 Historical Performance 139
Capital Planning at City Bank 47 Horizontal Analysis 141
Vertical Analysis 143
Credit Rating of City Bank PLC 145
Human Resource Accounting 146
AGILITY DIGITALITY VERSATILITY VITALITY!
OUR FOUNDATIONS WITH IR & SDGs

Theme Stories 50
City Bank at a Glance 58
City Bank’s flywheel 60
Wholesale Banking 150
Performance Scorecard, 2023 62
Treasury & Market Risk 155
Commercial Banking 159
Supply Chain Finance 163
OUR PILLARS
The Visionary Change Makers 63

Board of Directors 64
Management Committee 68
Extended Management Committee 74
City Bank PLC- Organogram 86
We invite you to download a digital copy of this

OUR IDENTITY Annual Report by scanning this QR code on
your smart device.
Corporate Directory 89
You can also download a copy of

this report from our website:
https://citybankplc.com/report/annualreports
GOVERNANCE AT CITY BANK
Retail Banking 166

Small and Microfinance 182 Message from Our Chairman 332
SME-Medium 186 Board Leadership in Governance 333
Digital Financial Services 189 Directors’ Responsibility Statement 334
Agent Banking 194 Directors’ Responsibility Statement to Establish Appropriate
335
Support Functions 197 System of Internal Control
Directors’ Responsibility Statement on Adequacy of Internal
336
Control System
OUR OFFSHOOTS Report of the Board Audit Committee 337
Report of the Board Executive Committee 340
Report of the Board’s Risk Management Committee 341
City Brokerage Limited 237
Management Committees and their Responsibilities 344
City Bank Capital Resources Limited 240
Value creation through Corporate Governance 346
CBL Money Transfer Sdn. Bhd. 243
Corporate Governance Report 347
City Hong Kong Limited 245
Our Corporate Governance Structure 353
Ethics and Compliance 354
Human Capital Driving our Governance Standards 355
OUR RISK GOVERNANCE Internal Systems and Controls 356
Communication with Shareholders and Stakeholders 357
Redressal of Investors’ Complaints 358
Chief Risk Officer's Review on Risk Management 248
Dividend Policy 360
Risk Management Report 251
Policies and Practices of City Bank 361
-Bank's Risk Management Policy 251 Report of the Managing Director & CEO and Chief Financial Officer 362
-Bank’s Risk Management Framework 251 Declaration of non-Compliance with Regulatory Statutes
Risk Mitigation Methodology 255 363
and Mandatory Requirements
-Risk Mitigation Approach 255 Bangladesh Bank’s Guidelines For Corporate Governance
364
-Risk Management and Mitigation Tactics 255 and Our Compliance Status
Disclosure of Risk Reporting 264 City Bank PLC Corporate Governance Compliance Report 368
-Risk Profile and Risk Mitigation Process 264 Dividend Distribution Compliance Report 381
-Risk Heat Map and Key Risks 264 Going concern: Sustaining the spirit of enterprise and resilience 383
-Capital Adequacy, and Stress Testing Report 268
-Credit Risk 271
-Liquidity Risk 272
-Policy Development 272
Basel III Pillar 3: Disclosures on Risk Based Capital 273
FINANCIAL STATEMENTS
OUR ESG APPROACH

Independent Auditor’s Report 386
Sustainability Analysis 294 Consolidated and Separate Financial Statements 390
-Sustainability Framework 294 -Consolidated segment reporting 459
-Achievements and Recognitions, 2023 295 -Related party disclosures 460
-Promoting Responsible Banking through SDG Alignment 295 -Related party transactions 461
-Balance with other banks - outside Bangladesh (Nostro Accounts) 471
-Policy into Practices 297
-Investment in Shares 472
-City Bank’s Sustainability Strategy 299
-Schedule of Fixed Assets 473
-Sustainable Governance Practices 299 -Statement of Tax position 475
-Environmental Sustainability 300 -Disclosure regarding Repo and Reverse Repo 477
-Green & Sustainable Finance 300 -Geographical Segment Reporting 478
-Social Sustainability 301 Financial Statement of Islamic Banking Branch 480
-Economy Sustainability 303 Financial Statement of Off-shore Banking Unit 485
-Carbon Accounting 303 -Financial Highlights 490
-Sustainability Highlights 304 Financial Statement of the Subsidiaries 491
Corporate Social Responsibility at City Bank 306 -Statutory and Non-Statutory Investment of the Bank 575
-Healthcare support 307 -Disclosure on Derivative Investments (Financial Instruments) 576
-Environment and climate action 308 -Disclosure on large loan 577
-A better society for all 308
-Educational support 309
-Empowered Women 311
GLIMPSES
STATUTORY REPORT
Directors’ report 313 Photo Album 582

Value Added Statement 326 Branch & Sub-branch List 594
Economic Value Added Statement 327 Glossary 605
Stock Performance 328 Notice of the 41st Annual General Meeting 607
Market Value Added Statement 329 Proxy Form 609
Segment Analysis 329
Letter of
Transmittal
To
All Shareholders of City Bank PLC
Bangladesh Bank
Bangladesh Securities and Exchange Commission
Registrar of Joint Stock Companies & Firms
Dhaka Stock Exchange PLC.
Chittagong Stock Exchange PLC.
Central Depository Bangladesh Limited
Financial Reporting Council and
All other stakeholders of City Bank PLC
Sub: Annual Report for the year ended 31 December, 2023
Dear Sir(s)/Madam(s),
We take pleasure to present before you City Bank PLC’s Annual Report 2023,
along with the Audited Financial Statements (Standalone and Consolidated),
including the Balance Sheet as at 31 December, 2023, Income Statement,
Cash Flow Statement and Statement of Changes in Equity for the year
ended 31 December, 2023, along with the Notes to Accounts.
Financial Statements of the Bank (Standalone) comprise those of City

Bank On-Shore (main operations) and Off-Shore Banking Unit, whereas
Consolidated Financial Statements comprise Financial Statements of the
Bank and those of its subsidiary companies (City Brokerage Ltd., City Bank
Capital Resources Ltd., CBL Money Transfer Sdn. Bhd., Malaysia, and City
Hong Kong Ltd.) presented separately. Information in this report, unless
explicitly mentioned otherwise, is based on the financials of the Bank and
not the Consolidated Financials.
Yours Sincerely,
Md. Kafi Khan

Company Secretary

Preface
The Board’s
support of value
creation
Esteemed stakeholders,
Our Integrated Annual Report 2023 demonstrates how our purpose drives our strategy, guides our integrated approach to value creation,
and informs how we engage with stakeholders within our operating environment. The report provides material insights into the bank’s
outlook and articulates why we believe it is a sound long-term investment.
This report was prepared under the supervision of senior and executive management and subject to an internal and external review process.
As the Board, we are committed to ensuring the integrity of this report and, accordingly, evaluated the content thereof to ensure it materially
complies with the Integrated Reporting <IR> framework.
In our opinion, this report addresses all material matters and presents a balanced, fair and accurate account of the 2023 performance of
the bank and its subsidiaries. We are confident that it is a reasonable reflection of the bank’s strategic commitments for the short, mid and
long-term.
Guided by the Board Audit Committee, the Board approved the 2023 integrated report for public release on 2nd May 2024.
Aziz Al Kaiser
Chairman

Corporate
Philosophy
At City Bank, we manage our business
and people with the responsibility
of delivering sustainable financial
returns. A commitment to the
principles of good governance and
the strategic role of our Board, senior
leadership and skilled workforce
collectively contribute to shaping a MISSION
sustainable organization, anchored
on the strong foundations of our We are focused on our Mission of becoming the financial
corporate philosophy. services group of choice in Bangladesh. Towards this
extent, we intend to:
Offer a wide array of Be the ‘Employer of

products and services that choice’ by offering an
differentiate and excite all environment where
customer segments. people excel and
leadership is created.
VISION
We are driven by our Vision of emerging as a
financial supermarket with a winning culture, while Continuously challenge Promote innovation and
offering enjoyable experiences to our stakeholders. processes and platforms automation with a view
to enhance effectiveness to guaranteeing and
and efficiency. enhancing excellence in
service.
Ensure respect for

the community, good
governance and
compliance in everything
we do.

Preface
SHARED VALUES
GROWTH Our Values define the way we think, work and
act. We believe that we can realize our Vision and
Mission when the expected behavior from our
employees is clearly defined. Our core values reflect
We are committed to Shared Growth, which for
the following:
us means partnering the Government in achieving
nationalistic goals, having a positive lasting
impact on the society and delivering shareholder
value over the long-term. We possess a holistic
approach to deliver commercial returns, while
proactively responding to stakeholder needs.
We are We are ‘engaged’ and

‘results-driven’. ‘inspired’.
We are ‘accountable’ and We are ‘courageous’ and

‘transparent’. ‘respectful’.
We are focused on
‘customer delight’.

CODE OF CONDUCT
AND ETHICAL GUIDELINES
For us at City Bank, our code of conduct and ethical guidelines serve as a governing document, fostering trust, integrity and accountability
in our operations and across our wider organization. It helps us uphold high standards of behaviour, ensuring fair treatment to customers,
compliance with regulations and ethical decision-making. By adhering to our code of conduct, we are able to assuage risks, protect our
reputation and maintain stakeholder confidence, ultimately contributing to the long-term sustainability and success of the financial services
sector.
City Bank’s code of conduct is embedded in the following doctrines
Rigorous compliance with laws, regulatory guidelines and internal policies

All employees must follow and comply with the laws of the land, regulatory guidelines and internal policies, procedures and
guidelines of the bank.
Integrity of records
All employees are expected to maintain books and records with integrity and ensure accuracy and timely documentation of
all transactions, while maintaining privacy and security of customer data. As per our rules, employees are prohibited from
divulging the bank’s plans, methods, activities and other such information that is considered to be proprietary, sensitive and
classified as confidential, without proper authorization. This helps in safeguarding the integrity of our classified records and
documents.
Misappropriation of assets
Employees of the bank are strictly restricted from converting any funds or property that is not legitimately theirs for their own
use or benefit, nor are they expected to deliberately assist any other person in such misuse or exploitation.
Money laundering and terrorist financing

The bank strongly opposes all forms of money laundering and shall take all necessary steps to prevent its financial channels
from being misused by others for the purpose of laundering money. Employees responsible for opening accounts are required
to fulfill all KYC (Know Your Customer) formalities and are also mandated to review accounts periodically as per regulatory
guidelines. Further, employees are expected to remain vigilant of suspected transactions and are required to report them as
soon as they occur as per guidelines, with the aim of combating any sort of terrorist financing or money laundering activity.
Conflict of interest
Employees must not use their position in the bank for any kind of personal benefit for themselves, together with members of
their families or friends. Employees who are members of different school boards, societies or recreational bodies should be
aware of conflict of interest and declare upfront about any such conflict.
Honesty and integrity

Employees are expected to act honestly and with full integrity at all times. They should act in an upright, ethical and equitable
manner while dealing with the public and their colleagues.

Preface
Information link
Read more about our ethics and code of
conduct in the Chairman’s Statement on pg 96
Gifts, invitations, corruption or bribery

Employees are discouraged to accept gifts, benefits or any sort of invitations of questionable nature from customers or
persons with business interest with the bank. No employee may offer, give or receive any gift or payment which is or may
be construed as a bribe or corruption.
Harassment, discrimination and inappropriate behaviour

City Bank is committed to the principles of meritocracy, diversity, equity, inclusion and belonging in its employment
practices and fosters a work environment that respects individual differences. It does not tolerate any discrimination,
intimidation, harassment, bias or retaliation, whether direct or indirect, by its employees towards anyone based on
their background, gender, religion, race, color, ethnicity, national origin, age, marital status, physical condition, personal
appearance or status.
Grievance
Any employee who has grievance in respect to unfair or otherwise inappropriate treatment, action or conduct, other than
any issue relating to employment terms and conditions, and intends to seek redress thereof may submit grievance to the
Grievance Committee of the bank.
Diversity
City Bank respects employees as unique individuals with fundamental human rights, irrespective of background, gender,
religion, ethnicity, national origin, age, marital status, physical condition, personal appearance, status, race, sex, etc. It
believes that creating a work environment that enables it to attract, retain and fully engage diverse talents leads to
innovation and creativity in the services of the bank.
Work environment
It is expected that employees shall conduct themselves with the highest standards of integrity and professionalism in
the workplace, or any other location while on business, and shall ensure that none of his/her actions cause nuisance,
disturbance or debase the image, goodwill or reputation of others or of the bank. Employees shall treat all customers,
suppliers, colleagues and others with dignity and respect.
Ethical responsibility
City Bank’s goal is to do business ethically and prevent improper business conduct. Hence, the bank gives due importance
to ethical validation and appropriate authorization of all decisions and actions of its employees before they are initiated.

INTEGRATED
REPORT

Integrated
Report
Welcome to City Bank’s

Integrated Annual Report!
This report is the bank’s primary communication to our shareholders and one of the key communications to
all our other stakeholders. It has been prepared with the objective of providing a balanced, transparent and
integrated view of the organisation’s performance during the 12-month period ended 31 December 2023.
About this report also manage our trade-offs, facilitating value preservation through
ensuring better correlation of our capitals. This concept is further
This is the Integrated Annual Report (IAR) of City Bank PLC for the elaborated in our Value Creation Model presented on pages 20,
financial year ended 31 December 2023 and provides a balanced the Strategy and Resource Allocation section on pages 40 and the
and concise overview of the bank’s performance using financial, Review of our Capital on pages 47.
environmental, social and governance information. This report
uses the Integrated <IR> Framework and seeks to provide a fair Reporting boundary
account of how its resources were allocated to create value for
stakeholders. The financial reporting included in this IAR represents City Bank
and its four subsidiaries, as illustrated below. The boundary for
Value creation sustainability reporting includes reporting on the bank and its
subsidiaries, which collectively account for 100% of the consolidated
For us at City Bank, our success is contingent on our ability to create group assets. The reporting boundary remains unchanged
value and thereby serve the matters material to our shareholders compared to the previous year and there are no restatements of
and stakeholders. The value created is reflected in our ability information provided in previous reports. The bank’s operations are
to transform our capitals through our business processes and primarily in Bangladesh and those of its subsidiaries in Bangladesh,
institutional strengths into sustainable outputs and outcomes. We Hong Kong and Malaysia.
PAT, 2023
Name of entity Relationship Domicile status
(BDT mn)
City Bank PLC Parent company Bangladesh 6,151
City Bank Capital Resources Limited Subsidiary Bangladesh 152
City Brokerage Limited Subsidiary Bangladesh 61

CBL Money Transfer Sdn. Bhd. Subsidiary Malaysia 31
City Hong Kong Limited Subsidiary Hong Kong 21
Materiality • Financial Institutions Act, 2023
The bank’s leadership team has identified the issues or material • Securities and Exchange Rules, 1987
matters that could have the most significant impact on the
organisation’s ability to create value. In determining these issues, • Income Tax Act, 2023
we have considered the industry landscape, the concerns of our
• Integrated Reporting <IR> framework of the SASB
stakeholders, and our strategic aspirations and priorities.
• United Nations Sustainable Development Goals (SDGs)
Reporting frameworks adhered to:
• Banking Companies Act, 1991 (Amendment in 2023)
Independent assurance
Assurance from the Independent Auditors on the Standalone
• Bangladesh Bank Regulations
Financial Statements as per the International Financial Reporting
• The Companies Act, 1994 Standards (IFRS) is placed on pg 386.
• International Accounting Standards Assurance from the Independent Auditors on the Consolidated
Financial Statements as per the International Financial Reporting
• International Financial Reporting Standards Standards (IFRS) is placed on pg 386.

Communication concepts
Strategic focus Connectivity Stakeholder Materiality Consistency and

relationships comparability
Demonstrates how our Interrelatedness and Systematic materiality
activities are guided by dependencies shown Chapter on stakeholder assessment process Comparable information
clearly defined strategic through icons and engagement, concerns for the previous year
priorities signposting and responses provided, wherever
relevant
Report profile
Reporting period for financial and sustainability reporting:
Financial year ended 31st December 2023
Frequency
Annual
Web disclosures
This report is also published on the bank’s corporate website: www.citybankplc.com
City Bank’s SDG builder
Implement citizenship activities through a

PARTNERSHIPS partnership-based approach
Deliver shared prosperity and fulfillment in

PROFIT harmony with nature
Ensure safe, fair and meritocratic working practices

PEOPLE and dignity and equality for all
Protect the planet’s natural resources and climate

PLANET for future generations
Statement of responsibility
City Bank’s Board is ultimately responsible for ensuring the accuracy of this IAR. We hereby confirm that the 2023 report addresses all relevant
material matters and fairly represents the bank’s and the group’s integrated performance. We also confirm that the IAR has been prepared in
consonance with the guidance provided in the Integrated Reporting Framework of the International Financial Reporting Standards.
Mashrur Arefin
Managing Director & CEO

Integrated
Report
Feedback
We are committed to consistently improving the quality and readability of our corporate reporting and welcome your feedback and
suggestions on our Annual Report. Please direct your feedback to:
Md. Mahbubur Rahman

Chief Financial Officer: mrahman@thecitybank.com
Forward-looking statements
This report includes forward-looking statements, which relate to the possible future financial position and results of the bank’s operations.
These statements, by their very nature, involve an element of risk and uncertainty, as they relate to events and depend on circumstances
that may or may not occur in the future.
City Bank considers all such forward-looking statements to be applicable only as at the date of publication of this report and, as such, does
not accept any obligation to revise or in any way update information expressed in such forward-looking statements.
Partnership No
Peace, for the Poverty
Justice, Goals
Zero
& strong Hunger
Institutions
Life
Good Health
on Land 17 01 & Well Being
16 02
Life 15 03
Below
Quality
Water
Education
14 City Bank 04
Climate
impacts the
13 05
SDGs
Gender
Action
Equality
12 06
Responsible
Consumption Clean
& Production 11 07 Water
& Sanitation
10 08
09
Sustainable
Cities & Affordable &
Communities Clean Energy
Reduced Decent Work &
Inequalities Industry, Economic
Innovation, Growth
Infrastructure

Navigating through the
Integrated Annual Report
Organizational overview and external environment Strategy and resource allocation
What does the organization do and what are the Where does the organization want to go and how
circumstances under which it operates? does it intend to get there?
Referred topic Page no.

Corporate Philosophy 10
Strategy and Resource Allocation 40
Deposit and Advance Strategies 42
Export-Import Strategies 45
Economic and operating environment and
120 Capital Planning at City Bank 47
strategic plans and business outlook
Economic and operating environment and 120
Our Strategic Priorities 122
Shareholding Structure 125
PESTEL in the context of key megatrends 133
Risks and opportunities
Historical Performance 139
Principal activities of the bank (Note 1.2) 401
What are the specific risks and opportunities that
affect the organization’s ability to create value over
Governance the short, medium and long term, and how is the
organization dealing with them?
How does the organization’s governance structure
support its ability to create value in the short, Referred topic Page no.
medium and long term? Risk Management Report 251
Risk Mitigation Methodology 255
Risk Management and Mitigation Tactics 255
Board of Directors 64
Disclosure of Risk Reporting 264
Management Committee 68
Directors’ Responsibility Statement 334
Performance
Value creation through Corporate Governance 346
Corporate Governance Report 347
Ethics and Compliance 354 To what extent has the organization achieved its
strategic objectives for the period and what are its
Human Capital Driving our Governance Standards 355 outcomes in terms of effects on the capitals?
Policies and Practices of City Bank 361
City Bank PLC Corporate Governance 368 Referred topic Page no.
Compliance Report Financial Capital 25
Business model
Key Ratios 129
What is the organization’s business model? Quarterly Performance of City Bank 130
Financial Statements 385
Our Business Model 20

Integrated
Report
Outlook Basis of preparation and presentation
What challenges and uncertainties is the How does the organization determine what
organization likely to encounter in pursuing its matters to include in the integrated report and
strategy, and what are the potential implications how are such matters quantified or evaluated?
for its business model and future performance?

Welcome to City Bank’s Integrated Annual Report 15
Economic and operating environment and 120
Financial Statements (Accounting policy notes) 401
Subsidiaries Financial Statements 491
Competitive Analysis under Porter’s Model 131
PESTEL in the context of key mega-trends 133
SWOT Analysis 136
Navigating our report
City Bank Board is committed to lucid and clear reporting with easy navigation to aid information accessibility of our readers.
Our stakeholders
owth
ic gr Mo
m tiv
no a
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te
Ec
Top risks
dp
Customers Communities
eop
• Credit risk
le
• Execution risk
• Growth risk
Material matters
nce
• Strategy risk Regulators Employees

ina
• People risk
Dig
f
le
• Technology and IT risk

i
ab
ta
l
in of
• Business resilience risk
ta fer
Sus ing
s
Investors Media
Lines of business
Retail Banking City Alo SME Banking Agent Banking Islamic Banking
Corporate Banking Digital Banking Employee Banking Offshore Banking CityGem

Our Business Model
CAPITAL INPUTS
Key Driving forces of

• Macroeconomic Environment
the Business Model

• Digital Landscape
• Regulatory Impact
Human
• News and Public Perception
- Full Time Employees: 4,963 • Knowledge Based Skills Development
- Women in Workforce: 1,044 • Governance, Compliance and Conduct
- Average Training: 16Hrs/Employee • Environmental, Social and Governance (ESG) Factors
- Salaries and Benefits: BDT 7829 mn
• Credit Risk
Financial • Market Risk
Key Risks
• Operational Risk
- Balance Sheet Size: BDT 555,738 mn
• Liquidity Risk
- Shareholders Equity: BDT 37,220 mn
• ML&TF Risk
- Total Deposits: BDT 392,510 mn
• Cyber Security Risk
- External Borrowings: BDT 17,622 mn
Resource Allocation
• Credit Risk Mitigation Strategy

Strategies and
Intellectual • CASA Focus

- Trusted Bank for 3 Generations • SME Portfolio
- Strong Digital Footprint • Technology Driven
- Recognized Brand Image • Green Finance
- In House Innovation Competitions • Cross Selling
Services Offered
Infrastructure
- Number of Branches: 134
- Sub-branches: 40
Cor
- SME unit Offices: 220 ing po
nk Ban rate
- ATM & RATM: 415
ail Ba king
- Agents Outlets: 535 Ret
- Digital Banking Ecosystem: CityTouch for
individual customers and City Live for Raising funds
Corporate Customers and deposits
from surplus
units (people who
n
Facilitate
ediatio
have excess money)

Interm cial
Payment and which generated interest

Bankin
SME
Transaction Services
Finan
expense
Natural
g
Business
- Consumption of Natural Energy Process
-Solar Energy Capacity in 2023: 36.82 kW
Offer various Non Invest the
Funded Services deposited money
such as LC, BG in a responsible
and Card services manner to generate
which generate maximum Interest
Cu rvic
em y
t
en
ag ur
Commission Income
sto es
Se
an as
Social and Relationship income

M Tre
dia
- Investment in CSR: BDT 115.23 m

l
- Partnership with Government entities

- Valuing both internal and external
stakeholders Non Funded
- Strong relationship with clients Services

Integrated
Report
OUR OUTPUTS SDG GOALS

IMPACTED
Human STAKEHOLDERS Human
- Profit per Employee: BDT 1.24 mn IMPACTED
- Women in Workforce: 18%
- Retention Rate: 1.9%
Human:
1. Customers
Financial
2. Board & Management
- Total Profit: BDT 6,151 mn 3. Employees
- Loans and Advances: BDT 396,078 mn Financial
- Market Capitalization: 26,207
- ROE: 17.6%
- Dividend Declared: 25% Financial
- P/E Ratio: 4.3
1.Shareholders/Investors
2. Customers
Intellectual 3. Employees
- 50+ Awards in last 11 years 4. Regulator
- Best Bank In Bangladesh according to Global
Finance Best Bank Awards Intellectual
- SDG Brand Champion in Climate and
Environment
- SDG Brand Champion Awards Intellectual
- Leading Partner Bank in Bangladesh
1. Customers
according to ADB
2. Board &Management
3. Employees
Infrastructure
Infrastructure
- Number of Customers: 2.5 m
- Total Number of Transactions from
Branches: 9.4 m Infrastructure:
- Number of Retail Loans Processed: 33,862
- Number of SME-S loans processed: 1,519 1. Local Communities
- Transactions in CityTouch: 22.2 mn 2. Customers
3. Employees
Natural
Natural
Natural:
- Green Investment Portfolio: BDT 23,046 mn
- Sustainable Investment Portfolio: BDT 362,060 mn 1. Local Communities
- Reduction in Fuel consumption: 27,790 liters 2. Customers
- Solar Energy Production: 436.8 kwH 3. Employees
- Ranked as the Top Sustainable Bank in
Bangladesh
Social and Relationship: Social and Relationship

1. Local Communities
Social and Relationship
2. Customers
- Donation to Prime Minister’s Relief 3. Government
Fund: BDT 65.5 m
- Number of beneficiaries: 76,033
- Events Organized: 63

OUR INTEGRATED APPROACH TO
PERFORMANCE MANAGEMENT
Driving positive outcomes across the bank
At City Bank, we plan our resource inputs in the form of various better align to the way we measure and report our performance
capitals, namely our financial strength, physical network, valued consistently across functions. The table below establishes the
people, robust relationships, and our intellectual, natural, and relationship between various components of our business and the
strategic capitals. This is part of our integrated approach to impact indicators that contribute to City Bank’s financial and non-
managing and driving performance and to address the expectations financial performance.
of our critical stakeholders while effectively responding to various
market trends. By coordinating plans throughout our main markets, Our 2023 integrated reporting approach is themed around our
balancing financial and non-financial performance measures, and fundamental values, which have successfully guided us through
coordinating efforts across our business’s mission-critical divisions, uncertain times, primarily characterised by monetary tightening
we manage our operations in a seamless manner. through frequent changes in key policy rates that has been
witnessed in Bangladesh and elsewhere in the world. It also
In 2023, we continued to engage in our consolidation and mapping emphasises on our practical approach to living our values every
exercise to reconcile various indicators that we track and measure day and making choices that are consistent with our time-tested
against our strategic themes, material matters and capitals, also governance procedures, stringent ethical standards, and meticulous
establishing alignment with specific shareholder and stakeholder business conduct. Among our most important tangible focus areas
expectations. As a result, some of the indicators that we had that are a major part of our integrated approach to performance
reported in 2022 may have been either excluded or redefined to management are the following:
Performance with Workforce develop-

Conformance ment and DEI
Digital + physical Digital + physical

network network
Digital products
and services
Financial inclusion Trust-building

and mobility with stakeholders

Integrated
Report
Fostering value through our six capitals
Organisations depend on various forms of capital for sustainable value creation. In the International
<IR> Integrated Reporting Framework, these capitals are defined as Intellectual, Manufactured, Human,
Social & Relationship, Natural and Financial. City Bank is no different as value is generated through
impacting the various stocks of capitals leading to financial and non-financial outputs and outcomes.
The bank’s business model on page 24 detail the integration of these six capitals into our business. The
icons below serve as a distinguishable illustration to these six capitals within this report.
Financial Capital
Our management of capital flows ensures a healthy balance sheet and sustains our
ability to invest in future growth while meeting the banking needs of our customers.
Maintaining a strong capital position allows us to deliver monetary value to our
shareholders, as well as to help other capitals contribute to the overall performance
of the organisation and deliver sustainable returns to our stakeholders. Additionally,
managing our financial capital positively impacts the stability of the Bank, Group as
well as the stability of the nation.
Manufactured Capital
Our physical networks and digital/technological capabilities form the critical

infrastructure needed to achieve high operational performance. Digital infrastructure
in particular allows us to unlock the potential of our other capitals and is especially
important for our sector to create safe, secure, and superior customer experiences.
Our manufactured capital also helps to improve financial inclusivity and economic
mobility through the creation of opportunities for expanding the scope of our
financial services delivery model.
Human Capital
Human capital is the most critical input of our business and our focus is not just
on building a productive, skilful and engaged workforce, but also preparing them
to survive and compete in the disruptive marketplace of the future. This is at the
heart of our workforce futurization focus. A nurturing environment and empowering
culture allow our people to seamlessly deliver to organisational needs and
expectations, while also catalysing their own personal and professional growth. Our
ultimate objective is to improve our human capital development, diversity, inclusion
and well-being of our staff and co-workers.

Social & Relationship Capital
Our brand and reputation are strengthened by the relationships and the trust that
we build with our stakeholders. Being a top regional bank, relationship equity help
forge partnerships, expand our customer base and build ecosystems with shared
purpose, principles and progress. We work with our wide network of stakeholders
to create a stable and progressive financial services environment in Bangladesh.
Our regional network and brand equity improve our social and relationship capital
while strengthening our position in Bangladesh.
Intellectual Capital
As a focused banking group, we rely on our knowledge repositories, experience,

unique systems, technologies, and our innovative processes to create a robust
competitive differentiation setting us apart from competitors and giving us a value-
advantage.
Natural Capital
Our operations consume water, energy and other resources and produce waste.
Yet, being in the services industry our typical carbon footprint is negligible. Our
management of natural capital rests on minimising our direct and indirect negative
footprint across the value chain and creating positive handprints through strategic
business interventions. It also includes our investments into priority SDGs and asset
allocation as per our green and sustainable impact products and services.
24
Integrated
Report
At City Bank, we are consistently focusing on

Financial optimising our asset-liability management
strategies to drive long-term sustainable returns for
Capital our shareholders and other stakeholders.
Material issues addressed Analysis of key metrics

• Liquidity management Reinforced by strong improvements in all four key income sources
• Capital allocation - net interest income (NII), net fee and commission income, as well
• Strategic planning and budgeting as other operating income, City Bank’s gross income rose almost
• Stress-testing 12% to BDT 27,606 mn for 2023, up from BDT 24,588 mn reported
• Credit risk management in 2022.
• Regulatory compliance
• Financial reporting Performance snapshot 2023 (BDT mn)
SDGs impacted
15,831 6,840 223

Net interest Net fee and Other
income commission income income
Key highlights
BDT 555,738 mn
Total balance sheet 1,524 14,108 4,529
Impairment charges Operating expenses Tax expenses
174.6%
Liquidity coverage ratio
4.5% 6,151
Net interest margin
PAT
Net Interest Income (NII)

Strategic objectives
• Financial excellence NII increased in the year under review from BDT 12,359 mn in
• Cost management 2022 to BDT 15,831 mn in 2023, exhibiting a 28% growth over
• Business resilience the period. Interest income attributed to loans and advances
increased owing to the bank’s decision to prudently manage
the lending activities even amidst the macroeconomic stress,
though the impact of this approach was somewhat sobered
by the continuous upward movement in market interest rates.
However, even as the policy rates kept pushing upwards
throughout the year, the bank focused on frequent repricing of
the loans and advances portfolio during 2023, which contributed
to growth of NII during the year.
Similarly, interest income from Treasury bills and bonds increased

due to the unprecedented rate hikes in 2023. As a result, interest

income for the year 2023 reached BDT 33,790 mn, denoting an focused credit expansion activities, especially with the growing
increase of 32% over the previous year. opportunities in the retail credit and public sector spaces.
However, interest expenses too saw an increase as banks were Deposits (liabilities)
compelled to raise interest rates on deposits, in line with the
Treasury bill rates. With sound readjustment from the point of On an overall basis, the total deposit base of the bank crossed BDT
benefitting savers and depositors, we realigned liability rates. This 392,510 mn during 2023, from the BDT 331,890 mn recorded at
proposition resonated with customers as the bank’s term deposit the end of the previous year, the deposit base reflected a growth
base increased by BDT 32,575 mn while the CASA balances also of 18%. A strong brand and the strength of the deposit franchise
rose by BDT 28,045 mn during the year. The bank’s CASA as a enabled the bank to garner increased deposits, higher than the
proportion of overall deposits is 50%, indicating a more competitive industry average. Further, the bank’s large variety of deposit
and cost-effective fund (liability) position. products, including attractive term deposits, remained a big draw
for customers looking to park their funds, including surplus funds,
Proactive and timely asset and liability management thus ensured into a productive income-generating source. The bank’s total
that the escalation was well-managed throughout the year. depositor base stood at 2.3 mn at the close of the year in review,
Furthermore, with interest income outpacing the interest expense, up from 1.9 mn in the prior year. Deposit rates during the year
NIM for the reporting period reached 4.5%, 80 bps higher than the increased by 30 basis points to stand at 3.5% (avg.) at the close of
NIM registered at the end of 2022. Compared to the other private the year.
sector banks in Bangladesh, this is amongst the top-tier NIM in the
industry. Equity
Operating expenses Total equity of the bank increased by BDT 4,375 mn to reach BDT
37,220 mn at the end of 2023. Profit after tax recorded for the year
Operating expenses increased by 11% in 2023, amidst a general 2023 contributed towards the growth in total equity.
inflationary environment. Higher operating costs were primarily
attributable to higher personnel costs and a culmination of other Capital and liquidity
price increases that also drove up other operating expenses.
The bank remained well-capitalised in 2023, with no major
Compared to the previous fiscal year, salary costs grew by 12% in
requirement for capital infusion during the year. All key capital ratios
2023, mainly owing to salary increases. Other operating expenses
were consistently above the minimum regulatory requirements. As
also increased by nearly 10% due to a combination of inflationary
at 31st December 2023, the Tier-I Capital Ratio was at 11.0%, while
conditions and the high cost of imports precipitated by the
the Total Capital Ratio was at 15.8%, both comfortably above the
devaluation of the BDT against the USD.
regulatory minimum of 8.5% and 12.5%, respectively. The bank’s
leverage ratio as at the end of December 2023 stood at 5.70%, well
Taxation
above the regulatory minimum of 3.25%.
Total tax expenses of the bank for 2023 was BDT 4,529 mn, up
The bank’s Statutory Liquid Asset (SLR) stood at BDT 73,005 mn
from BDT 4,376 mn in the prior year period. Effective tax rate of the
at the end of reporting year, ahead of the regulatory minimum
bank stood at 43.9% for the year.
requirement of BDT 49,772 mn. Similarly, the Liquidity Coverage
ratio and the Net Stable Funding ratio, at 174.6% and 106.52%,
Profitability respectively, were both well above the minimum regulatory
City Bank posted PAT of BDT 6,151 mn for the year in review. This requirement.
compares well to the BDT 4,508 mn registered in the previous
year, denoting growth of 36% over the prior year. Furthermore, the
bank’s EPS also rose by 36% to BDT 5.02 in 2023, up from BDT 3.68
in the previous year.
Asset base
11.0% 15.8%
Total assets of the bank grew by 10% during the year under review Tier-1 CAR Total CAR
to reach BDT 555,738 mn on 31st December 2023, up from BDT
506,847 mn registered during the previous year-end. The increase
in cash and cash equivalents as well as net loans and advances
Dividend
contributed to the aforementioned growth.
The Board of Directors has recommended 15% Cash Dividend & 10%
Loan growth
Stock Dividend for the financial year ended 31st December 2023,
The bank’s gross loans and advances increased to BDT 396,078 subject to the approval of the shareholders at the forthcoming
mn at the end of 31st December 2023, up from BDT 354,774 mn Annual General Meeting. The dividend pay-out ratio for the year
as at end of December 2022. This growth is consistent with the ended 31st December 2023 works out to 49.8% (2022: 32.0%).
bank’s conscious decision to manage lending and engage in more

Integrated
Report
External rating excellent position in terms of liquidity, internal fund generation, and
access to alternative sources of funds.
In the latest credit rating in May 2023, Credit Rating Agency of
Bangladesh Limited (CRAB) continued the long term rating of City
Group performance summary
Bank as “AA1” and also short term rating as “ST-1”. The rating was
assigned considering the bank’s strong capital base, relatively low
Despite the adverse economic landscape, both in Bangladesh and
large loan concentration, provision cushion for loans and advances,
low-cost stable deposit base, operational efficiency in cost-to- globally, all subsidiaries of City Bank reported acceptable financial
income ratio, and sound liquidity ratio. performance for 2023. A brief overview of the performance of
subsidiaries is given on pages 491 to 574 of the Annual Report. At
Long term rating of “AA1” reflects the bank has very strong capacity
the consolidated level, consolidated profit before tax for the year
to meet its financial commitments with low credit risk. With this
latest rating, the bank is one notch closer to the highest credit under review was BDT 11,086 mn and profit after tax of BDT 6,385
rating possible. Short term rating of “ST-1” indicates stable outlook mn, compared to BDT 9,378 mn and BDT 4,781 mn, respectively,
having highest capacity for timely repayment of obligations with for 2022.
Way Forward
• Strategically diversify the lending approach to boost interest income and fortify the asset base
• Minimise the maturity mismatches between assets and liabilities to optimise liquidity and control cost of funds
• Ensure ongoing cost saving initiatives, mainly digitisation of the bank’s processes aimed at lowering operating expenses
• Review provisioning requirements more frequently to make necessary adjustments to safeguard quality of the loans and
advances portfolio

Aligned with our growth aspirations, we are
Manufactured constantly expanding our bank footprint and
customer touchpoints, focusing on financial
Capital inclusion and empowerment of the unbanked and
underbanked populations, while also serving our
customers with a larger array of banking products.
Material issues addressed
• Brand management Branch network
• Branch/ATM footprint
• Digital channels City Bank’s network of 134 full-fledged branches spanning all 64
• Contact centre districts/zilas of the country have long been the mainstay of the
• Grievance resolution bank’s operations. Over the years, the branch network as a whole
• Diverse products and solutions has been subject to evolutionary cycles, which is demonstrative
of the bank’s commitment to resilience and swift adoption of the
latest local and global banking practices.
SDGs impacted The year 2023 marked an important phase in this journey, which
saw the functional role of the branches being refreshed. The
operational transformation process is to drive core business
activities across all the branches in addition to all the back-office
functions that are typically handled by these branches. These
operations are centralised and under control of relevant authorities
at the bank’s head office.
All internal documentation and record-keeping processes are being

digitised, enabling swift and error-free reconciliation, etc. Routine
Key highlights balance confirmation requests and handling other customer
requests, etc. are conducted at the branch operations too. These
134
initiatives align with the bank’s efforts to drive operational
efficiency and manage branch overheads, which has led to the
Total branches centralisation of specialised activities, such as credit evaluation
and disbursement. Centralisation of such functions have helped in
streamlining and modernising the work of branch teams to enable
40 them to be redeployed towards more value-adding tasks, including
driving core business activities such as customer engagement for
Sub-branches business expansion.
535 Geographical distribution of our branch network
Agent banking network Region Branch footprint

Barishal 2
Chattogram 37
Dhaka 62
Strategic objectives
Khulna 6
• Service excellence
Mymensingh 2
• Customer experience
• Cost management Rajshahi 9
Rangpur 4
Sylhet 12
In 2023, a strategic new branch was established at Bangabandhu

Sheikh Mujib Shilpa Nagar to create easy and quick access to banking
services among companies and people working in the largest
economic zone of the country. Furthermore, 18 new branches of
the bank were enabled with foreign currency transactions, thus
taking the total count of branches dispensing this service to 45, or
almost one-third of our total branch network.

Integrated
Report
The environmental footprint of our branch operations is crucial to only cash withdrawals, steps were being taken to introduce the
us. In this regard, we took the initiative of installing solar panels on more versatile Smart ATMs that are equipped to handle both cash
the rooftop of 19 branches to ensure these premises generated withdrawals as well as cash deposits. As many as 64 CDMs were
and consumed a clean and green source of energy. Plans are afoot replaced with Smart ATMs during the year.
to install solar panels across our wider branch footprint too.
Further, the green PIN enablement is a key addition to the bank’s
In an interesting financial services intermediation strategy, City value-added service portfolio offered through the ATM network.
Bank pioneered the sub-branch network, which are smaller yet The green PIN is designed as a safe and secure mechanism to allow
well-equipped branches located in areas that are sub-urban or customers to change their debit card PIN using any City Bank ATM
rural which are low footfall but fulfill an acute need for banking – a process that has proven to be efficient and more cost-effective
amongst the local people. Establishing the right market fit, the solution for the bank to eliminate the need for the customary
bank inaugurated as many as 28 new sub-branches during the printed PIN notifications.
year, taking the total to 40 as on end-2023.
The bank’s ATM network is a part of the Alternative Delivery
ATM network Channel (ADC) and has been branded as “City Smart” to reflect the
smart propositions offered by the machines.
City Bank’s ATM network serves as a key driver in of the bank’s
overall value proposition. Given that it remains one of the most Agent Banking channel
visible and patronised customer touch-points, the bank maintains
a clear expansionary policy to grow its ATM network in order to City Bank’s Agent Banking channel is a unique new concept
reach out to more and more Bangladeshis around the country. As introduced to the local banking sector as a proactive response
much as BDT 297 billion worth of ATM transaction volumes were to the national endeavour to promote greater financial inclusion
achieved in the year. among unbanked and underbanked populations of the country.
City Bank’s ATM currently comprises 293 “Smart ATMs” that are Anchored on the insights of the first rollout, a strategic decision
equipped with real-time cash deposit option. Ongoing investment was made to expand the modalities of the channel with a view to
in the latest technology is aimed at ensuring the ATM network is scaling up the operations. Towards this end, the bank appointed
continuously upgraded to correlate with customer needs. Towards sub-agents who are authorised to offer basic banking services
this end, the bank has rolled out many upgrades in the past, but the (accepting cash deposits to savings and current accounts and
most notable in recent times is the initiative to replace traditional facilitating cash withdrawal from savings accounts) to City Bank
ATMs with more versatile CRMs or cash recycler machines. customers. A formal operational protocol encapsulating the
administrative controls was also developed in order to ensure
Since traditional ATMs are restricted in their ability to accommodate effective control and governance is maintained at all times.
City Bank established 22 new agent banking centres in 2023, taking up the total count to 535 by the end of 2023.
Expanding the bank’s operational footprint
2021 2022 2023
New branches established - 1 1
New sub-branches established 12 - 28
New agent banking centres established 79 18 22
New ATMs established 34 23 71
Digital channels As part of the ongoing digital channel augmentation strategy,

several new initiatives were undertaken in 2023. For example,
Since becoming one of the very first local banks to enter the digital Citytouch digital banking app was launched as the first virtual
banking space in Bangladesh, City Bank has time and again proven debit card product of the country, in partnership with major
itself to be among the top digital banks in the country. The bank card networks such as American Express, Visa, MasterCard
has embraced a holistic approach to bolster its digital channel and UnionPay. This unique product has enabled our customers
architecture based on its broader objectives to enhance customer to create a virtual debit card instantly from their Citytouch
convenience, drive customer digital adoption, and also to promote app and enjoy all the benefits of a hard (plastic) debit card,
greater financial inclusion across Bangladesh. Furthermore, there minus the hassle of physical visits to a branch. Furthermore,
are environmental advantages too as digital channels help offset City Bank also partnered with the government to become
the need for paper consumption. an integral part of the Universal Pension Scheme (UPS) and

enable all its channels, both digital and physical, to facilitate major payment gateways of the country, the POS and Bangla QR
this service for customers. terminals are enabled with transaction processing capability of all
major global payment partners.
City Bank’s merchant business, facilitated by its extensive POS,
QR and e-commerce network, holds the largest acquiring footprint In a significant breakthrough of the year, City Bank achieved the
in the country. Being the only issuing and acquiring partner of highest ever transaction volume of BDT 75.6 billion across its
American Express network in Bangladesh, the bank has positioned merchant network, making it a pioneer in the industry. This is also
itself strongly in merchant acquiring network in the industry. While a showcase of the bank’s robust technology infrastructure.
e-commerce is seamlessly facilitated through partnerships with
Transactions made through Citytouch (BDT mn)
2020 2021 2022 2023

81,719 180,320 352,220 646,386
Way Forward
• Improving the customers’ digital experience via the branch network will remain a key priority going forward
• Focusing on increasing digital adoption among customers from all around Bangladesh
• Actively pursuing opportunities to enhance the suite of value-added services made available to customers through our
City Smart ATM network
• Focus on further upgrading our call centre to enable a larger number of service requests to be executed through this
network, thus aiding customer convenience

Integrated
Report
Our skilled employees and their expertise and

Human dedication are vital for achieving operational
efficiency, innovation and sustainable growth.
Capital We strive to nurture and empower our people
competence to strengthen our competitive position
and foster a culture of all-round excellence.
Material issues addressed
• Career development Our people-centric approach
• Learning and training
• Fair compensation Transparency and best practices are fundamental principles that
• DEI principles frame City Bank’s approach to managing its human capital. The bank
• Team engagement has always given the highest priority to complying with all applicable
• Bonding and collaboration laws and also the enactment of new regulatory developments. The
bank has also demonstrated openness in the adoption of best
practices to create a world-class work environment that allows
employees to grow and thrive in a modern workplace.
SDGs impacted
Thus, leveraging our human capital is a key business imperative
and the principle of always putting people first guides all of the
bank’s policies. Our constant endeavour is to foster a work culture
that promotes collaboration, innovation, high performance, agility
and adaptability. This has led us on a path of a new world of
possibilities, requiring us to work on a new set of challenges for a
future-ready workforce.
Talent management
Key highlights
At City Bank, building an A-class top-performing team begins
4,963 with recruiting the right talent that aligns to the core culture and
temperament of our organisation.
Total employees
88% Islam, 12% Others

Diversity mix
724 222 38
8 years New recruits in
2023
New female recruits
in 2023
Avg. organisational
age
Organisation tenure (avg)
Over the years, we have refined our recruiting process to include

a combination of various internal and external fulfilment factors.
We ensure proactive hiring, building campus relationships, and
Strategic objectives increasing our geographical hiring footprint. Our recruitment team
hires full-time associates based on forecasted demand. We engage
• People retention
early with different campuses and universities by conducting
• Career fulfillment
relevant engagement programs. We also make lateral hires for
• Rights and dignity
mid- and senior-level experts to fill important positions in our bank.
We also have a career acceleration and promotion framework that

helps our talented employees fast-track their careers. We enable
upskilling and offer a wide range of learning and development
programs too that fast-track the professional and personal
progression of our talents.
Learning and development (L&D)

We endorse the belief that skill is the new source of competitive
value, especially in a rapidly-evolving world with digitalisation

being an imperative. We thus focus on developing a tomorrow- We utilise the following levers to ensure continuous learning, which
ready organisation and harness our approach through opening up enables our employees to adapt to a fast-paced and dynamic
learning, training and development for employees across all levels environment:
and categories across the organisation, giving thrust to continual
learning and development. • Transforming our business through workforce futurisation
We have also built new-age learning ecosystems that facilitate • Managing talent, encouraging innovation, sharing knowledge,
speed of learning while ensuring best-in-class learning and identifying key employees in various areas across the
experiences. We thus provide interactive and contextual upskilling
organisation
of our associates in a format aimed at developing well-rounded
professionals with deep skills in finance and technology. We enable • Embedding our culture in line with the bank’s governance
them with curated learning pathways with access to best-in-class
standards, which include our corporate culture and Code of
learning content and ongoing assessments, thus helping map their
Conduct
journey in learning and upskilling.
Our central endeavour is to equip our people with deep domain Digital learning management system
skills and other functional competencies, including professional,
behavioural and leadership, that prime them for long-term City Shikhi, our digital learning management system has ushered
success. We thus have a prioritised focus on updating learning a new way of learning and engagement for our employees. This
methodologies through innovative approaches and deploying high- holistic digital learning platform empowers our employees in terms
quality course content that enable individual, group and even peer of enabling them to participate in diverse trainings and learning
coaching. We thus constantly mould our training, coaching and exposures.
tutoring functions to deliver a learning edge to the organisation,
which eventually benefits our customers and the bank as a whole. The possibility of City Shikhi is virtually limitless as it gives the
opportunity for our employees to go beyond designated and
City Bank has implemented several innovative programs and functional roles and to learn more about banking as a subject.
initiatives to reinforce the bank’s employer brand and attract the Through continuous tracking of employee learning progress, new
right talent. Such programs include campus hiring, management
initiatives are taken to enhance efficiency and the ability to learn to
trainee recruitment, intern recruitment, ‘Meet the CEO’ program,
constantly shift with and even shape the environment.
etc. These platforms not only help in facilitating talent recruitment,
but also in building a strong connect with people while providing
The bank is undertaking the work of developing a virtual library with
them a clear pathway for career progression.
knowledge respiratory management system and blended learning
programs that will enable our teams to meet the competency
requirements of the bank.
Diversity, inclusion and belonging
101,930 6,217 At City Bank, fostering of an inclusive, empowering and enriching

workplace environment is prioritised in order to acknowledge and
Total training hours Training offered to appreciate the distinctiveness of each individual member of our
in 2023 participants in 2023 team. Our organisation prides itself in being consciously diverse
and inclusive, fostering a sense of belonging and empathy. The
The bank offers multi-category training, including functional,
general and soft-skills training under a variety of mediums, including integration of diversity is a fundamental aspect of our strategic
classroom, webinars, e-learning modules and international training approach and is ingrained in our organisational framework.
exposures. Employees are encouraged to learn at their own
We have always sought to create and utilise the opportunity to
pace, while functional training is made mandatory to fill in the
competency and skills gaps. enhance our efforts in promoting diversity and inclusivity within
our bank. We are implementing flexible arrangements with a focus
City Bank established 22 new agent banking centres in 2023, on work-life integration in order to attract individuals from diverse
taking up the total count to 535 by the end of 2023. backgrounds with the aim of fostering a wide range of perspectives
and ideas.
Expanding the bank’s operational footprint
Our D&I agenda encompasses not only the associates, but also
Training extends to various stakeholders within the value chain, including
Institutes Sessions Participants
hours customers, suppliers and communities. We strive to ensure
In-house 519 28,248 97,304 equal opportunities for employment and the opportunity to have
one's voice heard. We have implemented a comprehensive set
BIBM & Bangladesh Bank 49 267 2,856.5
of practices aimed at addressing the diverse needs and interests
Other institutes 30 182 1,769.5 of our various stakeholders. In effect, our efforts are focused on
creating a large and distinct workforce that mirrors the diversity
Total 598 28,697 101,930
and distinctiveness of our customers.

Integrated
Report
City Bank aspires to achieve 20% female representation in its Representation in No.
workforce by 2027. Female representation at the bank among all
employees in 2023 was 18% (1,044 females), up from 17% (997 Board 3 out of 10
female) in 2022. MANCOM 2 out of 20
EMC 4 out of 35
No. of females at City Bank
2023 2022 2021 Fair compensation and benefits

No (%) No (%) No. (%) Fair compensation at City Bank is a material matter and a key
part of our human capital strategy. We believe in providing fair
1,044 18% 997 17% 921 17% compensation and benefits to our employees and regularly
review our compensation to ensure it is competitive and aligned
City Bank’s Board and leadership ensure meaningful representation to industry standards. We also provide a comprehensive benefits
of women too. The Board, MANCOM, and EMC female package, including health and wellness programs, retirement plans
representation is shown hereunder: and employee assistance programs.
Health & Wellness

Medical Insurance
Maternity Benefit
Emergency Support Fund
Travel & Transfer Allowance
Life Insurance Coverage Transportation expense
Day Care Facility Daily allowance
Lodging expense
Packing/Unloading expense
International travel
Loan Facilities
Home Loan
Car Loan
Long Service
Two Wheeler Loan My Benefit Gratuity
Secured Facilities
PF Loan Basket Provident Fund
Employee Privilege Long Service

Waiver on account charges Annual
Free Debit Card Maternity
Waiver on Credit Card annual charge Casual
Seasonal discounts Public Holidays
Medical
Extraordinary leave
Bonus and Recognition
Performance Bonus
Festival Bonus
Robust Reward & Recognition Program
As part of service utility, City Bank provides a range of useful Total number of female employees who availed maternity leave
benefits to employees, enabling them to ensure proper work-life
integration as well as find balance in their day-to-day activities. We 2023 2022 2021
have also crafted a few thoughtful initiatives that are supportive of 64 98 88
our employees in their work hours. Day-care facility
Maternity leave benefits City Bank has established safe and well-equipped day-care facilities
at two locations in Gulshan (operational since 2013), and the other in
All female employees of the bank are entitled to avail maternity Motijheel (operational since 2023). We have 20 reserved seats in our
leave on full pay for 6 months. This goes beyond the provisions of day-care centres for our employees. City Bank bears 65% of the cost,
the Bangladesh Labour Act. Maternity leave can be availed twice thereby ensuring subsidised day-care facilities for our employees.
during the employees’ tenure in the bank.

Though we are in the services industry, our
Social and operations are dependent to some extent on
various natural resources. Yet, we are continuously
Relationship balancing sustainable practices and resource
efficiency to preserve precious resources and
Capital minimise our ecological footprint.
Material issues addressed Nurturing relationships for sustainable growth

• Net-zero target We are committed to growing with our customers. In 2023, we
• Stakeholder engagement refocused on elevating our relationship with our customers in
• Business ethics and transparency the true spirit of financial inclusion and empowerment. Despite
• Supply chain engagement the global headwinds, we remained steadfast in the belief that
• Risk management customer focus can result in superior performance. Furthermore,
• Community support digital initiatives and platforms served as a major backbone in
expanding and achieving a new customer base, enabling more
customer-centric engagements, especially with the youth.
SDGs impacted Fostering sustainable communities
Our overarching vision is to be the benchmark for sustainable
value creation, and corporate citizenship is underpinned by our
resolve to work with excluded and underprivileged communities.
Our corporate social responsibility (CSR) initiatives aim to create
deep-rooted social capital through our plans and activities. We run
a number of programs and activities in this realm that reinforce
grassroots communities and we either engage in these programs
through our own resources or in partnerships with others,
Key highlights especially foundations that have an extensive reach at the rural
level. Furthermore, we focus on linking our activities in relation to
SDG impact. Such a linking has enabled us to measure our impact as
76,033+ well as to reinforce the same to create more beneficial outputs and
outcomes. A detailed review of our CSR activities are mentioned
CSR beneficiaries
elsewhere in this report.
BDT 115.2 mn Compliance and ethics
CSR investment Banking in general is a highly regulated industry in Bangladesh with

numerous laws, measures and protocols that govern its operations.
2.5 mn+
City Bank, by virtue of its sheer scale and diverse operations, is
subjected to multifarious regulations which requires a rigorous
Total customers understanding of complex legal and regulatory landscapes.
Within this highly regulated sphere, compliance emerges as the
quintessential watchtower, fostering a culture of accountability,
safeguarding the bank’s integrity, and fortifying stakeholder trust.
Compliance at the bank is rooted in its code of conduct, which
Strategic objectives unequivocally mandates adherence to the law of the land.
• Strengthening societal grassroots The compliance function assumes a critical importance within
• Empowering communities the organisation. By closely monitoring legislative changes and
• Employee volunteerism best practices, the function helps the organisation anticipate
and adapt to evolving compliance requirements. It assists us
to mitigate the risk of potential litigations, penalties and even
punitive action by identifying the potential gaps in compliance,
assessing their implications on organisational performance and
reputation, and even recommending corrective measures. We
maintain transparency and communication with our stakeholders,
informing them of our unwavering commitment to operate within
the confines of the law.

Integrated
Report
Our intellectual capital encompasses our wealth

Intellectual of knowledge, expertise and digital banking assets
and technologies, driving innovation, operational
Capital efficiency and creating the organisation fit for the
future in a sustainable manner.
Material issues addressed Strengthening City Bank brand

• Digital offering At City Bank, we aspire to be among the top banks of Bangladesh.
• Innovation capacity We have consistently utilised technology and innovation to build
• New market launches a rich portfolio of both liability and loan products. New products
• Green and sustainable finance developed by the bank are aimed towards gaining market share
• Ethics and compliance and ensuring high standards of customer convenience in meeting
• Governance excellence their demands and expectations.
We continue to strengthen the City Bank brand identity to reflect a

world-class bank anchored on traditional values. It is our endeavour
SDGs impacted to reinforce our bank’s unique brand identity as Bangladesh’s
most digitally equipped commercial bank, while retaining our
strong traditional values. We also aspire to position ourselves as a
national bank by making strong impact towards improving our ESG
(Economic, Social and Governance) principles. In this endeavour, we
are proud to have been honoured as a top bank in the 'Sustainability
Rating' of Bangladesh Bank for the year 2022. With the latest
award, City Bank has emerged as the winner for this prestigious
honour for three years in a row.
Key highlights Since first opening its doors to Bangladesh’s banking public over
four decades ago, City Bank has remained steadfast in its pledge to
support the country’s journey to achieve economic empowerment
Zero and drive sustained socioeconomic progress by creating

opportunities for individuals and businesses to achieve financial
Cyberattacks inclusion, security and empowerment.
7
With the country constrained by a weak external environment
in 2023, the bank embarked to reinforce the key message that
Awards won in 2023 financial inclusion and empowerment are the doors to prosperity.
The idea was to create a fundamental distinction that unifies
the brand with the country’s roots as a nation that has remained
Followers resilient even in the most adverse situations.
1.72 mn The bank stepped up efforts to support communities who had been
facing hardships, first due to challenges surrounding the Covid-19
pandemic and more recently as a result of the economic distress in
Followers
the country. In this regard, the bank’s CSR investment crossed the
0.2 mn BDT 115.2 mn mark in 2023, taking the total to BDT 1,081 mn over
the last 9 years.
Meanwhile, City Bank’s unequivocal commitment to service

excellence despite the recent challenges, the ability to deliver
Strategic objectives resilient financial performance and maintain balance sheet stability
• New products even in tough times are few of the other key factors that fortified
• Institutional strengths the bank’s brand trust in 2023. City Bank remained among the
• Customer retention top private banks in Bangladesh, backed by its total assets of BDT
555,738 mn. The numerous awards and accolades received in
the past financial year further endorses the bank’s commanding
position in the local banking industry.
As always, City Bank’s digital superiority continued to receive

commendations both locally and internationally. The bank has
launched a number of new customer-facing digital banking

features that is sure to ease the lives of our customers, making 2023 that align with the bank's technology and digital goals. These
banking enjoyable and easy and saving them time and effort. projects include BRM programmes that offers an organised and
centralised system for documenting business needs and enabling
Our IT infrastructure LIMS which facilitates the bank’s legal team to effectively oversee
court papers, contracts and agreements. Amongst the other
City Bank's IT Division is plays an essential stewardship role, initiatives of the year, the IT team delivered on the AML application
contributing to operational sustenance, customer service, data that supports the bank's AML team to adhere to regulatory
privacy and security, and preparedness against exigent situations. standards. The applications are created to comply with anti-money
It oversees the critical operations of account administration, laundering rules and regulations, assisting the bank in avoiding
transactions, loans and customer relationship management (CRM). legal penalties and regulatory consequences.
The bank utilises its IT architecture to offer digital banking Investment in IT Investment in digital
services to consumers, such as internet banking, mobile banking Year architecture banking platforms
apps, and other electronic channels. Customers can securely and (BDT mn) (BDT mn)
conveniently conduct their transactions, check balances and access
financial services using these platforms. IT also supports various 2022 416 3.47
payment mechanisms, such as electronic funds transfer, credit card
transactions and even mobile payments.
2023 277 9.37
Digitalization has become a crucial component of City Bank's
strategy as most of the bank's operations are now focused on digital In addition to the IT Department, City Bank also has a DFS or Digital
transformation. The bank has accrued substantial advantages from Financial Services wing that exclusively spearheads the bank’s
digitalisation in customer experience, revenue management and digital banking initiatives. During the year, DSF achieved several
cost control. Enterprise digitalisation is enhancing the efficiency and milestones, one of which included launch of CityGO, a revolutionary
quality of the bank's operations too through the implementation of lifestyle banking facility. CityGO comprises a wearable payment
new technology, support tools and processes. device that customers can wear as an accessory or attach to their
watch strap for making NFC payments on the go with just a tap,
The IT department of the bank delivered numerous projects in thus making banking fun, new-age, easy and enjoyable.

Integrated
Report
Towards environmental sustainability

Natural City Bank has been dedicated to environmental protection since
it was established. City Bank, as a service organisation in the
Capital banking sector, has expanded its focus to include environmental

preservation and conservation within its strategic sustainability
framework, notwithstanding the modest environmental impact of
its banking operations. The bank aims to mitigate the environmental
and social risks of its operations while assisting customers and
Material issues addressed stakeholders in lowering their environmental impacts too.
City Bank has a strong Environmental and Social Management
• Net-zero target
System (ESMS) in place to ensure its commercial operations
• Energy efficiency
are conducted in an environmentally sustainable and socially
• Lower paper use
responsible way. ESMS is created to efficiently handle the
• Financed portfolio sustainability
environmental and social risks related to the bank’s operations and
• Recycling
promote sustainable financing to encourage consumers to choose
• Green and sustainable finance
environmentally-friendly practices.
The bank has also made investment in environmental protection,
tree plantation and civic beautification/biodiversity conservation. It
SDGs impacted
has been able to enhance its operations throughout time by making
continuous improvements in the environmental realm to meet its
aims. In 2023, the bank made significant progress by introducing its
net-zero carbon emissions declaration, aligning with Bangladesh
government’s goal of achieving net-zero by 2050.
In effect, the bank has always considered resource efficiency to
be a key enabler that facilitates sustainable growth through the
efficient use of resources. The competent utilisation of resources
Key highlights brings multiple benefits – it lowers the bank’s environmental
footprint, generates cost savings that provide a competitive edge
while also helping to address the wider challenges arising as a
436.8 kwh result of climate change.
Solar energy generated The bank has prioritised the following:

• Energy management
• Waste management
400+ • Water management
Trees planted • GHG management (own and financed portfolio)
• Awareness and training
23,043 Energy efficiency

Green portfolio Energy consumed in the day-to-day operations for lighting and
cooling purposes is amongst the largest contributor to City Bank’s
carbon footprint. Therefore, managing energy consumption
remains a priority in the bank’s resource efficiency journey. Key
energy conservation initiatives undertaken by the bank over the
Strategic objectives years include installation of reflective panels on premises exteriors
• Net-zero by 2050 to minimise heat transfer and improve the daylight integration
• Green cover enhancement to the building. We have also selected LED lighting solutions by
• Reputation as a sustainable bank replacing conventional lighting. Besides, we have also installed
rooftop solar panels on 19 branch premises, making them largely
self-reliant in terms of their energy purposes. We will roll out this
initiative to progressively cover our other branches as well.
Though we are in the services industry, our operations Green banking
are dependent to some extent on various natural
resources. Yet, we are continuously balancing We adopt green banking principles that enable us to lower our
sustainable practices and resource efficiency to preserve use of natural resources. For instance, we try to promote slip-
less banking that enable us to preserve paper use, hence ensure
precious resources and minimise our ecological footprint.
avoidance of cutting of trees and carbon emissions. We also have a
mechanism where we have replaced sending hard copy statements
to customers, instead providing them with a link to digitally
download their statements or use net banking for the purpose.

City Bank remains firmly on the path of an agile growth trajectory and provide feedback on our goals and issues that stakeholders
with ethical business practices, which are anchored in our core raise through various forums.
values and Code of Conduct. There has been consistent effort on
structurally nurturing a future-ready culture via implementation We take pride in being a stakeholder-led business and our
of uniform governance frameworks across the bank’s businesses, engagement strategy aims to deliver the outcomes our
strengthening of relationships with customers and supply chain stakeholders prioritise and value. Our strategy enables us to better
partners, promoting diversity and inclusion, and ensuring effective serve them by understanding their current and future needs and
implementation of technology and digitalisation. expectations.
Our stakeholder matrix Carrying out effective engagement with our stakeholders is crucial
to delivering our license to operate and we are committed to
Our approach to stakeholder engagement is anchored in providing the highest engagement standards. Our approach helps
transparency and openness, even as we remain focused on delivering us to identify opportunities to:
on our promise and co-developing sustainable solutions with our
stakeholders. We have a broad range of stakeholders associated • Improve our services and business performance
with the bank who we impact and, in turn, they impact us. • Manage uncertainty and risk
We recognise that trust is a foundational element and we aim to • Identify key priorities
build and maintain trust among our stakeholders through open • Deliver value and care to our customers
dialogue and transparency. We endeavour to meet our obligations
by being responsive and solutions-focused. We identify, assess and We have embedded a five-step approach to planning and delivering
monitor stakeholders’ expectations together with significant issues stakeholder engagement that ensures multiple opportunities for
that could have an impact on our operations and strategy. We track collaboration, communication and consultation.
City Bank’s stakeholder management framework
Stakeholder mapping
Engagement
Review and
prioritise feedback
Action plan
Impact measurement
Stakeholder engagement framework
Stakeholders Why we engage Material matters Our response

Customers Our customers are core • Diversified product suite that offers • Efficient execution of new product
to our business. Being the best fit solutions for varied development that offer distinctive
customer-centric means customer (both deposit and loan) customer propositions
being responsive to their categories
needs and expectations, • Maintained constructive and transparent
delivering swift and secure • Competitive access to products and customer engagements
services, and improving the services across the country
overall customer experience • Worked with customers on incorporating
across both our branch • Personalised solutions to expectations into our products
network and via digital customers, especially our Citygem
(wealth) clients • Improved customer experience and
channels.
offerings with enhanced digital banking
capabilities

Integrated
Report
Stakeholders Why we engage Material matters Our response

Shareholders and To ensure consistent and • Performance and results • Business diversified across customer
investors clear communication and orientation needs and segments
promoting our investment
fundamentals, strategy • Strengthening balance sheet and • Continued entrenching enterprise
and key objectives that asset-liability management (ALM) risk management into our business
enables informed decision- processes
making and helps manage • Competitive position maintained at
shareholder expectations. all times
• Environmental and regulatory

compliance
• Demonstrated capacity and ability

to manage requirements of large
customers
Communities and Business sustainability is • Strategic direction, including • Continued with a multi-pronged
societies interdependent with the assessment of our environmental approach to social investment
relationships we build with and social impact
the communities around • Engage in partnerships for maximising
which we operate and the • Contributing to improving impact
contribution we make to community living standards,
societal upliftment and including need-based services
change.
• Enabling sustainable economic
transformation through livelihood
creation
• Engaging in solving pressing

community issues
Governments and Engaging with the • Ensure banking as a public service • Complied with all applicable legislations,
regulators government and regulators by providing routine as well as enacted by Bangladesh Bank, including
presents us with the unique advanced products and solutions those around regulatory capital, AML &
opportunity to enhance CFT, KYC, foreign exchange, etc.
our relationships, secure • Compliance with all relevant rules
our license to operate, and legislations • Fulfilled all statutory payroll obligations
advance mutually beneficial in conformance with the labour laws
commercial objectives, and • Responsible tax contribution
contribute to sector policy. • Ensured compliance with taxation rules
• Support national and local agendas, and exchequer contribution
including financial inclusion,
employment, etc.
Employees Our employees are • Career development and • We have a robust R&R platform that
the backbone of the progression recognises top performers
organisation. They help
execute and deliver our • Employment safety • We focus on diversity and inclusion to
goals and we, in turn, create a unique workforce that draws
provide them with long- • Rewards and recognition (R&R) from varied experiences and insights
term career opportunities.
• Learning and development • We provide numerous career
development platforms, such as training
• Cross-training for building all-round sessions on specific skills, product
capability knowledge, digital learning platforms,
etc.
• Grievance redress

Strategy and
resource allocation
The corporate strategy of City Bank pivots predominantly around three main pillars of diversification, differentiation and digital. These levers
enable us to ensure we serve a diversified clientele with meaningful products and solutions in the digital and physical realm in the true spirit
of differentiation in a competitive industry environment.
Corporate Strategy Framework
Strategic Pillar Diversification Differentiation Digital
Time horizon Medium to long term Short to medium term Medium to long term
Become the banking partner Continuous focus on launching new

Resilient product portfolio to
of choice and strengthen products and services in digital banking
Strategic ambitions ensure serving ongoing and
relationships through innovation that would make banking easy and
continuous customer demand
and new value propositions convenient for our customers
Focus on hitherto untapped Improve IT systems and infrastructure

Leverage strong cross-selling
segments, such as Islamic banking, for scalability and added security.
opportunities, especially through
Strategic actions supply chain finance, priority and Also enhance customer experience
identity as a bank offering one-
wealth banking, women banking, through easy and simple navigation,
stop solutions
employee banking, SME banking, etc. improved UI/UX, etc.
• Capacity to invest • Product strategy • Digital solutions of the bank are

spearheaded by the dedicated DFS
• Alignment to strategic • HR strategy team (DFS refers to the bank’s
Key enablers priorities (Refer section on “Human Digital Financial Services division)
• HR strategy Capital”) • IT strategy under IT team
(Refer section on “Human Capital”) • Develop future analytics capabilities
Capitals impacted
Financial Capital Human Capital Natural Capital
Manufactured Capital Intellectual Capital Social and Relationship Capital
Strategic Actions Explained
Strategic Ambition Strategic Action Strategy Execution Our Approach

Resilient product Focus on essential • Opened 409,540 new CASA accounts in past 3 years • Focused on simplified ways for
portfolio to ensure products, such as customers to open new accounts with
serving ongoing and opening CASA, in • Opened 154,915 new CASA accounts in 2023 the bank, such as through City Ekhoni
continuous customer the true spirit of
demand financial inclusion • Total CASA of 50% of total deposits as on end-2023 • Ensured focus on full and proper
KYC compliance, including e-KYC

Integrated
Report
Strategic Ambition Strategic Action Strategy Execution Our Approach
Focus on hitherto Created • City Islamic’s deposit portfolio surged by • Focused on customer awareness
untapped segments specialised 44.9% to BDT 47,657 mn as on end-2023 to drive product familiarity and
verticals headed • Citygem deposit portfolio rose by 17.4% to usefulness among targeted
by experienced BDT 45,234 mn as on end-2023 customers
leaders to drive • Placed emphasis on financial
• No. of customers under City Employee
strategy and Banking grew by 9.0% to 47 as on end-2023 literacy programs, especially for
performance our City Alo customers
outcomes • Deposit and loans and advances of City Alo,
the bank’s women banking platform increased • Marketed the bank’s products
by 19.0% and 41.0%, respectively, as on end- and solutions through traditional
2023 as well as digital platforms for
ensuring heightened recall
Continue on the Focused on • Recalibrated savings deposit rates in line with • Widened bank’s footprint through
path of sustainable differentiation lending rates establishment of 1 branch, 28 sub-
organic growth through customer • Offered attractive rates on retail and branches and 71 ATMs in 2023
value propositions corporate fixed deposits • Expanded footprint of our agent
and through
• Offered lower interest rates to borrowers with banking outlets by 22 during 2023
improving superior credit ratings
convenience, access • Ensured a high-quality digital
and awareness banking experience for our
customers through Citytouch,
CityGo, merchant POS, etc.
Key strategic enablers
City Bank’s HR strategy, marketing strategy and IT strategy play a steadfast role supporting the corporate strategy framework of the bank.
HR strategy Marketing strategy IT strategy

Corporate To achieve organisational growth To deliver our brand promise to our To optimise business processes and
objective in line with corporate plans and customers and achieve a sustainable IT structures to cater to the rapidly
targets and enhance competitiveness competitive advantage across evolving and growing business
through our people via upskilling, our various business segments to environment by digitalizing front and
knowledge-building and customer facilitate the achievement of our back office functions
service excellence targets across different time horizons
Strategy • Re-imagine workforce • Established a unified team • Re-shaped business processes and
2023 transformation, especially to work on sales of different introduced modern digital banking
in learning, training and products and solutions of the solutions
development bank, rather than a narrow
range of products specific to • Ensured centrally-driven IT team
• Change management to embrace each division structure and systems to support
digital transformation group-wide decision support and
• Developed a seamless information needs
• Focused training on customer marketing strategy, especially
experience and service standards for digital and social media • Enhanced customer loyalty and
channels improved customer experience
• Focus on compliance, especially in across both physical and digital
the context of AML & CFT banking channels

Deposit and
Advance Strategies
City Bank’s primary business activity comprises mobilization of deposits and channeling these into productive sectors. The strategic intent
in this operation is to secure deposits at the lowest possible cost, charging a reasonable rate of credit, and ensuring financing in the true
spirit of impact. Further, balancing liabilities (deposits) and assets (advances) is critical for solvency and operational viability. Notably, the
bank’s advance-deposit ratio stood at 83.7% in 2023 (2022: 83.2%), which shows sound liquidity management in loans being funded with
deposits. Furthermore, the bank’s NIM increased from 3.7% in 2022 to 4.5% in 2023, which also indicates efficiency in the overall borrowing-
lending operation.
City Bank's Advance to Deposit Strategy
Monitoring Diversification
Monitoring the loan- Diversifying the loan

deposit ratio portfolio
Advance to Net Interest

83.7% Deposit Ratio 4.5%
Margin
Capital ALM
Ensuring regulatory capital Managing

buffers liquidity (ALM)
We mention below key strategies that aid our deposit mobilization and lending activities.
Deposit strategies Enhance corporate liability marketing
Expand our agent banking network We focus on strengthening the corporate liability marketing function
to tap into various government agencies, corporate entities (e.g.,
We boost deposit mobilization by expanding agent banking foreign missions, roads & highways, LGED, Bangladesh Bridge
activities, extending the reach of banking services to underserved Authority) and other organizations (e.g., foreign airlines, telecom
companies). We also foster regular social interactions to nurture
areas and communities.
relationships.
Establish low-cost sub-branch network Accelerate cross-selling activities
We focus on establishing low-cost sub-branches in strategically We implement cross-selling strategies to offer a wider range of
important locations to reach a wider customer base, making products to both our retail and corporate customers. We leverage
banking services more accessible, especially in rural areas. We also our existing customer base for introducing additional banking
explore partnerships with post offices for enhanced outreach. services to them.

Integrated
Report
Ensure channel enhancement Thrust on existing sectors
We concentrate on fortifying our vital channels, such as ABAK We lay thrust on our existing sectors, including agro-based
(Amar Bari Amar Khamar) or similar government projects aimed at industries, leather, frozen food, manufacturing, commodities and
collecting and distributing funds to the masses, ensuring effective textile industries that will remain a key area of emphasis for us.
The bank will continue to provide tailored financial services to these
utilization and outreach.
sectors to stimulate growth and innovation.
Organise CASA campaigns Support backward linkage industries
We launch effective CASA (current account and savings account) Targeting backward linkage industries will be a priority. By providing
campaigns aimed at attracting a larger customer base. we also financing to businesses in the supply chain of larger industries, we
formulate focused campaigns for specific purposes like Hajj tap into a potential source of SME business and contribute to a
deposits to encourage long-term savings/commitments. robust supply chain ecosystem.
Spearhead mobile banking Cater to export-oriented industries
We harness the potential of mobile banking services to tap into We extend priority to export-oriented industries that support
foreign exchange inflows. This includes catering to multi-channel
the low-ticket domestic remittance market and offer mobile wallet
export opportunities to enhance the bank’s non-interest income.
services to facilitate retail shopping. This helps cater to the evolving
banking preferences of the modern customer. SME credit portfolio expansion
Offer senior citizens accounts We lay special attention to expanding our SME credit portfolio. This
not only provides relatively higher yields but also helps mitigate the
We create specialized savings accounts tailored to the needs of effects of large-volume defaults.
senior citizens. We also offer competitive interest rates, convenient
services and exclusive healthcare benefits, recognizing the unique Risk management integration
financial requirements of this demographic.
We implement effective risk management to ensure robust
internal control over business operations. This includes regular
Organise financial education drives assessments of credit, market and operational risks, along with
implementing appropriate mitigation measures.
We conduct regular workshops and offer online resources on
financial literacy and planning. These also include updates on Early warning system
new deposit products, enabling our customers to make informed
financial decisions. The bank employs an early warning system to proactively identify
potential problem accounts. We adopt prompt, proactive and
Youth-oriented savings accounts appropriate measures to ensure full recovery that enables us to
mitigate credit risk and improve asset quality.
We offer savings accounts tailored for students and young adults.
Under this, we offer features like zero fees, financial literacy Technology-driven lending
resources and exclusive access to events, discounts, etc., engaging
We have invested in technologies and processes for digital lending
this demographic early in their financial journey. to streamline the loan origination and approval process. We have
also implemented online applications, credit scoring models and
Regular communication and updates data analytics to enhance the quality of our lending decisions.
We maintain clear and consistent communication with our customers Collateral diversification
through newsletters, mobile app notifications and emails. We also
provide financial education and updates on new deposit products to We are focusing on expanding lending opportunities beyond
enhance awareness about the same among our customers. traditional collateral. For example, we are exploring unsecured
lending, cash flow-based lending and asset-backed lending to cater
Advance/Lending Strategies to a wider range of customers and industries.
Customer-centric approach
Focus on emerging sectors
We have a customer-centric lending approach through
We focus on emerging sectors, such as power, shipbuilding, jute understanding the unique financial needs of each customer
yarn, ceramics and pharmaceuticals. In these, our endeavour is segment. This enables us to offer flexible terms, repayment
to offer customized financial solutions to support the growth and structures and customized solutions to address specific customer
development of these industries. requirements.

Green financing Trade finance and working capital loans
We have launched green financing options to support We provide trade finance services and working capital loans to
environmentally-sustainable projects and businesses. This businesses engaged in international trade. We provide letters
includes offering favorable T&Cs for loans directed to renewable of credit (LC), trade financing and holistic supply chain financing
energy, energy efficiency and eco-friendly projects and initiatives. solutions to facilitate global commerce and ensure stronger supply
chains.
Infrastructure development
Credit risk mitigation
We collaborate with government initiatives for infrastructure
development, such as construction of roads, bridges and public We focus on diversifying our loan portfolio to minimise
utilities. We thus play a role in financing projects that contribute to concentration risk. We also monitor industry exposures and adopt
economic growth and job creation. lending strategies to mitigate potential economic downturns/
sector-specific challenges.
Microfinance and inclusive banking
CSR initiatives
We have expanded our microfinance and inclusive banking programs
to reach underbanked and unbanked populations. Through these We integrate CSR into our lending operations by supporting social
programs we offer small loans and financial services to empower and community development projects. We also offer preferential
entrepreneurs and small businesses in rural areas, thus onboarding terms for loans directed towards CSR activities to support impact
them onto mainstream finance. creation.
Credit scoring enhancement Education and training
We focus on continuously improving our credit scoring models by We offer financial literacy and business training to borrowers,
leveraging data analytics and alternative data sources to assess particularly in the SME sector. Equipping borrowers with the
creditworthiness. This helps in making more informed lending knowledge and skills needed for successful financial management
decisions while managing credit risk. helps reduce default rates.
City Bank PLC Loans and Advances
30% 23% 22% 12% 18% 7% 9% 7% 24% 12%
396,078
354,774
Growth
286,380
268,202
246,944
231,391
196,596
175,025
143,088
116,621
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
City Bank PLC Deposit
10% 21% 22% 5% 12% 20% 3% 11% 18% 18%

392,510
331,890
282,064
254,781
246,704
Growth
205,170
183,493
174,695
118,427
143,729
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Integrated
Report
Export-Import
Strategies
At City Bank, export-import facilitation is important for us due to several reasons. Over the years, we have played a crucial role in supporting
international trade by providing financial services to exporters and importers. We thus aid our customers to expand their operations globally,
enabling them to access new markets and achieve their growth targets. By supporting international trade, we offer a more comprehensive
basket of financial solutions and accelerate our own business strategy.
2023
USD USD
2,714 mn 2,660 mn
Imports supported Exports supported
Our key levers for facilitating cross-border trade are mentioned below.
International credit lines Diverse clientele

We secure competitive credit lines from international agencies The bank expands its marketing efforts to target not only
to facilitate global trade with a particular focus on import clients. established businesses but also potential clients exhibiting growth
These credit lines support the country’s foreign exchange reserves potential. This approach helps diversify the customer portfolio.
and facilitate the bank’s trade finance clients.
Focus on garments sector
Bilateral business agreements The bank places a strong focus on the RMG sector, including
The bank establishes bilateral business agreements with European existing and potential clients. Risk-return trade-offs are carefully
assessed to support the growth of this critical industry that is the
and Chinese counterpart banks to channel their transactions
mainstay of the economy.
into Bangladesh. This strategic collaboration expands the bank’s
presence in global trade. Exploration of shipbuilding
Bank guarantee services City Bank will explore opportunities in the emerging shipbuilding
sector. The bank will actively participate in financing trade related
City Bank boosts its bank guarantee business, particularly in the to these industries to increase international trade activities.
form of Bid Bonds, to serve local and international contractors
involved in mega projects, such as metro rail, highways and even Backward linkage industries
the Padma Bridge. Competitive rates are offered to facilitate these
Industries with backward linkages is a strategic focus for City
mega infrastructure projects. Bank. Supporting these industries provide better opportunities and
reduces risk exposures in our trade finance operations.
Overseas fund acquisition
The bank forges bilateral agreements with renowned overseas Service export sectors
banks and financial institutions to attract overseas funds. This is We give special attention to service export sectors, particularly
especially beneficial as LIBOR rates that have shown a declining in the realm of IT and education. These sectors have exhibited
trend reduce import costs for industrial and local importers and significant growth potential in the international market and the
manufacturers. bank will facilitate their trade activities.

Trade finance digitalization making it easier for them to participate in international trade.
These facilities include simplified documentation, lower collateral
We invest in advanced digital platforms for trade finance services. requirement and financing options tailored to their needs.
We also implement blockchain and smart contracts to streamline
trade documentation and settlement processes, reducing time and Market research and trend analysis
costs for our import-export clients.
We offer market research and trend analysis services to clients to
Export credit insurance help them identify export opportunities in various global markets.
This enables them in making informed trade decisions.
We collaborate with export credit agencies/insurers to provide
export credit insurance services to our clients. This helps mitigate Foreign exchange risk management
risks associated with non-payment by foreign buyers and
We provide foreign exchange risk management services, including
encourages local businesses to engage in international trade.
hedging options, to help clients manage currency fluctuations that
Supply chain financing can impact international trade transactions. This ensures more
predictable financial outcomes for them.
We develop supply chain financing solutions for local suppliers and
manufacturers involved in export-oriented production. We also Customized trade solutions
offer financing at competitive rates to facilitate the procurement of
We work with our clients to develop customized trade solutions
raw materials and inputs for export products.
that address their specific needs, whether in LCs, trade financing or
Trade missions and workshops export documentation. Tailored solutions help our clients navigate
the complexities of international trade more effectively.
We organize trade missions and educational workshops for clients
looking to expand their international trade. These events provide Sustainable trade
insights and networking opportunities, fostering the growth of
We promote responsible and sustainable trade practices by
export-import businesses.
offering financing options to businesses engaged in eco-friendly
SME support and socially-responsible trade activities. This also helps attract
customers looking to align their trade operations with sustainable
We have designed specialized trade finance packages for SMEs, principles.
City Bank PLC Exports USD in mn

710 811 1,101 1,254 1,411 1,600 1,432 2,214 2,817 2,660
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
City Bank PLC Imports USD in mn

923 1,010 1,280 1,967 2,013 2,345 2,148 3,978 4,133 2,715
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Integrated
Report
Capital Planning at City Bank

At City Bank, capital planning is not just a regulatory requirement of the banking system has led to the downfall of the economy as
but a strategic imperative as it enables robust navigation through a whole, as evidenced by the Lehmann Brothers crisis of 2008.
the uncertainties, supporting growth initiatives and maintaining Thus, a resilient capital position is necessary for a bank to ensure
financial stability, especially in a dynamic, challenging and risk- the sustenance of the industry and the wider economy. It also
prone environment. It is especially in this context that the full value enables a bank to meet the minimum regulatory thresholds and
of judicious capital planning is realised. avoid regulatory supervisions or interventions. It has also been
seen that banks with a strong capital position are able to capitalise
For us at City Bank, capital planning has been a fundamental lever of on their bolstered lending capacity, adding to market share gains
our success. It has in fact fortified us with the endurance to sustain
and shareholder value.
our operations and meet the broader goals of our customers and
the society, despite the varying market cycles. It has provided us City Bank has a comprehensive capital management framework
with the necessary stability to ensure the day-to-day operational that ensures the bank maintains sufficient capital to support its
sustenance and also plan for our long-term growth. lending operations and risk profile, meet regulatory thresholds,
and generate sustainable returns for shareholders. The following
City Bank is an intrinsic part of Bangladesh’s banking industry.
Hence well-judged and prudent capital planning at the bank has provide information on the bank’s robust capital position that has
ensured our long-term sustainability as well as facilitated the assured its long-term sustainability and viability.
overall stability and resilience of the banking system. Over time,
City Bank’s Tier-I capital on solo basis grew by 12.8% to BDT 39,165
we have witnessed that a strong capital position has supported
mn in the year 2023, up from BDT 34,708 mn in the prior year. This
the bank to absorb financial shocks without endangering its
was primarily due to increased retained earnings in 2023. Tier-II
capital position or solvency. It has truly helped the bank buffet
capital on solo basis decreased by 2.8% to BDT 17,008 mn in the
against external shocks, such as a deteriorating macroeconomic
environment enforcing borrower defaults. year 2023, down from BDT 17,492 mn in the previous year. The
decrease in Tier-II capital is attributed to the expiration of the Tier-
Proper capital planning has thus augmented the bank’s risk II subordinated bond (Bond-2) and significant redemption of Tier-II
absorption capacity to not only sustain its lending operations but subordinated bond (Bond-3) in 2023.
also ensure the public responsibility of protection of depositor
funds. Examples abound of how banks under duress declare a The bank’s total regulatory capital stands at BDT 56,173 mn in
freeze on depositor funds. Further, it has also been observed how 2023, up from BDT 52,200 mn in the prior year, representing
abrupt or untimely withdrawal of deposits by deposit-holders has a growth of 7.6%. Risk weighted assets (RWA) amount to BDT
put the whole existence of a bank in jeopardy. 355,438 mn in the year 2023, up from BDT 360,906 mn in the
previous year, exhibit a contraction of 1.5%.
In order to ensure banks have sufficient resources to tide over
hostile economic conditions, regulatory authorities have set In 2023, the bank’s Tier-I Capital Ratio stood at 11.0%, up from
minimum capital requirements for banks to adhere to. While 9.6% in 2022. Similarly, Tier-II Capital Ratio remained steady at 4.8%
ensuring banking stability, this has facilitated the protection of during the year in review. CRAR stood at 15.8% in 2023, up from
other industries and sectors too as it has been seen that a collapse 14.5% in the previous year.
This data has been summarised in the table below: BDT mn
Actual (Solo basis) Actual (Conso basis)
Particulars
2023 2022 2023 2022
Common Equity Tier I (CET1) Capital
Paid-up Capital 12,246 12,006 12,246 12,006
Non-repayable Share Premium Account 1,504 1,504 1,504 1,504
Statutory Reserve 10,742 10,502 10,742 10,502
General Reserve 11 11 11 11
Retained Earnings 11,346 7,288 12,349 8,165
Dividend Equalization Reserve 531 531 531 531
Minority Interest in Subsidiaries - - 0.2 0.2
Capital Reserve - - 161 38
Less: Regulatory adjustments 1,215 1,134 2,033 1,956
Total CET1 35,165 30,708 35,511 30,802
Additional Tier-1 Capital (AT-1) 4,000 4,000 4,000 4,000
Total Tier 1 Capital 39,165 34,708 39,511 34,802

Actual (Solo basis) Actual (Conso basis)
Particulars
2023 2022 2023 2022
Tier 2 Capital
General Provision 9,608 8,863 9,627 8,863
Eligible Tier-II subordinated bond 7,400 8,629 7,400 8,629
Less: Regulatory adjustment - - 794 794
Total Tier-2 Capital 17,008 17,492 16,233 16,697
Total Regulatory Capital 56,173 52,200 55,744 51,499
Risk Weighted Assets (RWA) 355,438 360,906 365,566 369,858
Tier 1 Capital Ratio 11.0% 9.6% 10.8% 9.4%
Tier 2 Capital Ratio 4.8% 4.8% 4.4% 4.5%
Required Capital with Capital Conservation Buffer 12.5% 12.5% 12.5% 12.5%
Capital to Risk Weighted Assets Ratio (CRAR) 15.8% 14.5% 15.3% 13.9%
OUTLOOK
City Bank’s identity as a financial institution with a longstanding heritage in the growth journey of the banking industry of
Bangladesh, has been supported by its robust capital management framework and strategy. This has not only ensured the bank’s
robust position in the financial industry, but has also been a critical driver of profitability and shareholder value.
Going forward, the bank’s capital planning strategy is anchored on sound principles and will be critical for the bank to achieve the
following objectives in its Board-approved 5-year capital growth plan:
• To comply with the capital requirements set by the regulators

• To safeguard the bank’s ability to continue as a going concern to sustainably provide returns to shareholders and value for
other stakeholders
• To maintain a strong capital base to support the development of its business
• To issue Tier-II subordinated bond (Bond-5)
• To act as a buffer in times of uncertainty when unexpected losses may arise
The bank’s capital plan is reviewed and updated from time to time to ensure that it aligns with the organisation’s overall strategic
objectives. Capital is managed in accordance with the Board-approved Capital Management Planning. The senior management of
the bank formulates the capital strategy and oversees the strategic process of capital management planning of the bank, while
being accountable to the Board.
City Bank’s finance and risk management teams are key participants in implementing the bank’s capital strategy and stewarding
its capital. Capital is managed using both regulatory capital measures and internal matrix. Moreover, as a part of Internal Capital
Adequacy Assessment Process (ICAAP), the Board-approved 5-year capital growth plan was implemented.

AGILITY DIGITALITY
VERSATILITY VITALITY!
Annual Report 2023

Report
Integrated
49
Agility
Digitality
Versatility
Vitality!
CityGo is as versatile as the life of the youth

and the movers and shakers of the nation.
They want their banking to be a stylish lifestyle solution, trendy,
non-conventional and on-the-move. Banking has to reflect the new way of
life of a nation on the digital superhighway.
As a wearable payment device that customers can wear as an accessory or

attach to their watch strap, CityGo is an NFC-enabled payments solution
through which customers can make payments on-the-go with just a twist
and a tap. Payments can be made across a range of outings, including
shopping, dining and even at petrol stations.
CityGo is truly a progressive and ground-breaking payments solution,

saving customers time and effort.

Agility
Digitality
Versatility
Vitality!
At City Bank, we have always believed that

we are a digital bank with a physical presence.
This thought led to Citytouch, our longstanding net banking platform that
enables customers to complete a wide-range of their banking chores online,
instantly and securely.
Having established itself well among customers, our award-winning

Citytouch app is now being transformed to be the next-level FinTech tool. A
number of new features and services have been launched, including a virtual
card service, allowing customers to get their virtual cards instantly against
their account. The virtual cards can be used for numerous transactions,
including cash withdrawals from ATMs using Citytouch cash-by-code,
e-commerce transactions, and more.
City Bank also became the first bank in Bangladesh to venture into digital
wealth management, in collaboration with City Brokerage. Citytouch
customers can now open their BO account directly from Citytouch, giving
them the opportunity for wealth creation.
Citytouch is truly helping accelerate the digital

economy towards a Smart Bangladesh.

Agility
Digitality
Versatility
Vitality!
CityPay is City Bank’s breakthrough interoperable

QR-code based payment solution.
It enables our customers to make cashless, contactless and secure payments

in seconds with a single QR code and is a solution that is at the right place, at
the right time.
The surge in mobile device usage and widespread customer adoption of

digital payment technologies in Bangladesh are the major drivers of QR code
payments. Digital payments have become a part of everyone's daily lives and
CityPay has been conceived to fit into this need.
Payments through CityPay can be made in 32000+ merchant outlets across

Bangladesh through all our leading partners, including Visa, Mastercard,
American Express and Bangla QR.

Agility
Digitality
Versatility
Vitality!
Ekhoni
Account
For City Bank, Agility is the name of the game.
This is relevant to not just our operations but also
how we serve our customers.
Presenting Ekhoni Account
Ekhoni Account was spawned from a valid question. Why should customers have to
visit a branch to open an account?
This simple inquiry led to a revolutionary new app from the bank, Ekhoni Account.
With Ekhoni Account, all our customers need to do is install the app on their
smartphone and follow a few simple steps to open a City Bank account within
minutes from the comfort of their home or office or anywhere they might be.
Encapsulating the core of digital banking, Ekhoni Account represents a truly novel
way forward in financial inclusion and empowerment.

City Bank at a Glance
Employees
Agent Banking Outlets
4,963 535
Branches & Sub-branches No. of POS
174 32,007
SME-S Unit Offices Credit Cards issued
220 663,462+
No. of Customers No. of Merchants
2.5mn+ 28,000+
Priority Centers Operating Profit
7 13,498 mn
ATMs & RATMs Net Profit
415 6,151 mn
CBL Money Transfer Sdn. Bhd Earnings Per Share (EPS)
Malaysia (branches)
15 Tk. 5.0
City Hong Kong Limited Return on Equity
17.6%
Hong Kong (representative office)

Agility
Digitality
Versatility
Vitality!
Return on Assets Remittances
1.2% 102,371 mn
Contribution to National Exchequer
12,138 mn
Dividend
15% Cash
10% Stock
Loans & Advances
396,078 mn Gross NPL
3.6%
Deposits
392,510 mn
Provision Coverage
Market Capitalisation
110.1%
26,207 mn
Capital to Risk-weighted
Assets Ratio (CRAR)
15.8%
Exports
$2,660 mn
Tier-I Ratio
11.0%
Imports
$2,715 mn

City Bank’s flywheel
Unlocking our potential
Prioritising economic stability, driving all-round value creation!

We at City Bank have always prioritised the needs of our customers, the security and wellbeing of our people, and all aspects of national
economic security, all of which continue to remain a priority as we face yet another challenging year.
Our bank is inextricably interwoven into the very socio-economic fabric of the country, with financial as well as emotional bonds spanning
the width and breadth of Bangladeshi society. Hence, despite the widespread economic uncertainty of 2023, we focused on achieving a
strong capital base and a steady liquidity profile in order to reinforce the financial stability of not only the bank, but of the financial system
as a whole.
City Bank continued to lead by example. We focused on promoting inward remittances and encouraging the inflow of export proceeds
into the country, while assisting stakeholders to navigate the economic crisis with a more confident grip. We are particularly proud of the
significant foreign exchange we made available for the import of fuel and other essentials, which has helped alleviate the hardships that
might otherwise have occurred to daily lives.
The bank has also been prudent and conservative in respect of the provisioning for impairments. Notwithstanding the same, the bank was
able to report a satisfactory financial performance for 2023, with sustained growth in profitability, thereby upholding the obligations owed
to its shareholders, stakeholders and the society.
Our flywheel for 2023 is demonstrative of the network effects we have on our economy, leveraging our strategic enablers to create value
in an environment that exhibits sound fundamentals over the long-term.
City Bank PLC
s
-Trend
Each customer matters to us and
we ensure we serve them with care
acro
excellence and pride.
Large Unbanked
Population

Agility
Digitality
Versatility
Vitality!
Strategic Enablers
Brand Multi-Segment
Reputation Offering
Regulatory Omni-Channel
Compliance Network
Sound Economic Innovation and Specialised

Fundamentals Technology Talent
Pan-Bangladesh Performance Track

Presence Record
Management Wide Branch

Pedigree Footprint
Accelerated
Digital Adoption
Operational Strong
Efficiency Governance
Strategic Social Media

Partnerships Presence
Rising Disposable Citizenship Strong ALM

Incomes Action Management
Cross-Selling and Diversified

Upselling Services
Young
Demographic
Robust Employer Enterprise Risk
Brand Management
Strong Subsidiary Customer

Performance Trust

PERFORMANCE
SCORECARD, 2023
Profitability Stability Credit Quality
Profit after taxation (BDT mn) Tier-1 ratio (%) Gross NPL ratio (%)
2021 4,743 2021 10.6% 2021 4.9%

2022 4,508 2022 9.6% 2022 3.9%
2023 6,151 2023 11.0% 2023 3.6%
Earnings / share (BDT) CRAR (%) Net NPL ratio (%)
2021 4.4 2021 14.2% 2021 2.2%

2022 3.8 2022 14.5% 2022 1.7%
2023 5.0 2023 15.8% 2023 1.4%
Return on assets (%) Net stable funding ratio (%) Provision coverage ratio (%)
2021 1.2% 2021 106.9% 2021 90.1%

2022 1.0% 2022 103.1% 2022 104.7%
2023 1.2% 2023 106.5% 2023 110.1%
Return on equity (%) Leverage ratio (%)
2021 15.8% 2021 5.6%

2022 14.1% 2022 5.3%
2023 17.6% 2023 5.7%
Liquidity Share Valuation
Statutory liquidity ratio (SLR) Dividend / share

Surplus (BDT mn)
2021 12.5% Cash, 12.5% Stock
2021 24,237 2022 10.0% Cash, 2.0% Stock
2022 22,079 2023 15.0% Cash, 10.0% Stock
2023 23,233
Market capitalisation (BDT mn)
Liquidity coverage ratio (%)
2021 29,135
2021 151.1% 2022 26,173
2022 220.1% 2023 26,207
2023 174.6%

Our Pillars
THE VISIONARY
CHANGE MAKERS
City Bank acknowledges the untiring efforts of the founding fathers of the institution. It was the visionary entrepreneurship of 12 young
businessmen who braved the uncertainties and risks with courage and zeal in order to establish Bangladesh’s first private commercial
bank back in 1983. They determined early the critical importance of a well-governed bank for all-round progress for everyone. Today, as
we focus on accomplishing new frontiers in line with their vision of a vibrant financial institution, we continue to draw inspiration from their
indomitable spirit of enterprise and their relentless efforts on excellence.
They are (from left to right) Mr. Monowar Ali, Mr. Ibrahim Mia (Late), Mr. Abdul Hadi (Late), Mr. M.A. Hashem (Late), Mr. Anwar Hossain (Late),
Mr. Abdul Barik Choudhury (Late), Mr. Deen Mohammad (Late), Mr. A.B.M. Feroz, Mr. Md. Ali Hossain (Late), Mr. Azizul Haque Chowdhury
(Late), Mr. N.A. Chowdhury (Late) and Mr. A. K. Mehmood.

Board of Directors
City Bank’s Board is lit up by a group of 11 individuals who are driven by self-motivation. The Board is committed to
helping the Bank achieve long-term success. The Board provides direction to the management by setting the strategy and
overseeing its implementation.
Aziz Al Kaiser, Chairman
Hossain Khaled, Vice Chairman Rubel Aziz, Director
Hossain Mehmood, Director Rajibul Huq Chowdhury, Director

Our Pillars
25
Mix of experience
Meetings of the Board of Our Board has significant multidisciplinary experience

Directors held in 2023 that enables quality decision-making, sound strategy
delivery and effective stakeholder liaison.
Syeda Shaireen Aziz, Director Savera H. Mahmood, Director
Rebecca Brosnan, IFC Nominated Director Dr. Salim Mahmud, Independent Director
Matiul Islam Nowshad, Independent Director Mashrur Arefin, Managing Director & CEO

OUR DIRECTORS’ PROFILE
At City Bank PLC, we have a committed, balanced and diverse Board of Directors comprising 10 members, of which 2 are Independent Directors
and 3 are Female Directors. During the course of the year 2023, the Board discussed a wide range of issues, including responsible banking,
sustainability, human resources and culture, regulatory compliance and non-performing loan provisions and recovery, among others.
AZIZ AL KAISER of the National Committee of United World College (UWC). He served two
terms as elected President of the Gulshan Club, a premium social club of the
Chairman country. He takes keen interest in the digitalization process of the Bank and
also actively participates in discussion with the core team on innovation and
Appointed to City Bank Board on 23 August, 1999
strengthening the Bank’s sustainability practices.
Aziz Al Kaiser is a prominent entrepreneur of Bangladesh. A graduate from UK,
Kaiser is involved in a diverse range of businesses, including manufacturing of HOSSAIN MEHMOOD
all kinds of electrical cables, particle boards, doors, RMG, chemical, telecoms,
banking, leasing and real state, among others. He is the Chairman of Partex Director
Star Group and Managing Director and Director in a number of Partex Star
Appointed to City Bank Board on 23 March, 2002
Group Companies. A member of the Executive Committee of the Board of
Directors of City Bank, Kaiser is the Chairman of City Bank’s subsidiary in Mr. Hossain Mehmood is an industrial entrepreneur and has established a
Malaysia – CBL Money Transfer Sdn. Bhd. He takes keen interest in cricket longstanding legacy in business. He successfully set up and executed a
and has been patronizing Partex Sporting Club for a long time which is playing number of industrial undertakings. He is Chairman and Director of a number
in the premium division league. He was a Director of Bangladesh Cricket of companies of Anwar Group of Industries and also holds Managing
Board and also Chairman of the Marketing & Commercial Committee of the Directorship positions at Hossain Dyeing & Printing Mills Limited, Mehmud
Bangladesh Cricket Board. Industries (Pvt.) Limited and Anwar Silk Mills Limited. He was the Chairman
of Bangladesh Terry Towel and Linen Manufacturer & Exporters Association
HOSSAIN KHALED (BTTLMEA), and Vice President of Bangladesh Textile Mills Association
(BTMA), and Vice Chairman of Bangladesh Finance Securities Limited. He is
Vice Chairman Director of Anwar Galvanizing Limited. He patronizes many educational and
social welfare institutions, such as Alhaj Anwar Hossain Foundation, Jamila
Appointed to City Bank Board on 09 November, 2000
Khatun Lalbagh Girls High School, Jamila Khatun Red Crescent Maternity
Hossain Khaled is a versatile new-age entrepreneur. He obtained his BBA Center, Alhaj Anwar Hossain NHN Diabetic Center etc. At City Bank, he is also
in Accounting from the University of Toledo (Ohio) followed by MBA in Chairman of the Risk Management Committee and member of the Executive
International Banking from Texas A&M University (Texas) in USA. Khaled was Committee of the Board of Directors. Mr. Mehmood has sound academic
trained by his father - Mr. Anwar Hossain (founder of City Bank and Anwar credentials and is a reputed member of society.
Group of Industries) from a very early age, and joined the family conglomerate
of Anwar Group of Industries in the year 2000. Since then, he has helmed RAJIBUL HUQ CHOWDHURY
many group company portfolios and also achieved several milestones,
including becoming the youngest President of Dhaka Chamber of Commerce Director
& Industry and also Co-Chairman of Bangladesh Better Business Forum. In
Appointed to City Bank Board on 18 October, 2011
fact, he remains as the only President of Dhaka Chamber of Commerce &
Industry to have been elected four times. Khaled is now the Group Managing Rajibul Huq Chowdhury is a prominent business entrepreneur of Bangladesh.
Director of Anwar Group. At City Bank, he is also a member of the Executive He is involved in a diverse range of business sectors, including chemicals,
Committee and Risk Management Committee of the Board of Directors. He printing and machinery. Mr. Chowdhury is a Proprietor, Managing Director and
is also the Chairman of City Brokerage Ltd., City Hong Kong Limited, and the Director of various companies of Aziz Group. At City Bank, he is also a member
founding President of Entrepreneurs’ Organization (EO) Bangladesh Chapter. of the Executive Committee and Board’s Risk Management Committee of
Khaled is an avid car enthusiast, collector, and loves to adventure! the Board of Directors. He patronises many educational institutions and is
involved with various social forums as well.
RUBEL AZIZ
SYEDA SHAIREEN AZIZ
Director
Director
Appointed to the Board on 14 December, 1998
Appointed to City Bank Board on 30 April, 2012
Rubel Aziz is a renewed industrialist and entrepreneur. He Holds a
Bachelor of Business Administration degree from the UK. Aziz has been in Syeda Shaireen Aziz, a renowned business personality of the country, is the
business for a long time now, fulfilling a humble role in the socio-economic Chairman of Partex Petro Ltd. And Sakhi Fisheries Ltd. Director of Partex
development of the nation. He has set up and successfully executed a Beverage Ltd., Partex Plastics Ltd., Partex Foundry Ltd., Partex Properties
number of industrial undertakings. He is Managing Director of Partex Group. Ltd., Partex Corporate Ltd., and a trustee member of IBAIS University. She
Aziz served as the Chairman of the Board of Directors of the bank from finished her high school at David Game College, London, and studied her
December 2011 to October 2016. He is currently Chairman of the Board’s LLB at Holborn College, London. At City Bank, she is also a member of the
Executive Committee of City Bank. He is also President of Banani Club from Audit Committee of the Board of Directors. She is involved in many social and
2019, advisor of Dhaka Boat Club, member of the Trustee Board of IBAIS philanthropic works and committed to make positive changes in the society.
University and former Chairman of Janata Insurance Co. Ltd. He is a member

Our Pillars
SAVERA H. MAHMOOD MATIUL ISLAM NOWSHAD, CMGR
Director Independent Director

Appointed to City Bank Board on 21 July, 2016 Appointed to City Bank Board on 07th November, 2022
Savera H. Mahmood is also a Director of Partex Star Group She holds a Matiul Islam Nowshad, CMGR, is a seasoned management professional
Master’s Degree in Social Studies from University of Chittagong. At City Bank, with over three decades of experience spanning three industry segments
she is also a member of the Audit Committee of the Board of Directors. She - tea, textile and telecommunication in Bangladesh and South / Southeast
is involved in many social and philanthropic works and committed to make Asia region. Besides his full-time role Nowshad has held Independent
positive changes in the society. Board positions in financial institutions, IDLC Finance Ltd. for consecutive
two terms and had been the Chairman of IDLC Investments Ltd. IDLC
REBECCA BROSNAN Securities Ltd. and IDLC Asset Management Ltd. at different time during his
tenure until June 2022. Nowshad is currently a Co-Founder and Partner at
IFC Nominated Director ZUNOKS Consulting. Prior to co-founding ZUNOKS Consulting of which he
is a partner he had held CxO and board level roles in reputed multinational
Appointed to City Bank Board on 2 November, 2020
organisations. At City Bank, he is also a member of the Audit Committee
Rebecca Brosnan was appointed on City Bank Board as Nominated Director and Risk Management Committee of the Board of Directors. Nowshad is a
of IFC (International Finance Corporation). IFC, a member of the World Bank Chartered Manager (CMgr.) and Chartered Fellow of Chartered Management
Group, has been holding a 4.95% share of the bank since 2017. Rebecca is Institute (UK). He holds a master’s degree in business. He has attended
the Chief Operating Officer of Mother’s Choice, a leading NGO dedicated to several general management programs in INSEAD, IMD, Cranfield, IIMs to
serving children without families and pregnant teenagers in Hong Kong. name a few amongst others.
She is responsible for organization wide strategic development, financial
management and impact measurement and runs seven front-line business MASHRUR AREFIN
verticals in the organisation. Prior to joining Mother’s Choice in 2016, she
served in several senior roles at the Hong Kong Exchanges and Clearing Managing Director & CEO
Limited (HKEx), including as its Managing Director - Head of Product
Development, and Head of Asia Commodities. Prior to joining HKEx in 2010, Mashrur Arefin assumed the role of Managing Director & CEO of City Bank
Rebecca led the execution and origination of equity, debt, equity-linked and in January 2019. Prior to this appointment, he served as the Additional
M&A transactions across Asia in the Investment Banking Division of Merrill Managing Director, overseeing key sectors such as SME, Retail, Cards, and
Lynch. Rebecca is an alumna of the General Management Program at Harvard digital financial services. In 2007, he joined City Bank as a pivotal member
Business School. She holds an MA in History of International Relations from of the team responsible for the bank’s transformation into a contemporary,
London School of Economics, and a BA in Economics from Trinity College, USA. digitally-forward institution.
He spearheaded numerous significant initiatives of the bank, including

DR. SALIM MAHMUD, MP the launch of the retail banking division, the American Express franchise in
Bangladesh, Citygem Priority Banking, Small & Micro Finance operations,
Independent Director
Digital lending, Citytouch digital banking, the bank’s subsidiary remittance
Appointed to City Bank Board on 14 June, 2020 company in Malaysia, and City Alo Women Banking, among others.
Dr. Salim Mahmud is a Member of Parliament from Constituency 260,
Over the past five years under his leadership as MD & CEO, the bank’s net
Chandpur 1. He is a Member of the Parliamentary Standing Committee
profit has nearly tripled, soaring from BDT 222 crore in 2018 to BDT 638
on the Ministry of Law, Justice and Parliamentary Affairs and the Ministry
crore in 2023, while the Return on Equity has impressively climbed from
of Power, Energy and Mineral Resources, Government of Bangladesh.
8.7% to 17.7%. Additionally, during this tenure, City Bank has been honored
Having multidisciplinary experiences, Dr. Mahmud is an academician, with the “Top Sustainable Bank” rating by the country’s central bank for three
lawyer and international energy expert. He acted as the Member Secretary consecutive years.
of the Awami League Manifesto Committee for the 12th Parliamentary
Elections. He served as a Professor, Department of Law, Dhaka University Mashrur is a former cadet from Barishal Cadet College (1982-1988). He
and went on voluntary retirement in 2020. Dr. Mahmud also taught at the holds a Master’s degree in English from the University of Dhaka and an
Department of Law, University of Chittagong, Bangladesh (1995-1997). MBA in Marketing & Finance from Victoria University, Melbourne, Australia.
Prior to joining academia, he practiced as a qualified lawyer for sometimes. Additionally, Mashrur is renowned nationwide as a novelist, poet, and
translator. He is married with two children.
Dr. Mahmud completed his PhD in Energy Law and Policy from the Dundee
University’s (UK) internationally reputed Centre for Energy, Petroleum and
Mineral Law and Policy (CEPMLP). Brilliant since his student life, Dr. Mahmud
stood third in Secondary School Certificate Examination and first in first
class in LLB Hons from Dhaka University. He won Special Dean’s Award
for his outstanding performance in PhD research from Dundee University.
From 2009 to 2019 he served as the Chairman of the Bangladesh Energy

Regulatory Commission Tribunal and Member of the Bangladesh Energy
Regulatory Commission. Dr. Mahmud served as a Director (Independent) of
the United Commercial Bank Plc. He is also a Member of the Board of Trustees
of the Manarat University Dhaka. Dr. Mahmud established the Palakhal
Rostam Ali Degree College in his constituency in 1995 in Kachua, Chandpur.

Management committee
Our management committee is focused on protecting the health and wellbeing of our colleagues and supporting our
customers, clients and other stakeholders, while maintaining the financial and operational integrity of City Bank.
Mashrur Arefin
Sheikh Mohammad Maroof Mohammad Mahbubur Rahman Mahia Juned

Additional Managing Director & CBO Additional Managing Director & CFO Additional Managing Director and COO & CAMLCO
Kazi Azizur Rahman Nurullah Chaudhury Faruk Ahmed Mesbaul Asif Siddiqui
DMD & Chief Information Officer DMD & Head of Corporate Banking DMD & Head of Trade Services DMD & Chief Risk Officer

Our Pillars
Deep banking knowledge

and experience
25
More than two-thirds of the Management
Committee members are seasoned bankers, while Average years of experience of the
the rest have diversified industry experience. Management Committee
A K M Saif Ullah Kowchar Md. Arup Haider Md. Nurul Azam Mozumder Kamrul Mehedi
DMD & Head of Internal Control Head of Retail Banking Head of Medium Business Head of Small Business
& Compliance
Md. Safiul Amin Mohammad Mahmud Gony Mohammad Firoz Alam Md. Ashanur Rahman
Head of Retail Distribution Head of Commercial Banking Head of CRM Chief Economist & Country Business Manager
Md. Zafrul Hasan Muhammed Shah Alam Nishat Anwar Md. Kafi Khan
Head of Enterprise Project Management Office Head of Treasury Head of Human Resources Company Secretary

City Bank in January 2022. As CBO, Maroof holds the responsibility
Management of the overall businesses of the Bank, including Digital Financial
Services.
committee In 16 years at City Bank, Maroof’s efforts and significant

involvement has lead the way with business growth for City Bank
and established strong relationships with most of the major
multilateral, correspondent banks and ECA Finance agencies.
Mashrur Arefin
With 27 years of experience, Maroof has attained leadership
roles in other institutions. He is the board member of IIDFC, City
Brokerage, City Merchant Bank, and Venture Capital Partners
MA, University of Dhaka MBA, Victoria University, Bangladesh (VIPB). He is also in-charge of City Bank Exchange
Melbourne, Australia House in Malaysia.
Joined City Bank in 2007
Mashrur Arefin assumed the role of Managing Director & CEO of City
Mohammad Mahbubur Rahman
Bank in January 2019. Prior to this appointment, he served as the
Additional Managing Director, overseeing key sectors such as SME,
Additional Managing Director & Chief Financial Officer
Retail, Cards, and digital financial services. In 2007, he joined City
Bank as a pivotal member of the team responsible for the bank’s Fellow Chartered Accountant, The Institute of Chartered
transformation into a contemporary, digitally-forward institution. Accountants of Bangladesh (ICAB)
He spearheaded numerous significant initiatives of the bank,
Md. Mahbubur Rahman has a rich experience of working in
including the launch of the retail banking division, the American
leadership roles in various multinational, local corporate and
Express franchise in Bangladesh, Citygem Priority Banking, Small &
development organizations. His proven capability in strategic and
Micro Finance operations, Digital lending, Citytouch digital banking,
financial management enables the Bank to successfully achieve its
the bank’s subsidiary remittance company in Malaysia, and City Alo
objectives.
Women Banking, among others.
Before joining City Bank, Mahbubur worked for World Bank as
Over the past five years under his leadership as MD & CEO, the bank’s
Financial Management Specialist. He has also worked in several
net profit has nearly tripled, soaring from BDT 222 crore in 2018 to
capacities, including Additional General Manager and Head of
BDT 638 crore in 2023, while the Return on Equity has impressively
Revenue at Grameenphone for five years, and subsequently as the
climbed from 8.7% to 17.7%. Additionally, during this tenure, City
Chief Financial Officer of Leads Corporation Ltd.
Bank has been honored with the “Top Sustainable Bank” rating by
the country’s central bank for three consecutive years. Mahbubur represents City Bank as one of the nominated directors
on the Board of City Bank Capital Resources Limited, and City
Mashrur is a former cadet from Barishal Cadet College (1982-
Brokerage Limited.
1988). He holds a Master’s degree in English from the University of
Dhaka and an MBA in Marketing & Finance from Victoria University,
Melbourne, Australia. Additionally, Mashrur is renowned nationwide Mahia Juned
as a novelist, poet, and translator. He is married with two children.
Additional Managing Director, Chief Operating Officer & Chief Anti
Sheikh Mohammad Maroof Money Laundering Compliance Officer
BBA, Assumption University, Bangkok, Thailand
Additional Managing Director & Chief Business Officer Joined City Bank in 2007
Master of Commerce in Finance, University of Dhaka Mahia Juned embarked on her professional journey in 1994 at
Joined City Bank in 2007 Citibank N.A., Bangladesh and was subsequently promoted to the
role of Resident Vice President, where she led various operational
Sheikh Mohammad Maroof brings with him over 25 years of teams. Transitioning to City Bank in 2007, she commenced as the
experience and expertise in Corporate, Treasury, SME, Green & Head of Project Management and later on promoted to the role of
Infrastructure Financing. He has played an instrumental role in Chief Operating Officer in 2019. She was promoted to the position
bringing forth derivative products, development of foreign exchange of Additional Managing Director in 2023.
market, development of money market, merger & acquisition,
advisory, structured finance transactions, and development of In her multifaceted role as AMD, Mahia retains her responsibilities
offshore banking business. as the Chief Operating Officer and Chief Anti Money Laundering
Compliance Officer (CAMLCO). In addition to her primary
Maroof started his career in 1995 with American Express Bank, responsibilities, Mahia has taken on a leadership role in overseeing
Bangladesh, as a Management Trainee. He later joined City Bank in women’s affairs within the organization. Furthermore, she
June 2007 as Executive Vice President (EVP) and ever since he has represents City Bank as a nominated director on the Board and
played a key role in the Bank achieving tremendous success over the Board’s Audit Committee of IDLC Finance Limited. Additionally,
time. He was promoted to the post of Additional Managing Director Mahia serves on the Board of City Hong Kong Limited, a subsidiary
(AMD) in February 2019 and the Chief Business Officer (CBO) of of City Bank in Hong Kong.

Our Pillars
Kazi Azizur Rahman Faruk brings over 29 years of professional experience with a
specialist understanding of branch banking operations, offshore
Deputy Managing Director & Chief Information Officer banking operations, and trade finance operations. He has attended
various trainings, seminars, workshops, and conferences in
Bachelor of Science in Engineering (Major Electronics &
Bangladesh as well as in different countries in Asia, Europe, the
Communications), Newport University, India
USA, and other continents of the world.
Post Graduate Diploma in Computer Programming, Institute of
Electronics, India
Joined City Bank in 2021 Mesbaul Asif Siddiqui

Kazi Azizur Rahman, in his vast career of more than 29 years, has Deputy Managing Director and Chief Risk Officer
worked in different sectors at home and abroad, including 20 years
in the banking sector of Bangladesh. Masters in Bank Management, Bangladesh Institute of Bank
Management (BIBM)
Prior to joining City Bank, Aziz was the Deputy Managing Director MBA in Finance, University of Dhaka
& Chief Information Officer of Meghna Bank Ltd. He started his
career in 1990 and worked in companies like Grabowsky & Poort, Joined City Bank in 2015
BIRDEM, British American Tobacco Bangladesh (BATB), and Net- Mesbaul Asif Siddiqui, a seasoned banker who did his MBM from
Linx Americas Inc. in Canada. In 2003, he started his banking career BIBM and MBA from the University of Dhaka, has accumulated
with Eastern Bank Ltd. He moved to City Bank in 2007 and worked over 25 years of diverse experience in Corporate Banking, Global
here for 12 years, where he significantly contributed in the overall Trade Finance, and comprehensive Risk Management. His career
growth of the organisation through his leadership and helped spans across Eastern Bank, Commercial Bank of Ceylon, HSBC,
building the IT division to support the business growth. Departing in and City Bank. Certified in “Anti Money Laundering and Sanctions
2019 as the Deputy Managing Director & Chief Information Officer, Compliance”, Asif has been a change-maker.
he continued to apply his expertise at South East Bank and Meghna
Bank before rejoining City Bank in 2021. As the Head of Credit Risk Management and Sustainable
Finance, he spearheaded several transformations, including SME
Nurullah Chaudhury Risk restructuring against IFC advisory, revamping Credit Risk
governance, incorporation of Environment, Social and Governance
Deputy Managing Director & Head of Corporate Banking (ESG) factors and other reforms in credit underwriting process. He
avidly championed Sustainable & Green Finance at the bank leading
Bachelor in Finance, USA to Net-Zero Banking Alliance membership under United Nations,
Joined City Bank in 2008 publishing of GRI standard Sustainability Report and central
Nurullah Chaudhury joined City Bank as Unit Head of Corporate bank’s recognition as one of the Top Sustainable Banks for three
Banking in 2008, and was subsequently promoted as Cluster Head consecutive years along with other global accolades.
of RMG and textiles. Prior to City Bank, in his two-decade career in
the banking industry, he served Shamil Bank of Bahrain and Bank Since Feb 2022, Mr. Asif took on the role of Chief Risk Officer (CRO)
Al Falah in various divisions, including Corporate Banking. He is overseeing Enterprise, Operations & Fraud Risks Management,
currently heading the Corporate and Commercial Banking Divisions Credit Risk Management, Special Asset, Credit & Collection, Legal,
as a Deputy Managing Director of the Bank. He also represents Credit Administration. He continues to drive embedding Risk
City Bank as one of the nominated directors on the Board of IDLC Culture, promoting RWA Optimisation, reinforcing Operational
Finance Limited. Risk Framework, and advocating risk & control framework as
essential part of bank’s strategic planning. He worked with IFC in
Talent Management and Employee Value Proposition projects and
Faruk Ahmed Operational Risk transformation.
Deputy Managing Director & Head of Trade Services

Masters in Marketing, University of Dhaka A K M Saif Ullah Kowchar
Faruk Ahmed started his career at IFIC Bank in 1994, after Deputy Managing Director & Head of Internal Control & Compliance
completing his studies at the University of Dhaka. He is a renowned Fellow Chartered Accountant, the Institute of Chartered
trade finance professional, enriched with vast knowledge of many
Accountants of Bangladesh (ICAB) Associate Chartered
trade finance products such as supply chain financing, factoring,
Accountant, Institute of Chartered Accountants in England and
reverse factoring, blockchain, and offshore banking.
Wales (ICAEW)
Faruk was an integral part of the Core Banking Systems (CBS) and Joined City Bank in 2019
Trade Modules System installations in many enterprises, having
A K M Saif Ullah Kowchar, FCA, has more than 23 years of multi-
a keen interest in fintech. He had a long career working for the
nation’s well-known commercial institutions. In 2022, City Bank functional and multi-geographic experience, working in different
handled trade transactions totaling USD 7.20 billion under his organisations like Citibank N.A. (Bangladesh and the Philippines),
leadership. He has successfully led the extended management Pacific BD Telecom Ltd and KPMG (Bangladesh and Qatar) prior to
committee (EMC) of the bank. joining City Bank as Head of Internal Control & Compliance.

Md. Arup Haider Md. Safiul Amin
Head of Retail Banking Head of Retail Distribution

MBA in Finance, IBA, University of Dhaka M.Com, University of Dhaka
Joined City Bank in 2016 Joined City Bank in 2016
Md. Arup Haider was appointed as Head of Retail Banking at
Md. Safiul Amin started his career as a Lecturer of Management
City Bank in 2018, leading a significant shift towards digital
Department of a govt. university college as a BCS Cadre upon
empowerment, a crucial element for success in today’s dynamic
business environment. His instrumental leadership has helped the completion of his studies from the University of Dhaka. Later, he
Bank to become a unit capable of embracing digital advancements. started his banking career in Sonali Bank as a Financial Analyst and
Concurrently, he oversees the operations of City Islamic, the bank’s moved to City Bank in 2003 in the Project and Corporate Finance
Islamic Banking wing. Division, which was later renamed as Credit Risk Management
Division (CRM). In 2012, he moved to Prime Bank in the Corporate
Arup started his career as a Management Trainee Officer at Prime Banking Division. Amin re-joined City Bank in 2016 as a Cluster
Bank Ltd in 2003. His professional trajectory includes noteworthy
Head in the Retail Banking Division, and he assumed his present
positions such as Head of Consumer Credit Policy at Standard
Chartered Bank and Head of SME Underwriting at BRAC Bank. A role in 2018.
distinguished alumnus of IBA, DU, he earned his MBA subsequent
to graduating with Honors in Economics from Scottish Church
College, Kolkata University. Mohammad Mahmud Gony
Head of Commercial Banking

Nurul Azam Mozumder
MS in Agricultural Economics, Bangladesh Agricultural University
MBA in Marketing, University of Dhaka
Head of Medium Business
Master of Science, University of Dhaka. Master in Business
Studies, University of Dhaka Mohammad Mahmud Gony, an experienced banker with 22 years
Joined City Bank in 1999 of experience, joined City Bank in 2001 as a Management Trainee.
In 2007, when the Bank started its reforms program, he actively
Md. Nurul Azam Mozumder joined City Bank in 1999 as
took part in the formation of the Corporate Banking Division. As
Management Trainee. Mr. Mozumder’s responsibilities have
significantly been expanded during his 24 years’ service tenure a frontliner, he on boarded some big corporates to the Bank. In
in the Bank with excellence. He has played different roles and 2010, he switched to another local bank and worked there in the
contributed a lot to the Bank as a Business Development Manager, wholesale banking division. In 2017, he came back to City Bank
Branch Manager of Principal Branch, Cluster Head of Branches & as Head of Commercial Banking Division. During his tenure at the
Acting Head of Branches. He was subsequently appointed as the Bank, Gony has contributed to the business growth of his assigned
Head of Medium Business in 2018 and played the pivotal role in portfolio, especially in terms of expanding the loan portfolio and
restructuring of SME-Medium Division under centralized platform. non-funded income.
In recognition of his contribution in the Bank with cross functional
leadership, he was rewarded the most prestigious Integrity Award
by the Board of Directors in 2022. In addition to serving as one of
the five value ambassadors of the Bank, Nurul Azam Mozumder is Mohammad Firoz Alam
an active member of the Management Committee and is engaged
in various core committees within the organization. Head of Credit Risk Management
MBA in Finance, University of Dhaka
Kamrul Mehedi
Mohammad Firoz Alam started his career in the banking sector
Head of Small Business in AB Bank Limited in 2003. He moved to BRAC Bank Limited in
2006 and has worked extensively there in various capacities. His
Masters in Business Administration, Masters in Defense
Strategy contributions in policy formations, process re-engineering and
Joined City Bank in 2017 credit underwriting reforms were pivotal in strategic growth of BRAC
Bank Limited. He also kept his significant mark in implementation of
Kamrul Mehedi started his banking career at BRAC Bank in 2011
Basel II and III during his tenor in BBL. He worked there for 11 years
after a brief stint with Bangladesh Army. He worked in the SME
and took over the role of Head of Corporate Credit Underwriting
Division and looked after SME funding and management of non-
performing loans, with special focus on strategy implementation before moving to Prime Bank Limited in 2017. He assumed the role
and credit risk and recovery. In 2017, he joined City Bank as Head of of Head of Credit Risk Management and Sustainable Finance and
Small & Micro Finance Business. kept his prominent impression in transforming credit underwriting
process there. Later, in 2023, he joined City Bank with his garnered
Kamrul secured his MBA from a private university and a Master’s experience and is currently heading the Credit Risk Management
Degree in Defense Strategy. He also holds a Graduate degree in Division.
Banking Leadership from Presencing Institute, CoLab, MIT, USA.

Our Pillars
Md. Ashanur Rahman Besides being a treasury and market risk expert, he is keen on
staying updated on monetary management, fiscal management
Chief Economist & Country Business Manager and macroeconomic landscape of the country.
Masters in Bank Management, BIBM
Bachelors in Statistics, Jahangirnagar University
Joined City Bank in 2019 Nishat Anwar
Md. Ashanur Rahman brings over 20 years of banking experience, Head of Human Resources
demonstrating a robust professional journey within the financial
sector, both in Bangladesh and abroad. He started his banking MBA, North South University
career as a Management Trainee with Mercantile Bank in 2004. Post Graduate Diploma in Personnel Management, Bangladesh
He worked there in different areas, including credit, research & Institute of Management
planning. In 2008, he joined City Bank and took charge of different Joined City Bank in 2018
areas of risk management, including credit, market and operational Nishat Anwar has over two decades of extensive experience
risks. He joined Royal Bank of Canada as a retail banker where he in strategic HR business partnering, focusing in crafting and
gained significant experience in retail banking, underwriting and implementing People and Culture strategies across diverse
customer services. organizations in the telecommunications, logistics, and banking
sectors.
Md. Zafrul Hasan Commencing her professional journey with DHL Express in 1997,
Nishat started as an entry-level officer and progressed to the
Head of Enterprise Project Management Office role of Manager L&D within five years. Transitioning to Standard
Chartered Bank in 2002, she assumed the position of HR Business
MCM, University of Strathclyde, UK Partner. During her tenure as the Manager of Recruitment and
MBA (International Business), Banaras Hindu University, Employee Relations at Banglalink from 2005 to 2009, Nishat
Varanasi, India played a vital role in shaping the core team of this startup telecom
Joined City Bank in 2019 company, overseeing recruitment and employee relations functions
Zafrul Hasan commenced his professional journey in 1995 as an and contributing significantly to the establishment of a robust
Area Manager at Sheba Telecom (now Banglalink), culminating in workforce. Having relocated to Canada in 2012, Nishat diversified
his role as the Manager of Regional Operation & Credit Control. her professional portfolio by engaging in various gig roles and
His departure in 2004 was prompted by the prestigious Chevening contractual positions with multiple organizations, thereby further
Scholarship sponsored by Vodafone, allowing him to pursue enriching her expertise as an HR professional.
advanced studies in the UK.
Since 2019, Nishat has held the position of Head of Human
Upon his return, Zafrul joined Pacific Bangladesh Telecom Resources at City Bank, where she stands as a key member of the
Ltd, ascending to the position of General Manager of Product Bank’s Leadership Team. In this capacity, she has been pivotal in
Development. Subsequently, he joined Robi Axiata and contributed driving the implementation of the Bank’s comprehensive people
significantly to during an eight-year tenure, showcasing versatility strategy.
in Marketing, Sales, Supply Chain, Finance, and Technology. His
leadership pioneered numerous groundbreaking programs and
campaigns, introducing innovative products, services, customer Md. Kafi Khan
offerings, and voice/data plans to Bangladeshi market.
Company Secretary
In 2015, Zafrul assumed the role of Head of Strategy and Business
Doctor of Business Administration (Course Completed), IBA,
Development at bKash, overseeing the Commercial Division before
University of Dhaka
transitioning to Enterprise Project Management. In 2019, he
Post Graduate in Human Resources Management
furthered his career by joining City Bank. Throughout his career,
Bachelor and Masters in Accounting, University of Dhaka,
Zafrul has adeptly navigated diverse environments, consistently
Bachelor of Law
upholding high work ethics and standards.
Md. Kafi Khan started his career in 1998 at Monno Fabrics as
Muhammed Shah Alam Manager - MIS and Support Associate to the Management
Consultant. He possesses more than 28 years of work experience
Head of Treasury in various sectors, encompassing areas such as human resources,
accounts, costing and budgeting, cost audit and financial audit,
MBA, University of Dhaka MSc in Statistics secretarial audit, planning and commercial, legal affairs and
Joined City Bank in 2013 company secretarial practices, etc. The last position he held was
as Company Secretary of Apollo Ispat and Group of Companies.
Muhammed Shah Alam started his career in Arab Bangladesh Bank
He joined City Bank as Company Secretary in 2004. He holds
as a probationary officer and gradually moved to treasury. He joined Fellow Membership of the Institute of Personnel Management of
City Bank in 2007 in the Treasury department and then moved to Bangladesh (IPM), the Institute of Certified General Accountants
Eastern Bank in the same department. Alam re-joined City Bank of Bangladesh (ICGAB) and the Institute of Internal Auditors of
in 2013 and, in 2019, he was promoted as the Head of Treasury. Bangladesh (IIAB).

EXTENDED Management
committee
Standing from the left
1 Hasan Uddin Ahmed Head of Employee Banking 13 Shahriar Jamil Khan Head of Brand & Communications and
Corporate Affairs
2 Md. Ariful Bari Cluster Head - Manufacturing
14 Priyatosh Gupta Head of Imports
3 Md. Shafiul Alam Head of CAD
4 Mohammad Mahfuzur Rahman Head of Operations 15 Mahbub Ahmed Chowdhury Head of Procurement
5 Mohammad Razimul Haque Razim Head of Cards 16 Md. Zahirul Islam Head of Cards Operations
6 Md. Shaheen Ferdous Head of Project Management Office 17 Mujtanibul Ahmed Head of Digital Financial Services
7 Mirza Golam Yeahia Head of PR & Media 18 Farhad Aziz Head of General Admin
8 Saifur Rahman Shawkat Head of Information Technology 19 Md. Rezowan Tarafder Regional Head of Branches, Dhaka- North
9 Faruk Ahmed EMC Chairman & DMD & Head of Trade Services 20 Mohammad Waliullah Head of Credit & Collection Retail &
10 Hasan Sharif Ahmed Head of Financial Institutions Small Business
11 Mohammad Ahtasamul Hoque Head of Audit 21 Sanjoy Kumar Das Head of Organization Development & HR Strategy
12 Mohammed Minhazur Rahman Head of Corporate Credit Risk 22 Md. Musarrat Hossain Head of Special Asset Management
Seated from the left
23 Fahria Huque Head of Citygem Priority Banking 29 Md. Afzalul Islam Head of Islamic Banking
24 Subir Kumar Kundu Head of Products, Segments, 30 Sayeeda Sajed Head of Customer Experience
Bancassurance & Direct Acquisitions
31 Md.Sajid I.H.Chowdhury Head of Foreign Exchange
25 Ummay Habiba Sharmin Head of Legal
32 Mohammad Jahangir Alam Cluster Head - Public Sector,
26 Hasan Md. Lablu Head of HR Operations
PPP & Service Sector and Head of Offshore Banking
27 Md. Mohibur Rahman Head of Agent Banking
33 Tahsin Haq Head of Corporate & Institutional Liability
28 Abul Bashar Mohammad Nazrul Islam Regional Head,
Medium Business
Not present in this picture
34 Masud Al Faruque Cluster Head - RMG & Textile 35 Mohammad Rakib Uddin Ahammad Head of Finance

EXTENDED MANAGEMENT
COMMITTEE

Our Pillars

Our Pillars
Asset Liability Committee (ALCO)
Sl Name Designation Status in Committee

1 Mr. Mashrur Arefin Managing Director & CEO Chairman
2 Mr. Sheikh Mohammad Maroof Additional Managing Director & Chief Business Officer Member
3 Mr. Mohammad Mahbubur Rahman Additional Managing Director & Chief Financial Officer Member
4 Mr. Mesbaul Asif Siddiqui Deputy Managing Director & Chief Risk Officer Member
5 Mr. Md. Arup Haider SEVP & Head of Retail Banking Member
6 Mr. Mohammad Mahmud Gony SEVP & Head of Commercial Banking Member
7 Mr. Muhammed Shah Alam EVP & Head of Treasury Member Secretary
8 Mr. Md. Afzalul Islam EVP & Head of Islamic Banking Member
9 Mr. Mahbub Jamil EVP & Head of Structure Finance and Offshore Banking Unit Member
10 Mr. Mohammad Shahazadul Alam Khan AVP & Head of Asset Liability Management Permanent Invitee
Executive Risk Management Committee ( ERMC)

1 Mr. Mesbaul Asif Siddiqui Deputy Managing Director & Chief Risk Officer Chairman
Additional Managing Director, Chief Operating Officer &
4 Ms. Mahia Juned Member
Chief Anti Money Laundering Compliance Officer
5 Mr. Kazi Azizur Rahman Deputy Managing Director & Chief Information Officer Member
6 Mr. Faruk Ahmed Deputy Managing Director & Head of TSD Member
7 Mr. Nurullah Chaudhury Deputy Managing Director & Head of Corporate Banking Member
Deputy Managing Director & Head of Internal Control &
8 Mr. A K M Saif Ullah Kowchar Member
Compliance
9 Mr. Md. Nurul Azam Mozumder SEVP & Head of SME-Medium Business Member
10 Mr. Md. Kafi Khan EVP & Company Secretary Member
12 Mr. Kamrul Mehedi SEVP & Head of Small Business Member
13 Mr. Md. Ashanur Rahman SEVP & Chief Economist & Country Business Manager Member
14 Mr. Mohammad Firoz Alam SEVP & Head of Credit Risk Management Member
16 Mr. Muhammed Shah Alam EVP & Head of Treasury Member
17 Mr. Md. Shafiul Alam EVP & Head of CAD Member
18 Mr. Mohammad Waliullah EVP & Head of Credit & Collection Retail & Small Business Member
19 Ms. Ummay Habiba Sharmin SVP & Head of Legal Member
20 Mr. Mohammed Minhazur Rahman EVP & Head of Corporate Credit Risk Member
21 Mr. Mohammad Razimul Haque Razim EVP & Head of Cards Member
22 Mr. Mohammed Zahed Hossain SVP & Head of Commercial & SME Credit Risk Member
23 Mr. Md. Musarrat Hossain VP & Head of Special Asset Management Member
FVP & Acting Head of Money Laundering & Terrorist
24 Mr. Jahedul Islam Member
Financing Prevention & Acting Deputy CAMLCO
25 Ms. Marina Banu SVP & Head of Operational Risk Management Member
26 Ms. Farzana Hoque FVP & Head of Enterprise Risk Management Member Secretary

Credit Risk Management Committee (CRMC)

2 Mr. Mohammad Firoz Alam SEVP & Head of Credit Risk Management Member Secretary
8 Mr. Mohammed Minhazur Rahman EVP & Head of Corporate Credit Risk Member
10 Mr. Mohammed Zahed Hossain SVP & Head of Commercial & SME Credit Risk Member
Operations Risk Management Committee

2 Ms. Marina Banu SVP & Head of Operational Risk Management Secretary
3 Ms. Md. Safiul Amin SEVP & Head of Retail Distribution Member
4 Mr. Sayeeda Sajed EVP & Head of Customer Experience Member
5 Mr. Mohammad Mahfuzur Rahman SEVP & Head of Operations Member
6 Mr. Mabrur Hasan Chowdhury FVP & Head of Branch Operations Member
7 Mr. Khan Ahsan Habib SEO & Acting Head of Loyalty, Cards Member
8 Mr. Samiul H. Chowdhury VP & Head of Customer Service, Cards Member
9 Mr. Md. Zahirul Islam FVP & Head of Card Operations Member
10 Mr. Khandakar Rafiqual Islam VP & Head of IT Governence Member
11 Mr. A H M Masum VP & Head of DFS Tech Member
12 Mr. Mohammad Rakib Uddin Ahammad EVP & Head of Finance Member
13 Mr. Hasan Md. Lablu SVP & Head of HR Operations Member
14 Mr. Md. Mohibur Rahman SVP & Head of Agent Banking Member
15 Mr. Malik Md. Zagglul Hassan SVP & Head of Fraud Risk Management Member
16 Mr. Imtiaz Mahmood FVP & Head of Policy, Compliance, Risk Operations Member
17 Mr. Mamun Rahman SVP & Head of Compliance & Monitoring Member
18 Mr. Jahedul Islam FVP & Head of ML&TFPD Member
19 Mr. Md. Shafiul Alam EVP & Head of Credit Administration Member
21 Mr. Priyatosh Gupta EVP & Head of Import Member
22 Mr. Md. Asaduzzaman EVP & Head of Export Member
23 Mr. Md. Ariful Bari SEVP & Head of Manufacturing Cluster Member
Mr. Abul Bashar Mohammad Nazrul
24 EVP & Regional Head, Dhaka Member
Islam
25 Mr. Tanvir Shawkat VP & Regional Credit Head, Dhaka Member

Our Pillars
Procurement Committee (PC)

1 Mr. Mohammad Mahbubur Rahman Additional Managing Director & Chief Financial Officer Chairman
4 Mr. Farhad Aziz SVP & Head of General Admin Member
Supervisory Review Process (SRP) Team

8 Ms. Farzana Hoque FVP & Head of Enterprise Risk Management Member Secretary
Sustainable Finance Committee (SFC)
1 Mr. Sheikh Mohammad Maroof Additional Managing Director & Chief Business Officer Chairman
8 Mr. A K M Saif Ullah Kowchar Deputy Managing Director & Head of Internal Control & Compliance Member
9 Mr. Mohammad Firoz Alam Head of CRM & Sustainable Finance Member
10 Mr. Md. Shafiul Alam EVP & Head of CAD Member
12 Mr. Md. Safiul Amin SEVP & Head of Retail Distribution Member
13 Ms. Nishat Anwar EVP & Head of Human Resources Member
14 Mr. Mohammad Razimul Haque Razim Head of Cards Member
17 Mr. Shahriar Jamil Khan FVP & Head of Brand & Communications and Corporate Affairs Member
18 Mr. Mohammed Minhazur Rahman EVP & Head of Corporate Credit Risk Member Secretary
19 Mr. Abir Mymuny AVP & Senior Manager, Sustainable Finance Focal Member

Central Compliance Committee (CCC)

1 Ms. Mahia Juned Chairman
4 Mr. Saifur Rahman Shawkat SVP & Head of Information Technology Member
7 Mr. Md. Ariful Bari SEVP & Cluster Head - Manufacturing Member
9 Mr. Mohammad Razimul Haque Razim EVP & Head of Cards Member
11 Mr. Hasan Sharif Ahmed EVP & Head of Financial Institutions Member
12 Mr. Abul Bashar Mohammad Nazrul Islam EVP & Regional Head, Medium Business Member
16 Mr. Mujtanibul Ahmed FVP & Head of Digital Financial Services Member
17 Mr. Md. Afzalul Islam EVP & Head of Islamic Banking Member
FVP & Acting Head of Money Laundering & Terrorist
18 Mr. Jahedul Islam Secretary
Financing Prevention & Acting Deputy CAMLCO
Cost Control Committee (CoCC)

10 Mr. Mahbub Ahmed Chowdhury SVP & Head of Procurement Member
13 Mr. Syed Atif Farhan Elahi SAVP & Financial Controller Member
14 Mr. Maruf Morshed SO & Assistant Manager, Cost & budgetary Control Member
ICT Steering Committee


Our Pillars

9 Mr. Md. Ashanur Rahman SEVP & Chief Economist & Country Business Manager Member
Compliance
13 Mr. Saifur Rahman Shawkat SVP & Head of Information Technology Secretary
ICT Security Committee

1 Mr. Kazi Azizur Rahman Deputy Managing Director & Chief Information Officer Chairman
Compliance
5 Ms. Marina Banu SVP & Head of Operational Risk Management Member
6 Mr. Khandakar Rafiqual Islam VP & Head of IT Governance Secretary
ICT Risk Management Committee

2 Ms. Marina Banu SVP & Head of Operational Risk Management Secretary
4 Ms. Sayeeda Sajed EVP & Head of Customer Experience Member
SVP & Head of Operations Compliance & Bond
5 Mr. Mohammad Raihan Hafiz Member
Management
7 Mr. Samiul H. Chowdhury VP & Head of Customer Service, Cards Member
8 Mr. Khan Ahsan Habib SEO & Acting Head of Loyalty, Cards Member
9 Mr. Md. Zahirul Islam FVP & Head of Cards Operations Member
10 Mr. Khandakar Rafiqual Islam VP & Head of IT Governance Member
11 Mr. A H M Masum VP & Head of DFS Tech Member
16 Mr. Imtiaz Mahmood FVP & Head of Policy, Compliance & Risk Operations Member

Committee for moral, ethics & integrity

1 Mr. A K M Saif Ullah Kowchar Deputy Managing Director & Head of Internal Control & Member Secretary and
Compliance Focal Point
3 Ms. Sayeeda Sajed EVP & Head of Customer Experience Member
5 Mr. Mohammad Ahtasamul Hoque SVP & Head of Audit Alternate Member
Secretary and Focal Point
6 Mr. Mamun Rahman SVP & Head of Compliance & Monitoring Member
7 Mr. Mahbub Ahmed Chowdhury SVP & Head of Procurement Member
Investment Committee (IC)

5 Mr. Muhammed Shah Alam EVP & Head of Treasury Member Secretary
Basel Unit Committee

5 Mr. A K M Saif Ullah Kowchar Deputy Managing Director & Head of Internal Control & Member
Compliance
Process Steering Committee

3 Mr. Md. Zahirul Islam FVP & Head of Cards Operations Member
5 Mr. Md. Asaduzzaman EVP & Head of Exports Member
6 Mr. Sanjoy Kumar Das VP & Head of Organization Development & HR Strategy Member
7 Mr. Syed Atif Farhan Elahi SAVP & Financial Controller Member
8 Mr. Maruf Morshed SO & Assistant Manager, Cost & budgetary Control Member

Our Pillars
A LEGACY
OF EXCELLENCE.
A FUTURE
OF PURPOSE.
PA R T N E R I N G B A N G L A D E S H ’ S
GROWTH JOURNEY!
As we commemorate our remarkable journey of over four
decades, we take pride in our legacy, guided by our
principles and time-tested capabilities to navigate and
thrive in the evolving financial landscape. We have
resolutely contributed to Bangladesh’s development, with
our underlying theme being our emergence as a
comprehensive financial services group catering to
the diverse needs of our clients. The pursuit of
excellence, the mainstay of our journey, rests on a
foundation of governance and visionary leadership.
An enabling culture that we have carefully nurtured
has enabled us to create an impact on Bangladesh's
economy, be it in agriculture or green garments or
high-tech manufacturing or SME or long-term finance.
As we progress towards a future full of purpose and
possibilities, we adopt a forward-thinking approach,
leveraging new-age digital technologies to elevate
customer experiences and unlocking new avenues for
innovation, leaving a legacy of excellence to create a future of
purpose, thus ensuring Bangladesh’s continued growth and
development.
Scan to watch the TVC Annual Report 2023 85

City bank PLC- Organogram Managing
Director
& CEO
MD’s Secretariat
AMD & Chief Head of AMD & Chief DMD & Chief DMD & Chief
AMD, Chief Operating
Business Treasury Financial Risk Officer Information
Officer & CAMLCO
Officer Officer Officer
Head of Retail Finance General Admin Operations Credit Information

Distribution Administration Technology
Operation
City Alo Compliance & Credit Risk Enterprise
Women Procurement
Bond Management Architecture
Banking Management
Corporate Liability Service Credit & Information

Retail Banking Collection
Banking Centre Security
Commercial Retail Citygem Priority Central

Supply Chain Credit, Small DFS Tech
Banking Distribution Banking Reconciliation &
Finance SWIFT Services Business
Corporate & Structured Employee Treasury Fraud Risk

Cards
Institutional Finance Unit Banking Operations Management
Liability
Corporate Products,
Strategic Small & Micro Segments, Customer Branch
Business Bancassurance & Experience Operations Legal
Finance Direct Acquisitions
Management
Payment Service Special Asset

Agent Banking Islamic Banking Centre Management
Medium Risk
Trade Services Card Operations Management
Business
Money
Financial Laundering & Enterprise Risk
Institutions Terrorist Financing Management
Prevention
Operational Risk
Management

Our Pillars
Chief Economist & Head Of DMD & Head of Head of Brand &
Enterprise Project Company Communications Head of Head of Human
Head Of DFS Country Business Internal Control
Management Secretary and Corporate PR & Media Resources
Manager & Compliance
Office Affairs
Project Brand
Digital Management
Audit & Media
Products Inspection Management Management HR Operations
Office
Market Talent
Planning & Compliance & Corporate Acquisition,
Affairs Travel Desk Employer
Performance Monitoring
Management Branding & HR
Analytics
New Information Organization

Brands Development &
Business & Systems
& Visual HR Strategy
Partnership Audit
Event, Outdoor HR Business

Muraquib & Infrastructure Partnering
Branding
Notes:
1. DMD & Head of ICC directly reports to Managing Director & CEO. However Head of Audit & Inspection, although being a
part of ICC administratively, reports directly to the Chairman of Audit Committee of Board of Directors.
2. Head of Retail Distribution directly reports Head of Retail Banking for Retail Distribution. He/she will directly report to
AMD & Chief Business Officer and dotted report to Managing Director & CEO for City Alo Women Banking.
3. Head of DFS Tech directly reports to DMD and CIO and dotted report to Head of DFS.
4. Heads of the Enterprise Architecture and Information Security have dotted reporting to Head of Information Technology.
5. Head of Talent Acquisition, Employer Branding & HR Analytics will directly report to Head of HR Operations for Talent
Acquisition role only.

OUR IDENTITY

Our Identity
CORPORATE DIRECTORY
City Bank PLC and its subsidiaries
Name of entity: City Bank PLC
Year of incorporation: 1983
Legal form: A public limited company incorporated in Bangladesh on 14 March, 1983 with the primary objective of carrying out banking
businesses inside and outside of Bangladesh. The Bank commenced banking operations on 23 March, 1983.
Group composition structure Bank: City Bank PLC
Subsidiaries:
City Bank Capital Resources CBL Money Transfer Sdn.

City Brokerage Limited City Hong Kong Limited
Limited (Merchant banking Bhd., Malaysia (Remittance
(Stock brokerage) (International trade)
operations) services)
Name Position
Mr. Aziz Al Kaiser Chairman
Mr. Hossain Khaled Vice-Chairman
*Mr. Rubel Aziz Director
Mr. Hossain Mehmood Nominated Director
Mr. Rajibul Huq Chowdhury Director
Ms. Syeda Shaireen Aziz Director
Ms. Savera H. Mahmood Nominated Director
Ms. Rebecca Brosnan Nominated Director
Dr. Salim Mahmud Independent Director
Mr. Matiul Islam Nowshad Independent Director
Mr. Mashrur Arefin Managing Director & CEO
Company Secretary: Mr. Md. Kafi Khan
* Mr. Rubel Aziz elected as Board of Directors in the 40th AGM 4th July, 2023.
What sets us apart

City Bank is a leading banking and financial services institution of Bangladesh with a compelling value proposition - to offer digitally-
enabled, client-centric, integrated financial solutions that meet the fast evolving needs of Bangladeshis. Our wide presence, dynamic team
and strong partnerships place us at the forefront of our competition and enable us to deliver tangible value to all our stakeholders. Some of
the major factors that set us apart include:

Financial stability Sustainable operations Customer- centricity Wider reach Strong team
Strong balance sheet, We generate tangible We offer tailor-made We reached over 2.5 Our sales force is
healthy NIMs and sound value for the society and financial products mn++ customers across committed to fulfilling
capital ratios. the environment. and solutions that the nation. our customer promise
meet the personalized of trust, reliability and
requirements of our dependability, as we aim
customers. to be the preferred growth
partner of our clients.
Core business
• City Bank is a leading private commercial bank of Bangladesh with established leadership in corporate banking and a robust footprint
in SME and consumer businesses.
• The bank is also amongst the few in the country to be offering both conventional as well as Islamic Banking products and services.
• The bank offers a wide range of deposit, loan and card products and a holistic range of services to cater to virtually every customer need
and segment.
• From student banking to priority banking to AMEX credit cards, City Bank offers an expansive range of banking products.
On a granular level, the product basket includes:
Savings and Personal loans Debit cards Credit cards and Internet banking Corporate banking
current account pre-paid cards
SME banking Investment Treasury and Supply chain Agent banking Citygem priority
banking syndication services finance banking
City Alo - Women Two-wheeler loans Distributor finance Digital Nano Loan City Islamic
banking

Our Identity
Network
City Bank’s businesses are broadly segmented into the following divisions:
Corporate Commercial Retail Cards SME Agent Banking
The Corporate Banking division has 3 clusters and under these countrywide network of 134 branches, 415 ATMs, 220 SME-S
clusters, there are 12 relationship units - 9 in Dhaka and 3 in Unit Offices, 535 Agent Outlets and 7 Priority Centers (as on 31
Chittagong. To facilitate and comprehensively support the business December, 2023).
units, the bank has four product-specific solutions- based units:
The bank enjoys a well-entrenched presence in major cities/ towns
• Cash Management and Custodian Cluster (CMCC) of Bangladesh, including Dhaka, Chattogram, Sylhet, Khulna,
Barishal, Rajshahi and Rangpur. Branch Banking covers both SME-S
• Structured Finance Unit (SFU) and retail customers.
• Corporate Strategic Business Management (CSBM) City Bank is a pioneer in credit cards in Bangladesh. The bank
provides a host of credit cards, including AMEX (Platinum, Gold,
• Financial Institutions (FI) Green and Blue), Master and VISA cards and is continuously adding
value for enhancing product functionality for the satisfaction of its
Though City Bank’s operations are geographically centralized in Dhaka valued customers.
and Chattogram, it has nationwide branches, correspondent banks
and affiliated networks worldwide to serve the individual, SME and City Bank also has a strong Retail arm, which is not only the major
large corporate banking needs of clients located across the country. contributor to the bank’s CASA (Current Account Savings Account),
but also provides a diversified basket of retail loans, such as
Branch Banking customers are served through an expansive mortgage, personal, vehicle loans, etc.
Credit rating
As per BRPD Circular no. 6 dated 5 July 2006, the Bank has completed its credit rating conducted by Credit Rating Agency of Bangladesh
(CRAB) based on the financial statements as at and for the year ended 31 December, 2022. City Bank has also been awarded B2 by Moody’s,
a renowned rating agency.
B2 AA1 Outlook
Stable
Rating by Moody’s Rating by CRAB

Surveillance ratings by CRAB for the last five years
Particulars Base Period Validity Long-term Short-term
Entity Rating January to December 2022 30-Jun-24 AA1 ST-1
Committees of the Board of Directors

Executive Committee
Name Status with the bank Status in the committee

*Mr. Rubel Aziz Director Chairman
Mr. Aziz Al Kaiser Chairman Member
Mr. Hossain Khaled Vice-Chairman Member
Mr. Hossain Mehmood Nominated Director Member
Mr. Rajibul Huq Chowdhury Director Member
Ms. Rebecca Brosnan Nominated Director Member
*Mr. Rubel Aziz elected as Board of Directors in the 40th AGM 4th July, 2023.
Audit Committee
Name Status with the bank Status in the committee
*Dr. Salim Mahmud Independent Director Chairman
Mrs. Syeda Shaireen Aziz Director Member
**Mrs. Savera H. Mahmood Director Member
Mr. Matiul Islam Nowshad Independent Director Member
The Audit Committee was reconstituted by the Board in its 640th Meeting held on 07 August 2023.
*Dr. Salim Mahmud was reappointed as an Independent Director by the shareholders at the 40th AGM of the bank and by Bangladesh
Securities and Exchange Commission (BSEC) as well as Bangladesh Bank.
** Mrs. Savera H. Mahmood was included in the Board’s Audit Committee by the Board at its 640th Meeting held on 07 August 2023.

Our Identity
Risk Management Committee
Name Status with Bank Status with Committee

Mr. Hossain Mehmood Nominated Director Chairman
Mr. Hossain Khaled Vice Chairman Member
Mr. Rajibul Huq Chowdhury Director Member
Ms. Rebecca Brosnan Nominated Director Member
Mr. Matiul Islam Nowshad Independent Director Member
Shariah Supervisory Committee resulting from the implementation of strategies and action plans
approved by the Board of Directors.
Chairman
Combating corruption
Dr. Maulana Md. Anwar Hosain Molla, CSAA
Committee on Morals, Ethics and Integrity
Members
Prof. Dr. ANM Rafiqur Rahman Madani As part of the effort of combating corruption, promoting integrity
Maulana Shah Mohammad Wali Ullah, CSAA and establishing good governance, the Government of Bangladesh
Prof. Dr. Muhammad Yousuf lbn Hossain has adopted a ‘Commitment for Golden Bengal: National Integrity
Dr. Muhammad Obaidullah Strategy (NIS) of Bangladesh’. A high-level ‘National Integrity
Dr. Mufti Yousuf Sultan, CSAA Advisory Council’ has been constituted for its implementation.
Mufti Shahed Rahmani Bangladesh Bank is entrusted with the responsibility of
Principal Md. Zainul Abedin
implementing the National Integrity Strategy (NIS) in the country’s
Executive Risk Management Committee financial sector.
Executive Risk Management Committee (ERMC) provides oversight In line with the implementation of NIS, the bank has established a
and supervision with regards to the identification and evaluation ‘Committee on Morals, Ethics and Integrity’ to implement the NIS
of major strategic, operational and regulatory information and directives within the bank. Additionally, the committee is mandated
external risks inherent in the Bank’s business and the control
with the task of identifying ways to protect the culture of loan defaults
processes with respect to such risks.
and promote consciousness with a view to reduce frauds, forgeries,
Assistance is extended to review, guide and manage various risks irregularities and other sources of corruption across the bank.
Ownership composition
As of 31 December, 2023, shareholding position of City Bank by the Directors, General Public and Financial Institutions is presented below
Status
Composition
No. of shares Percentage (%) of total shares
General public 451,957,374 36.9%
Directors and sponsors 378,198,111 30.9%
Institutions 334,831,554 27.3%
Foreign shareholders 59,631,838 4.9%
Total 1,224,618,877 100%

Authorised Capital Paid-up capital
BDT 20,000,000,000 BDT 12,246,188,770
(2,000,000,000 ordinary shares of BDT 10 each) (1,224,618,877 ordinary shares of BDT 10 each)
Listing dates
• Dhaka Stock Exchange PLC.: 3 February, 1987 • Chittagong Stock Exchange PLC.: 27 December, 1995
Listing
Ordinary shares of the bank are listed on both the Dhaka Stock Exchange Limited and Chittagong Stock Exchange Limited. Shares of City
Bank are categorized as ‘A’ on the stock exchanges, and the stock symbol is CITYBANK
Accounting year-end: 31 December, 2023
Corporate information Legal Retainer
Chief Financial Officer Law Valley
Mr. Md. Mahbubur Rahman Bangladesh Bank
Head of Internal Control & Compliance License Number- BCD(D)200/37-261 dated 23 March, 1983
Mr. A K M Saif Ullah Kowchar Registered Office/ Head Office
Auditors SE (D)- 3,28, Gulshan Avenue, Gulshan-1, Dhaka-1212, Bangladesh

Telephone No: 880-2-58813126,
Howladar Yunus & Co., Chartered Accountants
Fax: 880-2-9884446
Tax Consultant SWIFT: CIBLBDDH
ACNABIN, Chartered Accountants E-mail: info@thecitybank.com Web: www.citybankplc.com

Management
Commentary
MANAGEMENT
COMMENTARY

Statement from
our Chairman
Towards Digital At Scale
To be at the forefront of this exploring new digital products and

evolution is a privilege as our Board services that make us the banking
and Management Committee work partner of choice for our customers’
The evolution of our together to define new paradigms banking and lifestyle needs. Expanding
banking offering over the of business around the massive our digital capabilities has been
the driving force behind City Bank’s
past few years has seen opportunities being enabled by our
transformation and the past 12
new digital capabilities.
the transformation of City months have brought this narrative
Bank from a traditional Dear Valued Stakeholders, to life through the results we have
delivered for the year 2023.
bank to an innovation- As Chairman, I am pleased to present
enabled provider of digital City Bank’s Integrated Annual Report Our Digital Banking Strategy
for the financial year ended 31
financial services. This has December 2023 and am privileged In 2023, City Bank reported a net
reshaped our relationship to provide you with my assessment interest income of BDT 15,830 mn,
of the bank’s performance during the up from BDT 12,359 mn in the prior
with our customers from year. year period. Our net interest margin,
one of functionality to one a key performance indicator, stood at
of capability through the Our True Measure of Success 4.5% in 2023, vs. 3.7% in the prior year.
Further, the bank’s net profit also got a
services we now offer. This Success for City Bank means putting boost, growing from BDT 4,508 mn in
position will only grow the customer at the centre of 2022 to BDT 6,151 mn in 2023.
everything we do. It means staying
over time, making us the close to them by serving the needs and While our performance is one side of
preferred digital financial opportunities others do not see. The the story, our potential is the other side
events of the past three years have and I believe it is a very large canvas
and lifestyle partner of our brought us closer to our customers in as the digital growth story is just
customers. ways we could not have foreseen as about beginning in Bangladesh. Digital
we embarked on our digital banking money has virtually transformed into
journey a few years ago. an alternate currency and a growing
Aziz Al Kaiser smartphone population is becoming
Similar to the way COVID-19 more and more savvy with receiving
Chairman accelerated dependency on digital and making payments digitally. It
banking, we are seeing a fundamental would not be wrong to say that digital
shift in the way it is now being seen payments are driving ease of purchase
as a “normal” part of life. More than and consumption, with everyone, right
being habituated, customers are from the local tea kiosk to a luxury
now integrated to the digital financial outlet in a mall having the provision
world and we have determined that for digital payments.
digital is on its way to revolutionize
the perception of the financial services City Bank has a bouquet of digital
industry – from banking to a lifestyle banking assets, primary amongst
statement. Customers will want to which is Citytouch, our mobile app
associate with banks that have a that enables customers to achieve a
digital-first offering and will seek out variety of banking tasks digitally sitting
those that make their lives convenient in their home or office or anywhere in
and their lifestyles vibrant. the world. As many as 0.1mn+ people
log into Citytouch daily and the app
The banking industry is at the cusp of handles funds of over BDT 1,770 mn
a transformation and we at City Bank every day. We are seeing good traction
will lead the charge by being bold in in these numbers.

Management
Commentary

This has enhanced the relevance of banks and financial companies
to channel funds for restoring normality when disaster strikes
and also for building societal resilience against the shocks. We are
ourselves attuning more closely to help customers ensure climate-
neutral operations and are also preparing ourselves for garnering
green and ESG funds that seek to assert a positive impact amid
the adversity.
The banking industry is at We succeeded in amplifying our institutional strengths during the
year. Our deposits increased by 18.3% to BDT 392,510 mn and
the cusp of a transformation loans and advances increased by 11.6% to BDT 396,078 mn during
and we at City Bank will lead the year. Our advance to deposit ratio improved to 83.7% in 2023,
against 83.2% in the prior year. This was accomplished despite a
the charge by being bold in sluggish domestic economic environment with weak macros and
exploring new digital products delayed capex cycle, especially in the private sector. There was
uncertainty due to the national elections in the last few months of
and services that make us the the year too.
banking partner of choice for I am someone who is optimistic and I like to view the future from a
our customers’ banking and positive lens. An early resolution to the territorial/political conflicts
would be major relief and can set the ball rolling towards normalcy.
lifestyle needs. Expanding our The UN can champion its role in the world order and can help
digital capabilities has been maintain peace and prosperity.
the driving force behind City Maintaining sustainability in our own operations was a big focus
area of the year and I am particularly proud that in the face of all
Bank’s transformation and the the challenges, City Bank remained true to its cause of financial
past 12 months have brought inclusion and empowerment, while picking pace in its digital
banking offering. I believe the way we responded and addressed
this narrative to life through the challenges - with real commitment, empathy and efficiency
the results we have delivered - strengthened our reputation and goodwill this past year, all of
which bodes well for the future.
for the year 2023.
The Board, Management Committee and everyone at City Bank can
be proud of the work it has done to make the bank an example of
a business that strives to be responsible, sustainable and ethical.
It would be safe to say that our services are fundamental to the Embracing a culture change by deepening our responsibility to the
fabric of the high-growth Bangladeshi market we serve and I say society was a hallmark of the year gone by.
humbly that our capabilities are bringing the digital economy to
life as we stimulate growth and prosperity through linking people Embedding ESG, which to me is “Everyday
with opportunity. We have a simple ambition in our digital banking
strategy - to provide relevant digital banking services that align to Sustainability Goals”
our customers’ changing needs as lifestyles evolve. This will be the
ESG, though Environmental, Social and Governance, to me it is
area of focus and execution for us in times to come.
also “Everyday Sustainability Goals”, are being integrated more
profoundly into our business. These factors and their increasing
Embracing a Culture Change
interconnectivity and convergence has played a vital role in the
The way I observed the year, City Bank’s resilience and bank’s decision-making and analysis of growth opportunities,
resourcefulness were evident throughout. material risks and sustainability drivers.
The period in review witnessed a volatile global economy, rising As Board members of a purpose-led business, our foremost
inflation and restrained growth as well as the ongoing global strategic focus continues to be ensuring that we become our
disruption due to two major geopolitical upheavals in Europe and customers’ first choice to enhance their lifestyles and grow their
West Asia that have disrupted supply chains and polarized the prosperity. Our people are central to this endeavour and I am proud
world. It has also taken public attention away from other major how we continued to prioritize learning and training, offering many
pressing and workable matters such as climate action. Rising global routine and specialized programs and workshops to enabled them
temperatures have exposed the world to frequent, disruptive to materialize our vision and purpose.
and significant climate events and have laid bare the fragility of
communities and governments against natural disasters. Refer to our Human Capital report on page 31

Management
Commentary
City Bank Chairman Mr. Aziz Al Kaiser,

and Director Mr. Hossain Mehmood
handed blankets to PM Sheikh Hasina
at Gonobhaban on November 10, 2023
under the PM’s Relief and Welfare Fund.
The bank donated 75,000 blankets
for providing relief to the poor and
homeless during the winter months.
We also closely monitored the bank’s initiatives to expand financial Mashrur Arefin, for their resilience, dedication and hard work
education, provide product solutions that delivered real value and throughout a challenging period, marshalling and keeping our
create a consistently excellent customer experience across all resources together and on the path of growth and sustainability.
channels. This year, that entailed making sure the bank focused I would also like to acknowledge our customers for their strong
on its ethics and market conduct framework and aligned more support and trust in our bank. Financial trust is the biggest form of
closely to the National Integrity Strategy, at the heart of which is trust and I am proud yet humbled of how you have reposed yours
compliance, governance and prevention of corruption, ensures in us.
that customers are treated fairly and grievances are addressed
expeditiously. Finally, I am grateful for the support and cooperation received from
our shareholders and regulators, especially Bangladesh Bank.
Going forward, we see many opportunities in driving the culture shift
more vigorously, especially by enhancing leadership development, We will continue to work hard to be an example of an institution
energizing employee talent management and development, and everyone can be proud of.
inspiring a culture of empathy and innovation.
Appreciation Thank you.

In closing my statement, I want to express my gratitude to my
Board colleagues for their dedication, counsel and support.
Together, the Board took numerous decisions during the year that
will bear positive outcomes in the years ahead.
Aziz Al Kaiser
I deeply thank our Management Committee, led by MD & CEO Chairman

It is very satisfying that City Bank was
recognised as the top bank in the
“Sustainability Rating” of Bangladesh
Bank for the year 2022. This attests
to our good performance in the five
dimensions of Sustainable Finance,
Green Refinance, Corporate Social
Responsibility (CSR), Core Banking
Sustainability, and Financial
Inclusion. A more profound focus
on sustainability is reshaping
and transforming our approach
to the business. It is bolstering
our position as a bank that
converges the interest of the
customer with the interest of
the planet.
Mashrur Arefin

Management
Commentary
FROM THE DESK OF OUR

MANAGING DIRECTOR AND CEO
Responsibility Front and Centre
From our standpoint as management of City Bank, we are clear Looking up 2023
that sustainability, digital and the SDGs will change the investing
landscape. The time has come to embrace true long-term financing In a manner of speaking, the series of events that unfolded
to support investment opportunities that will secure a sustainable throughout 2023 had a bearing on the country’s financial system
and digital future for all. We believe that our ability to marshal as a whole and being part of this construct, City Bank too was
institutionally mobilized capital and directing it to productive uses affected in numerous ways.
is a historic opportunity, underpinned by our digital focus.
The government announced its decision to suspend imports,
especially items deemed non-critical, as the country battled with a
Dear Esteemed Members, foreign exchange crisis. From an economic angle, foreign currency
reserves diminished as a consequence of low inward remittances,
The last few years have been highly challenging. The almost two-
substantial payment of foreign debt and sub-par growth in the
year battle with the pandemic that caused massive economic
RMG sector, a mainstay of the economy. Tighter fiscal controls,
stress, which is why when the world appeared to be moving
including broad-based import restrictions introduced to stem
forward post-pandemic, many of us dared to hope that 2023 would
currency outflows, saw GDP growth performing below potential
signal a turning point. However, the year saw countries, already
and causing inflation to rise.
exhausted by the pandemic battles, being further threatened by
escalating geopolitics across the globe, which ultimately resulted On the upside, I am pleased to see that proactive efforts by the
in the continuing open warfare in Europe. Further, the Israel- government to secure financial assistance by way of multi-credit
Palestine crisis is a cause of concern as the conflict is having wider arrangements appear to be bearing fruit. This offers renewed hope
ramifications, especially in the Red Sea area that is a major trade for a reset that would help restore economic stability and enable
and shipping channel. the economy to grow at its full potential. While the government has
set a GDP growth target of 6.5% for the 2023-24 financial year, the
The ripple effects of these geopolitical disputes have been World Bank has kept an economic growth forecast of 5.6% during
transmitted globally in the form of shortages and rapid inflation in the same period. In financial year 2019-20, GDP growth plunged
the cost of fuel, food and raw materials. Meanwhile, tactical rivalry to a 30-year low of 3.4% owing to massive disruptions caused by
between China and the West continues to deepen, and the growing the COVID lockdowns. By any measure, Bangladesh’s economy has
hostility in other regions of the world are burning embers that recovered well from the COVID lows.
further threaten the global economy. Closer to home, countries in
the neighbourhood are facing serious crisis situations. Every Success Counts
In contrast, Bangladesh remains a bright spot in the world The year 2023 was all about numerous small wins and successes
economy and is expected to be a contributor to global growth in at City Bank that totalled into a sound financial performance for
the coming years. Given its strong macro trends and factors like the full year.
rising per capita income and transition to a middle-income nation
Looking at the results, I believe the bank’s financial performance is a
by 2026 spell long-term opportunity few other countries exhibit.
testament of the strength and stability of this institution at the end
The sheer resilience of the economy, tenacity of the people fighting
of a tough year. The bank achieved a commendable performance,
the adversity, and government grit in mobilising credit facilities has
concluding the year with a Profit after Tax (PAT) of BDT 6,151 mn,
buffeted the economy against the global headwinds. representing a growth of 36.5% over the prior year. Net Interest
Income or NII grew by 28.1% to BDT 15,831 mn during the year,
Much of Bangladesh’s story is our story at the bank too as we
enabling the bank to turn in a Net Interest Margin or NIM of 4.5%.
emerged with a fighting spirit amidst the challenging setting, marking
NIM in the previous year stood at 3.7%. This indicates our bank’s
another successful year of business at City Bank. For me personally,
ability to channel funds into productive long-term investing and
leading the bank through this critical juncture in the country’s also accessing fund from lower-cost sources to reduce the liability
history has been nothing short of being an exciting and eventful cost. On balance, I am satisfied with this outcome given the difficult
experience in my career as a banker. Every day in office has been environment in which we operated.
about thinking on behalf of our customers, providing products and
solutions that fit into their needs and expectations, while also being It is worth noting that during the year, the bank was able to garner
more profoundly aware of the environment in which we operate. deposits to the tune of BDT 60,620 mn, resulting in a total deposit

base of BDT 392,510 mn at the end of 2023. This is up by 18.3% Digitisation and Sustainability – Two Sides of the same Coin
from the prior year. While this does show our team’s efficiency and
success in mobilising deposits, it also reflects the deposit-holder’s For us at City Bank, digitisation enables the bank to adopt more
growing trust in the bank. It reinforces the bank’s perception as a sustainable practices. By reducing paper-based processes and
strong and stable entity even amid times of fragility. Further, the transitioning to digital transactions, we are minimising our carbon
bank’s credit-deposit ratio stood at 83.7% in 2023, from 83.2% footprint. The goal is to eliminate carbon emissions from our
in 2022, showing our bank’s efficiency to channel credit into the operations and even our extended value chain, in the true spirit of
broader economy, doing so safely, with the NPL at only 3.6%, net-zero.
against almost triple this rate being the industry average.
Digital platforms facilitate access to sustainable investment
Total balance sheet stood at BDT 555,738 mn in 2023, up from options, promoting environmentally-friendly initiatives, enabling
BDT 506,847 mn in 2022. responsible stewardship from the bank’s end, while ensuring green
and ecologically-compatible growth. This is something that is key
Digitality, Sustainability, Versatility, Vitality in Bangladesh’s context with the country being a signatory of the
Paris Agreement and committed to meeting the SDGs. Besides,
Digital is something that comes naturally to us. We have always been digital platforms undoubtedly allow for faster and more efficient
a pioneer in the digital space of banking, so much so that we were loan processing, thus reducing the time and effort required to
the first bank in Bangladesh to launch Citytouch, our mobile banking access funds. Further, digital technology has been instrumental in
app way back in 2013. Within a span of a decade, we have built bringing unbanked individuals into the formal banking sector.
capabilities for this one app alone to offer as many as 50+ different
services today. It is worth noting that about 0.6mn+ of our customers City Bank has a concrete plan to strengthen the existing IT
are using Citytouch for their day-to-day banking activities. infrastructure and scale it up on a continuous basis. We plan
to launch comprehensive digital literacy programs, partnering
Embedding digital into our core is something that excites all of us. with educational institutions, community organizations and
A demonstration of this was the bank launching the country’s first government bodies. Cybersecurity will remain a priority for us as
digital loan, small in ticket size, in collaboration with bKash. This it is the foundation for all our digital and sustainability initiatives
product is AI-driven in terms of being able to generate accurate and activities.
customer credit scores, etc. This aside, we have also built the right
infrastructure to provide all possible digital services to all segments Investing in Responsibility
of customers.
The primary activity of a bank is to channel investment into
An extensive suite of digital banking products has been the hallmark productive uses. This is not just about conscious banking but is good
of the bank. Consider the following: Our corporate customers banking sense too. It is worth mentioning that sustainable projects
use Citylive, our SME clients use digital invoicing systems, our typically exhibit lower levels of exposure to environmental and
supply chain customers use digital financing solutions, our branch social risks. Our NPL rate for sustainable projects has consistently
customers use electronic queue management service, and our debit stayed below 1%.
card customers use virtual debit card generation service. Going
beyond the shores of Bangladesh, in Malaysia too our subsidiary Our commitment to green financing exhibits our focus on
company CBL Money Transfer has deployed the CityRemit app environmental safeguarding. In the year 2023, we disbursed
for our customers who can digitally send money back home, thus BDT 11,086 mn under Green Finance. In addition, we channelled
saving them both time and cost in visiting a branch. BDT 9,852 mn towards sustainable agriculture and carried our
numerous other sustainability-focused initiatives throughout the
Underpinned by our focus on financial inclusion, customer year. During the year, we also disbursed BDT 7,505 mn to 0.2mn
empowerment and sustainability, we are committed to our digital farmers in rural areas.
transformation strategy that will play out over at least the medium-
term. To achieve this goal, our approach is to forge collaborations by City Bank Capital Resources, a subsidiary company, managed the
working closely with the government and regulatory bodies, private issuance of Bangladesh’s first-ever green Sukuk bond. These funds
sector organizations and even educational institutions to develop will be channelled into the development of two large-scale solar
a comprehensive digital transformation masterplan that can help power plants with a combined capacity of 230 MW. Furthermore,
address infrastructure and literacy challenges. We are also trying the company was also engaged with the second corporate Sukuk
to prioritise investment in expanding our branch network coverage, of the country for Pran-RFL. The fund will be directed towards
improving internet speeds, etc. refinancing the company’s existing equipment and procuring new
modern machinery. Sukuk, a form of Islamic finance instrument
Versatility has been a key feature of the bank whereby we have based on the Sha’riah principles, has tremendous potential in
always tried to have a forward-looking approach to build the Bangladesh.
bank of the future. Backing our digital ambitions is our robust
cybersecurity infrastructure, which includes firewalls, intrusion City Bank also stands as one of the foremost beneficiaries of
detection systems and encryption protocols, further bolstered Bangladesh Bank’s Green Transformation Fund. Utilising the central
by security audits to identify and address any vulnerabilities. It is bank’s cost-effective refinance schemes, we actively extend our
worth noting that we use industry-standard encryption algorithms support to our customers in their green transformation. Further,
to safeguard sensitive data, both at rest and in transit. Plus, we we use the refinance schemes of the central bank to facilitate our
employ real-time monitoring tools to detect and respond to any clients’ in establishing eco-friendly green factories. Consequently,
potential security incidents promptly. these funds contribute significantly to our national commitment

Management
Commentary
to meeting carbon emission reduction targets and it is vital in the focusing on enhancing the country’s ability to mitigate and adapt
country’s net-zero ambition. to the effects of climate change. Here, the government and a
host of development and multilateral banks and donor agencies
As a bank invested in the community, over the past few years, we have come together in the launching of the Bangladesh Climate
have allocated over BDT 115.2 mn to a diverse range of impact-led and Development Platform to leverage adaptation and mitigation
CSR initiatives. These have aimed at noble causes like ensuring investments. This partnership is the first of its kind in Asia and comes
access to safe drinking water, tree plantation and green cover in the context of the US$ 1.4 billion Resilience and Sustainability
enhancement, healthcare, climate-induced disaster management, Facility (RSF) arrangement approved by the IMF in January 2023, the
and so on. programmatic series of Green and Climate Resilient Development
(GCRD) Policy Credits by the World Bank totalling US$ 1 billion, and
People – The Starting Point of all our Endeavours ADB’s ongoing funding for climate projects.
We strive for a bank that is relevant, innovative and future fit. This Bangladesh’s banking sector will be the key channel for these funds.
we believe can only be achieved if we ensure that all stakeholders The country’s banks have deep networks into the country through
are treated fairly and with respect. We are unwavering in our their branches and other footprints such as agent banks. Further,
approach to provide a safe, inspiring, empowering and bias- the digital era has truly revolutionised banking, making it possible
free workplace with equal opportunities for all, conducive to for bank customers to avail a plethora of services conveniently.
learning and professional development. We have many men and There is enhanced trust in digital financial infrastructure with banks
women walking across our offices, meeting and engaging with deploying the highest possible security standards.
our customers and other stakeholders. I find a spring in their step
which in a way shows the success of our HR strategy. We value The combination of sustainability and digital has truly created
our people, recognise and acknowledge their performance, and a long growth pathway, stretching many miles into the future.
encourage working in the spirit of collaboration and cooperation. Establishing our presence in these is truly a source of excitement
for me and my team.
Diversity, inclusion and belonging are important aspects and remain
a big focus. For us, our business must reflect the diversity and Closing with Gratitude
demographics of the customers we serve. We work hard to ensure
our diversity targets are achieved. Today, 18.0% of our employees I express my sincere thanks and gratitude to the remarkable City
are female. At the management and senior levels, this is 10.0%. In Bank management team. Our performance that we delivered
fact, we have the most gender-diverse Board in the country, with 3 in 2023 was the sum total of the contribution made by each
members being Woman Directors in a total of 11 Directors. employee, for which I am proud and thankful.
Job creation remains critical for us. It is important that, as we grow, My thanks also to all the members of our Board for their
we create more jobs. Over the past year, we absorbed 724 new guidance and wise counsel. I am also grateful to our regulators,
recruits in permanent positions within the bank, taking the total the Bangladesh Bank, the Bangladesh Securities and Exchange
workforce to 4,963 employees at the close of the year. Commission (BSEC), the Ministry of Finance and the Dhaka and
Chittagong stock exchanges for their support during the year.
Forward into an Exciting Future
I also extend my thanks to the bank’s customers who have reposed
We have reasons to remain optimistic about the coming year. We their trust in us. We will always ensure that you can bank on us.
see several positive factors, such as the government’s thrust on
public infrastructure, digitalisation and start-ups, and the likely In closing, I extend my sincere appreciation to all our valued
peaking out of the interest rate cycle with inflation coming off members associated with the bank. I look forward to your continued
its highs. Bangladesh’s position in the global value chains will support and cooperation in the days to come.
also be strengthened with the government’s thrust on domestic
manufacturing. This is a perceptible transition anchored on reducing Thank you once again, dear stakeholders.
import dependency and ensuring local value-addition. Such a policy
shift will support FDI into the country. The timely loan packages
from the IMF and ADB will also help stabilise the economy and
boost the foreign reserves.
Mashrur Arefin
The government is giving an extraordinary thrust to sustainability, Managing Director & CEO

Statement from the
Chief Financial Officer
It gives me pleasure to present strong financial results of City Bank for the year 2023, despite
having experienced a year defined by global macroeconomic challenges. This uncertain context
was largely fuelled by fragmented economic recovery after the COVID pandemic and emerging
new challenges, such as the wars in Europe and West Asia. The forex crisis in Bangladesh, higher
interest costs, elevated inflation and subdued capex were the key challenges in the economy.
Notwithstanding these, the bank reported the highest ever 36% growth in net profit and 28%
expansion in net interest income for the year. In the current year, our focus will stay on liquidity
management for progress on our KPIs and balance sheet solidity.
Md Mahbubur Rahman
Additional Managing Director & CFO

Management
Commentary
Bangladesh Bank continued its thrust to rein in inflation, which rate, jumped by 25 basis points to 3.75%. Thus, credit (loans) and
remained one of the key priorities of the central bank. In its last borrowings become costlier in the economy, with the cost of doing
key policy rate hike in November 2023, it increased the repo rate by business shooting up. This has delayed a revival of the capex cycle
0.50% or 50 bps. The rate stood at 7.75% at the end of 2023. This and the overall sentiment has become sombre.
compares to 6% in January 2023, representing a cumulative repo
rate hike of 1.75% or 175 basis points during the year. This triggered A look at our KPIs
additional challenges for the bank and the sector as a whole.
The year in review had a good start, especially with the impacts
Dear Esteemed Shareholders, of the pandemic fading and some normalcy in the supply chains
that created confidence in the trade and business community of
It is an honour for me to provide you an update on the financial Bangladesh. However, persistent global challenges, primarily
performance of City Bank for the year 2023. The broad message is being the war between Russia and Ukraine that are major oil
that despite the complexities of the year, we continued to remain and fertilizer exporters and the ensuing polarization through
on the path of fiscal prudence and consolidation, anticipating imposition of sanctions, etc., caused worry and triggered a slump
challenges and conscripting forward strategies with focused in sentiment. Bangladesh was impacted on both the fronts - RMG
execution. The result was that the bank was able to maintain and remittances, as slowing global economies had an impact on the
solidity in performance during the year in review. RMG industry and remittances, especially those flowing through
the official channels.
Elevated inflation remained a huge cause of concern for the
government. Targeted hikes in the key policy rate in 2023 were thus In this scenario, the bank had to constantly contend with adjusting
in response to cool-down inflation. The Central bank’s Monetary its strategy and we did this through identifying pockets of lending
Policy has sounded out that it will continue with its targeted action, opportunity across key business segments, supporting trade
anticipating inflation to reduce to 8% by December 2023 and 6% by customers through manageable forex transactions, and preventing
June 2024. credit slippages through enhanced surveillance and collections.
These targeted and proactive actions supported the bank’s key
The interest margin with SMART, that is the six-month moving performance indicators (KPIs) that largely remained as per budget
average rate of treasury bills, which is the reference lending planning.
Bank’s KPIs (BDT mn)
KPIs 2023 actual 2023 budgeted 2022 actual

Interest income 33,790 30,591 25,557
Net interest income 15,831 14,029 12,359
Total operating income 27,606 24,566 24,588
Total operating expenses 14,108 14,376 12,761
Total operating profit 13,498 10,194 11,827
Total provision 2,817 1,642 2,943
Net profit after tax 6,151 4401 4,508
Deposit mobilization activities and upward interest rate in the market. CASA ratio reflects the
increased trust of deposit-holders in the bank, especially in an
The hike in lending rates has pushed up rates on the banks’ environment of flux.
liability side too. There is a tendency amongst depositors to take
advantage of this through parking their savings with banks to earn Through targeted marketing campaigns that were supervised by
a higher return. Thus, our focus was on this end of the spectrum the head office and through launching innovative savings offerings,
we were able to attract a diverse range of depositors, including
during the year, as we sought to expand our low-cost deposit base
households from marginalized communities. In fact, so acute was
through our CASA (current account-savings account) franchise. The
our focus that we included deposit targets in employee KPIs with
idea was to lock-in relatively lower-rate liabilities, especially mid to
higher weights. Furthermore, the bank’s various large segments,
long-term deposits, in a bid to enhance liquidity and boost scope such as Retail Banking, Corporate, Commercial, SME-M, SME-S
for higher net interest margin through improved lending. and other businesses were mandated to mobilise Islamic deposits,
a relatively low-cost deposit base.
In 2023 thus, the bank witnessed sound success in mobilizing
deposits from various customer segments, with emphasis on The result of these efforts was that at the close of 2023, the bank’s
CASA. This effort has enabled the bank to maintain CASA ratio of total liabilities stood at BDT 518,518 mn, against BDT 474,002 mn
50% in 2023 which was 51% in 2022 despite facing liquidity crisis in the prior year.

Focused efforts on lending to strengthen the financial inclusion program of our government
through innovative and efficient digital channel without the
Lending is the lifeblood of any bank, and in 2023 we reaffirmed intervention of any manual process. With its robust AI engine the
our commitment to supporting the economic aspirations of our digital neno loan facility disbursed BDT 7,000 mn loan to 0.3 mn
customers, including those from unbanked communities. We also Customers already in 2023. .
determined a conscious strategy to focus credit disbursement to
Retail and SME-S/MFI, Islami Banking, Women Banking and Card Truly, digital banking has been at the forefront of the bank’s overall
Business customers. We also assessed and disbursed loans to long-term strategy and this year too, the Digital Financial Services
certain sectors to ensure financial inclusion by enhancing portfolio in Division (DFS) of the bank, carved out to exclusively to spearhead
Women segment, fully digital nano lending and also green financing the bank’s digital banking agenda, remained at the frontline of
which is in line with the sustainable financing road map of our bank. investment. Further, under the supervision of DFS, the bank was
We continued to stay cautious on our Corporate business, restricting able to digitise processes that served cost savings too.
large loan exposures in the face of a weak economic environment.
Awards and recognition
Through prudent risk management and a sound understanding
of our customers’ needs, we provided access to credit to small Our pursuit of excellence and innovation did not go unnoticed in 2023.
businesses, entrepreneurs and others across our targetted I am delighted that our bank received several prestigious awards
segments, thus enabling them towards business sustenance and and accolades for its outstanding performance and contribution
their continued contribution to the local economy. By streamlining to the banking industry. We were honoured with many awards
our loan approval processes and leveraging technology as a means this past year and to name a few – “Best Bank in Bangladesh” by
of enabling thorough credit screening, we ensured timely credit Global Finance Best Bank Awards 2023, “Best Premium Banking
disbursement, thereby enhancing customer satisfaction and Services in Bangladesh” by Asiamoney Best Bank Awards 2023,
loyalty and maintaining portfolio quality. “Best Innovation in Bank (City Remit)” by Bangladesh Innovation
Award 2023, “SDG Brand Champion in Climate & Environment” by
Our total assets expanded by 9.6% to BDT 555,738 mn in 2023 and SDG Brand Champion Award 2023 and “Best Islamic SME Bank in
our credit-deposit ratio improved from 83.2% in 2022 to 83.7% in Bangladesh” by The Asset Triple A Islamic Finance Awards 2023,
2023. The bank also financed 41,881 mn in government focused among others.
sectors specially in agriculture and the food sector by availing
refinancing from central bank. These awards are a testament to the dedication and hard work
of our team and inspire us to continue raising the bar in delivering
NPL management exceptional banking services to our customers and being their
financial partner of choice.
Protecting asset quality and enhancing credit recovery remained
a prioritized area of the bank. Through prudent adjustment to the A look at the future
ALM (asset-liability management) comprising time-bound repricing
of assets and liabilities and high all-round surveillance ensured the As we embark on a new journey in 2024, we remain steadfast in
bank reduce its NPL during the year. In 2022, the bank’s NPL stood our commitment to driving financial inclusion, fostering innovation
at 3.9%, reducing to 3.6% in the year under report. and creating value for our stakeholders.
IMF’s restructuring assistance to the SME-M segment, paired with We recognize the evolving needs of our customers in an increasingly
concerted efforts by all in the team enabled the business to reduce its digital world and are committed to leveraging technology to
NPL considerably over the past few years. Its NPL stood at 12.7% in enhance their banking experience. Through strategic partnerships,
2023, down from 17.35% even five years ago. Historical NPLs on SME- ongoing innovation and a customer-centric approach, we will
M’s book were a drag on the bank’s overall NPL. However, improvement remain a catalyst for positive change, empowering individuals,
in the NPL has had a positive impact on the bank’s NPL too. businesses and communities to secure their financial future.
In conclusion, the year 2023 was a memorable one for the bank,
Financial inclusion
marked by satisfactory achievement in deposit mobilization,
At the heart of our operations is a commitment to financial inclusion lending and financial inclusion through digital banking. We had
and empowerment. many challenges too that we tried to face with conviction and a
sense of becoming better.
In 2023, we took active strides towards bridging the financial
gap and empowering unbanked communities through our digital Truly, becoming better will be our agenda for 2024. With this, I thank
banking initiatives. By harnessing the positive force of technology, you for reposing your trust in the bank. We are grateful to you.
we expanded access to banking services to even remote areas,
Best regards,
especially through our Agent Banking segment, where conventional
brick-and-mortar branches are scarce. Our mobile banking platform
Citytouch, coupled with Agent Banking services, brought banking
closer to the doorstep of customers, fostering true financial
empowerment and inclusion.
City Bank has also been the first bank in the country to offer Digital
Nano Loans through the country’s prominent Mobile Financial Md. Mahbubur Rahman
Service provider bKash. With this initiative, the bank took steps Additional Managing Director & CFO

STAKEHOLDERS INFORMATION
AND PERFORMANCE ANALYSIS
Annual Report 2023

Commentary
Management
107
Products and Services
Retail
Deposit Products
Savings Accounts
• General Savings Account • City Alo High Value Savings Account • Basic Savings Account
• High Value Savings Account • City Alo Savings Delight Account • Fortune Transactional Account
• Savings Delight Account • New Born Savings Account • Global RFCD Account
• Seniors’ Savings Account • Freelancer Savings Account • Green Savings Account
• City Alo General Savings Account • RMG Workers’ Accounts • Student Savings Account
Current Accounts DPS Accounts FD Accounts
• Current Deposit • Goal Based DPS • Fixed Deposit

• Easy Current Account • Insurance Backed DPS • Monthly Interest Paying FD
• Easy Plus Current Account • Global NFCD Account
• City Alo Business Account
• Global FCY Account
• Freelancer ERQ Account
Priority Banking Sevices/Products
Asset Product Credit Card
• Citygem Unsecured Overdraft & • Citygem Preapproved Credit Card

Term Loan Facility
Student Banking Products & Services
• Student File • Remittance • Student File Certificate

Stakeholders Information
& Performance Analysis
Loan Products
Personal Loan Auto Loan Home Loan Secured Facilities

• Personal Loan • Auto Loan • Home Loan • Secured Loan
• Secured Overdraft
• Student Loan • Second Hand Auto Loan • Home Credit
• Secured Loan Bullet Payment
Corporate & Commercial Banking Division
Funded Facilities for Conventional, Islamic, Off-Shore and Agriculture
Working Capital Financing Project/Term Financing

• Overdraft • Pre-Shipment Packing Credit • Mid-Term Loan
• Secured Overdraft • Post-Shipment Financing • Long-Term Loan
• Short Term Loan • Post Import Financing • Pre/Re- financing (GTF, LTFF, IPFF,
FDIPP TDF, SREUP, UBSP, GPPI,
• Bangladesh Bank’s Re- financing • Invoice Financing FDIPP, EECPFP)
• ECA Backed Long Term Facility
Non- Funded Facilities for Conventional, Islamic, Off-Shore and Agriculture
• Letter of Credit (Sight/Deferred) • Back to Back Letter of Credit (Local & Foreign)
Guarantee (Open ended/Close ended)
• Tender/Bid bond/guarantee • Advanced payment bond/guarantee • Security deposit bond/guarantee

• Performance bond/guarantee
Structured Financing
Arranger Agency Trustee

• Term loan arrangement • Facility agent services • Custodian services
• Local currency term • Security agent services • Monitoring and maintenance of
• Foreign currency term loan investment
• ECA backed term loan
• Working capital facility arrangement
• Non-funded facility arrangement

Escrow Bank Funding line Advisory services
• Account bank services • Arrangement of dedicated • M & A advisory
• Escrow account management funding lines from different multi- • Balance sheet restructuring
laterals for the bank • Green financing advisory
• Equity raising advisory
• Issuance of debt and equity securities
Deposit Products Cash Management Solutions
Deposit Products
• Current Account • Interest Bearing Transactional Account. • Multi-Currency Depository Service.
• SND Account. • Term Deposit.
Nationwide Collection Solutions
• Collection facilities through City Bank of City Bank PLC) through interbank • Standing Instruction.
PLC’s Retail Outlets in the form of and intra bank direct debit pull.
cash, instruments. • Collection through virtual accounts
• Collection facilities through CityLive via different channels such as RTGS,
(Corporate Internet Banking Platform BEFTN, cash, instruments.
Payment Transfer Management
Payment facilities through CityLive (Corporate Internet Banking Platform of City Bank PLC) in the
following forms
• Online Fund Transfer. • RTGS (single and bulk). • Payroll Disbursement.
• BEFTN (single and bulk). • e-Payments of Customs Duty • Utility Bill Payments.
through RTGS. Wallet Payments (currently through
• Corporate Cheque Printing, both A4 •
size & normal size (single and bulk). • e-Payments of VAT through RTGS. bKash)
• Pay Order Issuance (single and bulk). • Automated Challan System, ACS. • Prepaid Cards Loading.
Value Added Service Provided by Cash Management
• City Doorstep (courier pick up & • IPO Services. • Customized MIS for collections.
drop service). • MT940. • System/ERP Integration.
• City Cash Transit (cash pick up & • Collections through Customized
drop service). Deposit Slip. • H2H connectivity.
• PDC Management. • Transactions through e-mail Indemnity.

CityLive is City Bank PLC’s digital platform and is a fully-integrated internet banking platform to facilitate all institutional payments
along with MIS. With CityLive, institutional clients of City Bank PLC can initiate all types of local payment instructions from anywhere
around the globe all throughout the clock.

Treasury
Money Market Products
• Call Money • Re-purchase Agreement • Foreign Currency Placement

• Term Money • Reverse Repo
• Notice Money • Foreign Exchange Swap
Fixed Investment Products
• Fixed Income & Capital Market • Interbank Fixed Income Trading • Bangladesh Government Ijarah
investment Sukuk
• Corporate Bond
• Government Securities Investment • Bangladesh Government Islamic
Window service for customers Investment Bond (BGIIB)
Foreign Excgange Products
• Inter-bank spot in major currency pairs • Foreign remittance

• Customers spot in major currency pairs • Cross Currency Swaps
Derivatives Products
• Forward Contract • Interest Rate Swap (IRS)
SME
Small & Micro-finance Products
Deposit Products
CURRENT DEPOSITS SPECIAL NOTICE DEPOSIT FIXED DEPOSIT RECEIPTS
• Easy Current Account • SND Account • FDR Account
• Easy Plus Current Account

Loan Products
• Funded • Overdraft • Commmercial Space Loan
• Unsecured Term Loan • Secured Loan • Agriculture Loan
• Single Installment Loan • Remittance Beneficiaries Loans • Distributors’ Financing
Medium Enterprise Products
Deposit Products
CURRENT DEPOSITS SPECIAL NOTICE DEPOSIT FIXED DEPOSIT RECEIPTS
• Easy Current Account • SND Account • FDR Account
• Easy Plus Current Account
Loan Products
Funded
• Overdraft (OD) (Bangladesh Bank’s Pre/Re- • Lease Financing
financing Scheme) IDBP/FDBP
• Secured Overdraft (SOD) •
• Working Capital and Term Loan Loan Against Trust Receipt (LTR)
• Revolving Short Term Loan (RSTL) •
(Agricultural Finance)
• Industrial Term Loan • Packing Cash Credit (PCC)
• Term Loan (Others)
• Working Capital and Term Loan • OD (Earnest Money)
Non-funded (Both Conventional and Islamic)

• Letter of Credit (Sight/Deferred/ • Back to back Letter of Credit (Local &
UPAS/EDF) Foreign)
Gurantee (Open/Close End; Both Conventional and Islamic)

• International Bank Guarantee • Local Bank Guarantee • Bid Bond
Agent
Deposit Products
All deposit product of Retail & SME’s
Loan Products
All Loan product of Retail & SME’s City Digital Agri Loan

Services
Account Opening
• Cash Deposit and Withdrawal • Balance Inquiry • Cheque Book & Debit Card
Requsition, delivery & Activation
• Fund Transfer • Account Statement (Mini)
• Distributor collection
• Remittance Disbursement • Loan Disbursement (Retail, SME,
Remittance, Agri) • Payroll Disbursement
• Utility Bill Payment
• Loan EMI Collection • Universal Pension Scheme
Supply chain
Supply Chain Financing
Overdraft
• Factoring • Reverse Factoring/ Invoice Financing • Purchase Order Financing
Islamic Banking
Deposit Products
Savings Accounts
• Islamic Savings A/C • Islamic High Value Savings A/C • Islamic Alo High Value Savings A/C
• Islamic Corporate Transaction A/C • Islamic Alo General Savings A/C • Islamic Alo Savings Delight A/C
Current Accounts Student Accounts DPS Accounts

• Islamic Current A/C • Islamic Student Savings A/C • Islamic Digital Dps A/C
• Islamic Easy Current A/C Islamic • Islamic Hajj Deposit Scheme
• Easy Plus Current A/C • Islamic Monthly Deposit Scheme
FD Accounts SND Accounts

• Islamic Term Deposit • Islamic SND A/C
• Islamic High Value Term Deposit • Islamic High-Value Snd A/C
• Islamic Monthly Benefit Scheme

Loan Products
Funded
• Islamic Personal Finance • Islamic Business Finance • Islamic Short Term Finance
(Murabaha)
• Islamic Secured Finance • Islamic Demand Finance (Murabaha)
• Islamic Short Term Finance
• Islamic Home Finance • Islamic Import Bill Finance
(Musharaka)
• Islamic Home Renovation • Islamic Term Finance
• Islamic Bill Purchase Inland
• Islamic Auto Finance • Islamic Trust Receipt
• Islamic Local Purchase
• Islamic Auto Finace Second Hand Car • Islamic Short Term Finance (Salam)
Non-funded
• Letter of Credit • Bank Guarantee
Cards
Credit Card
American Express
• Amex Blue • Amex Islamic Gold • City Alo Credit
• Amex Gold • Agora Co-Brand • Amex GB Corporate
• Amex Platinum • Biman Co-Brand • Amex Gold Corporate
• Amex Islamic Blue • DU Co-Brand
Visa
• Visa Platinum
Debit Card
American Express Visa Mastercard

• The CityMaxx American Express Card • Visa Debit Card • Mastercard Platinum International
Debit Card
• Sapphire CityMaxx American Express • City Alo Visa Debit Card
Debit Card • Mastercard Debit Card
• Citygem American Express Card • Mastercard Citygem Platinum Debit
Card
• The City Islamic American Express Card
UnionPay
• UnionPay Gold Debit Card

Prepaid Card
American Express Mastercard

• Amex Reloadable Prepaid • Mastercard Corporate Prepaid
• Amex Gift Prepaid
Digital
Digital Products
• Citytouch Digital Banking • Call Center • City GO (NFC Wearable Payment)

• Ekhoni Account • Citypay QR Payment • City Live (Corporate Internet
Banking)
• Smart IVR • Customer Service Portal
• City Smart (ATM & RATM) • Digital Nano Loan (with bKash)
Digital Services
• Bank & MFS Fund Transfer • Cash by Code • Digital Wealth Management
• Virtual Card • Account Maintenance Self-Service • In-app Payment Services
• Fixed Deposit & DPS Opening • Card-related Self-Service
• Quick Loan • QR Fund Transfer

Performance
at a glance 2023 Figures in Million Unless Specified
Deposits Loans & Advances
246,704 254,781 282,064 331,890 392,510 246,944 268,202 286,380 354,774 396,078
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
Total Assets Earning Assets
354,689 382,926 416,902 506,847 555,738 292,278 327,906 350,939 433,969 478,831
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
Shareholders’ Fund Net Asset Value Per Share
25,416 28,818 31,224 32,845 37,220 25.0 28.4 29.3 27.4 30.4
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023

NPL Volume NPL (%)
14,244 10,850 13,906 13,671 14,385 5.8% 4.0% 4.9% 3.9% 3.6%
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
Net Interest Income Operating Income
10,832 8,363 12,048 12,359 15,831 18,285 16,737 21,403 24,588 27,606
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
Operating Expense Operating Profit
9,998 9,697 10,403 12,761 14,108 8,287 7,040 11,001 11,827 13,498
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023

Total provision Charged Profit before Tax
2,556 644 2,546 2,943 2,817 5,731 6,395 8,455 8,884 10,681
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
Profit After Tax EPS (BDT)
2,472 4,012 4,743 4,508 6,151 2.4 3.9 4.4 3.8 5.0
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
PE Ratio Market Capitalization
8.7 6.3 6.1 5.8 4.3 21,446 25,206 29,135 26,173 26,207
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
ROE ROA
9.9% 14.8% 15.8% 14.1% 17.6%

0.7% 1.1% 1.2% 1.0% 1.2%
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023

Export Import
135,807 182,163 341,339 467,213 287,299

135,807 121,477 189,986 272,920 276,649
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
Dividend (%) Stock Performance (DSE)
15.0% 22.5% 25.0% 12.0% 25.0% 21.1 24.8 27.3 21.8 21.4
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
Cost-to-Income Ratio (%) CRAR & Tier-1 Ratio (Solo)
54.7% 57.9% 48.6% 51.9% 51.1%

15.2% 15.5% 15.8%
14.2% 14.5%
9.7% 10.8% 10.6% 11.0%

9.6%
2019 2020 2021 2022 2023

2019 2020 2021 2022 2023 CRAR Tier-1
Provision coverage ratio Dividend Payout Ratio
77.9% 94.9% 90.1% 104.7% 110.1% 61.7% 57.0% 56.3% 32.0% 49.8%
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023

Economic and operating
environment and strategic plans
and business outlook
Economic and operating environment
Global economy safeguard the economy to some extent.
The year 2023 remained in the shadow of war between Russia and Bangladesh’s GDP is projected to grow 6.1 percent in fiscal year 2023-
Ukraine and the start of conflict between Israel and Palestine later in 24, riding on exports, according to the Asian Development Bank (ADB).
the year that threatens to further fuel hostility and instability across This can be considered a good number as compared with the growth of
the region. other economies in the world. Despite weaker global demand, exports
of Bangladesh’s traditional low-end garments will continue to grow as
The world had gradually started recovering from the economic exporters use local yarn and fabrics due to the dollar crisis. The ADB
slowdown and hardships due to the Covid-19 pandemic and it was at also projects that average inflation will moderate to 8.4 percent in the
this time that geopolitical tussles occurred in east Europe and west current fiscal year, which shall enable growth of private consumption
Asia. Especially Russia and Ukraine, being the key suppliers of major by easing household income pressures. In South Asia, Bangladesh is
commodities like food and energy, the war between them has led to forecast to log the second-highest GDP growth after India’s 7 percent
supply chain disruptions and substantial jolt to commodity markets projected growth in the current year.
globally. Further, the west Asia conflict is showing signs of escalating
tensions in the region, especially the Red Sea area, which is a major Banking scenario
global shipping route.
With regard to the banking sector, despite intensified pressures from
Following this, the prices of energy, food grains and metals have shot the global financial markets and the global banking crisis, it may be
up substantially which has intensified inflationary pressures across noted that Bangladesh’s banking industry withstood these adversities
both advanced economies and emerging market economies, including and performed relatively well. The country’s banking industry is
Bangladesh. Subsequently, central banks of the major economies have relatively well-capitalised and growing healthy in terms of asset size,
been compelled to tighten their monetary policy stances. The US Fed total business and profitability. Bangladesh Bank, the central bank of
Reserve has increased its policy rates by 500bps (cumulative) since the country, has taken several measures to protect the banking sector
March 2022, while Bank of England (BoE) and European Central Bank through its monetary policy and also via its various developmental and
(ECB) have followed with rate hikes of 440bps and 370bps respectively, regulatory initiatives.
during the same period.
Over the past few months, Bangladesh Bank has raised policy rates
The emerging market and developing economies also experienced the significantly to 8 percent by raising the policy interest rate by 25bps
shock waves of different wavelengths. Many countries witnessed huge in the most recent monetary policy for the second half of the current
outflow of capital, which put pressure on the value of their domestic 2023-24 fiscal year, in an effort to bring down inflation to 6 percent.
currencies. This was especially true with Bangladesh as the Taka This has pulled up interest rates for commercial banks and is expected
depreciated significantly against the USD. to moderate credit demand.
According to the International Monetary Fund (IMF), the global economy Increasing policy rates thus was in response to prolonged global
geopolitical tensions, elevated commodity prices, continued supply
will moderate to 3.1% in 2023, down from 3.4% in 2022. This reflects
bottlenecks and tightening global financial conditions and its
ongoing impacts of geopolitical issues on the global economy, though
consequent impact on the domestic financial system, including the
there is expectation of moderating inflation and steady growth open
banking sector.
path to soft landing.
Apart from regulating policy rates, Bangladesh Bank has taken positive
Domestic economy initiatives in the areas of liquidity management, governance, customer
service, KYC, payment and settlement system, etc., to strengthen the
Coming to the domestic economy, the Bangladeshi economy has banking system of the country and enable banks to withstand the
comparatively performed well and positioned better through its policy uncertainty arising out of the global and domestic economic issues.
decisions in the context of the adverse global economic scenario.
This was mainly because of sound policy and regulatory measures In the meantime, the government has come out with policy stimulus
which were already aligned to revive the economy with stimulus to boost the financial sector and, in turn, the banking sector of the
policy measures in order to come out of the sluggishness in economic economy. The government’s investments and policy initiatives to spur
activities induced by the Covid pandemic. Furthermore, the country’s economic activities in key areas such as construction, infrastructure,
quick response to international issues like the Russia-Ukraine war CMSMEs, agriculture etc., have helped to revive the economy, which is
and related matters through diplomatic policies have also helped to likely to sustain demand for bank credit.

Strategic plans and outlook banking solutions are easily accessible to millions of customers at any
place and on a 24x7 basis.
At City Bank, we are committed to unlocking the full potential of the
bank. We are constantly refining our product and service propositions Distinctive solutions
by offering a host of banking and financial solutions. In our journey of
progress, we have identified our key pillars that foster our strategic In today’s integrated world, partnerships play an important role in
plans, bolster our long-term outlook and enable us to accomplish our expanding the scope and accelerating business objectives. We have
performance targets and objectives. Our key pillars are described below. expanded our customer base, improved our product and service
propositions, increased geographical reach, enhanced capabilities and
Customer centricity improved innovations through partnerships. These have helped us
explore synergies and offer distinctive solutions to our customers, thus
For customers, trust and preferences are based on the quality, facilitating a connect to grow approach.
responsiveness and consistency of their experiences with us. We have
thus empowered our employees to deliver customer delight through Empowered people
the human touch, aided by technology. We have ensured that our
employees seamlessly engage with our customers, thereby building We aspire to be the preferred employer in the Bangladeshi financial
stronger relationships that benefit us in the long-run. services industry. Our inclusive hiring efforts cover women who
comprise a growing part of our workforce. We focus on building a fair
Tech-led banking and performance-oriented culture, where skills get as much importance
as education and qualifications. We provide solid learning and training
We have a bold objective in financial inclusion and empowerment. With exposures to our people which helps them build confidence in their
our digital bank and tech-led banking initiatives, especially comprising interactions with our customers, thus leading to the empowerment of
Citytouch, CityLive, etc., we are building strong banking platforms both of our major stakeholders.
and capabilities to underwrite a significant section of the lendable
population, be it salaried or self-employed. Our robust suite of digital Unified ecosystem
banking solutions will be a powerful engine that will propel us towards
digital banking leadership. Under our umbrella, the group offers a universal banking platform
catering to diverse business segments. Our products and services are
Banking for Bangladesh integrated to provide a wide range of solutions and value propositions
for our customers. We are committed to strengthening our relationships
We continue to build our bank footprint through especially expanding with customers in the long-range by offering tailored solutions for their
into rural and semi-urban regions. In addition, we are ramping up our financial needs, including banking as well as brokerage, remittance,
digital capabilities to expand our reach through multiple channels. Our investment banking, wealth management services, etc.

Our strategic priorities
At City Bank, we are committed to meeting our strategic goals and presence of a number of banks and finance companies and hence
objectives with regards to various time periods, including the short, product enrichment and new product launch is a key activity that
mid and long term. Our strategy provides us a clear framework enables us to distinguish ourselves in the market. On the deposit side,
of where we want to focus on as an impact-led financial services we offer a range of accounts, including no-frills accounts, etc., and
company and what we need to do to meet our targets and create also fixed deposits with attractive interest rates and tenures. On the
value for our shareholders and other stakeholders. asset side, we provide a wide range of loans and credit solutions that
Our strategic imperative for the financial year 2023 was to progress on meet the varied needs and requirements of our borrower customers.
our transformation plan, mainly comprising our focus on being the most Furthermore, we are the only issuing partner of American Express
innovative, customer-centric, technology-led and people-facing bank, cards in Bangladesh and have a large number of active cards in force
providing unique and personalised banking solutions to our customers. in the country.
Our ambition is to be the most progressive bank in Bangladesh, with Sustainable banking:
agile employees serving all segments of customers with unmatched
services, complemented by a wide bouquet of products. Sustainable banking is a strategic priority for City Bank as we
incorporate environmental, social and governance (ESG) factors into
Our close alignment with all the business segments and subsidiaries
our business operations and lending practices to promote sustainable
has been crucial to our encouraging performance for the year in review.
development. We have also declared our intent towards ensuring zero
This was the outcome of our highly cohesive and synergised delivery
carbon emissions over both the mid and long-term horizons and are
and execution strategy under our targets and aspirations.
committed to meet these targets not only internally and in our portfolio
In addition to our own goals and objectives, we are acutely aware of companies, but also across our value chain. This encompasses scope
the needs of the nation. We hence ensure that our plans and activities 2 and 3 emissions as well. We are laying thrust on sustainable finance
lead to meeting the wider economic and social goals that are pressing and green banking and believe these are the future as they are more
to the country’s progress and development. closely aligned to the key objective of banking, which is to provide loan
funds to productive sectors to generate a positive and holistic impact
We list our key strategic priorities below.
that benefits all towards shared value creation.
Financial inclusion:
Customer relationship management:
We are committed to financial inclusion. For us, this means bringing
a larger population segment under the formal banking channels and Focusing on building long-term relationships with our customers
umbrella as a means to enable them to transform their lives through through personalized services and advice, financial literacy programs,
organised savings and investment, as well as through accessing credit and effective resolution mechanisms is a key strategic priority. We
at favourable terms. This is especially crucial in Bangladesh’s context have focused on improving our customer relationship management
as a large percentage of the population is outside of formal banking (CRM) capabilities through training of frontline members and instilling
and hence expanding access to banking services, particularly in rural a culture that puts our customers at the centre of all our activities
areas, is not just an imperative for promoting economic growth, but is and initiatives. While CRM has been a key growth driver, it has also
also key to reducing poverty and ensuring shared progress. enabled us to serve the needs of our customers in a holistic way
through the various segments and arms of the bank. For instance, a
Digital transformation: savings account customer can not only access a wide range of fixed
In the era of Smart Bangladesh with the country on a digital highway deposit products, but also DP services through our subsidiary engaged
through enhanced adoption of a digital lifestyle, it is important for us in the equity brokerage business. Our Citygem wealth customers can
as a bank to provide digital banking solutions that are easily accessible also access many privileges, including airport lounge access, exclusive
and offer lifestyle-based financial services solutions to the masses. discounts at a large number of merchant outlets, etc., in addition to
While the key is to ensure more banking for our customers, it is also to personalised investment and wealth management solutions and
facilitate less or no visits to the bank branches, thus enabling them to priority banking services.
complete their routine transactions digitally through their computers Talent development:
or smartphones. This is best exemplified through our bank’s Citytouch
internet banking platform that enables customers to complete a Investing in employee training and development to build a skilled
plethora of services including paying bills, investing in fixed deposits, workforce capable of delivering high-quality banking services and
etc., with just a few clicks. Another example is our digital nano loan driving organizational growth is a prioritised focus area. Talent
offering that enables customers of bKash to apply for a loan from City development is crucial to the long-term growth and viability of the
Bank and have the amount directly credited to their MFS wallet. EMIs bank and we always focus on workforce transformation that enables
would also be deducted from the same wallet, thereby making it easy our people to enrich their skills and talents through our numerous
for them to access small ticket loans digitally and in a paperless way. learning and training programs. Another important facet of our
talent is our ability to retain our people, especially our frontline staff
Product diversification: as they are key to our customer relationships and success. We offer
We are focused on introducing new products and services to meet professional development and career progressions opportunities, in
the evolving needs of our customers and remain competitive in the addition to market-leading compensation and emoluments. Exposure
market. Bangladesh’s banking industry is highly competitive with the to a challenging and stimulative environment is a key to success too.

CONNECTING WITH
OUR STAKEHOLDERS
Our approach to building stakeholder trust Team City Bank’s internal stakeholders include its employees, while
external stakeholders include its owners, investors, customers,
Continuous and sustained involvement with our diverse and varied suppliers and service providers, regulatory agencies, and the
stakeholders is essential for establishing a mutually beneficial broader community.
understanding and fostering long-term relationships.
Underpinned by a distinct management philosophy for each
We believe that understanding the perspectives and expectations stakeholder group, we have devised customised stakeholder
of our stakeholders allows us to recognise risks and opportunities, engagement solutions to connect with our stakeholders in a
strike a balance between competing interests, and make informed meaningful and continuing manner. In addition to these normal
decisions. Additionally, such engagements provide us the prospect interactions, we also execute specific efforts to evaluate the
to connect proactively with our stakeholders and obtain useful efficacy of our engagement approach and report on the results.
input on our activities. Our stakeholders are entities or persons We feel that such methods develop trust, enhance stakeholder
whose actions are anticipated to have a significant impact on the satisfaction, and contribute to the maintenance of long-term
Bank’s capacity to fulfill its aims and objectives. Based on this, we productive relationships, all of which boost our competitive position
have categorised our stakeholders as internal and external. vis-à-vis our competitors.
Methodology for Stakeholder Engagement
Management Capitals
Stakeholders Matters Relevant to Them Our Response Key Priorities
Approach Impacted
Uphold the • Customer service • Effective complaint • Safe and secure Manufactured
customers’ • Operational security resolution banking experience, Capital
right to a stable, mechanism including digital
• Satisfaction on Read more on
secure and solutions
products and services • Service excellence pg 28
progressive
• Tech-driven • Safety of deposits,
banking platform • Market reputation
convenient banking assuaging concerns
that provides a Social and
• Convenience solutions around the current
Customers– superior service Relationship
global banking crisis
Borrowers experience • Innovation and custom • Innovative products Capital
and promotes solutions and services • Ensuring vast
and deposit- Read more on
customer choice swathe of retail
holders • Timely and relevant • Data security and pg 34
and convenience. and corporate loan
information updates customer privacy products and services
• Access to touchpoints • Expanding touch- • Offer a variety of
• Loyalty benefits and points, including via deposit products,
rewards digital channels including FDs across
rates and tenors
• Grievance redress
Ensuring long- • Shareholder satisfaction • Maintaining profit • Financial resilience Financial
term value and regarding the bank’s consistency • Managing liquidity, Capital
upholding the financial position and Ensuring a credit risk, capital
• Read more on
rights of the profile sustainable ROI adequacy and pg 25
shareholder, • Views on key discretionary costs
and supporting • Maintaining Intellectual
governance and policy amid the economic
a broader governance Capital
matters challenges
shareholder standards and
Shareholders Read more on
constituency to • Regular communication codes • Progressive revenue
and capital pg 35
ensure their value and business growth
providers • Health of key financial • Sustaining the
maximization. Social and
metrics bank’s reputation • Proper pricing of
Relationship
and credibility risk and strong
• Strategy and business Capital
credit screening and
continuity • Safeguarding asset
underwriting Read more on
quality
• Compliance and pg 34
conformance

Management Capitals
Stakeholders Matters Relevant to Them Our Response Key Priorities
Approach Impacted
Working in • Community capacity • Socially-responsive • Integrate social Social and
conjunction with building CSR model responsibility in Relationship
our sustainability • People empowerment • Transparency and
business planning Capital
mandate governance Livelihood
• Social welfare of
• Read more on
comprising the development
communities • Community pg 34
3P approach, opportunities
with emphasis on engagement and
• Environmental
safeguarding the trust-building • Alleviating
Communities protection through Natural
environment and myriad local-level
and societies sound lending decisions • Employee Capital
promoting people challenges
volunteerism
empowerment • Donations and Read more on
through philanthropic • Need-based relief pg 37
citizenship action. contributions and assistance
Ensure • Prompt and proper • Support to maintain • Maintaining stability Financial

compliance with action on regulatory financial system and security of the Capital
all legal norms updates stability banking sector
Read more on
and regulatory Policy formulation in
• • Impact on the real • Playing a role in pg 25
requirements. line with objectives of economy comprising nation-building
Bangladesh Bank and MSMEs, etc. • Full compliance with
other relevant banking
• Supporting all regulations and
Government regulators
sustainable norms
and regulators
industrialisation
• Rectification
measures on
supervisory
concerns
• On-time submission
of statutory returns
and obligations
• Contribution at
meetings/forums to
regulatory initiatives
Commitment • Ethical employment • Competitive • Career progression Human
to create a practices rewards and and long-term Capital
conducive benefits prospects
• Career progression Read more on
environment opportunities Attract and retain
• • Opportunities pg 31
for employees the best talent
• Employee feedback for growth
to develop and
• Promote DEI and expertise
reach their full • Rewards and Social and
principles development
Employees potential. recognition Relationship
• Employee well-being
• Develop leadership Capital
from within
Read more on
through training
pg 34
and development
• Encourage greater
engagement and
participation
• Effective handling
of grievances
• Foster collaboration
and team spirit

SHAREHOLDING
STRUCTURE
As a listed commercial bank of Bangladesh, City Bank is well-represented in terms of its major shareholder categories, with these
constituents being directors and sponsors, institutions, foreign shareholders and the general public. In addition to distinguished institutional
and foreign shareholding that is convinced in City Bank’s performance and forward outlook, the bank also provides a gateway to value
creation to retail investors, primarily comprising the Bangladeshi public.
Shareholding Structure as on 31 December 2023

SL Value of shares
Type of owner No. of shares % of holding
No (BDT)
1 General public 451,957,374 4,519,573,740 36.9%
2 Directors and sponsors 378,198,111 3,781,981,110 30.9%
3 Institutions 334,831,554 3,348,315,540 27.3%
4 Foreign shareholders 59,631,838 596,318,380 4.9%
Total 1,224,618,877 12,246,188,770 100%
5%
27%
Foreign shareholders
General public
37%
Directors and sponsors
Institutions
31%
Classification of shareholders by shareholding
2023 2022
Particulars
No. of shareholders No. of shares % of total holding No. of shareholders % of total holding
01 - 500 shares 14,334 1,951,000 0.2% 14,441 0.2%
501 - 5,000 shares 11,324 19,470,045 1.6% 11,564 1.7%
5,001 - 10,000 shares 1,819 12,326,730 1.0% 1,782 1.0%
10,001 - 20,000 shares 1,195 16,226,248 1.3% 1,157 1.4%
20,001 - 30,000 shares 444 10,735,873 0.9% 422 0.9%
30,001 - 40,000 shares 200 6,817,100 0.6% 197 0.6%
40,001 - 50,000 shares 105 4,669,908 0.4% 128 0.5%
50,001 - 100,000 shares 297 20,043,860 1.6% 278 1.6%
100,001 - 1,000,000 shares 343 109,204,289 8.9% 333 8.9%
Over 1,000,000 shares 137 1,023,173,824 83.6% 136 83.2%
Total 30,198 1,224,618,877 100.0% 30,438 100.0%

SHAREHOLDING BY
DIRECTORS
Stewarded by the Board of Directors, City Bank is committed to sustainable value creation. The bank’s esteemed Board comprises member-
directors who are distinguished personalities, bring unique insights and perspectives to Board matters, and have conviction in the long-
term prospects and potential of the enterprise, as reflected in their shareholding in the bank. Thus, most of the Directors on the Board are
shareholders of the bank too.
Directors and their shareholding as at 31 December 2023
Sl.
Name of Directors Position No. of shares Amount (Tk) % of shares
no.
1 Mr. Aziz Al Kaiser Chairman 34,221,880 342,218,800 2.8%
2 Mr. Hossain Khaled Vice-Chairman 27,226,861 272,268,610 2.2%
3 Mr. Rubel Aziz Director 28,090,178 280,901,780 2.3%
Mr. Hossain Mehmood (Nominated by A-One

4 Nominated Director 24,765,184 247,651,840 2.0%
Polymer Limited)
5 Mr. Rajibul Huq Chowdhury Director 24,828,335 248,283,350 2.0%
6 Ms. Syeda Shaireen Aziz Director 24,734,039 247,340,390 2.0%
Ms. Savera H. Mahmood (Nominated by Partex

Corporate Limited)
Ms. Rebecca Brosnan (Nominated by
International Finance Corp. (IFC)
9 Mr. Dr. Salim Mahmud Independent Director Nil Nil -
10 Mr. Matiul Islam Nowshad Independent Director Nil Nil -
11 Mr. Mashrur Arefin MD & CEO Nil Nil -
Total 249,831,460 2,498,314,600 20.4%

Distribution of Value
In order to keep our pledge to our stakeholders, City Bank distributes value produced in relevant and meaningful ways – and for some
stakeholder groups, this goes beyond just financial outcomes. In our endeavour to create a more sustainable future for everybody,
stakeholders get intangible advantages ranging from staff upskilling programs, to exchequer contributions for national development.
City Bank’s value distribution model
Taxes deposited to the Shareholder rewards of

exchequer that support Tk. 2.50 per share with
development of the economy sound dividend yield
For the For our

Economy Shareholders
2023 2023
Tk. 12,138 mn Tk. 3,091 mn

2022 2022
Tk. 10,633 mn Tk. 1,455 mn
2023
Tk. 34,404 mn
2022
2023
Tk. 26,378 mn 2023
Tk. 7,829 mn Tk. 11,346 mn
2022 2022
Tk. 7,002 mn Tk. 7,288 mn
For our For our
Omployees Operations
Focus on industry-leading Retained profits used to

and inflation adjusted wages fund future growth across
and salaries our diversified operations

Financial Calendar
City Bank is prompt in discharging its disclosure commitments, aligned to meeting shareholder, investor and stakeholder needs in material
information requirements. This has helped build stakeholder trust and also attests to the bank’s strong MIS systems and standards that
enable accurate and meticulous disclosure.
2023
9-May-23 25-Jul-23 26-Oct-23 27-Mar-24 30-May-24
1st Quarter Results 2nd Quarter Results 3rd Quarter Results Annual Result 41st Annual General
Issued Issued Issued Issued Meeting
2022
12-May-22 21-Jul-22 24-Oct-22 11-Apr-23 4-Jul-23
1st Quarter Results 2nd Quarter Results 3rd Quarter Results Annual Result 40th Annual General
Issued Issued Issued Issued Meeting
Dividend Information
15% 10% 27-Mar-24

Cash Dividend Stock Dividend Declaration Date
23-Apr-24 30-May-24
Record Date AGM Date

Key Ratios
Financial Ratio
Particulars 2023 2022 2021 2020 2019

A) Profitability Ratio
Net Income Ratio (%) 13.5% 11.9% 15.8% 12.7% 7.2%
Net Interest Margin (NIM) Ratio 4.5% 4.3% 4.5% 3.7% 5.0%
Cost of Fund (without admin expenses) 3.9% 3.2% 2.6% 4.6% 4.9%
Cost to Income ratio (%) 51.1% 51.9% 48.6% 57.9% 54.7%
Price Earnings Ratio (times) 4.3 5.8 6.1 6.3 8.7
Return on Capital Employed
Return on Average Equity (ROE) (%) 17.6% 14.1% 15.8% 14.8% 9.9%
Return on Average Assets (ROA) (%) 1.2% 1.0% 1.2% 1.1% 0.7%
Return on Capital Employed (ROCE) (%) 2.0% 1.9% 2.2% 1.8% 1.7%
Return on Investment (ROI) 7.1% 6.4% 5.3% 8.3% 6.5%
Dividend Cover Ratio 200.9% 312.9% 177.8% 175.4% 162.1%
Dividend Payout Ratio 49.8% 32.0% 56.3% 57.0% 61.7%
B) Liquidity Ratios
Advance to deposit ratio (including Off Shore Banking Unit) 83.7% 83.2% 84.7% 77.7% 79.4%
Investment to deposit ratio (IDR) 72.1% 51.0% 35.1% 29.6% 67.5%
Liquidity Coverage Ratio (LCR) 174.6% 220.1% 151.1% 173.5% 142.6%
Net Stable Funding Ratio (NSFR) 106.5% 103.1% 106.9% 104.6% 107.4%
C) Solvency Ratios
Debt Equity Ratio (Times) 13.9 14.4 12.4 12.3 13.0
Investment to Total Deposit Ratio (%) 18.6% 18.4% 19.5% 18.2% 16.0%
Net Asset Value (NAV) per Share (Taka) 30.4 27.4 29.3 28.4 25.0
Capital Adequacy Ratio
Capital to Risk weighted Asset Ratio 15.8% 14.5% 14.2% 15.5% 15.2%
Tier I Capital Ratio (%) 11.0% 9.6% 10.6% 10.8% 9.7%
Tier II Capital Ratio (%) 4.8% 4.8% 3.5% 4.8% 5.5%
Leverage Ratio (Times) 5.7% 5.3% 5.6% 6.1% 5.5%
Credit Quality
Provision coverage ratio (%) 110.1% 104.7% 90.1% 94.9% 77.9%
Gross NPL ratio (%) 3.6% 3.9% 4.9% 4.0% 5.8%
Net NPL ratio (%) 1.4% 1.7% 2.2% 2.0% 2.7%
Non Financial Ratio
Particulars 2023 2022 2021 2020 2019

Average Time To Hire (working days) 25 27 28 30 28
Internal Promotion Rate * 23.5% 33.3% 0.0% 13.4% 10.1%
Cutomer Attrition Ratio 1.9% 1.1% 2.5% 6.1% 1.9%
Operating Income Per Employee (BDT mn)*** 5.56 5.05 4.72 3.84 4.07
Operating Profit Per Employee (BDT mn)*** 2.72 2.43 2.42 1.62 1.84
Profit After Tax Per Employee (BDT mn)*** 1.24 0.93 1.04 0.92 0.55
*Internal promotion rate 0% in 2021: there was no promotion in the entire bank due to Covid-19 situation
**City Bank regularly carries out various programs or surveys to measure the customers’ satisfaction toward their services. These surveys
provides valuable insights on whether the customer needs are met by the Bank or not. Every month regular Net Promoter Score (NPS)
surveys are conducted by designated teams under Customer Experience Team for various customer segments.
*** Considered permanent employees

Quarterly
Performance of City Bank
As part of its investment services, City Bank reports its financial performance quarterly, allowing shareholders to monitor developments.
Furthermore, during these releases, the bank provides management commentary, which sets the tone for future expectations and prognosis.
As a result, every listed business in Bangladesh is required by law to compile and publish quarterly financial statements for the first quarter
(Q-1), half-year (H-1 and Q-2) and third quarter (Q-3) in accordance with the Bangladesh Securities and Exchange Commission’s (BSEC)
regulations. City Bank prepares quarterly financial statements in compliance with the Bangladesh Securities and Exchange Commission’s
(BSEC) standards and International Accounting Standard (IAS)-34: “Interim Financial Reporting”.
Balance Sheet 31-Dec-23 31-Dec-22 30-Sep-23 30-Sep-22 30-Jun-23 30-Jun-22 31-Mar-23 31-Mar-22
Investment 73,062 61,105 60,251 61,434 64,062 61,743 58,923 70,825

Loans, Advances & Investments 396,078 354,774 390,543 375,628 403,550 357,013 390,410 326,829
Deposits & Other Accounts 392,510 331,890 373,486 330,085 387,918 330,115 355,590 315,045
Total Shareholders' Equity 37,220 32,845 34,739 32,163 34,768 32,594 33,541 31,483
Total Assets 555,738 506,847 541,068 507,277 565,234 490,034 533,578 467,906
Off Balance Sheet Exposure 209,349 218,248 221,571 231,972 204,106 255,927 201,606 254,689
Net Asset Value (NAV) per Share* 30.4 27.4 28.4 26.8 29.0 30.5 27.9 29.5
1 Jan 23 1 Jan 22 1 Jan 23 1 Jan 22 1 Jan 23 1 Jan 22 1 Jan 23 1 Jan 22

Profit and Loss Account to to to to to to to to
31 Dec 23 31 Dec 22 30 Sep 23 30 Sep 22 30 Jun 23 30 Jun 22 31 Mar 23 31 Mar 22
Net Interest Income 15,831 12,359 11,297 8,917 7,273 5,700 3,438 2,622
Investment Income 4,713 3,605 3,128 2,578 1,973 1,660 983 898
Non Funded Income 7,063 8,624 5,325 6,101 3,760 4,472 1,967 2,064
Operating Expenses 14,108 12,761 10,739 9,178 7,094 6,056 3,488 2,838
Operating Profit 13,498 11,827 9,011 8,418 5,912 5,777 2,900 2,746
Net Profit After Taxation 6,151 4,508 3,603 3,116 2,187 2,061 831 740
Earnings Per Share (EPS)* 5.0 3.8 2.9 2.6 1.8 1.9 0.7 0.7
*earlier year not adjusted to stock dividend decleared and distributed
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Competitive Analysis
under Porter’s Model
Porter’s five forces - Dashboard view
At City Bank, our Porter’s model provides us with insights into our competitive position and enables us to assess strategies we could
harness to deepen our impact, thus differentiating our position in a competitive environment. A few strategies deployed through such an
analysis includes:
• Launch of digital nano loans in response to customer need for small ticket loans disbursed quickly and directly to the wallet of MFS
partner without the borrower needing a bank account
• Deepened focus on relationship-based banking to retain customers
• Focus on providing the full value of the bank to our customers, rather than just payments and savings options
A detailed analysis of the Porter’s five forces is given in the dashboard below.
Forces Observation Impact Activity at City Bank
Bargaining power With 61 scheduled banks, including 43 private High • Nurturing our loyal customers with
of buyers commercial banks in Bangladesh offering a range improved value propositions
of financial solutions, customers have ample
options to choose their preferred financial services • Reinforcing our competencies around the
provider. triumvirate of digital banking, financial
superstore and physical footprint
Bargaining power Regulators: Bangladesh Bank’s laws on CRR, SLR High • Ensuring we meet all regulatory norms and
of suppliers and others, rein in risk appetite and help maintain guidelines in the spirit of compliance
liquidity, which is crucial for the stability of the
overall banking sector. • Focusing on workforce transformation,
providing our people with robust
professional and cross-skilling
opportunities
Employees: Attractive remuneration and benefit
packages to retain talented employees is key as • Augmenting our employer value proposition
the supply of such resources is limited and is yet to ensure we attract and retain talent
crucial in the process of creating customer value. across all levels of the organisation
Industry rivalry At present, there are 61 licensed commercial High • Providing customers with utmost
banks in Bangladesh, competing to lure customers convenience in terms of banking access
away from other banks. However, less product anytime, anywhere
differentiation is being generally seen in customer
value creation. • Offering secure and fully functional
digital banking platforms that enable our
customers to complete their routine tasks
• Offering a wide POS and QR code payment

facilities that aid in the convenience of our
customers
Threat of new Entry into the banking sector is perceived as an High • Continuing to strengthen our customer
entrants onerous task given the adherence to numerous relationships
regulations of the central bank and other
authorities, high investment, and difficulty in • Focusing on the bank’s unified offerings to
winning customer confidence. However, non- provide customers with one-stop solutions,
conventional players in the market, such as the while also getting a larger share of their
country’s large mobile financial players and the banking activities
possible entry of telecommunication players is
perceived as a threat among traditional players.

Forces Observation Impact Activity at City Bank
Threat of Customers opting for mobile wallet solutions Moderate • Creating relevant partnerships for viability
substitutes through FinTech players, etc., can perform financial and impact, for instance with bKash for
transactions without a bank account. However, digital nano loans that has received good
traditional banks still hold significant influence due traction in the market
to their established track record, large physical
imprint, distinct digital solutions, and strong • Focusing on relationship-based banking
customer relationships. to ensure we are the preferred banking
partner for our customers
Building our competitive position, fostering sustainable value
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PESTEL in the context of

key megatrends
Operating environment Future megatrends in the banking industry
As was the case with almost all sectors of the economy, the banking FinTech and disruptive technologies
sector of Bangladesh too faced a tough year in 2023. Muted economic
Mobile financial services players, mobile network operators and FinTech
activity and weak investor confidence meant the banking sector had to
companies can have a disruptive impact on traditional financial services
contend with limited opportunities for credit expansion. Furthermore, the
players, cornering a share of the payments business. Furthermore, new-
sector was faced with numerous crisis situations, including dollar shortage, age companies with FinTech at their core can also grab a share of the digital
depreciating local currency, NPL challenges, and liquidity crisis. loans and credit card businesses, as evident in other markets of the world,
especially India and China.
Irregularities and lack of strong governance mechanisms enforced a
situation where the volume of non-performing loans (NPLs) in the banking Financialisation of savings
sector soared to BDT 1,55,397 crore by the end of September 2023, up from
BDT 1,20,656 crore at the end of December 2022 and BDT 88,734 crore This trend is one in which household savings, typically cash, are channelled
in December 2020, virtually doubling during the period. The total banking into productive income-bearing savings and investment schemes of banks
sector distressed assets reached a size of BDT 3,77,922 crore, excluding and other financial services companies. Further, greater awareness among
loans that were unclassified by court orders, according to the central bank’s people about modern investment instruments such as mutual funds,
Financial Stability Report, 2022. wealth management solutions, etc., can also lead to household savings
being funnelled into these avenues. This is a positive trend, enabling banks
To add to the challenges, the country’s economy faced significant challenges to garner a larger share of deposits, etc.
due to dollar crisis in the financial market that began in mid-2022 and
Sociocultural dynamics
intensified in 2023, leading to a continued rise in the value of US dollar
against the BDT. In a large part, this was triggered by the substantial import With Bangladesh on the digital highway in terms of fast adoption of digital
payments, low foreign direct investments, reduced remittances, export lifestyle among people, especially the youth, a trend is being witnessed
earnings and increasing US interest rates. whereby banking is seen as a lifestyle choice and something that can be easily
done and completed on the go, rather than the traditional approach of making
Like most other countries, inflation emerged as a serious concern in
branch visits, etc. It is being seen in large mature markets that bank branches
Bangladesh too. Moreover, the deficit in the balance of payments resulted
are emerging as centres for financial/personal advice and for back-office
in the further depletion of foreign exchange reserves, leading to pressure
operations, while everything else is being conducted online and digitally on the
on the exchange rate. In this backdrop, Bangladesh Bank raised the policy
app. Further, customer trust on digital systems in increasing in Bangladesh,
rates as well as supplied a significant amount of foreign currency in the
being seen through the rising use of auto-debit facilities, credit/debit card swipe
market. Also, Bangladesh Bank adopted the stance of discouraging luxury
at POS terminals, mobile payments, payments through QR code and apps, etc.
and non-essential imports, strengthened monitoring of import LCs, and
eased relevant processes for faster repatriation of export proceeds and Cashless society
inward remittances. To control inflation and regulate the overall interest
Bangladesh Bank, the central bank of Bangladesh, has taken a number of
rate environment, Bangladesh Bank raised repurchase agreement (repo)
measures for establishing a digital and cashless society as part of the government‘s
rate several times in 2023, which stood at 7.75 percent as on December
vision of a Smart Bangladesh. The central bank has issued operational guidelines
2023, which was since raised to 8% in January 2024.
for setting up digital banks in the country. Moreover, it has also provided necessary
Going forward, the capital position of the banking sector will likely come infrastructure as well as facilitated and eased transactions introducing various
under further pressure owing to deteriorating credit quality arising from the platforms, namely Bangla QR, a QR code-based payment method, and Binimoy,
economic challenges, high inflation, lower disposable incomes, and revenue an interoperable digital transactions platform. By promoting digital banking and
pressure, especially amongst MSMEs. On this basis, it can be reasonably cashless transactions, Bangladesh Bank is committed to ensuring a more inclusive
assumed that the profitability of the sector too will be compromised. and sustainable payment environment for all.
However, the long-term prospects of the industry are optimistic considering Climate change
the low level of financial penetration, the growth evolution of Bangladesh In the near future, Bangladesh is likely to face major climate events such as
towards a middle-income nation, infrastructure needs of the country, and cyclones, floods, erratic rainfalls, etc., due to the impacts of global warming,
revival of the capex cycle by the private sector. Further, the government’s deforestation and rapid urbanisation. This can have a major impact on
pro-business stance and focus on ease of doing business is also likely to businesses, and thus banks have a role to play in the shift to a lower-carbon
add to the overall positive prospects of the banking sector of the country. economy through apportioning capital towards green and environmentally-
friendly projects. Banks can also help build community resilience against
Source:
major climate events through financial empowerment, distribution of
https://www.observerbd.com/news.php?id=453346
institutional aid, etc. Further, banks are also placed well to draw green/
https://www.thedailystar.net/business/news/bangladesh-bank-hikes-repo- ESG funds especially allocated for environment-friendly and sustainable
rate-50-basis-points-3479276 activities from development finance institutions, etc.

City Bank’s
PESTEL analysis
P E S
Political Economic Social
Political Prolonged economic slowdown

instability and hyperinflationary conditions Social unrest
Impact on Impact on Impact on

Low Moderate Low
Bangladesh’s economy Bangladesh’s economy Bangladesh’s economy
Impact on the Impact on the Impact on the

Low Moderate Low
banking sector banking sector banking sector
Political Higher pressure on

Further slowdown
uncertainty household incomes and
of economic fundamentals
lower discretionary spends
Low Moderate High

Low Moderate High
Deterioration of Food security

investor confidence issues
Impact on Impact on
Moderate Low
Bangladesh’s economy Bangladesh’s economy
Impact on the Impact on the

Moderate Low
banking sector banking sector

T E L
Technological Environmental Legal
Trend towards Impact of climate Restrictions

QR-based payments change on businesses on imports

Low High High

High High High
Promotion of cashless Emergence of Tax

transactions by the central bank green/sustainable finance reforms

Moderate Moderate High

High High High
Emergence ESG Increased litigation

of FinTech advocacy prospects due to defaults, etc.

Low High High

High High High

Strengths
• Amongst the largest private sector bank in Bangladesh with total balance sheet of BDT 555 bn
• Strong 5-year CAGR of 9.4% in total assets (2019–2023)
SWOT •
•
Amongst the fastest growth in CASA ratio at 50.0% within peer group
One of the highest NIM (net interest margin) among peer group at 4.5%
Analysis •
•
Diversified business with low concentration on either the asset or liability side of the balance sheet
Conservative impairment provisioning policy, resulting in 110.1% provision coverage
against loans and advances
At the heart of City • Pioneering digital banking platforms focused on innovation and customer experience
Bank’s strategy are • Robust remittance business with growing market share
four fundamental • Capable, motivated and loyal workforce
interconnected themes:
business, technology, • Strong brand blended with Bangladeshi culture
people and sustainability,
which together represent
the key levers through
which the bank catalyses Weaknesses
its short, medium and
long-term strategic • Pressure on NPLs due to challenging economic conditions
objectives. • Less opportunities in corporate sector lending due to prevailing economic
environment
Considering the SWOT
(strengths, weaknesses, • Challenging economic landscape limiting business opportunities
opportunities and • Inflationary environment triggering frequent changes in policy rates
threats) analysis
conducted throughout the
financial year 2023, the Opportunities
aforementioned strategic
themes were deemed
• Opportunity for market share gains through differentiated and single-stop offerings
priorities by the bank’s
leadership to ensure the • Leverage strategic partnerships, driving business growth and expanding offerings
organisation remains • Opportunity to extend credit to new growth sectors in the economy, such as logistics,
on track to achieve its energy and power, and local industries supported by the government
strategic objectives • Deepen relationships with segments like high net-worth individuals and NRBs with
amidst the backdrop new products and services
of an unpredictable
• Further digitise customer journeys to enhance customer experience
macroeconomic
environment during the • Build data and analytics capabilities
year. • Look to target the rapidly growing capital market opportunities in Bangladesh
Threats
• Strengthening mobile operator infrastructure capable of tapping into banking
payments and deposit/lending business
• Emergence of Fin-Techs with potential to disrupt the financial services market
• Geopolitical events and upcoming national elections in major countries can heighten
global uncertainty, enforcing a disruptive impact on the global and local economy
• Weak near-term economic outlook in Bangladesh due to fiscal and external imbalances
• Challenging business environment with tight liquidity can impact repayment capacity of
borrower segments
• Weak economic outlook can result in need for higher provisions against bad loans and NPLs
• Increased cybersecurity and AML & CFT threats

Driving enterprise growth through our themes
BUSINESS TECHNOLOGY PEOPLE SUSTAINABILITY
Expanding loan Enhancing internal system Driving employee Promoting financial

growth efficiency productivity inclusion
• Heighten focus on key • Digitise key processes • Deepen focus • Ensure swift and
segments that offer on performance compliant new account
growth scope, including • Ensure continued management, including opening, especially
Islamic banking, HNI and investment to linking KPIs with pay harnessing technology,
wealth management, acquire necessary to monitor employee as evident in accounts
women banking, SME hardware, software performance on an opened via City Ekhoni
banking, etc. and equipment to ongoing basis
expand digital banking • Large basic minimum
• Focus on microcredit, platforms and services • Provide more intensive balance accounts
especially through digital training to elevate
nano loans • Ensure high levels employee skills, Climate action
of surveillance and especially in credit
Safeguarding credit quality preparedness amidst assessment and • Credit facilities in excess
any cyberthreats collections of BDT 21.5 mn were
• Prudent lending extended to develop
approach coupled with • Centralisation of back- non-renewable energy
additional precautionary office functions at projects, etc.
measures to manage branches and bringing
the bank’s overall loan them under the control • Published roadmap
exposure of relevant authorities to eliminating carbon
has enabled branch emissions, marking the
• Heightened focus on teams to be redeployed commencement of the
credit counselling and towards more value bank’s commitment to
business advisory to adding tasks, including achieve net-zero status
support customer driving core business by 2050
rehabilitation efforts and activities such as loan
normalise SMA accounts • Significant growth
growth
achieved in green/
• Continue with sustainable finance of
conservative approach to 152.6% YoY in 2023
large lending exposures
to minimise vulnerability
to economic shocks

DuPont Framework
DuPont analysis is a financial performance tool used to assess structure while analysing the factors that drive its return on equity.
return on equity (ROE) by breaking it down or disaggregating it
into its key components. By analyzing factors such as tax burden, At City Bank, our DuPont framework provides an analysis of the key
asset turnover, financial leverage, etc., DuPont analysis can provide metrics affecting our ROE, thus uncovering a clearer picture of the
insights into how efficiently a company utilizes its resources and bank’s performance. Through our DuPont equation, we are able to
capital to generate returns for shareholders. This method helps the improve our identification of the institution’s strengths and areas
management strengthen its decision-making in areas such as capital of opportunity.
Return on Equity (ROE)

Net income
Average equity
Net profit margin Equity turnover

Net income Revenue
Revenue Average equity
Net profit margin Asset turnover Financial leverage ratio

Net income Revenue X Average assets
Revenue Average assets Average equity
Tax burden Interest burden Operating profit margin

Net income X EBT X EBIT
EBT EBIT Revenue
The key calculation for City Bank’s 5-step DuPont equation is given below:
Metric 2023 2022 Formula

Return on Equity (ROE) (%) 17.6% 14.1% Return on Asset x Financial leverage
Return on Asset (ROA) (%) 1.2% 1.0% Net profit margin x Total asset turnover
Net Profit Margin (%) 13.5% 11.9% PAT/Revenue
Operating Profit Margin (%) 29.6% 31.3% Profit before provisions/Revenue
Tax Effect (%) 57.6% 50.7% PAT/PBT
Effect of Non-operating item (%) 79.1% 75.1% PBT / profit before provisions
Total Asset Turnover (Times) 0.09 0.08 Revenue/Total Average Assets
Total Average Asset/Average
Financial Leverage (Times) 15.17 14.42
Shareholders' Equity
ROE as per DuPont, 2023

17.6%
The higher the value of all components of DuPont analysis indicates the higher positive impact on Return on Equity.
Main Highlights of DuPont analysis:
1. Net Profit Margin has been increased due to significant increase of net investment income and other operating income.
2. Asset Turnover in terms of total income has been increased due to substantially increased of other operating income.
3. Financial Leverage shows increasing trends due to increase of Average Assets.
4. Return on Equity has been increased due to significant increase of net investment income and other operating income.

Historical
performance
Five-Year’s Performance of the Bank at a Glance
Figures in Million Unless Specified
2023 2022 2021 2020 2019
Particulars
BDT BDT BDT BDT BDT
Balance Sheet
Authorized Capital 20,000 15,000 15,000 15,000 15,000
Paid-up Capital 12,246 12,006 10,672 10,164 10,164
Reserve Fund & Surplus 24,974 20,839 20,552 18,654 15,252
Total Shareholders' Equity 37,220 32,845 31,224 28,818 25,416
Bond 13,635 16,225 11,690 11,600 9,200
Deposits 392,510 331,890 282,064 254,781 246,704
CASA (excluding SND) as a percentage of total deposits 50.4% 51.2% 45.7% 41.9% 36.1%
Borrowings 59,504 82,390 54,895 58,769 44,168
Loans and Advances 396,078 354,774 286,380 268,202 246,944
Advance to deposit ratio
Advance to deposit ratio (including Off Shore Banking Unit) 83.7% 83.2% 84.7% 77.7% 79.4%
Investment to deposit ratio (IDR) 72.1% 51.0% 35.1% 29.6% 67.5%
Debt - Equity Ratio (times) 13.9 14.4 12.4 12.3 13.0
Investments 73,062 61,105 54,920 46,251 39,452
Investment in Government Securities 63,145 52,745 48,091 42,062 36,085
Investment in Government Securities to total investment 86.4% 86.3% 87.6% 90.9% 91.5%
Fixed Assets 9,829 9,749 6,465 5,920 5,675
Earning assets 478,831 433,969 350,939 327,906 292,278
Total Assets 555,738 506,847 416,902 382,926 354,689
Off-Balance Sheet Exposures 209,349 218,248 228,065 136,338 118,329
Income Statement
Net Interest Income (excluding investment income) 15,831 12,359 12,048 8,363 10,832
Investment Income 4,713 3,605 2,579 3,438 2,086
Non-interest Income 7,063 8,624 6,776 4,936 5,367
Operating Income 27,606 24,588 21,403 16,737 18,285
Operating Expenses 14,108 12,761 10,403 9,697 9,998
Operating Profit (profit before provision and tax) 13,498 11,827 11,001 7,040 8,287
Provision for Loans, Investment and Other assets 2,817 2,943 2,546 644 2,556
Profit Before Tax 10,681 8,884 8,455 6,395 5,731
Profit After Tax 6,151 4,508 4,743 4,012 2,472
Capital Measures
Risk Weighted Assets (RWA) 355,438 360,906 305,194 269,322 244,925
Tier I Capital 39,165 34,708 32,445 29,017 23,664
Tier II Capital 17,008 17,492 10,769 12,800 13,471
Total Regulatory Capital (Tier-I and II) 56,173 52,200 43,213 41,817 37,136
Tier I Capital Ratio 11.0% 9.6% 10.6% 10.8% 9.7%
Tier II Capital Ratio 4.8% 4.8% 3.5% 4.8% 5.5%
Capital to Risk-weighted Assets Ratio (CRAR) 15.8% 14.5% 14.2% 15.5% 15.2%
RWA to Total Assets 64.0% 71.2% 73.2% 70.3% 69.1%
Credit Quality
Non Performing/classified Loans (NPLs) 14,385 13,671 13,906 10,850 14,244
Percentage of NPL over Total Loans and Advances 3.6% 3.9% 4.9% 4.0% 5.8%
Provision for Unclassified Loans 7,656 6,911 4,973 5,159 4,240
Provision for Classified Loans 6,233 5,451 5,602 3,933 5,830
Provision for Off-balance Sheet Exposure 1,952 1,952 1,952 1,202 1,032

2023 2022 2021 2020 2019
Particulars
BDT BDT BDT BDT BDT
Foreign Exchange Business
Export 276,649 272,920 189,986 121,477 135,807
Import 287,299 467,213 341,339 182,163 199,099
Bank Guarantee 12,366 32,391 32,353 9,307 20,459
Remittance 102,371 129,702 69,910 51,579 54,148
Efficiency/Productivity Ratio
Return on Average Equity (ROE) 17.6% 14.1% 15.8% 14.8% 9.9%
Return on Average Assets (ROA) 1.2% 1.0% 1.2% 1.1% 0.7%
Cost to Income Ratio 51.1% 51.9% 48.6% 57.9% 54.7%
Yield on Advance based on average EOD balance 8.0% 6.9% 6.6% 7.5% 9.7%
Cost of Deposit based on average EOD balance 3.5% 3.2% 2.6% 4.6% 5.8%
Net Interest Margin Ratio 4.5% 3.7% 4.0% 2.9% 3.9%
Cash Reserve Ratio (CRR)-at the close of the year
Required reserve 16,006 14,587 11,886 11,790 14,517
Actual reserve maintained 16,343 21,897 18,293 14,559 17,750
Surplus 337 7,310 6,407 2,768 3,233
Statutory Liquidity Ratio (SLR)-at the close of the year
Required reserve 49,772 47,069 38,205 38,741 33,741
Actual reserve maintained 73,005 69,148 62,442 51,333 45,464
Surplus 23,233 22,079 24,237 12,592 11,722
Current Ratio (Times) 0.8 0.9 0.9 0.9 0.8
Operating Profit per Employee 2.7 2.4 2.4 1.6 1.8
Operating Profit per Branch 100.7 88.9 83.3 53.3 62.8
Share Information
No of Shares Outstanding (in million) 1,224.6 1,200.6 1,067.2 1,016.4 1,016.4
Operating Profit per Share (BDT) 11.0 9.9 10.3 6.9 8.2
Earnings Per Share (BDT) (earlier year not adjusted for stock 5.0 3.8 4.4 3.9 2.4
dividend)
Market price per share (BDT) as on close of the year (DSE) 21.4 21.8 27.3 24.8 21.1
Price Earning Ratio (Times) 4.3 5.8 6.1 6.3 8.7
Net Assets Value Per Share (BDT) (earlier year not adjusted 30.4 27.4 29.3 28.4 25.0
for stock dividend)
Dividend Cover Ratio (EPS/DPS) 200.9% 312.9% 177.8% 175.4% 162.1%
Total Dividend* 25.0% 12.0% 25.0% 22.5% 15.0%
Cash Dividend 15.0% 10.0% 12.5% 17.5% 15.0%
Stock Dividend 10.0% 2.0% 12.5% 5.0% 0.0%
Dividend per share (DPS) in BDT 2.5 1.2 2.5 2.3 1.5
Dividend payout ratio (DPS/EPS) 49.8% 32.0% 56.3% 57.0% 61.7%
Distribution Network
Number of Branches 123 122 121 121 121
Number of Agri Branches 11 11 11 11 11
Number of Sub-Branches 40 12 11 - -
Number of SME-S Units 220 212 106 96 90
Number of Agent Outlets 535 690 1,183 1,411 331
Number of Priority Center 7 7 7 7 7
Number of ATMs & RATMs 415 351 338 311 343
No. of CDMs 0 64 64 64 63
Number of Employees 4,963 4,866 4,539 4,356 4,493
Number of Foreign Correspondents 474 486 479 469 466
* The Board of Directors in its 656th meeting decided to recommend distribution of 15.0% ( Fifteen percent) cash dividend and 10.0% ( Ten
percent) stock dividend subject to shareholders' approval.

Horizontal Analysis
Balance Sheet as on December 31 (for last five years)
2023 2022 2021 2020 2019

Particulars
BDT ‘M Mix (%) BDT ‘M Mix (%) BDT ‘M Mix (%) BDT ‘M Mix (%) BDT ‘M Mix (%)
Property and Assets
Cash in hand Balance with
Bangladesh Bank and its agent 26,086 0.7% 32,023 23.6% 30,224 16.7% 22,404 (13.5%) 25,907 100.0%
bank (s)
Balance with other banks and
25,235 9.1% 32,725 41.5% 22,794 (1.4%) 27,023 16.9% 23,126 100.0%
financial institutions
Investments 73,062 85.2% 61,105 54.9% 54,920 39.2% 46,251 17.2% 39,452 100.0%
Loans and advances/
396,078 60.4% 354,774 43.7% 286,380 16.0% 268,202 8.6% 246,944 100.0%
investments
Fixed assets including premises,
9,829 73.2% 9,749 71.8% 6,465 13.9% 5,920 4.3% 5,675 100.0%
furniture and fixtures
Other assets 24,814 99.6% 15,808 27.1% 15,335 23.3% 12,043 (3.1%) 12,434 100.0%
Non-banking assets 635 (44.9%) 663 (42.5%) 784 (32.0%) 1,082 (6.1%) 1,152 100.0%
Total assets 555,738 56.7% 506,847 42.9% 416,902 17.5% 382,926 8.0% 354,689 100.0%
Liabilities and Equity

Liabilities
Bonds 13,635 48.2% 16,225 76.4% 11,690 27.1% 11,600 26.1% 9,200 100.0%
Borrowings from other Bank
17,622 (33.2%) 34,797 32.0% 21,381 (18.9%) 25,343 (3.9%) 26,365 100.0%
Financial Institutions and Agents
Borrowings from central bank &
41,882 135.2% 47,593 167.3% 33,515 88.2% 33,426 87.7% 17,804 100.0%
government agencies
Deposits and other accounts 392,510 59.1% 331,890 34.5% 282,064 14.3% 254,781 3.3% 246,704 100.0%
Other liabilities 52,868 81.0% 43,496 49.0% 37,029 26.8% 28,957 (0.8%) 29,201 100.0%
Total liabilities 518,518 57.5% 474,002 44.0% 385,678 17.1% 354,107 7.5% 329,273 100.0%
Capital/shareholders' equity
Paid up capital 12,246 20.5% 12,006 18.1% 10,672 5.0% 10,164 0.0% 10,164 100.0%
Statutory reserve 10,742 24.0% 10,502 21.3% 9,168 5.9% 8,659 0.0% 8,659 100.0%
Share premium 1,504 0.0% 1,504 0.0% 1,504 0.0% 1,504 0.0% 1,504 100.0%
Dividend equalization reserve 531 (0.0%) 531 (0.0%) 531 (0.0%) 531 (0.0%) 531 100.0%
Other reserve 852 (8.5%) 1,014 9.0% 1,663 78.6% 1,861 99.9% 931 100.0%
Surplus in profit and loss account 11,346 212.9% 7,288 101.0% 7,687 112.0% 6,099 68.2% 3,626 100.0%
Total shareholders' equity 37,220 46.4% 32,845 29.2% 31,224 22.9% 28,818 13.4% 25,416 100.0%
Total liabilities and
555,738 56.7% 506,847 42.9% 416,902 17.5% 382,926 8.0% 354,689 100.0%
shareholders' equity
Total off-balance sheet items 209,349 76.9% 218,248 84.4% 228,065 92.7% 136,338 15.2% 118,329 100.0%

Horizontal Analysis
Profit and Loss Account for the period ended December 31 (for last five years)
2023 2022 2021 2020 2019

Particulars
Interest income/profit on
33,790 26.0% 25,557 (4.7%) 20,725 (22.7%) 23,134 (13.7%) 26,819 100.0%
investments
Interest paid/profit shared on

(17,959) 12.3% (13,198) (17.4%) (8,678) (45.7%) (14,771) (7.6%) (15,987) 100.0%
deposits and borrowings etc.
Net interest income/profit on

15,831 46.1% 12,359 14.1% 12,048 11.2% 8,363 (22.8%) 10,832 100.0%
investments
Non-interest income 11,775 58.0% 12,229 64.1% 9,355 25.5% 8,374 12.4% 7,453 100.0%
Total operating income 27,606 51.0% 24,588 34.5% 21,403 17.1% 16,737 (8.5%) 18,285 100.0%
Total operating expense 14,108 41.1% 12,761 27.6% 10,403 4.1% 9,697 (3.0%) 9,998 100.0%
Profit before provision 13,498 62.9% 11,827 42.7% 11,001 32.7% 7,040 (15.1%) 8,287 100.0%
Provision for loans and

(2,568) (0.7%) (2,943) 13.8% (1,796) (30.5%) (384) (85.1%) (2,585) 100.0%
advances/investments
Provision for off-balance sheet

- (100.0%) - (100.0%) (750) 1,712.9% (170) 312.3% (41) 100.0%
exposures
Provision for others (250) (453.4%) (0) (100.2%) - (100.0%) (89) (226.5%) 71 100.0%
Total provision (2,817) 10.2% (2,943) 15.1% (2,546) (0.4%) (644) (74.8%) (2,556) 100.0%
Total profit before taxes 10,681 86.4% 8,884 55.0% 8,455 47.5% 6,395 11.6% 5,731 100.0%
Total Provision for taxation (4,529) 39.0% (4,377) 34.3% (3,712) 13.9% (2,383) (26.9%) (3,260) 100.0%
Net profit after tax 6,151 148.9% 4,508 82.4% 4,743 91.9% 4,012 62.3% 2,472 100.0%

Vertical Analysis
Balance Sheet as on December 31 (for last five years)
2023 2022 2021 2020 2019

Particulars
Property and Assets
Cash in hand Balance with
Bangladesh Bank and its agent 26,086 4.7% 32,023 6.3% 30,224 7.2% 22,404 5.9% 25,907 7.3%
bank (s)
25,235 4.5% 32,725 6.5% 22,794 5.5% 27,023 7.1% 23,126 6.5%
Investments 73,062 13.1% 61,105 12.1% 54,920 13.2% 46,251 12.1% 39,452 11.1%
Loans and advances/
396,078 71.3% 354,774 70.0% 286,380 68.7% 268,202 70.0% 246,944 69.6%
investments
9,829 1.8% 9,749 1.9% 6,465 1.6% 5,920 1.5% 5,675 1.6%
furniture and fixtures
Other assets 24,814 4.5% 15,808 3.1% 15,335 3.7% 12,043 3.1% 12,434 3.5%
Non-banking assets 635 0.1% 663 0.1% 784 0.2% 1,082 0.3% 1,152 0.3%
Total assets 555,738 100.0% 506,847 100.0% 416,902 100.0% 382,926 100.0% 354,689 100.0%
Liabilities and Equity
Liabilities
Bonds 13,635 2.5% 16,225 3.2% 11,690 2.8% 11,600 3.0% 9,200 2.6%
Borrowings from other Bank
Financial Institutions and 17,622 3.2% 34,797 6.9% 21,381 5.1% 25,343 6.6% 26,365 7.4%
Agents
41,882 7.5% 47,593 9.4% 33,515 8.0% 33,426 8.7% 17,804 5.0%
government agencies
Deposits and other accounts 392,510 70.6% 331,890 65.5% 282,064 67.7% 254,781 66.5% 246,704 69.6%
Other liabilities 52,868 9.5% 43,496 8.6% 37,029 8.9% 28,957 7.6% 29,201 8.2%
Total liabilities 518,518 93.3% 474,002 93.5% 385,678 92.5% 354,107 92.5% 329,273 92.8%
Paid up capital 12,246 2.2% 12,006 2.4% 10,672 2.6% 10,164 2.7% 10,164 2.9%
Statutory reserve 10,742 1.9% 10,502 2.1% 9,168 2.2% 8,659 2.3% 8,659 2.4%
Share premium 1,504 0.3% 1,504 0.3% 1,504 0.4% 1,504 0.4% 1,504 0.4%
Dividend equalization reserve 531 0.1% 531 0.1% 531 0.1% 531 0.1% 531 0.1%
Other reserve 852 0.2% 1,014 0.2% 1,663 0.4% 1,861 0.5% 931 0.3%
Surplus in profit and loss
11,346 2.0% 7,288 1.4% 7,687 1.8% 6,099 1.6% 3,626 1.0%
account
Total shareholders' equity 37,220 6.7% 32,845 6.5% 31,224 7.5% 28,818 7.5% 25,416 7.2%
Total liabilities and
555,738 100.0% 506,847 100.0% 416,902 100.0% 382,926 100.0% 354,689 100.0%
shareholders' equity
Total off-balance sheet items 209,349 37.7% 218,248 43.1% 228,065 54.7% 136,338 35.6% 118,329 33.4%

Vertical Analysis
Profit and Loss Account for the period ended December 31 (for last five years)
2023 2022 2021 2020 2019

Particulars
Interest income/profit on
33,790 74.2% 25,557 67.6% 20,725 68.9% 23,134 73.4% 26,819 78.3%
investments
Interest paid/profit shared on

(17,959) (39.4%) (13,198) (34.9%) (8,678) (28.8%) (14,771) (46.9%) (15,987) (46.6%)
deposits and borrowings etc.
Net interest income/profit on

15,831 34.7% 12,359 32.7% 12,048 40.1% 8,363 26.5% 10,832 31.6%
investments
Non-interest income 11,775 25.8% 12,229 32.4% 9,355 31.1% 8,374 26.6% 7,453 21.7%
Total operating income 27,606 60.6% 24,588 65.1% 21,403 71.2% 16,737 53.1% 18,285 53.4%
Total operating expense 14,108 31.0% 12,761 33.8% 10,403 34.6% 9,697 30.8% 9,998 29.2%
Profit before provision 13,498 29.6% 11,827 31.3% 11,001 36.6% 7,040 22.3% 8,287 24.2%
Provision for loans and

(2,568) (5.6%) (2,943) (7.8%) (1,796) (6.0%) (384) (1.2%) (2,585) (7.5%)
Provision for off-balance sheet

- 0.0% - 0.0% (750) (2.5%) (170) (0.5%) (41) (0.1%)
exposures
Provision for others (250) (0.5%) (0) (0.0%) - 0.0% (89) (0.3%) 71 0.2%
Total provision (2,817) (6.2%) (2,943) (7.8%) (2,546) (8.5%) (644) (2.0%) (2,556) (7.5%)
Total profit before taxes 10,681 23.4% 8,884 23.5% 8,455 28.1% 6,395 20.3% 5,731 16.7%
Total Provision for taxation (4,529) (9.9%) (4,377) (11.6%) (3,712) (12.3%) (2,383) (7.6%) (3,260) (9.5%)
Net profit after tax 6,151 13.5% 4,508 11.9% 4,743 15.8% 4,012 12.7% 2,472 7.2%

Credit Rating of
City Bank PLC
As per BRPD Circular no. 6 dated 5 July 2006, City Bank has the bank’s sizable amount of classified loans in the SME sector and
completed its credit rating conducted by Credit Rating Agency of moderate profitability in respect of risk-return perspective are chief
Bangladesh (CRAB) based on the financial statements as at and for concerns.
the year ended 31 December, 2022. City Bank has been awarded
“B2” by Moody’s, a renowned rating agency. CRAB has assigned A credit rating is an independent opinion on the capability and
willingness of a financial institution to repay its debts. It is an
“AA1” rating in the long term and “ST-1” rating in the short term.
indicator of an institute’s financial strength or creditworthiness.
The rating will be valid up to 30th June 2024.
Credit ratings give investors an indication of a financial institution’s
CRAB performed the rating surveillance based on the bank’s audited relative strength, the likelihood that it will default and fail to repay
financial statements up to 31 December 2022 and other relevant investors.
information. The rating reflects the bank’s strength in substantial Banks rated “AA1” have very strong capacity to meet their financial
low-cost deposit base, well-established capital base, relatively low obligations and is subject to very low credit risk, as defined in
large loan concentration, sizable additional provision for loans and CRAB’s rating scales and definitions for banks. City Bank’s short
advances as a cushion, and good liquidity in terms of liquidity ratios. term rating of “ST-1” indicates that the bank is considered to
In addition, the bank’s strong brand value, substantial market share have the highest capacity for timely repayment of obligations and
of credit cards and retail loans, and its institutional strengths in is characterized with an excellent position in terms of liquidity,
developing innovative products and alternative delivery channels internal fund generation, and access to alternative sources of funds
for customers are also attributed to the rating. On the other hand, outstanding.
B2 AA1 Outlook
Stable
Rating by Moody’s Rating by CRAB
Surveillance ratings by CRAB for the last five years
Particulars Base Period Validity Long-term Short-term

City Bank’s total asset reached BDT 555,738 million at the end sheet exposures. Total capital (Tier I and Tier II including perpetual
of 2023. Total loan portfolio of the bank reached BDT 396,078 bond) of the Bank reached BDT 56,173 million in 2023. The Bank’s
million, dominated by corporate loans (49.6% of the total) followed consistent focus on credit rating of clients helped the Bank to limit
by SME (22.3% of total), retail loans (19.7% of total) and Offshore credit risk which result in lower growth of RWA. The Bank’s total
Banking unit and Staff loans (8.3% of total). Gross NPL (in absolute deposit grew by 18.3% in 2023 and reached BDT 392,510 million.
amount) soared to BDT 14,385 million in 2023 from BDT13,671 Contribution of low cost deposit stood at 48.1% of total deposit in
million in 2022. In 2023, the Bank maintained BDT 15,841 million 2023. Therefore, the Bank enjoyed a low (3.5%) cost of deposit &
provisions for classified and unclassified as well as for off balance borrowing in 2023.

Human
Resource Accounting
Human Resource Accounting (HRA) at City Bank is a strategic effectiveness of our HR strategies and activities, but also identify
process aimed at quantifying the value of our most vital asset: opportunities for specialization and skill enhancement among our
our people. It involves meticulously tracking and evaluating the workforce.
costs invested in our personnel, covering recruitment, training,
At City Bank, we recognise that our employees play a pivotal role in
compensation and other benefits. HRA provides us with valuable
delivering our business goals and objectives. Therefore, HRA serves
insights into the contribution of our employees towards the bank’s
as a critical tool for us to make informed decisions regarding our
growth, efficiency and profitability. human capital investments and to ensure that these investments
yield the desired results.
In a rapidly evolving business landscape, the significance of HRA has
been further underscored, prompting us to adopt a comprehensive In essence, HRA at City Bank represents our commitment to valuing
approach in understanding employee expectations and aligning and nurturing our human capital, thereby driving sustainable
resources accordingly. By leveraging HRA, we not only assess the growth and success in the competitive banking industry.
City Bank
Boosting our HRA
People
Performance
engagement
management
Acquisition and We foster a positive work
We establish clear
retention environment and promote
performance metrics and
We implement effective provide regular feedback employee engagement
recruitment and to employees to help them through open communication,
retention strategies to improve their performance recognition programs and
attract and retain top and contribute to the opportunities for career
talent in the industry bank’s success. growth.
Training and Diversity and Technology

development inclusion adoption
We invest in continuous We promote diversity We embrace technology
training and development and inclusion initiatives solutions for HR processes,
to enhance the skills and to create a more inclusive such as payroll, and
knowledge of our staff, culture and leverage the performance management
ensuring they stay up-to- diverse perspectives and to streamline operations
date with industry trends talents of our employees. and enhance productivity/
and practices. efficiency

Significance of Human Resource Accounting
Strategic decision-making
HRA informs strategic decisions by quantifying the value of human capital,

guiding recruitment, training and resource allocation.
Competitive edge Performance evaluation
Effectively managing human HRA facilitates performance

capital through HRA provides evaluation, identifying high
a competitive edge, driving performers and areas for
innovation and sustainable improvement to drive continuous
growth of the business. growth and development.
Talent management Financial transparency
HRA supports talent HRA enhances financial

management efforts by reporting accuracy by
optimizing recruitment, accounting for human capital
retention and development costs, ensuring compliance and
strategies to attract and retain providing stakeholders with
top talent. clear action-oriented insights.
Key enablers of HRA at City Bank
Strategic Decision Performance Financial Talent Competitive

Making Evaluation Transparency Management Advantage

Importance of HRA at City Bank • Forms a foundation for human resource planning
• Facilitates the identification of key employees and evaluates

• Assists management in efficiently employing and utilizing
their costs and benefits
human resources
• Supports budgeting and forecasting efforts
• Guides management in making decisions regarding promotions,
• Helps management in guiding employees to enhance their
transfers, manpower reallocation, etc. performance
Human Resource Accounting (Considered Permanent Employees)

BDT mn
Particulars 2023 2022 2021 2020 2019
Operating Income Per Employee 5.56 5.05 4.72 3.84 4.07
Operating Cost Per Employee 2.84 2.62 2.29 2.23 2.23
Operating Profit Per Employee 2.72 2.43 2.42 1.62 1.84
Profit Before Tax Per Employee 2.15 1.83 1.86 1.47 1.28
Profit After Tax Per Employee 1.24 0.93 1.04 0.92 0.55
Value of Human Resource Per Employee 1.58 1.45 1.34 1.21 1.17

Our Foundations
With IR & SDGs
OUR FOUNDATIONS
WITH IR AND SDGS

Wholesale Banking
City Bank’s Wholesale Banking wing offers full-fledged banking solutions to institutional clients comprising
large corporates, mid-size businesses and other institutional clients of public and private sectors. The focus
of this important business segment is to meet demanding client expectations and service delivery standards,
formulate the right structured and personalised transactions, mobilise strategic finance for clients to serve
their growth aspirations, and provide balance sheet support to large groups to meet their long-term capital
requirements, bank guarantees and many more.
OPERATING ENVIRONMENT
The year 2023 was a challenging period for trade and business, being besieged by both global and domestic challenges. While a slowing
global economy put pressure on RMG exports and remittances, domestic consumption remained sluggish too with inflation pressures on
consumers weakening demand.
Bangladesh’s financial services sector also witnessed challenges, as enumerated below:
Growing client expectations around deal Clampdown on LCs by the government to Relatively muted credit growth due
efficiency amid rising interest rates slow imports amidst BDT devaluation and to lack of major investment activity,
declining foreign currency reserves especially by the private sector
However, the major positive of the year in review was the government’s continued thrust on mega infrastructure. Funded primarily by
developmental finance and foreign aid, these projects boosted the local business ecosystem. Further, the services sector held on relatively
well too, primarily IT services and hospitality.
OVERVIEW AND GROWTH STRATEGY solutions, focus on meeting client needs through innovative
financing, and a specialist team with a client-first culture.
City Bank’s Wholesale Banking is a top financial solutions center
for corporate houses Bangladesh, providing integrated banking In addition to supporting a large private sector clientele, the
solutions to leading local and multinational corporations and Wholesale Banking segment also works with government agencies
conglomerates. Over the past few years, it has become a banker as a liaison for channelizing public funds for societal welfare.
to almost all the well-known industrial houses of the nation.
The division engages with clients through offering a variety of The Wholesale Banking division has fortified its position as
banking requirements, including corporate banking facilities, cash a dynamic force in banking arrangements, participation and
management and other structured solutions. underwriting of syndicated loan transactions, arranging credit
facilities/financial packages, etc. Operating in the ever-evolving
Aligned with the bank’s vision as a financial solutions partner of financial markets, the business segment remains proactive in
choice to clients contributing to core sector growth, our fundamental launching new, best-fit lending and investment products, ensuring
value proposition comprises a strong local presence, diversified delivery of the most optimal solutions to clients.
The business of Wholesale Banking is structured around the following specific verticals:
Cash Management
Structured and Custodial
Finance (SF) Cluster (CMCC)
Corporate
Corporate Banking Strategic Business
Division (CBD) Management (CSBM)
Financial
Institutions (FI)
Our Foundations
With IR & SDGs
Five-year financial performance update

Efficiency, agility and adaptability are the key pillars of the business. These are central in not just meeting the sophisticated requirements
of our clients, but for our own relevance as well, especially in a competitive market environment. This is best reflected in the fact that with
a near-level team size in 2023, the division achieved YoY growth in all the major financial parameters, including total assets (14%) and total
liabilities (12%).
Metric 2023 2022 2021 2020 2019

Total assets (BDT mn) 194,961 171,221 138,348 145,180 137,634
Total liabilities (BDT mn) 73,765 65,816 63,189 53,531 62,403
Total trade (BDT mn) 478,857 512,920 401,960 276,569 297,003
Team size 95 92 91 92 96
KEY DIVISIONS
Corporate Banking
City Bank catered to USD 2.70 billion RMG exports, representing 5.75% of country’s total RMG exports in 2023!
In the vibrant landscape of Bangladesh’s corporate banking sector, export processing zones to economic zones, City Bank’s Corporate
City Bank’s dedicated team in the RMG & textiles division stands Banking Division has positioned itself as a financial superstore
out as a standard of excellence. Recognizing the pivotal role played for RMG exporters. Offering a comprehensive suite of services,
by the RMG sector, the country’s primary export earner with an 86% the bank ensures that clients receive the necessary support
contribution to exports in FY2022-23, City Bank has emerged as to effectively navigate global challenges. The specialized trade
a key player in facilitating USD 2.70 billion in exports in the year services offering further underscore City Bank’s commitment,
2023, accounting for 5.75% of the nation’s RMG exports. providing swift solutions with minimal lead time.
City Bank’s success in the RMG sector is underpinned by a dynamic
The bank takes pride in fostering strong relationships with the
and diversified approach, offering tailor-made solutions to address
country’s top business conglomerates operating in the RMG
the ever-evolving demands of the international market. The
export sector. This not only reflects the bank’s credibility but also
bank has been instrumental in supporting clients in establishing
sustainable factories, procuring energy-efficient technology and underscores client satisfaction.
machinery, and securing funding for creating a healthy and safe
The Corporate RMG & Textile cluster thus plays a pivotal role in
work environment. These initiatives have been made possible
optimizing fund utilization under various schemes of Bangladesh
through strategic partnerships with Bangladesh Bank and other
international development finance organizations, providing low- Bank, including GTF, LTTF, TDF and SREUP, among others. This
cost funding options. strategic approach enables the bank to accommodate client
demands with low-cost financing while ensuring periodic
With a pervasive presence across the country, extending from monitoring of client performance.
Corporate Banking is a powerful force in Bangladesh’s energy sector, having financed 4,500 MW of power plants across the country!
Power is a critical input for Bangladesh’s industry and is a key foreign currency crisis of 2022-23, we expanded support to the
component of economic growth. Our specialized interventions, such industry to ensure uninterrupted power supply by opening a USD
as innovative financing instruments including ECA (Export Credit 195 mn (BDT 21,000 mn) LC for fuel and machinery.
Agency)-backed Long Term Facility, SBLC/Bank Guarantee-backed
funding, refinancing from OBU in contributing to the national power As a means to contribute to the climate goals of the nation and gain
sector is a matter of pride as we focus on cost and efficiency as a foothold in the future of the power sector, the bank also supports
critical drivers in ensuring a low-cost high-quality power sector renewable energy-based power (solar, wind turbine and biomass).
asset base. The bank currently facilitates 319 MW in renewable energy, which
comprises about 20% of the country’s total renewable energy
Our established presence in this core sector of the economy is generation.
evident in our power sector financing portfolio comprising about
17% of the bank’s consolidated asset portfolio as on end-2023. City Bank is a member of the global Net-Zero Banking Alliance
Our steadfast commitment to the sustainable development of (NZBA) that seeks commitment from its membership to align their
the power sector is reflected in the fact that even amid the global lending and investment portfolios to net-zero emissions by 2050.

Notably, the bank does not finance any coal-based power projects. power plant in Sunamganj. We have also arranged long financing of
BDT 1,800 mn for this project and are working diligently toward the
Corporate Banking Division also became the first in Bangladesh financial closure of this transaction.
by investing an equivalent of USD 10 million in debt financing in
a major successful start-up called ShopUp which is Bangladesh’s Currently, we are building a pipeline of renewable energy projects
largest full-stack B2B online business platform that connects and are in the process of securing funding for one such project.
around 40 mn clients each year.
Brighter prospects are also opening up in the ICT infrastructure
With this investment City Bank has successfully entered into space. We have secured mandates in three projects, indicating our
financing the start-up landscape. The bank’s funding has helped growing presence and expertise in this crucial economic sector.
support the business’s goal of utilising technology to supercharge As ICT infrastructure development is vital for economic growth
customer business with easy access to B2B sourcing and last-mile and societal progress, we are dedicated to providing innovative
logistics. This has also contributed to the overall financial inclusion financial solutions to support upcoming infrastructure projects that
of untapped markets through credit financing in the winning benefit communities and contribute to national development. We
business model of ShopUp. have successfully arranged USD 24 mn LC facilities and BDT 2,100
million long-term financing for our clients in this important sector.
We are energized by our mission that not only takes Bangladesh’s
interests into account but also supports global endeavors in climate Offshore Banking
action. Thus, Corporate Banking will continue on a mission-mode
to expand environmentally-responsible electricity generation and In 2023, City Bank’s Offshore Banking Unit (OBU) excelled in
fulfill its pledge in carbon neutrality. arranging two foreign funds totalling USD 32 million to finance
OBU operations. This success highlights our capability to attract
Structured Finance Division international investments and facilitate financial transactions
efficiently. This credit support has helped to boost the OBU’s long-
2023 was a challenging year in terms of mandate execution. Trade term funding capacity, even during periods of rising interest rates
and supply chain disruption around the world due to the aftermath and liquidity challenges.
of the pandemic, and current geopolitical tensions frothed by the
Russia-Ukraine war and the most recent war in the Middle East SFD has also initiated discussion with other multilateral
have posed multiple challenges for the business. development banks, including the Asian Infrastructure Investment
Bank (AIIB), The OPEC Fund for International Development and
Due to rise in costs of capital machinery and depreciation of local New Development Bank (NDB) for new credit lines, and IFC and BII
currency against major foreign currencies, project costs have risen for extending the existing facilities, therefore bolstering ties with
significantly, resulting in implementation delays and deferment important global development finance institutions.
and, in some cases, even project abandonment. On the other hand,
inflationary pressure is felt across the globe and central banks in Agency-based services
major economies have hiked key policy rates which have driven
interest rates upwards globally. The situation in Bangladesh is no During 2023, with a portfolio worth around USD 500 mn, SFD
different as Bangladesh Bank has also hiked interest rates which continued to provide agency-based services, such as holding safe
have directly impacted financial closure of transactions. custody of securities and ensuring timely repayments, thereby
maintaining the trust of customers and domestic and foreign lenders.
In 2023, City Bank’s Structured Finance Division (SFD) continued
to spearhead growth through diversification and sustainable In summary, SFD is poised for continued success as we expand
investment facilitation, focusing on deal origination and execution. our portfolio, strengthen our partnerships, and remain committed
to driving sustainable growth in key sectors, such as renewable
SFD achieved a sound year in terms of new business, securing seven energy and infrastructure. We are excited about the opportunities
fresh mandates across various sectors, like ICT Infrastructure, ahead of us and look forward to making a positive impact through
agri/agro-processing, textiles, chemicals and shipping, with fund our financial expertise, opportunistic focus, and collaborative
raising potential of BDT 31 bn. This accomplishment showcases approach.
our expertise in financial solutions tailored to our clients’ projects
in diverse industries. Financial Institutions
Looking ahead, SFD is strategically focusing on specific sectors City Bank’s Financial Institutions (FI) division operates a worldwide
to drive sustainable growth. The most clear line of sight is the network comprising 474 RMA with different correspondent
renewable energy/non-conventional energy space where the banks and 34 Nostro accounts in different currencies to facilitate
government has emphasised the need to enhance the share of trade and FX transactions. FI has major trade credit lines with
renewables in the overall power sector. We believe this will be a key international and regional banks too and remains committed
major thrust area, going forward. to effect scheduled payments for trade transactions to its
correspondent bank network.
Sensing opportunity here, we are committed to supporting
projects aligned with the new energy sector, especially those that FI leverages its global network to obtain confirmation and
contribute to the Sustainable Development Goals (SDGs). It is funding for international transactions as well as structures large,
worth mentioning that even amid the supply shortage of foreign complex multi-country transactions. Throughout 2023, by using
currency and resultant challenges in LC, SFD facilitated LC opening correspondent banks’ line, FI facilitated trade financing transactions
of USD 25 mn for supporting the implementation of a 32 MW solar to the tune of USD 1.3 billion.

Our Foundations
With IR & SDGs
Key activities of the year In another highlight of the year, non-resident City Bank clients
were facilitated to open Wage Earners Development Bonds
• Strengthening relationship with IsDB directly with NRB. The remittance beneficiaries could also purchase
WEDB directly from City Bank branches against their received
City Bank renewed its Islamic trade finance facility with
remittances. The re-designed City Islamic Account to Non-Resident
International Islamic Trade Finance Corporation (ITFC), a member
Bangladeshis is also an effort to expand the bank’s remittance
of the Islamic Development Bank (IsDB). With this, the bank now
account base.
enjoys the highest FI limit of ITFC among its member countries.
This apart, the bank also avails facilities from Islamic Corporation NRB coordinated with City Bank Cash Management team to
for the Development of the Private Sector (ICD) and Insurance of
attract Non-Resident Bangladeshis to create NITA accounts (Non-
Investment and Export Credit (ICIEC), both wings of IsDB.
Resident Investor’s Taka Account). This custodial service facilitates
• Prestigious affirmation non-resident account holders to directly invest in the stock market
from abroad, thus contributing to enhancing the investor base and
City Bank won the distinguished “Leading Partner Bank in improving market depth.
Bangladesh” award under Asian Development Bank’s trade finance
program for the fourth consecutive year in 2023. This award is NRB coordinated with City Bank-SME team too to promote loan
proof of the bank’s endeavour to provide the best trade solutions products for remittance recipients in Bangladesh. The bank is the
to its clients. only in Bangladesh with Bangladesh Bank’s clearance for this
product that offers loan against remittance security.
City Bank PLC is the first Bangladeshi Bank, has own “ITFC Trade
Finance Deal of the Year” award from the International Islamic Cash Management and Custodial Cluster
Trade Finance Corporation (ITFC), a member organization of Islamic
Developement Bank (IsDRB). Cash Management and Custodial Cluster (CMCC) provides cash
management and custodial services. It also contributes to the
Non-Resident Business (NRB) bank’s efforts through digital solutions in expanding the deposit
base through corporate and institutional customer outreach. This
Remittance plays a vital role in rural economic development in was especially substantial in 2023 for catering to future asset
Bangladesh. The contribution of remittance to the country’s GDP in (loans and advances) growth.
2023 stood at a sizeable 5.21%. After the Covid pandemic, the global
migration situation improved, and in 2023 1 mn+ Bangladeshis Key activities of the year
migrated abroad for work. Moreover, improvements in domestic
economic conditions following the implementation of IMF- • Raised scalability and enhanced features in CityLive through
supported policy programs and confidence in the official banking launch of direct debit facilities, online payment functionality for
system gradually increased, as evident in the growing remittance customs duty, VAT payments, and bulk transfers to MFS
being sent through formal channels. In Bangladesh, remittances
grew by 3 percent to reach USD 22 billion in 2023. • Shifted focus to customised digital solutions, ensuring
personalised requirement for customers to focus on small
City NRB facilitated remittance of USD 607 mn in 2023. As a means ticket to increase low-cost deposits.
to remain with the times, it accomplished drawing arrangements
with FinTech-based transactions and, with constructive • Signed an agreement for bill collection of Khulna WASA through
relationships, effectively coordinated with conventional remittance the bank’s internet payment gateway
service providers (RSPs) to use FinTech in their remittance
operations, allowing remitters to use RSP‘s mobile app/web for • Launched a robust one stop service (OSS) platform for Bangladesh
outward remittances. This adoption, together with internal capacity Investment Development Authority (BIDA), where foreign
building to handle large transaction volumes, ensured immediate Investors can open their bank account through the OSS platform
credit to the beneficiary’s account, which was key to the remittance
volume accomplished by the NRB. Sub-branches and even Agent • Signed an agreement with the National Pension Authority for
Banking branches played a pivotal role in disbursing remittance to collection of installment for Universal Pension Scheme, making City
beneficiaries, especially in rural areas. Bank the first private commercial bank to engage in this activity
Way Forward
• Enable technological enhancement of CityLive for offering a better and more comprehensive digital experience to clients,
which will contribute to enhancing the user base
• Augment centralised and dedicated service functions to cater to client-specific requirements
• Encourage clients towards adoption of various other bank services, such as VAT payments, utility bills collection, bulk
payments to MFS through the bank’s digital platforms, etc.
• Monitor product-wise business performance of cash management solutions
• Focus on e2e client solutions for corporate customers

VALUE CREATION
DASHBOARD Business Community Environment
FINANCIAL CAPITAL
Contribution to the
bank’s total income 27% 2023 24% 2022 Key impact areas
Contribution to the
bank’s total asset book 49% 2023 48% 2022 Key impact areas
SOCIAL AND RELATIONSHIP CAPITAL
Total RMG
customers 119 2023 105 2022 Key impact areas
Total power plant

Total remittance
SEGMENT SPECIFIC RISKS AND OPPORTUNITIES
ENTERPRISE ESG
Risks Risks
Failure to meet customer requirements Compliance and governance issues

Inability to personalise deals and transactions
Opportunities Opportunities
Opportunities in expanding the client base Opportunities in bolstering alignment to regulations

Opportunities in building customer intimacy, thus Opportunities in further contributing to and supporting
increasing our share of transactions with them the mainstays of the economy – RMG, remittances
and power sector
SDGs
Impacted

Our Foundations
With IR & SDGs
TREASURY and market Risk
City Bank’s Treasury Market Risk Division acts as the bank’s “shield” or defense against the uncertainties,
vulnerabilities and complexities of the external economic environment. Treasury comprises of seasoned
professionals having a deep understanding of the market and experience in extensive treasury management.
Through their knowledge, collective decision-making, and analytical tools at their disposal they enable the
bank to accomplish its objectives of bolstering the balance sheet, mitigating risk, defending against market
risk, and maximizing profitability.
OUR ACTIVITIES Market Desk trades in the interbank money market to generate
revenue via net interest income and investment income from G-sec
Treasury plays a key role in the bank’s oversight and vigilance and corporate bonds as well as opportunistic secondary market
through liquidity management excellence with strong execution trading. This desk provides stability through revenue contribution
focus in money market and balance sheet management, foreign and risk containment.
exchange trading, hedging, and risk exposure strategy. It also
superintends the bank’s long-term funding, focusing on optimising The ALM Desk supports balance sheet management by ensuring
cost of funds. The Treasury Unit comprises of two desks: liquidity through utilising diverse money market products.
The Asset-Liability Committee or ALCO holds the oversight
• ALM and Money Market Desk responsibility of the bank’s full operations. ALCO supports ALM
processes, enabling the bank to ensure regulatory compliance on
• Foreign Exchange Interbank and Corporate Sales Desk
statutory liquidity and capital position, while also helping secure
a competitive position in both assets and liabilities. ALM shares
ALM and Money Market Desk
market insights in the context of the bank’s overall financial
Asset-liability management (ALM) is the process of ensuring the position to ALCO, thereby supporting the delivery of an effective
right balance between the bank’s assets and liabilities to ensure fund management and investment strategy.
sufficient liquidity to cover any liability deficit scenario and ensure
sustenance of regular operations. It is fundamental for the bank to Key reportables, 2023
weigh the need to generate revenue from lending operations with
maintaining cash reserves to support deposit withdrawals. In the past year, Treasury maintained its focus on liquidity by
assessing needs and ensuring contingency funding plans. Stress
In addition to internal processes, the bank is also guided by tests were also conducted to determine the organisation’s ability
regulatory rules and policies. Since Bangladesh’s banking sector to withstand any shock.
has witnessed rapid growth in recent years, Bangladesh Bank
implemented rules to steward the ALM practices of banks. ALM Desk managed interest rate risk by calibrating asset-liability
sensitivity to interest rate fluctuations. This is fundamental for
The ALM and Money Market Desk is responsible for the dual the bank to reduce the profitability impact of fluctuating interest
function of guiding the bank’s balance sheet (asset-liability) through rates, ensure customer service excellence, and enable the bank to
strategy-setting and oversight, along with execution. Money maintain a strong financial position.
The ALM Committee monitors the following key regulatory standards:
Maximum Cumulative Liquidity Coverage Ratio Net Stable Funding Ratio BASEL ratios
Outflow (MCO) (LCR) (NSFR)
Timely investment in government securities, offering guidance in volatile market conditions, and maintaining regulatory compliance were
the key focus areas in 2023.

Operational update
The ALM accomplished the following during the year:
1
Strengthened the bank’s deposit portfolio via vigilant asset-liability operations
2 Ensured execution of investment strategy by investing in short-term treasury instruments in upward

sloping yield curve to enable swift re-investment and achieve higher yields
3 Facilitated cautious liquidity management to ensure regulatory requirements
4 Ensured prudent risk assessment in managing money market placement portfolio
5
Enabled skilled execution of foreign exchange liquidity, leading to honoring all client and bank borrowing
obligations, even amid the forex crisis
Foreign Exchange Interbank and Corporate Sales Desk

The Foreign Exchange Desk comprises of the Interbank and Corporate Sales desks. It explores forex business opportunities while managing
risks. Further, maintaining the bank’s net open position in line with regulatory limits and forecasting exchange rates are key responsibilities
of the desk.
Key reportables, 2023

The desk remained active throughout the year, developing proactive solutions for hedging forex exposures through spot and forward
transactions. Further, the desk also supported customers in derivative solutions, in line with central bank guidelines.
99.1%
146.8%
Key performance
highlights of the
year comprised: growth accomplished in
growth achieved in investment income
money market income
KEY RESPONSIBILITY
Head of Treasury
OWNERS
MAJOR CAPITALS IMPACTED
Capital IMPACT
Contribute to liquidity and income through treasury, money market operations, etc.
Financial
Provide the bank with valuable insights on money market trends and interest rate movements
Intellectual

Our Foundations
With IR & SDGs
ENTERPRISE ESG
Risks Risks
• Asset-liability mismatch • Weak judgement calls

• Potential loss of income
• Seasoned team with sound experience in ALM • Collective and consensus-based decision-making
• Quality track record of Treasury team • Efficient and timely strategy execution
• High-level market surveillance
OUTLOOK
• Focus on increasing NRB business • Prioritise facilitation of export-based customers

• Enable tech-driven asset-liability management • Optimise asset-liability pricing and fund mobilisation
• Enhance depth in fixed income securities trading
BDT in mn
5-Year Financial Summary 2023 2022 2021 2020 2019

Cash In hand (including foreign currencies) 8,899 8,362 7,082 5,642 6,131
Balance with Bangladesh Bank and its agent
17,187 23,662 23,142 16,762 19,776
banks (including foreign currencies)
Balance with other banks and financial
25,235 32,725 22,794 27,023 23,126
institutions
Money at call and short notice - - - - 89
Investments 73,062 61,105 54,920 46,251 39,452
Borrowings from other banks, FIs and agents 17,622 34,796 21,381 25,342 26,365
Borrowings from Central Bank and agencies 41,881 47,593 33,514 33,426 17,804
LEADERSHIP MESSAGE greenback soared to Tk. 110 against the local currency by the end
of 2023, enforcing a 6.5% BDT currency devaluation.
Bangladesh economy has encountered multiple shocks stemming
from global and local economic and geopolitical factors. Spillovers With austerity measures restricting import of luxury goods,
from global monetary tightening, coupled with the Russia- Bangladesh largely imported food and consumer items and
Ukraine war alongside local inflationary pressure, local currency intermediate and capital goods. The currency devaluation, coupled
depreciation and depleting forex reserves interrupted the strong with depleting forex reserves, worked as a deterrent to opening
post-pandemic recovery. new LCs that pushed the cost of doing business in the country.
Bangladesh started 2023 with a market-based foreign exchange Interest rates also recorded an upward trend, with T-bills/bonds
rate system, with USD priced at Tk. 103.30 on January 1, 2023. The registering a significant jump. Rate of 91-day T-bill was 11.10% in

December 2023, up from 7.30% in December 2022, registering a In the backdrop of such liquidity challenges and mounting interest
3.80% increase. The 20-year T-bond yield was 11.22% in December rate trends, Treasury & Market Risk Unit of City Bank took multiple
2023, vs. 8.95% in December 2022, reflecting a hike of 2.27%. steps to immunize the bank from shocks stemming from adverse
rate movements.
Deposit rates in the economy also followed a similar pattern. In
balance of payment (BOP) aspect, Bangladesh plunged into a spot We expected interest rates to rise from the beginning of the year
of discomfort with financial account registering significant outflow, and did not pursue long positions in fixed income securities. Instead,
standing at -5.39 billion USD in the July-Dec period of FY2023- we concentrated on short-term investments. We also anticipated a
24, which was 144 million USD in FY2022-23. Yet, capital account lack of foreign exchange liquidity in the market, so we took a number
improved from -4.92 billion USD in FY2022-23 to 1.92 billion in of measures to counteract it and ensure stability. We further took
July-Dec period of FY2023-24. the initiative to limit import payment obligation by initiating inflow-
based import undertaking for the bank. Our efforts were focused
While import restrictions dampened the pace and slowed growth of to shorten the duration of commercial lending in order to capture
imports, remittance and export growth remained lackluster, leading upside potential through market-based lending rate.
to a decline in foreign exchange reserves to 21.86 billion USD at the
end of December 2023, down from 26.02 billion USD in December We continued to be watchful and proactive in managing treasury
2022, as per the IMF’s BPM6 reporting. investments, especially amidst difficult circumstances. We
provided balance sheet hedge against future rise in interest rates
In terms of regulatory framework, 2023 was a year of multiple by positioning the bank to garner fresh deposits via raising interest
shifts, starting with the adoption of contractionary monetary policy. rates.
Policy rate was hiked multiple times during the year, rising from
5.75% at the beginning to 7.75% at the end of 2023. Uncapping of In order to reduce potential risks, we meticulously examined
lending rate limit set the path for market-based lending. Six Month market trends, assessed data and put necessary precautions in
Moving Average Rate of T-bill or commonly termed SMART rate is place. We diversified our investment portfolio by including assets
used as a benchmark for lending by commercial banks. with a higher potential to offset the effects of inflation to lessen
its impact. We minimised the effect of outside factors on our
A heated economy with elevated price levels and upward trend performance and helped preserve operational stability.
of key rates put interbank money market in a volatile state
throughout the year. Excess reserves in the form of uninvested In the coming days, we will continue with our deep market
cash kept with Bangladesh Bank by scheduled banks stood at BDT surveillance activities and take timely action to fulfill our mandate
8,731 crore, which came down to BDT 5,429 crore in November of supporting the bank and its customers, contributing to the all-
2023, decreasing by BDT 3,302 crore or 38%. Further, the central important asset-liability management and hedging risks, thus
bank sold 12.84 billion USD in the interbank market to banks, which ensuring a solid and stable position for the bank.
swooped up market liquidity.

Our Foundations
With IR & SDGs
Commercial Banking
Providing clear and competent advise to emerging-market corporate enterprise customers, enabling them to
steer through the challenges and opportunities towards sustainable value creation
EXTERNAL ENVIRONMENT
The year 2023 was a challenging period for Bangladesh, similar to the rest of the world. The environment was continued to be shaped
by the aftermath of the pandemic and the evolving global geopolitical dynamics, including the situation in Ukraine and Palestine. While
uncertainties persist as evident in the weak macros, the country’s resilience and entrepreneurial spirit cannot be discounted. In fact, as
past examples show, adversity is the time when the country especially comes together to push growth forward. This spirit will be key in
catapulting the nation out of the LDC and into a middle-income status by 2026.
A few distinct trends were visible during the year, as mentioned below:
Recovery and industry’s re-focus on Industry becoming more focused on Increase of sophistication required in
strategic growth and expansion research, innovation and product/ banking services
service differentiation to build resilience
and sustenance
Within this context is City Bank’s Commercial Banking division In this endeavour, we provide easy access to our full stack of
that has earned a name for itself in serving varied customer products and services that help fuel their ambitions and enable
requirements across Bangladesh, enabling them to transform their them to unlock their entrepreneurial growth potential. We thus
business and shift to higher growth orbits. facilitate long-term success of our clients through our ‘one bank-
one team’ approach that helps our customers manage right from
Within a dynamic economic and corporate environment, we have their daily operations to cash management to materializing their
ourselves constantly adapted to stay relevant to the needs of our global ambitions. As a banker committed to customer success, we
customers. We have evolved customized solutions to meet their provide our clients with mindful infights into new opportunities,
specific objectives, harnessing our own and even the bank’s vast while sharing insights and best practices in finance and regulations.
network, such as the bank’s Hong Kong-based subsidiary, City
HK, to create value for our clients. We also advise on regulatory As a significant financial services provider to emerging corporate
compliances that enable our customers to ensure avoidance of any companies of Bangladesh that have unique financial services
future regulatory summons, etc. requirements with respect to them being big for SME Banking
and small for large Corporate Banking, City’s Commercial Banking
We understand that our particular client set has unique hybrid segment has been making a mark with custom solutions and global
needs, something that few other banks have been able to resources designed to help them prosper.
successfully cater to. With distinguished operations and specialist
capabilities built over time, we understand the market well, which With a full suite of products and scalable solutions, our banking
places us in an advantageous position to harness possibilities, specialists help customers succeed, whether through boosting
as our customers scale up to become the large corporates of efficiency of their day-to-day operations, or by providing financing
tomorrow solutions for long-term growth opportunity.
OVERVIEW AND GROWTH STRATEGY While we focus on our own growth through new customer
acquisition and enhanced portfolio security through ongoing
We at the Commercial Banking division of City Bank are committed surveillance, we also truly provide solutions that support customer
to stay at the forefront of financial innovation for our emerging growth, including credit and financing, treasury and payments,
enterprise customers by serving their financial needs as their payables and receivables solutions, liquidity management,
private financial advisor. international trade and Islamic banking, among others. Each of

these solutions are customized to meet our customers’ specific economic revival. However, the growth agenda was tempered a bit
requirements. on the side of caution as our customers looked towards sustenance
of their operations amidst the challenging business environment.
Our solutions-driven offering is complemented by specialist There was however a focus on the long-term too as customers
relationship managers and product specialists who ensure tried to focus on opportunistic growth avenues. In any case, we
customised solutions that yield the desired outcome. Thus, by stayed close to our customers, enabling them to navigate through
partnering with a team of specialists, our easy-to-use banking the times with optimism and yet a degree of caution.
solutions enable our customers to spend more time on their
business, thus contributing to trade and industrial development. The success stories of our customers mirror our own performance.
In 2023, the business performed appreciably, with total revenue
KEY PERFORMANCE HIGHLIGHTS expanding by 12% to BDT 1,106 mn, operating profit increasing by
6% to BDT 789 mn, and loans and advances rising by 1% to BDT
The business achieved a sharp comeback in performance, with 34,119 mn. Moreover, the business also accomplished a substantial
our wide suite of banking offerings meeting the post-pandemic 107% growth in total deposits to BDT 16,690 mn.
107% 127%
YoY growth in deposits YoY growth in trade volumes
Key metrics (BDT mn) 2023 2022

Loans and advances 34,119 33,639
Deposits 16,690 8,079
Import and BG 54,505 46,235
Export 30,800 21,125
Total trade volume 85,306 67,360
VALUE CREATION
FINANCIAL CAPITAL
Contribution to bank’s
overall interest income (%) 8% 2023 8% 2022 Key impact areas
Loans and advances

(BDT mn) 34,119 2023 33,639 2022 Key impact areas
Total trade volume

supported (BDT mn) 85,306 2023 67,360 2022 Key impact areas

Our Foundations
With IR & SDGs
ENTERPRISE ESG
Risks Risks
• Slowdown in business activity due to adverse economic • Customers becoming prone to ESG risks
environment • Persistent slowdown that could dampen trade and
• Customer attrition entrepreneurial activity
• Deceleration in cross-border transactions • Payroll attrition
• Opportunities in coming closer to our customers by • Opportunities to support our clients with greater
aiding them to navigate the challenges responsibility as they navigate a dynamic operating
• Providing best-fit and most optimal banking and ESG landscape
services with perceived value and benefits • Leverage the strength of our network to offer a more
holistic range of solutions to our clients
• Focus on keeping our team together through rewards
and remuneration, engagement, etc.
SDGs
Impacted
OUTLOOK
In an uncertain environment with pockets of opportunity, the Commercial Banking division will bolster its role as a partner of choice
in the growth journey of our clients, remaining invested in their success.
As customers go beyond the foreign currency challenges, re-commence the execution of their plans and strategies, and build back
a growth mindset, the division has set its sights on growing the business as well, in tandem with the growth of its customers. The
current year will be one where we will continue to build on the stellar performance of the prior year. Our roadmap comprises the
following thrusts:
• Create Islamic banking offerings for our customers

• Augment fee/commission based income that is profit-positive
• Work closely with other bank divisions, such as Cash Management & Structured Finance Unit (SFU) for serving our clients better
• Work towards enhancing the share of low-cost deposits on the liability side, which is a key driver of our NIM
• Focus on stressed/stress-prone accounts, ensuring secure resolution

Customer
Success Story
Nice Cotton
Nice Cotton, a LEED Platinum-certified factory, is a sister concern of Labib Group, one of the leading
business conglomerates in Bangladesh. The company is one of the largest dyed yarn suppliers
in Bangladesh, which also provides a critical backward linkage to other sister concerns of Labib
Group and other major RMG manufacturers in the country. With approximately 22,000 employees,
the group has been running its business concerns while maintaining a good reputation, trust and
credibility.
City Bank is a proud growth partner of Nice Cotton in its business endeavors. The company is
appreciative of the bank’s commendable efforts in helping it obtain LEED Platinum certification from
US Green Building Council that has not only enabled alignment to best international practices, but
has also opened up a larger customer base for the company who demand such certification as a
pre-criteria for supply.

Our Foundations
With IR & SDGs
Supply Chain Finance

Financial solutions that drive trade competence and unlock liquidity-led supply chain value for our customers
EXTERNAL ENVIRONMENT SEGMENT STRATEGY

The macroeconomic environment posed challenges in 2023 City SCF comprises financial solutions that optimize cash flow and
that reflected on the subdued business and trade landscape of working capital for suppliers and distributors. Due to its attractive
Bangladesh. Yet, City’s Supply Chain Finance (SCF) proposition features, it is fast becoming popular with major corporations and
in enabling customers to release value from their supply chain, their suppliers.
ensuring buoyancy in this segment of the credit market. What
further enhanced its relevance was the pressure on trade and Since its inception in 2018, City SCF has been at the forefront of
supply chains, given the heightened geopolitical risks and other key innovation in the digital SCF platform, building market awareness
trends, such as the “China +1” diversification. about its benefits that include:
Direct linkage of small suppliers Trade

with major corporates simplification
Real-time transaction
monitoring Higher supply chain
efficiency
Lower documentation Improved risk

needs control
Proven usability of our solutions as being more cost-effective than organizations such as PRAN RFL, ACI, ACME Laboratories, Paragon
direct working capital finance or conventional trade finance has Group, Quality Feeds, Banglalink, edotco, Arla Foods, IOM, UNHCR,
made it even more desirable amongst the target market. Some of Renata and Eskayef Pharmaceuticals, among others.
our major customers comprise suppliers of large and diversified
HIGHLIGHTS
Within a short span, City SCF has become the market leader in the industry, winning the confidence of almost all major consumer corporations
with large Tier-I, Tier-II and Tier-III ecosystems. This is due to its ability to offer a wide array of relevant solutions easily accessible via the
online SCF platform, including online supplier finance, factoring, reverse factoring and purchase order financing.
MAJOR FINANCIAL METRICS
Metric 2023
Total assets (BDT mn) 1,600
PBT (BDT mn) 60
Total customers 125
Team size 9

VALUE CREATION
FINANCIAL CAPITAL
overall interest income (%) 0.46% 2023 0.50% 2022 Key impact areas
INTELLECTUAL CAPITAL
Learning and training

(hours) 154 2023 154 2022 Key impact areas
Clients onboarded 126 2023 95 2022 Key impact areas
ENTERPRISE ESG
Risks Risks
• SCF unable to realise its full potential • Regulatory and compliance risks
• Counterparty and operational risks
• Opportunities in building awareness on product • Opportunities in fortifying systems and

value, such as improved credit access, better cash processes for enhanced risk control
flow management, lower credit costs, etc. • Opportunities in strengthening customer
• Opportunities in tapping business from existing relationships to extend them to other products
bank clients of the bank
OUTLOOK
• Launch a special campaign to acquire factoring clients from NBFIs through offering a better low-cost proposition while
still providing exceptional City SCF features
• Enhance collaboration with the Corporate, Commercial, Medium and Small Finance teams to obtain business leads
• Conduct a supplier event and launch a social media campaign to promote City SCF
• Focus on monitoring supplier repayments from the anchors’ end

Our Foundations
With IR & SDGs
LEADERSHIP MESSAGE Our mid-term strategy is multi-pronged:
City Supply Chain Finance program is interesting and relevant, • Focus on manufacturing base suppliers and service providers
especially for the Bangladeshi market that has large supply chains that provide year-round supplies to corporations
touching every corner of the country. It is unique in the sense that
• Place emphasis on City Bank’s current commercial and
it optimises cash flows and improves working capital by providing
early payment options to suppliers while extending payment terms medium-sized clients’ suppliers
to buyers. It ensures liquidity that is critical for the functioning of • Select top anchors in various industries, such as the top-15
the system. pharmaceutical companies, poultry feed mills, RMG players,
MNCs, FMCG companies, cement and steel organizations, etc.
As we take this unique value proposition deeper into the markets,
we have the backing of our proven capabilities in serving numerous • Ensure price competitiveness for new or takeover clients with
industries, such as FMCG, RMG, IT, telecom, leather, pharma, agro- robust credit profile
based industries, etc. We not only have knowledge about the
• Enhance digital interaction with anchors and suppliers
product but also the industries we work with and the way their
throughout invoice submission, receipt and collection processes
supply chains function. This is a distinguished advantage of ours
and a competency-builder. • Introduce a new SCF product based of Islamic principles
Customer
Success Story
Abu Daud Khan
CEO, Enroute International Limited
Enroute is a leading HR consulting firm and service provider. Since 2008, it has served
380+ organisations, establishing a diverse clientele. Its primary focus is delivering
people outsourcing support (HR & payroll) services to 40+ local companies, MNCs,
renowned UN organisations and international NGOs across Bangladesh, with an
emphasis on Cox’s Bazar.
Abu Daud Khan, MD and CEO of Enroute, possesses an impressive 18-year professional
career with exposure to renowned corporates in the telecom and FMCG sectors. Now
a successful entrepreneur, Mr. Khan’s company has 3,000+ employees, providing
comprehensive solutions to clients. Since 2020, Enroute has benefitted from City SCF,
as indicated by Mr. Khan who says:
“Without a doubt, the City Supply Chain Loan has significantly I wholeheartedly recommend City SCF. Our experience with the
bolstered our financials and our credit ratings have experienced facility has left us convinced and fully satisfied. The product
a remarkable improvement. By harnessing this facility, we have stands out in the industry due to its innovative features and
elevated our creditworthiness, which, in turn, has opened up digital capabilities for onboarding suppliers. As a service-oriented
a plethora of new opportunities for us. The loan has directly business, we appreciate how City SCF aligns seamlessly with our
contributed to enhancing shareholder confidence and overall value needs.
of our business. Our investors recognise the strategic value of this
financial instrument. Truly in our view, City SCF is more than a service—it is a strategic
partnership.”
SDGs
Impacted

Retail Banking
City Bank’s Retail Banking Division offers world-class customer experience through providing seamless
banking services, personalised solutions, and innovative digital offerings. With a legacy of over 40 years, the
bank has worked hard to earn the position as the most preferred financial services provider, with customer
satisfaction and innovation as its topmost priority.
OPERATING ENVIRONMENT this, it has established several sub-branches in suburban and

rural areas, specifically with the purpose of providing organised
As the bank operates in a rapidly evolving economy posing its own financial services to the unbanked populations. This has facilitated
innate challenges, City Bank’s Retail Banking Division stays vigilant the integration of underprivileged segments of the society into
regarding the macro-economic environment shaping the overall productive financial activities, allowing them to engage in initiatives
financial industry. The upsurge of population in the middle-income that contribute to the national growth objectives and also bring
group with growing purchasing power has necessitated City Retail meaningful transformation in their own lives.
to stay on its toes by offering contemporary financial solutions that
match the needs and expectations of its target customer segments. To maintain a leading position in smart banking that provides
Thus, creating strong visibility with personalised offerings has utmost customer convenience, the bank has expanded the
become imperative in the context of metro areas getting saturated footprint of its smart ATMs network nationwide. These machines
by financial services. are equipped with round-the-clock cash recycling facilities, which
has also allowed the bank to improve its cash management
Bangladesh’s population was exposed to high inflationary pressure efficiency. In light of the ongoing digitization of the financial sector,
during the year in review that led to demand for retail loans, City Bank endeavours to provide customers with state-of-the-art
especially personal loans, to help bridge the income deficit. On the solutions through an extensive array of online and mobile banking
other hand, rising deposit rates emerged as a factor in household services, which is best exemplified by Citytouch. This approach aims
channelization of savings into bank deposits. Considering these to enhance the convenience, security and accessibility of banking
factors, City Retail was able to garner deposits for the bank as well services, enabling our customers to engage with the institution at
as grow its loan portfolio. any time and from any location.
Retail is all about reach. With this fundamental belief, City Retail In 2023, a significant advancement in retail banking was
has pushed ahead to create a deep and wide banking network to bancassurance, a novel approach greenlighted by the government
ensure the maximum customer outreach. Over the years thus, that combines banking and insurance, enabling banks to sell
the division has accomplished a wide network of branches, sub- insurance policies. In accordance with the government's objective
branches, and agent banking points, along with creating alternative of promoting financial inclusion and expanding the safety net for
delivery channels like digital banking application (Citytouch), ATMs a broader demographic, City Bank has forged a bancassurance
and RATMs, and the widest merchant network of the country partnership with a prominent insurance company in Bangladesh.
comprising POS machines and QR. This collaboration aims to capitalise on the insurance sector in
the country, which currently exhibits an ultralow penetration
The bank also distinguishes itself from competition with a unique rate relative to its economic growth trajectory. This collaboration
approach of amalgamating different customer value propositions, enhances the accessibility of insurance products by the masses,
such as Islamic Banking, Women Banking, Priority Banking and especially riding on City Bank's extensive network and established
Employee Banking. These diverse value propositions enable customer trust. It has marked the beginning of a new era for
it to offer tailored services best suited to a diverse clientele, country’s financial industry and also opens up a new revenue
thereby ensuring high frequency interface with the bank’s various channel for the bank.
touchpoints and enabling cross-selling opportunities.
Another notable initiative of City Retail in 2023 was the amalgamation
OVERVIEW AND GROWTH STRATEGY of the bank's single product-centric sales channel to a multi-product
sales team. By implementing this, customers have the opportunity
In the year 2023, City Retail implemented a range of strategies to use the convenience of a unified point of contact for all their retail
aimed at expanding its market presence nationwide. These financial solutions. Furthermore, this has also fostered a sense of
included tactically allocating financial resources and expertise as synergy among the bank’s front line personnel, resulting in not only
well as streamlining and refining processes to effectively manage the enhancement of cross-selling prospects but also the opportunity
the entire customer journey, including both the bank’s physical and to enhance existing customer relationships.
digital touchpoints.
Cards, another champion performer of City Retail, continues
The bank's goal is to become the most comprehensive and to make rapid progress every year. Being the sole franchisee
adaptable retail banking service provider in the country. To achieve of American Express in Bangladesh, it has placed the bank in a

Our Foundations
With IR & SDGs
distinctive position, becoming a status symbol for people seeking their financial inclusion and professional success.
premium banking experiences. Through focused branding of
centurion product-line and merchant connect strategy, coupled As City Retail continuous to march on its illustrious journey
with intelligent offer placements, City Bank’s Card and Merchant of success, its core focus for the coming years will remain on
divisions have created a strong imprint in the market. technology and digital-led process re-engineering, enabling the
bank to accomplish enhanced capabilities and cost competitiveness,
City Bank also extends its responsibilities beyond the confines of the while also attaining a competitive edge, achieve optimum fund
banking industry by actively engaging in community development mobilization, delight customers with more personalized services,
through a wide range of initiatives. City Alo is a comprehensive promote the bank’s diverse range of retail solutions facilitated by
banking solution designed for the emerging women entrepreneur tech-driven self-serviced platforms, and expand physical presence
segment of the country. It has successfully disrupted traditional across the country.
banking models by implementing effective programs that focus on
empowering women. Aligned with country’s financial inclusion and national development
agenda, City Retail plans to take bigger steps in the successful roll-
In addition, City Islamic has actively advocated for sustainable out of bancassurance by tying up with a larger number of promising
and ethical finance, catering to customers who need Shar'iah- insurance partners. Another focal point for City Retail this year will
compliant financial solutions. The City Retail platform has provided be to onboard its large customer base in the National Pension
freelancers, a growing group contributing to the country's economic Scheme by implementing multifaceted payment options through
growth, with a comprehensive financial platform, thereby ensuring all its physical and digital touchpoints.
Key impact created
11% 17% 20% 66%

Growth in total assets Growth in total deposits of total assets of total liabilities
5-year financial summary
Metric 2023 2022 2021 2020 2019

Total liability (BDT mn) 259,392 221,791 193,419 181,545 162,623
Retail assets disbursed (BDT mn) 26,991 30,266 22,169 10,754 13,716
NPL (%) 3.2 2.9 2.8 3.7 3.0
Total customers 1,528,246 1,379,585 1,187,719 1,044,562 934,218
INNOVATION AND TRANSFORMATION • City Bank partnered with the government to become an
integral part of the Universal Pension Scheme and enable all
• Partnered with Bangladesh Freelancer’s Development Society its channels (digital and physical) to facilitate this service for
(BFDS) to become an integral part of financial inclusion of customers
this high potential segment. Also became the title sponsor of
• City Bank forged an association with Bangladesh Bank in its
“Freelancer’s Gathering” organized by BFDS. Subsequently, a
latest initiative as an issuer and acquirer of the new homegrown
differentiated product line has been developed for freelancers payment scheme, Taka Pay Card
by providing them with 360-degree banking solutions
• Direct acquisition channel has been refurbished to form “Multi-
• Citytouch Digital Banking app launched the first virtual debit product sales team” bringing expertise of all retail services for
card product of the country, partnering with American Express, customers through single touchpoint.
Visa, MasterCard and UnionPay. This unique product proposition
• A dedicated sales team was established to cater to the housing
enabled customers to create a virtual debit card instantly from
finance requirements of customers of leading real estate
their Citytouch app and enjoy all the benefits of a plastic debit development companies of the country
card, minus the hassle of physical visit to a branch
• A customer service portal was enhanced with several self-
• The country’s first-ever bancassurance agreement was signed service features while augmenting the security measures,
with a leading insurance company of Bangladesh providing customers with a superlative banking experience

Way forward
• Drive low-cost deposit mobilization with specific focus on Citygem, City Alo, City Islamic and Employee Banking
• Contribute to sustainable growth through a focus on affordable green housing and hybrid vehicle finance
• Launch bancassurance by tying up with renowned insurance companies, thus facilitating insurance solutions through the
banking platform
• Promote Universal Pension Scheme to the mass customer segment by implementing multifaceted payment options through
all physical and digital touch-points
• Enhance Citytouch experience by integrating account opening process through digital onboarding, adding major utility service
providers and lifestyle payment options and incorporating numerous other self-service features
• Introduce wearables and launch tap & pay features in cards and POS machines
• Launch new product lines, such as Amex Platinum Reserve, Visa Infinite and Taka Pay Debit Card
• Tie-up with major MFS partners to help facilitate transactions through Citytouch and City Smart network
• Launch advance salary loans for employees of Employee Banking partners, in collaboration with City Alo
• Expand the bank’s physical footprint through establishment of more sub-branches
• Automate operational activities which require minimal human intervention for enabling front-liners to focus on business
acquisition and other value-added activities
KEY LEVERS OF RETAIL BANKING
PHYSICAL COVERAGE
Branches & Sub-branches
City Bank’s physical distribution network, comprising Branches and Sub-branches, is the fulcrum for accessing most of the bank’s products
and solutions. Leveraging on the robust presence comprising 134 branches and 40 sub-branches spanning urban, semi-urban and rural
areas, City Bank Branch Banking network has an imprint across the country. As the bank understands the value of an emotional connect
through engagement and human interaction with its customers making the bank their trusted financial partner, it strives to broaden its
physical footprint, thus ensuring effective last-mile coverage.
Key facts
134 40 45 1
branches sub-branches foreign currency CR booth at HSIA to facilitate
transaction-enabled branches 24/7 import duty payments
220 bn 23% 110 bn 31%

deposit portfolio (BDT) growth in low cost deposit base (BDT) growth in
deposit portfolio low-cost deposit base

Our Foundations
With IR & SDGs
Highlights, 2023
• Inaugurated a new branch at Bangabandhu Sheikh Mujib Shilpa Nagar to facilitate the banking needs of the country’s largest
economic zone
• Established 28 new sub-branches, taking the total sub-branch network to 40
• Enabled 18 new branches with foreign currency transactions, taking the total count to 45 AD and limited AD branches
• Installed rooftop solar panels across19 branches to make the premises energy-efficient
• Conducted 433 training programs for branch professionals, enabling them to serve customers more efficiently and delightfully
ALTERNATIVE DELIVERY CHANNEL & DIGITAL FOOTPRINT
City Bank’s Alternate Delivery Channel (ADC) is equipped with the best operational infrastructure and cutting-edge technology. Comprising
enhanced self-service terminals like ATM and POS network, call center operations, and the country’s leading online banking solution, Citytouch,
our retail banking customers are able to harness the convenience of instantaneous banking with differentiated tech-based solutions, like
cash by code, one-click cash withdrawal, cardless deposit, integrated voice response (IVR), smart IVR, e-commerce transactions and more.
ATM network
City Bank’s ATM network, branded as “City Smart”, has broadened the bank’s physical proximity and connectivity with customers through
last-mile network coverage. Through a large footprint of touchpoints embedded with cutting-edge technology and instantaneous cash
processing facility, this self-service network has enabled 24x7 doorstep smart banking convenience for customers.
Key facts
415 293 297 bn 77% 1.3 bn 37.4 bn 62%

terminals smart ATMs with ATM transaction growth in ATM cash withdrawal off-us manual cash
real-time cash volumes (BDT) transaction through cash- transaction loading reduction
deposit option volumes by-code via ATM volumes (BDT) through smart
(BDT) ATM coverage
Highlights, 2023
• 20 branches facilitated with optimal module to redirect deposit of credit card bills and smaller amounts
• Replaced 64 CDMs with smart ATMs
• User interface of ATMs revamped with seamless and convenient process flows, which reduced average transaction processing
time to 20 seconds
• Facilitated 3,000 bKash cash-out transactions via City Smart network within just 3 months of launching
• Revamped SMS platform which contributed to 34% growth in NFI
• Achieved 55% income growth from other bank card transactions through our terminals
• Implemented a new charging system, automated account synchronisation and self-onboarding facility for SMS alert service
to ensure better customer experience

Merchant Network merchant acquiring network in a distinctive position in the industry.
While e-commerce is seamlessly facilitated through partnerships
City Bank’s merchant business, facilitated by its extensive POS, with major payment gateways of the country, the POS and Bangla
QR and e-commerce network, holds the largest acquiring footprint QR terminals are enabled with transaction processing capability of
in the country. Being the sole issuing and acquiring partner of all major global payment partners, such as Amex, Visa, MasterCard
American Express network in Bangladesh has positioned the bank’s and UnionPay.
Key facts
28,000+ 25,000+ 2,000+ 17% 75.6 bn 13%

merchant points Bangla QR e-commerce market share in transaction volumes growth
terminals partners merchant acquiring achieved through accomplished in
industry all-merchant transaction volumes
terminals (BDT)
Highlights, 2023
• Achieved the highest ever transaction volume of BDT 75.6 bn, making the City merchant network a pioneer in the industry
• Acquired BDT 8.6 bn transaction volumes through e-commerce business
• Onboarded the largest food delivery platform and a major global airline for Amex cardmembers
• Initiated a Visa micro merchant program where the bank will incur lower interchange reimbursement fee (IRF)
• Introduced global benefits for Amex cardmembers where they will obtain special savings offers in platforms like booking.com,
Avis, Hertz, CardRentals, Bloomingdale’s, etc.
Call Center
City Bank’s call center network, blending the convenience of both center network, which is the largest such operation in the banking
human interaction and self-service IVR/SIVR portal, has brought sector of the country, complements the physical distribution
round-the-clock banking service to our customers’ fingertips. channel in capacity optimization by shifting a large chunk of service
Alongside ensuring customer convenience and satisfaction, our call requests diverted from there.
Key facts
99% 27% 47% 19 sec

CSAT Score in 2023 Call volume increased Call converted to IVR and SIVR Call waiting time

Our Foundations
With IR & SDGs
Highlights, 2023
• Implemented on-call Net Promotor Score (NPS) collection

• Onboarded external service providers for selective outbound services
• 7% improvement achieved in call center service levels
• Tele sales team was established to promote banking products
Citytouch In 2023, numerous products and services, such as virtual cards,

MFS partners, utility bill pay partners, digital self-service kiosks,
City Bank, being an early proponent of technology that would drive and digital wealth management solutions were launched in
the future of banking, has been continuously pursuing numerous Citytouch. All these products and services leveraged the business
digitalization initiatives that has brought a revolution in the banking and significantly enhanced the digital experience of our customers.
industry of Bangladesh.
Rightly so, Citytouch has experienced significant growth in 2023
Citytouch, the mobile banking app of City Bank, is one of the and is continuously playing a pivotal role in the retail banking
torchbearers of the digital banking sector of the country. Starting domain of City Bank. As many as 580,000 retail customers have
from fund transfer to utility payments, from FD/DPS opening to tax availed banking services through Citytouch, facilitating a BDT 65
certificate downloads, customers can fulfill many of their banking bn transaction volume. Mentioned key figures and numbers also
needs in just a few taps. Aiming to make it a one-stop solution for have demonstrated Citytouch’s accelerated performance in 2023
all banking services, the bank is focused on enabling many more in Retail Banking arena.
self-service features in Citytouch, thus ensuring banking on-the-
go, anytime, anywhere.
CUSTOMER SEGMENTATION High net-worth (HNI) customer segment, comprising the top-
tier 2% of the retail customer base and maintaining a significant
City Retail, driven by its ability to identify the right value proposition relationship value with the bank, is the most cherished segment
for the right customer segment, has successfully implemented requiring utmost personalized banking care. Citygem Priority
customer segmentation to cater to the unique needs and aspirations Banking, the award-winning value proposition for HNI customers,
of its diverse customer groups. As a trusted financial partner over is dedicated to ensuring premium banking experience for this
three generations, the bank focuses on nurturing every customer segment through experienced wealth managers.
relationship to ensure continued loyalty with the bank.
In addition, HNI customers outside Dhaka and Chattogram metro
Segmented into mass, affluent and high-net-worth (HNI) customers areas are catered to by branches of their preference to ensure
based on their relationship value with the bank, customers are their convenience. Apart from fulfilling their financial requirements
nurtured through a specialist relationship management framework through personalized solutions, HNI customers are also offered
to bring the right value proposition to them. a wide array of other value propositions, such as gifts on special
occasions, airport pick and drop services, airport meet and greet
In order to make the day-to-day banking convenient and effortless services, and Citygem lounge access.
for the mass customer segment, which comprises 84% of the
bank’s total customer base, the bank strives to embed self-service Citygem – Priority Banking
terminals and digital banking solutions with enhanced features.
Diversified strategies are also initiated to educate and encourage Citygem, the niche banking platform of City Bank, has been
this segment towards self-service solutions. This focus not only exclusively designed to cater to the specific, sophisticated banking
strengthens customer stickiness (loyalty) with the bank through needs of HNI customers. It puts its members ahead of the
the convenience of instantaneous banking solutions without entire queue in the arena of priority banking services. Built upon
requiring to visit the branch, but also helps the branch channel in unmatched brand-image and equipped with expert and dedicated
capacity optimization. wealth managers, any financial service requirement of Citygem
members is taken care of with utmost urgency and commitment.
Considering the existing relationship value and high potential for
further elevating customer engagement to the next level, the Citygem, with its world-class products and features and thoughtful
affluent customer segment which comprise 14% of total retail base wealth management solutions with special advisory services,
is provided a more personalised approach. Each affluent customer has set it’s standard in the financial industry which seen are
is assigned a dedicated relationship manager (RM) who keeps in yet to match. Being bestowed with the prestigious accolade of
touch with them to address their financial requirements and to “Bangladesh’s Best Bank for Premium Service” by Asia Money, a
provide the bank’s diversified products and propositions to enhance renowned financial publication, reaffirms the superiority of Citygem
their association with the bank. in service excellence.

Sapphire
Evolving from the world of Citygem, Sapphire has been conceived as a suite of exquisite privileges for ultra HNI customers to complement
their unique lifestyle and financial needs. The journey of Sapphire commences with a host of exclusive privileges, starting from special
welcome offers, pre-approved Amex platinum credit card, superior financial products and wealth management solutions, and even special
advisory services that go beyond other Citygem propositions.
Shifting from the traditional concept of premium banking, Sapphire customers are offered privileges with preferential service from City
Brokerage and City Capital Resources too, where the bank’s investment management experts assist them with investment and trading
strategies. Besides, Sapphire members are also entitled to a wide array of value propositions that match their luxury lifestyle, such as
customised holiday and business travel packages through preferred service providers, assistance with reservations, travel concierge service,
complementary health check-ups and much more.
Key facts
475 mn 45.3 bn 18% 13.7 bn 800 0.54%

Citygem revenue deposit growth in deposit low-cost deposit new Citygem NPL of Citygem
achieved (BDT) portfolio (BDT) portfolio book (BDT) customers asset portfolio
onboarded
Accomplishments, 2023
• Bagged “Bangladesh’s Best Bank for Premium Service” award by Asia Money, a renowned financial publication
• Reached a deposit milestone of BDT 45 bn
• Achieved the highest-ever deposit growth of BDT 6.7 bn
• Revamped Citygem value proposition in response to dynamic customer needs
Roadmap 2024
• Enhance priority banking experiences among customers by offering Bangladesh’s best value propositions, while ensuring
sustainable business growth
• Achieve low cost deposit growth in collaboration with Employee Banking and Corporate Division
• Conduct extensive staff training on various products and services, with a focus on foreign currency, Citygem value propositions
and Islamic Banking
• Onboard premium strategic partners for Citygem members by increasing locker numbers in multiple citygem centers
• Expand locker facilities for Citygem members

Our Foundations
With IR & SDGs
Customer
Success story
“My journey with Citygem has been nothing short of an amazing experience. They
have reached my expectation and beyond, with their innovative and well thought
propositions. I am thankful to the immensely empathetic team for their heartfelt
efforts.”
Shejuti A. Ahmed
Director HR, IFAD Group
CUSTOMER PROPOSITIONS
Designed to cater the unique needs and preferences of diverse customer segments with personalized offerings, City Retail’s diverse
propositions include City Islamic for customers seeking Shar’iah-compliant financial solutions, City Alo for budding women entrepreneurs of
the country, and Employee Banking solutions for salaried executives.
City Alo
City Alo, offering a wide array of boutique financial services for women in business, has positioned itself as the best women banking solution
with unmatched brand image and market propositions. City Alo not only emphasizes on wide range of banking solutions to women, but also
organises major entrepreneurial and awareness initiatives, enabling them to confidently embrace their financial journey and ensure success
on the professional front.
Key facts
16% 73.3 bn 16% 16.3 bn 46% 60

growth in female deposit portfolio growth in deposit loan portfolio (BDT) growth in loan branches with City
customer base (BDT) portfolio portfolio Alo Service Desk
Accomplishment, 2023 The initiative included in-person discussions with 400+ women
from various segments, such as home-makers, entrepreneurs,
• Joyeeta Foundation extended a transformative revolving bank and healthcare professionals, academicians, students,
support fund of BDT 10 crore under strategic partnership with landlords, etc.
City Alo to facilitate two-wheeler and CMSME loans to women
entrepreneurs. • Conducted 3 City Alo Women's Entrepreneurship Certification
Program in collaboration with as many renowned educational
• Initiated a strategic promotional campaign in Rangpur Division institutions, covering 75 participants. A prominent university
aiming to broaden reach beyond urban centers and connect with and an NGO in the northern zone of the country collaborated
women in the region to anticipate their financial aspirations. with City Alo in structuring the program.

• Launched digital learning platform for City Alo Women's women entrepreneurs from the local community engaged in
Entrepreneurship Certification program graduates, focusing on diverse businesses.
trending issues, like business management, digital marketing,
lead generation and cybersecurity. • Partnered with Zaynax Health to provide complimentary
medical checkups for rural women participants of Uthan
• Organized financial literacy workshop “Amar Taka Amar Boithoks.
Daiyetto”, a panel discussion session covering 100+ women
professionals from 20 different companies to foster financial • Arranged Alo’r Eid Mela, a three-day fair at Mohila Shamity, in
well-being and resilience among women in the corporate world. collaboration with Bangladesh Women Chamber of Commerce
and Industry, showcasing diverse products of 32 women
• Partnered with Heifer International Bangladesh to facilitate
entrepreneurs which generated a remarkable revenue of BDT
a two-day farmer training program at Tangail, which was
attended by 55 women entrepreneurs who received valuable 18 lacs.
insights on nutrition, organic cultivation, seed techniques, land
• Revamped the value proposition of City Alo Amex Credit Card
preparation, pest control and vermicomposting.
to make it more useful for women customers by tying up with
• Conducted Uthan Boithoks in collaboration with City Bank renowned merchants and service providers to offer exclusive
Agent Banking, comprising a social engagement session for benefits, such as double reward points, discounts and cash-
rural audience, which saw participation by a large number of backs.
Customer
Success story
Kazi Shobnom
Entrepreneur, Naishargik
As the founder of NAISHARGIK, a rickshaw-themed accessories and product diversification

business, I owe much of my success to City Alo, the women banking
platform of City Bank. I also learnt to focus more on the marketing aspects as I learnt to
overcome my fears of coming out to the public with my products
In 2017, I left my job as a Chartered Accountant to pursue my which used to restrict the growth of my customer base .
passion and care for my children. City Alo became my guiding
light, offering literacy courses, financing opportunities, and even Most importantly, I have found a community of like-minded women
networking platforms tailored for women entrepreneurs like me. entrepreneurs from across the country who share the same dreams
and aspirations as me.
In 2022, I became a proud graduate of City Alo’s Certification
Course designed specifically for women entrepreneurs. This Also I have been introduced to City Bank’s digital payment
program helped me gain invaluable knowledge, skills and insights facilities through QR code payment and POS machines, which
into business inventory and profitability management, marketing have streamlined my customers’ transactions and made it easier

Our Foundations
With IR & SDGs
for them to make their purchases with ease. Moreover, City Alo’s mentorship, City Alo has been an indispensable partner in my
support and willingness to provide credit facility, the capital needed entrepreneurial journey. Together, we have shown that with
for Naishargik’s growth, adds confidence in my business operations. determination and the right support system, anything is possible.
I am forever grateful for City Alo’s role in shaping Naishargik’s
Thanks to City Alo’s support, Naishargik has thrived. From featuring success story.
my story on social media to providing essential resources and
City Islamic To further add to its strong credibility, City Islamic holds prestigious
membership of the Bahrain-based non-profit organization,
City Bank’s Islamic Banking wing, City Islamic, embedded with its Accounting and Auditing Organization for Islamic Financial
full Shari’ah compliant products and services, has positioned itself Institutions (AAOIFI), which sets Shari’ah-based standards for the
with a strong brand name and presence in the Islamic banking global Islamic finance industry.
industry of Bangladesh. Catering to the rising demand for banking
solutions that foster Islamic values and ethical finance principles, Having successfully completed 20 years of Islamic Banking
City Islamic has aspired to ensure the highest levels of Shari’ah excellence in 2023, City Islamic continues to strive serving its
compliance on all fronts, guided by its own independent Shari’ah retail, corporate and SME customers with the best of what Islamic
Supervisory Committee comprised of industry experts, scholars banking has to offer through both physical and digital platforms.
and experienced practitioners.
Key facts
103.0% 114.0% 47.7 bn 48.0% 35.8 bn 106.0%

growth in City Islamic growth in City Islamic Islamic deposit growth in City Islamic investment portfolio growth in City Islamic
customer base revenue portfolio (BDT) deposit portfolio (BDT) investment portfolio
Accomplishments, 2023 the “Best Islamic SME Bank of Bangladesh” by the Asset Triple A.
Robust portfolio growth Certified Shari’ah Adviser and Auditor (CSAA)
City Islamic customer base reached 175,770 at the end of 2023. In the pursuit of excellence and towards our commitment of
The deposit book grew by 48% during the year, taking the total upholding the highest standards in Islamic banking, all employees
portfolio to BDT 47.7 bn. Simultaneously, the investment book of City Islamic department have successfully attained a professional
grew strongly too by 106%, taking the total investment portfolio degree, Certified Shariah Adviser and Auditor (CSAA), accredited
to BDT 35.8 bn. by the Accounting and Auditing Organization for Islamic Financial
Institutions (AAOIFI). This noteworthy accomplishment marks a
Recognition of excellence remarkable improvement from the previous year.
Like each year, 2023 also came with accolades for City Islamic The CSAA degree underscores our team's dedication to enhancing
for its stellar performance and improved customer satisfaction. their expertise in Islamic banking practices, thereby fortifying our
For its outstanding contribution to the growth of the small and institution's capacity to deliver superior services in accordance with
microfinance industry of Bangladesh, City Islamic was announced Shar’iah principles.

Customer
Success story
Dr. C.M. Giasuddin
Medical Consultant (MBBS), Al Ghofily Medical Center, Motijheel
I am delighted to share my delightful journey with City Bank; how they won
my heart at very first day and has been continuing meet my expectation with
excellence.
Back in 2022, when I along-with my family were looking for a Shariah

compliant Bank which is also smart, innovative, and offer friendly & convenient
banking solution, I got to know about City Bank’s Islamic Banking and visited
their Islamic Banking Branch. The pleasant & cozy environment of easy for me & my family to choose City bank as financial partner
the Branch and amicable & welcoming nature of the employees without second thought.
won my heart so immediately. I was so amazed by the Relationship
Manager who passionately answered my all queries regarding Since then, they cared for us, valued us very empathetically &
bank’s procedure to carry out Shariah based Islamic Banking Sincerely. They always encouraged us for enriching our Islamic
practice, overall strengths, security aspects of deposits etc. The motivation too. Now banking experience with City bank is so
officials shown their in-depth knowledge on the field of Islami comfortable, friendly and enjoying for my whole family. I always
Banking and answered me in details very evidently. It was then so pray for the success of Islami banking of City Bank in future.
Employee Banking
City Bank’s Employee Banking proposition offers a perfect solution to all the banking needs of the burgeoning employed segment of the
country through offering a wide range of products and services. Employee Banking emphasises on partnering with the right corporates for
becoming a one-stop acquisition channel of multiple products to a large customer group. This aside, it also brings the convenience of a single
touchpoint for all banking solutions for its time-pressured employee segments, thus their convenience and time savings. Furthermore,
leveraging our Islamic Banking solution, our Employee Banking service has become the preferred choice of most of the renowned corporate
houses seeking for holistic banking solutions for their employees.
North-South University IDLC Finance PLC IFAD Group Brain Station 23 PLC A D N Telecom Ltd.

Our Foundations
With IR & SDGs
Key facts
33,365 50.98 bn 33.0% 56.0% 21.0%

accounts opened in 2023 salary disbursement growth achieved in growth accomplished in growth achieved in
enabled (BDT) salary disbursement loan portfolio deposit portfolio
under Employee Banking
(EB) account
Accomplishments, 2023 • Deposit portfolio reached a size of BDT 7.6 bn
• Onboarded 119 new corporate customers in 2023, taking the • 95% EB customers have been brought under the Citytouch
total count to 609 platform
• Average salary disbursement reached to BDT 46k per account, • Less than 2% EB customers had to visit a branch for banking
attaining a staggering growth of 77% over the last two years services as a consequence of Citytouch augmentation
CUSTOMER EXPERIENCE
City Bank’s Customer Experience wing plays a pivotal role in ensuring customer delight in alignment with the core values of the bank. As
the bank’s foundation is built upon a strong service-first culture, the bank always puts customer experience at the front and centre of all its
decisions. The bank understands the importance of customer satisfaction to keep the brand image uplifted at all times, alongside widening
its customer base through active promotions and campaigns. Thus, the team emphasises on ensuring utmost customer satisfaction by
providing prompt resolution to their complaints or queries.
Key facts
36 85.0% 92.0% 5,777 4,003

business and operational promotor from existing SLA met customer grievance dealt customer queries &
SLA monitored customer base services served
• 83% Net Promoter Score (NPS) achieved

• Only 2% de-tractor
• 98% active electronic queue management ensured at various touch-points
• 5 new processes were automated and 9 processes were simplified
• 160 hours of training was provided on various soft and functional skills, covering as many as 3,000 staffs

Planned initiatives, 2024
• Introduce automated portal for SLA monitoring, helpdesk, ATM dispute log automation, survey portal and service score card,
among others
• Initiate score card for digital channels and card service
• Initiate SLA monitoring for dispute logged against ATM network and call center services
• Introduce ATM monitoring dashboard for real-time status update of the network
• Facilitate high-frequency service requests, like cheque book and statement requisition through digital platform
• NPS for services provided through Multitask
• Conduct mystery shopping by internal resources
• Initiate internal customer surveys to improve inter-departmental co-operation
• Nominate dedicated service ambassadors for high-traffic branches
• Launch service guarantee program for a few critical services
• Organize nation-wide multifunctional and soft skill training to improve service culture and standards
• Initiate service campaigns for front and support teams
CARDS
City Bank’s Cards team strives to adopt cutting-edge technology and innovative features across its wide array of products. Apart
from nurturing extensive relationships with all major operational network partners in Bangladesh, like Visa, MasterCard and UnionPay
International, our exclusive partnership with American Express bestows a status symbol for people seeking premium banking services. This
unique blend of partnership infused with agile resources have put City Bank’s card issuance and merchant acquisition wing well ahead of
competition, making it a pioneer in the country.
Key facts
27.0% 206.1 bn 23.0%

country-wide credit card card billing growth in
market share (BDT) card billing volume
• Completed global limit migration for both Visa and Amex credit • Revamped the value propositions and even changed the card
cards face of Amex centurion line of card products
• Launched virtual debit card through Citytouch, the first-of-its- • Organised a “Predict & Win” campaign to celebrate the
kind in the country and received a significant positive response Cricket World Cup 2023, resulting in enhanced customer
from customers engagement

Our Foundations
With IR & SDGs
Planned initiatives, 2024
• Launch wearables and tap and pay features

• Launch new product line, such as Amex Platinum Reserve, Visa Infinite and Taka Pay Debit Card
• Employ MR points for stimulating everyday spending, thus enhancing customer loyalty
• Expand “Add Money” option in other major MFS partners for Amex card members
• Revamp Islamic card products to increase their look, appeal and utility
• Design credit scoring framework based on overall spending patterns of existing customers
• Create single asset-liability product embedded with modern technology
• Establish a campaign management tool to achieve impact and higher operational efficiency
ALLIANCES AND PARTNERSHIPS
With a strong belief in collaboration and understanding the significance of choosing the right partners, City Retail is forging an association
with different government bodies, international and local organizations, merchant partners, consultancy centers and many more. The idea
is to create an ecosystem for nurturing a vibrant banking ecosystem to facilitate retail business to thrive by providing them with essential
support. A few key initiatives in this regard are mentioned below:
Digital savings scheme (Shari’ah-based) and digital nano loan partnering with bKash
As City Bank strives to expand its footprint in the digital domain, the bank forged a collaboration with bKash, Bangladesh’s leading mobile
financial service (MFS) provider, enabling its users to open Islamic DPS and avail digital nano loan instantly through bKash. Being the first
such initiative in the country, these initiatives have been launched following the approval from the central bank, aiming to facilitate and
expand financial access to the unbanked populations and contribute in their journey of financial inclusion.
In 2023, more than 92,000 Islamic DPS accounts were opened with City Bank through bKash, with the result that the portfolio gained traction
and stood at BDT 315.5 mn. Yet another groundbreaking digital initiative was the digital nano loan product that has brought an impactful change
to microentrepreneurs, marginalised people, students or anyone to get access to emergency funds. Just within two years of its launch, digital
nano loans have already witnessed BDT 6,000 mn disbursement, with portfolio hovering around BDT 1,000 mn. In response to fast growing
consumer demand across Bangladesh, City Retail aims to tie-up with a larger complement of MFS partners and digital service providers to
introduce innovative diversified digital lending products, such as Buy Now, Pay Later (BNPL).
Developer and auto vendor relationship management
Growing the portfolio in a sustainable manner has always been a prime focal point of City Bank. In this regard, City Retail continually puts
emphasis on the auto loan and home loan business as these products ensure superior quality and long-term sustainability of the portfolio.
Hence, auto vendors and developer companies play a crucial role in the proliferation of auto loan and home loan business. City Bank has
forged a partnership with 200+ developer companies and almost 600 auto vendors, which includes almost all of the country’s leading
companies and has taken several initiatives to nurture this relationship with them through dedicated relationship managers. As a result of
our strong relationship management focus, more than 50% of our home loan business and 80% of auto loan business in 2023 was secured
through reference from them.
Bangladesh Freelancer Development Society
City Bank signed an MoU with Bangladesh Freelancer Development Society (BFDS) and also an agreement with Freelancers Limited with a view
to accommodating freelancers to avail banking products and services at every City Bank branch. The objective of the MoU and the agreement
was to allow the bank to verify the freelancer ID (government issued ID). This enables risk mitigation and ensures smooth service delivery of
deposit, loan and card products. Moreover, an alliance with these organisations has allowed City Bank to better understand and cater to this
unique customer segment. Freelancers now can open foreign currency-enabled bank accounts, avail credit cards and even apply for loans.
Student Counselling Centers
City Retail has been playing a crucial role in fulfilling the long cherished dream of the youth generation to study abroad by providing the
industry’s best student file processing facility. The bank has partnered with 650+ student consultancy firms, providing the bank the
competitive edge in ensuring seamless student file processing experience for the youth of the country.

VALUE CREATION
FINANCIAL CAPITAL
Contribution to the bank’s

total income 17% 2023 15% 2022 Key impact areas

total asset book 20% 2023 20% 2022 Key impact areas

total deposit book 66% 2023 67% 2022 Key impact areas
HUMAN CAPITAL
Total City retail employees 2,854 2023 2,775 2022 Key impact areas
Total training provided

(hours) 2,245 2023 876 2022 Key impact areas
MANUFACTURED CAPITAL
Total branch network 174 2023 145 2022 Key impact areas
Total retail customers 1,528,246 2023 1,379,585 2022 Key impact areas
110,629 106,217
Total home/auto/personal
loan customers 2023 2022 Key impact areas
Total employee banking

customers 112,720 2023 107,231 2022 Key impact areas
Total City Alo customers 467,000 2023 448,301 2022 Key impact areas

Our Foundations
With IR & SDGs
Total Citygem customer 8,435 2023 7,629 2022 Key impact areas
City Islamic customer 175,770 2023 86,582 2022 Key impact areas
ENTERPRISE ESG
Risks Risks
• Risk of default, especially for unsecured loans and • Regulatory and compliance risk
lower collateral-backed loans • Attrition risks
• Market risk • Insufficient promotion of environmental goals
• Interest rate risk
• Opportunities in tightening underwriting through • Separate compliance team, in addition to central

credit scores, etc. compliance team, dedicated to ensuring all
• Judicious ALM management as City Retail has a compliance related matters being met
large deposit and loans and advances exposure • Focus on providing extensive training and
• Opportunities in harnessing the bank’s extensive development and engagement opportunities to our
infrastructure and reach to ensure deeper outreach staff for ensuring retention and loyalty
to unbanked customers • Focus on hiring talents, especially in the sales and
marketing teams
• Strong focus on environmentally-compatible
products, such as green homes, hybrid vehicles, etc.
SDGs
Impacted

Small and Microfinance
Navigating the future of financial services for micro and small enterprises through Empowerment,
Transformation & Resilience
EXTERNAL ENVIRONMENT expand their business. We also aid them to develop their financial
knowhow as they scale up.
2023 was a year marred by global phenomena affecting local
markets. Bangladesh relies heavily on imports, particularly fuel, Converting challenges into future opportunity has been our
wheat and fertilizers, and the war-induced commodity price spike segment strategy and we have been able to navigate through the
increased import costs, squeezing profit margins and exerting 2023 crisis with controlled impact. We have focused on building
pressure on bank portfolios. Foreign exchange volatility also domestic self-sufficiency through increased lending activity as part
led to the shrinking value of the BDT against the US Dollar. This our asset portfolio diversification strategy.
enforced trade disruptions, making it more expensive for banks to We are advancing our business through the following key growth
settle foreign currency obligations. In the long-term, a slowdown drivers:
in remittances is also being observed due to global challenges,
affecting the domestic economy and impacting banks’ reserves. • Seasoned leadership team
• Diversified product offering
SEGMENT STRATEGY
• Relationship banking approach
Small and Microfinance business segment plays a catalytic role • Portfolio de-risking
in the grassroots mass economy. We enable cottage, micro and
small businesses, especially manufacturing/trading, agriculture • Timely support, especially to underserved businesses
and women enterprises, to access formal financing, helping them • Continuous portfolio quality monitoring and review
Key Performance Highlights
27% 23% 68% 12% 46% 7%

FUM Growth Asset Growth Liability Growth Customer Growth Profit Growth Manpower Growth
IMPACT CREATION
4,659 new businesses on-boarded
1
2 Net asset growth of BDT 7,247 mn, with total portfolio of BDT 38,660 mn
3 Net deposit growth of BDT 2,040 mn, with total deposit book of BDT 5,030 mn
4 6,454 remittance beneficiaries provided with remittance loan, with O/S

amounting to BDT 4,168 mn
5
Of the total portfolio, 4,765 (15%) of businesses are women-led, with over BDT
6,188 mn disbursed to women enterprises

Our Foundations
With IR & SDGs
HIGHLIGHTS with available data being collected for digital credit scoring.
• Instituted an SME Liability Team to develop a cost-effective • Process re-engineering initiatives were taken, such as
deposit franchise. By 2023-end, the team was able to build a optimization of Loan Application Form which has since been
portfolio of BDT 740mn (148% YoY achievement), of which 62% completed.
is CASA (low-cost funds). As many as 1,177 NTB accounts were
on-boarded by the team. • Initiated Retailer Financing product for small-scale retailers
and merchants with working capital requirement under Small
• Introduced Digital Agri Loan product in collaboration with Agent & Microfinance’s Distributor Finance arm. This is a full-digital,
Banking Division to offer financial services to rural agricultural platform-driven product program based on automated credit
businesses and crop-farmers in a fully automated way. A pilot scoring and bulk approval for faster processing. The program pilot
was initiated with Syngenta Bangladesh among select farmers, will be conducted with bKash’s retailers/agents in due course.
VALUE CREATION
FINANCIAL CAPITAL
Mobilized CASA through

new liability team and
infrastructure (BDT mn)
459 2023 0 2022 Key impact areas
HUMAN CAPITAL
Team additions 59 2023 251 2022 Key impact areas
Women enterprises
served 4,765 2023 3,343 2022 Key impact areas
Remittance beneficiary
served 6,454 2023 3,636 2022 Key impact areas

(hours) 6,642 2023 3,639 2022 Key impact areas

ENTERPRISE ESG
Risks Risks
• Reduced borrower capacity to meet financial • Employee attrition

obligations • Adverse regulations
• Huge potential due to large number of unserved • Support customer companies in business/
businesses green transformation
• New product development opportunities for specific • Contribute to local employment through
customer segments injecting loan capital
• Opportunities in low-cost deposit (CASA) mobilization
5-Year Financial Summary
Metrics 2023 2022 2021 2020 2019

Total assets (BDT mn) 38,660 31,413 19,823 14,360 6843
Total liabilities (BDT mn) 5030 2,990 2,039 1,390 -
NPL 0.98% 0.54% 0.16% 0.07% 0.1%
Total customers 32,493 29,011 20,952 15,117 8,000
Team size 862 803 552 463 330
OUTLOOK
• Enhance operational efficiency and productivity

• Focus on increased lending to remittance beneficiaries that will help increase women-led businesses served and also
meet agri and rural credit targets
• Pilot and launch retailer financing program to capture lower-ticket customer base
• Develop bundled product offerings to drive growth, such as bancassurance, Universal Pension Scheme, etc., which will
also contribute to CASA
• Focus on new areas of expansion, both in terms of geographic and customer segments
• Ensure stronger portfolio control and monitoring, with increasing portfolio size

Our Foundations
With IR & SDGs
Leadership Message base and increase concentration of women-led businesses.

We have also successfully met all Bangladesh Bank targets for
Reflecting on the achievements and challenges, the year 2023 has agriculture and various other schemes.
been a remarkable chapter in City Bank’s journey of serving and
empowering the cottage, micro and small business segments. Our The result is heartening: 23% YoY portfolio growth, 12% YoY
commitment to reaching the last mile has led us to establish a customer acquisition growth and 68% YoY deposit base growth,
presence even in the furthest corners, resulting in 472 SME touch which is symbolic of our renewed commitment. Stronger controls
points (324 agent outlets, 127 branches, 21 sub-branches). We also over portfolio management have been put in place to maintain
have 34 dedicated SME Unit Offices, a reflection of our dedication portfolio quality, with NPL of under 1% (0.98%), which remains well
to ensuring financial access to the traditionally underserved clients. below the industry standard. City Bank’s Small & Microfinance
portfolio remains one of the fastest and best performing portfolio
With 862 staff, the division is well-positioned for accelerated within the bank and even the industry.
growth, leveraging its wide network of field officers, underwriters
and operations specialists committed to uplifting this customer In the coming year, our goal persists: Empowerment, Transformation
segment. and Resilience. Apart from introducing newer financial and
complementary products, we will also focus on business resilience
The introduction of SMART rate has increased the bank’s risk and streamlining operations through optimization and digital
appetite and we have been able to delve into further business transformation.
expansion. We have taken initiatives to build our divisional deposit
SDGs
Impacted
Customer
Success Story
Md. Amirul Islam

Proprietor, Amirul Dori Store
Growing up next to Chougacha market, I harbored a strong desire to embark on an

independent venture. However, financial constraints were a challenge and making
ends meet felt like a struggle to afford even basic necessities. Moreover, the burden of
poverty deprived me of educational opportunities.
Undeterred by my financial limitations and lack of formal education, I took a bold

step and initiated a rope-making business at home, employing three individuals with
minimal capital. Although I started small, the business showed promise. Yet, progress
was hampered by the scarcity of funds. A turning point occurred when I crossed paths with Mr. Md. Mehedi-Al-Masud, RO from City Bank
in Chougacha Bazar. Upon learning about my business and witnessing its potential, Mr. Mehedi, along with other City Bank officials, visited
my establishment.
With their support, I expanded my operations by adding three more machines and hiring nine additional employees. The business began to
flourish and within nine months, I secured an additional loan of BDT 2 lakhs. Utilizing the funds wisely, I further expanded the business by
installing two more machines. Presently, I run a sizable enterprise with 21 employees and two managers overseeing six machines.
City Bank continues to stand by my side, ensuring the success of my business. Frankly speaking, without the assistance of City Bank, I would
not have reached this level of accomplishment.

SME-Medium
Comprehensive financial solutions that suit the specific needs of companies in their growth stage.
EXTERNAL ENVIRONMENT
The year presented many challenges for Bangladesh’s SME sector, including inflation pressures, currency devaluation, slowing export
markets and exchange loss in imports. This enforced rising default cases during the year.
SEGMENT STRATEGY
Customer support became a driving force for the segment. We remained mobilized to help our customers overcome the challenges and
restore their financial health. We took the following steps in this direction:
Ensured best utilization of BB refinance

Prioritized clients in manufacturing and
and stimulus schemes as well as BB
sustained import financing facility for
Agricultural & Rural Credit Policy and
them even amid foreign currency crisis
Program
Raised early alert system and Opened financing line for

launched case-wise action for local procurement, helping
resolution surmount import challenges
Engaged in intensive monitoring Extended temporary funding facility

through our Special Monitoring Cell on need basis
HIGHLIGHTS
• Restructured contractor financing products as per market demand • Laid more focus on sustainable financing for opportunity capture
VALUE CREATION
FINANCIAL CAPITAL
Branches 105 2023 105 2022 Key impact areas
Capex (BDT mn) 4 2023 1.6 2022 Key impact areas

Our Foundations
With IR & SDGs
HUMAN CAPITAL
No. of Employees 128 2023 115 2022 Key impact areas

ENTERPRISE ESG
Risks Risks
• Prolonged slowdown • High employee turnover

• Heightened defaults • Risks related to customer environmental or
regulatory non-compliance
Opportunities
Opportunities
• Opportunities in deepening customer engagement
• Opportunities in personnel training on EMS risks
• Opportunities in catering to high-growth opportunities (for
e.g. in EOUs) • Contribution to local development through success
of customer companies
• Utilization of government refinance schemes for
MSME development
5-Year Financial Summary
Metrics 2019 2020 2021 2022 2023

Total non-funded business (BDT mn) - - 29,384 32,431 26,858
Total liabilities (BDT mn) 3,814 6,013 7,175 9,201 12,118
NPA % 21.7% 17.0% 17.5% 14% 13%
OUTLOOK
• Greater focus on sustainable finance and microfinance, especially women-owned companies

• Target export companies, especially those dealing with non-traditional items and also new deemed exporters
• Support agriculture sector financing to related ventures under BB Agricultural & Rural Credit Policy and Program
• Observe recovery day on weekly basis
• Deepen collaboration with the Special Asset Management and Legal divisions through Special Monitoring Cell to reduce NPLs

Leadership Message Despite the severe challenges of 2023, we were able to achieve a
5.5% growth in total assets and 31.7% expansion in total liabilities,
Considering the external environment, we adopted a “no-growth” in step with our strategy. Our NPL position improved too (13% vs.
strategy. This was a conscious decision to prioritize stability and 14% in PY) despite the market adversity, a result of tight credit
efficiency over expansion and acquisition of new customers. screening, early warning alerts, prompt resolution and strong
collections.
As we consolidate our operations in the path to profitability, we
will prioritize liability mobilization, especially through lower-cost We are proud that we have a loan outstanding of 5,517 mn to
refinance windows that can be availed from the government for women and low income group in December 2023 which is 11.5%
CMSME sector. This will enhance our capacity for future asset of the total loan portfolio, this shows our commitment to a
booking. sustainable society.
SDGs
Impacted
Customer
Success Story
BLAZON TRIMS PACKAGING LTD.

We at Blazon Trims & Packaging Limited are a 100% export-oriented garments
accessories company and stand out in the apparel & fashion industries, having
collaboration and partnerships with global brands due to our exceptional offerings in
high-quality trims and packaging solutions.
We specialize in producing a wide range of sustainable and eco-friendly products,
including RFID Tag and Labels, Woven Labels, Flexo Printed Labels and Screen & Offset
Printed Labels which meet international standards, ensuring that our customers
receive top-notch products which are safe for use and environment friendly
In March 2018, our Chairman & CEO Mr. Iqbal Ahmed Khan started factory by increasing the use of natural energy and lowering our
the journey of Blazon with the dream of becoming a trusted name carbon footprint.
in the industry with only one nomination from French global giant
Decathlon. It was a time of opportunity, yet we faced a lot of We have developed an ETP to recycle water for non-drinking
questions as we had a small 10,029 sq ft factory and 50 manpower. purposes. We have installed solar panels on the roof of our new
production unit and utility building to reduce the use of generator.
At that pivotal moment, CITY BANK’s visionary SME-MEDIUM Since 2021, we are using solar energy to take care of 100% of our
team took a great leap of faith with us and sanctioned us Tk. 4.37 lighting load and are also investing to further develop renewable
cr composite limit by evaluating our capacity, plans, prospects and power for in-house consumption.
dreams, which helped us to become who we are now!
This significant growth and expansion would not have been possible
Cultivating a positive relationship with mutual trust has been without the tremendous support of City Bank team.
instrumental in our success, resulting in remarkable progress in our
exports, with sales increasing from Tk. 5.43 cr to Tk. 27.79 cr. Today, With their expertise and proactive approach they have been key
we are on the right track where we have evolved our regulations to helping us overcome the obstacles, always with a smile and
to international compliance standards and have a substantial a positive attitude. We believe City Bank will keep continue to
manufacturing facility spanning 45,000 sq ft with 320 manpower. collaborate with Blazon for the betterment of the company for a
We have reached closer to our mission to become an eco-friendly long time to come.

Our Foundations
With IR & SDGs
Digital Financial Services

Digital Financial Services (DFS) of City Bank provides a variety of digital banking services to customers, offering
fast, safe and secure account access from the comfort of their homes or offices or on-the-go. These include
24x7 access to mobile banking, online banking and SMS banking.
EXTERNAL ENVIRONMENT Digital banking has also enabled the bank to meaningfully
enhance customer experience. Through user-friendly interfaces
Digital banking has revolutionised the way organisations and and personalised services, our customers can easily access their
customers interact with financial services. With rapid advancements accounts, view transactions and perform routine banking activities
in technology, the traditional brick-and-mortar banking model has at their convenience. We have introduced enhanced security
given way to a more efficient and convenient digital landscape. measures to protect customers’ sensitive financial information,
making online banking more secure than ever. This has instilled
In Bangladesh, digital banking found rapid adoption in the pandemic confidence in customers, encouraging them to embrace our digital
years and has taken-off significantly since. The convenience of banking services without concerns about fraud or unauthorised
digital banking has been well-established, opening up new avenues access.
for growth and efficiency. It has streamlined processes, reducing the
need for physical paperwork and manual transactions. However, OVERVIEW AND GROWTH STRATEGY
financial inclusion amongst the entire Bangladeshi population
stands at around 50% (as per a2i), which exhibits huge scope for The Digital Financial Services (DFS) division of City Bank is an
growth in the future, especially considering a 180 mn+ population. important growth vertical of the bank and provides a variety of digital
banking solutions, enabling customers to manage their accounts,
At City Bank, our modern digital banking platforms offer a wide check their balance, transfer funds, pay bills, apply for loans, open
range of services online, such as account management, payment DPS account and do more from the convenience of their own device.
processing, and loan applications. This has not only improved DFS has also developed robust additional security safeguards and
operational efficiency but has also expanded our customer base by procedures to assure customer data safety and system integrity at
enabling us to access customers even in rural and backward regions. all times.
The key levers of our growth strategy include:
Remove hurdles that hinder Deliver simple and easy-to-use

digital transformation digital solutions that can be
accessed by all
Enable digital transformation Ensure human-centered

to strengthen the bank’s design for digital products
back-end and front-end and services
processes
Harness digital financial solutions to enable customer convenience, foster

financial inclusion and facilitate digital financial literacy

KEY SOLUTIONS OFFERED
Citytouch – Digital banking

Anchored on the principal of “Banking without going to the bank”, instantly from their Citytouch app and enjoy all the benefits of a
Citytouch provides the simplest way for our customers to avail a plastic debit card, without the hassle of making a visit to the branch.
whole host of City Bank’s products and services. It mirrors branch
banking onto the display of an internet-capable or smart device. Some of the other reportable highlights are:
Customers can shop at renowned stores across the country, buy
airline tickets, pay their mobile phone, credit card and other utility • Launch of 11 utility bill payment services in Citytouch across
bills, pay children’s’ school fees, transfer cash, open FD and DPS four categories: electricity, gas, water and digital TV
account, and monitor their current, savings, fixed deposit and loan
accounts via Citytouch. • Revamping of the user interface of Citytouch and making it
more user-friendly and visually appealing
With a challenger’s mindset to evolve with the times, Citytouch
has incorporated several new features and services as part of • Enabling of Bangla QR payments through Citytouch
its continuous initiative to add more conveniences in the lives of
its customers. In 2023, Citytouch achieved several milestones • Incorporation of digital wealth management feature in Citytouch,
that demonstrate our commitment to excellence and customer in partnership with City Brokerage. City Bank customers can
satisfaction in digital banking. now use their Citytouch app to open BO accounts and access
the capital market through City Brokerage
One of the key highlights of the year was the launch of the first
virtual debit and prepaid card product of the country, in partnership • Enabling different self-service features in Citytouch, like tax
with American Express, Visa, MasterCard and UnionPay. This unique certificate download, proof of tax return (PSR) submission,
product has enabled our customers to access a virtual debit card international transaction management of credit/debit card, etc.
Bangla QR is an initiative of Bangladesh Bank to make QR payments interoperable between all banks, MFS and
What is
PSP operators. By enabling Bangla QR payments through Citytouch, City Bank customers can pay conveniently
Bangla QR at any of the 1 lac+ Bangla QR points across the country with their Citytouch app.
22.2 mn 579,149
Transactions facilitated by Citytouch Total Citytouch users
Citytouch facts
Key metrics 2023 2022 2021

No. of transactions (mn) 22.2 16.4 8.1
Total amount transacted (BDT mn) 646,390 352,220 184,350
Total users 579,149 446,894 334,679
2024 way forward
• Launch contact-less feature in Citytouch to enable NFC-based offline payment through HCE (host card emulation) technology
• Deliver a larger basket of self-service features in Citytouch to ensure that customers do not need to visit the branch for any
service-related requirements
• Create an end-to-end digital experience for customers by integrating account opening process in Citytouch through digital
onboarding
• Onboard all major utility service providers and other lifestyle payment options in Citytouch to fulfill all customer payment needs
• Incorporate modern technology within Citytouch to enhance efficiency and reliability

Our Foundations
With IR & SDGs
Digital Nano Loan – A revolutionary

microloan product
City Bank offers a unique digital nano loan product in partnership of a microloan product in the context of a low-income developing
with bKash. Through the bKash app, users can apply for digital loans country. With this success, we remain committed to expanding
from City Bank, ranging from as low as BDT 500 to BDT 20,000, access of digital nano loans to a wider population cross-section,
with repayment tenure of 3 months with reasonable interest rates. as part of our efforts to promote financial inclusion and economic
The proposition has resonated with borrowers, thus creating a mobility at scale.
strong product-market fit.
City Bank has formulated the bold vision of expanding digital nano
The digital loan is entirely AI-powered and credit rating-based, loans to millions of underprivileged people in Bangladesh. The bank
formulated from bKash consumers' data and behavioural patterns aims to bring positive change in the lives of people by providing
provided by Ant Financial, a global China-based FinTech leader. This them with easy, automated and remote access to formal credit
novel technique employs advanced predictive financial modelling at fair terms. The bank is confident about the potential of digital
to estimate a customer's creditworthiness. The methodology was credit and aims to take a leading role in the digital credit revolution
rigorously tested throughout a year-long pilot study from 2020 to of Bangladesh.
2021, yielding encouraging results. City Bank received permission from
Bangladesh Bank to commercially implement the system in 2021. The bank has disbursed around BDT 6 bn to more than 225,000
customers. Around 62% of our customers belong to non-urban
After launching the digital nano loan product on 15 December 2021, areas who, otherwise, may have had to face enormous hurdles
the bank has disbursed around BDT 6 billion through 577,000+ to get a loan from any formal channel. Through this product, the
loans, with an NPL of less than 1%. This has ensured not just bank is significantly contributing to financial inclusion, bringing the
proof-of-concept and product validation, but also the significance marginalised to formal banking channels.
BDT 5,970 mn 577,731

Total loan amount Total loan count
Digital Nano Loan facts
Key metrics 2023 2022 2021
Loan amount (BDT mn, Cumulative) 5,970 1,030 27.51
Loan tenure (months) 3 3 3
Interest rate (%) 9 9 9
Loan count (cumulative) 577,731 133,056 9,539
Total loan portfolio (BDT mn) 934.75 174.36 24.65
2024 way forward
• Incorporate Buy Now Pay Later (BNPL) variant within the product
• Increase the maximum loan amount for eligible customers
• Explore new avenues aligned to product attributes
• Scale up the existing customer base

Digital Islamic DPS – Aligning banking to
Sha’riah principles
Digital Islamic DPS is Bangladesh’s first Sha’riah-based digital open a digital DPS account with City Bank from their bKash app
DPS (Deposit Pension Scheme) product, launched by City Bank in and the account is created instantly in City Bank system. This is a
collaboration with bKash. After successfully launching digital nano fully Sha’riah-compliant product where customers are given profit
loans in 2021, the bank expanded its footprint to digital deposit based investment income sharing ratio (IISR).
products in 2022. In order to avail this product, customers do not
need to have any City Bank account. Instead, bKash customers can
1,131.26% 411.47%
Growth in digital Islamic DPS portfolio Growth in active DPS count
Digital Islamic DPS facts
Key metrics 2023 2022
DPS count (active, cumulative) 92,204 18,027
Total digital Islamic DPS portfolio (BDT mn) 315.45 25.62
2024 way forward
• Formulate strategy on customer on-boarding with a view to increasing portfolio size
VALUE CREATION
FINANCIAL CAPITAL
Total transaction volumes

facilitated through digital 656,640 2023 353,650 2022 Key impact areas
banking (BDT mn)
Total number of transactions

facilitated through digital
banking (mn)
24.50 2023 17.0 2022 Key impact areas
New-to-bank customers
using the bank’s digital
channels
393,452 2023 183,215 2022 Key impact areas

Our Foundations
With IR & SDGs
NATURAL CAPITAL
Approx. paper saved

through digital banking
(tons)*
69 2023 15 2022 Key impact areas
* This is for digital loan processing only
ENTERPRISE ESG
Risks Risks
• Inability to foresee customer requirements • Inability to comply with laws and regulations
• Cyberthreat on systems • Digital banking frauds, eroding customer
• High competition for customers
Opportunities
Opportunities
• Opportunities in meeting all regulations through resolute
• Opportunities in innovation focus on compliance
• Prospects in bringing the full suite of branch banking • Organising ongoing customer awareness campaigns in
services to digital platforms online safety and safe use of digital channels
• Expand cybersecurity measures and making it more
secure and failsafe
SDGs
Impacted

City Agent Banking
Taking personal banking solutions to the doorstep of our consumers in a fast digitalising society
OVERVIEW AND STRATEGY

City Agent Banking provides financial services to the rural and
Districts Covered -64 100%
unbanked populations of Bangladesh in the true spirit of financial Coverage
inclusion and digital empowerment.

Upazlias Covered - 292 59%
Coverage
The service was conceptualized to provide banking services, Rangpur
especially to the rural masses who are typically dispersed and

beyond the immediate reach of formal banking. Serving these
customers at the “last-mile” is crucial for enabling financial
inclusion at the mass-level, which is being made possible by City Sylhet
Agent Banking service that utilises digital technologies to bridge Mymensingh
the divide. Rajshahi
As a pioneering service with a vision to connect the bank’s network

to every customer and household across Bangladesh, City Agent
Banking has spawned its operations to cover 100% of the districts
Dhaka
in the country. Authentic to its focus on village-level banking, most

of the bank’s agent outlets are located in rural areas. As per geo-
location, 73% of our outlets are in rural areas that comprises 65%
of the total customer portfolio. This signals the validation of the Barishal
Khulna
bank’s belief in value existing at the bottom of the pyramid.
City Agent Banking has also played a vital role in bringing foreign Chattogram
remittance through proper channels. It brought 28% of total pin-

based remittance of City Bank in 2023. Furthermore, this banking
channel has also played a pivotal role in disbursing small &
micro credit, agricultural loans and remittance beneficiary loans,
especially focusing in remote areas. Currently, the business holds
the second highest position in the Agent Banking industry in loan
disbursement in Bangladesh.
Key Performance Highlights
535 0.3 mn 6,640 mn 21,360 mn 17,860 mn

Agent Outlets Customers Deposits (BDT) Loan disbursement Inward remittance
(BDT) (BDT)

Our Foundations
With IR & SDGs
HIGHLIGHTS • Created greater customer awareness through voice calls and

push-pull SMS system
• Established Token Management System for dual-factor
• Introduced automated FDR & DPS opening system, and digital
authentication
collection platform under City Expedite
• Initiated remittance loans through agent channel, thus • Provided extensive training to agents, staff of agents and ABD
commencing a major secure lending operation staff, as per IFC guidelines
• Conducted financial literacy programs nationwide • Restructured operations through terminating agreement with
non-performing agents, focusing on strengthening quality of
• Implemented Risk Control Self-Assessment (RCSA) agents, and also through agent outlet rebranding activities
Gender and geo-location-wise information
Particulars Male Female Others Total Urban Rural Total
Agent Outlet 487 (91%) 48 (9%) - 535 144 (27%) 391 (73%) 535
Customers (in mn) 0.2 (59%) 0.1 (38%) 0.01 (3%) 0.3 0.1 (35%) 0.2 (65%) 0.3
Deposits (BDT mn) 3,540 (53%) 1,830 (28%) 1,270 (19%) 6,640 2,700 (41%) 3,940 (59%) 6,640
Loan disbursement (BDT mn) 15,910 (75%) 3,940 (18%) 1,500 (7%) 21,360 10,690 (50%) 10,670 (50%) 21,360
VALUE CREATION
FINANCIAL CAPITAL
Deposits garnered
(BDT mn) 6,644 2023 5,230 2022 Key impact areas
Loans disbursed (BDT mn) 21,356 2023 14,154 2022 Key impact areas
CASA mobilised from rural

agent outlets (BDT mn) 3,947 2023 3,313 2022 Key impact areas
Rural agent outlets 391 2023 519 2022 Key impact areas

Women agents outlets 48 2023 69 2022 Key impact areas
Female customers served 128,709 2023 103,942 2022 Key impact areas
ENTERPRISE ESG
Risks Risks
• Economic stress, especially in rural areas • Agent attrition

• Third party banking channel • Hostile regulations
• Personal transaction with agent • Reduced customer trust
• Technical malfunctions
Opportunities
Opportunities
• Support agents in expanding their operations
• Significant prospects of channeling household
through training, etc.
savings into productive banking assets
• Opportunities in reinforcing technology and • Build long-term relations with our agent channel
infrastructure for enhanced customer trust • Engage with regulations in the true spirit of financial
• Opportunities in cross-selling of bank’s products inclusion and empowerment of the masses
SDGs
Impacted
Customer Success Story

One of City Agent Banking’s remittance beneficiary customer, Mr. Koysor Rahman, a local
businessman from the remote area of Sunamganj (Sylhet) opened a bank account with City
Agent banking and received remittance through this account. He operates a proprietorship
under the name Raisa Cosmetics and Computer.
After getting the information about City Bank’s remittance loan facility, he applied for the
loan. Following successful visits and assessments by our employee, City Agent Banking
initiated the first remittance loan disbursement in July 2023, in the presence of the Head
of Agent Banking. With the loan funds, the customer has commenced the construction of
a building that was his dream for many years. Mr. Rahman has expressed great joy as his
dreams are coming true with the financial support of City Bank.
For us, this success truly reflects our commitment to making a meaningful difference in the
lives of our customers and contributing to a better future for all.

Our Foundations
With IR & SDGs
TRADE SERVICES
A specialised business segment that facilitates international trade transactions to support enterprise
customers active in global trade.
EXTERNAL ENVIRONMENT compliance. Another key aspect of TSD is a team of qualified and
proficient individuals who hold international certifications, as
The prolonged war between Russia and Ukraine, emergence described below:
of the Hamas-Israel war and other geopolitical challenges has
enforced polarisation between countries, especially compounded Team members holding
by international sanctions that have triggered a challenging Certification
the certification
macro environment. Bangladesh is also impacted by these global
challenges, evidenced by the downward revision in economic (GDP) CDCS 25
growth projections for FY2023-24 both by the government and the CTFP 7
IMF. CSDG 1
Amid this challenging backdrop, the bank’s Trade Services Division CETS 1
(TSD) followed the inclusive trade business strategy, ensuring a CAMS 2
balance in import-export trade that aimed at providing stability to
FIT 1
foreign currency demand-supply.
CSCM 1
SEGMENT STRATEGY PGDIBF 1
TSD is distinguished for its centralised trade model that comprises MANTOS600 1
various trade functions being offered under a single platform, FCI BRONZE CERTIFICATION 2
leveraging technology and uniform processes. This benefits our
TOTAL 42
clients, helping them streamline their workflows and enabling
HIGHLIGHTS
Bangladesh’s trade volumes declined in 2023 due to many factors such as restrictions on imports, subdued export markets, and price
challenges. In this backdrop, TSD accentuated its focus on targeted trade businesses. This was possible through our trade facilitation experience,
longstanding partnerships with multilateral organizations such as IFC, ADB, IsDB, FMO, Norfund, etc., and our growing tech platform.
Thus, despite the turbulence of the past year, TSD was able to maintain a balance in trade business, spotting opportunistic trade windows
that helped provide stability to the country’s balance of trade.
Business performance
Total business (US$ mn)
Section 2023 2022 2021 2020 2019
Import 2,715 4,133 3,978 2,148 2,345
Export 2,660 2,817 2,214 1,432 1,600
Guarantees 217 270 377 110 238
Total 5,592 7,220 6,569 3,690 4,183

Segment-wise breakdown, 2023 (US$ mn)
Segment Import Export Guarantee
Corporate 2,044 2,300 129
Commercial 513 289 41
SME (M) 158 71 47
Total 2,715 2,660 217
VALUE CREATION

New team additions 14 2023 18 2022 Key impact areas
ENTERPRISE ESG
Risks Risks
• Sluggish trade environment • Compliance risks

• Global recession risks
• Continued customer engagement for essential • Opportunities in our unique offering comprising
trade facilitation services single-platform tech-based services
• Opportunities in export customers exploring new
regions and markets

Our Foundations
With IR & SDGs
OUTLOOK
• Introduce customised trade module to promote digital trade, automation and STP transactions
• Achieve export growth through adaptive solutions and value-added services
• Launch international factoring through Factor Chain International (FCI)
• Explore the SME sector exports market

• Introduce supply chain financing solutions to local businesses and deemed exporters
• Cater to the growing demand for Islamic trade, thus diversifying our product offering
LEADERSHIP MESSAGE in capex, budgetary allocations, public welfare, etc. Furthermore,

trade pick-up will also give a boost to achieving the SDG goals
The aspiration for us at TSD is to endure the current business through regional solidarity under the UN’s “South – South Co-
environment and ensure business momentum when the economy operation” model.
picks up for accomplishing our goals in income growth.
One of our key prospects of this year is to go fully digital in trade
In the broader context of our operations, we would like to contribute transactions by rolling out a state-of-the-art Trade Business
to enhancing economic recovery through trade business which will Software, which will fully automate our day-to-day operations,
ensure strong and sustainable macro-economic conditions. In the enabling the business to reach out to new clients and ensuring
long run, this will set the balance in the country achieving its goals greater experience and convenience of existing clients.
SDGs
Impacted

Operations
City Bank’s Operations Division is committed to ensuring specialist The division assures regulatory alignment, thus ensuring
operations through innovation, efficiency and digitization. It responsible stewardship for which it has many specific arms that
ensures seamless, uninterrupted, reliable and dependable services, support in meeting the bank’s objectives.
assures compliance and is now pioneering digitization for boosting
functional efficiency and ensuring more synchronized bank-wide To fit with the ever-growing banking transaction volumes and
operations. It is thus an essential “cog” in the bank’s operational new compliance requirements, earlier Trade Support Department
wheel. of Operations underwent a revamp by incorporating ATM
Reconciliation Unit of Alternate Delivery Channel Department and
OUR ACTIVITIES was renamed “Central Reconciliation and SWIFT Services” (CRSS).
The ISO 9001:2015-accredited Operations Division is mandated As a result of the bank’s adoption of new digital products and
with delivering excellent customer experience across all interfaces solutions, it became imperative for the team to realign the onward
and touchpoints of the bank. This is essential in delivering superior support teams to be nimble, agile and efficient in order to meet the
customer service as a competitive edge and a key differentiator. increased volumes.
KEY RESPONSIBILITY Additional Managing Director & Chief

OWNERS operating officer
Capital IMPACT
• Strengthen bank’s infrastructure and systems for seamless customer experience and support
Manufactured • Reinforce and supervise operations on an organization-wide basis
• Build strong knowhow of systems and processes to enable the bank to create an edge in customer service
and also via ensuring high redundancy
Intellectual
ENTERPRISE ESG
Risks Risks
• Insufficient process oversight • Loss of credibility due to customer grievance

• Potential loss of customers due to operational reasons
• Use of technology to further improve systems and • Bolstering our operational governance standards to
process controls prevent any negative fallouts

Our Foundations
With IR & SDGs
SUBDIVISIONS OVERVIEW
Central Reconciliation Liability Service Branch

and Swift Services Centre Operations
(CRSS)
Operations Treasury Payment Service

Compliance & Bond Operations Center (PSC)
Management (OCBM)
A description of each subdivision is given below
LIABILITY SERVICE CENTRE (LSC) which will simply account opening for them
Key responsibilities BRANCH OPERATIONS
LSC is a key support unit and provides complete solutions on Key responsibilities
Liability Products – Account Opening, Maintenance, Closing and
Foreign Remittance-related transactions for Branch Banking, Value Branch Operations represent a unique operational guardrail for the
Centers & Corporate Banking. To maintain compliance, manage bank that help maintain operational hygiene at the bank’s branch
volumes and improve customer satisfaction, LSC has started Cross network, which is the crucial, high footfall customer interface.
Departmental Service through two operational wings – “Agent Each branch has at least one officer who is accountable for
Banking Service” and “CSU Services”. maintaining compliance at the branch-level and also serving as the
Branch Anti-Money-Laundering Compliance Officer (BAMLCO). A
Accomplishments, 2023 direct reporting line to the Operations Division is a responsibility,
accountability and empowerment for them to ensure full control
• BIDA – OSS Account Opening Platform: and compliance at all retail distribution points of the bank.
Bangladesh Investment Development Authority (BIDA) of Branch Operations Managers act as the shadow risk managers
Bangladesh Government’s One Stop Service (OSS) portal is a in a branch/sub-branch or a City Gem center. The rigor of BOM’s
single-window online platform for investors to avail various screening procedures have enabled us to contribute to significant
services and bank account opening is a key service. Investors are enhancement of operational efficiency while minimizing operational
given access to open Non Operational City Bank Account (Current risks.
and FCY) through BIDA OSS platform after all KYC formalities are
successfully executed. City Bank is a pioneer in Bangladesh to go Accomplishments, 2023
live with this process.
• Establishing compliance for Islamic Banking products and
• Dynamic Remittance Module: services
Introduced new remittance software to manage complete • Streamlining NRB payment process to ensure compliance and
Remittance Transaction solution for ensuring superior, time-bound reduced fraud risk
performance.
• Building a robust sub-branch monitoring wing for new sub-
2024 roadmap branches
• Focusing on evolving our role as a solutions provider, thus A key performance indicator of Branch Operations Managers is
enhancing customer satisfaction in line with bank’s focus on to ensure our audit ratings are improved every year. In the spirit
going digital. Thus, LSC is effectively connecting with customers of accomplishing this, in 2023 we achieved “Strong” rating for 5
to improve services, reduce customer footfall at branches and branches and “Satisfactory” audit rating for 129 Branches, 7
improve efficiency and satisfaction by introducing a Dynamic Citygem Centers and 19 sub-branches.
Service Portal.
CARD OPERATIONS
• A dedicated Corporate wing will be introduced to receive and
process request directly from the Corporate Division to ensure Key responsibilities
faster and seamless service to corporate customers.
City Bank’s Card business has emerged as a preferred digital
• NITA opening through web platform by NRBs will be introduced, financial system in Bangladesh, enabling payments in a safe,

secure and convenient way. Card Operations team strives to offer Operational progress, 2023
the best customer solutions through the deployment of innovative
and secure technology. The team works as a back office of the TO has taken over the function of Islamic Treasury from Branch
Card’s business to ensure process efficiency and service excellence. Banking in 2023, considering the importance of growing volumes
The bank is one of the most compliant organization with an ISO of Islamic transactions in the country and its growth potential. With
9001:2015 certification and also enjoys the recognition of being the increase in Islamic transactions, TO has also established Ababil
the first PCIDSS-certified bank in the country. Treasury Module for smooth settlement of all Islamic transactions.
The year has been an active one, with TO settling a total of 4,070
money market deals, 3,492 foreign exchange deals averaging approx.
Card Cheque Transaction Automation: We have integrated card US$ 32 million daily volume of transactions. Offshore Banking Unit
(OBU) has also been active amidst the dollar crisis, with over 500
cheque processing system with Card System & Core Banking and
deals settled and garnering foreign loan to the tune of US$ 396
all transactions are now automatically posted to all systems, based
million. TO also settled deals with local counterparty borrowings of
on a single input.
US$ 357 million and lending of a total of US$ 178 million.
Digital Archival: We have launched a Digital Archival System where
Our credibility of timely deal settlement precedes our reputation
all vouchers and other documents are archived digitally instead of in
and enables us to garner major foreign loans from abroad.
physical paper form via a central portal, resulting in cost reduction
and paperless banking.
PAYMENT SERVICE CENTER
VISA Debit Card Global Usage: We have enabled global transactions
Key responsibilities
facility for our VISA Debit Cardholders, enabling them to spend
outside of the country by endorsing Travel Quota Limit. • Cash Management Operations (CMO):
Credit Card Global Limit: We have implemented a global limit for our CMO works as a central processing center for bulk transactions of
credit cardholders. Customers now can spend in local and foreign various wings of the bank. It is also involved in various process re-
currency by maintaining limits under a single currency (BDT). engineering and automation projects, ensuring efficient processing
and service excellence.
2024 roadmap
TakaPay Card launch: TakaPay is Bangladesh's national local
currency card that aims to serve as a convenient means for • Automation of Corporate Salary Disbursement through Liability
electronic transactions between banks and financial institutions. Work Flow (LWF), a faster payment processing system that
City Bank will act as an issuer and acquirer of TakaPay Card. significantly reduced processing time and minimized risk by
eliminating manual tasks
National Pension Scheme: The government rolled out the much-
anticipated universal pension scheme, aiming to bring the growing • Implementation of Nikash-BEFTN software according to
senior population of the country under an organized social safety regulatory guidelines.
net. This service will enable customers to register at the Universal
Pension Scheme and make premium payments through Citytouch, • Development of a Central HUB under Cash Management
Card and other channels. Operations Unit for Corporate-A challan payment.
• Revamp of Corporate Internet Banking “Citylive” with new

TREASURY OPERATIONS
features such as:
Key responsibilities
• Virtual account creation and transaction enablement
Treasury Operations (TO) takes up the back-office responsibilities
• Mobile apps for approver
of the bank’s Treasury, covering compliance while maintaining
proper settlement of all transactions. Major activities of TO are
CENTRAL CLEARING UNIT:
mentioned below:
Key responsibilities and progress achieved
• Foreign Currency Deal settlement (FX)
Since October 2010, City Bank’s Central Clearing Unit (CCU)
• Money Market Deal settlement (MM) has executed image-based transactions in BACH (Bangladesh
Automated Clearing House). In 2023, it reviewed several process
• Fixed income securities
flows and also introduced single-stop scanning solutions for
• Capital Market investment settlement outward clearing from 14 Dhaka-based branches, thus ensuring
resource-efficient operations.
• OBU Fund Management
In addition, it also upgraded the bank’s outward SMS sending
• Islamic Fund Management process to apprise customers with more precise information. It also
established a fully equipped contact center to gather Positive Pay
• Bangladesh Bank Refinance confirmation from customers.

Our Foundations
With IR & SDGs
OPERATIONS COMPLIANCE & BOND MANAGEMENT It has implemented a new platform for digitally-sourced accounts
(OCBM) that offer customers better services and compliance. There has
also been improved efficiency in customer transactions and other
Key responsibilities details monitoring.
OCBM team works to ensure that bank processes are conducted 2024 roadmap
according to regulations. It also analyzes data to identify any
potential compliance issues and take necessary steps to address Bancassurance is a new concept in Bangladesh, in which a bank
them. Key responsibilities are mentioned below: acts as an insurance company's corporate sales agent. City Bank
will offer its customers these new products with OCBM managing
• Performing thorough client due diligence during the onboarding all operational aspects of bancassurance.
process for digitally-sourced accounts
CENTRAL RECONCILIATION AND SWIFT SERVICES
• Assuring service quality and ISO-level compliance
(CRSS)
• Providing efficient service for government Sanchaypatra and
bonds as well as regulatory account inquiries Key responsibilities
• Ensuring coverage of the bank's cash and fixed assets as well As banking industry faces a rising magnitude of economic
as insurance-related products challenges, continuous operational improvement as well as
alignment is needed to achieve business growth even in the face
Accomplishments, 2023 of the challenges.
Bangladesh Government issues T-Bills through auction route with The bank’s response was the establishment of the Central
91-day and 182-day maturities, and Treasury Bonds with 2-year, Reconciliation and Swift Services (CRSS) that was incepted in
5-year, 10-year, 15-year and 20-year maturities, all of which can be August 2023 by restructuring services of Trade Support and Digital
used for safe and gainful investment by individuals and institutions. transactions reconciliation of Alternative Distribution Channel (ADC)
The team started providing services to customers for T-Bills and operations. CRSS is a key support unit for Trade Services, Treasury,
Bonds Portfolio Management. FI and all digital banking business wings of the bank.

Anti-Money Laundering and
Combatting the Financing of Terrorism
City Bank’s AML & CFT (Anti-Money Laundering & Combatting the Financing of Terrorism) develops and
implements policies and measures aimed at protecting the integrity of the bank’s operations and financial
systems. It is the bank’s “lighthouse” that keeps a watchful surveillance and vigil on the external environment.
OUR ACTIVITIES monitoring, reporting suspicious activities, and ongoing training

and awareness programs for the bank’s staff.
The bank’s AML & CFT efforts are aimed at preventing and detecting
activities related to money laundering and terrorist financing. This By effectively managing AML & CFT obligations, we not only
involves implementing policies, procedures and controls to identify comply with regulatory requirements but also safeguard the bank’s
and mitigate any risk associated with illicit financial activities. reputation, mitigate financial crime risks, and contribute to national
Further measures include customer due diligence, transaction efforts to combat illicit finance.
DIVISIONAL STRATEGY
AML & CFT’s strategy encompasses several key elements:
Fostering a culture of Information sharing Setting policies and procedures,

1 compliance 3 and collaboration 5 including suspicious activity reporting
Harnessing technology to Continuous monitoring, Risk assessment

2 4 6
enhance AML & CFT processes review and documentation and mitigation
By adopting a proactive strategy encompassing these elements, the AML & CFT division is able to detect, prevent and deter money
laundering and terrorist financing activities.
KEY RESPONSIBILITY OWNERS
1
• Managing Director & CEO
2 • Chief Anti-Money Laundering Compliance Officer (CAMLCO) who chairs the Central Compliance Committee
3
• Deputy CAMLCO
4 • Branch Anti-Money Laundering Compliance Officer (BAMLCO)

Our Foundations
With IR & SDGs
Capital IMPACT
• Protect banking system stability
FINANCIAL • Contribute to loss avoidance
• Prevent misuse or abuse of the bank’s financial channels
Manufactured • Detect any fraud through tech systems
• Staff training to maintain vigilance
People • Preparedness to deal with any exigent situation
• Maintain bank credibility
Social and Relationship • Maintain trust, especially among deposit-holders
• Utilize technology to detect any anomalies
Intellectual • Continuous staff training and best practices benchmarking
ENTERPRISE ESG
Risks Risks
• Uncertainty in the external environment, • Risks related to governance lapses

specifically geopolitical
• Employee fraud
• Opportunities in enhancing vigil and monitoring • Opportunities in boosting staff training

through tech toolsslippages • Opportunities in deeper technology use for enhanced
alertness
Innovation and Transformation
Introduction of AI-based AML Transaction

Monitoring Software
Impact created
Strengthening our monitoring process to screen risk-prone customers and safeguard against abuse of our platforms.

OUTLOOK
• Remain vigilant and ensure proper KYC while onboarding customers and establishing new relationships
• Identify true beneficiary owner (BO) and identify the purpose of account opening
• Ensure vigilant monitoring to screen-out risk-prone customers
• Ensure full AML-CTF compliance with all regulations and regulatory updates
• Strengthen the compliance culture
LEADERSHIP MESSAGE an-AI based automated alert generation tool to identify and
report high-risk transactions abusing our banking channel
AML & CFT has played a vital role to detect ML/TF risks across the
bank and mitigate those by taking preventive measures, as per • Conducted rigorous training and awareness programs to make
Bangladesh Financial Intelligence Unit’s (BFIU’s) guidelines and our resources more aware and familiar regarding ML/TF issues
regulatory acts.
• Re-designed our public awareness materials (posters/leaflets)
In 2023, we have witnessed a surge in new risks associated with for ensuring greater effectiveness
digital hundi, crypto-currency trading and illegal gaming/betting
related transactions. There has also been a rise of other financial To continue the momentum, this year too we have planned to
scams, like fraudulent e-commerce transactions, gift scams and initiate a pan-bank training and awareness module to cover a
fake pyramid or multi-level-marketing (MLM) schemes. wider cross-section of our teams. Divisions that are more prone to
ML/TF risks, such as Trade and Credit, will be integrated with the
We have undertaken several preventive measures in this regard: AML software to help mitigate those risks. Further, to combat new
fraudulent trends we plan to initiate monitoring systems on MFS-
• Introduced a one-of-a-kind Transaction Monitoring Software, DFS transactions too.

Our Foundations
With IR & SDGs
Credit Risk
Management
City Bank’s Credit Risk Management Division is a key function that sustains a sound, systematic and seamless
approach to credit risk management, ensuring operational continuity and ensuring risk governance and
compliance. It also fulfills some specific roles, such as conducts credit risk “modelling” and analysis for a
forward view on risks, builds capacity to face any elevated credit risk situations through buffers, and fosters
best practices in credit risk management within the bank.
OUR ACTIVITIES
Credit risk management has taken centerstage, especially amidst the challenging geopolitical situation and volatile and unpredictable
economic environment. It has emerged as a key concern for financial institutions as it is a direct threat on financial stability.
Functional update
The bank’s CRM is committed to holistic risk mitigation in all its operating areas and ensuring the implementation of the right risk strategy.
We achieve this through a combination of in-depth risk assessment, continuous monitoring, proactive identification of potential threats,
and ongoing communication and training sessions to ensure that all stakeholders are well-informed and aligned with our risk-mitigation
strategies. Our CRM process is given below:
Characterize Substantiate Appraise Prioritise
Challenges that The significant factors Our underwriting Effectively managing

could influence the crucial for shaping our standards, practices and NPL within an acceptable
sustainability of our strategy and achieving strategy remain aligned range and reducing
earnings and contribute our targets. and pertinent to the stressed portfolio, while
to the creation and prevalent times. onboarding potential
preservation of value for businesses to ensure
our stakeholders. sustainable growth.
Fostering a risk-aware culture practice, risk detection and mitigation are integrated as key
performance indicators (KPIs) for all loan officers.
Due diligence by CRM extends beyond conventional assessment to
include a comprehensive borrower evaluation from a holistic risk Similarly, CRM ensures the adoption of a credit risk appraisal
perspective. Only after this is complete can the business division methodology through its dynamic policies, including the CRM
onboard a customer. To incentivise the borrower assessment Policy, that guides the credit procedure and supports green

banking initiatives. Additionally, CRM also co-ordinates with the KEY REPORTABLES, 2023
CRM Committee which constitute members from the business,
risk, finance and recovery departments, to scrutinize the bank’s NPL management
portfolio strategy. The Credit Monitoring Cell, as an extended arm
of CRM, further ensures asset quality through being vigilant on any Although the year 2023 stayed challenging on account of
risk build-up. geopolitical complexities and domestic macro challenges, the team
worked hard to achieve the bank’s short- and mid-term goals and
CRM Committee handles large loans, rescheduling and major credit was prudent in maintaining asset quality.
decisions. Additionally, our Deteriorating Credit Monitoring Team
(DCMT) assists in monitoring accounts at the portfolio level likely to
fall into the stressed/default category. NPL SCENARIO: CITY BANK VS INDUSTRY
Industry City bank
Credit Monitoring Cell has been established after a strategic
modification in the CRM organogram. This alteration aims to
9.36 3.85 9.93 3.50
enhance the monitoring of credit health, with a specific focus on
identifying early warning signals, tracking stressed and overdue
accounts and covenants, etc.
Providing assurance through a multilayered risk-protected

approach, our credit risk framework encourages accountability and
promotes clearly defined roles for risk management via the three
lines of defense concept.
The 3 lines of defense include:
• 1st line of defense: The business lines engaged in revenue-

2022 2023
generating activities responsible for implementing risk
management through their daily operations.
The strength of City Bank’s CRM is exhibited in its ability to monitor
• 2nd line of defense: CRM that provides rules, structures and and keep NPLs low. The bank has been able to lower its NPL
management strategies to mitigate risk and ensure compliance compared to the previous year, declining from 3.85% in 2022 to
of the first line. 3.50% in 2023, against the industry average of 9.93% (as of Sep’23).
This is the outcome of meticulous evaluation of borrowers during
• 3rd line of defense: The Internal Control and Compliance Division credit appraisal, diligent credit monitoring post-disbursement, and
(ICCD) that provides independent assurance that the first two a rigorous credit risk management framework.
lines operate efficiently and in accordance with internal policies
and statutory laws, while also advising on improvement plans. Policy upgradation
CRM fortifies the bank’s underwriting practice on the one hand, CRM plays a key role to facilitate stronger risk governance,
while assuring recovery in the event of a default on the other. accountability and transparency, guided by the central bank's
Deployment of credit assessment, monitoring and collection approach to policy that promotes best practices to lower default
technology ensures assurance, supporting a user-friendly credit rates. As part of CRM's commitment to streamlined and effective
analysis framework for accommodating borrower demands service to all customer segments, it implemented policies that
without compromising credit judgment. were adopted by the entire organization.
Ace in CRM In response to changes in the regulatory environment and business

dynamics, we intend to continue updating our policies, procedures
CRM’s Project Inspection & Assessment Department (PIAD) and risk assessment frameworks for effective management of
comprises seasoned experts, tasked with evaluating the viability, default/unforeseen risks. Specifically, our loan drawdown schedule
value and performance requirements of projects. To ensure has been integrated into the policy to ensure that customers use
meticulous appraisal of the borrower’s loan file, PIAD conducts credit responsibly. A rigorous Credit Risk Policy has also been
compliance monitoring and technical feasibility in its assessments. developed and implemented by the bank as a response to the
Furthermore, the division’s stock inspection team enhances credit prevalent economic volatility. The right frameworks enhance
judgement by evaluating the stock position of borrowers. competitiveness, mitigate economic shocks and expand access to
capital required to stimulate credit-related growth.
Sustainable finance and green banking
Credit supervision
Offering traditional banking products to borrowers with a consistent
credit history has been shown to be successful. However, our In our quest for excellence, CRM improved its covenant tracking
commitment extends to serving socially-conscious borrowers too system to ensure proper follow-up and fulfillment of the approved
with a philosophy that takes into cognisance the impact of our covenants, which reduced credit risk. The tracker will enable internal
financing activity on the environment. City Bank’s CRM aims to teams to be more vigilant and diligent in monitoring covenants,
achieve sustainable and socially beneficial development through which will help maintain asset quality and strengthen credit due
sustainable financing and green banking. diligence. This apart, CRM plans to implement some other credit

Our Foundations
With IR & SDGs
appraisal tools too, aiming to upgrade the evaluation process of the internal stakeholders are aware of market information and
borrower’s business performance. perform strategically by limiting the underlying risk of volatile
commodity markets to maximize risk-return trade-offs, CRM
Interdisciplinary training and development provides a monthly commodity price bulletin for the bank's internal
stakeholders.
As part of our efforts to equip cross-functional teams with the
necessary skills in assessing borrower needs, CRM has conducted
Critical account management
numerous trainings and workshops, including on project financing
of manufacturing concerns, SMV calculation of RMG industries, CRM plays a key role in the effective management of stressed
measuring carbon emission and utilizing credit risk analysis tools. accounts through early detection of classified loans and via
These provide the insights necessary to evaluate borrowers to
sound credit judgment. It has implemented an early alert system
sustainably expand the bank's loan book. Our goal is to nurture
where portfolio managers can raise early account deterioration
this cross-functional training culture that is beneficial to the whole
signals for potential action. The department has also developed
organization.
a methodology for identifying and categorizing stress portfolios,
Augmenting intellectual competence as well as maintaining a strategy for each account to improve
the credit portfolio monitoring. The DCMT’s meeting agendas
It has always been a top priority to foster cross-departmental include SMA loan monitoring, rescheduled loan monitoring and
knowledge sharing and enrich understanding. To ensure that documentation deferral monitoring to augment portfolio vigilance.
KEY RESPONSIBILITY
Head of CRM
OWNERS
Capital IMPACT
Contribute to profits through lowering potential provisions

FINANCIAL
Arm team members with knowledge, insights and skills necessary to perform credit risk management
responsibilities
People
Promote green finance
Natural Build team capacity to assess impact of loans on the environment and ecology
ENTERPRISE ESG
Risks Risks
• Deterioration of credit quality • Internal deficiencies that could prevent credit risk
monitoring
• Inability to control loan loss provisions
• Enhance portfolio surveillance and monitoring • Focus on resource capacity-building and internal
process strengthening
• Take early and proactive action to prevent slippages
• Opportunities in establishing appropriate pricing and
terms for credit products, reflecting inherent credit risk

Outlook
• We will implement strong credit appraisal tools aimed at upgrading the evaluation process of borrower’s business performance
• We intend to take additional measures to update stakeholders on the economic outlook to reinforce their decision-making
• We will reinforce our robust risk management culture, supported by prudent underwriting standards and policies and seasoned
resources, which will assure a high-quality portfolio for the bank in the present and in the future
LEADERSHIP MESSAGE warning signs.
The biggest hurdle to investments are economic disruptions and In the context of customer onboarding, which marks the origination
inflation, which can trigger the risk of NPLs. Moratorium policies of any future credit risk challenge, CRM gives due consideration to
from the peak of the pandemic are still evolving, and default analyzing the customer’s financial profile. This assessment is the
risks persist, especially with borrowers getting habituated to critical first step in appraising creditworthiness in the underwriting
deferred payments. In Bangladesh, there is rising credit demand, process and scrutinizing relevant market and industry risks
yet the banking sector faces insufficient liquidity to meet this and other environmental and social factors associated with the
demand. Thus, acquiring borrowers with a strong credit profile customer’s loan application. Such an approach aids in addressing
is a prerequisite to maintaining asset quality and income in this probable risks that may arise through the onboarding process and
challenging environment. progressively across the lifecycle of the loan.
The situation has been exacerbated by the surge in global The Board of Directors of City Bank serves as the bank’s ultimate
inflation, interest rates, supply chain disruptions and cross-border authority, vested with the decision-making power of sanctioning/
transportation costs, coupled with dwindling remittances, resulting non-sanctioning loans. The Board has delegated credit approval
in a severe foreign currency crisis and subsequent devaluation of authority to the Managing Director & CEO who further assigns it to
the local currency. This has had a profound impact on the banking officials of CRM based on their credit evaluation ability, experience
sector too, as banks were forced to reduce their import business, and domain expertise.
leading to a major impact on non-funded income.
To assist the management in the credit underwriting and loan
The regulatory decision to eliminate the interest rate cap, sanctioning process, the Board has developed a comprehensive
transitioning to a market-based interest rate, has pushed up credit framework. In collaboration with other stakeholders, CRM
deposit rates. Yet, despite increasing deposit rates, some banks are has created a detailed Credit Risk Management Policy (CRMP). This
grappling with a liquidity crisis due to balance sheet weakness and policy is updated as per requirement from time to time and outlines
lax governance standards. They have been truly caught in a flux. fundamental principles for recognizing, assessing, authorizing and
managing credit risk.
The removal of relaxation on adverse loan classification guidelines
by the central bank has further deteriorated the NPL scenario. This The robust CRM framework and ability to deliver on this framework
in turn has enforced additional loan provisions, with customers is reflected in the bank’s NPL, which stood at 3.50% in 2023,
also having to bear the burden of inevitable forex losses. In this significantly lower than the industry NPL avg of 9.93% (Sept-23).
context, the Credit Risk Management (CRM) Division has ensured
sustainable credit growth, maintaining vigil and surveillance to We will continue to maintain our focus on best practices in credit
prevent slippages, while taking necessary steps in any early risk management.

Our Foundations
With IR & SDGs
Risk Management
Division
City Bank’s Risk Management Division (RMD) places culture and awareness as fundamental facets of risk
management, even ahead of any risk-taking and risk mitigation actions. RMD truly believes that the bank’s
risk management, in its own unique way, is a people-centric activity that originates out of the culture and
awareness among the people of the bank. Hence, the key task of the RMD is to create “risk champions” who
can identify risk appropriately, pre-plan various scenarios, devise appropriate and effective responses, and
build judgement on risk-reward settings. The overall thrust is to enable the bank to progress on its targets and
goals with sufficient margin of safety.
OVERVIEW the attention of the senior management, ERMC and BRMC,

making the platforms even more robust and effective.
City Bank recognises the importance of a strong risk-aware culture
that is primarily a deep-dive into shared attitudes, beliefs, values • Presented DuPont Analysis, delving into the breakdown
and standards that shape behaviors, including those related to risk of Return on Equity (RoE) of the bank and its peers and
awareness, risk-taking and risk management. All employees are drawing out potential risk areas and challenges in improving
responsible for the management of risk, which helps build collective the key financial metric, leading to a discussion on possible
accountability. We believe that such a cooperative and shared improvement actions.
responsibility creates fortified foundations of the bank to achieve
its plans and targets. Directing and superintending risk at the head • Presented the bank’s comparative position against peers in
of the table is the bank’s Board of Directors who are vested with Return on Asset (RoA) metric and capital adequacy under
the concept of Risk Index, facilitating insightful discussions.
the ultimate responsibility of risk mitigation and outcomes.
• Presented Residual Income Analysis (concept of income
OPERATIONAL UPDATE, 2023 after deducting shareholders’ opportunity cost) of the
bank with peer comparison, thus enabling a review
City Bank’s business environment is affected by diverse factors,
of profitability from shareholders’ perspective, taking
triggering constant shifts that make resilience and adaptability
investors’ opportunity cost into consideration.
paramount. In this setting, RMD works to support the top
management, ERMC, BRMC and various teams to collaborate and • Applied time-tasted customer analysis tools on sampling
jointly foster a risk-aware culture. In this endeavour, the year 2023 basis for early detection of default risk. Insights from the
was a remarkable journey for the bank’s RMD. analysis were presented before the ERMC, facilitating
discussions on its utility in further strengthening
• The division supported and coordinated six BRMC and twelve
underwriting decisions.
ERMC meetings, two important risk platforms of the bank.
These meetings were instrumental in ensuring comprehensive • Conducted Return Analysis on large exposures, generating
evaluation of internal and external risk landscape, providing insights on risk vs. return profiles for the portfolio.
updates on risk management strategies, collaborating with
responsibility centres to identify underlying causes of risks, • Worked to assist BRMC in setting the leadership tone through
and developing mitigation measures for the committees to developing the Risk Appetite Statement in alignment with the
execute. bank’s strategy, values and business needs.
• Enhanced the follow-up and implementation process for ERMC • Supported the BRMC in setting quarterly risk KPIs, in alignment
and BRMC resolutions with follow-ups and collaboration with with the strategic goals and risk environment through critical
action owners in other teams, thus achieving implementation analysis of major risk indicators.
of risk management resolutions.
• Enhanced non-credit risk management areas under the
• RMD brought important emerging risk issues and concepts to Enterprise Risk Management umbrella, including FX risk, forced

loan, IT risk, concentration risk, sustainable & green finance, & Loss Data Management, roles and responsibilities of risk
and impact of regulatory changes. champions and subject matter experts, and other operational
risk management issues.
• Promoted RWA (Risk-Weighted Assets) optimization though
risk mitigation with different initiatives in multiple phases. Also • Visited several branches following risk-based approach
assisted other divisions to understand capital allocation for to monitor the control effectiveness at the field-level. Key
their exposures, facilitating strategic realignments of the loan takeaways from these visits were presented and discussed at
book. Also pursued rating coverage enhancement of different ERMC.
portfolios that led to a progressive reduction in RWAs. Through
active participation in SRP-SREP dialogue with Bangladesh • Reviewed policies and procedures to identify potential risk
Bank, RMD worked for enhancing the Pillar-II capital efficiency. exposures. Risk issues were escalated and discussed at
ORMC (Operational Risk Management Committee) to expedite
• Assisted in communication with Bangladesh Bank and resolutions, where risk champions were engaged to deliver on
supported foreign credit line providers for information, analysis the action plans.
and competitive advantages of the bank from a risk perspective.
• Worked with the Sustainable Finance team with information
• Contributed to different process transformations and and feedback in presentation on their activities and
innovations to enhance operational resilience. achievements, and escalated the bank’s sustainable and green
finance progresses to BRMC.
• Reinforced operational risk management framework, defining
explicit roles and responsibilities of the Three Lines of Defence • RMD was involved in several automation projects for risk
(3LoDs), while reinforcing key ORM tools such as Risk and monitoring processes and tools that will result in enhanced
Control Self-Assessment (RCSA), Key Risk Indicator (KRI) and visibility, control and better decision-making.
Incident & Loss Data Management to enable the bank to adopt
a more diversified strategy in addressing operational risk. • Actively participated in dialogue with the central bank, engaged
with relevant stakeholders within the bank, and ensured
• Collaborated with IFC in transforming the ORM structure. necessary escalation to the top management and the Board to
Facilitated training for 416 participants on RCSA, KRI, Incident enable successful adoption of new regulatory directives.
KEY RESPONSIBILITY
Chief Risk Officer (CRO)
OWNERS
The CRO is entrusted with the responsibility of upholding the risk perimeters and the enterprise risk management framework, monitoring
risk categories and overseeing appropriate mitigating actions. The CRO is central in embedding a culture of risk orientation across the bank.
Capital IMPACT
• Contribute to the financials through loss prevention due to improved enterprise risk management
Financial
• Develop strong infrastructure for risk surveillance and monitoring
Manufactured • Create robust processes that support risk control
• Contribute to the bank’s knowledge pool with personnel with professional qualifications and accolades
• Constantly analyzing the bank’s overall risk profile against own performance history and peer banks
Human performance

Our Foundations
With IR & SDGs
ENTERPRISE ESG
Risks Risks
• Weak risk controls • Compliance-related risks

• Failure to detect risks
• Continuously foster a risk-aware culture • Ensure timely report submission to regulators

• Remain proactive in risk identification and management • Improve risk identification and surveillance capacity
• Opportunities in bolstering risk management framework
as per regulatory guidelines
OUTLOOK
Bangladesh’s banking industry has embarked on a transformative journey through tighter regulations and better supervision to
ensure faster recovery from legacy issues. City Bank’s RMD will continue to evolve to remain abreast of industry and regulatory
guidelines, shifting to risk-based guardianship and will continue to proactively identify and mitigate potential risk exposures of
the bank.

SPECIAL ASSET MANAGEMENT
City Bank’s Special Asset Management Division (SAMD) plays a major role in managing non-performing
assets (NPAs). As a specialized division, it handles loans or assets that are at risk of default or have already
been classified as default. The key objective of the division is to minimize losses, recover maximum value from
distressed assets and regularize loan accounts. Thus, it contributes a valuable “plus” to the bank’s profitability.
OUR ACTIVITIES team monitors and follows-up on legal measures. These actions
have comprised invoking the standard Artha Rin or NI (Negotiable
In managing public funds, City Bank has an obligatory responsibility Instruments) Act and has also gone beyond to ensure success in
to customers, shareholders and the wider society. Hence, in cases recovery.
of default, the bank becomes proactive in credit recovery, which is
fulfilled by the SAMD. SAMD collaborates with all departments, particularly Corporate,
Commercial and SME (non-PPG) to deliver optimal outcomes in
With strong experience over the years, SAMD has built specialized
credit recovery amidst various circumstances of the borrower. In
expertise in default management and has enabled the settlement
of even long-overdue accounts through collateral liquidation. order to assure proactive follow-up, beginning with the earliest
The division thus plays a key role in contributing to the bank’s phase of default, it increased delinquent monitoring via the
profitability through the recapture of classified/written-off loans as recoveries department.
well as via the release of interest suspense and unapplied interest.
A team of 34 experienced professionals work at SAMD to carry out
From March 2021, SAMD has also been entrusted with managing the responsibility not only for the bank and also for the public as
the legal actions associated with the bank’s portfolio accounts. The protection of their funds.
DIVISIONAL STRATEGY
While SAMD is focused on NPL management, it is also a strategic income-driver through the following ways by which it contributes to
revenue:
Revenue from reduction in provision

Interest revenue from Revenue from any recovery from requirements through recovery/
1 rescheduled accounts 3 written-off accounts 5 rescheduling
Revenue from interest Revenue from recovery of Revenue from unapplied

2 4 6
suspension on realization basis legal expenses interest
KEY REPORTABLES, 2023
1
• Ensured recovery of BDT 1,500.39 mn, surpassing the annual target by 116%
2 • Recovered funds from as many as 128 accounts transferred from business to SAMD

Our Foundations
With IR & SDGs
3
• Recruited skilled manpower to ensure smooth functioning and attainment of targets
4 • Adjusted 37 accounts in full
5
• Successfully released 11 assets under auction through different sections of ARA-2003 and subsequently
adjusted with the related accounts by the bid/approved amount
5,490 mn 1,500 mn
Recovery by SAMD over the past 5 years (BDT) Recovery by SAMD in 2023 (BDT)
KEY RESPONSIBILITY
Head of SAMD
OWNERS
Capital IMPACT
• Contribute to profitability through credit recovery
FINANCIAL • Contribute to loss avoidance through write-off prevention
• Ensure process-based credit lifecycle checks across the bank
Manufactured • Utilize technology to provide early signs of any default
• Extensive ongoing training, especially in the wake of rise in default cases

People
• Maintain public goodwill

Social and Relationship
• Add to the rich library of experience acquired over the years

Intellectual

ENTERPRISE ESG
Risks Risks
• Rise in wilful defaults • Inability to recover default credit in part or in full

• Inflation-induced slowdown triggering a rise • Impact on systemic stability due to rise in defaults or
in defaults inability to extract value from w/o accounts
• Implementation of tighter credit checks, especially • Opportunities in tightening credit checks

at origination and underwriting • Opportunities in improving governance standards
• Profitability impetus through recovery of written-
off (w/o) credit
OUTLOOK
• Enabling more stringent account monitoring
• Engaging external (third-party) debt collection agencies to expedite recovery
• Ensuring continual follow-up on regularized accounts to prevent any backsliding
• Ensuring accurate and timely MIS to support management decisions and compliances
• Ensuring excellence in reporting to Bangladesh Bank
• Adding specialized manpower to address particular needs while reducing attention on smaller, time-consuming accounts
• Working closely with all concerned divisions to expedite recovery
• Emphasizing on legal efforts to vacate the order of stay and discharge of the rule from the Hon’ble High Court
• Resolving classified loans through out-of-court settlements

Our Foundations
With IR & SDGs
Credit Administration
City Bank’s Credit Administration Division (CAD) ensures the highest compliance in documentation and
supports minimizing credit operational and residual risk. The key responsibility of CAD is achieving all post-
approval activities of Corporate, Commercial, SME-Medium and OBU credit facilities, both conventional and
Islamic mode of finance, which include documentation, transactions, monitoring and credit reporting to
regulators. Thus, it ensures all ticks in its “checklist”.
OUR ACTIVITIES
CAD has played a key role in fostering a culture of credit discipline. This has not only contributed to risk ownership and responsibility, but
also facilitated a structured and proactive approach to meet regulatory requirement.
CAD identifies, analyzes and controls credit risk based on an all-inclusive view of the credit risk cycle in the documentation, transaction and
portfolio levels as a whole. It aims to foster a risk-aware discipline that monitors and evaluates credit risk models, the bank’s analytical
capacity, compliance with policies and guidelines and other related factors. It is also accountable for proper documentation, as per prior
approvals for loan disbursement facilities.
MAJOR FUNCTIONS
Security Credit Operation Credit reporting & CIB generation and Audit compliance & Business
documentation of Transaction in Core loan classification reporting stock inspection management (MIS)
loan portfolio and Banking Systems with provisioning
custodian (CBS)
1
Successfully completed the bank’s CIB data remediation project and introduced integrated CIS software for real-
time BB CIB reporting
2 Successfully accomplished the SBS remediation project by incorporating SBS sector and economic purpose code in
core banking system for error-free reporting.
3
Launched 360o global exposure tank where borrower’s liabilities (funded and non-funded) can be taken from
core banking software (Finacle & AbabilNg) from a single location.
4 Loan Excise Duty (ED) collection initiated from CASA.
5
Facilitated claiming and receiving refinance and interest subsidy against working capital, CECRFP and CMSME
stimulus packages.

KEY RESPONSIBILITY
Head of Credit Administration
OWNERS
Accomplishing responsible contribution:

In 2023, CAD maintained accounts of various stimulus packages, in compliance with regulatory directives. During the year, the bank claimed
and obtained refinance against WCSP, CMSME and CECRFP fund amounting to BDT 4,130.3 million at bank rate of 4%, while the bank earned
interest on the basis of floating rate plus SMART rate.
Package Refinance obtained (BDT mm)

WCSP 1,364.5
CMSME 2,080.3
CECRFP 685.5
As outcome of strong monitoring by CAD, a special general provision of BDT 178.4 mn was released in 2023 and transferred to income
against COVID-related financing, which was held as per regulatory directives.
Capital IMPACT
Contribute to profitability through release of provisions and via availing funds from refinance window at
lower rates
Financial
Strengthen credit checks, etc., through new tech implementation in the core banking system
Manufactured
Reinforce training to ensure constant credit vigil

People
ENTERPRISE ESG
Risks Risks
• Inability to release provisions & suspended • Potential governance lapses through lack of
interest oversight
• Utilize technology for comprehensive credit • Opportunities to enhance bank-wide credit discipline
supervision and documentation archive • Opportunities to avail lower-cost credit through
refinance channels and aiding NIM

Our Foundations
With IR & SDGs
OUTLOOK
• Automation of regulatory returns in accordance with the regulatory template, which will reduce TAT, decrease manual
work and boost productivity.
• Automation of documentation and archiving will result in reduced TAT, enhanced compliance and ongoing monitoring.
• Verification of thumb impression through NID database through a software/API to capture and integrate biometric
thumb impression in our existing core banking software (CBS) that will contribute to excellence in documentation.
• Automation of loan classification and provisioning reporting and collateral value with security segregation in CBS that will reduce
TAT and lower man-hours spent with reduced human errors.
• Automation of loan supervision charge in existing CBS, complying with regulatory directives.

Internal Control
and Compliance
City Bank’s Board has set up an internal control system to manage the key risks facing the bank, while pursuing
business and operational excellence. The system is adaptable to assessing risks, ensuring they are effectively
managed within reasonable limits.
STRATEGIC INTENT
The strategic intent of Internal Control & Compliance Division (ICCD) of City Bank is to ensure the soundness, integrity and transparency of
the bank’s operations thus to protect stakeholder interests and expectations.
Key objectives of the ICCD are spotlighted below:
To support the strategic goals and vision of the To comply with laws, rules, regulations and
bank and to create value for stakeholders. guidelines issued by Bangladesh Bank and other
regulatory authorities.
To enhance the efficiency, To identify, assess, monitor and

effectiveness and quality of the mitigate risks associated with the
bank’s operations and customer bank’s activities, products and
service. services.
To promote a culture of ethics, To establish and maintain effective

integrity and accountability among policies, procedures, systems and
the staff and management. controls to prevent and detect fraud,
errors, irregularities and financial
crimes.
To safeguard the assets and resources of the To ensure reliability, accuracy and timeliness
bank from unauthorized use or loss. of financial and non-financial information
disclosure.
REVIEW strategies to effectively identify, analyze and govern risk with

sound internal controls and standards.
A bank must manage public money with care and keep the system
liquid and fair. A bank must also sustain its structure and prevent The Board monitors risk governance and provides assurance that
any contagion effects. A bank must balance risk and reward and the bank’s systems are sound and fit to manage and mitigate
oversee any untoward risk formations. any risks. The Board also ensures disclosure and reporting as per
Bangladesh and international accounting standards.
City Bank is well-aware of its role in Bangladesh’s financial sector.
The bank’s Board has devised the necessary frameworks and The bank adapts to changing times and updates its policies and

Our Foundations
With IR & SDGs
guidelines that enable effective control and compliance. with the • Reporting audit results and findings to the Audit Committee of
macroeconomic uncertainties in Bangladesh driven by the Covid-19 the Board and the senior management.
pandemic, the political instability, the natural disasters, and the
trade tensions with India and China have affected the GDP growth, • Coordinating and facilitating external audits and regulatory
the inflation, the exchange rate, the fiscal deficit, and the external inspections.
debt of the country. As a major player of the country’s economy,
the bank monitors and manages macroeconomic risks and their • Providing advisory and consulting services to the bank's
potential impact on asset quality, liquidity and profitability. The management and staff.
Board also employs a risk-based audit approach, helmed by its
• Promoting a culture of ethics, integrity and accountability
ICCD. The bank complies with all policies and rules and respects all
within the bank.
regulatory norms and standards.
The following are some of the other key facets of ICCD’s
The Corporate Governance Report on page 356 of this report details
responsibility and the way impact is created.
the bank’s implementation of internal controls and regulation.
Branches:
KEY TRENDS IN THE OPERATING ENVIRONMENT
A branch risk and control matrix has been developed, which is
At City Bank, we are committed to achieving long-term growth
updated on an ongoing basis. This matrix enables us effectively
in a complex world. We operate in a country that faces various
engage in branch audits using a standardized approach via a robust
challenges that affect our business and investment climate, such
IT platform with the support of all stakeholders, including branches,
as political uncertainty before the national elections, foreign
operations and different bank divisions. Our team works with the
exchange scarcity, global conflicts affecting stability of the entire
branches to fortify their risk and control environment by escalating
world economy and climate change and sustainability issues.
high-risk issues to the relevant MANCOM members for sufficient
We have overcome the challenges by adhering to ethical and legal resolution.
standards, diversifying our funding sources and ensuring robust
risk management, improving our security and contingency plans, Head Office divisions:
and reducing our environmental impact while enhancing our social
The HO & FX audit teams utilize risk and control matrices to audit
contribution. To achieve our long-term objectives, we have adopted
various divisions and subsidiaries. They report and resolve high-
a sustainability framework that integrates financial, environmental
risk issues with the leadership team, including relevant MANCOM
and social aspects of the organization and ensures compliance and
members/CEO. They also review and improve the policies,
governance through audits and evaluations.
processes and SOPs to identify any possible control gap/s for
ICCD’s key initiatives of 2023 are mentioned hereunder: process improvements of the audited entities.
• Ensuring compliance with the laws, rules, regulations and Coordination of Central Bank inspections:
guidelines issued by Bangladesh Bank and other relevant
authorities. ICCD’s compliance team is the bridge between City Bank and
Bangladesh Bank. They handle all rules and regulations with proper
• Adopting a proactive and holistic approach to regulatory care. They follow recommendations and advisories and close issues
compliance and financial crime prevention, and collaborating in a time-bound manner. They ensure the bank remains compliant
with regulators, law enforcement agencies and other industry at all times.
players to prevent and combat financial crime within the bank.
Monitoring of regulatory correspondences and impact analysis of
• Enhancing operational resilience by strengthening governance, new regulations:
processes, systems and culture and testing and monitoring
their resilience capabilities and plans. ICCD enhances the bank’s risk and control environment by
monitoring all regulatory correspondence from the regulators
• Developing and implementing an annual audit plan based on a through independent assessment and compliance assurance
risk-based approach. to new regulations and approval conditions on various issues.
The Monitoring Unit uses the advanced tool, ‘Regulatory Report
• Conducting audits of various business units, functions and Tracking System (RRTS)’ to ensure timely response to all regulatory
processes of the bank. correspondence. It also oversees the periodic regulatory reporting
by different departments/divisions, as per regulatory requirements.
• Evaluating the adequacy and effectiveness of the bank's
internal control system.
Employee awareness:
• Identifying and reporting the weaknesses, deficiencies and
ICCD provides regular training and conducts workshops for
non-compliance issues.
participants to enhance ICC audit awareness, especially on AML &
• Recommending corrective action and improvement measures. CFT issues. This training is especially offered to branch employees
who, as frontline staff, are key to our operational excellence and
• Following up on the implementation of audit recommendations. risk mitigation initiatives.

How our internal control & compliance framework works ICCD’s key functions are illustrated in the following diagram
City Bank has an unwavering focus on risk identification and

mitigation, which is an essential part of our business activities. We
foster a risk-aware environment, where everyone contributes to ICCD
managing risk in a way that benefits the bank. We have a sound risk
governance framework that weaves our internal risk assessment
standards into our daily operations and management processes.
We monitor and control our risk exposures and maintain a positive
risk profile.
The ICCD ensures effectiveness of the bank’s risk management Audit & Information Compliance
Shariah
processes. It supports the organization’s strategic objective of Inspection Systems & Monitoring
Audit Unit
achieving sustainable growth through prudent risk-taking. It reviews Unit Audit Unit Unit
and aligns internal controls and policies with the bank’s vision and
assures compliance with the relevant laws and regulations.
AUDIT & INSPECTION UNIT
Mandate:
Ensure reliable audit process for internal control systems.
Composition:
The unit consists of an independent and competent team that reports directly to the Board Audit Committee, demonstrating the unit’s
significance in the overall organization.
The unit is further sub-divided into three wings:
Branch Audit Head Office Audit Foreign Exchange

Wing Wing Audit Wing
The bank’s major business divisions (front-end) and support • Provision of relevant advisories for risk mitigation and
segments (back-end) are subject to comprehensive audit by anticipation of potential risk areas.
the Audit & Inspection Unit, which independently identifies and
assesses key operational risks across the bank. • Protection of the bank’s operations and reputation in support
of its growth objectives.
The unit applies a risk-based internal audit methodology, which
prioritizes audit areas and allocates audit resources based on The unit also performs special investigations and surprise
risk assessment, rather than conducting full-scale transaction inspections, in line with the bank’s internal audit and compliance
testing. The key objective of the risk-based internal audit is to framework.
provide reasonable assurance to the bank’s Board and senior
management on the adequacy and effectiveness of the risk and INFORMATION SYSTEMS AUDIT UNIT
control framework.
Mandate:
Risk-based internal audit involves:
• Selective transaction testing. Investigates processes and IT assets and controls at different
levels within the organization. It uses regular audit processes under
• Evaluation of risk management systems and control procedures the approved annual audit plan to assess how well the bank follows
in various functions of the bank's operations. the rules and standards that apply to it.

Our Foundations
With IR & SDGs
Scope of audit: only real issues are reported.
City Bank depends on its technology systems and processes to • Analyzes issues raised by the regulators, discusses with the
operate efficiently and achieve its mission and business objectives. issue-owners to develop concrete action plans to fix the issue,
The Information Systems Audit Unit guides the organization to checks compliance responses and dispatches them to the
understand, assess and improve its controls to protect information regulator in a time-bound manner.
and IT systems and processes, monitor and improve performance
and accomplish objectives and intended outcomes. • Deals with compliance activities from internal/external audits
and follows up in a way to ensure holistic compliance.
The audit scope comprises:
• Formal audit methodologies to look at IT-specific processes, Monitoring Unit:
capabilities and assets and their role in making the organization’s
• Keeps an eye on the effectiveness of the bank’s internal control
business processes work efficiently.
systems by spotting key/high risk events or trends.
• IT components or capabilities that help other areas that need
auditing, such as financial management and accounting, digital • Even though monitoring controls is a basic pillar of the overall
banking, cyber threats, data security and integrity, transaction compliance and monitoring function, it independently fulfills its
controls, operational performance, quality assurance and roles and responsibilities.
governance, risk management and compliance (GRC).
The monitoring procedures involve the following key activities:
SHARIAH AUDIT UNIT
• Verify the internal control system and operational activities
through implementation of the Departmental Control Function
Mandate:
Checklist (DCFCL), the Quarterly Operational Report (QOR) and
Assess the risk rating for Shariah non-compliance and verify the Loan Documentation Checklist (LDCL).
whether the bank’s Islamic Banking business follows the specified
• Monitoring operational performance standards of different
guidelines and principles of Islamic Shariah, as defined by the
branches and divisions and highlighting any perceived or real
highest authority, the Shariah Supervisory Committee or SSC and
deviation.
Bangladesh Bank regulations.
• Preparing the Self-Assessment of Anti-Fraud Internal Controls
COMPLIANCE & MONITORING UNIT report and submitting it to Bangladesh Bank.
Mandate: • Preparing the annual ICC report on the health of the bank and
submitting it to the Board.
Compliance Unit:
• Tracking regulatory requirements.
• Connects regulators and the bank in a transparent way so that
OUTLOOK
Some of the major focus areas for the current year will be:
• Enhancing the risk governance culture by ensuring compliance to the roles and responsibilities of the internal control functions.
• Implementing comprehensive and integrated risk management framework covering all types of risks, including strategic, financial,
operational, compliance and reputational risks.
• Adopting and applying international standards and best practices for internal control and compliance.
• Focusing on risk-based audit approach, including a holistic control assessment of the policies, processes and SOPs; proper
identification of risk issues; their impact analysis; and escalation to the top management for resolution and issue closure for the
purpose of improving the risk and control environment documented in the quality audit report.
• Investing in and upgrading automation technologies and digital systems to improve efficiency, agility and customer experience
and also reduce human errors and frauds.
• Strengthening data governance, data quality, data security and data privacy policies, procedures, systems and controls, and
leveraging data and analytics to generate insights and value for the bank and its customers.
• Improving operational resilience and business continuity management and testing and monitoring the resilience capabilities and
plans regularly.
• Maintaining relationships with various regulators and complying with their requirements within the given deadlines. Also ensuring that
any issue that is unexpected, inaccurate, or biased is avoided by escalating it to the appropriate team and providing timely resolutions.

Procurement
City Bank’s Procurement Division provides assurance on the cost-effective and timely availability of resources
and services essential for the bank’s operational continuity. It has developed an ecosystem of reputed
suppliers and service providers, ensuring ethics in the procurement process and has also utilized digital tools
for more efficient deal closures. Thus, the focus of Procurement is to foster a “partnership-based” approach
for mutual and repeatable success.
1,509 mn 14%+
Total PO value in 2023, up by 86%+ in the past five years Savings generated as a % of PO value of 2023
OUR ACTIVITIES KEY REPORTABLES, 2023
The Procurement Division plays a key role in the bank’s operations. • Increased emphasis on cost savings and procuring the best
It is responsible for procuring high-quality goods and services at value for purchased goods and services
the lowest possible cost, while upholding the bank’s procurement • Obtained savings worth BDT 216 mn against PO value of BDT
norms and standards. 1,509 mn, representing 14.31% of the PO value. This was
achieved via effective negotiations, bulk purchases and a multi-
vendor procurement strategy. Savings were accrued as a result
It also protects the rights of service providers and ensures they
of negotiations regarding:
are not disadvantaged. It operates according to well-established
processes and guidelines and maintains accurate documentation • New pricing against first stated price
for any future reference. • Previous year’s acquisition cost (for repeat procurement)
• A total of 248 RFQs/RFPs/RFTs (2022: 215) were issued,
In the past five years, the bank’s procurement volumes have with tender notification for 55 items being published in daily
expanded from BDT 810 mn in 2019 to BDT 1,509 mn in 2023. publications
This growth is attributable to the bank’s accelerated expenditure in • Signed 44 vendor contracts (2022: 45) to assure uninterrupted
technology and digital infrastructure, including tech security, with support throughout the warranty and post-warranty periods
explosion in digital banking volumes. BDT 650 mn worth of goods • Organized 26 Procurement committee meetings in which 132
and services were procured via frame contracts in 2023. agendas were discussed and closed

Our Foundations
With IR & SDGs
2,412 1,509 mn 1,682 216 mn

Total requisitions Total PO value (BDT) Total POs issued (Nos) Savings achieved
(Nos.) against PO value (BDT)
248 44 26
RFQs and tenders Contracts executed Procurement
issued (Nos.) (Nos.) Committee meetings
held (Nos.)
Key Projects and Activities of The Year
• Tranzware payment gateway upgradation
• Network HSM purchase
• Purchase and installation of spine switch & APIC controllers
• Implementation of dark web monitoring tools
• Implementation of LOS solution
• Tap and pay solution implementation
• Proxy system implementation
• Manage engine tools implementation
• NPS solution implementation
• NFC wearable implementation
• Purchase of VPN firewall to control external traffic
• Cisco Duo MFA implementation
• Replace ATM & CDM with RATM
• Carbon emission measurement consultancy service
• Procurement of agri machineries, seeds, pesticides, etc., part of our agricultural sector CSR activity
• Implementation of talent competency assessment tools
• Comprehensive market research organized for credit card
• Assisted and provided support in procurement for renovation of new head office premises and branches and sub-
branches

KEY RESPONSIBILITY
OWNERS
Head of Procurement
Capital IMPACT
Contribute to lowering expenses

Financial
Strengthen the bank’s procurement infrastructure and systems

Manufactured
Provide training to team members on negotiation and value-based procurement

People
ENTERPRISE ESG
Risks Risks
• Weakened negotiation ability • Unethical dealings or cases of maleficence
• Enhancing vendor base for improving • Localized procurement for ensuring value being
bargaining power injected in the society itself
• Provide ongoing training to team members
OUTLOOK
• Offer expedited procurement assistance, particularly for mission-critical IT security/infrastructure and digital banking-
related products and services
• Implement ERP solution to achieve automation and integration with the bank’s various department and divisions
• Continue to establish a department-wise annual procurement strategy to deliver effective services to internal
stakeholders and ensure meeting the bank’s overall goals
• Bolster operational efficiency and sharpen our strategic intent via process updates, in line with the evolving needs of the
bank

Our Foundations
With IR & SDGs
PR and Media
City Bank’s PR & Media Division is a key liaison between the bank and its customers. It helps shape the bank’s
brand image among the masses through various modern tools and resources, ensuring a stronger public
connect. It also supports “broadcasting” of material developments for wider public awareness and has played
a role in the bank’s ascendency to amongst the top-three private sector banks in Bangladesh.
OUR ACTIVITIES The bank continued to engage strategically, for instance in

sponsoring the country’s only science magazine, ‘Bigganchinta’.
Over the year, the PR & Media Division has ensured keeping pace This is a subtle demonstration of the bank endorsing science and
with key narratives on progresses achieved organisation-wide. It knowledge. Besides, hundreds of advertisements were placed in
has also remained in step with the changing world of news and various other platforms too.
media and has evolved to adopt the latest trends, thus ensuring
relevancy and impact. Thus, a perceptible shift has been made to KEY REPORTABLES, 2023
digital media outlets, social media and broader news ecosystems,
During the year, the Division fostered strong relations with the
ensuring channel relevancy and instant dissemination of material
journalist community, dispatching almost 40 press releases,
news to the interested public. Press releases in traditional media is or an average of about 3 press releases every month, to news
utilised too for news dissemination. organizations to generate awareness on the bank’s new offerings
and accomplishments. The media releases were circulated to most
The Division is also the bank’s single point of contact (SPOC) for all
of the top national dailies and news portals, ensuring huge positive
crisis communications. It has also been given the responsibility of rub-off on the bank’s image.
managing requests for various advertisements in souvenirs. As one
of the top banks of the country, the bank receives requests from PR & Media Division thus strived to keep the bank front and centre
numerous publishers for souvenir adverts or sponsorships. in all major media platforms throughout the year.
Few of the bank’s achievements that were highlighted are given below:
City Bank winning the “Top Bank’s Award” by

Bangladesh Bank in Sustainability Rating
Winning the ITFC Award, with the bank

Signing bancassurance being the first bank in Bangladesh to
agreement with Guardian be feted with this award for a Shariah-
Life Insurance compliant trade finance deal
Permission obtained by ITFC’s extension of Murabaha Trade

Bangladesh Bank to start Finance Facility of US$ 45 million
bancassurance business
Inking a cash management deal with

aamarPay for digital solutions

With the aim of strengthening media relations and also ensure high recall of City Bank brand, interviews of the bank’s MD & CEO and DMD
were published in top newspapers, such as The Daily Star, Prothom Alo and The Business Standard.
Capital IMPACT
Contribute to publicity of the bank’s key achievements, new products launched, etc., that contributes to
income
Financial
Builds the bank’s image as an eminent organisation with largescale operations, which reinforces customer
goodwill
Intellectual Builds thought leadership through sponsorship of key publications, such as Bigganchinta, a popular Bangla
science magazine
ENTERPRISE ESG
Risks Risks
• Emergence of any crisis situations • ESG misinformation about the bank

• Negative/factually inaccurate news
• Opportunities to correct misperceptions • Leverage strong relations with the media

through extensive media reach • Promote a culture of cross-checking of news with
the bank for ensuring accuracy and prevention of
false reporting

Our Foundations
With IR & SDGs
Legal
City Bank’s Legal Division is rooted in law and jurisprudence and is led by legal experts. It assures compliance
with all regulatory statutes and legally-binding judgments in order to uphold the bank’s financial profile
and goodwill. It does this through facilitating the legal interests of the bank as well as ensuring “balanced”
judgements that create a solid legal shield around the bank.
OUR ACTIVITIES
The key activities of the Legal Division is formulating the bank’s defense in the courts of law, assuring compliance by upholding all legally
binding judgments, ensuring diligence in resolving cases and pending court matters and vetting contracts from a legal point of view. As a
partner for legal and regulatory matters, the Legal team is committed to the highest levels of service and professionalism, assisting the
bank in a vital aspect of business.
The division is composed of the following wings with key roles and responsibilities:
Wing Roles and responsibilities
Legal Documentation Unit

Provide assistance in resolving legal issues arising from operations, documentation, legal
opinions, due diligence, among others
Estate Management Unit
Court Operations Unit Involvement with all High Court, Appellate Division and sensitive non-recovery related cases
MIS relating to litigation and audit dealings and also litigation-related reporting to Bangladesh
Central Reporting & MIS Unit
Bank
1
Despite many challenges, the division was able to dispose-off 91 cases in the High Court and Appellate Division
during the year, including high-priority cases.
2 The Legal Documentation Unit prepared the bank’s Mortgage Process and oversaw its signing. Several other
processes are being finalized. With these, the roles and responsibilities of the concerned stakeholders will become
clearer, thus enabling improved functional efficiency.
3
During the year, Legal Information Management System (LIMS) was deployed. With this, all case-related data
are visible on a single dashboard. In addition, support and services offered by different departments will also be
posted, viewed and monitored in real-time on LIMS which is in its initial stages now.
KEY RESPONSIBILITY
Head of Legal
OWNERS

Capital IMPACT
• Contribute to potential recovery of written-off loans through successful litigation.

Financial
• Equip stakeholders with knowledge on legal issues ensuring compliance with legal and regulatory
framework.
People
ENTERPRISE ESG
Risks Risks
• Delayed judgment and remedy due to slow • Delayed enforcement mechanism

pace of judicial proceedings
• Opportunities to strengthen the bank’s • Effective incorporation of contractual liabilities with

position in legal matters through effective counter parties
documentation and litigation management
OUTLOOK
• Facilitate effective administration of pending litigation in both the Supreme Court and subordinate courts and implement
disposal objectives thereof
• Explore automated processes for reducing response time to stakeholders
• Ensure complete implementation of LIMS and harness the software’s full potential, in line with the bank’s automation
objectives

Our Foundations
With IR & SDGs
INformation and technology
City Bank’s IT Division is the guardian of the bank’s cybersecurity measures. It enables the bank to safely
“lock” away all sensitive data, including customer data, financial data, transaction data, etc. It also delivers
on the bank’s comprehensive digital transformation strategy, ensuring enterprise-wide digitalisation while
offering a modern, digital banking experience to customers. Most importantly however, the division fosters a
robust governance framework that enables effective management of compliance and regulatory guidelines,
while also enabling effective risk mitigation.
OUR ACTIVITIES
The IT Division of City Bank is entrusted with the responsibility of developing and executing a comprehensive digital transformation strategy
of the bank to modernize the overall banking operations, processes and customer interactions. This is aligned to the very important mandate
owned by the bank of transforming into a digital bank, true to the ethos of building agility and versatility through digitality.
Some of the key assignments of the division include:
Regularly assess Strengthen Implement user-friendly Stay abreast on evolving Implement a strong
and update security cybersecurity measures interfaces, mobile regulatory requirements governance framework
protocols, conduct to protect sensitive banking applications and ensure that the to manage compliance
employee training financial data, customer and online services bank’s IT systems and and mitigate risks
on cybersecurity information and to meet customer processes comply with effectively
best practices, and transactional data expectations with industry standards and
implement incident regards to convenience government regulations
response plans and accessibility
The division is also tasked with the assignment of integrating upgraded mechanism and technologically advanced solutions for instance
Robotic Process Automation (RPA), Artificial Intelligence (AI), Machine Learning (ML), Micro Services, Data Warehouse and Analytics,
DevSecOps, Open Banking, etc. to enhance the bank's offerings and improve operational efficiency.
OVERVIEW funds transfer, credit card transactions, and mobile payments. Real-
time payment processing and settlement are critical components
City Bank’s IT Division plays a key role in the banking and financial of modern financial systems. This apart, IT also facilitates the
services industry, contributing to various aspects of operations, operations and maintenance of ATMs and self-service kiosks,
customer service, security and innovation. It superintends the providing customers with 24x7 access to basic banking services.
essential functions of account management, transactions, loans
and customer relationship management (CRM). With the prioritisation of most of the bank’s operations towards
digital transformation, digitalization has become a key part of
IT enables the provision of digital banking services for the bank’s
City Bank's strategy. The bank has reaped significant benefits
customers, including online banking, mobile banking apps, and
from digitalization in terms of customer experience, revenue
other electronic channels. Through these, customers can perform
transactions, check balances and access financial services management and cost control. Indeed, we are starting to see
conveniently. enterprise digitalisation, such as new technologies, support tools
and processing methods improving efficiency and quality of the
IT also facilitates numerous payment systems, including electronic bank's operations.

OPERATIONAL UPDATE transactions. They can be easily generated and used for purchases
on e-commerce websites, subscriptions or any online service.
In line with the technology and digital framework of the bank, the
IT department adopted a number of projects in 2023 that not only SIVR: City Bank brings to our valuable customer Smart-IVR visual
generated useful benefits but will also continue to bear positive response system. This all-new IVR system enables customers to
outcomes in the coming years. complete their banking activities through the IVR menu on their
mobile screen itself, conveniently and safely. They can perform
BRM: BRM applications provide a structured and centralized these activities without the assistance of any customer service
platform for capturing business requirements. Alongside, BRM representative.
applications facilitate collaboration among stakeholders involved in
the requirements process. DOB: City Bank brought a revolutionary digital onboarding app –
Ekhoni Account, through which a customer can instantly open a
LIMS: LIMS allows the Legal department to efficiently manage legal bank account anywhere and start banking right away. Just as the
documents, contracts and agreements. It provides a centralized app’s name “Ekhoni” implies, anybody is able to do everything
repository for storing, organizing and retrieving legal documents, instantly, right from signing up for Citytouch Digital Banking
ensuring easy access for the legal team and other relevant services to requesting for a debit card, all without having to visit
stakeholders. the bank branch in person.
AML: AML application assists the bank’s AML Division in complying City Remit: City Remit, the mobile remittance app has been
with the regulatory requirements. These applications are designed
newly developed, allowing customers to transfer remittance
to adhere to anti-money laundering laws and regulations, helping
from Malaysia to Bangladesh along with six other countries, thus
the bank avoid legal penalties and regulatory sanctions.
improve user experience and convenience.
CIB automation: Automation of the CIB application process enables
Islamic Agent Banking System: City Bank launched City Islamic -
the bank to retrieve credit information quickly. This significantly
Shariah-based banking in the Agent Banking system. The bank’s
reduces the time required for credit assessments and decision-
customers are now able to avail Islamic banking services offered
making, enabling faster response to customer credit requests.
under the Shariah law, in addition to conventional banking at their
Cost budget: This application facilitates the bank to plan and control Agent Banking centers across the country.
its expenditures effectively. It allows for the creation of detailed
budgets for various departments, projects and cost centers, Nikash: NIKASH-BEFTN is a new and innovative software system
providing a roadmap for financial activities, including cost planning. that is poised to revolutionize the way electronic fund transfers are
carried out in Bangladesh. With NIKASH-BEFTN, companies will
Ababil Treasury Module: Earlier, the bank’s Treasury Division was be able to make payments more quickly and efficiently than ever
not onboarded on the Ababil application. Thus, Ababil’s treasury before. This will improve cash flow and reduce costs.
module was introduced during the year by which the operations
related to the Treasury’s Islamic banking activity has been made Amex Card integration in Foodpanda: Integrated Amex cards
functional. payment method that helps broaden the range of customers who
can use the Foodpanda app. This feature also provides users with
Virtual Card: Virtual cards are used for specific transactions or greater flexibility and convenience. Further, integration of Amex as
purposes, reducing the risk of fraud associated with the card a payment option also typically leads to higher transaction approval
details being compromised. Virtual cards are well-suited for online rates.
KEY RESPONSIBILITY Deputy Managing Director (DMD) &

OWNERS Chief Information Officer (CIO)
The IT division is supported by departments, such as Infrastructure, Data Management, Enterprise Architecture, Business Enterprise
Application, Security & Governance, DFS Tech and Payment & Back Office.
Capital IMPACT
Contribute through avoidance of regulatory or compliance-related penalties, cyberattacks, etc.

Financial
Reinforce the bank’s IT architecture, systems and processes and adopt best practices
People Provide training to users on safe usage

Our Foundations
With IR & SDGs
ENTERPRISE ESG
Risks Risks
• Cyberattacks on the IT systems • Failure to meet regulatory guidelines

• Failure to protect customer data • Inadvertent human errors
• Loss of reputation
• Reinforcing IT security is a constant activity • We ensure meeting all regulatory and legislative
and we ensure the same without any lapses guidelines with respect to IT, customer data,
• We have robust safeguards, such as firewalls, transactions, etc.
restricted access controls, etc. • We provide ongoing staff training to ensure we
• We maintain round-the-clock surveillance foster a proactive culture where everyone is aware of
and monitoring system risks, cybercrime, etc.
OUTLOOK
IT Division expects to undertake the following initiatives in the current year:

• Accelerate digital transformation efforts to enhance customer experiences, streamline processes and leverage emerging
technologies, such as AI, ML and automation
• Fortify cybersecurity measures to protect against evolving cyberthreats. This includes investing in advanced security
technologies, conducting employee training programs and ensuring regular security audits
• Integrate IT governance into everyday business practices
• Strengthen data governance frameworks to ensure quality, security and compliance of data-related activities
• Leverage advanced analytics to garner actionable insights for strategic decision-making

• Invest in employee training programs to upskill staff in areas such as digital technologies, cybersecurity best practices and
regulatory compliance
• Ensure that the workforce is well-equipped to adapt to industry changes
• Conduct a review of operational costs and identify opportunities for optimization
• Streamline processes, automate routine tasks and implement efficiency measures to enhance cost-effectiveness
Few of the mid-term (3-years) activities comprise:

• Explore opportunities in open banking and API integration to foster collaboration with third-party providers, leading to the
potential development of innovative financial products and services
• Focus on personalized and omnichannel customer engagement strategies. Leverage data analytics to understand customer
behavior and preferences, providing tailored products and services
• Stay updated on regulatory changes and proactively ensure compliance. Implement technology solutions, such as regulatory
technology (RegTech), to automate compliance processes and manage regulatory risks efficiently
• Foster a culture of innovation to develop new financial products and services. Keep abreast of FinTech trends and collaborate
with startups to stay competitive in the rapidly evolving financial landscape

General Administration
City Bank’s General Administration Division (GAD) provides the necessary infrastructure, logistics and security support
and ensures proper and time-bound maintenance of 600+ bank premises. Over time, GAD has evolved its capabilities to
provide other essential support required to meet the growing demands of the business. Accomplishing results through
efficient planning, communication and implementation of premeditated measures, GAD is truly as strong as a “rope”
that binds the bank’s operations with agility and capability
10,200+ 28 13 19
Internal service requests Sub-branches Branches relocated/ ATMs
catered to by GAD established renovated installed
OUR ACTIVITIES Aviation Authority, and fire and safety clearance from Fire
Service & Civil Defense
The past year was characterized by significant challenges due
• Established 28 sub-branches, bringing the total number of
to resource scarcity and supply chain disruptions. Thus, there
sub-branches to 40
were numerous challenges in supplier/vendor management in
service and material delivery as per Service Level Agreement (SLA) • Established a new branch at ‘Bangabandhu Sheikh Mujib
price. While completing a variety of tasks, we strived to deliver Shilpanagar’ in Mirsarai Economic Zone, Chattogram
the intended service with emphasis on cost control. Thus, GAD • Supported installation of 19 new ATMs
implemented various measures to reduce cost through optimising
consumption of electricity, fuel, etc. • Relocated and renovated 13 branches
• Completed renewal of 46 rental/lease agreements with rent
KEY REPORTABLES, 2023 remaining at or below prevailing market rate
In a major initiative of the year, GAD organized shifting the • Conducted fire risk assessment of HO (in Dhaka) and back
bank’s HO to a new location in Dhaka. This is the first time GAD offices and started implementing prescribed action
undertook the renovation of a building with a space of 1.29 lac • Conducted fire and safety training for employees
sq ft and subsequently converted it into a smart office equipped
• Enhanced capacity to preserve CCTV footage for up to 365 days
with modern state-of-the-art technologies and a wide range of
at all branches
contemporary conveniences. Furthermore, 500+ employees were
shifted, including Senior Management Team and Board Secretariat • Catered to 10,200+ service requests from internal users
from the previous Head Office. • Vacated 3 stores located in different parts of Dhaka as part of
document outsourcing project, helping save BDT 0.60 crore annually
Simultaneously, GAD is also working to demolish the existing HO
and develop a new modern office tower, which is one of the biggest • Saved BDT 3 crore by implementing various initiatives, such as
projects in the bank’s history. This activity is expected to start later altering design and materials for ATMs, reusing unused office
this year, subject to receipt of all regulatory approvals. equipment and furniture and through efficient use of fuel and
electricity, etc.
Other key highlights of the year:
• Installed solar system at 43 bank premises and rain-water
• Obtained commercial approval, land use certificate and special harvesting system at 5 premises as part of green banking
committee approvals from RAJUK, height clearance from Civil initiative
KEY RESPONSIBILITY
Head of Admin
OWNERS

Our Foundations
With IR & SDGs
Capital IMPACT
Contribute through cost savings triggered by resource savings, optimal use of office space, efficiency
initiatives, etc.
Financial
New Head Office building (under construction)
Manufactured Establishment of new branches, sub-branches, ATMs, etc.
Provide a safe and clean working environment for bank staff
People Ensuring well-maintained bank’s premise for customer comfort and convenience
ENTERPRISE ESG
Risks Risks
• Inability to get required sanctions/approvals • Difficulty to enforce SLAs for vendors/suppliers

on timely basis
• Opportunities in cost savings • Implementing environmental initiatives that support

green banking
• Opportunities in further improving operational
efficiency • Delivering a safe and secure experience to customers
at branches, sub-branches, ATMs, etc.
OUTLOOK
• Develop comprehensive OHS guidelines that adhere to relevant regulations, ensuring healthy and safe working environment
for all employees and others
• Ensure appropriate implementation through comprehensive assessment of submitted proposals/tenders from the contractor/
vendor for the HO reconstruction work and finalize contractor/vendor upon obtaining necessary approvals
• Complete demolition of the existing HO building
• Continue implementing guidelines of Bangladesh Bank related to safety and security of the bank’s premises
• Establish 10 new sub-branches and 25 ATMs

• Ensure renovation/relocation of 15 existing branches and back offices
• Conduct auction of old, damaged and unused assets/materials of bank
• Ensure efficient management of transport through vehicle pool management software
• Install solar systems and rainwater harvesting facilities in all offices, branches and sub-branches to comply with Bangladesh
Bank guidelines
• Develop and review processes, policies and SOPs for ensuring greater all-round efficiency

OFFSHOOTS
OUR

Our
Offshoots
City Brokerage Limited
City Brokerage Limited, a 99.9982% subsidiary of City Bank democratises public access to Bangladesh’s capital
markets in the spirit of financial empowerment. It also serves as a synergistic complement to the bank’s
financial infrastructure and supports the broader theme of mainstreaming financial activities.
OUR BUSINESS • Exclusive partnership with a large North American broker for
executing foreign transactions in Bangladesh
City Brokerage offers swift and low-cost trade execution services
and research support to enable customers to participate in wealth • Experienced senior management with specialist domain
creation opportunities and achieve their financial goals. knowledge and financial market expertise
With strong customer trust and an ever-expanding network, CBL • Trained professionals assuring high quality brokerage services
has emerged as amongst Bangladesh’s top brokerage house
offering the full suite of brokerage services to both local and • Accomplished research team with 25+ years of cumulative
international clients. experience
CBL is member and TREC-Holder of Dhaka Stock Exchange PLC • Investment thesis-building via analysis-driven research reports
(DSE) and Chittagong Stock Exchange PLC (CSE). that are published on Refinitiv, FactSet and S&P Global Market
Intelligence Inc.
OUR DIFFERENTIATION
• Discretionary Portfolio Management Account (CDA) services
• Proprietary online trading platform that enables clients
that provide customers access to specialized portfolio
to access and trade on both the stock exchanges via their
smartphone/PC management services
• Largest broking panel network with reputed merchant banks • One-stop solutions offered to NRBs
• Widespread network comprising: YEAR IN REVIEW

• Head Office (Gulshan) CBL established a cautious approach in capital conservation amidst
• Three branches in Dhaka (Motijheel, Dhanmondi and the volatile period of 2023, focusing on cost optimization, client
Nikunja) retention and pursuing new account acquisition opportunities by
utilizing its technical supremacy, market goodwill, etc. A major
• Two extension offices (Bangla Motor and Motijheel)
highlight of the year was the launch of Next Generation Trading
• One branch in Chattogram Platform, thus providing customers a new and advanced trading
• One branch in Sylhet platform.
CBL launched Bangladesh’s first dual-exchange online trading application, , for facilitating
efficient and real-time trade execution through mobile, laptop, desktop PC, etc., from anywhere in the
world!
A year to In 2023, CBL successfully launched the Next Generation Trading Platform (NTP) as Own Order
Remember! Management System (OMS) to provide state-of-the-art investment management and trading
solutions to investors.

Capital IMPACT
Contribution to group revenue

FINANCIAL
Strategic complement to the bank’s financial infrastructure
MANUFACTURED Cross-selling opportunities (bank a/c opening, etc.), integration of digital services from CityTouch and
Client relationships that could be leveraged by the bank

INTELLECTUAL
ENTERPRISE ESG
Risks Risks
• Slowdown in trading activity • Governance lapses due to margin trading errors

• Market risk-unfavourable return in short term
• Expand public capital market participation • Build client trust in our broking infrastructure and
systems
• Establish equity trading as a means for long-
term investment • Opportunities in expanding access to our
revolutionary platform
Innovation and Transformation
Launch of Next Generation Trading Platform
Impact created
Secure, modern and feature-rich trading platform offered to investors, thus differentiating ourselves in a competitive market
and adding to customer convenience

Our
Offshoots
OUTLOOK
• Launch “ProXpert” platform to provide efficient trading services to merchant banks and high networth clients
• Launch GSEC trading platform and margin module to diversify our trading services
• Utilize our vast broker panel to augment business volumes on digital platforms
• Improve client experience via consolidation and access to all brokerage services online
• Pivot towards larger block trades for both international and domestic customers
• Expand the retail customer base and portfolio value, especially through discretionary portfolio management services
• Establish two extension offices at a new location in Dhaka
LEADERSHIP MESSAGE
The year was one of the most challenging periods for the stock market. DSEX reported a flat 0.6% return YoY in 2023. The domestic capital
market mirrored the difficulties of prevalent global trade conditions, such as post-pandemic supply chain disruptions, intensification of
conflict in Europe and West Asia, local currency pressures and inflationary commodity prices.
Yet, despite obstacles that are mostly transitory in nature, Bangladesh’s underlying value drivers remain firmly in place, exhibiting sound
future prospects. Furthermore, the election-related challenges are now also in the past and it is expected that the incumbent government
will continue with reforms and policy measures. With this scenario, the country’s capital market may witness greater participation, especially
from value investors and frontier and emerging market investors to capitalize on investment opportunities at attractive valuations.
This is a positive for us and we will continue to engage in activities that bring new clients onto our brokerage platform. We will also take our
new platform far and wide to promote its advantages and thus ensure we provide our customers with the best value brokerage
services in the country.

City Bank Capital
Resources Limited
City Bank Capital Resources Limited (CBCRL), a 99.9980% subsidiary of City Bank, provides top-notch
investment banking services and has been engaged in many distinguished transactions in the country.
OUR BUSINESS by providing clients with specialized merchant banking services.

The company provides an extensive array of seasoned investment
CBCRL, a public company limited by shares, was established under
banking services, such as issue management, underwriting,
the Companies Act, 1994 on 17 August 2009, with registration
portfolio management and corporate advisory.
number C 79186/09. On December 6, 2010, the company obtained
its Merchant Banking License (Registration Certificate No. MB
CBCRL has completed many ground-breaking transactions,
54/2010) from the BSEC.
including the successful closure of a perpetual bonds transaction
CBCRL was founded to supplement City Bank’s institutional offering for a listed bank and also an NBFI in Bangladesh.
OUR DIFFERENTIATION
Performance stability
Favourable risk-reward customer

offerings through products such as
Profitability sustenance hybrid/balanced growth products
despite market volatility and systematic investment solutions
Zero negative equity of Large, high-quality portfolio of

client assets in PMS institutional/high-net worth
investments offering enhanced
stability
Veteran team • Zero coupon bonds

• Convertible coupon bearing bonds
• Distinguished Board providing strategic guidance
• Merger and acquisitions (M&A)
• Seasoned investment banking team with primary and
• Preferred stock
secondary market expertise
• Debt restructuring
Large and diversified portfolio • Term loans/working capital loans
• Green Sukuk bonds • Issue management services (underwriting, agency, trusteeship)
• Perpetual bonds for Tier-I capital (for scheduled banks) • Corporate advisory and valuation
• Tier-II subordinated bonds (for scheduled banks)

Our
Offshoots
YEAR IN REVIEW
CBCRL inked numerous high-profile investment banking deals in 2023. The company turned in a sound performance for the year, despite
the market volatility.
Particulars (BDT mn) 2023 2022 % Change
Revenue 377 425 -11%
Operational income 257 297 -14%
Net profit 152 198 -23%
Total assets 5,332 4,934 8%
Proprietary investments in the capital markets - At cost 141 163 -13%
Margin loan 1,051 1,100 -4%
AUM – At market value 83,327 82,544 1%
Turnover PMD 27,554 37,180 -26%
Capital IMPACT
Contribution to group revenues

FINANCIAL
Strategic investment banking services that complement the bank’s overall institutional offering
MANUFACTURED
Strong insights and knowledge of capital market, corporates and tax, regulatory issues
INTELLECTUAL
ENTERPRISE ESG
Risks Risks
• Deceleration in investment activity • Deal underwriting lapses

• High competition • Inappropriate client selection
• Select sector-based opportunities • Reinforce multi-level checks and process-based

approach to deals and transactions
• Capital garnering activities, especially by large
corporates • Opportunity to train resources to world-class
standards
• Opportunities in specific collaboration with
other divisions of the bank

The outlook for the current year is cautious due to deepening geopolitical risks, global economic deceleration, property crisis in China, and
elections in major countries. Domestic challenges persist too, such as inflation-led higher cost-of-living, slow turn of the corporate capex
cycle and muted government spending. However, the easing of geopolitical tensions in Europe and West Asia can alter the outlook. The IMF
has estimated global GDP growth of 3.1% in 2024 while it has projected GDP (real) growth of 6% for Bangladesh.
OUTLOOK
• Grow our presence in the Sukuk bond market, an area of potential

• Direct our efforts to sourcing foreign funds, dual listing, identifying and arranging strategic investors, M&A advising, business
restructuring, loan syndication, project financing arrangement and acquisition financing structuring
• Launch wealth management for HNIs for the first time in Bangladesh. This will help high net worth individuals allocate their
investable fund in various asset classes to maximize returns. We are also taking part in government T-bills and bonds for
customers, which is another potential source for growth
• We are working in collaboration with City Alo to facilitate City Bank’s women customers to make investment in the secondary
market with a preferential rate to attract more woman investors to the market
• We are focusing on risk-based margin lending due to the company having no negative equity unlike other companies in the
market
• We plan to onboard more margin clients to boost revenue
LEADERSHIP MESSAGE for customer benefit.
As the economic landscape of Bangladesh continues to evolve, Particularly, our Corporate Advisory Team is seasoned with deep
investment banking companies will play a key role in facilitating product knowledge and regulations. With this strength, CBC has
capital mobilization necessary for economic growth. We are at the introduced several new products in the market and successfully
forefront of this dynamic sector with our long-standing presence, closed deals. With this, we are now working on other new products
seasoned team of people and proven track record. which can open new revenue verticals.
We are committed to our strategy of being the investment bank As we look to the future, we remain steadfast in our commitment
of choice for corporate Bangladesh, recognized for our ability to to delivering value to our clients and stakeholders. With our veteran
materialize even complex transactions, thus meeting customer leadership team and sound knowledge of regulatory and financial
objectives. Another hallmark of ours is our ability to work in an issues, we are poised to deepen our impact and contribute to the
ecosystem environment, ensuring collaboration and cooperation group’s overall financials.

Our
Offshoots
CBL Money Transfer Sdn. Bhd.

CBL Money Transfer Sdn. Bhd. a 100% subsidiary of City Bank, offers secure cross-border remittance services
through a large and growing global network.
OUR BUSINESS thus making it a wholly-owned subsidiary.
CBL Money Transfer Sdn. Bhd. is engaged in the money service YEAR IN REVIEW
business. A private company limited by shares incorporated
under Malaysian regulations and registered with the Companies The year 2023 was another successful one for CBLMT. The company
Commission of Malaysia with Registration No. 769212-M, the was able to include one of the largest retail chains “7-Eleven” in
company’s objective is to provide money services under the Money Malaysia into its fund receiving network, thus broadening customer
Service Business Act, 2011 through a Class-B License Serial No. access to the network and enhancing convenience for them.
00362, issued by Bank Negara Malayasia (BNM), the central bank Customers who do not have a bank account and receive salaries
of Malaysia.
in cash are also be able to transfer money to their home country
On 4th April 2013, City Bank entered into an agreement to purchase easily through the City Remit app by paying money at any of the
75% ordinary shares of CBLMT, with an agreement to ultimately 2,400 7-Eleven outlets located across Malaysia. By including these
acquire 100% shareholding of the company. Hence, initially starting outlets in CBLMT’s fund receiving network, alongside FPX, Debit
out as a subsidiary of City Bank on 10th September 2013; on 8th Card and CBLMT’S Branches, all types of customers can now use
June 2016, City Bank became the holder of 100% shares of CBLMT, our mobile app to send money to their home country.
Key numeric details for 2023 are given hereunder:
Net profit for the year stood at The company has a network is 15 branches,
RM 1.3 million including the Head Office branch
Currently, CBLMT contributes 7.6% to the total inward remittance volume (July 2022 to June 2023) to Bangladesh from Malaysia. Our
objective is to grow this share to double digits (10% or more) by the year 2024.
Capital IMPACT
Contribution to group financials

FINANCIAL
Strategic contribution to the bank’s domestic financial infrastructure through remittances
MANUFACTURED Product cross-selling opportunity to remittance receivers
Strong global insights into remittance patterns
INTELLECTUAL Contribution to inward remittances into Bangladesh, a key pillar of the domestic economy

ENTERPRISE ESG
Risks Risks
• Slowdown in remittances due to global economic • Potential issues with regulatory compliance
challenges
• Negative competitor activity
• Expand share of remittance inflows into • Ensure complete alignment to all laws and
Bangladesh and other countries through regulations of Malaysia, ensuring pristine operations
larger network establishment • Contribute to remittance inflow through legal/official
channels, a top government priority
OUTLOOK
CBLMT plans to launch e-wallet for customers in Malaysia, thus facilitating expats (especially NRBs) to remit money to their
destination countries from their e-wallet itself in the event they do not have a bank account. We shall also facilitate remittance
payments at other chain retail shops that will be at walking distance for our customers from their dwelling places. This will help
customers to use official banking channels to remit their hard-earned money to their home countries.
CBLMT shall launch Intermediary Remittance Institution (IRI) services, thus enabling other remittance companies of Malaysia
and also remittance companies across the world to use CBLMT’s channel to remit money to a larger complement of countries,
including Bangladesh, Indonesia, the Philippines, Nepal, India, Pakistan and Vietnam (subject to BNM approval).

Our
Offshoots
City Hong Kong Limited

City Hong Kong Limited (City HK), a 100% subsidiary of City Bank, fosters trade relations between Bangladesh
and Hong Kong/mainland China. It supports facilitation of Bangladeshi exports into these markets, especially
with Hong Kong being a major global financial hub. It also develops new financial products and solutions that
potentially enhance cross-border transactions between the two regions.
OUR BUSINESS business between China and Bangladesh is large and growing, with
significant future potential. Sino-Bangladesh relation is on a strong
City Bank established its first Offshore Banking Trading Unit, City
footing and China is one of the top trade partners of Bangladesh.
Hong Kong Ltd (City HK), in Hong Kong in 2019. Starting with a
In this regard, City HK sees itself as a link between Bangladesh and
small financial base, the company progressively increased its capital
economic prospects in Hong Kong and mainland China.
through new account acquisitions and achieved its first-ever net profit
in the fiscal year 2021, even amid the Covid period. This cemented City HK collaborates with the local business community to facilitate
City HK’s position as a profitable entity of City Bank, demonstrating international trade by advising on LC, documentary collection and
the maturity of its product offering and operating strategy. bill financing (discounting, UPAS) against LCs issued by City Bank
and other commercial banks of Bangladesh.
City HK was founded with the objective of establishing City
Bank’s footprint in Hong Kong, an important economic partner of • Global insights of trade and banking trends that could benefit
Bangladesh since it is a large importer of products and services. corporate Bangladesh
Numerous MNC retail chains with regional headquarters in Hong • Strong liaison between Bangladesh and HK/mainland China
Kong are key customers of Bangladesh’s RMG sector. Trade and through local presence in HK
OUR DIFFERENTIATION
Strong liaison between

Among the few banks Global insights of trade and Bangladesh and HK/
in Bangladesh to have a banking trends that could mainland China through local
presence in HK benefit corporate Bangladesh presence in HK
YEAR IN REVIEW
The year 2023 was an eventful one for City HK as it achieved notable strides in its financial performance that is highlighted below:
Total recorded assets Total revenues expanded by Interest income rose by 85.0% Net interest income (NII) grew
HK$ 59.8mn 61.0% to HK$ 10.16 mn from HK$ 7.12 mn by 28.0% from HK$ 1.77 mn
Operating cost increased by 5.0% from Net profit increased by 172.0% to HK$ City Hong Kong Limited made significant
HK$ 3.5 mn, primarily in staff cost mainly 1.5mn profit despite higher cost of fund and
due to regular salary increment global inflation that triggered a 199%
increase in interest expenses
KEY RATIOS
Metric 2023 2022

Return on assets (ROA) 2.2% 0.9%
Return on equity (ROE) 37.2% 18.3%
Cost-to-income 72.9% 85.7%
Operating profit margin 27.5% 14.4%
Net profit margin 31.4% 14.3%

Capital IMPACT
Contribution to group revenues

FINANCIAL
Commercial presence in HK
MANUFACTURED Infrastructure and systems to facilitate cross-border trade flows between Bangladesh-HK
Enhances City Bank’s image as a bank with a presence in a major Asian market
INTELLECTUAL Global insights into trade and banking developments
ENTERPRISE ESG
Risks Risks
• Geopolitical challenges in HK • Any lapses in governance

• Any political/trade deterioration
• Significant opportunity in deepening trade ties • Advocate Bangladesh’s trade and business strengths
on a global arena
• Opportunity in showcasing Bangladesh’s global
competencies in RMG • Play a role in commercial facilitation, thus enhancing
trade ties
OUTLOOK
• Foster greater client-centricity and enhancing revenue generation potential and thus more strongly establishing itself as a key
financial services platform facilitating trade and commerce between Bangladesh and Hong Kong/China
• Continue to optimise costs as a means to support improved profitability
• Extend client base and explore new financial products and solutions
LEADERSHIP MESSAGE
In 2019, City Bank has successfully embarked its presence in this regional financial center in Hong Kong which is close proximity to the
Pearl River Delta (PRD) Economic Zone of China, an epicenter of global manufacturing hub, so it is easier and conducive to be emerged and
transformed an entity of full-fledged Financial Institution of City Bank in Hong Kong in near future upon fulfilling certain qualifying norms &
levels, then it could even play a vital & significant role in acquiring a shining image of this organization that helps its further capacity building
and global expansion as one of the leading & strongest Banks in the industry, and may create a new milestone of its first Bangladeshi Bank’s
presence in this region.

Our
Offshoots
GOVERNANCE
OUR RISK

Chief Risk Officer’s
Review On Risk Management
At City Bank, we have deployed a structured, solid and uniform enterprise risk
management framework to proactively identify, assess, monitor and mitigate
risks across the bank. This framework is essential in driving business resilience in
a VUCA (Volatile, Uncertain, Complex, Ambiguous) world, helping us achieve our
business objectives and performance targets.
Mesbaul Asif Siddiqui
Deputy Managing Director & CRO

Our Risk
Governance
Creating value in a sustainable manner through our risk strategy in addressing operational risk.
management strategy
In a dynamic risk environment, though adverse outcomes are
In 2023, our journey as a bank was shaped by myriad challenges. inevitable at times, our risk culture is characterised by resilience
The year commenced with sustained high inflation that continued and responsiveness that ensure swift and transparent action.
to exert pressure on the central bank to reign in price increases
through raising interest rates. This added to the operational Enterprise Risk Governance
complexities, requiring adept management of risk concerns.
The foundation of our risk resilience is rooted in our governance
The global banking industry saw heightened levels of volatility in structure. The bank’s Board and the Board’s Risk Management
early 2023, as several western bank failures prompted fears of Committee (BRMC) provide the strategic direction necessary for
a global contagion. While City Bank had no material exposure to effective risk management. Under their supervision, the bank
these events, we took the learnings and further bolstered our promotes a robust risk governance culture, shaping the bank’s risk
liquidity position, thus ensuring better preparedness against appetite and upholding an effective risk management framework
elevated market uncertainties. through various policies, guidelines and delegation of authority.
Further, our Board-approved Risk Appetite Statement enables
Foreign exchange shortages, coupled with devaluation of the us to grow strategically whilst managing our risks in line with the
BDT vs. the US dollar presented formidable challenges for bank’s shock absorption capacity.
import businesses, leading to exchange losses and capital drain.
Moreover, repercussions of high inflation reverberated across Being consistent with central bank’s vision, the Board has also
sectors, escalating costs of raw materials, utilities and distribution. set a Recovery Plan, which is a guiding document to be used by
Sovereign rating adjustment by international credit rating agencies management in crisis scenarios in order to restore the bank to a
stirred up further uncertainty. stable and sustainable position. This plan includes a set of indicators
of crisis scenarios and thresholds of risks parameters, governance
Emerging risks in cybersecurity posed a persistent challenge to process, and a set of management actions to be implemented
our digital infrastructure. Additionally, global geopolitical tensions during exigencies.
impacted lead time targets for exporters, making logistical
management more complex, thereby lowering interest in new/ A Strong Credit Portfolio
expansionary projects.
Throughout 2023, fluctuations in commodity prices and exchange
In this challenging landscape, our commitment to resilience and rates contributed to higher costs for goods and services, weakening
adaptability remains unwavering, as we continue to navigate borrower’s capacity to repay loans. In this scenario, we closely
complexities and drive sustainable growth and value creation. monitored our clients’ performance, adjusting our credit facilities to
support business continuity and maintain the quality of our portfolio.
Towards Building a Resilient Organization
We maintain a diversified portfolio across products and geographies,
A Culture of Risk Aware Banking with specific risk appetite metrics to monitor concentrations.
While we aimed for sustainable growth in SME, micro and retail
We are committed to cultivating a diverse, forward thinking bank sectors, we are gradually improving our concentration in corporate
by fostering a culture of innovation, growth and customer centricity segment, which has been moderated by about 7 percentage point
in our employees. We are continuously embedding risk perspective between 2019 to 2023. Corporate clients are an impactful part
in developing the strategic path for the bank’s growth. This is being of our portfolio, characterised by businesses with strong shock
driven through the optimization of risk-weighted exposures and absorption capacity due to their experience and market dominance.
redefining our approach to our risk appetite.
SME and micro credit clients faced difficulty in absorbing economic
An important aspect of enhancing organisational resilience is shocks. We kept them under surveillance and assisted propitious
our risk culture, whereby everyone takes individual responsibility businesses with extended facilities in line with the central bank’s
to identify, assess, discuss and take prompt action to address policy. We considered the impact of inflation on retail clients and
existing and emerging risks. We expect those in our control adjusted our underwriting criteria to ensure proper client selection.
functions to provide oversight and challenge us constructively
towards ensuring a collaborative approach to risk management. Overall, we applied increased scrutiny during on-boarding clients
Further, by reinforcing the “Three Lines of Defence” model, we are and in ensuring compliance with loan covenants. Despite increased
developing an institution where everyone is aware of their roles challenges, our gross NPL ratio improved from 3.9% in 2022 to 3.6%
and responsibilities in safeguarding the bank against diverse risk in 2023. We restructured our legal team to enhance recovery efforts,
exposures, and escalation and mitigation of the same. introduced cross-department committees to review recovery
plans, and increased provisions; thus raising our provision coverage
For cohesively embedding our operational risk framework, ratio to 110.1% in 2023, up from 104.7% in 2022, strengthening the
which is an essential part of our risk culture, we have 25 Risk bank’s capability to withstand future uncertainties.
Champions across the bank, who act as conduits between their
own areas and the Operational Risk Management (ORM) function. A Sustainable Bank
We further reinforced key ORM tools, such as Risk and Control
Self-Assessment, Key Risk Indicator and Incident & Loss Data In line with the revised Environment Conservation Rules 2023,
Management to enable the Bank to adopt a more diversified which was approved by the Board, the bank amended its

Environmental and Social Risk Management (ESRM) policy that is Market and Liquidity Risk Management
integrated into our existing credit risk management frameworks.
This policy is overseen by the BRMC which directs the Sustainable Our liquidity and market risk management ensures a strong and
Finance Committee (SFC) to take the necessary actions. resilient balance sheet that supports sustainable growth. Amidst
a landscape of tightening liquidity, upward trend in policy and
As part of fostering responsible finance, we are aligned with the money market rates, and volatility in the exchange rate, the bank
Paris Climate Agreement and aim to achieve net-zero carbon maintained sufficient capital, liquidity and funding to support its
operations and interest rate profile, ensuring that the estimated
emissions by 2050. Joining the United Nations Net Zero Banking
impact of interest rate movement remained aligned to the bank’s
Alliance (NZBA) in 2022 will only facilitate this transformation.
risk appetite.
For attaining net-zero by 2050, City Bank has already disclosed both
We maintained a healthy liquidity position throughout the period,
of its interim (2030) emission reduction targets and long-term (2050) consistently maintaining all liquidity ratios well above minimum
targets for three major emitters: power sector, RMG and textiles, and requirements. Various initiatives were undertaken to strengthen
the pharmaceutical industry in its portfolio on September 2023. The our liquidity channels to ensure swift access to alternative liquidity
disclosure can be found on our website. The plan will support our sources. We successfully maintained the confidence of reputed
teams, customers, investors and other stakeholders to understand foreign credit line providers, including ADB, IFC, ITFC and others,
our long-term vision, challenges, uncertainties and dependencies which enabled us to ensure required FCY funds to smoothly run the
that exist, the progress we are making towards our own transition, business. We continued to deploy strategies to maintain a stable
and what we plan to do in the future. CASA deposit base in a high interest rate environment.
City Bank has been recognised as one of the top sustainable banks Building Safeguards against Financial Crimes
by Bangladesh Bank in the Sustainability Rating index in 2020,
2021 and 2022, based on the bank’s performance in sustainable We have a specialised team for detecting and preventing fraudulent
finance, green refinance, CSR and core banking sustainability. activities. The bank has implemented various measures to intercept
fraud at an early stage, including round-the-clock transaction
In 2023, according to The Banker, a renowned UK-based monitoring, surveillance of merchant and e-commerce transactions,
international magazine for financial affairs, City Bank achieved the oversight of agent banking outlets, and regular reviews of existing
product features to identify potential vulnerabilities.
7th position in their global ranking, which made us the highest-
ranked bank in the Asia-Pacific for sustainable revenue ratio. The bank has also developed a 5-year BRMC-reviewed Cyber
Additionally, the bank was awarded jointly by the German Agency Security Roadmap, focusing on cyber threat monitoring through
for International Cooperation (GIZ) and BIBM, for its commitment to SOC, DR readiness, adopting industry-standard frameworks
sustainable practices. like NIST, using data analytics for cyber threats, and harnessing
emerging technologies like blockchain, etc., to further fortify our
The bank achieved a 14% Green Finance disbursement and 36% cyber security.
Sustainable Finance disbursement in 2023, against respective
regulatory target of 5% of Total Annual Term Loan Disbursement 2024 Outlook
and 20% of Total Annual Loan Disbursement (both excluding staff
loan, NPL & credit card loan). In the current year, our focus areas will encompass a comprehensive
approach to fortify our technological safeguards, governance
Enhancing Capital Strength structures and people capabilities. Proactively monitoring
emerging economic challenges and geopolitical developments
Capital is a crucial buffer amid challenging times. Our strategy remains paramount, which will enable us to anticipate and mitigate
involves bolstering capital strength through retaining profits, potential impacts on our portfolio.
issuing stock dividends, and making sufficient provisions. In 2023,
Recognising the increasing significance of ESG and climate risk, we
our CRAR (standalone) increased to 15.80% from 14.46% in 2022, are dedicated to continuing our journey to embed ESG principles
surpassing the regulatory requirement of 12.5%. across the organisation, including incorporating climate risks within
the risk management framework, and staying on track with our net
We conduct thorough stress tests to assess our capital strength
zero ambition.
across various scenarios, including periods of severe economic
decline. The bank remains capital-resilient under minor shock On balance, we remain committed to maintaining resilience and
scenarios. The bank has adhered to Basel requirements for safeguarding stakeholders’ interests amidst an evolving risk
ensuring capital adequacy. landscape.

Our Risk
Governance
Risk Management
Report
Risk Management Framework Continuous monitoring and reporting form a cornerstone of City
Bank’s risk management approach, with regular reviews of risk
Risk Management Overview metrics, performance indicators, and key risk indicators. This
ongoing evaluation allows the bank to stay informed about the
The financial services industry’s risk environment is still changing
effectiveness of its risk management policies and make timely
drastically and quickly. On the other hand, risk management is still
adjustments as needed.
at the core of banking, and this is the one constant.
City Bank places a strong emphasis on the long-term sustainability
Notwithstanding the difficult risk environment, City Bank’s risk
management strategy exhibited a great deal of adaptability. There is of its operations, aligning risk-taking activities with overarching
a need for more integration of risks and risk management because strategic goals to ensure resilience over time. While exceeding
risks are becoming more interrelated and because emerging risks minimum regulatory requirements, the bank maintains a steadfast
are affecting and cutting across many risk categories, including commitment to compliance, operating within the legal framework
classic banking risks like capital, credit, and liquidity concerns. to mitigate regulatory and legal risks.
We are dedicated to generating long-term value by controlling Bank’s Risk Management Framework
the material risks to which the bank is exposed and optimizing
possibilities for value addition that can be taken with caution Risk Culture
regarding potential negative consequences.
Fostering a culture of open communication and transparency, City
Bank’s Risk Management Policy Bank encourages employees at all levels to report concerns related
to risk management. This commitment to openness contributes
City Bank demonstrates a proactive and adaptive attitude in
to a risk-aware culture throughout the organization. In embodying
crafting its risk management policy, aligning with key principles
these principles, City Bank positions itself as a financial institution
that go beyond regulatory minimums. The bank emphasizes a
that not only manages risks appropriately for its portfolio nature
forward-looking approach to identify and assess risks within its
portfolio, employing comprehensive risk assessments, stress but also remains adaptable to the evolving risk landscape while
testing, and scenario analysis. Recognizing the dynamic nature of surpassing regulatory compliance standards.
the risk environment, City Bank ensures that its risk management
Risk Governance and Organization
policy remains flexible to respond effectively to emerging market
conditions, economic trends, and regulatory changes.
Risk Management Structure
City Bank distinguishes itself by implementing stringent risk
The bank’s risk management framework is built on a foundation
mitigation measures that surpass regulatory requirements.
These measures include setting internal risk limits, utilizing risk of robust governance, well-defined policies and methodologies,
assessment techniques, and enforcing robust controls to minimize and a team of experienced professionals. This is further enhanced
exposure across various risk categories. The bank aims to adopt by the use of appropriate technology, infrastructure, and data
an integrated risk management framework, considering the management practices. This framework is built upon a solid
interconnectedness of credit, market, operational, and liquidity corporate culture that prioritizes accountability, ownership,
risks, to implement comprehensive risk management strategies. integrity, and high ethical standards.
Board Level
Board of Directors
Board Risk Management Committee Board Audit Committee
Executive Risk Credit Risk Mgt.

Management Level MANCOM Extended MANCOM
Mgt. Committee Committee
Asset Liability Sustainable Operational Risk Deteriorating Settlement Emission Reduction
Mgt. Comm. Finance Comm. Mgt. Committee Credit Mgt. Comm. Committee Steering Comm.
Operational Level Internal Control &

Business Teams Supporting Teams Risk Teams
Compliance
Risk Management Policies & Guidelines

City Bank has established a well-knit risk governance framework management activities, and guiding the management in navigating
originating from the Board of the bank. Board of Directors critical situations. The Executive Risk Management Committee
approves risk management policies and sets risk appetite of the (ERMC) monitors and implements risk management strategies
bank. Soundness of these strategic decisions are supported by
thorough review and assessment of such matters by Board’s across the bank. Chief Risk Officer (CRO) supervises bank’s
Risk Management Committee (BRMC). The BRMC plays a pivotal overall risk management activities. The broad risk management
role by overseeing, directing, and setting policies, monitoring risk organogram is depicted below.
Board of Directors
Board's Risk Management Committee (BRMC)

Chief Risk Officer (CRO)
Risk Management Credit Risk Credit & Collection: Special Asset

Division Management Retail, Cards Mgt. (SAMD)
Underwriting: Small Credit Fraud Risk Legal

Business Administration Management
Risk Related Committee and their Roles overall risk strategy. The following table depicts major risk
management committees to ensure effective risk governance, and
Bank has dedicated platforms for specific risk areas to ensure
proper alignment of risk management functions with the bank’s their key objectives.
Board’s Risk Management Committee Board level committee to guide and oversee risk management activities across the bank
Executive Risk Management Committee To lead risk management activities across the bank
Asset Liability Management Committee To oversee management of assets and liabilities
To identify the possible risks for different credit transactions, and ensure lending proposals are
Credit Risk Management Committee
approved in line with bank’s business strategy and keeping the asset quality at expected level
Deteriorated Credit Management Team To direct overdue and Non-performing exposures management
Supervisory Review Process (SRP) Team To review bank’s internal capital adequacy assessment
Investment Committee To decide and monitor investment management activities of the bank
Sustainable Finance Committee Under SFC: To review sustainable financing activities of the bank ERSC: To oversee long term effort to
Emission Reduction Steering Committee reduce GHG emission from bank’s own operation and its portfolio
ICT Steering Committee To monitor management methods to determine and achieve strategic goals
Board’s Risk Managemnent Committee (BRMC) reduce risks, and maintain sufficient capital and provisions to
comply with all internal and regulatory standards.
The Board of Directors of City Bank established the BRMC at its
452nd Meeting on 25 January 2014, re-established in 2018, Responsibilities:
2021 and 2023, in order to pursue meticulous and purposeful risk
governance that wraps a strong layer of defense around the bank • Risk identification and development of a comprehensive control
and its operations. strategy
BRMC is the Board’s primary front to review, guide, manage and • Adoption of organizational structure embedding risk across the
reduce various risks resulting from the implementation of strategies organization
and action plans approved by the Board. BRMC also ensures that
the management takes proper steps to identify, measure and • Review and adoption of Risk Management Policy

Our Risk
Governance
• Risk reporting for archival and future referencing Supervisory Review Process (SRP) Team
• Implementation supervision of the overall risk management policy As per “Revised Process Document for SRP SREP Dialogue on
ICAAP (Implementation of 2nd Pillar of Basel Accord)” issued
• Miscellaneous (Quarterly reporting of decision & by Bangladesh Bank in May 2014, Bank must have an exclusive
recommendation to board, ensuring compliance of regulatory body naming SRP team which shall act as the Managerial Layer of
instructions, considering evaluation report by internal/external Supervisory Review Process. SRP Team of City Bank is headed by
auditors) MD & CEO. The team is empowered to validate the ICAAP report of
the bank and to represent the bank in the process of dialogue with
Executive Risk Management Committee (ERMC) SREP Team of BB and to determine adequate capital requirement
of the bank.
The Executive Risk Management Committee serves as a senior
management platform responsible for guiding the execution Responsibilities:
of policies, strategies, and tactics as advised by the Board Risk
Management Committee (BRMC) and endorsed by the Board. In • To validate the ICAAP report while monitoring the
addition to regular risk parameters, the committee also closely implementation of Supervisory Review Process for various
monitors any emerging risk patterns, communicates the same to risks mentioned under the Pillar II of Basel Accord.
the concerned departments, and ensures effective steps are being
taken to control the risk factors. • SRP Team is empowered to represent the Bank in the process
of dialogue with SREP Team of BB and to determine adequate
Responsibilities: capital requirement of the Bank.
• Identifying, measuring and managing existing and potential risks • To oversee the Capital Planning of the bank in line with
regulatory requirements.
• Ensure compliance with the decisions taken by the Board/BRMC
Risk Appetite Statement
• Submitting proposals, suggestions and summary of ERMC
meetings Risk Appetite Statement (RAS) denotes the amount and type
of risk that an organization is willing to take in order to meet its
• Implementing the decisions of BRMC strategic objectives. Risk Management Guidelines (2018) of
Bangladesh Bank (BB) for Banks as well as Guidelines on Credit
• Assessing adequate capital requirement in line with risk
Risk Management (2016) for Banks suggested to develop RAS at
exposures
all possible measurable risk areas. Bangladesh Bank (BB) advised
• Determining risk appetite in line with strategic planning to set RAS with three levels of thresholds on different exposures.
BB reviews actual exposures against those thresholds, especially
• Contributing to formulation of risk policies the maximum one (Risk Tolerance).
• Reviewing risks involved in new products Accordingly, City Bank’s Risk Appetite Statement has been set
in three different scales against each of possible risk issues
Basel Unit recommended by BB. These three different scale of risks are
expressed as:
In order to incorporate the changing global concepts in risk
management and to adopt the Basel III standards, City Bank formed • Risk Appetite: the amount and type of risk an organization
a management level committee named ‘Basel Unit’, chaired by MD is willing to accept in line with its business objectives and
& CEO. The committee is vested with supervisory responsibilities annual budget.
to implement Basel III across the bank. Therefore, Committee is
assigned to adopt a comprehensive approach to devise the plan • Risk Limit: provides an additional gauge to monitor that
and craft the strategies for implementation of Basel III in the actual risk exposure is close to our maximum risk threshold.
banking business of City Bank in accordance the road map provided Exceeding risk limit means the organization is becoming
by Bangladesh Bank. closer to its risk tolerance.
Responsibilities: • Risk Tolerance: maximum risk that an organization is willing

to accept against each relevant risk and doesn’t desire to
• Implementation of the Action Plan of Basel Accords in the bank exceed in normal scenario.
• To communicate issues related to Basel Implementation to the Factors Considered in Preparation of Risk Appetite Statement
bank Management
Quantitative Factors:
• To attend Quantitative Impact Study (QIS) and Accountability
for the Compliance of Basel Accords In preparation of RAS, different quantitative factors are considered
as follows:
• Arranging customized training programs according to Training
Need Assessment • Budget alignment: Start with Bank’s overall long-term and

short-term strategic, capital, and financial plans and aligning Promoting Risk Culture and Risk Awareness
with the budget of the year.
City Bank places a strong emphasis on fostering a risk-aware culture
• Defining Tolerance Level of Risk: Determination of each throughout the organization. This involves promoting awareness
material risk and overall maximum level of risk that the bank is of risk management principles, encouraging open communication
willing to operate within. about potential risks, and cultivating a mindset of accountability
at all levels. Through training programs, workshops, and regular
• Past Performance: Historical performance data on business communication channels, City Bank ensures that employees
segment and sector wise loan outstanding position, NPL, cash understand their role in identifying, assessing, and mitigating risks
recovery, written off loan status, CRAR, Net Open Position etc. in their respective areas of responsibility.
• Liquidity & Fund Management: Liquidity situation both in Summary of Training and Awareness Sessions
local currency and foreign currency are unpredictable and
for this reasons cautionary measures have been taken in Core Risk Area No. of Participants
budgetary numbers. ALM 663
CR 3,472
• Asset Quality: Asset quality is considered as per draft budget FX 1,389
and dialogue with business teams. ICC 4,800
IT 7,136
• SMART Rate: Removal of interest rate ceiling and introduction of
ML 4,704
SMART rate (Six Month Moving Average Rate of Treasury Bills).
Recovery Plan
Qualitative factors:
Bangladesh Bank vide BRPD circular number-03 dated February
In preparation of RAS, different quantitative factors are considered
24, 2022 has instructed banks to develop “Recovery Plan” to cope
as follows:
up with the stress events which often threaten bank’s financial and
• Dialogue with Business Teams: Conducted in-depth operational strength and viability. To comply with the circular, City
dialogues with different business lines and senior Bank developed its own Recovery Plan.
management of City Bank.
The objective of this plan is to describe:
• Global Factors: Different geopolitical/global economic
• Different indicators and thresholds of the risks and stress
factors like supply chain disruption, inflation, geo-political
events where banks need to be vigilant and take recovery
tension etc.
measures
• Domestic Factors: Different Bangladesh specific macro indicators
• The governance process for taking necessary and appropriate
like decrease in remittance flow, rise in FX rate, decrease in FX
corrective actions in timely manner
reserve, inflation, negative Balance of Payment, etc.
• The tentative options for recovery
• Dynamic: RAS is subject to change in view of dynamic external
scenarios. Recovery Plan is updated at least yearly basis, which is also
reviewed by the central bank. The Recovery Plan includes the
• Strategic success factors: encompass management aspects
following sections:
like CAMELS Rating and Economic Value Addition, product
offerings and customer service initiatives • Overview of the bank
• Balanced Growth: The concept of balanced growth through • Business Model Analysis
strategic business plan, risk management framework,
strategy for corporate control etc were delivered in Annual • Business Strategies and Trigger Points
Business Conference for Corporate, Commercial, Medium
business segments. • Stress Scenarios Analysis
Risk Management Tools • Options for Recovery
Policies, Standards and Limits • Governance of Recovery Plan of the bank
City Bank establishes comprehensive policies, standards, and Risk Management Process
limits to govern its risk management practices. These documents
City Bank follows a structured risk management process that
outline the bank's risk appetite, define acceptable levels of
encompasses identification, assessment, mitigation, monitoring,
risk exposure across various business activities, and provide
and review of risks across all business activities. This process
guidelines for risk mitigation strategies. By adhering to these
involves regular risk assessments, scenario analysis, stress testing,
policies, City Bank ensures consistency and alignment with
and ongoing evaluation of control measures to ensure effectiveness
regulatory requirements while effectively managing risks within
in managing risks within acceptable levels. Continuous improvement
predefined boundaries.
initiatives help City Bank adapt to evolving risk landscapes and
enhance its resilience to external threats.

Our Risk
Governance
Risk Mitigation Methodology
Risk Mitigation Approach
Risk Risk Assessment Risk Management

Identification and Quantification Framework
Governance and Oversight Risk Monitoring Risk Mitigation

and Reporting Strategies
Business Continuity Training and Continuous

Planning Awareness Improvement
Risk Management and Mitigation Tactics various tools and techniques, such as internal credit risk rating
system, financial analysis, and collateral evaluation, to evaluate
Credit Risk borrower creditworthiness. Effective credit risk management
involves setting appropriate lending policies, establishing risk limits,
Credit risk management is paramount for banks to ensure financial and regularly monitoring loan portfolios. By prudently managing
stability and mitigate potential losses. This discipline involves credit risk, banks can safeguard their assets, maintain liquidity,
assessing the likelihood of borrowers defaulting on their loans and and uphold trust among depositors and investors, contributing to
implementing strategies to mitigate these risks. Banks employ overall financial resilience and sustainability.
Approach of Managing Credit Risk
Performance Management Strategic Periodic

Process Review Review
• Credit Risk Management • Board of Directors • MD & CEO, CRO, HoCRM/

Policy Manual HoC&C and their teams
• Credit Instruction Manual
• Product Program Guideline
• Risk Appetite Statement

Credit Management Process
Application rejection
and sent back to RM
No
Partially
Yes complied
Borrower application Submit complete loan
Obtain CIB report and CRMP Complied? CRMP Complied?
received by Business application to CRM Division
collect documents CIB Clean? CIB Clean?
Division or RM for processing
No
Exceptional basis
on credit ground
Application rejection Yes
notification
a) Perform due-diligence
Place credit memo for Limit negotiation, and resolve queries CIB Analysis,raise
Approval [Board/
approval to delegated facility structuring b) Pre-approval inspection queries and capture
Management)
authority and risk mitigations c) E&S Risk Assessment additional documents
d) ICRR Analysis
Yes
No
Proceed for sanction

advice, complete Decline intimation
documentation and to Business Team
disbursement
Credit Risk Mitigation Management
Particulars Major Area Focused Reported in Frequency Mitigation

Concentration of sector and industry
Portfolio Risk Assessment CRMR Half Yearly
wise loan exposure
Credit Concentration of Top 20
Top-20 Borrowers' Risk Assessment CRMR and MRMR Monthly
borrowers
Top-20 Defaulters' (Excluding Written-
Written off to NPL Ratio CRMR and MRMR Monthly
off Loans) Risk Assessment
Geographical (Based on End-use) Risk
Geographical credit concentration CRMR and MRMR Monthly
Assessment Risk Appetite
Assessment of Top-10 Statement,
Scope of unauthorized EOL CRMR Half Yearly Escalation to Senior
Loans' Limit Breach
Status of Rescheduled and Management
Stressed Assets' Risk Assessment CRMR and MRMR Monthly through ERMC and
Restructured Loan
Board through BRMC
Size-wise Loans' Concentration
Loan size wise credit concentration CRMR Half Yearly and Board
Assessment
Assessment of Non-performing NPL Ratio, Provision against CL and
CRMR and MRMR Monthly
Loans (NPLs) cash recovery from CL
Status of Off-Balance Sheet (OBS) Growth of OBS and OBS exposure as CRMR, MRMR, OBU
Monthly
Exposure a % of total asset statement
Status of Lawsuits Case settled and amount recovered CRMR Half Yearly
Status of Credit Rating % of rated portfolio CRMR Half Yearly

Our Risk
Governance
Market Risk employ sophisticated models and analytics to measure market risk
exposure accurately. Strategies such as hedging, diversification,
Market risk management is crucial for banks to navigate and stress testing are deployed to mitigate potential losses.
uncertainties in financial markets and protect their capital against Effective market risk management ensures banks can withstand
adverse movements. This discipline encompasses the assessment market volatility, maintain liquidity, and uphold investor confidence.
and mitigation of risks arising from fluctuations in interest rates, By proactively managing market risk, banks can optimize returns
foreign exchange rates, equity prices, and commodity prices. Banks while preserving financial stability.
Approach of Managing Market Risk
Compliance City Bank developed robust risk management policies that enhance their resilience to uncertainties
to Policies and contribute to long-term stability and success.
Effective Implementation of robust controls such as regulatory and counterparty limits, alongside
Control delegated authorities.
Utilization of Value at Risk (VaR) analysis to quantify potential losses under adverse market
VaR Analysis conditions.
Capital Market Imposing a cap on capital market exposure to limit potential risks associated with market
Exposure Cap fluctuations.
Accuracy of Ensuring the accuracy and reliability of information used in market risk assessments and
Information decision-making processes.
Market Risk Mitigation Management
Particulars Reported in Frequency Mitigation
Interest Rate Sensitivity Analysis CRMR, MRMR Semi Annual, Monthly
Duration Gap Analysis CRMR, Stress Testing Semi Annual, Quarterly
Risk Appetite Statement,

Interest (Profit) Rate Spread Analysis CRMR Semi Annual Escalation to Senior
Management through
ALCO, ERMC and Board
Foreign Exchange Risks: NOP, VaR,
CRMR, MRMR, FX Statement Semi Annual, Monthly through BRMC and
Overdue Bills etc.
Board
Capital Market Related Risks CRMR, MRMR Semi Annual, Monthly
Analysis of Off-shore Banking Unit (OBU) CRMR, MRMR Semi Annual, Monthly

Liquidity Risk strategies, including liquidity stress testing, cash flow forecasting,
and maintaining adequate reserves, to mitigate liquidity risks.
Liquidity risk management is a vital aspect of banking operations,
Effective liquidity risk management enhances financial stability,
ensuring that banks maintain sufficient liquidity to meet their
financial obligations promptly. This discipline involves assessing safeguards depositor confidence, and enables banks to withstand
and managing the risk of being unable to fund liabilities or liquidate adverse market conditions or unexpected shocks, contributing to
assets at a reasonable cost when needed. Banks employ various the overall resilience of the banking system.
Approach to Managing Liquidity Risk
Compliance Ensuring adherence to established frameworks for managing market and liquidity risks, foreign
to Policies exchange exposures, and investment strategies.
Effective Implementing regulatory limits, maintaining a liquidity contingency plan with early warning
Control indicators, and developing a recovery plan to enhance oversight and risk management practices.
Liquidity Risk Mitigation Measurement
Particulars Reported in Frequency Mitigation
CRR & SLR CRMR, MRMR, Monthly Statement Semi Annual, Monthly, Daily
Advances and Deposits CRMR, MRMR, Weekly Statement Semi Annual, Monthly, Daily
Structural Liquidity Profile & Max.
CRMR, Monthly Statement Semi Annual
Cumulative Outflow
Risk Appetite Statement,
Liquid assets to short term liabilities
CRMR, MRMR Semi Annual, Monthly Escalation to Senior
(3 months)
Management through
Liquidity Coverage Ratio (LCR) CRMR, MRMR, Monthly Statement Semi Annual, Monthly ALCO, ERMC and Board
through BRMC and Board
Net Stable Funding Ratio (NSFR) CRMR, MRMR, Quarterly Statement Semi Annual, Quarterly
Leverage Ratio CRMR, CRAR Semi Annual, Quarterly
Undrawn Commitments CRMR, MRMR, Monthly Statement Semi Annual, Monthly, Daily
Operational Risk • Operational Risk Management Framework align with Global

Practice: City Bank revamps it’s operational risk management
Operational risk is inherent in every business organization which framework to keep pace with global practices. The Framework
covers a wide spectrum of issues. It encompasses a broad range of is applicable to all business units and support functions across
potential threats to business operations, including human mistake the bank.
to negligence, system glitches, lack of automation, outdated
• Developing Policy for managing Operational risk: Detail
processes or lapse, and external factors like regulatory changes or
procedures offer guidance to the 1st Line of defense on how
natural disasters. It’s crucial for businesses to identify and mitigate
to implement the ORMF effectively. these procedures include
material risks in order to ensure continues smooth operations details on risk identification techniques, risk assessment
and long term sustainability, particularly in today’s rapid evolving methodologies, risk monitoring processes, escalation
landscape of technology, regulation, and global issues. procedures, and risk mitigation strategies.
Approach to Managing Operational Risk • Operational Risk Governance: Governance of operational

risk management within City Bank provides transparency
City Bank implements a robust strategy for handling operational of decision making, and clear identification of the roles and
risk. In this regard, Bank manages operational risk in the following responsibilities of the operational risk management functions
manner: in the organization. This governance structure aims at ensuring

Our Risk
Governance
that operational risks are managed effectively and within early warning signs enabling timely mitigation and reporting of
the risk appetite set by City Bank Board and Management. critical operational risk events.
The Operational Risk Management Committee members are
• Ensuring Control Assurance Program: Control Assurance
committed to addressing and resolving operational risk issues
involves proactive assessment aimed at evaluating the
based on their expertise and experiences. efficiency of the control environment.
• The Board & Senior Management Oversight: The Board of • Incident management: Capturing Operational Risk related
Directors (BOD) have a pragmatic view on managing operational incident and loss data to facilitate the integrated loss database
risk across the Bank. In this regard, the BOD approved of the • Analysis of Audit trails: Audit reports help in comprehending
amended Operational Risk Management Framework which operational deficiencies, enabling the enhancement of controls.
provides a dynamic approach for the Structure, Governance
and Tools of Operational Risk Management. At a regular basis, Internal Control and Compliance Risk
Operational risk is adequately demonstrated through Risk
Management Committees. Approach to Managing Internal Control and Compliance Risk
• Three Lines of Defense (3LODs) Model: Sound operational 1. Structural sustainability focus for preventing contagion effects.
risk governance often relies on a three lines of defense 2. Robust frameworks and defense strategies developed by
model (3LODs) and is designed to enhance accountability, risk the Board.
governance and decision-making within a business by splitting
3. Oversight from the Internal Controls and Compliance Division (ICCD).
responsibility for managing risk between First line who are
the frontline employees, afterward, second line consisting of 4. Utilization of Risk-Based Internal Audit (RBIA) approach.
risk management personnel, and lastly, third line made up of 5. Remote audit capability via secure IT platforms.
internal audit personnel.
6. Assurance of effective risk management systems by ICCD.
• Risk Champions: In order to implement an effective ORM Internal Control and Compliance Risk Mitigation Measurement
structure in City Bank, the governance, procedures, along
with risk culture all need to be communicated and integrated • Internal Fraud
at every level. A Risk Champion is a great option for achieving
• External Fraud
this goal. Act as a conduit between own division and ORM
team. He/She is responsible for embedment of the ORMF and • Employment Practices & Workplace Safety
Supporting Procedures within the Unit, implementation of OR • Clients, products and business practices
activities, support risk owners in the execution of proposed risk
mitigation strategies. • Disasters and public safety
• Technology and infrastructure failures
• ICT Risk Management: Managing ICT risk is an important aspect
of operational risk management for organizations that heavily • Execution, delivery and process management
rely on technology for their operations. City Bank placed ICT • Settlement of Bangladesh Bank (BB) inspection based major
risk under the umbrella of operational risk framework which irregularities
facilitate the discussion on ICT Risk in the relevant committees
• Settlement of External audit based major irregularities
to ensure ICT Risk management in a proactive manner.
• Settlement of Internal audit based major irregularities
Capital Maintenance against Operational Risk
• Settlement of Customer complaints
City Bank has adopted Basic Indicator Approach (BIA) to assess Money Laundering Risk
the capital charge for operational risk as of the reporting date.
Accordingly, Bank’s operational risk capital charge has been Approach to Mitigating Money Laundering Risk
assessed at 15% of positive annual average gross income over
the previous three years as defined by the guideline of Risk Based • Compliance of related Laws, regulations and BFIU circulars &
Capital Adequacy (RBCA). guideline;
• Central Compliance Committee (CCC);
Operational Risk Mitigating Measurement
• Periodical review of own Policy;
City Bank utilizes operational risk management tools to address
• Employee Training and Awareness;
and minimize operational risks.
• Know Your Customer (KYC) Procedures;
• Assess critical risks and control environment: Provides guidance
• Customer Due Diligence (CDD);
on material risk & associated control environment identification
and assessment, including the risk scales, rating mechanism • Transaction Monitoring;
based on the risk taxonomy & control library in order to render • Adverse News Screening;
Risk Register.
• Sanction Screening;
• Monitoring Key Risk Indicators: Key Risk Indicator is an
• Suspicious Transactions/Activity Reporting;
effective way of monitoring the changes to the operational risk
exposure levels on a periodic basis. These indicators provide • Regular Audits and Reviews;

Money Laundering Risk Mitigation Measurement
Key Risk Tools & Programs Reported in Mitigation Process
Reporting to BFIU
Automated generation of Review the accounts and
Cash Transaction Monthly reporting and review
report if suspicious, report to
regulator
Review all the accounts
Review of transaction below reporting Automated generation of
Structuring Transaction and if found suspicious,
limit (CTR) report
report to regulator
Review all the alert and if
Transaction inconsistent with financial Review actual transaction with Alert Management through
found suspicious, report to
profile customer profile and profession AML software
regulator
Automated data update, screening
before onboarding, periodic
Automated Screening Review the alert and report
Sanction screening of existing customer and
software if 100% match
real time screening of cross border
transactions.
Review all alert and
analysis the risk. If found
Checking movement of container and Automated alert from Vessel any restricted /sanctioned
Vessel Tracking
Vessel before performing transaction tracking software port movement , reject
transaction and report to
regulator
Checking through Review fair price before
Checking product price with
International Price execution of transaction
Price Verification International as well as local market
verification software as well and if found suspicious,
for fair price
as open market data report to regulator
ICT Risk ICT Risk Mitigation Measurement
Approach to Mitigating ICT Risk Ensure Business Continuity to mitigate ICT Risk: We have defined
the Recovery Time Objective (RTO) – Recovery Point Objective
a) Strictly following internal ICT security policy and other (RPO) for all the critical business applications in line with business
policies: We follow City Bank’s ICT security policy as well to ensure maximum uptime of those applications.
as Bangladesh bank’s ICT security guidelines to ensure
administrative control to mitigate ICT risk. Updating Security Patches and software: We are updating security
patches and latest version of applications/databases/systems etc.
b) Installing and configuring security solutions at various layers on a regular basis to reduce any ICT risk.
of infrastructure: We have installed and configured Firewall,
WAF, Network segregation, API gateway, Data Loss Prevention ICT Risk review and evaluation: We review and measure the
(DLP) solution, Network Sandboxing, Application Security etc. identified ICT risk on a half yearly basis and also include the newly
to ensure security at every network and application layer. identified risk in the risk register for treatment.
c) Continuous Monitoring: We have implemented application Cyber Security Management

monitoring tools, Security Operations center, Network
Operations center, Dark web monitoring on a continuous basis The Information Security team is ensuring proper development
so that any intruder can be detected as soon as possible. and effective control to tackle the ever-evolving cybersecurity-
related threats. Initiatives in this realm include but not limited to
d) Risk Management Framework: We have implemented a risk the followings:
management framework where assessment of ICT risk, risk
categorization, Risk treatment, Risk tolerance etc. to address • Continuous cyber threat monitoring through security
ICT risk. information and event management tool.
e) Definite Job responsibilities: Job description has been defined • Privileged Access Management (PAM) solutions to control and
for every ICT officials and been reviewed time to time to monitor the activity of privileged users
incorporate any changes.
• Upgraded end point security, advanced threat deference and
DLP (data loss prevention) towards systems reinforcement.

Our Risk
Governance
• Incorporated Anti-DDoS systems and taken security initiative audits provide an external perspective and ensure compliance with
to block web attacks, injection attack and other attacks on relevant regulations.
infrastructure and network.
Regulatory audit by Bangladesh Bank: Bangladesh Bank conducts
• For any new and existing systems, we perform VAPT on a
regular basis to secure our systems/applications. an annual core ICT risk audit based on BB ICT guidelines and best
practices. This audit ensures compliance and risk management in
IT Audit
the realm of information and communication technology.
Internal IT Audit: Our Internal Control and Compliance (ICC) division
maintains a dedicated IT audit team that conducts regular audits Standardization audit by Certification Body: Standardization
throughout the year. Their focus is on ensuring robust IT controls audits are conducted by various certification bodies such as PCI-
and compliance. DSS, ISO 27001, and ISO 9001. These audits focus on ensuring
Independent audit by third party: Independent third-party audits compliance with established standards and best practices. They
are conducted annually as part of the statutory audit process. These occur annually as part of the recertification process.
Concentration Risk
Approach to Mitigating Concentration Risk
Diversity
The bank assesses concentration risk through the lens of loan and investment portfolio diversity.
Assessment:
Credit Evaluation of credit concentration involves analyzing five key aspects: sector, division, group, single
Concentration: borrower, and top borrower.
The bank employs four indicators—Herfindahl Hirschman Index (HHI), Simpson’s Equitability
Indicators
Index (SEI), Shannon’s Index (SI), and Gini Coefficients (GC)—to gauge concentration risk across
Used: various aspects.
Holistic The bank adopts a comprehensive approach to concentration risk management, considering both
Approach: credit and market concentrations.
Granular Concentration risk is analyzed at a granular level, allowing for a detailed understanding of risk
Analysis: exposure within the portfolio.
Mitigation Identification of concentration risk prompts the implementation of tailored mitigation strategies
Strategies: to address vulnerabilities.
Continuous Concentration risk is not a static phenomenon; therefore, the bank ensures continuous monitoring
Monitoring: to promptly identify emerging risks and adapt strategies accordingly.
Regulatory The bank’s approach aligns with regulatory requirements, ensuring adherence to standards set
Compliance: forth by governing bodies.

Concentration Risk Mitigation Measurement
Credit related Concentration: Market related Concentration:

• Sector wise exposure • Instrument wise Investment
• Division wise exposure • Sector wise Investment in Listed Instruments
• Group wise exposure • Currency wise Investment of FX*
• Single borrower wise exposure
Reputation Risk
Approach to Mitigating Reputation Risk which are External Credit Rating, Internal & External fraud and
recovery, Non/delayed payment of accepted bills and Quality of
Reputation risk is a subject of operational risk which can adversely
affect the capital base if the driving forces of the risk turn worse Customer Service.
Credit Rating of the Bank Internal Fraud Incidents External Fraud Incidents Amount of
Non-payment of Bills
Reputation Risk Mitigation Measurement
Insufficient fund in
Technological
Negative media the ATM machine
disruption
report (number) (number of
(number)
incident)
Non-payment
Penalty if imposed Fake notes in the
of cheques and
by the regulatory ATM machine
accepted bills
body (amount) (amount)
(amount)
Strategic Risk
Approach to Mitigating Strategic Risk when assessing this risk, namely the CAMELS rating of the bank,
operating expenses to operating profit ratio, classified loans to
Strategic risk, a type of operational risk, poses a serious threat to total loans ratio, recovery from classified loans, written-off loans,
a bank’s capital base. Seven critical aspects are taken into account interest waiver, and rescheduling of loans more than three times.
Strategic Risk Mitigation Measurement
Operating Classified loan

CAMELS Rating CL as % of
Expenses as % of recovery as %
of the Bank total loans
Operating income of total CL
Written-off Rescheduling
Interest waiver
loans as % of of loans more
as % of total CL
total CL than 3 times

Our Risk
Governance
Environmental and Social Risk Environmental Risk Management framework that comprises a
set of guidelines, including policies and procedures that define
Banks and financial institutions have the potential to impact the the perimeter of the Bank’s lending principles. City Bank revises
natural environment, ecosystem, and surroundings both positively its Environmental risk management framework to Environmental
and negatively through their client operations. Failure to effectively & Social Risk Management Guidelines by incorporating social
frameworks in 2017. In 2022, City Bank further revised its
manage environmental and social risks can potentially result in
ESRM policy incorporating the central bank’s recent regulations,
credit risks for banks. Consequently, City Bank places significant
International Finance Corporation (IFC) performance standards, and
emphasis on the meticulous management of environmental and other international best practices.
social risks associated with its clients.
Environmental and Social Risk Mitigation Measurement
Approach to Mitigating Environmental and Social Risk
As per the ESRM Policy of City Bank, the E&S risk identification,
City Bank’ s journey in environmental & social risk management mitigation, monitoring and overall E&S risk management process
commenced way back in 2012 via the establishment of its is outlined below:
Step 1: Exclusion List Screening

Is the project involved in activities under the exclusion list?
Yes NO
(Reject the project) (Proceed)
Step 2: DoE Categorization (Red/Orange/Yellow/Green)

Follow: ECR-1997 & Clearance Certificate from DoE
Agri/Cottage/Micro/ Agri/Small/Medium Large Enterprise Infrastructure

Re tail/Trading/Small Enterprise Finance Finance Project Finance
(Non-critical sectors) (ESIA Required)
Step 3: E&S Due-diligence:

E&S reputational risk scan through searching media report, internet etc
Review the projects compliance with the applicable national and international regulations;
Review the project sponsors track record on E&S issues;
Review the projects compliance regarding E&S issues through site visit
Document all required information completed E&S checklist, copies of all permits clearances etc.
Step 4: Generate Risk Rating Step 5: IFC Screening

The E&S risk rating will be automatically generated Check against IFC Performance Standard based checklist
upon filling the excel based checklist (Annexure 03: (Annexure 04: Performance Standard's Screening Form).
E&S Due Diligence Risk Assessment Tools) of For applicability check (Table 1 2: Applicability of the IFC
Bangladesh Bank Performance Standards)
Low Risk Medium Risk High Risk
Step 6: Environmental & Social Action Plan (ESAP)

For High & Medium Risk transaction, a time bound action plan and relevant covenants will
have to be included in the investment documentation (Annexure 08: Corrective Action Plan)
Step 6: Environmental & Social Action Plan (ESAP)

For High & Medium Risk transaction, a time bound action plan and relevant covenants will
have to be included in the investment documentation (Annexure 08: Corrective Action Plan)
Step 8: Monitoring
Monitoring and supervision of borrower's E&S risk related activities will be conducted by the RM. For High Risk
clients, RM needs to conduct on-site monitoring by visiting at least half yearly basis and in case of Medium or
Low risk at least on yearly basis. (Annexure 09: Monitoring Checklist)
Step 9: Reporting
SFU of the Bank will review the E&S portfolio of the Bank on quarterly basis and report to the senior management as
well as to the Board Risk Management Committee on quarterly basis.

Disclosure of Risk Reporting
Risk Profile and Risk Mitigation Process
Risk Profile Dashboard
NPL % Provision Coverage % Large Loan % Capital Adequacy

Ratio %
Dec-’23: 3.6% Dec-’23: 110.1% Dec-’23: 30.5% Dec-’23: 15.8%
Reg. Limit: ≤46% Reg. Limit: 12.5%
Net Open Position Sustainable Finance Green Finance Risk Appetite

Disbursement * Disbursement **
Dec-’23: $17.08 mn Dec-’23: 36% Dec-’23: 14% No Breach in RAS
Reg. Limit ≤$43.31 mn Reg. Target: 20% Reg. Target: 5%
* Sustainable Finance Disbursement as percentage of total loan disbursement ( excluding Staff Loan, Credit Card, NPL)
** Green Finance Disbursement as percentage of total loan disbursement ( excluding Staff Loan, Credit Card, NPL)
Exposure Limit (Risk Appetite)
Risk Areas Risk Tolerance Dec'23

Non-Performing Loans Not more than 6% 3.6%
Off-balance sheet exposure to total assets Not more than 51% 37.67%
Amount of loan outstanding with acceptable rated customers (risk
Not less than 100% 100%
weight up to 100%) to the amount that lies with total rated customers
Value at Risk (VAR) for equity exposure Not more than BDT 130 mn 49.97
Value at Risk (VAR) for NOP position Not more than USD 0.9 mn USD 0.05 mn
Commitment limit 249.5% of High Quality Liquid Assets (HQLA) 173% of HQLA
80% of Regulatory Capital on fortnightly
Wholesale borrowing guideline (WBG) limit average basis with maximum two deviations 14.2%
(not more than 90%) in a particular fortnight
Loss due to internal and external fraud Not more than BDT 25 mn -
CRAR (solo) Not less than 12.5% 15.80%
AD ratio Not more than 87.00% 83.7%
Liquidity Coverage Ratio (LCR) Minimum 100% 174.58%
Net Stable Funding Ratio (NSFR) Not less than 100% 106.52%
Risk Heat Map and Key Risks
City Bank’s risk heat map has been created referencing the key risk
factors enumerated in the table detailing the key risks factors of
the Bank and their respective mitigation measures.
The categorization of major risk factors is given below:

Our Risk
Governance
• Risk associated with prevailing economic conditions

Industry-related risks • Risk associated with a highly competitive industry
• Risk related to disruption due to any adverse or unexpected regulation/market activity
• Risk related to employee attrition
• Risk associated with client portfolios
Operational risks
• Risk of IT system failure and cybercrime
• Risk associated with credit management
Regulatory and legal risks • Risk of litigation and legal proceedings
• Liquidity risk
Financial risks
• Risk associated with the bank’s credit rating
A description of key risk factors, their potential impact, severity of impact, and how we mine for opportunity is given hereunder:
Impact
Risk factor Potential impact Mitigation / opportunity capture
severity
R1 For a Bank, credit management risk is a high Medium • Strong credit screening standards
priority as disruption in obligatory payments can
Credit have an impact on asset value and the financial • High surveillance with proactive stance on credit
management health of the Bank. management
risks
• Regulatory-aligned provisions support any
future Balance Sheet impact
R2 Contracts may be terminated on notice. High • Promote relationship-based banking to
Moreover, the Bank’s lending contracts with its develop stronger bonds with clients
Client clients are under constant threat from rivals.
portfolio • Sustain leading market position with a
risks In addition, there is a trend towards operating competitive offering
on a project- by-project basis, diluting the
relationship value. Finally, with the intensification • Large and diverse clientele with no single
of corporate consolidation process globally, the customer concentration
risk of losing a client following a merger and/or
acquisition is a risk.
R3 The health and wellbeing of employees is at the Medium • Focus on employee health and wellbeing
heart of the Bank’s concerns. through coaching, proper work allocation, etc.
Employee with a robust employee value proposition
related risks The banking industry is known for high mobility
of talent. The Bank’s success is contingent upon • Actively attract, retain and motivate valuable
the talent and expertise of its teams as well as managers or employees
on the strength of its relationships with clients.
• Focus on Diversity, Equity, Inclusion as a means
to source people from across a wider talent pool
R4 The digital marketplace is expanding at a fast Medium • Robust IT systems with firewalls and safeguards
clip, and reliance on information technology has that are also subject to regular testing and
IT system never been greater. audits
failure risks
This dependence entails risks for the Bank, such • Strong redundancies
as technical failure, malicious attack, as well as
possible internal threats that could lead to an • Specialist team with significant collective
interruption of services and/or loss of personal experience
data.

Impact
severity
R5 As per regulatory provisions, the bank can file a Low • The bank has a specialist Legal team with strong
case in the court of law if borrower payments judicial background in handling legal and court
Legal are delayed or if there is willful default. matters
proceedings
• The Legal team has been able to successfully
The case disposal may be stretched or delayed
recover a significant amount over past 5 years,
or put in abeyance, incurring loss of asset value
reflecting a sound record in case filing and
and loss of opportunity cost for the Bank, with
closure
additional liability in legal costs.
R6 Failure to address ESG concerns could impact Medium • Rolled out ESG screening to embed ESG
our business sustainability, the value of our considerations into the process of evaluating
Environmental, assets and liabilities and our reputation. corporate clients and in credit assessment
Social and
Governance • Embarked on strategic affiliations, such as with
(ESG) risks the Net Zero Banking Alliance (NZBA) that lays out
a roadmap for enhancing sustainability practices
• Already disclosed both of its interim (2030)
emission reduction target and long term (2050)
emission reduction target for three major
emitters: Power, RMG, Textile
• Engaged in more active industry ESG research to
capture potential risks and opportunities within
the entire value chain of each industry
R7 A strong credit rating is a prerequisite for Low • Long-term ratings remained “AA1” by CRAB
operational sustainability. Any adverse • Short-term ratings remained “ST-1” by CRAB
Credit rating downgrade in rating may have a cascading
risks impact on the Bank’s ability to garner funds, a • Rating reflects strong capacity to meet financial
key business activity. commitments with low credit risk
R8 Liquidity is the most critical requirement for a Bank. High • Strong deposit mobilization capabilities driven
Lack of liquidity may impede credit operations and by attractive interest rates
Liquidity result in loss of opportunity and reputation. • Diversified credit mobilization base
risks
While the loose monetary policy during the • Healthy CASA percentage, indicating sufficient
pandemic period had triggered unprecedented base of low-cost fund
liquidity, the situation is reversing with tightening • Credit-deposit ratio of 83.7%
policy to curb inflation sucking out liquidity.
• Opportunity to borrow from refinance windows,
The Bank is also exposed to liquidity risk when which also helps lower credit cost
its incoming revenue is not sufficient to cover its • Above-regulation statutory liquidity ratios
outgoing payments.
R9 Managing interest rate risk is critical as it directly Medium • Swift credit repricing amid rising policy rates
affects the viability and solvency of a Bank. to protect margins and yet ensure customer
Interest rate affordability through non-impact on EMIs
risk
• Intelligence shared from RMD on key actionable
points for ALCO
• Robust ALCO composition with longstanding
experience
R10 Risk arising from institutional matters relating High • Fortified data accessibility and security through
to business strategy, reputation, governance or enforcing data controls
Enterprise/ sustainability.
reputational • Continued to support the various business
risk segments to develop dynamic tools to manage
the Bank’s overall portfolio risk
• Mitigated reputational risk through Internal

Capital Adequacy Assessment Process (ICAAP)
evaluation and fortification

Our Risk
Governance
Impact
severity
R11 The banking and financial services sector is High • Large and diversified borrower base
particularly sensitive to changes in the economic
Sensitivity to climate. Economic downturns can have a severe • Large and varied product offering
the economic impact on the industry, more than on other
climate sectors in particular because many companies • Extensive on-ground footprint
respond to a slowdown in economic activity
by reducing their investment and borrowing
capacity, which could have an adverse effect on
the Bank.
However, Bangladesh’s economic resilience and

developmental profile have ensured sustainable
credit demand. Further, the government focus
on sustained infra development has also helped
foster public credit demand.
R12 The banking industry is highly competitive and is Medium • Longstanding sectoral presence with experience
expected to remain so. The bank’s competitors of various market cycles
Highly are of all sizes and types, including large MNCs,
competitive etc. These have access to technical solutions • Demonstrated ability to maintain existing client
industry that respond to clients’ specific needs. relationships
Such players, with more significant financial • High focus on winning new clients and accounts
means and resources, have the potential to
disrupt the competitive landscape. Increased • Solid market reputation and goodwill
competition may have a negative impact on the
Bank’s revenue and earnings.
R13 Sudden, severe or abrupt changes to regulations Medium • Provide clients with the best-in- class services
and market practices may disrupt the industry. and solutions in a timely and scalable manner
Regulatory/
market Particularly, the expansion of digital banking, • Build agility in competitor response
disruption FinTech companies and e-commerce
businesses into financial services could lead to • Execute on the strong digitalisation roadmap
the disintermediation of a part of the Bank’s
activities.
R14 Bangladesh’s currency saw significant High Anticipating market uncertainty, the bank’s Treasury
devaluation against the US$. Considering this, moved quickly to ensure prudent management of its
Forex the government and central bank imposed foreign currency commitments
restrictions on imports to prevent deterioration
of balance of payments, etc., that impacted the To streamline foreign currency cash flows and
LC business. There existed severe shortage of strengthen the net open position, spot and forward
foreign currency liquidity in the domestic foreign sales were curtailed, while US$ allocations were
exchange market. prioritised to support only essential imports
R15 Climate risk continues to be top of mind for the High We are acutely aware of our role in driving
bank. sustainable development for the benefit of all our
Climate stakeholders
change Climate-related disaster events are expected
events to increase in frequency across the world. We continue to focus on green/sustainable finance
Flooding is a major climate event in Bangladesh as a means to accelerate the low-carbon transition
and has had disastrous consequences over the
years. Weather catastrophes thus will impact We remain committed to responsible finance and
businesses and will have a consequent negative impact-based lending, focusing on activities that
fallout on banks. have a productive and constructive impact on the
broader economy and society

Capital Adequacy: Basel III
Minimum Capital Requirement Under Basel III
Quantitative disclosures
Eligible Regulatory Capital Base as on 31 December 2023 (BDT in Million):
Sl.
Particulars Solo Consolidated
No.
(a) Common Equity Tier-1 Capital (CET- 1)
a.1 Paid-up Capital 12,246.19 12,246.19
a.2 Non-repayable share premium account 1,504.39 1,504.39
a.3 Statutory reserve 10,741.80 10,741.80
a.4 General Reserve 11.39 172.07
a.5 Retained Earnings 11,345.55 12,348.59
a.6 Dividend Equalisation reserve 530.79 530.79
a.7 Minority interest in subsidiaries 0.00 0.16
a.8 Sub-total Common Equity Tier-1 Capital (CET- 1) 36,380.11 37,543.98
(b) Deductions from CET-1
b.1 Deferred tax assets 1,215.05 1,197.49
b.2 Excess Investment in other banks, FI and Ins. Co. 0.00 794.43
b.3 Book value of goodwill which are shown as assets 0.00 40.84
b.4 Reciprocal crossholdings of capital 0.29 0.29
(c) Total Common Equity Tier-1 Capital (CET-1) 35,164.77 35,510.93
(d) Additional Tier-1 Capital
d.1 Perpetual Bond 4,000.00 4,000.00
(e) Total Tier-1 Capital 39,164.77 39,510.93
(f) Tier-2 Capital
f.1 Tier-II subordinated bond 7,400.00 7,400.00
f.2 General Provisions (provisions for UC + SMA + OBS exposure) 9,608.13 9,627.06
f.3 Sub-Total of Tier-2 Capital 17,008.13 17,027.06
(g) Deduction from Tier-2 Capital
g.1 Excess investment in equity of other banks, FI and Ins Co. 0.00 794.43
(h) Total Tier-II Capital 17,008.13 16,232.63
(i) Total Eligible Regulatory Capital 56,172.90 55,743.56
Adequate Capital Requirement under ICAAP of Basel III City Bank duly prepared ICAAP report for 2022 and submitted the
same to Bangladesh Bank within the stipulated timeframe and
City Bank has a Board-approved Internal Capital Adequacy
maintained surplus capital even after considering additional capital
Assessment Process (ICAAP) through which additional capital
requirement under Pillar II of Basel III is estimated. We have charge under Pillar II of Basel III. Results of ICCAP report were also
established an experienced SRP team composed of senior shared with the senior management and the Board.
management who are proactively overseeing the capital
management status of the Bank. Market Disclosure of Pillar 3 of Basel III
ICAAP policy of City Bank serves the following purposes: Market discipline fosters transparency and accountability
within financial markets, empowering stakeholders to assess a
• Ensure adequate capital in relation to its risk profile and
bank's asset position, risk exposure, and capital adequacy. City
establish a more robust risk management technique in
monitoring and managing risk. Bank adheres to Bangladesh Bank guidelines, establishing a
comprehensive set of disclosure principles. These encompass asset
• Recognize the responsibilities of the bank’s management in information, risk exposure, risk assessment methodologies, and
developing capital assessment process and setting capital capital adequacy measures to mitigate potential losses. Detailed
targets.
disclosure is provided in a dedicated section of our annual report to
• Assure Bangladesh Bank regarding compliance with regulatory ensure stakeholders are well-informed and confident in the bank's
standards and disclosure requirements. risk management practices.

Our Risk
Governance
Stress Testing Report
Minor Moderate Major

Performing Loan directly downgraded to B/L: Sectoral Concentration 1 -0.3% -0.9% -1.5%
Performing Loan directly downgraded to B/L: Sectoral Concentration 2 -0.3% -1.0% -1.7%
Increase in NPLs due to default of Top large loan borrowers -3.1% -6.5% -7.8%
Negative Shift in NPLs categories -0.2% -1.4% -1.9%
Decrease in the Force Sell Value (FSV) of the Collateral attached with loans -0.2% -0.4% -0.8%
Increase in NPLs -2.0% -6.3% -11.7%
Interest Rate -0.6% -1.1% -1.7%
FEX: Currancy Appreciation 0.0% 0.0% 0.0%
Equity Shock: -0.2% -0.3% -0.6%
Combined Shock impact on CRAR (shock no 3 – 8 applied together) -3.1% -9.6% -16.7%
At the end of 2023, the bank was Minor Shock resilient with CRAR after shock 12.67%
Credit Risk
Credit Concentration
% of total loan % of total loan

Dhaka Sylhet
2023 2022 2023 2022
83% 82% 1% 1%
% of total loan
Barishal
% of total loan
2023 2022
Chattogram
2023 2022
1% 0%
8% 10%
% of total loan
Mymensingh
2023 2022
% of total loan
2023
Rajshahi
2022
0% 0%
3% 3% % of total loan
Total inside Bangladesh
% of total loan 2023 2022
99.78% 99.70%
Khulna
2023 2022
3% 3% Outside Bangladesh
% of total loan
2023 2022
% of total loan
0.22% 0.30%
Rangpur % of total loan
2023 2022 Grand total
1% 1%
2023 2022
100% 100%
The geographical distribution of loans and investments in 2023 Notably, Barishal saw a modest increase from 0% to 1%. Outside
reflects a fairly unchanged distribution compared to 2022, with Bangladesh, there was a slight decrease in investments from
Dhaka maintaining its dominant position at 83%, a slight increase 0.30% to 0.22%. Overall, while Dhaka continues to be the major
from 82% in the previous year. Chattogram experienced a decrease hub of lending.
from 10% to 8%, while other regions remained relatively stable.
Sector 2023 2022

Consumer credit 16% 17%
Readymade garments industry 15% 17%
Other manufacturing industry 14% 11%
Trade service 14% 14%
Energy and power industry 11% 10%
Textile & spinning mills 6% 5%
Real estate financing 5% 5%
Agri & micro-credit through NGO 4% 5%
Steel industry 3% 3%
Construction 3% 2%
Service industry 3% 3%
Pharmaceuticals industry 2% 2%
Assembling industry 2% 3%
Edible oil and food processing 1% 1%
Others 1% 1%
Transport, storage & communication 0% 1%
Chemical industry 0% 1%
Hospitals 0% 0%
Ship breaking & building 0% 1%
Total 100% 100%
In 2023, there were notable shifts in loan concentration across 10% to 11%. Notably, there were minor decreases in sectors like
sectors compared to 2022. Consumer credit and the readymade textiles and spinning mills, construction, and assembling industry,
garments industry, though still significant, experienced slight while real estate financing and agri & micro-credit through NGOs
declines from 17% to 16% and from 17% to 15%, respectively. remained relatively stable. Overall, the changes suggest a nuanced
Conversely, other manufacturing industries saw an increase from repositioning of loan portfolios, potentially reflecting evolving
11% to 14%, while energy and power industry loans rose from market conditions or strategic adjustments by the institution.
Assets Quality
Assets Quality
Classification of loans and advances/ 2023
96.37% 0.42% 0.19% 3.02% 3.63%
investments % of total loan
Unclassified 96.37%
Sub-standard 0.42%
Doubtful 0.19%
Bad/Loss 3.02%
Classified Loans (NPL) 3.63%
100% Unclassified Sub- Doubtful Bad/ Classified

standard Loss Loans (NPL)
Credit Rating of Borrowers The bank’s management puts utmost importance on credit rating
of wholesale and SME customers. During review of credit proposal
Borrower rating plays a pivotal role in maintaining adequate capital. of existing customers, valid credit rating by ECAI is always checked
Capital is a costly line item on the balance sheet and it is always by the CRM division and new customers with valid credit rating are
difficult to inject fresh capital. In this context, borrower rating is prioritized. Moreover, the Risk Management Division monitors the
crucial for risk management. status of customer credit rating regularly. As a result, a significant
portion of loan exposure is already rated in City Bank.

Our Risk
Governance
Credit Risk
Credit Concentration
(BDT mn) 2023 2022 2021 2020 2019

Rated Portfolio 241,560.07 215,422.53 172,665.39 170,984.54 158,132.75
158,132.75 170,984.54 172,665.39 215,422.53 241,560.07
2019 2020 2021 2022 2023
Non-Performing Loan (NPL) Trend
Classification of loans and advances / 2023 2022 2021 2020 2019

investments
% of total loan % of total loan % of total loan % of total loan % of total loan
Unclassified 96.37% 96.15% 95.14% 95.95% 94.23%
Sub-standard 0.42% 0.62% 0.62% 0.56% 1.02%
Doubtful 0.19% 0.26% 0.25% 0.36% 0.26%
Bad/Loss 3.02% 2.98% 3.98% 3.12% 4.49%
Classified Loans (NPL) 3.63% 3.85% 4.86% 4.05% 5.77%
100% 100% 100% 100% 100%
In 2023, despite challenging economic conditions, a notable standard loans decreasing and doubtful loans remaining stable,
improvement in Non-Performing Loans (NPLs) occurred, with the bank demonstrates resilience amid economic uncertainties.
a 22 basis points reduction to 3.63%. This reduction signifies
Despite external challenges like high inflation and geopolitical
commendable risk management within the bank. While the majority
of loans remain unclassified, the declining trend in NPL percentage tensions, this improvement underscores the bank’s commitment
reflects effective credit risk mitigation strategies. With sub- to maintaining asset quality and ensuring financial stability.
Non-Performing Loan (NPL) Trend
Provision Maintenance 2023 2022 2021 2020 2019
Unclassified 7,656 6,911 4,973 5,159 4,240

Classified 6,233 5,451 5,602 3,933 5,830
Off-balance sheet 1,952 1,952 1,952 1,202 1,032
Provision maintenance for potential credit losses saw incremental experienced a gradual uptick, reaching BDT 1,952 million in 2023.
increases across categories from 2019 to 2023. In 2023, provisions These provisions serve as buffers against credit risk and reflect the
for unclassified loans rose to BDT 7,656 million from BDT 6,911 bank’s prudential measures to safeguard against potential losses.
million in 2022, indicative of heightened risk anticipation. Similarly,
provisions for classified loans increased to BDT 6,233 million in 2023 The consistent escalation in provision maintenance underscores
compared to BDT 5,451 million in 2022, suggesting a proactive the bank’s commitment to maintaining financial resilience and
approach to mitigate risks. Off-balance sheet provisions also safeguarding asset quality amidst evolving economic conditions.

Liquidity Risk City Bank has demonstrated consistently strong liquidity positions
over the past five years, as reflected in its Liquidity Coverage Ratio
2023 2022 2021 2020 2019 (LCR) and Net Stable Funding Ratio (NSFR). In 2023, the LCR stands
at a robust 174.6%, indicating ample high-quality liquid assets
LCR 174.6% 220.1% 151.1% 173.5% 142.6%
to cover net cash outflows over a 30-day period under stress
NSFR 106.5% 103.1% 106.9% 104.6% 107.4% conditions. Additionally, the NSFR of 106.5% in 2023 suggests
the bank maintains a stable funding profile in relation to its long-
Liquidity Risk term assets and off-balance sheet exposures. Overall, City Bank's
historical LCR and NSFR highlight its commitment to maintaining
107.4%
142.6%
104.6%
173.5%
106.9%
151.1%
103.1%
220.1%
106.5%
174.6%
robust liquidity and funding resilience.
Policy Development
Bangladesh Bank provided six core risk management guidelines for

sound risk management in the areas of Credit, Asset and Liability,
Foreign Exchange, ICT, Internal Control and Compliance, and Money
Laundering. Following these core risk guidelines, City Bank has
developed six internal core risks management policies. In addition
2019 2020 2021 2022 2023 to, core risk management policies, other major risk management
NSFR LCR policies are also in effect.
Liquidity Risk
Core Risk Policies Other Major Policies Guidelines / Manuals
• Credit Risk Management Policy • Risk Management Guidelines for City • Risk Appetite Statement
Bank Credit Instruction Manual
• Asset Liability Management Policy •
• Operational Risk Management CAD Operation Manual
• Internal Control and Compliance Policy •
Framework
• Foreign Exchange Risk Management Policy • Insurance Coverage Guidelines
• Market and Liquidity Risk
• Money Laundering & Terrorist Financing Risk Management Framework • Valuation Policy
Management Policy • Product Programme Guidelines
• Counterparty Risk Assessment
• Information Security Risk Management Policy Rating Methodology
• Environmental & Social Risk Management • Recovery Policy
• Settlement Policy
• Operational Risk Management
Framework
• Rescheduling Policy
• Interest Waiver Policy
Number of Meeting held
Name of Committee Requirement Number of Meetings Held
BRMC 04 06
ERMC 12 12
CRMC 24 25
ALCO 12 13
Investment Committee Not Applicable 05

Our Risk
Governance
Basel III Pillar 3:

Disclosures on Risk
Based Capital
Overview practices, robust risk management frameworks, and an elaborate

process for capital calculation and planning. The bank has a
Basel III is a global regulatory framework for more resilient banks comprehensive Internal Capital Adequacy Assessment Process
and banking system, issued by the Basel Committee on Banking (ICAAP). The ICAAP covers the capital management of the bank,
Supervision (BCBS) of the Bank for International Settlement in sets the process for assessment of the adequacy of capital to
December 2010 (Revised in June 2011). support current and future activities/risks, and prepares reports on
capital projections.
The financial sector plays a fundamental role in the stability and
strength of an economy since it is connected to many other large The bank thus has a structured management framework in the
core sectors. It provides vital liquidity that is essential for the Internal Capital Adequacy Assessment process for the identification
operations of these core constituents of the economy. In this and evaluation of the significance of all risks that the bank faces,
realm, banks are vital institutions that are a key part of the financial which may have a material adverse impact on its business and
services industry and through their deposit-taking and lending financial position. The bank considers the following as material
activities they ensure savings and investment on the one hand and risks it is exposed to in the course of its business and therefore,
channelization of funds into productive sectors on the other. factors these while assessing/planning capital:
Intrinsic to this operation is risk that could spawn from sudden and
unanticipated withdrawal of deposits (or redemptions) by deposit-
holders and credit losses triggered by loan defaults. Both these
Credit risk,
scenarios are probable and hence banks, guided by regulatory
including
supervisions such as those of Basel, can prevent the risk from
residual risk M
weakening the long-term viability of the bank. This is achieved a
k ce
ris rket
ris lian
through enhancing their capacity to absorb risk, even in the

k
p
worst-case scenario, thus preventing banking and wider economic

m
Co
contagion. These norms have been set especially in the realm of

the Lehmann Brothers crisis of 2008.
Since capital buffers are the most fundamental part of Basel

Operational
III micro-prudential regulations, City Bank ensures an ongoing

Strategic
risk
surveillance and monitoring of capital adequacy.

risk
As part of its assessment of capital adequacy, the bank has chalked

out a comprehensive process for assessing its overall capital
adequacy in relation to the bank’s risk profile and a strategy for
maintaining its capital levels. The process provides an assurance co C e
nc re at
that the bank has adequate capital to support all risks inherent to en dit s tr
re
its business and an appropriate capital buffer based on its business ris trat te risk
k io In
profile. n
Liquidity
The bank identifies, assesses and manages comprehensively the risk
risks that it is exposed to through sound governance and control

The Basel Committee on Banking
Supervision or BCBS is the primary
global standard-setter for the Basel 1 Basel II Basel III
prudential regulation of banks capital guidelines that that lay
and provides a forum for regular measurement are an updated emphasis
cooperation on banking supervisory system, version of Basel on quality,
matters. As part of its supervisory I and highlight consistency and
authority, BCBS has published credit, market transparency
the Basel Accord comprising rules and operational of the capital
regarding capital requirements to risks, and base
strengthen the regulation, supervision
and risk management of the banking
sector. This framework is under the:
Considering the importance of capital sufficiency and efficiency, the Basel III Accord
Capital to Risk Weighted Ratio or CRAR of a bank has been denoted
as a symbol of its operating health, helping protect from excessive Basel III (in continuation with Basel II and Basel I) is an
leverage and insolvency. It is defined as the ratio of a bank’s capital internationally approved set of measures comprising a global
in relation to its current liabilities and Risk Weighted Assets (RWA). voluntary regulatory framework on bank capital adequacy, stress-
testing and market liquidity risk. Basel III is intended to strengthen
RWA is a measure of the quantum of a bank’s assets, adjusted for bank capital requirements by increasing bank liquidity and lowering
risk. An appropriate level of capital adequacy ensures that the bank leverage. The measures aim to fortify the regulation, supervision
has sufficient capital to expand its business, while at the same time and risk management of a bank, seeking to improve the overall risk
its net-worth is sufficient to absorb any financial losses without management for financial institutions.
becoming insolvent. It is the ratio which determines a bank’s
capacity to meet the time liabilities and other risks. Under the Basel III framework, banks are required to compute
Capital-to-Risk Weighted Asset Ratio (CRAR) under three tiers:
At present, capital adequacy of banks in Bangladesh is computed
based on Bangladesh Bank’s guidelines anchored on the “Basel III • Common Equity Tier-I (CET-I) capital ratio
Accord”, comprising banking regulations of the Basel Committee on
Banking Supervision of the Bank for International Settlement (BIS) • Total Tier-I capital ratio
in December 2010 (revised in June 2011).
• Total capital ratio
Key features of Basel III:
Better Leverage Liquidity Countercyclical and capital

capital quality ratio ratio conservation buffer

Our Risk
Governance
Pillars under Basel III

Three pillars have been
First pillar Second pillar Third pillar
introduced under the
Basel II era that continues
to be applied in the Basel Minimum Capital Supervisory Review Market
III regime as well. Requirement Process Discipline
First Pillar: Minimum Capital Requirement their risk profile as well as adopt strategies for maintaining capital
levels. This aside, another process comprising the independent
The first pillar of Minimum Capital Requirement is primarily for total assessment of ICAAP is called SREP or Supervisory Review and
risk, including credit risk, market risk and operational risk. Evaluation Process. This independent review may suggest prudent
measures and supervisory actions, as needed. ICAAP is conducted
Second Pillar: Supervisory Review Process (SRP)
by banks themselves, and SREP is conducted by the central bank.
The second pillar under the SRP is primarily intended to ensure
that banks have adequate capital to support all the risks in their Third Pillar: Market Discipline
business.
The causative concept of the third pillar is to complement the first
Banks should have an internal supervisory process, which is called and second pillars. This pillar comprises a discipline followed by
ICAAP or Internal Capital Adequacy Assessment Process. With banks, such as disclosing their capital structure, Tier-I and Tier-II
this tool, banks can assess the capital adequacy in relation to capital, and approaches to assess capital adequacy.
Key Metrics (Solo Basis):
Capital-to-Risk Common Equity Leverage

Weighted Asset Ratio Tier-1 Capital Ratio Ratio
15.80% 9.89% 5.70%

2022: 14.46% 2022: 8.51% 2022: 5.32%
Total Eligible Capital Common Equity Tier-1 Capital Additional Tier-1 Capital
Tk 56,172.90 mn Tk 35,164.77 mn Tk 4,000.00 mn

2022: Tk 52,199.65 mn 2022: Tk 30,707.88 mn 2022: Tk 4,000.00 mn
Tier-2 Capital Total Risk Weighted Assets Credit Risk RWA
Tk 17,008.13 mn Tk 355,438.02 mn Tk 300,812.67 mn

2022: Tk 17,491.77 mn 2022: Tk 360,906.07 mn 2022: Tk 303,351.39 mn

Presentation of information
In this report, City Bank’s information is presented on both solo and consolidated basis. All amounts in the tables of this Pillar 3 disclosure
are denominated in Bangladeshi Taka (BDT), unless stated otherwise. Certain figures in this document have been calculated using rounded-
off figures.
Table 1: SCOPE OF APPLICATION

Qualitative disclosures
a) The name of the top corporate entity in The name of the bank is City Bank PLC. However, the bank does not belong to any group.
the group to which this guidelines applies.
Presently, City Bank does not have any associates and/or joint venture/s, but has four
b) An outline of differences in the basis subsidiaries:
of consolidation for accounting and
regulatory purposes, with a brief a. City Brokerage Limited: City Brokerage Limited was incorporated in Bangladesh
description of the entities within the group as a private limited company on 31 March 2010, vide registration no.
C-83616/10 under the Companies Act, 1994. The legal status of the Company
(a) That are fully consolidated; has been converted into public limited company from private limited company in
June 2012, in compliance with Bangladesh Securities and Exchange Commission
(b) That are given a deduction treatment; Rules, 2000. Previously, the bank launched its brokerage division on 4 August
2009, which was subsequently separated from the bank on 15 November 2010.
(c) That are neither consolidated nor On 31 December 2023, the bank owned 99.9982% shares of the company.
deducted (e.g. where the investment is
risk-weighted). b. City Bank Capital Resources Limited: City Bank Capital Resources Limited
(CBCRL) was incorporated in Bangladesh as a private limited company on
17 August 2009, vide registration no. C-79186/09 under the Companies Act,
1994. CBCRL provides a wide range of investment banking services, including
merchant banking activities such as issue management, underwriting, portfolio
management and corporate advisory. On 31 December 2023, the bank owned
99.9980% shares of CBCRL.
c. CBL Money Transfer Sdn. Bhd.: CBL Money Transfer Sdn. Bhd. (CMTS) is a
private limited company by shares, incorporated under the laws of Malaysia
and registered with the Companies Commission of Malaysia with Registration
no. 769212M, conducting money services business under the Money Services
Business Act, 2011 under a Class B License No. 00127 from the Bank Negara
Malaysia. CMTS is primarily engaged as inbound/outbound remittance services
provider. The Bank entered into an agreement on 4 April 2013 to purchase 75%
of ordinary shares of CMTS with an agreement to acquire 100% shares of CMTS
ultimately and the company became and started as subsidiary of the Bank since
5 August 2013. On 31 December 2023 the Bank owned 100% shares of CMTS.
d. City Hong Kong Limited: City Hong Kong Limited was incorporated and domiciled
in Hong Kong. City Hong Kong is a fully owned (100% shares) subsidiary of City
Bank, established at the end of 2019 to facilitate international trade business
through advising letter of credit (LC), handling documentary collections and bill
financing (discounting) against LC.
All the subsidiaries financial statements have been consolidated in accordance with IFRS
c) Any restrictions, or other major 10 “Consolidated Financial Statements”. Intercompany transactions and balances are
impediments, on transfer of funds or eliminated; minority interest of Tk. 0.16 mn has been added in the Tier 1 capital.
regulatory capital within the group.
Not applicable.
The aggregate amount of surplus capital of
insurance subsidiaries (whether deducted or
subjected to an alternative method) included Not applicable.
in the capital of the consolidated group.

Our Risk
Governance
Table 2: CAPITAL STRUCTURE

Summary information on the terms The bank’s regulatory capital is quite different from its accounting capital. As per Bangladesh
and conditions of the main features Bank’s guidelines based on Basel III accord, regulatory capital is classified into two broad
of all capital instruments, especially categories, namely, Tier-1 Capital (going-concern capital) and Tier-II Capital (gone-concern
in the case of capital instruments capital). Additionally, Tier-1 Capital is further divided into two categories, Common Equity Tier-1
eligible for inclusion in CET 1, (CET-1) and Additional Tier-1 (AT-1).
Additional Tier 1 or Tier 2.
• Common Equity Tier-1 (CET-1) capital of City Bank consists of paid-up capital, statutory
reserves, non-repayable share premium, general reserve, retained earnings, dividend
equalization reserve and minority interest in its subsidiary (in case of consolidation), less
regulatory adjustments applicable on CET-1.
• Additional Tier-1 (AT-1) capital of City Bank consists of Basel III compliant perpetual bonds.
• Tier-2 capital of City Bank consists of general provisions and subordinated debt, less regulatory
adjustment applicable on Tier-2 capital.
Eligible Regulatory Capital Base as on 31 December 2023 (BDT in Million):
Sl. No. Particulars Solo Consolidated
(a) Common Equity Tier-1 Capital (CET- 1)
a.1 Paid-up Capital 12,246.19 12,246.19
a.2 Non-repayable share premium account 1,504.39 1,504.39
a.3 Statutory reserve 10,741.80 10,741.80
a.4 General Reserve 11.39 172.07
a.5 Retained Earnings 11,345.55 12,348.59
a.6 Dividend Equalisation reserve 530.79 530.79
a.7 Minority interest in subsidiaries 0.00 0.16
a.8 Sub-total Common Equity Tier-1 Capital (CET- 1) 36,380.11 37,543.98
(b) Deductions from CET-1
b.1 Deferred tax assets 1,215.05 1,197.49
b.2 Excess Investment in other banks, FI and Ins. Co. 0.00 794.43
b.3 Book value of goodwill which are shown as assets 0.00 40.84
b.4 Reciprocal crossholdings of capital 0.29 0.29
(c) Total Common Equity Tier-1 Capital (CET-1) 35,164.77 35,510.93
(d) Additional Tier-1 Capital
d.1 Perpetual Bond 4,000.00 4,000.00
(e) Total Tier-1 Capital 39,164.77 39,510.93
(f) Tier-2 Capital
f.1 Tier-II subordinated bond 7,400.00 7,400.00
f.2 General Provisions (provisions for UC + SMA + OBS exposure) 9,608.13 9,627.06
f.3 Sub-Total of Tier-2 Capital 17,008.13 17,027.06
(g) Deduction from Tier-2 Capital
g.1 Excess investment in equity of other banks, FI and Ins Co. 0.00 794.43
(h) Total Tier-II Capital 17,008.13 16,232.63
(i) Total Eligible Regulatory Capital 56,172.90 55,743.56

Table 3: CAPITAL ADEQUACY
A summary discussion of the bank’s Approaches followed by the bank for capital calculation:
approach to assessing the adequacy
of its capital to support current and The banking industry of Bangladesh made the transition to Basel III from Basel II since the beginning
future activities. of 2015. In this regard, Bangladesh Bank, in line with the Basel Committee on Banking Supervision
(BCBS) recommendations and international best practices, issued revised guidelines on Risk
Based Capital Adequacy based on Basel III with the purpose of fully implementing it by the end
of 2019. Accordingly, City Bank applied the Basel III framework as part of its capital management
strategy. The bank applies the following approaches for its risk-wise capital calculation.
• Credit Risk: Standardized Approach (SA)

• Market Risk: Standardized Approach (SA)
• Operational Risk: Basic Indicator Approach (BIA)
Risk Weighted Assets of the bank:
As on 31 December 2023, Total Risk Weighted Asset (RWA) of the bank was Tk 355,438.02 mn on
solo basis and Tk 365,566.09 mn on consolidated basis. While credit risk accounted for 84.63% (on
solo basis) and 82.92% (on consolidated basis) of RWA, followed by operational risk for 11.45% on
solo basis and 11.63% on consolidated basis, market risk comprised 3.92% and 5.45% on both solo
and consolidated basis respectively. To improve the capital requirement under credit risk, City Bank
continuously pursues external credit rating of its client base. At the end of 2023, City Bank managed
to cover around BDT 241,560 mn or 89% of its total eligible loans under a valid external credit rating.
Compliance with regulatory requirements for Solo and Consolidated basis:
As per Basel III guideline, Minimum Capital Requirement (MCR) for banks in Bangladesh is currently
10.00% of its total RWA, with the addition of Capital Conservation Buffer, which is 2.50% of total
RWA. City Bank is well ahead of this minimum target both on solo basis and consolidated basis, as
of 31 December 2023. City Bank maintained:
• Capital to Risk Weighted Asset Ratio (CRAR) of 15.80% on solo basis and 15.25% on
consolidated basis
• Common Equity Tier 1 capital ratio of 9.89% on solo basis and 9.71% on consolidated basis
• Tier 2 capital of 48.37% of CET 1 on solo basis and 45.71% of CET 1 on consolidated basis,
against the maximum limit of 88.89%
• Capital Conservation Buffer of 5.02% on solo basis and 4.81% on consolidated basis, against
required level of 2.5% of RWA
Excess capital to support current and future activities:
After maintaining the total required capital (minimum capital requirement and capital conservation
buffer), City Bank was successful in maintaining surplus capital of 3.30% on solo basis and 2.75%
on consolidated basis. The surplus capital maintained by City Bank will act as a cushion to absorb
the risk arising from all material risks under Pillar II and to sustain future business growth.
Furthermore, forward-looking capital assessment based on prospective business growth is also
conducted to comprehend and to manage any future uncertainty.
Capital Requirement under Credit, Market and Operational Risk (BDT in mn)
1.0 Capital requirements for credit risk 30,081.27 30,312.34
1.1 Portfolios subject to standardised approach-funded 24,800.80 25,031.87
1.2 Portfolios subject to standardised approach-non-funded 5,280.47 5,280.47
2.0 Capital requirements for market risk 1,392.74 1,993.58
2.1 Interest rate risk (standardised approach) 68.51 68.51
2.2 Equity risk (standardised approach) 1,284.60 1,885.44
2.3 Foreign exchange risk (standardised approach) 39.63 39.63
3.0 Capital requirements for operational risk (basic indicator approach) 4,069.79 4,250.69
4.0 Minimum Capital requirement 35,543.80 36,556.61

Our Risk
Governance

5.0 Capital ratios
5.1 Total capital ratio 15.80% 15.25%
5.2 CET-1 capital ratio 9.89% 9.71%
5.3 Total Tier-1 capital ratio 11.02% 10.81%
5.4 Tier-2 capital ratio 4.78% 4.44%
6.0 Capital conservation buffer (minimum requirement is 2.5% of RWA) 5.02% 4.81%
7.0 Available capital under Pillar II requirement 3.30% 2.75%
Table 4: CREDIT RISK

The general qualitative disclosure Loan products are broadly divided into Continuous loan, Demand loan, Fixed term loan and Short
requirement with respect to credit term agricultural and Micro credit. City Bank is following the relevant Bangladesh Bank guidelines
risk for classification of its loan products. Presently, there are 5 categories of classification on objective
criterion, they are: Standard (STD), Special Mention Account (SMA), Sub-standard (SS), Doubtful (DF)
• Discussion of the bank’s credit and Bad-loss (BL).
risk management policy
Definition of past due/overdue:
• Definitions of past due and
impaired (for accounting i. Any Continuous Loan if not repaid/renewed within the fixed expiry date for repayment or after
purposes) the demand by the bank will be treated as past due/overdue from the following day of the
expiry date
• Description of approaches
followed for specific and ii. Any Demand Loan if not repaid within the fixed expiry date for repayment or after the demand
general allowances and by the bank will be treated as past due/overdue from the following day of the expiry date
statistical methods
iii. In case of any installment(s) or part of installment(s) of a Fixed Term Loan is not repaid within
the fixed expiry date, the amount of unpaid installment(s) will be treated as past due/overdue
after six month of the expiry date
iv. The Short-term Agricultural and Micro-Credit if not repaid within the fixed expiry date for
repayment will be considered as past due/overdue from the following day of the expiry date
A summary of some objective criteria for loan classification is stated below:

Overdue period for loan classification
Type of facility
Sub-standard Doubtful Bad & loss
Continuous & Demand 3 months or more but less 9 months or more but 12 months
Loan (except CMSME) than 9 months less than 12 months or more
Continuous & Demand
6 months or more but less 18 months or more but 30 months
Loan (BRPD circular
than 18 months less than 30 months or more
no.16 under CMSME)
Fixed Term Loan(except 9 months or more but less 15 months or more but 18 months
CMSME) than 15 months less than 18months or more
Fixed Term Loan (BRPD
12 months or more but less 24 months or more but 36months
circular no.16 under
than 24 months less than 36 months or more
CMSME))
Short Term Agricultural & 12 months or more but less 36 months or more but 60 months
Micro Credit than 36 months less than 60 months or more
Reschedule accounts will be marked as per BRPD Circular No.16 dated
Reschedule accounts
July 18, 2022 & BRPD Circular Letter No. 33 dated August 03, 2022

Guidelines for loan loss provisions:
Specific provisions for classified loans and general provisions for unclassified loans and advances
and contingent assets are measured as per Bangladesh Bank’s prescribed provisioning rates, as
mentioned below:
General provision: Rate
Unclassified (STD & SMA) general loans and advances 1.00%
Unclassified (STD & SMA) small and medium enterprise 0.25%
Unclassified (STD & SMA) loans to BHs/MBs/SDs against shares, etc. 2.00%
Unclassified (STD & SMA) loans for housing finance and on loans for professionals 1.00%
Unclassified (STD & SMA) consumer financing other than housing finance and loans for
2.00%
professionals
Unclassified (STD & SMA) credit card loans under consumer financing 2.00%
Unclassified short term agricultural credit and micro-credit 1.00%
Off balance sheet exposures 1.00%
Unclassified (STD & SMA) general loans and advances-special general provision-COVID-19 2.00%
Unclassified (STD & SMA) CMSME loans and advances- special general provision-COVID-19 1.50%
Specific provision:
Substandard loans and advances other than short term agricultural credit and micro-credit 20.00%
Doubtful loans and advances other than short term agricultural credit and micro-credit 50.00%
Bad & loss loans and advances 100.00%
Substandard & doubtful short term agricultural credit and micro-credit 5.00%
Substandard cottage, micro and small credit under CMSME under BRPD circular no. 16
5.00%
dated 21 July 2020
Doubtful cottage, micro and small credits under CMSME under BRPD circular no. 16 dated
20.00%
21 July 2020
Total gross credit risk exposures Type-wise credit exposure Amount in BDT mn
broken down by major types of Continuous loan 55,183.66
credit exposure Small & medium enterprise financing (SMEF) 13,934.89
Consumer Finance 14,719.49
Loans to BHs/MBs/SDs against shares 784.89
Other than SMEF, CF, BHs/MBs/SDs 25,744.39
Demand loan 151,051.28
Small & medium enterprise financing (SMEF) 13,987.80
Consumer finance -
Loans to BHs/MBs/SDs against shares -
Fixed Term loan 181,131.49
Small & medium enterprise financing (SMEF) 46,203.68
Consumer finance (including staff, other than HF) 42,418.67
Housing finance (HF) 16,115.40
Loans to professionals for business setup (LP) -
Loans to BHs/MBs/SDs against shares -
Short term agri. credit and micro-credit 5,247.31
Short term agri. credit 4,247.02
Microcredit 1,000.29
Staff loan 3,464.62
Total credit exposure 396,078.37

Our Risk
Governance
Geographical distribution of Geographical exposure Amount in BDT mn

exposures, broken down in Dhaka 330,036.98
significant areas by major types of
credit exposure Chattogram 32,943.33
Rajshahi 11,490.90
Khulna 11,470.51
Rangpur 3,910.88
Sylhet 2,027.94
Barishal 2,017.64
Mymensingh 1,325.98
Outside Bangladesh 854.21
Total exposure 396,078.37
Industry or counterparty type Industry-wise distribution of exposure Amount in BDT mn
distribution of exposures, broken Consumer credit 63,231.73
down by major types of credit
exposure Readymade garments industry 60,985.40
Other manufacturing industry 55,576.49
Trade service 53,765.45
Clean Energy and power industry 42,321.52
Textile & spinning mills 21,894.53
Real estate financing 18,887.31
Agri & micro-credit through NGO 15,708.65
Steel industry 13,700.00
Construction 12,235.90
Service industry 11,912.53
Pharmaceuticals industry 8,422.79
Assembling industry 6,944.79
Edible oil and food processing 2,439.57
Others 4,823.56
Transport, storage & communication 1,797.68
Chemical industry 1,092.83
Hospitals 299.48
Others 38.15
Residual contractual maturity Residual contractual maturity-wise exposure Amount in BDT mn
breakdown of the whole portfolio, Repayable on demand 25,733.61
broken down by major types of
Not more than 3 months 115,641.02
credit exposure
More than 3 months but not more than 1 year 79,437.19
More than 1 year but not more than 5 years 129,483.09
More than 5 years 45,783.46

By major industry or counterparty Counterparty-wise distribution of impaired loans and Amount in BDT mn
type: past due loans NPL SMA
• Amount of impaired loans and Small & medium enterprise financing (SMEF) 7,066.61 1,587.90
if available, past due loans Consumer financing (Other than HF &LP) 2,233.38 510.31
Loans to BHs/MBs/SDs - -
• Specific and general
provisions; and Other than SMEF, CF, BHs/MBs/SDs 4,774.22 2,080.46
Housing finance (HF) 283.44 68.71
• Charges for specific
Loans for professionals to setup business (LP) - -
allowances and charge-offs
during the period Short term Agri. credit 20.47 -
Micro-credit 6.98 -
Staff Loan - -
Total exposure 14,385.09 4,247.38
Particulars of specific and general provisions for entire loan portfolio and off- Amount in BDT
balance sheet exposures mn
Specific provision for loans and advances 6,233.23
General provision for loans and advances 7,656.27
General provision for off-balance sheet exposures 1,951.86
• Gross Non-Performing Assets Amount in BDT
Non-performing assets
mn
• Non-Performing Assets
to Outstanding Loans & Gross non-performing assets (NPAs) 14,385.09
advances NPAs to outstanding loans and advances (%) 3.63%
Movement of NPAs (gross)
• Movement of Non-Performing
Assets (NPAs) Opening balance 13,671.50
Additions 10,556.15
• Movement of Specific
Less: Reductions (cash recovery, rescheduling, W/O) 9,842.56
provisions for NPAs
Closing balance 14,385.09
Movement of specific provisions for NPAs
Provision held at the beginning of the year 5,450.84
Fully provided debts written off during the year (1,999.81)
Fully waived during the year (25.64)
Recoveries of amounts previously written off 985.69
Specific provision made during the year 132.60
Reversal of previously written off loan -
Provision made for partially write off -
Transfer (to)/from general provision 1,689.55
Closing balance 6,233.23

Our Risk
Governance
Table 05: EQUITIES – DISCLOSURES FOR BANKING BOOK POSITIONS

The general qualitative disclosure requirement with Bank’s investment in equity securities are broadly categorized into two categories:
respect to equity risk, including:
• Quoted Securities: The instruments are quoted in active markets. These
• Differentiation between holdings on which securities include Common shares, Mutual funds listed with Stock Exchanges.
capital gains are expected and those taken These instruments are categorized as trading book assets. Investment in
under other objectives including for relationship trading book includes securities holding for capital gains, dividend income and
and strategic reasons; and securities holding for strategic reasons.
• Discussion of important policies covering the • Unquoted Securities: Unquoted Securities have no active market for price
valuation and accounting of equity holdings in quotation. These instruments are categorized as banking book assets. Once
the banking book. This includes the accounting unquoted securities get listed in secondary market, is reclassified as quoted
techniques and valuation methodologies and trading book assets.
used, including key assumptions and practices
affecting valuation as well as significant changes As per Bangladesh Bank circular (ref: BRPD circular number -14 dated June 25,
in these practices 2003 and DOS circular number-30 dated August 4,2022), the quoted shares are
valued as per market price in the stock exchange(s).
Quoted shares Under special fund are not revalued at market price according to
DOS circular number- 1 dated 10 February 2020.
Equity securities holdings in the banking book or unquoted are recognized at cost
price.
Provisions for shares are maintained for unrealized loss (gain net off) arising
from diminution in value of investments. Provision for shares against unrealized
loss (gain net off) has been made according to DOS circular number-04 dated 24
November 2011 and for mutual funds (closed-end) according to DOS circular letter
no. 3 dated 12 March 2015 of Bangladesh Bank.
• Value disclosed in the balance sheet of Solo basis Consolidated basis
investments, as well as the fair value of Particulars
(BDT in mn) Cost Market Cost Market
those investments; for quoted securities, a price value price value
comparison to publicly quoted share values
Value of quoted shares 3,001.67 3,588.97 6,870.99 7,499.11
where the share price is materially different
from fair value. Value of unquoted shares 100.05 100.05 137.48 137.48
• The cumulative realized gains (losses) arising Particulars Consolidated

Solo basis
from sales and liquidations in the reporting (BDT in mn) basis
period. The cumulative realised gains (losses) 226.21 263.44
arising from sales and liquidations in the
• Total unrealized gains (losses) reporting period
• Total latent revaluation gains (losses) Total unrealised gains (losses) 569.08 660.63
Total latent revaluation gains (losses) - -
• Any amounts of the above included in Tier 2
Any amounts of the above included in Tier-
capital. - -
2 capital
• Capital requirements broken down by Solo
Risk weighted assets Consolidated basis
appropriate equity groupings, consistent basis
with the bank’s methodology, as well as the and capital charge for
unquoted shares Balance Balance
aggregate amounts and the type of equity sheet RWA sheet RWA
investments subject to any supervisory (BDT in mn)
amount amount
provisions regarding regulatory capital
Unquoted shares 88.05 110.06 125.48 156.86
requirements.
Unquoted shares (venture
12.00 12.00 12.00 12.00
capital)
Total unquoted shares 100.05 122.06 137.48 168.86
Capital requirement @ 10%
12.21 16.89
of RWA

Table 06: INTEREST RATE RISK IN BANKING BOOK (IRRBB)
The general qualitative disclosure requirement Interest Rate Risk:
including the nature of Interest Rate Risk in Banking
Book (IRRBB) and key assumptions, including Interest Rate Risk is the risk which affects the Bank’s financial condition due to
assumptions regarding loan prepayments and changes of market interest rates. Changes in interest rates affect both the current
behavior of non-maturity deposits, and frequency of earnings (earnings perspective) and also the net worth of the Bank (economic
IRRBB measurement. value perspective).
Nature of Interest Rate Risk Management:
Bank assesses the interest rate risk both in earning and economic value perspective.
Earning Perspective: The focus of this perspective is the impact of variation in

interest rates on accrual or reported earnings, because reduced earnings can
threaten the financial stability of a bank by undermining its capital adequacy and
by reducing market confidence.
Economic Value Perspective: This perspective reflects the sensitivity of the net
worth of the bank to fluctuations in interest rates.
Key Assumptions for Interest Risk Measurement:
Interest Rate Risk Management Policy, Targets and Controls are comprehended in
Asset Liability Management Policy of the Bank.
Assumption for assets, liabilities, and instruments with predefined maturity is

that, these are bucketed as per residual maturity or next repricing date.
Assumption for non-maturity assets, liabilities, and instruments is that, they can be
bucketed based on previously observed withdrawal and payment behavior patterns.
Interest rate risk in banking book is measured through the following approaches:
1. Interest Rate Sensitivity analysis (Gap Analysis): Interest Rate Sensitivity (or
Interest Rate Gap) Analysis is used to measure and manage interest rate risk
exposure specifically, bank’s re-pricing and maturity imbalances. This analysis
is conducted on monthly basis.
2. Duration Analysis on Economic Value of Equity: A weighted maturity/re-

pricing schedule is used to evaluate the effects of changing interest rates on
bank’s economic value by applying sensitivity weights to each time band. Such
weights are based on estimates of the duration of the assets and liabilities that
fall into each time band. The duration analysis is conducted on quarterly basis.
Stress Testing: It is used for measuring the Interest rate risk on its Balance Sheet
exposure for estimating the impact on the Capital to Risk Weighted Assets Ratio.
Stress Testing is conducted on quarterly basis.
The increase (decline) in earnings or economic value The plausible interest rate risk in the banking book as of December 31, 2023 is
(or relevant measure used by management) for calculated as below:
upward and downward rate shocks according to
management’s method for measuring IRRBB, broken Interest rate sensitivity analysis:
down by currency (as relevant).
Interest rate change 1% 2% 3%
Change in net interest income in short
(293.6) (587.2) (880.8)
term bucket (BDT in mn)
Duration gap analysis:
Interest rate change 1% 2% 3%

Change in market value of equity (BDT
(5,796.9) (11,593.7) (17,390.6)
in mn)

Our Risk
Governance
Table 07: MARKET RISK – DISCLOSURES RELATING TO MARKET RISK IN TRADING BOOK
a) Views of BOD on trading/investment activities Market risk is the risk of potential losses in the on-balance sheet and off-balance
sheet positions of a bank, stems from adverse movements in market rates or prices
such as interest rates, foreign exchange rates, equity prices, credit spreads and/or
commodity prices. Market risk exposure may be explicit in bank’s trading book and
banking book. The objective of the market risk management is to minimize the
impact of losses on bank’s earnings and shareholders’ equity.
The Board of Director establishes trading and investment objectives, limits, and
other risk controls through different board approved policies, guidelines, and
frameworks. The delegation chain for trading and investment activities initiates
from the Board, which further establishes control limits, and responsibility
centers for these activities. Furthermore, the Board regularly reviews trading and
investment activities, and makes necessary advices and recommendations.
Bank follows a market risk management process that allows risk-taking within
b) Market risk management system well-defined limits in order to create and enhance shareholder value and to
minimize risk. Regular market risk reports are presented to the Board’s Risk
Management, Assets & Liabilities Management Committee, Executive Risk
Management Committee and Investment Committee.
Board and Board’s Risk Management Committee have the superior authority to
set market risk management strategy. Board has delegated its technical functions
to the Assets & Liabilities Management Committee, Executive Risk Management
Committee and Investment Committee. To administer technical policies
concerning financial models and risk management techniques and to implement
bank’s market risk management policies, procedures and systems, Asset Liability
Management desk, Market Risk Management desk and Treasury Middle Office are
functioning in tandem.
c) Policies and processes for mitigating market risk Bank has Foreign Exchange Risk Management Policy, Asset Liability Management
Policy and Investment Policy, duly approved by the Board of Directors. These
policies work in conjunction with the Board approved Market and Liquidity Risk
Management Framework, Risk Management Guidelines of CBL, and other internal
risk management policies. These policies delineate the management process of
Market Risk Factors. The Bank reviews these policies preferably on yearly basis for
effective management of interest rate risk, liquidity risk and foreign exchange risk.
Bank measures its market risk exposure using Value at Risk (VaR) Model which is
a quantitative approach to measure potential loss for market risk. Stress Testing
is used on asset and liability portfolios to assess sensitivity on bank’s capital in
different situations including stressed scenario. This test also evaluates resilience
capacity of the bank.
Major methodologies employed to measure market risk are Interest Rate Sensitivity
d) Methods used to measure Market risk
Gap Analysis, Duration Gap Analysis, FX VaR, and Equity VaR computations.
Disciplined presentation and monitoring of these methods and control of loss

from trading assets are ensured by putting in place Risk Appetite Statement,
Management Action Triggers (MAT) and Stop loss limit. Notional limit and Exposure
limits are set for Trading portfolios and Foreign Exchange Open Position. Foreign
exchange risk is computed on the sum of net short positions or net long positions,
whichever is higher, of the foreign currency positions held by the Bank.

The capital requirements for: As on 31 December 2023, capital allocation for market risk using standardised
approach is as below:
• interest rate risk;
Solo basis:
• equity position risk;
Capital requirement for Amount in BDT mn
• foreign exchange risk; and Interest rate risk 68.51
Equity position risk 1,284.60
• Commodity risk.
Foreign exchange risk 39.63
Commodity risk 0.00
Total capital requirement 1,392.74
Consolidated basis:
Capital requirement for Amount in BDT mn
Interest rate risk 68.51
Equity position risk 1,885.44
Foreign exchange risk 39.63
Commodity risk 0.00
Total capital requirement 1,993.58
Table 08: OPERATIONAL RISK

a) Views of BOD on system to reduce In order to instill a strong risk management culture and to foster a healthy and effective risk
Operational risk management environment, a strong operational risk management is crucial. To ensure this,
the Bank’s policies and systems must be adequate.
The Board of Directors (BOD) have a pragmatic view on managing operational risk across
the Bank. In this regard, the BOD approved of the amended Operational Risk Management
Framework which provides a dynamic approach for the Structure, Governance and Tools of
Operational Risk Management.
The Framework had been reformed in collaboration with International Finance Corporation
(IFC), which the Honorable BOD had engaged for advisory services related to Operational Risk
Management to align with international best practices.
b) Performance gap of executive and Keeping the organization’s visions in sight, City Bank adopts a holistic people management
staffs principle which promotes high-performance and employee satisfaction. City Bank has recently
reviewed its Performance Management Process (PMP). 02 new Key Risk Areas were included
into every employee’s Key Performance Indicators (KPI), namely, i) Risk and ii) Innovation. This
is in line with City Bank’s effort to drive the risk culture across all levels.
City Bank intends to promote a collaborative work culture where employees are motivated
to work keeping a common goal in mind. To make the workforce more proficient, several in-
person and online trainings, and workshops were conducted in collaboration with IFC, for
key personnel from all divisions. Moreover, awareness sessions were conducted for Branch
employees for a complete overview of operational risk management and how it is managed in
City Bank, and the roles and responsibilities of employees across the Three Lines of Defense.

Our Risk
Governance
c) Potential external events Sometimes, operational risks materialize outside of the bank. Natural disasters, Cyber-
attacks, political and regulatory changes, pandemics and other public health emergencies
may cause various types of operational risk. Economic downturns and market volatility can
also expose banks to operational risk, as these can lead to increased credit and market risk,
as well as potential losses on investments. Additionally, external events such as mergers and
acquisitions, changes in technology can also pose operational risk to a bank, as these can
impact the bank’s operations, control environment, and ability to manage risk effectively.
City Bank stays watchful about external events that may have negative impact in its
daily operations. It has a robust Business Continuity Plan (BCP) for all of its branches and
departments, which provides a contingency plan in times of severe adverse situations. This
policy is reviewed yearly and BCP drills across all departments are also conducted for training
purposes. Moreover, IT governance team oversee the cybersecurity measures.
d) Policies and processes for mitigating Standard policies and procedures must be defined to tackle operational risk at all levels of
operational risk an organization. City Bank has developed and implemented policies to safeguard sound
governance, such as:
• Reformed and implemented Operational Risk Management Framework.
• Operational Risk Management Committee (ORMC) and Risk Champions’ meetings were
held in regular basis.
• Conducted Risk & Control Self-Assessment (RCSA) on business lines for end-to-end risk
assessment.
• Implemented Key Risk Indicators in business lines to monitor key risks in those businesses
on a month-to-month basis.
• Implemented Control Assurance in selected branches to ensure compliance of latest
controls.
Additionally, key operational risks were escalated to Operational Risk Management
Committee (ORMC) and Executive Risk Management Committee (ERMC) on a regular basis.
These committees are comprised of a mix of divisional heads and senior management of
the Bank. ORMC is a committee dedicated to oversee operational risks of the Bank, where
discussion and management occurs of all aspects of operational risks and control lapses
identified through risk reporting process. ORMC monitors that appropriate ORM frameworks
is in place and ensures senior management’s attention on significant OR exposure areas for
resolution and guidance.
Furthermore, in order to maintain sound management of operational risk, various processes

are maintained by Internal Control & Compliance (ICC) Division, i.e. Departmental Control
Function Check List (DCFCL), Quarterly Operation Report (QOR), internal and external audit
reports, risk report etc. From 2nd Line of Defense perspective, Risk Management Division
(RMD) monitors and escalates key operational risks to the Risk Management Committees,
Senior Management, Board, and relevant stakeholders.
Fraud Risk Management team and IT Governance team oversees the fraud risk and IT risks,
respectively. These are vital areas of operational risk, which are being proactively managed.
Moreover, Internal Control and Compliance Division’s (ICCD) Audit team acts as the 3rd line of
defense, providing independent audit to ensure smooth operation and compliance of internal
and regulatory obligations.
City Bank has adopted Basic Indicator Approach (BIA) to assess the capital charge for
e) Approach for calculating capital
operational risk as of the reporting date. Accordingly, Bank’s operational risk capital charge
charge for operational risk has been assessed at 15% of positive annual average gross income over the previous three
years as defined by the guideline of Risk Based Capital Adequacy (RBCA).
Capital requirement for operational risk for the year 2023:
Sl. No. Particulars Amount in BDT mn
01 Capital charge for operational risk under MCR (solo basis) 4,069.79
02 Capital charge for operational risk under MCR (consolidated basis) 4,250.69

Table 09: LIQUIDITY RATIO
a) Views of BOD on System to reduce Liquidity risk is the risk to the bank’s earnings and capital arising from its inability to timely
liquidity risk meet obligations when they come due without incurring unacceptable losses. Liquidity risk
primarily arises due to the maturity mismatch associated with assets and liabilities of the
bank. Therefore, The Board of Directors of the bank set policy, different liquidity ratio limits and
risk appetite for liquidity risk management.
The Board of Directors of the bank set policy, different liquidity ratio limits, and risk appetite for
b) Liquidity risk management system
liquidity risk management. Asset and Liability Management Committee is responsible for both
statutory and prudential liquidity management. Ongoing liquidity management is discussed as
a regular agenda of ALCO meeting, which takes place on a monthly basis. At the ALCO meeting,
bank’s liquidity position, limit utilization, changes in exposure and liquidity policy compliance
are presented to the committee. Asset Liability Management Desk closely monitors and
controls liquidity requirements on a daily basis.
Key liquidity metrics on both local currency and foreign currency balance sheets are monitored
c) Methods used to measure liquidity to evaluate the liquidity mismatches and prudential limits such as:
risk
• Cash Reserve Ratio (CRR)
• Statutory Liquidity Requirement (SLR)
• Advance to Deposit Ratio (ADR) and Investment to Deposit Ratio (IDR)
• Structural Liquidity Profile (SLP)
• Maximum Cumulative Outflow (MCO)
• Liquidity Coverage Ratio (LCR)
• Net Stable Funding Ratio (NSFR)
• Liquid Asset to Total Deposit Ratio
• Liquid Asset to Short Term Liabilities
• Undrawn Commitment Limit
• Wholesale Borrowing Limit
Liquidly Risk Management is guided by Asset Liability Management Policy of the bank. Liquidly
d) Policies and process for mitigating risk management and Liquidity Contingency Plan are the two major aspects in the ALM
liquidity risk policy. The Liquidity Contingency Plan clearly defines the responsibilities of the Contingency
Management Team and ensures the business continuity through close monitoring of the
Bank’s liquidity position against the pre-defined liquidity Management Action Triggers
Sl. No. Particulars Solo
01 Liquidity Coverage Ratio 174.6%
02 Net Stable Funding Ratio (NSFR) 106.52%
03 Stock of High Quality Liquid Assets (BDT in mn) 90,514.6
04 Total net cash outflows over the next 30 calendar days (BDT in mn) 51,845.7
05 Available amount of stable funding (BDT in mn) 411,104.7
06 Required amount of stable funding (BDT in mn) 385,935.5

Our Risk
Governance
Table 10: LEVERAGE RATIO

a) Views of BOD on System to reduce Basel III guidelines introduced a simple, transparent, non-risk based ratio known as leverage
excessive leverage ratio in order to avoid building excessive on and off balance sheet leverage in the banking
system. City Bank has embraced this ratio along with Basel III guideline as it acts as a credible
supplementary measure to risk-based capital requirement and assesses the ratio periodically
in order to properly address the issue.
b) Policies and processes for
Revised guideline of RBCA based on Basel III as provided by BRPD of Bangladesh Bank is
maintaining excessive on and off-
followed by the bank while managing excessive on- and off-balance sheet leverage of the
balance sheet leverage bank, and the regulatory requirement has been addressed in the ALM Policy of the bank. As per
RBCA, leverage ratio shall be Tier I capital divided by total exposure after related deductions.
c) Approach for calculating exposure City Bank follows the approach mentioned in the revised RBCA for calculating exposure of the
bank. The exposure measure for the leverage ratio generally follows the accounting measure of
exposure. In order to measure the exposure consistently with financial accounts, the following
are applied by the bank:
a. On balance sheet, non-derivative exposures will be net of specific provisions and

valuation adjustments
b. No physical or financial collateral, guarantee or credit risk mitigation is considered
c. No netting off of loans and deposits is considered
01 Leverage ratio (%) 5.70% 5.68%
02 On-balance sheet exposure (in BDT mn) 549,505.04 558,696.24
03 Off-balance sheet exposure (in BDT mn) 139,047.68 139,047.68
04 Total exposure (in BDT mn) 687,337.38 695,710.86
Table 11: REMUNERATION

Qualitative disclosure
a) Information relating to the bodies Governing body of Remuneration Policy and Process:
that oversee remuneration.
City Bank has a board approved Compensation and Benefit Policy that outlines the rules
relating to compensation structure and the benefit package of the organization and gives
detailed procedures for exercising them in order to promote fair treatment and consistency
within the Bank. The policy is approved by Board, while it is the Management that implements
the same across the organization. However, operational aspects of the policy are being taken
care by Human Resource (HR) Division of the bank.
External consultants whose advice has been sought, the body by which they were
commissioned, and in what areas of the remuneration process:
City Bank takes help of external consultant for certain areas during designing the remuneration
under Compensation and Benefit Policy. Assignment of any consultancy services is carried out
in line with Board approved Procurement Policy of City Bank, while each consultant is appointed
by Management/Board, as appropriate. At City Bank we appoint following consultants, as and
when required:
• Tax advisors on salary and benefits

• Actuary for valuation of gratuity
• Auditor for provident fund and gratuity
• Salary survey
• Head hunters, etc.

Scope of City Bank Remuneration Policy:
Policy applies to all the permanent employees of the bank. Additionally, separate Compensation
and Benefit Package is usually approved for temporary and casual staff on case to case basis.
Any other benefit is guided by the contract agreement with individual employees.
Material Risk Takers and Senior Management of City Bank:
At City Bank, Chief Executive Officer and other members of Management Committee
(MANCOM) hold the prime authority to take key decisions and ultimate implementation.
As such, CEO and MANCOM are considered as material risk takers. However, in course of
implementation Division Heads also play a pivotal role in banking business. Composition of
MANCOM as on 31 December 2023 is provided below:
• MD & CEO 01
• AMD 03
• DMD 05
• SEVP 08
• EVP 03
b) Information relating to the design Objectives and key features of Remuneration Policy:
and structure of remuneration
Compensation and Benefits policy of City Bank outlines the rules relating to the compensation
processes
structure and the benefit package of the organization and gives detailed procedures for
exercising them with the objective of promoting fair treatment and consistency across the
Bank. Additionally, compensation to be commensuration to individual’s performance, desired
role in the organization, quality of past experience, quality of training received, technical
competency. Key features of the policy besides the base salary are
• Provident Fund
• Gratuity Benefit
• Group Term Life Insurance
• Covid19 Life Insurance
• Medical Benefits
• Bonuses
• Various Allowances
• Financial Assistance Schemes
• Advance Salary
• House Building loan facility
• House Building loan insurance
• Car loan facility
• Bike loan facility for drivers
• Provident Fund loan facility
Review of Remuneration Policy:
As per the policy, compensation structure of the bank will be reviewed as and when management
deem appropriate to allow for adjustments in the Cost of Living and market forces pertaining
to the Banking industry. The HR Division is responsible for initiating the review process and
their recommendations are approved/disapproved or amended by the Governing Body. In the
latest review, City Bank incorporated minimum salary for the entry level positions prescribed
by the central bank, Bike Loan facility for drivers, House Building Loan Insurance, and upgraded
as well as enhanced the scope of Group Hospitalization Plan and Car Purchase Plan.
Independence of Risk & Compliance employees from businesses they oversee:
CRO supervises bank’s overall risk management activities which is independent from
business verticals and reports to Board’s Risk Management Committee. On the other hand,
all compliance professionals report to Head of Internal Control and Compliance Division (ICCD),
who reports to Board’s Audit Committee. Hence, their evaluation process is also independent
of the Businesses they oversee.

Our Risk
Governance
c) Information relating to the design Key risks taken into account when implementing remuneration measures:
and structure of remuneration
In the competitive financial sector like Bangladesh, remuneration system is basically driven by
processes
market dynamics. Due to huge competition in a crowded market with substantial number of
participants, restructuring of compensation package is more frequent than other industries.
However, such revisions sometimes may lead to market distortion, excessive profit motive
and disparity in work-life balance. Nevertheless, City Bank always strives to design the
remuneration strategies so that the competitive staff members are rewarded compensation
package they really deserve. On top of it, City Bank is committed to ensure maintaining internal
equity and fair treatment in its compensation system across the organization.
Key measures used to take account of these risks:
To make the compensation package judicious, market survey is conducted as and when felt
required so that the package logically compensates employee for their expertise, time, mental
and social engagement with the organization.
Ways in which these measures affect remuneration:
These measures ensure that the remuneration process of City Bank is
• Commensuration to individual’s performance, desired role in the organization, quality of

past experience, quality of training received, technical competency.
• Fair and Equal for different position of the bank
• In line with the market dynamics and practices
Changes in the nature and type of these measures over the past year:
To increase the retention, Management of City Bank had revised minimum salary threshold for
the grades of SEO and below effective from July 01, 2021. Based on the salary revision and
performance, adjustment had been given to the SEO and below grades.
Besides, to remain compliant with central bank directives, City Bank implemented minimum
salary scale for the entry level positions from April 01, 2022.
d) Description of the ways in Overview of main performance metrics of City Bank:
which the bank seeks to link
At City Bank, we believe in a performance driven culture. As per our Performance Management
performance during a performance
Policy, all permanent employees need to go through annual performance evaluation process
measurement period with levels of along with a mid-year review. These help our employees to keep their own performance
remuneration objectives vis-à-vis achievements in line of sight and thus make necessary measures to
ensure consistent performance. We conduct our performance evaluation based on two main
parameters:
• Performance Objectives - focuses on core job and key purpose of any position and what
value this position adds to the business, measured through a Balanced Scorecard having
05 Key Result Areas
• Demonstration of Values - how the employee demonstrated organization’s values
while performing the in the role
Linkage between remuneration and performance:
The overall performance rating of any employee is based on the cumulative rating of
aforementioned two parameters. In order to translate performance into remuneration, City
Bank associates this overall performance rating of an employee with different features of
remuneration policy such as yearly increment, performance bonus, etc. This performance
rating is calculated based on a scale of six (06) ratings, combining achievements against both
the performance objectives and the demonstration of values, to ensure fair and transparent
evaluation of performance.

Adjustment of remuneration in the event that performance metrics are weak:
City Bank believes that every individual can improve the performance with proper nurturing by
the organization coupled with own right mindset. When performance metrics need boosting for
an employee, our structured performance improvement process helps that employee. During
this process, we assist the employee in his / her journey towards performance improvement
by making necessary development intervention e.g. coaching, counselling, mentoring, class
room training, or digital learning etc.
e) Description of the ways in City Bank believes that the individual and team effort and performance should be regularly
which the bank seek to adjust appreciated and recognized so as to keep our employees motivated to give in their best efforts.
remuneration to take account of And more importantly by recognizing these performances, we reinforce, with our chosen
means of recognition, the actions and behaviors we want City Bank employees to repeat most.
longer-term performance
City Bank relates yearly overall rating of individuals which is based on their performance with
different features of remuneration policy such as yearly increment, bonuses etc. Additionally,
two or more years of rating are also considered for promotion recommendation of individuals
if suitable opening is available commensurate with individual skills and expertise.
f) Description of the different forms City Bank recognizes the effort and performance of its employees based on its Compensation
of variable remuneration that the and Benefit policy which consist of base salary and different benefit packages mentioned
bank utilizes and the rationale for earlier. However, City Bank occasionally practice commission based remuneration process for
temporary staffs as per their Compensation and Benefit Package. There is also a Reward &
using these different forms
Recognition (R&R) program that recognizes extraordinary contribution not only for business
gain but also those that inspire and set high quality services, support or standard.
Quantitative disclosure
Number of meetings held by the main body overseeing remuneration during 2023 and remuneration paid to its NA*
member
Number of employees having received a variable remuneration award during 2023 NA**
Number and total amount of guaranteed bonuses awarded during 2023 2 Festival Bonus
Number and total amount of sign-on awards made during 2023 (BDT 521.7 mn)
Number and total amount of severance payments made during 2023 2,939 employees and
BDT 24.2 mn
NA
Total amount of outstanding deferred remuneration, split into cash, shares and share-linked instruments and NA**
other forms.
Total amount of deferred remuneration paid out in 2023
Breakdown of amount of remuneration awards for 2023 to show: NA
• Fixed and Variable
• Deferred and Non-deferred
• Different forms used (cash, shares and share linked instruments, other forms)
Quantitative information about employees’ exposure to implicit and explicit adjustments of deferred remuneration NA
and retained remuneration:
• Total amount of outstanding deferred remuneration and retained remuneration exposed to ex post explicit
and/or implicit adjustments
• Total amount of reductions during the financial year due to ex post explicit adjustments
• Total amount of reductions during the financial year due to ex post implicit adjustments.
Note:
* In City Bank, no separate and exclusive meeting of the governing body takes place to oversee the remuneration. Rather, HR is assigned
to initiate any proposal on remuneration as per the Compensation and Benefit Policy of the bank and upon consent of the management
committee same is also placed to regular Board meeting for approval and further actions.
** During 2023, Compensation and Benefit Policy of City Bank did not have provision of any kind of variable remuneration, deferred
remuneration, severance payment or other forms of remuneration as mentioned above for its permanent staff. However, City Bank provides
commission based remuneration to its temporary and casual staffs which doesn’t fall under the scope of above mentioned policy.

Our Risk
Governance
APPROACH
OUR ESG

Sustainability
Analysis
Advancing our ESG practice through our robust our business is underpinned by principles that ensure we conduct
sustainability framework our business responsibly and with full stewardship. We always seek
to act in an ethical manner; recognise, respect and protect human
In 2023, City Bank enhanced its efforts towards ESG (Environmental, rights; develop positive relationships with our business partners;
Social, and Governance) issues and this report explains what the bank recruit and retain employees who cultivate our ethics and principles;
is doing to meet its environmental and social obligations. We have take responsibility for our impact on the environment; and provide
made good progress on setting our mid- and long-term aspirations support through donations to community organisations, among
but we realise there is still more to do. During the year, we advanced other philanthropic activities.
on our ESG framework for administering and overseeing the delivery
of our improvement roadmap, targets and emerging risks. Updates We continue to align our work with the United Nations’ Sustainable
on ESG activities were provided during the year to the management Development Goals (SDGs) that are most relevant to our business
and the Board, which has added ESG as a prioritised agenda item at operations. We focus on those goals where we can make the biggest
each of its meetings. In the years ahead, we will focus on embedding difference to the environment and society, with our approach to
ESG deeper into our day-to-day practices and business decisions. sustainability being guided by our resolute sense of purpose, which
is to create value for the long-term by managing our business in a
Our business activities impact a wide range of stakeholders and we balanced and responsible way. We achieve this through our three
strive to make this impact a positive one. The way in which we manage sustainability pillars.
Responsible banking Responsible business practices Creating social impact
We incorporate responsible financing Our people always focus on doing the We seek to be a force for good by
in our lending practices, support our right thing and consider the impact supporting social enterprises that
customers’ transition towards more our business operations have on the address social needs in a creative and
sustainable low-carbon business environment and the society. We effective manner. We also give back
models, and improve customers’ provide an inclusive and empowered to the communities in the regions
ESG investments. We conduct our work environment, manage our direct where we operate. We help drive
business in a fair and responsible environmental footprint, and seek impact in the areas of education,
manner. This includes advancing to influence our customers towards environment, healthcare, etc.
financial inclusion, taking a proactive adopting sustainable practices. We
stance to protect our customers’ also pay our fair share of taxes and
information, and preventing financial make socio-economic contributions
crime. to the communities where we
operate.

Our ESG
Approach
Achievements and recognitions, 2023

City Bank was honored with a number of prestigious awards and accolades during the year. This is not just a reflection of the bank’s
high-quality operational standards, but also that these are conducted in a responsible and ethical way. A few of the awards received are
mentioned below:
For three consecutive years, City Bank has been recognised as one of the top sustainable banks in Bangladesh from
1 Bangladesh Bank in the Sustainability Rating 2020, 2021 and 2022. The rating has been categorised based on the bank’s
performance in sustainable finance, green refinance, CSR, core banking sustainability, and banking service coverage.
2 City Bank has been awarded the prestigious ‘SDG Brand Champion’ in Climate & Environment category at SDG Brand
Champion Awards 2023 as a testament to its commitment to sustainability and protecting the environment.
City Bank has achieved the 6th position in the global ranking for sustainable revenue ratio, making it the highest-ranked
3 bank in the Asia-Pacific region in 2023, according to The Banker, a renowned UK-based international magazine for financial
affairs.
4 City Bank was jointly awarded by German Agency for International Cooperation (GIZ) and BIBM in 2023 for its sustainability
rating 2022 in Bangladesh.
Promoting responsible banking through SDG alignment

City Bank is focused on aligning the impact of its operations and citizenship activities to the Sustainable Development Goals (SDGs). The
table below reflects the progress achieved across each of our selected goals where we believe we can have the maximum impact, bifurcated
across our organisational impact and social impact.
Responsible banking
Sustainable
Development Selected initiatives Outcomes achieved
Goals (SDGs)
• Renewable and clean energy-related loans • Disbursed credit to the tune of BDT 21.5 mn for
renewable and clean energy-related projects in 2023

Sustainable
Goals (SDGs)
• Foster sustainable, resilient and inclusive • Made available funding of BDT 3,848 mn to the
infrastructure development of the green industry in 2023
• Support provided to institutional customers • Disbursed BDT 139,458 mn sustainability-linked loans

through sustainable finance in 2023
• Engagement with customers on sustainable • Organised various seminars and conferences for
investing customers on the benefits of sustainable finance
• Facilitate green bonds for climate action • Emerged as the lead arranger of the first-ever green
bonds in Bangladesh
• Support environment-friendly and climate action-
related initiatives • Disbursed BDT 11,086 mn of green loans in 2023
• Increase financing to sustainability-linked • Enabled total sustainable finance disbursement

loans, green loans and renewable/clean energy amounting to BDT 150,547 mn in 2023
development projects
Responsible business practices
Sustainable
Goals (SDGs)
• Introduced a Resource Management Policy • Board comprising three women directors
to promote diversity among the Board and
employees (across all organisational tiers) • Maintained stable gender balance, with over 18% women
representation in our workforce
• Installed solar panels in branches • 21 solar powered branches
• Installed solar panels in ATMs • 22 solar powered ATM booths
• Continuous learning, upskilling and reskilling • A total of 547 training sessions were organised in 2023
• As many as 28,696 employees were trained via exposure

to various learning sessions
• Reduction in paper use, food waste and utilities • Installed smart printers in a few office premises that
helped achieve 30% reduction in paper consumption and
contributed to reducing the bank’s carbon footprint
• Discontinued ATM slip dispensation that helped achieve

savings of BDT 2.2 mn annually, with customers being
alerted of any ATM transaction via SMS
• Facilitated customers to download their half-yearly e-

statements via a link sent to their phone, thus enabling
the bank to minimise statement printing costs and hence
paper use
• We encourage our staff to ensure optimised energy use

and food waste reduction

Our ESG
Approach
Sustainable
Goals (SDGs)
• Transformation to more sustainable workspaces • Devised the slogan: ‘Go Green, Think Green, Act Green’ as
a means to generate green and environmental awareness
across the bank to encourage our staff to use precious
resources responsibly and sustainably
• Facilitation of External Communication Mechanism • Pioneered ECM, the first-of-its-kind initiative among
(ECM) as an engagement with the external society banks in Bangladesh. The platform enables external
stakeholders and local community members to register
their grievances/complaints regarding projects being
financed by City Bank. This approach helped foster an
open and transparent engagement platform with the
society
Creating a social impact
Sustainable
Goals (SDGs)
• Extending financial support to the underprivileged • Offered financial support to 22 poor patients for meeting
communities critical lifesaving medical expenses
• Distributed 150,000 blankets during the winter months

to poor people dwelling on the streets
• Promoting safety, good health and well-being for • Donation was made to 778 individuals for 18 events
all related to health
• Extend support to ensure quality education • Provided financial support for upgradation and
modernisation of educational facilities
• Facilitating women entrepreneurship and • Offered comprehensive women entrepreneurship

empowerment certification program and other initiatives for women
entrepreneurs to succeed in business
• Ensuring access to drinking water and proper • Supported the installation of 4 drinking water systems in
sanitation for all as many educational institutions
• Diminishing inequality in Bangladesh • Provided educational support/scholarship to meritorious

students, thus giving them a chance for a better future
• Sustainably manage forests and combat • BDT 4.12 mn was provided for tree plantation activities
deforestation
Sustainability journey of City Bank: Putting policy into and environmentally-responsible lending, thus enhancing efforts
practice in ecological sustainability and environmental preservation across
the delta. Hence, our longstanding green practices, paired with
Policy formulation the regulatory thrust, ensures that environmental management
continues to remain a material topic of consideration for City Bank.
At City Bank, as a responsible financial institution, we expand our Spearheading this journey towards becoming a truly sustainable
green credentials and imprint through sustainable green finance bank focused on green capital is our Environmental and Social

Risk Management policy (ESRM). The objectives of our ESRM is City Bank’s green finance practice
supported by a robust implementation framework, fostered by the
Offering holistic green finance solutions
guidance of Bangladesh Bank’s ESRM policy and IFC Performance
Standards that define clear lines of accountability, accompanied by The criticality of green finance is indisputable, as it supports
specific goals, that enable us to manage the bank’s environmental
sustainable development of various sectors of the economy. With
performance and create enduring change. Our ESRM framework
truly helps us in achieving both sustainable economic growth the amendment made to the central bank’s refinance scheme for
through responsible lending, as well as ecological preservation. environment-friendly products/projects, City Bank expanded its
offering from 68 green products to as many as 94 products. Today,
Governance the bank’s green financing offering comprises:
Our ESRM framework is superintended by the Board’s Risk • Renewable energy

Management Committee (BRMC) which directs the Sustainable
Finance Committee (SFC) to strategise and supervise all activities • Energy and resource efficiency
related to the environment, green finance and sustainability
through the Sustainable Finance Unit (SFU). In addition, City Bank • Liquid and solid waste management
has an additional Emission Reduction Steering Committee (ERSC)
that oversees the carbon emission reduction strategies for both • Circular economy
our lending portfolio and our own operations.
• Green brick manufacturing
Capacity building in sustainable finance
• Green establishment (ensuring safety/security of factory
City Bank’s journey in green/sustainable finance commenced back workers)
in 2012 via the development of its ESRM framework that comprises
a set of guidelines, including policies and procedures that define the • Green agriculture
perimeter of the bank’s lending principles. Through ESRM, the bank
launched its own environmental and social risk categorisation tool, • Green CMSME
representing a software that determines the E&S risk category
of a transaction and provides instructive information for better • Green socially responsible financing
understanding of E&S issues.
In addition to offering green finance on its own, City Bank also
Resource training is also given due importance as it helps build
channelises funds from other sources, including Global Climate
critical capacity among employees on matters related to E&S risk
management and even business opportunities in the modernisation Partnership Fund (GCPF), Bangladesh Bank Refinance Scheme for
of environmental practices. Thus, we have adopted a dedicated renewable energy, and other environment-friendly projects.
training roadmap and allocate a commensurate budget at the
commencement of each year. In 2023, a total of 966 employees In 2023, City Bank disbursed a sum of BDT 11,086 mn across
(including new recruits) received training on sustainable banking various green financing projects, up significantly from BDT 4,905
across 33 different programs. mn in 2022, thus representing a growth of 126%.
Segment-wise disbursed green finance portfolio (BDT mn)
Segments 2023 2022 2021 2020
Energy and resource-efficiency 3,521.7 3,568.9 1,246 1,053
Renewable energy 21.5 18.8 22 -
Waste management 73.8 347.8 37 -
Green industry establishment 3777.7 856.3 1,176 67.5
Work environment and workers’ safety 70.6 113.8 199 0.9
Green socially responsible financing 3,586.2 - - -
Green CMSME 27.2 - - -
Circular economy 7.6 - - -
Total 11,086 4,905 2,681 1,121

Our ESG
Approach
Establishment of green finance helpdesk City Bank’s sustainability strategy
With a view to promulgate the message of green finance far To achieve our purpose to deliver our strategy in a way that is
sustainable, we are guided by our values. We focus on building
and wide and scale the sustainable lending practice, City Bank
strong relationships with all our stakeholders who comprise people
introduced a dedicated sustainable finance helpdesk in 78 who work for us, customers who bank with us, investors and
branches across Bangladesh. These kiosks provide customers with shareholders who own us, regulators who govern us, and those
all information regarding sustainable finance policies and green who live in the societies we serve and the planet we all inhabit. We
continue to make progress on our climate ambition to support our
finance, thus encouraging and influencing customers to pursue
customers in their transition to net-zero and a sustainable future,
green financing options. including through providing and facilitating sustainable finance and
investment.
City Bank and 8Rs
Sustainable Governance Practices
At the heart of circular living lies a powerful framework known as
The Board approves all the ESG policies and strategies of the
the 8Rs—an innovative approach that guides individuals towards
bank after receiving consent in principle from the Board Risk
a more sustainable and regenerative lifestyle. These 8Rs— Management Committee (BRMC). BRMC directs the Sustainable
Reduce, Reuse, Repair, Recycle, Refuse, Reframe, Reconnect, and Finance Committee (SFC) to oversee and supervise all activities
Restore—serve as the cornerstone of circular living, encompassing related to the environment, green finance and sustainability
through the Sustainable Finance Unit (SFU). CBL has an additional
a comprehensive set of principles aimed at minimizing waste,
ESG Committee known as Emission Reduction Steering Committee
conserving resources, and fostering a deeper connection with the (ERSC), that oversees the emission reduction strategies.
environment. Each R represents a distinct aspect of sustainable
Sustainable governance practices are aimed at ensuring that City
living, encouraging mindful consumption, conscious decision-
Bank is aligned with its sustainability objectives and is able to
making, and a shift towards a more circular economy. At City Bank, effectively manage its sustainability risks. Key framework that
we are committed to the 8Rs and initiate action in this realm. defines sustainable governance practices at City Bank include:
Board Board of Directors is responsible for overseeing the organisation’s sustainability performance and
Oversight ensuring that sustainability is integrated into decision-making processes.
Stakeholder City Bank engages with stakeholders, including customers, employees, suppliers and communities
Engagement to understand their perspectives and expectations on sustainability.
Risk City Bank identifies and manages sustainability risks, including environmental, social and governance
Management risks, to minimize their impact and ensure they are effectively managed.
Performance
City Bank measures and reports its sustainability performance, including the use of metrics and
Measurement targets, to demonstrate its commitment to sustainability.
and Reporting
Ethics and City Bank adheres to ethical standards and complies with all relevant sustainability-related laws and
Compliance regulations.
City Bank communicates its sustainability performance to stakeholders in a transparent and

Transparency and
accessible manner, including through sustainability reports and other communication materials from
Communication time-to-time.

Environmental sustainability Green & Sustainable Finance
We focus on prioritising the protection of the environment, Overview
ensuring climate mitigation and adaptation by emphasising these
aspects in all our projects. Through this focus, we have instituted The financial sector is key to meeting Bangladesh’s Nationally
more stringent project screening norms to ensure sustainable Determined Contributions (NDCs), in line with the Paris Climate
non-polluting industrialisation, accelerated green finance through Agreement to facilitate a seamless and equitable transition to a
a dedicated focus reflected in the establishment of City SFU low-carbon society. Similarly, achieving the SDGs is also contingent
(Sustainable Finance Unit), created a policy prohibiting any kind of upon finance for sustainable agriculture, industry and CMSME.
lending to industry in our negative list (exclusion list), and providing Bangladesh Bank’s Sustainable Finance Policy is a timely measure
advice to accelerate industry transition to green development and in guiding banks and FIs to contribute to the NDCs for attaining the
a net-zero future. respective SDGs.
First bank in Bangladesh to be a member of the Net- Green Finance at City Bank
Zero Banking Alliance
City Bank offers 94 types of green products and services (as per
City Bank took a step forward as the first Bangladeshi bank by Bangladesh Bank’s taxonomy). Marshalling green finance impact
joining the Net-Zero Banking Alliance (NZBA) on March 2022, in the right way, the bank has expanded its green finance book
in line with its commitment to a greener planet. The NZBA is a from BDT 1,120 mn in 2020 to BDT 11,086 mn in 2023, virtually
United Nations Environment Programme Finance Initiative (UNEP enhancing its green assets by a factor of 10x between 2020 and
FI), the banking element of the Glasgow Financial Alliance for Net 2023.
Zero (GFANZ), and is accredited by Race to Zero. Representing
almost 41% of global banking assets, with over 127 members from Green finance disbursement
41 countries, the NZBA inspires, informs and enables financial Year
(in BDT mn)
institutions to mobilise for climate-positive change. It recognises
the vital role of banks in supporting the global transition of the real 2020 1,120
economy to a low-carbon, sustainable and inclusive society.
2021 2,680
To attain the global targets set through the Paris Climate Agreement
2022 4,910
and the SDGs, in light of the government’s Nationally Determined
Contributions (NDC), City Bank has incorporated Green Banking and 2023 11,086
Sustainable Finance in its lending practices and steers customers’
ESG investments for the betterment of people and the planet. Sustainable Finance at City Bank
Environmental & Social Risk Management policy as a Sustainable finance is an imperative for achieving the SDGs.
risk assessment and management tool
City Bank offers 86 products under Sustainable Finance (as per
Conscious of its green footprint, City Bank established its Bangladesh Bank’s Sustainable Finance taxonomy). In 2022, the
environmental risk management framework back in 2012 to ensure Bank channeled BDT 150,547 mm as sustainable finance, including
environmental considerations were taken into credit decisions. The green finance, registering a growth of 127% from the prior year’s
bank upgraded this framework in 2017 to also take into account BDT 66,230 mn.
social risks, thus further bolstering its lending principles.
Portfolio-wise, the bank disbursed BDT 16,728 mm in sustainable
Bangladesh Bank has also remained proactive on environmental MSME sectors (handicrafts, handloom, feed manufacturing plants,
and social risks. On June 26, 2022, it launched a comprehensive jute-made products, organic fertilizers, etc.) in 2023. It channeled
circular on “Guidelines on Environmental & Social Risk Management BDT 9,852 mm to sustainable agriculture (crops, fisheries,
(ESRM) for Banks and Financial Institutions in Bangladesh”. While agriculture equipment, etc.).
City Bank was following most of the guidelines mentioned in the
circular, it revised its ESRM policy to reflect full alignment with the
Sustainable finance disbursement
central bank’s guidelines. It went a step further by also affiliating Year
(in BDT mn)
ESRM to its Credit Policy Manual, IFC performance standards, and
other international best practices. 2020 1,891
The bank’s ESRM policy is segregated into two parts: 2021 4,919
• Environmental & Social Management System (ESMS) 2022 6,623
• Annexures 2023 16,728
ESMS helps identify and manage the bank’s exposure to Capacity building on sustainable finance
environmental and social risks and impacts through due diligence
and need-based corrective action. Employee capacity building is key to proper E&S assessment
for sustainable finance. In this regard, the bank trained 1,061

Our ESG
Approach
employees on sustainable finance and green finance products, and retention. To support this, we offer a range of training and
ESRM policy, IFC Performance Standards, etc., in 2022. It also development programs that enable our employees to enhance their
organised two training sessions led by foreign instructors during skills and knowledge. We also provide opportunities for internal
the year. career advancement, promotions, and preparing our workforce for
the future of work.
Apart from formal training, the bank organises awareness sessions
on sustainability. It also observes World Environment Day and We recognise that a safe and healthy work environment is essential
Earth Day in the spirit of building a culture rooted in environmental for employee wellbeing and productivity to enable them to give
stewardship and sustainability. their best at work. To ensure this, we have implemented many
safety initiatives to prevent workplace injuries. Despite being in the
Number of participants in service sector, we provide regular health and safety training to our
Year training on E&S, IFC PS, Green & employees.
Sustainable Finance
City Bank is committed to upholding human rights and labour
2021 468 standards. We adhere to the International Labour Organization’s
(ILO’s) Core Conventions, which include abolition of forced labor,
2022 1,061 elimination of child labor, and prevention of discrimination and
2023 966 harassment. We have implemented policies and procedures to
prevent discrimination, harassment and other forms of workplace
mistreatment. We also monitor our supply chain to ensure that our
Social Sustainability
vendors and suppliers adhere to these standards.
Promoting fair, competitive and equitable occupation
We support broader efforts towards decent work by partnering
City Bank believes that promoting fair and equitable employment with local organisations that promote job creation and skills
is a key part of our sustainability strategy. We recognise that our development. We also invest in education and training programs
employees are our most valuable asset, and we are committed to support wide-ranging efforts in fostering decent work. By
to providing them with a safe, healthy, rewarding and progressive supporting these initiatives, we believe we can help create a more
work environment. This includes fair compensation and benefits, sustainable and equitable organisation and, as an extension, the
opportunities for career growth and development, and a workplace financial services industry of Bangladesh.
that is free from discrimination and harassment.
Fair compensation and benefits
In order to ensure competitive compensation and benefits, we
regularly review our pay and benefits packages to ensure that At City Bank, as part of our human capital strategy, we provide fair
they are reasonable and in line with industry standards. We also compensation and benefits to our employees. We regularly review
provide a comprehensive benefits package that includes health and our compensation packages to ensure they are competitive and
wellness initiatives, retirement plans, and employee assistance aligned to industry standards. We also provide a comprehensive
programs. We believe that providing opportunities for career benefits package, including health and wellness programs,
growth and development is critical for employee satisfaction retirement plans, and employee assistance programs.
Health & Wellness Long Service

• Hospital bills reimbursement • Gratuity
• Maternity Benefit • Provident Fund
• Emergency Support Fund • Long Service Award
• Life Insurance Coverage
Leave
• Day Care coverage
• Annual
Loan Facilities • Maternity
• Home Loan MY
• Casual
BENEFIT
• Car Loan Public Holidays
BASKET •
• Two Wheeler Loan • Medical
• Secured Facilities • Extraordinary leave
Employee Privilege Bonus and Recognition
• Waiver on account charges • Performance Bonus
• Free Debit Card • Festival Bonus
• Waiver on Credit Card Travel & Transfer Allowance • Lodging expense • Robust Reward &
• annual charge • Transportation expense • Packing/Unloading expense Recognition Program
• Seasonal discounts • Daily allowance • International travel

Giving an Impetus to Performance
Number of trainings Number of people who (Males: 81,235;

arranged in 2023 participated in training, with Females: 20,696) Total:
6,213 unique participants
598 28,697 101,930
Average hours of Invested in employees’ capacity Employees attended various

training in 2023 development in 2023 training programs in 2023
16.40 BDT 22.1 mn 99.6%

(Males: 15.90; Females: 18.9)
Taking action for the community creating a positive and lasting impact on society. To this end,
social responsibility has become an integral part of the bank’s
City Bank is dedicated to conducting its business in a socially organisational culture.
responsible and sustainable manner. It believes that Corporate
Social Responsibility (CSR) is an integral part of its operations and a The bank’s community support programs serve as the foundation
key imperative and obligation to society. for all its CSR activities and go beyond traditional charitable or
philanthropic efforts. Instead, these initiatives aim to create durable
The bank’s pursuit of profit is balanced with its commitment to and meaningful value for society.
BDT 115.2 mn BDT 1,081 mn

Investment in CSR in 2023 Total investment in CSR in
the last nine years

Our ESG
Approach
City Bank’s CSR investment over the last eight years (in BDT mn) • Facilitating disaster management/relief initiatives
• Extending financial support for art, culture and sports
Year CSR investment (in BDT mn) • Ensuring access to clean water and proper sanitation
Economy sustainability
2015 32.5
Being a distinguished financial institution in Bangladesh, City Bank
2016 43.3
has consistently contributed to the socioeconomic landscape of
2017 146.1 the nation. The bank acknowledges that its success is contingent
not just on profit generation, but also on delivering value to
2018 75.3
stakeholders and the society as a whole. To achieve this, it is
2019 144.2 devoted to delivering tangible value to its stakeholders, reflected in
its economic impact or economic value creation.
2020 249.3
The value contributed by the bank illustrates that the organisation
2021 101.3
is positively impacting the growth journey of Bangladesh by
2022 173.8 empowering its staff with competitive wages and incentives,
providing consistent dividends to shareholders, contributing to
2023 115.2 the state exchequer, and supporting the government’s regulatory
Total 1,081 endeavours to strengthen the country’s financial system.
The bank is dedicated to expansion and growth, which will

In 2023, the bank spearheaded the following CSR initiatives:
provide new possibilities for its stakeholders and contribute to
• Fostering learning programs for the disadvantaged Bangladesh’s development in the future, playing an important role
in the transition to a developing country in 2026 and a smart nation
• Formulating health support programs by 2041.
Carbon accounting
Carbon accounting is crucial for assessing and mitigating environmental impact. City Bank’s approach exemplifies this, as it meticulously
calculates emissions. Scope 1 emissions, derived from diesel consumption for generators, and Scope 2 emissions, stemming from electricity
usage across various facilities, provide a comprehensive picture. By totaling both scopes to 7,955.82 tCO2, City Bank demonstrates
accountability and commitment to understanding and reducing its carbon footprint. This transparent accounting fosters sustainable
practices, benefiting both the bank and the environment.
Annual Electricity Consumption (kWh) Scope 2 Emissions (tCO2)

11,895,661 7,708
Annual Diesel Consumption (Liters) Scope 1 Emissions (tCO2)
92,669 247
Total Emission of Scope 1 & 2 7,955
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Sustainability Report

Sustainability
Highlights
At City Bank, we embrace the 3P philosophy of People and Planet in pursuit of of Profit and this is at the heart of
our efforts in sustainability. We present here the key sustainability highlights for the yerar 2023 that encompass
our foucus on People and the Planet in ensurig a more sustainable Bank and a better future for all
PEOPLE :
ADVANCING PROSPERITY
CSR projects Total female employees Diversity Mix
33 1,044 88% Islam,

12% Others
CSR beneficiaries Female employees as
% of total employees Employee Support Fund
76,033+
18% provided (No of Employees)
and for 33 events Beneficiary is unknown
353
CSR investment (Tk.) No. of employee
participation in training
115.2 Mn 6,217
Exchequer deposit (Tk.) Avge. training

hours per employee
12,138 16
PLANET:
NURTURING SUSTAINABILITY
Green finance (Tk.) Trees Planted Blanket Distribution of City
Outstanding BDT 400 + Bank
23,042 Mn 75,000+
Solar Energy Generated
YoY growth in green finance 436.80 Kwh Email Statement Quantity
1,601.55 Approx. 573,022
No. of employees receiving Rooftop Solar Panels SMS Alerts given

training on E&S, IFC PS and
green and sustainable finance 48.02 174,489,648
966 Fuel Consumption Reduced
(Litres)
Citytouch users Virtual Debit Cards (in 2023)
27,798
(internet banking) 10,500
579,149
Customers onboarded
through e-KYC
12,410
Corporate Social
Resposibility at City Bank
Fostering a sustainable community impact through the SDGs
An essential part of our sustainability endeavours is putting City Bank strives to promote sustainable and sound societal
community needs at the centre of our citizenship activities. development through its focus on education, environmental
regeneration, and economic empowerment, establishing a
We are dedicated to integrating social responsibility and community reputation as a bank that is highly engaged in community initiatives.
activities into all aspects of our operations. We view Corporate Social
Responsibility (CSR) as an imperative to support Bangladesh’s Key social initiatives of 2023 are described below:
development journey and the bank’s license to operate.
• Fostering learning programs for the disadvantaged
The bank’s distinctive CSR strategy is characterised by its • Formulating health support programs
commitment to social and civic initiatives. Instead of engaging in
traditional, one-off acts of charity, we put our energy into programs • Developing disaster management initiatives
and initiatives that foster enduring positive transformation. By
embedding social responsibility into our organisational culture and • Extending financial support for art, culture and sports
day-to-day operations, the bank ensures that all aspects of its • Ensuring access to clean water and sanitation
operations contribute to beneficial society value.
The bank supports the Sustainable Development Goals (SDGs)
A solid foundation of community assistance activities serves as the through its business activities and social responsibility initiatives.
foundation of the bank’s CSR initiatives. Beyond providing basic The following is a review of our substantial social investment and
relief, these aim to empower individuals, strengthen communities, community development initiatives and how they align with our
and promote a future where everyone has a fair chance to succeed. chosen SDGs.
BDT 115.23 mn BDT 1,081 mn

CSR spends in 2023 Total CSR spend in the last nine years
City Bank’s CSR spends over the last nine years (in BDT)
32.5 43.3 146.1 75.3 144.2 249.3 101.3 173.8 115.2
2015 2016 2017 2018 2019 2020 2021 2022 2023

Our ESG
Approach
Particulars 2018 2019 2020 2021 2022 2023

CSR 52,947+ 86,071+ 75,121+ 82,545+ 86,559+ 76,033+
beneficiaries beneficiaries for beneficiaries for beneficiaries for beneficiaries for beneficiaries for beneficiaries for
15 events 3 events 21 events 13 events 19 events 33 events
Sector-wise fund allocation towards SDG-led impacts in 2023

BDT mn
Education Health Environment and climate

change mitigation & adaptation
12 28.8 45.1
Income generating Disaster Sports & culture
00.8
activities management
00.9 25.5
Others Total
02.1 115.2
LIVING: Healthcare support
SDGs
Impacted
Twelve Rivers Hospital and Healthcare Trust

City Bank partnered with Twelve Rivers Hospital and Healthcare Trust, a philanthropic initiative by Bangladesh’s twelve cadet colleges.
This non-profit organization strives to revolutionise healthcare access for the underprivileged. Since 2020, the institute served over
2,200 patients, providing free medication as well. The bank’s contribution of BDT 2 lakh supports these critical efforts, ensuring essential
healthcare services reach the most vulnerable populations in Bangladesh.

Rahimnagar Diabetic Samity
City Bank demonstrated its commitment to improving public health by supporting Rahimanagar Diabetic Samity with a BDT 10 lakh donation
for facilitating the purchase of an ambulance. This vital vehicle will provide critical transportation service in patient emergencies, ensuring
timely access to life-saving care.
LIVING: Environment and climate action
SDGs
Impacted
Ashrayan Project-2 to safeguard students and teachers during weather emergencies,

fostering a safer environment and contributing to a more resilient
City Bank is a part of the high-impact Ashrayan Project-2, society.
contributing a significant BDT 4 crore to their Home Construction
Fund. This initiative, championed by the Hon’ble PM, goes beyond
providing individuals with a shelter. It in fact contributes positively
Sir John Wilson School
to the environment and creates a ripple effect for a sustainable
future.
By gifting houses and land to homeless people across

Bangladesh, the project tackles social and environmental concerns
simultaneously. Homes provide residents with a safe and secure
space, potentially reducing their reliance on makeshift shelters
that can contribute to waste and environmental degradation.
Additionally, fostering stable communities can lead to increased
environmental awareness and responsible practices, fortifying the
foundations of society.
City Bank champions sustainable innovation by supporting the

Greentech Foundation’s “Green Inclusive Business Champions”
competition. This business research competition fosters the
development of eco-friendly and socially responsible business
models. By empowering innovative minds, City Bank contributes
to a greener future and a more inclusive community. The
competition focuses on identifying and nurturing businesses that
prioritise environmental sustainability and social impact, leading to
groundbreaking solutions that benefit both people and the planet.
City Bank has always been an environment-concerned bank.
Meteorological and Related Services Ltd. (MARS) Environmental factors and climate change remain a prime focus of
the bank’s CSR activities. Planting trees is one of the most effective
City Bank partnered with the Meteorological and Related Services ways to reduce the effects of climate change and improve the
Ltd. (MARS) to bolster disaster preparedness in coastal areas environment. Tree planting can also help reduce soil erosion and
of southern Bangladesh. This initiative provided critical weather improve air quality, etc. Consequently, the bank supported the tree
advisory services and SMS alerts to schools and colleges in these plantation program organised on Environment Day by the students
regions. By equipping educational institutions with timely and of Sir John Wilson School in Dhaka.
accurate weather information, the bank’s support empowers them
LIVING: A better society for all
SDGs
Impacted

Our ESG
Approach
Project Trishna and Footsteps Foundation

City Bank joined forces with Project Trishna and Footsteps Foundation in 2023 to address a fundamental need – access to safe drinking
water. This impact-driven partnership supported the installation of four safe drinking water systems in educational institutions covering
over 5,000 students, thus positively impacting their lives.
Access to clean water is crucial for students’ health and learning, and this project empowers educational institutions to provide a healthier
and more sustainable learning environment.
LEARNING: Educational support
SDGs
Impacted
Project Altair
In line with our commitment to fostering innovation and education, City Bank supported Project Altair, a collaborative effort between the
IUT Mars Rover teams Anirban and Avijatrik. This team of talented engineering students boasts a history of national and international
achievements, and is currently preparing for prestigious competitions such as the University Rover Challenge and Anatolian Rover Challenge.
City Bank's support empowers these future engineers to refine their skills and propel Bangladesh's imprint in robotic exploration.

Proyash Institute of Special Education and Research
City Bank is proud to support Proyash, a foundation dedicated to improving the lives of children with special needs since 2006. Under the
supervision of the Bangladesh Army, Proyash offers educational programs to children from all walks of life. The organization is equipped
with modern teaching facilities and expert teachers and trainers. City Bank’s contribution of BDT 10 lakh supports Proyash’s mission of
empowering children with special needs and fostering a more inclusive society.
Monsur Ahmed Mohila College

In support of sustainable education initiatives, City Bank donated BDT 12 lakh towards the development of Monsur Ahmed Mohila College.
This contribution shows the bank's commitment to empowering educational institutions and fostering community-centric growth.
Nishindara Fakir Uddin School & College Kironpur High School

City Bank has extended support to Nishindara Fakir Uddin School City Bank has collaborated with Kironpur High School to ensure
& College by providing funding for the purchase of furniture. This gender equality and hygiene in the educational environment by
initiative includes acquiring 200 desks and chairs each, which will supporting the establishment of separate wash blocks for female
promote student comfort and enhance the learning environment. students. This aims to create a more inclusive and conducive space
for female students to focus on their academic pursuits with
dignity and comfort.
Department of Soil, Water and Environment, Dhaka University

City Bank has provided support to the Department of Soil, Water and Environment, Dhaka University, for their research explorations. The
collaboration aims to facilitate scientific exploration and promote environmental stewardship through academic pursuits.

Our ESG
Approach
LEARNING: Empowered women
SDGs
Impacted
Women Entrepreneurship Certification Program Ujjwala Limited

City Alo demonstrates a strong commitment to empowering City Bank, in collaboration with Ujjwala Foundation and City
women through its entrepreneurship certification programs. Alo, supports empowering underprivileged women through
Partnering with esteemed institutions like North South University “Fundamental Make-up and Hairstyle” grooming sessions. This
(NSU), Chittagong Independent University (CIU), and American initiative has equipped participants with valuable skills, boosting
International University Bangladesh (AIUB), City Alo has enrolled their confidence and self-esteem. City Bank’s support underscores
30+ women in the specialized courses offered by these institutions, its commitment to promoting social inclusion and empowering
thus equipping them with valuable knowledge and skills. women from disadvantaged backgrounds. By providing access to
these sessions, the bank helps participants develop their personal
Collaborations like these extend beyond Dhaka, as evidenced by and professional skills, opening doors to new opportunities and
the program developed with Pundra University, Bagura and TMSS. fostering a more equitable society.
City Alo paves the way for these aspiring women entrepreneurs to
flourish and contribute to Bangladesh's economic growth.

STATUTORY
REPORTS

Statutory
Report
Directors’
Report
Dear Esteemed Members, Economic growth is estimated to have been stronger than expected
in the second half of 2023. In several cases, government and
On behalf of the Board of Directors of City Bank, I take pleasure to private spending contributed to the upswing, with real disposable
present the Directors’ Report and Auditor’s Report, together with income gains supporting consumption amid still-tight, yet easing
the bank’s Audited Financial Statements for the fiscal year ended now, labour markets and households drawing down on their
31 December 2023. accumulated pandemic-era savings.
As a people-centric bank, customer focus is the essence of our Global inflation: Rise and fall
strategy. The year 2023 was one during which we continued to
work on our multi-channel offering, enabling us to fulfill all our (Month-over-month annualised percent change, seasonally
customers’ financial needs, making us their trusted and responsive adjusted)
banking partner of choice. With a competitive offering and a
frictionless digital experience, we are their trusted financial partner
as we focus on building a digital bank with branches to make our Global AEs EMDEs
customers’ lives easier, giving them the power to decide how they
want to interact with us, in person at our 134 branches or digital
16 1. Headline Inflation
channels or contact centre. We strive to enhance our customer
12
experience and satisfaction, and our performance for the year 2023
is a reflection of this endeavour. 8
Global economy 4
Setting the context, in 2023, we operated in an environment 0

dominated by geopolitical tensions and elevated interest rates, as
Bangladesh Bank, the central bank of Bangladesh, looked to contain -4
inflation, which gradually eased during the year. The world’s major Nov. Nov. Nov. Nov. Nov. Nov. Nov.
economies withstood monetary policy tightening well, easing the 2017 18 19 20 21 22 23
path for a “soft landing”. Labour markets were also resilient, with
unemployment rates at or close to full employment.
16 2. Core Inflation
As per the International Monetary Fund’s (IMF’s) January 2024
World Economic Outlook (WEO), global growth is projected at 3.1
12
percent in 2024 and 3.2 percent in 2025. The 2024 forecast is 0.2
percentage points higher than that in the October 2023 WEO on
account of greater-than-expected resilience in the US and several 8
large emerging market and developing economies (EMDEs), as well
as fiscal support in China. 4
The IMF’s forecast for 2024-25 is however below the historical 0

(2000-19) average of 3.8 percent, with elevated central bank
policy rates to fight inflation, a withdrawal of fiscal support amid
-4
high debt weighing on economic activity, and low underlying
Nov. Nov. Nov. Nov. Nov. Nov. Nov.
productivity growth. Inflation is declining faster than expected in 2017 18 19 20 21 22 23
most regions, in the midst of unwinding supply-side issues and
restrictive monetary policy. Global headline inflation is expected to
moderate to 5.8 percent in 2024 and to 4.4 percent in 2025. Source: Haver Analytics and IMF staff calculations
Targeted and carefully orchestrated structural reforms would In low-income countries, liquidity squeeze and elevated cost of
reinforce productivity growth and debt sustainability and accelerate interest payments, averaging 13 percent of general government
convergence toward higher income levels. The IMF states that more revenues (about double the level 15 years ago), crowded out
efficient multilateral coordination is needed for debt resolution to necessary investments, hampering recovery of large output losses
avoid debt distress and create space for necessary investments, as compared with pre-pandemic trends. In 2024, the fiscal policy
well as to mitigate the effects of climate change. stance is expected to tighten in several advanced and emerging
market and developing economies to rebuild budgetary room for
Developments shaping the forward path manoeuvre and curb the rising path of debt. This shift is expected
to slow growth in the near term.
Growth is expected to remain fairly resilient in major economies.

Inflation forward path that central banks of most of the advanced economies, that is the
Federal Reserve System, Bank of England and European Central
Global headline inflation is expected to decline from an estimated Bank started increasing policy rates from the beginning of 2022,
6.8 percent in 2023 (annual average) to 5.8 percent in 2024 and 4.4 with few exceptions, such as the Bank of Japan, which has been
percent in 2025. Advanced economies are expected to see faster
maintaining the policy rate (-0.1 percent) set in 2016. Consequently,
disinflation, with inflation falling by 2 percentage points in 2024 to
a notable spike in the policy rate increase for the selected advanced
2.6 percent, than are emerging market and developing economies,
where inflation is projected to decline by just 0.3 percentage economies was observed by the end of March 2023 (See chart
point to 8.1 percent. The forecast is revised down for both 2024 “Central bank’s policy rate of selected advanced economies”).
and 2025 for advanced economies, while it is revised up for 2024
for emerging market and developing economies. The drivers of On the same note, central banks of emerging and developing
declining inflation differ by country but generally reflect lower economies and South Asia have also been increasing the policy rate
core inflation as a result of still-tight monetary policies, a related since the beginning of 2022, with exception such as China where
softening in labour markets, and pass-through effects from earlier the policy rate has been declining although marginally. In the case
and ongoing declines in relative energy prices. of South Asian countries, a significant uptrend of policy rates could
be observed for Pakistan and Sri Lanka, which could be aligned to
Overall, about 80 percent of the world’s economies are expected to the existing economic and financial turmoil of these economies,
see lower annual average headline and core inflation in 2024.
while India and Bangladesh have been maintaining a steady
upward adjustment considering the global financial conditions (See
Global financial conditions
chart “Central bank’s policy rate of emerging markets and selected
Bangladesh Bank’s Monetary Policy Review 2022-23 mentions peer economies of South Asia”).
Central bank’s policy rate of selected advanced economies Central bank’s policy rate of emerging markets and selected
peer economies of South Asia
5
Australia Euro
Japan New Zealand 25 Brazil China India
4 Malaysia Mexico Bangladesh
United Kingdom United States 20
Pakistan Sri Lanka
3 15
2 10
1 5
0 0
Mar. 20
Mar. 21
Mar. 22
Mar. 23
Sep. 19
Dec. 19
Sep. 20
Dec. 20
Sep. 21
Dec. 21
Sep. 22
Dec. 22
Jun. 20
Jun. 21
Jun. 22
Jun. 19
Sep. 19
Dec. 19
Mar. 20
Jun. 20
Sep. 20
Dec. 20
Mar. 21
Jun. 21
Sep. 21
Dec. 21
Mar. 22
Jun. 22
Sep. 22
Dec. 22
Mar. 23
-1
Source: Policy Rate Statistics, Bank for International Settlements Source: www.investing.com
Growth outlook
Global growth, estimated at 3.1 percent in 2023, is projected to remain at 3.1 percent in 2024 before rising modestly to 3.2 percent in 2025
(See chart “Overview of the WEO Projections”). Compared with that in the October 2023 WEO, the forecast for 2024 is about 0.2 percentage
point higher, reflecting upgrades for China, the US, and large emerging market and developing economies.
(Percent change)
Overview of the WEO projections 2023 (E) 2024 (P) 2025 (P)
World output 3.1 3.1 3.2

Advanced economies 1.6 1.5 1.8
United States 2.5 2.1 1.7
Euro Area 0.5 0.9 1.7
Japan 1.9 0.9 0.8
United Kingdom 0.5 0.6 1.6
Canada 1.1 1.4 2.3
Emerging market and developing economies 4.1 4.1 4.2
Emerging and developing Asia 4.1 4.1 4.2

Statutory
Report
Overview of the WEO projections 2023 (E) 2024 (P) 2025 (P)
China 5.2 4.6 4.1

India 6.7 6.5 6.5
Middle East and Central Asia 2.0 2.9 4.2
Low income developing countries 4.0 5.0 5.6
Source: IMF WEO January 2024
Bangladesh economy Macro-economic view

As per Bangladesh’s Monetary Policy Review FY2022-23, the During the first nine months of FY23, the current account deficit
economy of Bangladesh rebounded strongly from the shock of in Bangladesh narrowed to USD 3.64 billion, compared to USD
the Covid-19 pandemic, achieving real GDP growth rates of 6.94 14.3 billion during the same period in FY22. This improvement was
percent and 7.10 percent in FY21 and FY22, respectively. This driven mainly by a contraction in the trade deficit due to exchange
recovery was facilitated by effective pandemic management, rate depreciation and various policy initiatives aimed at reducing
enhanced domestic and external demand, and well-coordinated imports and increasing remittance inflows. However, the overall
monetary and fiscal policy support. balance of payments deficit widened to USD 8.17 billion during this
period, as the financial account shifted from a large surplus of USD
The economy however, faced multidimensional challenges 11.9 billion to an unusual deficit of USD 2.2 billion compared to the
stemming from global economic uncertainties and intense same period in FY22.
pressure on the balance of payments (BoP)) front, leading to a
sharp depreciation of the exchange rate. These unfavourable To address the demand-supply gap in the foreign exchange market,
developments hindered growth momentum and resulted in the Bangladesh Bank responded by selling foreign currencies
persistently high inflation in FY23. Nevertheless, the report and allowing depreciation, which resulted in a rapid decline in
mentions that the Bangladesh Bureau of Statistics (BBS) has foreign exchange reserves from USD 41.83 billion in June 2022
to USD 31.14 billion in March 2023. During this period, the BDT
provisionally estimated a reasonably high real GDP growth rate
exchange rate against the USD depreciated by as much as 12.5
of 6.03 percent for FY23, considering the global and domestic
percent, reflecting the shift towards a more flexible and market-
economic developments. The Bangladesh Bank (BB) has been
oriented exchange rate system, as outlined in the Monetary Policy
actively utilizing all available options to control inflation, manage
Statement for H2FY23.
the balance of payment instabilities, and ensure affordable funding
for the productive sectors. However, credit growth to the private sector moderated to 12.03
percent in March 2023 from 13.66 percent in June 2022, mainly
Despite improvements in the supply situation and declining global
due to a slowdown in trade-related credits and weak investment
commodity prices, the sharp depreciation of the exchange rate and demand. As a result of Bangladesh Bank’s net selling in the foreign
high production and transportation costs kept domestic inflation exchange market, a sudden rise in cash withdrawals from banks
elevated. Headline CPI inflation (point-to-point) reached an 11- by depositors, and sluggish deposit growth, the banking system
year high of 9.52 percent in August 2022, rising from 7.56 percent experienced liquidity stress, leading to an upward trend in interest
in June 2022, and remained above 8 percent before reaching 9.24 rates in the money market during this period.
percent in April 2023. The 12-month average inflation steadily
increased to 8.64 percent in April 2023 from 6.15 percent in June Looking forward, the growth momentum of the Bangladesh
2022, significantly exceeding the target of 7.50 percent for FY23. economy is expected to accelerate. However, the economy’s future
trajectory will be contingent upon improving the country’s BoP
As per the Monetary Policy Statement for H2FY24, despite the position. While the current account deficit (CAD) has significantly
ongoing challenges, Bangladesh’s economic outlook for the end reduced, sustained improvement in the current account balance
of FY24 remains positive, with expectations of robust real GDP will require increased exports and remittance inflows. Furthermore,
growth targeted at 6.5 percent and moderated inflation aimed the stubbornly high inflation raises concerns about unanchored
at 7.5 percent. With the concerted efforts of Bangladesh Bank, inflation expectations, which may necessitate an extended period of
the government, and other stakeholders, stability in the foreign contractionary policy. Therefore, Bangladesh Bank will proactively
exchange market and improvements in corporate governance and exercise caution and vigilance to anchor inflation expectations and
non-performing loans management are also anticipated. limit the second-round effects of inflation.
Monetary and credit program for FY23 (YoY % change)
Item June 2022 December 2022
Broad money 9.4 8.4

Net foreign assets -11.9 -22.6
Net domestic assets 17.2 18.5

Item June 2022 December 2022
Domestic credit 16.2 15.1

Credit to the public sector 29.1 26.6
Credit to the private sector 13.7 12.8
Reserve money -0.3 17.4
Money multiplier 4.93 4.63
Source: MPS, January-June 2023, Bangladesh Bank
As per Monetary Policy Review FY2022-23, Bangladesh Bank which is revised in H2FY23 MPS (announced in January 2023). The
decided to increase its policy rates by 25 basis points, the repo rate reserve money (RM) growth, the operating target of Bangladesh
to 6 percent from 5.75 percent, and the reverse repo rate to 4.25 Bank’s monetary policy, moved below the programmed path
percent from 4 percent as a part of policy stance. Bangladesh Bank during the first quarter and above the programmed path during the
is also taking necessary measures to gradually move towards a second quarter of FY23 due to huge liquidity support in the market
market-based, flexible, and unified exchange rate regime (within a to avoid the liquidity crunch. The reserve money growth declined
2.00 percent variation) by the end of FY23. after December 2022 and remained below the programmed line in
March 2023 due to the relative strength of the negative growth of
The below charts display the actual growth paths of major Bangladesh Bank’s net foreign assets and the positive growth of
monetary and credit aggregates against their programmed path, net domestic assets.
Reserve Money (RM) growth Broad Money (M2) growth

20% 15%
14.0% 11.5%
10.7%
11.5%
10%
10% 9.1%
5%
7.6%
Program Actual Program Actual
0% 0%
Jun. 22
Sep. 22
Dec. 22
Mar. 23
Jun. 23
Jun. 22
Sep. 22
Dec. 22
Mar. 23
Jun. 23
Source: Bangladesh Bank Source: Bangladesh Bank
Net Foreign Assets (NFA) growth Domestic credit growth

0% 18.1% 18.5%
20%
Program Actual
-13.3% 15%
-10% 16.2%
-11.9% 10%
-20%
-21.2% 5% Program Actual
-30% 0%
Jun. 22
Sep. 22
Dec. 22
Mar. 23
Jun. 23
Jun. 22
Sep. 22
Dec. 22
Mar. 23
Jun. 23
Private sector credit growth Public sector credit growth

20% 50% 39.6% 37.7%
13.8%
14.1%
10%
12.0% 25% 36.1%
Program Actual Program Actual

0% 0%
Jun. 22
Sep. 22
Dec. 22
Mar. 23
Jun. 23
Jun. 22
Sep. 22
Dec. 22
Mar. 23
Jun. 23

Statutory
Report
Update: Adopting a tighter monetary stance in FY24 Core sector economic activities
The MPS for H2FY24 delineates a strategy designed to navigate the The Monetary Policy Review 2022-23 states that the overall
dynamic and diverse global challenges of geopolitical escalations, growth profile of Bangladesh’s economy proved resilience amidst
rivalry between major superpowers, disrupted supply chains, and the highly uncertain global situation. The economy had rebounded
altered trade dynamics. strongly from the pandemic dent with a robust real GDP growth
outcome (6.94 percent in FY21 and 7.10 percent in FY22) (See chart
MPS H2FY24 aims to preserve the resilience of Bangladesh's “Decomposition of gross value addition”).
economic trajectory amidst these internal and external pressures.
Notably, despite a recent moderation in core inflation (excluding
Decomposition of gross value addition
food and fuel), the headline Consumer Price Index (CPI) based
inflation remains high. Monetary and credit aggregates, including 9 Service Industry Agriculture GDP
broad and reserve money and public and private sector credit, have 8
aligned with Bangladesh Bank’s projections in the first half of FY24.
7
Considering these factors and the central bank’s policy priorities,
maintaining a tighter monetary stance in the latter half of FY24 has 6
been deemed as a prudent approach. This is intended to control 5

inflation and stabilize expectations while ensuring adequate 4
funding for the more productive sectors to foster desired growth. 3
Global and domestic macroeconomic conditions and projections 2
have been comprehensively analysed in shaping Bangladesh 1

Bank’s monetary and credit policy. Crucially, Bangladesh Bank has 0
incorporated various perspectives and expert insights garnered FY 18 FY 19 FY 20 FY 21 FY 22 FY 23P
from a series of monetary policy consultation meetings. This Source: Bangladesh Bureau of Statistics
inclusive process enriches its policy-making with diverse viewpoints
and specialized knowledge. In light of the prevailing economic
conditions and after thorough discussions and deliberations, the This growth episode was backed primarily by well-recovered
monetary policy committee has decided to adjust the policy rates progress in the industry and service sectors, while the agriculture
in the following manner: sector witnessed sustained production. The industry and service
sectors, holding around 88 percent of GDP, grew by 9.86 percent
• The policy rate will be increased by 25 basis points to 8.00 percent and 6.26 percent, respectively, in FY22. A solid external demand
from 7.75 percent. Additionally, to refine liquidity management, environment also favoured buoyant economic activities in FY21
the Standing Lending Facility (SLF) rate will be reduced by 25 and FY22. However, the recovery of Bangladesh’s economy from
basis points to 9.50 percent from 9.75 percent, and the Standing the pandemic has faced challenges in FY23, originating from
Deposit Facility (SDF) rate will be increased by 75 basis points to growing global economic uncertainties that emerged from the war
6.50 percent from 5.75 percent, reducing the policy rate corridor in Ukraine, intense pressure on the BoP, sharp depreciation of the
from ±200 basis points to ±150 basis points. exchange rate, rationing of electricity supply, and upward revision
of fuel and energy prices in the domestic market.
Since mid-2022, the BDT has been depreciating against the USD,
a trend primarily attributed to a BoP deficit leading to a significant Although Bangladesh Bank has been extending various supportive
reduction in foreign exchange reserves over the year. This policies and ensuring necessary flow of funds to the economy’s
weakening of the BDT has been a contributing factor to domestic productive sectors at an affordable cost to bolster economic growth,
inflation, as the cost of imports has risen. In response to these these unfavourable developments impeded the economy’s growth
challenges, there is an increasing call for a gradual shift towards a momentum. According to the latest data from the Bangladesh
market-based exchange rate system. This transition is advocated Bureau of Statistics (BBS), real GDP growth slowed to 6.03 percent
to stabilize the exchange rate and prevent further depletion of the in FY23 against the revised target of 6.50 percent, contributed by
country's foreign exchange reserves. growth deceleration in all the three broad sectors–Industry, Service
and Agriculture.
In this major regard, Bangladesh Bank is contemplating the
implementation of a crawling peg system, which would be linked The growth in the industry sector decelerated to 8.18 percent and
to a carefully selected basket of currencies and operate within the service sector growth moderated to 5.84 percent, whereas the
a predefined exchange rate corridor. This strategy is aimed at agriculture sector growth declined to 2.61 percent. The sluggish
tempering unusual fluctuations in the currency's value. By setting government expenditure and lower ADP utilization weighed on
a competitive equilibrium exchange rate at the midpoint of this the growth outcome of FY23. Moreover, the subdued external and
corridor, Bangladesh Bank would establish a stable benchmark while domestic demand in FY23 manifested in decelerated export and
retaining the flexibility to intervene in the market, as necessary, to import growth, and lower-than-anticipated remittance inflows has
maintain the currency within the designated boundaries. significantly disrupted the growth momentum.
As per the MPS for the second half of the ongoing fiscal year, The agriculture sector maintained a spirited performance during
Bangladesh Bank's strategic directives will be anchored on the pandemic period (in FY19 and FY20), averaging 3.34 percent
upholding a vigilant, hawkish approach to monetary policy until growth. Subsequently, the growth momentum slowed down to
inflation rates are effectively reined into a desired level. 3.17 percent in FY21 and 3.05 percent in FY22 but remained

resilient. However, the agriculture sector growth dropped to 2.61 activities, and real estate activities grew by 5.99 percent, 5.89
percent in FY23, owing primarily to weather-related adversities percent, 5.76 percent, and 3.87 percent, respectively (See chart
and rise in input costs, such as fertilizer, fuel, etc. “Growth Decomposition Service”).
Growth decomposition agriculture (in percent) Growth decomposition service (in percent)
Wholesale and retail trade Transportation and storage
4
Accommodation and food service Information and communication
3 Financial and insurance Real estate
3 Public administration and defence Education

Human health and social work Other services
2
Service
2
0
FY 18 FY 19 FY 20 FY 21 FY 22 FY 23P FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23P
Source: Bangladesh Bureau of Statistics Source: Bangladesh Bureau of Statistics
A significant increase in disbursement of credit to the agriculture Domestic demand maintained a healthy growth of 7.95 percent and
sector (19.53 percent YoY) during July-March of FY23, together 8.69 percent in FY21 and FY22, respectively, favoured by supportive
with availability of inputs and higher acreage indicates a healthy policy initiatives. Private investment and private consumption–
landscape of the agriculture sector in the coming periods. However, the key components of the domestic demand–grew in real
this prospect might be clouded by recent heat waves and other terms by 11.82 and 7.48 percent, respectively, in FY22. However,
adverse weather conditions, triggered primarily by climate change policy measures for reducing inflation and BoP imbalances, tepid
impacts. remittance inflow growth, and weak fiscal performance affected
domestic demand in FY23. Domestic demand decelerated to 3.78
Growth decomposition industry (in percent) percent, resulting from a slump in private investment growth (1.73
percent) and private consumption growth (3.63 percent) (See chart
Minning and Quarrying Manufacturing
“Decomposition of Real GDP growth from Expenditure side”).
Electricity, Gas, and Water Supply Construction Industry
15 Decomposition of real GDP growth from expenditure side

(in percent)
Private Consumption Govt. Consumption
10 Private Investment Public Investment
Exports Imports
Statistical Discrepancy Gross Domestic Product
5 20
15
10
0
FY 18 FY 19 FY 20 FY 21 FY 22 FY 23P 5
Source: Bangladesh Bureau of Statistics 0
However, the industry sector observed growth deceleration in -5 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23P

FY23, resulted from the multifaceted catalysts, such as rationing -10
of electricity supply, high input cost, weak export demand, and
Source: Bangladesh Bureau of Statistics
shortage of foreign currencies. The industry sector growth
moderated to 8.18 percent in FY23, of which 6.07 percent growth Looking ahead, the growth momentum is expected to accelerate
originated from manufacturing activities. Nonetheless, the micro, in the period ahead by the favourable effects of improving the
small and medium-scale manufacturing industry exhibited a strong global supply situation, declining global commodity and energy
growth of 9.73 percent in FY23, as compared to 4.84 percent prices, ongoing fiscal and monetary policy support, and potential
growth in FY22. The cottage manufacturing industry grew by 10.69 improvements in export demand and remittance inflows. However,
percent in FY23. the economy’s future path would crucially be conditioned upon the
improvement of the country’s BoP position.
The service sector activities sustained its upward trajectory and
posted a higher growth of 6.26 percent in FY22, as compared to Price and inflation
5.73 percent growth in FY21. However, the service sector’s growth
slowed to 5.84 percent in FY23 owing to a substantial deceleration Domestic headline inflation intensified and remained more than 8
in wholesale and retail trade. Wholesale and retail trade grew by percent during August-April, FY23. Both food and non-food inflation
6.65 percent in FY23, which was 8.46 percent in the previous year. momentum interplayed with the headline inflation dynamics.
Among other activities in the service sector, transportation and The high domestic inflation trajectory was attributed mainly to a
storage, accommodation and food services, financial and insurance series of adverse supply shocks, both global and domestic, and the

Statutory
Report
continuing pass-through of higher import costs. Bangladesh Bank led to a deficit of USD 5.38 billion in the overall BoP in FY22, from a
has taken several policy initiatives to control inflation, including surplus of USD 9.27 billion in FY21.
tightening policy rates. Nevertheless, the inflation scenario
remained unfavourable during July-December 2022, ranging Despite a sharp contraction of the current account deficit, the
between 7.48-9.52 percent. overall BoP deficit widened to USD 8.17 billion in this period, as
the financial account witnessed an unusual deficit. The central bank
The headline inflation reached 9.52 percent in August 2022, the continued selling foreign currencies to mitigate the demand-supply
highest after 2011, and this acceleration came from a broad-based gap in the foreign exchange market. At the same time, Bangladesh
positive price momentum. Bank allowed a considerable depreciation of exchange rates,
reflecting a move toward a more flexible and market-oriented
Bangladesh Bank also crafted quantitative tightening by selling a exchange rate system, as stipulated in the MPS for H2FY23.
huge amount of dollars in the market. Therefore, headline inflation
declined progressively and reached 8.57 percent in January 2023, Exports
backed mainly by cooling food inflation, while non-food inflation
remained at the peak. Food inflation came down partly due to a Amid weak global growth momentum caused by the war-driven
seasonal correction in vegetable prices. However, the aftermath geo-economic fragmentation and protracted tight monetary
surge in food inflation was driven mainly by higher demand from policy to tame inflation in most of the regions, the total export of
the Ramadan effect that began in the last week of March 2023 the country amounted to USD 41.7 billion, registering a moderate
and pushed headline inflation to 9.33 percent in March and 9.24 growth of 8.07 percent (YoY) in the first nine months of FY23
percent in April 2023. compared with 33.41 percent growth during the same period of
FY22 The growth of total export was overwhelmingly concentrated
Similarly, twelve-month average inflation has been following an in the export of ready-made garments (RMG), which grew by 12.17
upward trajectory during the first nine months of FY23 and steadily percent in the first nine months of FY23, significantly lower than
went up from 6.33 percent in July 2022 to 8.39 percent in March 33.80 percent growth in the same period of FY22.
2023. In addition, core inflation (CPI excluding food and fuel) had
also been on the rise and reached 9.52 percent in December 2022. Decomposition of export growth (in percent)
However, the core inflation softened during January-March 2023, Raw jute Leather
although it exhibited considerable stickiness above 8.0 percent 40 Frozen shrimps Woven garments
(“CPI Inflation”). Knitwear products Others
30 Total exports
CPI Inflation (in percent) 20
Food Inflation Non-food Inflation 10
12 Headline Inflation Core Inflation (non-food, non-fuel)*
0
11
10 -10
9 -20
FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23*
8
7 Source: Bangladesh Bureau of Statistics
Imports
6
5 The surge in import subsided in FY23, aided by a notable
4 depreciation of BDT, deferring low-priority foreign exchange-
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
related purchases by the government, and several policy initiatives

taken by Bangladesh Bank for containing import demand. After a
high growth of 35.95 percent in FY22, import payment declined by
Source: Bangladesh Bureau of Statistics 12.3 percent (y-o-y) and stood at USD 53.94 billion in July-March of
External sector trends FY23. This downturn in import payment helped to reduce the trade
deficit to USD 14.61 billion in this period, whereas the trade deficit
Balance of payment was USD 25.03 billion during the same period of FY22.
The external sector of Bangladesh economy started facing Decomposition of import growth (in percent)
headwinds since H2FY22, originating from growing import 60
payments, led by post-Covid recovery-driven strong import
demand and elevated global commodity and energy prices, and 40
receding export receipts and remittance inflows amid weak 20

global growth recovery in the face of high inflation, prolonged
monetary contraction by a majority of the advanced and emerging 0
market economies aimed at taming inflation, and geo-economic
-20
fragmentation and payment system disruptions ensued from the FY 18 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23*
war in Europe. Consequently, the current account deficit continued Food Grains Consumer Goods
widening and peaked at USD 18.64 billion (4 percent of GDP) in Petroluem goods RMG related goods
Other intermediate goods Capital Goods & Others
FY22, as compared with a moderate deficit of USD 4.58 billion (0.9 Others Total Import
percent of GDP) in FY21. This surge in the current account deficit
Source: Bangladesh Bureau of Statistics

Remittance depreciation, Bangladesh Bank continued selling foreign currency,
which resulted in the erosion of the official foreign exchange
Remittance inflow grew by a moderate rate of 4.8 percent to USD reserve. Moreover, the turning of the financial account balance
16.0 billion in July-March period of FY23 after a decline in FY22. This to a deficit heightened the pressure on foreign exchange reserve.
positive growth of remittance inflows and subsided trade deficit During the first nine months of FY23, the central bank’s net sales
together resulted in a decline in current account deficit to USD 3.64 of foreign currencies amounted to USD 10.92 billion.
billion in the first nine months of FY23. The current account deficit
was as high as USD 14.3 billion during the same period of FY22. Consequently, foreign exchange reserves plummeted to USD 31.14
Although Bangladesh Bank took several supportive policies to billion at the end of March 2023, from USD 41.83 billion at the end
revitalize the remittance inflows, official remittances inflows have of June 2022. Nonetheless, this reserve was sufficient to pay import
yet to keep pace with the high growth of overseas employment in bills for 5.3 months considering the current trend of imports. The
FY22 and FY23. government and the central bank have already taken several policy
measures to reduce the pressure on the BoP and increase foreign
The deceleration in remittance inflow growth originated mainly exchange reserves.
from a decline in remittance inflows from the Gulf region, which
accounts for half of the total remittances and most of the overseas Central bank’s intervention in the forex market
employment in Bangladesh. Despite strong positive growth of
remittance from the UAE (up 74 percent), remittance inflows from
10.9
10.9
2.3
2.3
0.9
0.8
7.9
0.2
0.2
7.6
7.4
the Gulf region declined by 0.78 percent in the first nine months of
FY23, while remittance from the Euro region and the USA increased
by 22.4 percent and 11.34 percent, respectively.
Remittance inflow and overseas employment (growth in percent)

Overseas Employment
300
Remittance Earnings
-7.7
250
200 2019 2020 2021 2022 2023
150 Buy Sell Net Sell
100 Source: Bangladesh Bank
50
0
Broad money (M2)
-50
-100 The broad money (M2) growth decelerated gradually in the first
two-quarters of FY23 before turning around in the third quarter.
FY 18 FY 19 FY 20 FY 21 FY 22 FY 23P However, it came down to 9.13 percent in March 2023 from 9.43
Source: Bangladesh Bank and Bureau of Manpower, Employment, and Training percent growth at the end of FY22, triggered by both lower-than
expected growth in the net domestic assets and a sharp decline in
Financial account the net foreign assets for the period.
The financial account turned to a deficit position in FY23 for the At the end of March 2023, the growth of M2 was lower than the
first time since FY10. This deficit was driven mainly by slow long- target of 10.70 percent for the period. Albeit remaining much below
term private foreign loan inflows amid rising global economic the target growth of 20.52 percent, the NDA growth increased
uncertainties, faster repayment of short-term private foreign from 14.02 percent in June 2022 to 15.40 percent in March 2023,
borrowings than receipts to avoid additional costs arising from instigated by a surge in the public sector credit growth. Although
the rising international base interest rate, a large deficit in the growth to private sector credit moderated to 12.03 percent in
trade credit resulted from the delay in repatriation of some export March 2023 from 13.66 percent in June 2022, a strong rebound in
earnings and a higher repayment for DMB’s and NBDC’s foreign
the public sector credit growth, which increased to 37.82 percent
currency liabilities. The financial account deficit reached USD 2.2
from 28.18 percent during this period, contributed to pulling the
billion in July-March of FY23 in contrast to a surplus of USD 11.9
overall NDA growth rate.
billion during the same period of FY22.
The increase in public sector credit growth emanated from the
During this period, the capital account recorded a surplus of USD
287 million. Despite a sharp contraction of the current account higher budget deficit financing by the Government from the banking
deficit, the unusual deficit in the financial account led to a rise in sector for July-March, FY23 in the face of a remarkable decline in
the overall BoP deficit to USD 8.2 billion in July-March of FY23 the net sales of National Saving Certificate (125.22 percent during
compared with the deficit of USD 3.1 billion during the same period July-March, FY23) and sluggish revenue collection.
of FY22.
In contrast, credit to the private sector was below its target growth
Forex market of 13.80 percent for March 2023 due to lower investment demand
arising from the decline in the import of capital machinery and
To reduce the demand-supply gap in the foreign exchange market industrial raw materials on the one hand and depressing consumer
and restrain any abrupt goods demand on the other.

Statutory
Report
Broad money (M2) growth program vs. actual (in percent) Liquidity
16 Program
Program for FY 23 The contractionary effects of selling foreign currency by
15 Actual Bangladesh Bank, a sudden rise in cash withdrawal from banks by
14 the depositors, and sluggish deposit growth resulted in a tighter
13
liquidity condition in the banking system. Consequently, maintained
liquid assets declined from BDT 4,414 billion in June 2022 to BDT
12
3,361 billion in March 2023, making excess liquidity (as per SLR)
11 in the banking system decelerate from BDT 2,031 billion to BDT
10 1,538 billion in the same period.
9
Since June 2021, there has been a steady moderation in liquidity in
8
state-owned banks and private commercial banks up to December
Dec 17
Mar 18
Jun 18
Sep 18
Dec 18
Mar 19
Jun 19
Sep 19
Dec 19
Mar 20
Jun 20
Sep 20
Dec 20
Mar 21
Jun 21
Sep 21
Dec 21
Mar 22
Jun 22
Sep 22
Dec 22
Mar 23
Jun 23
2022, which propelled the overall liquidity of the banking system to
slide. Even though the liquid assets of foreign banks have gradually
Source: Bangladesh Bank increased, the relative strength of the decline in liquid assets in
As per the sector-wise credit data, it becomes evident that credit SOBs and PCBs has contributed to the overall drop in liquidity.
growth to agriculture, trade and commerce, and consumers were Considering the situation, Bangladesh Bank has taken up various
evincing a burgeoning trend, rising by 17.90, 11.54, and 21.19 initiatives to ameliorate the banking system’s liquidity by giving
percent, respectively, by the end of March 2023. As the economic continuous liquidly support through repos and introducing the
activities are picking up, private sector credit growth is expected to Islamic Bank liquidity facility (IBLF).
rebound and reach as close as the target for June 2023 of 14.10
percent by the remaining quarter of the current fiscal year. Liquidity (BDT bn)
5,000 Excess of SLR
Reserve money 4,500
Minimum Required
4,000
The growth rate of reserve money (RM) witnessed a jump from 3,500
negative 0.26 percent in June 2022 to 7.61 percent in March 2023; 3,000
however, it remained below the target for both March 2023 (11.50 2,500
percent) and June 2023 (14.00 percent). This growth in RM resulted 2,000
from accelerated growth in the NDA of the central bank in the face 1,500
of a huge cash demand from the Government and DMBs. NDA 1,000
of the central bank grew remarkably by 369.43 percent in March 500
2023, from 96.84 percent in June 2022., The money multiplier rose 0
to 5.15 at the end of March 2023 from 4.92 at the end of June 2022,
Dec 20
Mar 21
Jun 21
Sep 21
Dec 21
Mar 22
Jun 22
Sep 22
Dec 22
Mar 23
primarily owing to a deceleration in the reserve-deposit ratio.
Source: Bangladesh Bank
Interest rates Moreover, weighted average interest rates in the retail market
continued to follow an upward trend since July 2022, reflecting the
To contain the inflationary pressure, predominantly arising from tighter liquidity situation in the banking system. Weighted average
pandemic-related expansionary fiscal and monetary policies, lending and deposit rates went up to 7.31 percent and 4.35 percent,
global commodity price hikes and depreciated exchange rate of consecutively, in March 2023 from 7.09 percent and 3.97 percent in
BDT, the central bank has brought a change to its policy stance June 2022, respectively.
by tilting towards monetary tightening while ensuring sufficient
funds for investment and employment generating activities. In this Due to the relative strength of the increase in deposit rates, the
setting, the central bank revised the repo rate upwards by 25 basis spread decreased to 2.96 percent in March 2023 as compared
points to 5.75 percent in October 2022 before increasing again by to 3.12 percent in June 2022, marking an improvement in the
the same amount to 6 percent in January 2023. Accordingly, the efficiency of the banking system. The tight liquidity situation has
reverse repo rate was increased to 4.25 percent in January 2023 also pushed the weighted average yields on government securities
from the prevailing 4 percent. However, the cash reserve ratio (CRR) for all medium- and long-term maturities upward, as reflected in
and bank rate were kept unchanged at 4 percent. the upward shift of the primary yield curve for March 2023 from
June 2022. The yield on 91-day, 182-day and 364-day Treasury-
Amid a downward pressure on liquidity and upward adjustment of bills jumped to 6.18 percent, 7.01 percent and 7.40 percent in
policy rates, interest rates in the call money market and interbank March 2023, from 5.94 percent, 6.44 percent, and 6.62 percent,
repo market followed an upward trend during the same period. respectively, in June 2022.

Movement in money market and policy rates (in percent ) Interest rate spreads (in percent )
Repo Call Money Spread (RS)
Reverse Repo Inter-Bank Repo Deposit Rate
4,500 12 Lending Rate
10
3,500
8
2,500
6
1,500
4
500
2
0 0
Sep 18
Dec 18
Mar 19
Jun 19
Sep 19
Dec 19
Mar 20
Jun 20
Sep 20
Dec 20
Mar 21
Jun 21
Sep 21
Dec 21
Mar 22
Jun 22
Sep 22
Dec 22
Mar 23
Jun 18
Sep 18
Dec 18
Mar 19
Jun 19
Sep 19
Dec 19
Mar 20
Jun 20
Sep 20
Dec 20
Mar 21
Jun 21
Sep 21
Dec 21
Mar 22
Jun 22
Sep 22
Dec 22
Mar 23
Along the same lines, the yield on 5-year and 10-year Treasury- foreign exchange reserve, tight global financial condition, slowdown
bonds increased to 8.14 percent and 8.37 percent from 7.8 percent of global economic growth and economic uncertainties emerged
and 8.03 percent, respectively, during the same period. Although, in from the war in Ukraine, among others.
March 2023, 15-year and 20-year Treasury-bonds were not traded
in the market, their yield rates were significantly high in February The DSE broad index, the benchmark index of the country’s leading
2023, as compared to June 2022. stock exchange, remained unchanged with some deviations since
November 2023 amid lingering economic uncertainties emanating
Bangladesh’s capital market from the war in Ukraine, supported by various measures taken by
BSEC, including the enactment of unconventional floor prices since
The performance of Bangladesh’s capital market remained broadly July 2022.
subdued in FY23, despite various supportive measures taken by
the Bangladesh Securities and Exchange Commission (BSEC) and Despite the central bank adopting tightening monetary policy in line
Bangladesh Bank. with global interest hike to tackle the adverse spill over effect of
global economic slowdown, banks were discouraged from investing
The capital market continued rebounding from the pandemic shock more in the stock market because of a liquidity crunch arising from
until October 2021 with the economy’s recovery. Since then, the substantial depreciation of the exchange rate. Although DSE index
performance of the market has followed a downward trend with maintained steady pace during the last couple of months, the
volatility amid some unfavourable developments in the domestic values of the index were much lower than that of a year ago. This
and global economy, such as falling liquidity in the banking system, index declined by 8.15 percent at the end of March 2023 compared
substantial depreciation of the exchange rates, quick erosion of the to March 2022.
DSEX index and turnover

Turnover (RHS)
DSEX Index (LHS)
7,500 30
6,500
20
Billion Taka
5,500
10
4,500
3,500 0
Jan 20
Mar 20
May 20
Jul 20
Sep 20
Nov 20
Jan 21
Mar 21
May 21
Jul 21
Sep 21
Nov 21
Jan 22
Mar 22
May 22
Jul 22
Sep 22
Nov 22
Jan 22
Mar 23
Source: Dhaka Stock Exchange
The daily average turnover in the DSE decreased significantly by months of FY23 was partly caused by the floor price effect, which
46.96 percent to BDT 8.03 billion in the first nine months of FY23 mirrored the sluggish capital market activity. Among all sectors,
from BDT 15.13 billion in the first nine months of FY22, which was ceramics had the highest turnover share (16.8 percent) in H1FY23,
BDT 13.27 billion in FY22. Low turnover volume in the first nine whereas textiles had the lowest turnover (0.4 percent).

Statutory
Report
The DSE’s market capitalization reached BDT 7,623.66 billion at the global supply situation, fiscal supports, and ongoing cautiously
end of March 2023, compared to BDT 5,177.81 billion in June 2022. accommodative monetary policy ensuring sufficient low-cost
However, market capitalization increased to 17.1 percent of GDP credit to the productive sectors. However, the future path of the
in March 2023 from 13.0 percent in June 2022 due to increased economy would crucially be conditioned upon the improvement
shares outstanding. of the country’s BoP position. The financial account of the BoP,
which turned into a deficit from a substantial surplus, is expected
Six firms and two perpetual bonds raised capital through initial to return to its normal course in the near term with the inflow of
public offerings (IPOs) in the first nine months of FY23, compared to
foreign assistance in the form of budget support and development
eleven enterprises in FY22. In FY23 (up to March), BDT 7.21 billion
project aids. The current account deficit has already been reduced
was raised through an IPO, compared to BDT 32.58 billion in FY22.
significantly, driven mainly by the slowdown of imports. Given the
The worldwide financial markets were under stress because of import dependence on raw materials, capital machinery, and fuel
the Fed’s tighter monetary policies. Although co-movements energy, containing imports for an extended period could impair the
between the MSCI emerging market and the DSE index have future growth momentum. Therefore, sustaining the improvement
shown a correlation in performance over the past few years, this in the current account balance would depend on picking up
correlation began to detangle from the beginning of the fiscal year exports and remittance inflow growth. However, downside export
and continued till March 2023. risks might emerge from the growth slowdown in major export
destinations. In addition, high export concentration in terms of both
Outlook and the path ahead export basket and export destination could amplify the risk.
Looking ahead, the growth momentum is expected to accelerate The Bangladesh government has projected a GDP growth rate of
in the period ahead by the favourable effects of improving 6.5% for the economy for the ongoing financial year (FY2023-24).
Financial review Within this broad operating backdrop, City Bank performed
commendably in the year 2023. The bank’s people-friendly,
At City Bank, as amongst the largest private sector bank of development-oriented and impact-led banking approach involves
Bangladesh that is deeply rooted in the country’s financial services sharing our success with all our stakeholders. In keeping with this
industry, we are committed to empowering a brighter tomorrow philosophy, the bank declared its 25% successive annual dividend
through sustainable banking solutions. With our core progressively in 2023. This reflects that the bank has succeeded in delivering
transformed towards digital, we are committed to people-friendly incremental value to shareholders despite economic downturns
banking to accelerate growth and enrich lives for a country that and operating challenges.
is on the digital superhighway and on the throes of economic
graduation to a middle-income nation. During the year in review, we broadened our reach by creating
more opportunities within all our business segments. Leveraging
The year 2023 continued to remain a challenging one for the banking on our unique proposition, our ability to provide flexible, best-fit
industry in Bangladesh. Economic activity remained sluggish for a solutions, together with our desire towards exemplary service, we
good part of the year as lingering pressures from crisis-induced established new relationships which proved to be successful in
challenges and the global economic slowdown continued to affect building our diverse customer base.
many key sectors, including manufacturing, exports and services.
In a bid to further augment the banking experience for our
Geopolitical events, supply chain disruptions and weak global
customers, we undertook many initiatives, such as setting up new
macros exerted pressure on the country’s textiles and RMG sector. branches in strategic main locations, establishing sub-branches
Inward remittances, especially through formal channels, remained closer to our customers, and fortifying our City Smart ATM network
tepid too. to enhance this key banking footprint across the country.
Rising interest rates amid elevated inflation triggered consumption Alongside our penetration in the Islamic Banking, Corporate and
challenges, as consumer spending became more measured and the Wholesale segments, we remained fully focused and committed
average household had to stretch the budget for basic essentials. towards the SME segment, which has been the nucleus of the
Demand for personal/retail loans was on the rise as consumers country’s economic growth. Bangladesh is dotted by numerous
sought to fill the deficit through loan funding. Another characteristic SME businesses that collectively power the economic output of the
of the year was rising interest rates that drove consumers to park nation. These ingenious businesses are connected to broader and
their surplus funds with banks and obtain a better deposit yield. larger supply chains and hence supply chain finance or trade finance
Competition for deposits remained high throughout the year. remained a key area of our focus throughout the year. Known
for our developmental focus, we continued to support our SME
Another facet of 2023 was significant BDT devaluation against customers in various ways through our large product suite and by
the global currency of USD that compelled the government to providing valuable assistance and advisory services to help them
place restrictions on imports, thus impacting the LC business of improve their liquidity position and fortify their financial resilience
banks. However, there was opportunity in the import of essential and revival efforts in challenging times. Understanding their unique
provisions, such as food and fuel and banks played their part in circumstances, the bank stood by its customers to ensure their
bringing these essentials into the country. business continuity in regard to their financing arrangements.

On the retail side, we maintained a diligent approach to advances, borrowing costs. The share of interest payments for fixed deposits
considering the ongoing pressure on disposable incomes owing comprised among the largest quantum of interest expenses at
to the lingering effects from the economic crisis and the impact BDT 8,338 mn in 2023, up from BDT 6,606 mn in the previous year.
of higher interest rates. The bank through its wide range of retail Additionally, costs for saving deposits, current bank deposits and
financing solutions, continued to gain traction in its efforts in interest payments on offshore borrowings stood at BDT 757 mn
financial inclusion and financial-led impact. (2022: BDT 787mn), BDT 1,677 mn (2022: BDT 1,036mn) and BDT
2,147 mn (2022: BDT 853 mn), respectively, in 2023, indicating
In the financial year under report, we made further progress measurable impact of policy rate increases on interest rates and
in expanding City Bank’s digital footprint. The bank’s Citytouch credit costs.
online internet banking platform experienced significant traction
throughout the year, as a notable number of non-digital banking Net interest income (NII): City Bank’s NII, which is the difference
customers transitioned to online services, attracted by the between interest earned and interest paid and is a key performance
conveniences and value-added offerings. This helped expand the indicator, increased from BDT 12,359 mn in 2022 to BDT 15,831
throughput of online transactions during the year. Further, the mn in 2023, comprising a net addition of a significant BDT 3,472
digital nano loan offering exhibited tremendous signs of a product- mn during the year. The bank’s judicious ALM (asset-liability
market fit as it solved the acute need for small ticket loans that management) strategies ensured that interest income rose at a
could be accessed easily and conveniently without the need for higher pace over interest paid during the year. The bank will continue
visiting a branch and doing paperwork. The product leverages on its strategies to enhance interest income and optimise interest
the bank’s partnership with bKash, Bangladesh’s largest mobile payments in the current year too, expecting growth sustenance
financial services player, and its unique credit scoring model. over the foreseeable future.
This has ensured that while loan numbers may be large and loan
ticket may be small, yet the borrower paying capacity is secure, Total operating income: The bank’s total operating income
as reflected in the negligible NPL in this book. Further, the bank rose from BDT 24,588 mn in 2022 to BDT 27,606 mn in 2023,
also innovated on new banking products, synched to the modern thus registering a growth of 12.3% during the year. This growth
lifestyle of its customers. One among this was CityGo, a unique is assigned to sound performance achieved in most of the
wearable tag where customers can just tap to pay, thus making components that make up the operating income.
payments on the go.
Operating expenses: The bank operated in an inflationary
City Bank’s governance framework is foundational to the success environment during the period in review. Thus, total operating
of the organisation. It continues to be thus preserved with utmost expenses of the bank jumped from BDT 12,761 mn in 2022 to
importance, supporting effective execution of the bank's strategies BDT 14,108 mn in 2023. Elevated price increases triggered a rise
and business plans. In 2023, the Board worked purposefully to stay in almost all the major expense heads, most notably in salaries
abreast of uncertainties in the wider macroeconomic climate, while and allowances that rose to BDT 7,802 mn in 2023, up from BDT
regularly considering the impact of these external factors for the 6,977 mn in 2022. By far, salaries and allowances represented the
purpose of strategic realignment, course correction and decision- biggest operating expenses of the bank during the year. The bank’s
making, in order to maximise shareholder value. focus continued to remain on optimising expenses through better
negotiations, spending efficiency, etc.
City Bank will approach the future from a position of strength. Our
resilient balance sheet, augmented by strong financials, places us Profit before provisions: Profit before provision is the total
on a stable footing, allowing us to invest in our core business to operating income of the bank minus the total operating expenses.
seize potential opportunities, be it through organic growth or other The bank’s profit before provision rose to BDT 13,498 mn in 2023,
viable alternatives. The bank’s future roadmap consists of many up from BDT 11,827 mn in 2022. The net increase was due to faster
other ambitious plans which we expect would propel the bank growth in total operating income and slower expansion in operating
towards more vibrant horizons in the years to come. costs. As a measure of caution, the bank made a BDT 2,567 mn
provision for loans and advances in 2023, down from BDT 2,943
Key financial metrics of the bank for the year 2023 have been mn in the prior year period. However, the bank made substantial
discussed below. additional provision for diminution in value of investment from
the previous year (BDT 127 mn in 2023, up from BDT 0.12 mn in
Interest income: City Bank’s interest income, including profit on 2022). The bank also made fresh provision of BDT 123 mn in the
investment, rose from BDT 25,557 mn in 2022 to BDT 33,791 mn year in report. However, these are not very substantial in nature
in 2023. This was primarily attributable to all the various business and net-net, the bank’s total provisions for the year declined from
segments of the bank achieving sound growth, with corporate BDT 2,943 mn in 2022 to BDT 2,817 mn in 2023. It is notable that
credit, short-term loans, personal finance and loans to SMEs the bank’s provision coverage ratio exceeds 100%. Yet, the potential
continuing to bring the major share of the interest income or profit future release of provisions will contribute to the net profit of the
on investment. Furthermore, Islamic Banking and Citygem Priority bank.
Banking performed well too during the year in review, thus making
a contribution to the interest income of the bank. Taxation: City Bank is committed to discharging its taxation
obligations and upholds its public responsibility of tax contributions.
Interest paid: City Bank’s total interest paid (including profit shared The bank’s total tax provision increased from BDT 4,377 mn in
on deposits and borrowings, etc.) surged from BDT 13,198 mn in 2022 to BDT 4,529 mn in 2023. The current tax expenses increased
2022 to BDT 17,959 mn, with the increased outflow due to the rise from BDT 4,152 mn in 2022 to BDT 4,690 mn in 2023. There was a
in deposit rates, especially pushed up by the growth in lending rates. reversal in deferred tax provision from an expense of BDT 225 mn
The higher interest paid expenses was also on account of rising in 2022 to an income of BDT 161 mn in the year 2023.

Statutory
Report
Net profit after tax: The ultimate measure of performance of any of 36%. Net incremental post-tax profit added during the reporting
entity is its net profit. Further, accomplishing progress on this year stood at BDT 1,643 mn, which supported the appropriations
important metric despite adverse extraneous situations is more during the year.
commendable as it reflects the entity’s resilience, adaptability and
ability to make headway, despite the challenges. This was exactly Appropriations: The management makes appropriations based on
the way the situation panned out for City Bank during the year. The future requirements and expectations. The underlying philosophy
bank’s total net profit for the year 2023 stood at BDT 6,151 mn, as is guided by retaining a surplus that adds to the bank’s future
against BDT 4,508 mn in 2022, registering an impressive growth strength. Key appropriations made during the year are given below.
Appropriations 2023 (BDT mn) 2022 (BDT mn)
Statutory reserve 240 1,334

Start-up fund 62 45
Coupon/dividend on perpetual bond 400 297
Retained surplus 5,450 2,587
Earnings per share (EPS): City Bank’s EPS, boosted by the growth well below the industry average.
in net profit, scaled up from BDT 5.02 in 2023 to BDT 3.68 in 2022.
ROE and ROA: City Bank’s return on equity (ROE) stood at 17.6% in
Total assets: City Bank’s total assets stood at BDT 555,738 mn 2023, from 14.1% in 2022. Return on assets (ROA) stood at 1.2% in
as on 31 December 2023, up from BDT 506,847 mn as on 31 2023, from 1.0% in the previous year. Notably, the return ratios of
December 2022. the bank have been stable, reflecting the strong foundations of the
bank and attesting to sustainable future growth.
Loans and advances: The bank’s total loans and advances (including
investments) rose from BDT 354,774 mn as on 31 December 2022
Dividend: City Bank is committed to long-term shareholder value.
to BDT 396,078 mn as on 31 December 2023.
The goal driving the bank’s long-term decision-making continues
Deposits: City Bank’s total deposits rose from BDT 331,890 mn to be to maximise on opportunities to enhance value in the hands
as on 31 December 2022 to BDT 392,510 mn as on 31 December of our investors. [quantum of dividend announced needs to be
2023. This surge continues to reflect the growing trust of deposit- reported]
holders in the bank, with current accounts and other accounts
reflecting a substantial rise from 86,739 mn to BDT 106,719 mn As City Bank concludes a successful year in 2023, the Board
as on 31 December 2023. Savings bank deposits also achieved strongly believes that the future holds much promise, especially
creditable growth from BDT 80,589 mn to BDT 87,342 mn as with significant ground to be covered in the areas of financial
on 31 December 2023. Taking advantage of rising interest rates, inclusion, digital banking, industrialisation and employment
deposit-holders focused on parking their surplus funds into fixed creation. With strong capital position, City Bank is strategically
deposits. This was reflected in the bank’s fixed deposits surging positioned on a robust launch pad for growth, poised for a brighter
from BDT 161,978 mn to BDT 194,553 mn as on 31 December future and propelled by investments in our core business, digital
2023. footprint, regional expansion and sustainable banking initiatives.
Cost-to-income: The bank’s cost-to-income ratio stood at 51.1% in Against this backdrop, City Bank will aim to leverage on its people-
2023, as against 51.9% in the prior year. friendly and impact-centric banking approach, continuing on its
Non-performing loans: The bank’s total percentage of non- mission of enabling growth and enriching and empowering lives.
performing loans over total loans and advances stood at 3.6% in Guided and stewarded by the Board, the bank is on its way forward
2023, from 3.9% in the previous year. This comprises a significant and remains fully committed to always upholding the principles of
achievement as the bank was able to sustain credit quality despite good governance, while promoting a culture of compliance with
a challenged macroeconomic environment. The asset quality of the emphasis on embracing best practices and fortifying its reputation,
bank is amongst the best in Bangladesh’s domestic banking sector, which is the most important asset of the bank.

Value Added
Statement
As Bangladesh’s prime financial institution, City Bank is committed to sustainable value creation for all its stakeholders. Even despite its
longstanding presence in the banking industry, City Bank has ensured consistency in stakeholder value generation, which is reflected in its
value-added of BDT 20,034 mn reported in the year 2023.
Value added is a key measure of the wealth created by City Bank for its stakeholders. Through concerted management decisions and
effective execution, the bank, in 2023, created appreciable value for its stakeholders, including shareholders, government and employees.
This value-added is reflected in the form of salaries and allowances (paid to employees), duties and taxes (paid to government) and dividend
(paid to shareholders) and also indicates post-depreciation value of fixed assets.
Value Added Statement BDT mn
Particulars 2023 % 2022 %
Income from Banking Services 45,558 37,775

Less: Cost of Services and Supplies (22,715) (17,858)
Value Added by the Banking Services 22,843 19,917
Non-Banking Income 8 10
Loan Written off and Provision (2,817) (2,943)
Total operating income 20,034 16,985
Distribution of Value Addition
To Employees as Salaries & Allowances 7,829 39.1% 7,002 41.2%
To Shareholders 5,690 28.4% 3,921 23.1%
To Govt. as Income Tax 4,529 22.6% 4,377 25.8%
To Start up fund 62 0.3% 45 0.3%
To CSR fund - 0.0% 245 1.4%
To Perpetual Bondholders 400 2.0% 297 1.7%
To Depreciation 1,524 7.6% 1,101 6.5%
20,034 100.0% 16,987 100.0%
Value Distribution % Value Distribution %

2.0% 1.7%
0.3% 7.6% 1.4% 6.5%
0.3%
22.6% 39.1% 41.2%
2023 2022
25.8%
28.4% 23.1%
To Depreciation To Employees as Salaries & Allowances To Depreciation To Employees as Salaries & Allowances
To Shareholders To Govt. as Income Tax To Start up fund To Shareholders To Govt. as Income Tax To Start up fund
To Perpetual Bondholders To CSR fund To Perpetual Bondholders

Statutory
Report
Economic Value
Added Statement
Economic value added (EVA) is a fundamental measure of the EVA is equal to profit after tax plus the provision for loans and
financial performance of an organisation. It is based on the premise other assets less written-off loans during the year, minus the cost
that since a company’s management employs equity capital to of equity, where the cost of equity is the opportunity cost that
shareholders forego.
earn a profit, it must pay for the use of this equity capital. This
management tool is particularly useful to shareholders to take City Bank’s management is steadfast on maximizing wealth and
decisions with respect to long-term wealth creation. value for its equity providers and shareholders.
BDT mn
Particulars 2023 2022
Shareholders' Equity 37,220 32,845

Add: Provision for Loans and Advances 15,841 14,314
53,062 47,159
Average Shareholders' Equity 50,110 45,455
Earnings
Profit after Tax 6,151 4,508
Add: Provision for Loans and Others 2,817 2,943
8,968 7,450
Average cost of equity (based on weighted average rate of 20 Years Treasury Bills/
13.22% 10.24%
bonds issued by the Bangladesh Government plus 2% risk premium)
6,625 4,653
Economic Value Added 2,344 2,798
Forward-looking dividend policy provides the necessary direction that helps maintain an optimum
trade-off between liquidity and profitability.
The bank continued to pay a sizeable dividend to its shareholders
in 2023, while ploughing back a healthy surplus to augment future Our policy is to carry a positive mismatch primarily in the 1-30 days’
funding needs and capital adequacy requirements. The bank is category in interest earning assets and interest bearing liabilities.
mindful of the need to strike a reasonable balance between these Our liquidity remained at optimum levels during the year.
aspects in maintaining the growth trajectory commensurate with
the risks undertaken by investors.
Optimum utilization of resources
The bank is attentive to the need of mobilising resources, such as
A prudent dividend policy has enabled the bank to build a positive
capital, deposits and borrowings at attractive terms. It is vigilant
image amongst shareholders who have placed their conviction in
towards garnering resources in the most cost-efficient and
the performance of the bank. Furthermore, surplus retention also
effective manner, while also being cognizant of the need for prudent
creates the conditions for accelerated future value creation for investment of funds for future profitability improvement. Hence, it
shareholders. Considering the sound performance of the bank over carefully analyses the lending propositions and makes sure follow-
the past year, the Board of Directors of the bank has recommended up action is in place before disbursement of funds. Cost/income
15% cash dividend and 10% stock dividend for the year 2023. ratio reported by the bank, which is one of the lowest among local
commercial banks, testifies the optimum utilization of resources.
Maintaining satisfactory liquidity
The bank’s shareholders’ equity stood at BDT 37,220 mn as at 31
The bank maintains liquid assets to carry out the day-to-day December 2023, primarily due to numerous proactive initiatives
operations and fulfil the statutory requirements of the regulator. taken, such as dividend disbursement, tax planning and controlled
The bank’s ALCO monitors the liquidity situation carefully and capital and revenue expenditure over the years.

Stock Performance
City Bank’s performance on the stock market, as reflected in its stock price, has remained commendable over the years. This reflects improved
investor confidence, which is the outcome of focused strategy execution by the management, guided by the Board. Going forward, the bank pledges
to keep shareholder interests and expectations at the front and centre of all its decisions, thus ensuring sustained value creation momentum.
Stock details
Particulars Dhaka Stock Exchange (DSE) Chittagong Stock Exchange (CSE)
Stock symbol CITYBANK CITYBANK
Company code 11102 22006
Listing year 1986 1995
Market lot 1 1
Market category A A
Electronic share Yes Yes
Price 21.4 21.6
Exchange listing/Share trading

As a publicly traded company, the issued ordinary shares of City Bank are listed on the Dhaka Stock Exchange Limited and Chittagong
Stock Exchange Limited. The audited Income Statement for the financial year ended 31 December 2023 and the audited Balance Sheet of
the bank as at 31 December 2023 have been submitted to the Dhaka Stock Exchange & Chittagong Stock Exchange within the permitted
timeframe. The stock exchange code for City Bank shares is “CITYBANK”. Market price of shares of the bank on the Dhaka Stock Exchange
was BDT 21.4 on the close of business on 31 December 2023.
The bank’s market capitalisation at 31 December 2023 was BDT 26,207 mn, which is 3.6% of the total banking sector’s market capitalisation
on the DSE. The domestic banking industry constituted 15% of the total market capitalisation of the DSE.
DSE CSE Total volume

Month
High (Taka) Low (Taka) Volume High (Taka) Low (Taka) Volume on DSE & CSE
January 21.8 21.8 5,248 22.0 22.0 3,676 8,924
February 21.8 21.8 19,331 22.0 22.0 422 19,753
March 21.8 21.8 1,130 22.0 22.0 380 1,510
April 21.8 21.8 24,502 22.0 22.0 1,100 25,602
May 21.4 21.4 2,701 22.0 21.6 540 3,241
June 21.4 21.4 3,588 21.6 21.6 236 3,824
July 21.4 21.4 6,874 21.6 21.6 550 7,424
August 21.4 21.4 538 21.6 21.6 618 1,156
September 21.4 21.4 223 21.6 21.6 94 317
October 21.4 21.4 9,509 21.6 21.6 0 9,509
November 21.4 21.4 7,806 21.6 21.6 6,650 14,456
December 21.4 21.4 2,421 21.6 21.6 3,000 5,421
DSE Market Price 2023 CSE Market Price 2023

25 25
20 20
15 15
10 10
0 0
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
High Taka Low Taka High Taka Low Taka
Total Volume on DSE and CSE - 2023

30,000
25,000
20,000
15,000
10,000
5,000
-
January February March April May June July August September October November December

Statutory
Report
Market Value
Added Statement
Market Value Added (MVA) is an important metric as it evaluates the performance of a company from the external point of view, comprising
the perspective of the stock market. Typically, stock market participants are highly aware of the company’s performance and future outlook
that helps build their perception to assign value to the company, reflected in its stock price.
BDT mn
No. of shares outstanding 1,224,618,877 1,200,606,743
Market value per share (BDT) 21.40 21.80
Face value per share (BDT) 10.00 10.00
Total market capitalization 26,207 26,173
Book value of paid-up capital 12,246 12,006
Market Value Added 13,961 14,167
Financial goals and performance
2023 2022
Particulars
Goals Achievement Goals Achievement
Loans and advances 397,394 396,078 350,342 354,774
Deposits 377,798 392,510 329,984 331,890
Capital to risk weighted assets (CRAR) ratio 13.5% 15.8% 13.5% 14.5%
% of NPL 3.8% 3.6% 4.2% 3.9%
Profit after tax 4,401 6,151 4,502 4,508
Cost-to-income ratio 59.9% 51.1% 56% 51.9%
Return on assets (ROA) 0.8% 1.2% 1.0% 1.0%
Return on equity (ROE) 12.6% 17.6% 13.7% 14.1%
Segment Analysis
City Bank is a full-fledged banking services provider offering a range of services to customers. In addition, it also has a number of subsidiaries
that are engaged in diversified, yet complementary activities, such as brokerage and investment banking, cross-border trade and finance,
remittances, etc. The following tables show the bank and subsidiary performance across various parameters, as well as the key metrics of
the bank’s own business divisions.
Segment reporting - City Bank BDT Million

2023
City Bank
City CBL Money City Hong Inter-
Bank Capital Bank
Month Brokerage Transfer Kong company
(Solo) Resources (Conso)
Limited Sdn. Bhd. Limited adjustment
Limited
Taka Taka Taka Taka Taka Taka Taka
Net interest income/profit on investments 15,831 70 165 (14) 24 - 16,076
Other operating income 11,775 264 197 238 42 (43) 12,473
Total operating income 27,606 334 362 225 66 (43) 28,550
Total operating expenses (14,108) (198) (119) (183) (48) 12 (14,644)
Operating profit 13,498 136 243 41 18 (30) 13,906
Total provision (2,817) 5 (8) - - - (2,820)
Profit before tax (PBT) 10,681 141 236 41 18 (30) 11,086
Provision for taxation (4,529) (80) (84) (10) 3 - (4,701)

2023
City Bank
City CBL Money City Hong Inter-
Bank Capital Bank
Month Brokerage Transfer Kong company
(Solo) Resources (Conso)
Limited Sdn. Bhd. Limited adjustment
Limited
Profit after tax (PAT) 6,151 61 152 31 21 (30) 6,385
Segment loans & advances/investments 396,078 797 1,052 - 783 (1,265) 397,446
Segment assets 555,738 4,956 5,332 6,371 848 (8,315) 564,929
Segment Deposits & other accounts 392,510 465 134 0 0 (513) 392,597
Segment liabilities and shareholders' equity 555,738 4,956 5,332 6,371 848 (8,315) 564,929
Segment analysis of Revenue BDT Million
2023 2022
Particulars
Conventional Islamic Offshore Total Conventional Islamic Offshore Total
Total operating profit (profit before
25,016 2,307 284 27,606 23,258 1,056 274 24,588
unallocated expenses and tax)
Allocated expenses (14,025) (83) - (14,108) (12,667) (91) (3) (12,761)
Provision against loans and advances (2,751) (170) 103 (2,817) (2,655) (220) (68) (2,943)
Profit before tax 8,240 2,054 387 10,681 7,936 745 203 8,884
Provision for taxation (4,529) (4,377)
Net profit 6,151 4,508
Segment loans & advances/
330,859 35,791 29,428 396,078 297,441 17,542 39,791 354,774
investments
Segment assets 472,141 52,533 31,064 555,738 430,115 35,089 41,644 506,847
Segment Deposits & other accounts 343,089 47,657 1,764 392,510 295,664 32,884 3,342 331,890
Segment liabilities and shareholders'
472,141 52,533 31,064 555,738 430,115 35,089 41,644 506,847
equity
Segment analysis of Revenue 2023 Segment analysis of Revenue 2022

1.0%
8.4% 4.3% 1.1%
90.6% 94.6%
Offshore Conventional Islamic Offshore Conventional Islamic
Segment analysis of asset 2023 Segment analysis of asset 2022
9.5% 5.6% 6.9% 8.2%
85.0% 84.9%
Offshore Conventional Islamic Offshore Conventional Islamic

Statutory
Report
GOVERNANCE AT
CITY BANK

Message from our
Chairman
Transforming governance into long-term value creation
“As Chairman of the Board, I want to reaffirm that the City Bank Board continues to support good corporate governance
and the application of sound governance principles based on effective and ethical leadership. We ensure that best
practices on governance are in place and comply with all statutory governance requirements to ensure long-term
sustainability of the bank at all times. Towards this end, we remain vigilant regarding the evolving business landscape
while managing the ongoing uncertainties associated with challenging economic conditions in order to uphold our
reputation for good governance. We shall continue to set new ambitious targets, especially in the realm of ESG.”
Aziz Al Kaiser
Dear Stakeholders, commitments aimed at mitigating climate risk and driving a

positive transition that creates jobs and business opportunities for
Strong corporate governance principles continue to underpin City all. We need real change in a short space of time to transform and
Bank’s ability to deliver results and meet stakeholder expectations. decarbonise our energy sector, transportation sector, food systems
It is thus my pleasure to present the bank’s corporate governance and other built environments.
practices, policies and activities that show our alignment to high
standards in the way we govern and operate the business on a day- There are exciting opportunities within all these sectors and
to-day basis. Indeed, governance for us is not a one-off activity but we want to be the bank that supports our clients through this
something that we focus on and improve upon every day. transition that has become an imperative industry after industry,
and company after company in Bangladesh, similar to elsewhere
At many of our Board meetings over the years, we have reflected in the world. We have already taken the lead in capital mobilisation
on the future of Bangladesh and our role in it. We have challenged and funding of green and sustainable projects while looking to
ourselves continuously to look at what makes City Bank good for decarbonise our own operations, guided by our net-zero agenda
Bangladesh and how we can embed ourselves deeper into the that we recently released in the public domain.
society. Our focus has always been on transforming governance
into long-term value creation. In a maturing compliance environment, we at City Bank believe that
good governance and strong leadership support the creation and
In line with the operating environment and Board priorities, the protection of value for our shareholders and all stakeholders. It is in
following areas received heightened attention in 2023: guiding this realm that we ensure we adhere to all compliance and disclosure
the business through a difficult and volatile macroeconomic standards, ensuring there is no deficiency of any sort from our end.
environment, making progress on the bank’s strategy and We take matters related to KYC (know your customer), money
setting new ambitious targets, addressing reputational matters, laundering, terrorist financing, fraud and forgery, etc., very seriously
and creating a heightened focus on environmental, social and and ensure that our employees are fully sensitised in these matters
governance (ESG) matters. to keep our customers safe and our banking channels free of any
malpractice or defalcation.
Fulfilling our purpose of using our financial expertise to do good
is best demonstrated through our ongoing delivery against the It is an age-old saying that the wind does not break a tree that
major goals of Bangladesh, including financial inclusion, lifestyle bends. City Bank remains that tree, continuously adapting to
empowerment, industry development, infrastructure creation, change and the everchanging environment, without compromising
employment generation and digital adoption. We also ensure on its culture of ethics, values, governance and compliance. I
that our impact is aligned to the United Nations Sustainable am truly honored to serve as the Chairman of a bank that takes
Development Goals (UN SDGs), our continued focus on building our governance and compliance as seriously as its business and
ESG matters, and our commitment to sustainable development performance targets.
and green finance as we tilt our portfolio to areas that amplify
positive impacts. Thank you.
I am proud that as on 31 December 2023 we had exposures of

BDT 150,547 mn to green and sustainable finance, representing
36.0% of the bank’s gross loans and advances. It is our ambition
to increase this portfolio exposure significantly in the future. Over Aziz Al Kaiser
the past few years, we have also made several investments and Chairman

Governance
At City Bank
Board Leadership in Governance

City Bank’s Board has taken up the challenge to exceed the performance expectations of stakeholders, while
ensuring the bank remains fully compliant with all applicable laws and regulations. Thus, Board stewardship
of sound governance practices not only influences our business performance in a positive direction but also
has a useful impact on our capitals.
Board stewardship driving governance value creation
The Board considers the bank’s vision of a financial supermarket and to be a force for good
in Bangladesh’s financial services industry to be the key underlying premises influencing
Strategy corporate strategy. Beyond this, the bank’s core values provide the foundation for the Board
Formulation to establish the bank’s strategic pathway and direction.
Impacts on Financial capital Manufactured capital
Board-approved policies, procedures and practices serve as the cornerstone for executing
the bank’s strategy. These policies, procedures and plans provide the criteria against which
the Board can subsequently monitor, assess and oversee the effectiveness of the bank’s
Policy-making management, thus ensuring oversight on performance.
Impacts on Human capital Intellectual capital
The Board refers to the financial statements and accounting systems as the primary source
for monitoring the state of the bank and the performance of KMPs. To be able to keep a
Monitoring and better track of executive activities, the Board also relies on regular reports from the various
supervision business divisions and support functions of the bank.
Impacts on Financial capital Human capital
The Board recognises its accountability towards a wider range of stakeholders, such as
employees, customers and the wider society and provides relevant information to our
connected stakeholders. When determining the scope of reporting, the Board is guided by its
Accountability Articles of Association and the laws under which it is governed.
Impacts on Financial capital Social and Relationship capital

Directors’
Responsibility Statement
As custodians of stakeholder trust, the Board of Directors of City Bank is appointed to act for and on behalf of the shareholders to oversee
the day-to-day affairs of the business. The Board is directly accountable to the shareholders, and each year, the Bank holds an Annual
General Meeting (AGM), in which the Directors provide a report to the shareholders on the performance of the Bank and its future plans and
strategies, while also submitting their nomination for re-appointment to the Board.
The report of the Bank’s affairs and the Audited Financial Statements duly certified by a reputed Auditor are placed before the Annual
General Meeting (AGM) for discussion. In preparing the Annual Report, the Board of Directors is required to ensure that:
• The financial statements of the Bank present a true and fair view of the state of affairs of the business and the results of its operations,
cash flows and changes in equity
• Proper books of accounts have been maintained as required by relevant laws
• Appropriate accounting policies have been consistently applied in preparation of the financial statements and that the accounting
estimates are based on reasonable and prudent judgment
• International accounting standards, as applicable in Bangladesh, have been followed in preparation of the financial statements
• The internal control system is sound in design and effectively implemented and monitored
• There are no significant doubts upon the Bank’s ability to continue as a going concern
• Key operating and financial data of the preceding 5 years - Please refer to ‘Historical Performance’ on page 139
• Proposed 15% cash and 10% stock dividend for the year 2023
• Number of Board meetings held during the year and attendance by each Director – Please refer to the ‘Corporate Governance’ section
on page 347
• Shareholding patterns of the Bank:
• Parent/subsidiary/associate companies and other related parties – Not applicable
• Shares held by Directors, CEO, CFO, Company Secretary, Head of ICC and their spouses and minor children – Please refer to ‘Corporate
Governance’ section on page 349
The Directors, to the best of their knowledge and belief, are satisfied on the related responsibilities of the Board of Directors, guided by the
Companies Act, 1994; The Bank Company Act, 1991; and guidelines issued by Bangladesh Bank and Bangladesh Securities and Exchange
Commission.
Aziz Al Kaiser
Chairman
On behalf of the Board of Directors

Governance
At City Bank
Directors’ Responsibility Statement

to Establish Appropriate System of
Internal Control
For City Bank’s Board, establishing an appropriate system of internal control is paramount in ensuring the institution operates effectively,
efficiently and ethically. Internal controls are designed to safeguard assets, ensure accuracy and reliability of financial reporting and other
disclosures, and facilitate compliance with relevant laws and regulations.
As part of its governance and internal control responsibility, the Board oversees the establishment and maintenance of internal control
systems of the bank. This entails setting the tone from the top by fostering a culture of integrity, accountability and transparency at all levels
throughout the organisation. Directors ensure that the management implements effective policies, procedures and processes to identify,
assess and manage risks across all areas of the bank's operations, specifically those related to internal control.
The directors also regularly review and evaluate the effectiveness of internal controls, including risk management practices, internal audit
functions and compliance programs. This involves monitoring key performance indicators, conducting periodic and specific assessments,
and engaging with the management and internal auditors to address any deficiencies or weaknesses identified.
Furthermore, directors also ensure that adequate resources are allocated to support the internal control framework of the bank and that
employees receive appropriate training and knowledge to understand their roles and responsibilities in maintaining effective controls.
In addition to overseeing internal controls, directors also ensure compliance with applicable laws, regulations and industry standards. This
includes staying abreast of regulatory developments, assessing the impact of any regulation on the bank's operations and implementing
necessary changes to remain in compliance with regulatory guardrails.
Directors also cultivate open communication channels between the management, internal auditors, external auditors, regulators and other
stakeholders to promote transparency and accountability in the overall governance process.
Ultimately, the establishment of an appropriate system of internal control is essential for safeguarding the bank's assets, maintaining the
trust of depositors and investors and preserving the long-term viability of the bank. Fulfilling their responsibilities in overseeing internal
controls, the Board of City Bank contribute to the stability and soundness of not only the bank’s own operations but also of the banking
system of Bangladesh.
On behalf of the Board of Directors,
Aziz Al Kaiser
Chairman

Directors’ Responsibility Statement
on Adequacy of Internal Control
System
The Board of City Bank owns the major responsibility of ensuring the adequacy of the internal control system, a critical pillar in maintaining
the integrity and stability of the financial institution. At the forefront of their duties is the establishment of a robust framework that
safeguards assets, mitigates risks and ensures compliance with regulatory requirements.
Directors on the Board exercise due diligence in overseeing the design, implementation and monitoring of internal controls. This involves
assessing the effectiveness of policies, systems and measures across various functions, including risk management, financial reporting and
operational activities. They engage with the management and the internal auditors to evaluate the adequacy of controls and address any
deficiencies or vulnerabilities identified.
Moreover, directors are required to stay abreast of evolving risks and regulatory developments that may impact the bank’s internal control
environment. This requires proactive engagement with industry experts, regulators and other stakeholders to assess emerging threats and
implement necessary enhancements to the control framework.
Directors also play a pivotal role in fostering a culture of accountability and transparency within the wider organisation. By setting the
agenda and promoting ethical conduct and adherence to policies and procedures across all scenarios, they help instill confidence among
stakeholders in the bank’s governance and risk management practices.
City Bank conducts biannual anti-fraud control self-assessments, fully aligned with the directives outlined in Bangladesh Bank’s DOS
Circular Letter No. 10 dated 09 May 2017. We share the results of these assessments with Bangladesh Bank, the central bank of the
country, to reaffirm our commitment to regulatory compliance.
For a more detailed discussion on this topic, please refer to the Directors’ Report, Report of the Audit Committee of the Board, and Corporate
Governance Report.
On behalf of the Board of Directors,
Aziz Al Kaiser
Chairman

Governance
At City Bank
Report of the
Board’s Audit Committee
The Audit Committee of City Bank is dedicated to its responsibility of overseeing the bank’s financial reporting, risk
management and internal control systems, ensuring the implementation of high-quality governance practices. In
pursuit of this objective, the bank executed a range of strategies to surmount hurdles, including those arising from
the geopolitical repercussions of conflicts in East Europe and West Asia, among others, in order to maintain the
stability of banking as a vital service and bolster the soundness of the overall financial system. Thus, during a period
of increased apprehension regarding bank run-ins, as observed in certain regions of the world, City Bank’s Audit
Committee plays a fundamental role in ensuring robust and sustainable operations.
Dr. Salim Mahmud

Chairman, Board Audit Committee
Introduction Leading change through best practices on risk and

At City Bank, achieving long-term growth is a key organizational governance
objective, particularly in an environment of major challenges,
compounded by the war in Europe and Asia that has triggered inflation According to BRPD Circular No. 02 dated February 11, 2024,
and dollar crises in Bangladesh, similar to elsewhere in the world. the Board adopts the bank’s objectives, strategies and general
business plans, and the Board Audit Committee supports the Board
In order to accomplish our long-term aims and ambitions, we
in carrying out its supervisory and surveillance obligations.
apply our sustainability framework with robust financial controls,
as well as economic, Environmental Social and Governance (ESG)
City Bank’s Board established the Board Audit Committee to
components across our organisation. As a result, we believe that
strong financial management enhances the bank’s efficiency and provide independent oversight of the bank’s financial reporting,
effectiveness in generating sustainable value across business non-financial corporate disclosures, internal control systems, and
and market cycles and industry trends. As a result, we go beyond compliance with governing rules and regulations, in accordance
management structures, policies and procedures to incorporate
with Bangladesh Bank guidelines and Bangladesh Securities
audits and assessments into our organizational culture to assure
that the bank continues to adhere to the highest standards of and Exchange Commission (BSEC) notifications on Corporate
compliance and governance, fostering success on a durable basis. Governance.
The Committee is also tasked with reviewing the following:
The Committee is also tasked with reviewing the following:
Financial reporting processes System of internal control and Audit processes Processes for monitoring
superintendence of observance of laws, guidelines
financial risks and regulations

Board’s Audit Committee structure
Status with Status in the Educational Meeting
Name
the bank committee qualification attendance
Independent
*Dr. Salim Mahmud Chairman PhD 05/05
Director
Ms. Syeda Shaireen Aziz Director Member BBA 05/05
Nominated
**Ms. Savera H. Mahmood Member MSS 01/05
Director
Independent
Mr. Matiul Islam Nowshad Member MBA 05/05
Director
The Board Audit Committee was reconstituted by the Board in its 640th meeting held on 07 August 2023.
*Dr. Salim Mahmud was reappointed as an Independent Director by the shareholders at the 40th AGM of the bank and by Bangladesh
Securities and Exchange Commission (BSEC) as well as Bangladesh Bank.
** Mrs. Savera H. Mahmood was included in the Board’s Audit Committee by the Board at its 640th meeting held on 07 August 2023.
Roles and responsibilities of the committee • To review the Management’s Discussion and Analysis report
before disclosing it in the Annual Report.
The Board Audit Committee is responsible for the following:
• To review the financial statements with the management and
Internal control external auditors before its finalisation.
• To evaluate whether the management sets the appropriate • To review the statement of related party transactions submitted
compliance culture and standards by communicating the by the management.
importance of internal control and the administration of risk,
while also ensuring that all employees have clear understanding Internal audit
of their roles and responsibilities.
• To monitor whether the internal audit works independently
• To review the management’s actions in technology from the management.
advancement, especially in the realm of digital banking, and the
bank’s Management Information System (MIS). • To review the activities of the internal audit and the
organizational structure, and ensure that no unjustified
• To consider whether internal control strategies, recommended restrictions or limitations hinder the internal audit process.
by internal and external auditors, have been implemented by
the management. • To examine the efficiency and effectiveness of the internal
audit function.
• To consider reports relating to fraud, forgery and deficiencies in
internal control, or other similar issues detected by internal and • To examine whether the findings and recommendations made
external auditors and inspectors of the regulatory authority, and by the internal auditors are duly considered by the management.
place it before the Board after reviewing whether necessary
External audit
corrective action has been taken by the management.
• To review the performance of the external auditors and their
Financial reporting
audit reports.
• To review, along with the management, whether the interim
• To examine whether the findings and recommendations
and annual financial statements reflect complete and true
made by the external auditors are duly considered by the
information, as well as to determine whether the statements
management.
are prepared in accordance with the existing rules, regulations
and standards enforced in the country, and as per the relevant • To make recommendations to the Board regarding the
accounting principles stipulated by Bangladesh Bank. appointment of external auditors.

Governance
At City Bank
Annual Report 2023 • Reviewed the interim unaudited quarterly financial statements
of the bank and its subsidiaries for the first, second and third
Compliance with existing laws and regulations quarters of 2023.
• To review whether laws and regulations framed by the • Recommended the re-appointment of statutory auditor for the
regulatory authorities (central bank and other governing year 2023 and fixed their remuneration.
bodies) and internal regulations approved by the Board are
being complied with. • Recommended the appointment of auditor for certificate on
compliance with the corporate governance code and fixed their
Other responsibilities remuneration.
• To submit a compliance report to the Board on a quarterly
• Reviewed the quarterly financial statements of the bank’s
basis on corrective action taken on omission, fraud and forgery
subsidiaries, in particular their investments, as per BSEC
cases and other irregularities detected by internal and external
notification dated 3 June, 2018 on Corporate Governance Code.
auditors and inspectors of regulatory authorities.
• Reviewed the observations and suggestions of Bangladesh
• To solicit assessment reports from external and internal
auditors. Bank in their inspection reports on the head office and different
branches of the bank, along with their compliance status.
• To perform other oversight functions as desired by the Board
and evaluate the committee’s own performance on a regular • Reviewed the internal audit reports conducted by the Audit
basis. & Inspection Unit of ICCD and their findings, along with their
compliance status and corrective actions taken.
Meetings of the Committee
• Reviewed the Report of Core Risk Assessment on ICC of the
The Audit Committee of the Board held 5 (five) meetings during bank for the year 2023 and their findings, along with their
the year 2023 and engaged in detailed discussions and reviews compliance status and corrective actions taken accordingly.
with the Head of Audit & Inspection, Head of Internal Control &
Compliance, internal auditors and external auditors regarding • Reviewed and approved the annual internal audit plan for the
their findings, observations and remedial suggestions on issues year 2023.
of the bank’s affairs that necessitated improvement. The Audit
Committee instructed the management to follow the remedial • Reviewed the report on loan documentation checklist (LDC) on
suggestions and monitored them accordingly. a quarterly basis.
• Reviewed the compliance of FRC Circular no. 179 dated 7 July,

Audit Committee meetings Date of meetings held 2020 on direction related to forfeited fund from the contribution
of the employer in the contributory provident fund.
106th Audit Committee Meeting 01 January, 2023
Acknowledgements
107th Audit Committee Meeting 11 April, 2023
The Board Audit Committee wishes to express its heartfelt gratitude
108th Audit Committee Meeting 27 April, 2023 to the directors of the Board, the management, and internal and
external auditors for their exceptional support and assistance in
109th Audit Committee Meeting 07 May, 2023
carrying out the committee’s obligations and duties.
110th Audit Committee Meeting 26 October, 2023 On behalf of the Audit Committee,
During the year in review, the Committee also conducted the

following activities:
• Reviewed the draft Auditor’s Report and audited financial

statements for 2022 and, after discussing with external Dr. Salim Mahmud,
auditors, recommended it to the Board for their consideration. Chairman, Audit Committee

Report of the
Board’S Executive Committee
City Bank prioritises strong governance practices throughout the organisation, adhering to both internal principles and
external regulatory requirements. The bank’s Board Executive Committee, overseen by the Board, has implemented a
comprehensive framework that encompasses all aspects of the bank’s operations as a licensed commercial bank of
Bangladesh. This framework is based on conventional regulatory and Islamic banking principles, as well as voluntary
codes and best practices. These guidelines inform policies related to areas such as large credit proposals and interest
rate setting, ensuring the bank’s future growth stays secure and sustainable.
Rubel Aziz
Chairman, Board’s Executive Committee
Introduction Roles and responsibilities of the Board Executive Committee

City Bank’s Board of Directors, at its 640th meeting held on August • Establish and periodically review the bank’s overall credit
7, 2023, reconstituted the Board Executive Committee (EC) with 6 culture and practices, including credit policies and procedures.
(Six) members from the Board, in compliance with Bangladesh Bank
guidelines. The responsibility entrusted to the Board EC comprises • Develop and implement uniform and minimum acceptable
the review and final approval on credit proposals that are beyond credit standards.
the delegated authority of the Managing Director. Further, EC
decisions, described through the full meeting minutes, are referred • Approve all revisions, restructuring and amendments made to
to in subsequent meetings of the Board for ratification. credit proposals initially approved by the committee.
Committee structure Major areas of focus
The Board Executive Committee comprises the following members • Review and approve credit proposals beyond the purview of the
of the Board: MD.
• Ratify different management approvals on interest rate

Status within Status in the amendments, changes in collateral security and document
Name
the Bank Executive Committee deferral.
Mr. Rubel Aziz Director Chairman • Review and approve different credit proposals for renewal and
enhancement of existing credit limits.
Mr. Aziz Al Kaiser Chairman Member Acknowledgments

City Bank’s Board Executive Committee wishes to express its
Mr. Hossain Khaled Vice-Chairman Member heartfelt appreciation to the members of the Board and the
management team for their assistance in facilitating the committee
Nominated to carry out its duties and obligations in 2023.
Mr. Hossain Mehmood Member
Director
On behalf of the Executive Committee,
Mr. Rajibul Huq
Director Member
Chowdhury
Nominated
Ms. Rebecca Brosnan Member Rubel Aziz
Director
Chairman, Executive Committee

Governance
At City Bank
Report of the
Board’s Risk Management Committee
Risk management is a fundamental aspect that facilitates the achievement of City Bank’s long-term strategic goals
and motivates the management to deliver performance and achieve targets within the realm of managing risks.
The bank has implemented a cautious approach to ensure that its risk management efforts adapt and progress in
accordance with regulatory mandates, as well as industry best practices and emerging trends. The bank’s objective
is to meticulously oversee its risk profile in alignment with the risk perimeter that has been approved by the Board.
Shareholders will be pleased to learn that the bank remains resilient, stable and secure, even amidst turbulent
conditions.
Hossain Mehmood
Chairman, Board’s Risk Management Committee
Overview
At City Bank, our risk appetite and business model rests on the following key organisational dimensions:
A medium-low, predictable A stable and recurrent earnings Independent subsidiaries, self- An independent risk function
target risk profile, anchored model, sustained by a sound sufficient in terms of capital and and a senior management
on well-diversified banking base of capital, liquidity and liquidity that ensure their risk actively engaged in supporting
operations and a growth- diversified funding sources profile do not compromise the a robust control environment
oriented management focus group’s solvency and risk culture
Committee structure systems and procedures, being investigative on its application and
providing practical assistance with appropriate resolutions, while
The Board of Directors of City Bank established the BRMC at its establishing policies deemed essential. In addition to the existing
452nd meeting held on 25 January 2014, which was subsequently “Executive Committee” and “Audit Committee” of the Board,
re-established in 2018, 2021 and 2023 in order to pursue the formation of the BRMC satisfies the regulatory compliance
meticulous and purposeful risk governance that ensures a robust requirements of Bangladesh Bank, as guided in BRPD Circular
layer of defense around the bank and its operations. No. 02 dated 11 February 2024. The members of the BRMC were
reconstituted by the Board of Directors during its 640th meeting,
The BRMC is responsible for evaluating the bank’s risk management which took place on August 7, 2023.
City Bank’s BRMC is composed of the following members of the Board:
Status with the No. of meetings No. of meetings

Name of Director Status with the bank
Committee held attended
Mr. Hossain Mehmood Nominated Director Chairman 6 6
Mr. Hossain Khaled Vice Chairman Member 6 6
Mr. Rajibul Huq Chowdhury Director Member 6 5
Ms. Rebecca Brosnan Nominated Director Member 6 6
Mr. Matiul Islam Nowshad Independent Director Member 6 3

The Company Secretary serves as the Member Secretary for all Recommending risk appetite statements: BRMC reviewed the
meetings. Other invited attendees included Chief Risk Officer (CRO), bank’s draft risk appetite statement for the year 2023, before
Chief Financial Officer (CFO), and head of business segments and placing it to the Board for approval.
risk divisions.
Asset quality monitoring: BRMC reviewed the bank’s non-
Meetings of the BRMC performing loan (NPL) management strategy with granular
detail across all business segments. The committee stayed
BRMC met six (6) times in 2023 to review and assess the bank's focused on SMAs (special mention accounts) and recovery from
risk-prone exposures, risk supervision mechanisms, and corrective delinquent assets, and reviewed implementation status of the
measures. Dates of BRMC meetings held during the year are as strategies adopted in the meetings. The Committee also reviewed
follows: performance of Covid moratorium portfolio of the bank.
BRMC meetings Date of meetings Concentration risk: The Committee reviewed sector/industry/
43rd Meeting February 09, 2023 geographic loan concentration of the bank. It also reviewed large
loan exposures against the bank’s risk appetite on a quarterly basis.
44th Meeting April 02, 2023
45th Meeting May 15, 2023 Review of key performance indicators (KPIs) for risk management:
At the beginning of 2023, a number of KPIs on risk management
46th Meeting August 09, 2023
were set by the BRMC. The performance/achievement against KPIs
47th Meeting October 04, 2023 was reviewed by the BRMC on a quarterly basis for effective risk
management and control. KPIs were set for asset quality, portfolio
48th Meeting November 15, 2023
under moratorium, concentration risk, capital management,
liquidity, bank’s credit rating, E&S risk, ongoing legal cases, IT risk
Roles and responsibilities of the BRMC including cybersecurity, etc.
The Board has delegated its oversight of the bank’s risk
Capital management: BRMC reviewed the bank’s overall capital
management to the BRMC with the following mandate:
management strategy and recommended the constitution of a
• Risk identification and development of a comprehensive control long-term business plan, synced with capital adequacy.
strategy.
Market and liquidity risk: The Committee reviewed portfolio risk
• Adoption of organisational structure, embedding risk areas covering net open position (NOP), FX VaR, capital market
governance across the bank. exposure, equity VaR, update on FX liquidity, CRR, SLR, ADR and
LCR. The Committee also reviewed projected foreign exchange
• Review and adoption of the risk management policy. inflow and outflow. It also assessed the “Proposed Revision in
Counterparty Risk Assessment Process (Banks and NBFIs)” and
• Risk reporting for archival and future referencing. recommended to review a few parameters before placing it to the
Board for approval.
• Implementation supervision of the overall risk management
policy. IT risk: The Committee reviewed IT risk on a quarterly basis and
also reviewed the “City Bank PLC Cyber Security Roadmap (2023-
• Miscellaneous responsibilities, including quarterly reporting
2027)”.
of resolution and recommendations to the Board, ensuring
compliance with regulatory directives, and evaluation of Operational risk: The Committee reviewed proposed amendments
reports by internal/external auditors.Any other responsibility in Operational Risk Management Framework (ORMF) of the bank.
as assigned by the Board and Bangladesh Bank.
Legal risk: The Committee reviewed the “Achievement against
2023 activities Disposal Target of Pending Legal Cases” during the year.
In 2023, BRMC launched many efforts to fulfill its obligations as the Risk environment review: The Committee reviewed a case study of
bank’s custodian of risk governance and stakeholder trust. the recent big bank failure in USA and Europe and lessons learned,
as advised by the Committee. The Committee advised identifying
Review of risk management policy and processes major risk factors, key takeaways from the incidents, and the
bank’s own level of protection against risk-prone loan exposures.
Prior to submission to the Board for approval, BRMC evaluated
the risk management policy, risk mitigation methodology and Reviewing activities of Sustainable Finance Unit: The committee
risk reports, and offered suggestions based on its findings. It also reviewed the sustainable finance and green banking activities for
ensured specific focus on material matters, such as any deviation the January-December 2022 period.
and its justification, regulatory compliance, adherence to policy
review methods, etc. In several cases, BRMC recommended more Reviewing activities of Executive Risk Management Committee
rigorous policies than required by regulation. The Committee (ERMC) and Credit Risk Management Committee (CRMC): BRMC
reviewed amendments in the recovery plan of the bank based on evaluated the activities of the ERMC and the CRMC of the bank for
audited financials of December 31, 2022. the 2023 period.

Governance
At City Bank
Risk management reports and outcomes: BRMC reviewed the Future roadmap
monthly risk management report, half-yearly risk management
report, and activities of the ERMC. City Bank’s BRMC is mindful of its responsibilities in effective
risk stewardship, which is critical for the bank to accomplish
Risk management effectiveness report: The “Review Report of its performance targets and objectives within the perimeter of
controlled risk-taking. The BRMC foresees the path ahead to
Risk Management Policies and Effectiveness of Risk Management
be complex and challenging, especially in the wake of the two
Functions for the Year of 2023” was placed to the BRMC for their major geopolitical conflicts that are not showing any signs of de-
observation, before placing it to the Board. escalation, but are rather spawning polarisation and escalation
of smaller regional skirmishes, for example in the Red Sea area.
Internal Capital Adequacy Assessment Process (ICAAP): BRMC While these events are shaping the broader global macroeconomic
reviewed the bank’s ICAAP and SRP (Supervisory Review Process) environment, Bangladesh is facing its own internal challenges too,
documents developed based on 2022. such as rising interest rates, foreign exchange crisis, slow capex
recovery and weak government financial position.
Stress-testing outcome: The quarterly stress-testing results were
reviewed by BRMC and various recommendations were made to BRMC believes that the bank’s ability to counteract the challenges
is due to strong and decisive actions taken to frame responses
improve the bank’s risk resilience
to the ongoing challenges. Some of these include overseeing the
strategic realignment of the core business in response to the
Portfolio strategies: The Committee reviewed risk and return ratios
current macroeconomic context, expediting the implementation of
from the bank’s large loan customers. Detailed industry analysis on the digital roadmap, etc. Further, the BRMC is also playing its part
the steel sector, cement sector and spinning mills was conducted to enable the bank to scout for capital mobilisation that will further
to review the impact of foreign exchange and geopolitical risks on bolster the growth objectives of the organisation.
these sectors.
BRMC thus continues to execute its responsibility to ensure the
Chief Risk Officer’s statement: Continuing with the past, a efficacy and adequacy of the bank’s risk management framework
report titled ”CRO’s Statement on Risk Management” has been and internal control systems. Supported by the Board, BRMC is
also focused on assessing contextual factors that could potentially
introduced in the annual reporting practice. The Chief Risk Officer
affect the bank’s risk profile, while further strengthening due
(CRO) presented reports at BRMC meetings too. diligence activities carried out under the purview of the Internal
Audit department.
Recommendations of the BRMC to the Board
Acknowledgements
The recommendations and decisions taken in the BRMC meetings
were placed to the Board for their review. The Risk Management Committee of City Bank’s Board of Directors
extends its heartfelt appreciation to the members of the Board,
BRMC Meeting Placed in the Board Meeting the management team, and the Management Risk Committee for
their unwavering and constructive support. We look forward to a
Recommendation from 635th Board Meeting held on
continued period of cooperation and support for strengthening the
43rd meeting 09.05.2023
Bank’s risk governance and control practices.
44th meeting 07.08.2023 On behalf of the Board’s Risk Management Committee,
Recommendation from 641st Board Meeting held on
45th meeting 21.08.2023
46th meeting 08.11.2023
Recommendation from 649th Board Meeting held on Hossain Mehmood
47th and 48th meeting 07.12.2023 Chairman, Board’s Risk Management Committee

Management Committees
and their Responsibilities
In an effective corporate governance structure, the bank management Basel Unit
has a collective mandate under the leadership of the MD & CEO to
carry out operations in the best interests of all stakeholders. The In order to incorporate the changing global concepts in risk
management team is headed by the Managing Director & CEO, Mr. management and to adopt the Basel III standards, City Bank
Mashrur Arefin. Several Management Committees have been formed established a management-level committee named ‘Basel Unit’,
to handle the banking operations and identify and manage risks. The chaired by the MD & CEO. The committee is vested with supervisory
committees include MANCOM, Extended MANCOM, ALCO, RMU, responsibilities to implement Basel III across the bank. Therefore,
Investment Committee and Purchase Committee. The Managing the committee is assigned to adopt a comprehensive approach to
Director leads the three most important committees: MANCOM, devise plans and strategies for implementation of Basel III in the
ALCO and Investment Committee. banking business of City Bank in accordance with the roadmap
provided by Bangladesh Bank. Major responsibilities of the Basel
Management Committee (MANCOM)
Unit are given below:
MANCOM is considered the highest decision and policy-making
• Implementation of the Action Plan of Basel Accords in the bank
authority of the bank which consists of the MD & CEO and the heads
of various large divisions. Regular tasks of the committee include:
• Communicate issues related to Basel Implementation to the
• Monthly business and financial performance analysis bank’s management
• Monthly business review and analysis of each business unit’s • Engage in Quantitative Impact Study (QIS) and Accountability
performance for the Compliance of Basel Accords A
Extended Management Committee (EMC) • Arrange customised training programs according to the training
need assessments of the bank
The Executive Risk Management Committee serves as a senior
management platform responsible for guiding the execution of policies, Supervisory Review Process (SRP) team
strategies and tactics, as advised by the Board Risk Management
Committee (BRMC) and endorsed by the Board. In addition to regular As per the “Revised Process Document for SRP - SREP Dialogue
risk parameters, the committee also closely monitors any emerging on ICAAP (Implementation of 2nd Pillar of Basel Accord)” issued
risk pattern/s, communicates the same to the concerned departments, by Bangladesh Bank in May 2014, a bank must have an exclusive
and ensures effective steps are being taken to control the risk factors. body named SRP team which shall act as the Managerial Layer
Responsibilities of the EMC are as follows: of Supervisory Review Process. The SRP team of City Bank is
headed by the MD & CEO. The team is empowered to validate the
• Identifying, measuring and managing existing and potential risks
ICAAP report of the bank and represent the bank in the process of
• Ensuring compliance with the decisions taken by the Board/BRMC dialogue with the SREP team of Bangladesh Bank and to determine
• Submitting proposals, suggestions and summary of ERMC meetings adequate capital requirements of the bank. The responsibilities of
the SRP team are as follows:
• Implementing the decisions of BRMC
• Assessing adequate capital requirements in line with risk exposures • To validate the ICAAP report while monitoring the
implementation of Supervisory Review Process for various
• Determining the risk appetite in line with strategic planning
risks mentioned under the Pillar II of Basel Accord.
• Contributing to formulation of risk policies
• Reviewing risks involved in new products • Represent the bank in the dialogue with the SREP team
of Bangladesh Bank and to determine adequate capital
Asset Liability Committee (ALCO) requirements of the bank.
The duties of managing market risk, including liquidity, interest rate • To oversee the capital planning of the bank, in line with
and foreign exchange risk lies with the Treasury Division under the regulatory requirements.
supervision of ALCO. ALCO is comprised of senior executives of the
bank who meet at least once a month. The committee evaluates Executive Risk Management Committee
the current position of the bank and provides direction to mitigate
market risk exposures to a minimum level. During the year, ALCO Executive Risk Management Committee of the bank comprises of
remained fully engaged with activities in setting strategies and senior management with Chief Risk Officer in the chair to ensure
revamping previous strategies to cope with the prevalent market proper and timely identification, management and mitigation of
scenario. risks exposed by the bank in a comprehensive way.

Governance
At City Bank
Credit Risk Management Committee ICT Risk Management Committee

The objective of forming this committee is to identify the possible The roles and responsibilities of the ICT Risk Management
risks assumed by the bank for different types of credit transactions Committee are to support the formulation of an ICT risk
and review the bank’s strategy on lending, rescheduling, monitoring, management framework/process and establish acceptable ICT
recovering and keeping the asset quality at expected levels on a risk thresholds/ICT risk appetite and assurance requirements,
regular basis. This committee is headed by the Chief Risk Officer. while also governing the overall ICT risks and relevant mitigation
measures and periodically conducting meeting with respective
Committee for Morale, Ethics and Integrity teams to assess the status of ICT security risks of the bank. The
ICT Risk Management Committee is incorporated within the
In line with the implementation of National Integrity Strategy (NIS) Operational Risk Management Framework for convenience.
of Bangladesh, the bank has constituted a “Committee on Morale,
Ethics and Integrity” to implement the NIS within the bank. The Central Compliance Committee (CCC)
committee shall identify ways to protect the culture of loan default
and promote consciousness with a view to reduce frauds, forgeries, To keep the banking sector free from risks related to money
irregularities and other sources of corruption across the bank. laundering & terrorist financing and for ensuring effective and
proper compliance with all existing acts, rules and instructions
issued by BFIU from time to time, every bank needs to set up a
Investment Committee (IC)
Central Compliance Committee (CCC) under the leadership of the
The five-member Investment Committee looks after investment in Chief Anti Money Laundering Compliance Officer (CAMLCO). The
the capital market and meets whenever required. They oversee and CCC shall advice and guide ML & TFPD to issue instructions to
monitor to ensure that the investment decisions are carried out as branches, where transaction monitoring system, internal control
per approved strategies and investment policies. The committee system, policies and techniques will be included to prevent money
regularly monitors the bank’s holdings of shares and capital market laundering and terrorist financing. The CCC is expected to implement
and enforce the strategy and activities regarding prevention of
exposures and ensures keeping investment within prescribed limits
money laundering and terrorist financing risks in all areas of the
(currently 25% of the prescribed capital) as set by the central bank.
bank and will report directly to the Managing Director & CEO.
Sustainable Finance Committee Authorities and responsibilities of the CCC is the prime mover of
the bank for ensuring compliance to AML & CTF measures. Its main
The Sustainable Finance Committee (SFC) oversees and supervises
responsibilities are to:
all activities related to the environment, green finance and
sustainability through the Sustainable Finance Unit (SFU). The • Determine the organizational strategy and program as the
committee is headed by the AMD & CBO. Operational Head of bank’s own policy to prevent risks associated with ML &TF.
Sustainable Finance acts as Member Secretary and Senior Manager
of Sustainable Finance acts as Focal Member of the SFC. • Review the organizational strategy and program from time to
time to prevent risks associated with ML & TF.
Purchase Committee
• Review the overall compliance status of the bank and take
The five-member Purchase Committee plays an instrumental role necessary decisions and give related instructions for prevention
in the procurement procedures of the bank. of money laundering and terrorist financing.
IT Steering Committee • Review and submission of half yearly report on AML/CTF

compliance to the regulator (BFIU).
The roles and responsibilities of the IT Steering Committee are to
• Nominate the Anti-Money Laundering Compliance Officer at
monitor the progress of achieving IT-related strategic goals and
the branch-level
provide guidance related to risk, funding or sourcing. It also ensures
project priorities and assesses feasibility for ICT proposals, consults • Give instructions to ML & TFPD for the prevention of money
and advises on the selection of technology, while maintaining laundering and terrorist financing.
standards to ensure compliance with regulatory and statutory
requirements. Cost Control Committee (CoCC)
ICT Security Committee The Cost Control Committee (CoCC) of the bank holds the important
function of identification opportunities for cost optimisation across
The roles and responsibilities of the ICT Security Committee are the organisation. Towards this end, it focuses on either minimising
to ensure the development and implementation of ICT security or eliminating a non-value adding activity to control costs, or it looks
objectives, ICT security related policies and procedures. It also to enhance productivity through reallocation of resources, which
provides ongoing management support to the information security also yields cost benefits. The CoCC always holds the position that
processes to make sure continued compliance with the business cost control or downscaling adds to the profitability of the bank,
objectives and regulatory and legal requirements related to ICT especially in an environment where this source is an important
security. driver of profitability.

Value creation through
Corporate Governance
An efficient system of corporate governance is the foundation account long-term goals and the generation of value for all
of a prosperous organisation. At City Bank, we acknowledge stakeholders. This framework also enables performance evaluation,
the significant impact it has on various essential aspects of our ensuring that our activities and actions are in line with the strategic
business operations. objectives and contribute to long-term success and shared growth.
Risk control and governance Sustainable operations

Effective leadership is facilitated by a strong corporate governance City Bank recognises the crucial correlation between robust
framework that emphasises sound risk management. Well-defined governance principles and sustainable business operations. By
lines of duty and accountability enable leaders to make well- adhering to ethical procedures, we not only protect the bank,
informed decisions while reducing potential risks. The internal but also promote a culture of trust and accountability among all
control system, which is an essential component of effective stakeholders. Consequently, this enhances the basis for generating
governance, detects and mitigates both internal and external risks enduring value.
before they may have any adverse effects on the bank.
City Bank considers corporate governance to be more than just a
Performance superintendence formal requirement, but rather a strategic catalyst for achieving
success. Our governance principles facilitate successful leadership,
A structured approach to governance provides a methodical minimise risks, direct strategic planning, and advocate for
framework for strategic planning. City Bank employs governance sustainability, ensuring a prosperous future for the bank and all its
principles to provide a clear direction for the future, taking into stakeholders.
Proper Business
Environment For Value
Creation
Leadership
Risk Identification
and Mitigation Value Created
ROE: 17.6%
ROA: 1.2%
Strategic Planning EPS: 5.0
PAT: 6,151mn
Performance Monitoring Value Creating

Business Model

Governance
At City Bank
Report
At City Bank, corporate governance is the system of principles, These pillars are backed by strong internal controls, compliance
policies, procedures and clearly stated responsibilities and structures and MIS capabilities at the bank.
accountability developed by stakeholders to circumvent inherent
conflicts of interest and ensure responsible organisational Board of Directors
stewardship. The purpose of corporate governance is to facilitate
effective and prudent management of the business so as to enable City Bank’s Board of Directors is constituted by 11 (eleven)
long-term value creation for all stakeholder groups.
directors, including Managing Director (Ex-Officio). Board members
Hence, the role of corporate governance is characterized by: include individuals of high caliber with academic and professional
qualifications in the field of business, and other professionals with
• Elimination or mitigation of conflicts of interest, particularly longstanding industry experience. This strengthens the effective
those between the management and shareholders
discharge of duties and responsibilities by the Board.
• Assurance that the bank’s assets are used efficiently and
effectively and in the best interests of shareholders and The Board approves the bank’s budget and business plans and also
stakeholders reviews those on a monthly basis so that directions can be given as
per changing economic and market environments. The Board also
From the view point of conflicts of interest, two relationships are reviews the policies and manuals of various segments of business
the primary focus of most systems of corporate governance:
of the bank in order to establish stronger operational capabilities.
• Between the management and shareholders The Board and the Executive Committee also review the policies
• Between the directors and shareholders and guidelines issued by Bangladesh Bank regarding credit and
other operations. The management operates within the policies,
The Board of Directors represent a critical component of the
systemic checks and balances that underpin the core of corporate manuals and limits, as approved by the Board. Regular meetings
governance. Board members have a shared responsibility to make of the Board are held, with a frequency of at least once in a month.
decisions that are in the best long-term interests of shareholders.
In order to do so effectively, Board members require a combination Appointment of directors
of the following:
The members of the Board of City Bank are appointed according
• Independence
• Experience to the provisions of the Companies Act, 1994, the Bank Company
• Resources Act, 1991 (amended up to 2013), Corporate Governance Guidelines
of BSEC, and Guidelines of Bangladesh Bank and Articles of
Corporate governance practices at City Bank Association of the bank.
City Bank is guided in its corporate governance practices by two
The Board comprises experienced members with diverse
regulatory bodies:
professional expertise and knowledge in the realms of business,
• Bangladesh Bank (central bank of Bangladesh) banking and finance, IT, accounting, marketing, administration
• Bangladesh Securities and Exchange Commission (BSEC) and engineering, which makes the Board diverse, proficient and
The bank’s corporate governance philosophy encompasses not balanced in guiding the bank to achieve its desired objectives.
only regulatory and legal requirements, but also various internal
rules, policies, procedures and practices anchored on global best Meetings of the Board of Directors
practices. City Bank attaches a simple meaning to corporate
governance, which is due diligence in observing responsibilities The Board of Directors holds meetings on a regular basis. At each
by the Board as well as the management to safeguard interests meeting, the management provides information, references and
of stakeholders, i.e. depositors, shareholders, employees and the detailed working papers for each agenda to all Directors for review,
society as a whole. at least seven days prior to the meeting. The Chairman of the Board
At the bank, our four essential pillars of good governance comprise: allocates sufficient time for the directors to consider each agenda
in a prudent way, and allows them to freely discuss, inquire and
• Accountability
• Transparency express opinions on the topics of interest at the meeting in order
• Responsibility to fulfil their duties and uphold their responsibilities to the best of
• Fairness their capabilities.

During the year 2023, 25 Board meetings were held and attendance recorded, as follows:
Name Position within the bank No. of meetings held No. of meetings attended
Mr. Aziz Al Kaiser Chairman 25 21
Mr. Hossain Khaled Vice-Chairman 25 25
Mr. Hossain Mehmood Nominated Director 25 25
Mr. Rajibul Huq Chowdhury Director 25 17
Mrs. Syeda Shaireen Aziz Director 25 23
Mrs. Savera H. Mahmood Nominated Director 25 23
Ms. Rebecca Brosnan Nominated Director 25 24
Dr. Salim Mahmud Independent Director 25 20
Mr. Matiul Islam Nowshad Independent Director 25 25
Mr. Rubel Aziz Director 25 6
Board Meeting Procedures and Frequency

The Board typically convenes twice a month, with the option to schedule additional meetings, if needed. Management provides detailed
information, references and discussion papers on each agenda item to all Directors well before the Board meeting. The Directors are
expected to come prepared for Board meetings and actively participate in Board discussions. A Director is expected to recuse himself/
herself from participating in any meetings if an agenda item refers to a matter in which he/she has an interest. This is done to allow the
Board to deliberate on the matter without undue influence.
The Company Secretary maintains minutes of all matters discussed at Board meetings. Board minutes are circulated to all Directors by
the Company Secretary subsequent to the Board meeting, inviting Directors to share their comments regarding the minutes. Significant
matters that warrant broader discussion are incorporated into the agenda for the next Board meeting.
The Company Secretary, as per instructions of the Chairman of the Board, takes the necessary steps to organise regular Board meetings
throughout the year.
Ownership Composition
As on 31 December 2023, Directors and sponsors of City Bank held 30.88% of the total shares of the bank, as compared to 30.71% at year-
end 2022. Percentage of shareholding as on 31 December, 2023 is given below:
2023 2022
Composition
No. of shares held % of total shares No. of shares held % of total shares
General public 451,957,374 36.91% 452,675,820 37.70%
Directors and sponsors 378,198,111 30.88% 368,750,592 30.71%
Institutions 334,831,554 27.34% 315,653,778 26.29%
Foreign shareholders 59,631,838 4.87% 63,526,553 5.29%
Total 1,224,618,877 100.00% 1,200,606,743 100.00%
Directors’ shareholding status

As per BSEC Notification dated 21 May, 2019, each Director other than independent and depositor’s director(s) of any listed company shall
hold minimum 2% (two percent) shares of the paid-up capital. Otherwise, there shall be a casual vacancy of director(s).
All sponsors, excluding independent directors of a company, listed with any stock exchange shall jointly hold minimum 30% (thirty percent)
shares of the paid-up capital of the company. All eligible directors of the bank have acquired the necessary number of shares to comply with
this notification.

Governance
At City Bank
Shareholding structure of the directors of City Bank is as follows (as Non-Executive Directors
of 31 December, 2023)
There is no shareholder holding 10% or more voting interest in City
Percentage of Bank.
Name Position within the bank
shareholding
The Managing Director is the only Executive Director on the Board
Mr. Aziz Al Kaiser Chairman 2.77%
of Directors of the bank. All other Directors, including the Chairman,
Mr. Hossain Khaled Vice-Chairman 2.20% are the Non-Executive Directors.
Mr. Rubel Aziz Director 2.27%
Mr. Hossain Nominated Director 2.00% Independent Directors
Mehmood
Mr. Rajibul Huq Director 2.01% In compliance with the Corporate Governance Guidelines of Bangladesh
Chowdhury Securities and Exchange Commission (BSEC) and as per Section-15
Mrs. Syeda Shaireen Director 2.00% of Bank company (Amendment) Act-2018 regarding appointment
Aziz of new directors and the guidelines given by Bangladesh Bank in
BRPD Circular No. 02 dated 11 February, 2024, the Bank appointed 2
Mrs. Savera H. Nominated Director 2.00%
Independent Directors observing all required formalities.
Mahmood
Ms. Rebecca Nominated Director 4.95% Independent Directors’ Independence
Brosnan
Dr. Salim Mahmud Independent Director Nil As per existing rules and regulations, Independent Directors are
Mr. Matiul Islam Independent Director Nil required not to have any significant relationship, whether pecuniary
Nowshad or otherwise, with the bank, its top management or the Board. City
Mr. Mashrur Arefin Managing Director & CEO Nil Bank complies with the requirement and appoints Independent
Directors who do not hold any shares in the bank and do not have
Shareholding by the MD & CEO, CFO, Company Secretary, Head of ICC and their any family or other relationship with its Board of Directors and
spouses
executive management
No. of No. of Separation of Chairman and Chief Executive Officer roles

Name Designation Name of spouse
shares shares
Mr. Mashrur Managing Nil Mrs. Farhana Nil In compliance with Bangladesh Bank BRPD Circular No. 06, 04
Arefin Director & Mashrur February, 2010 and Clause 1.4 of BSEC Corporate Governance
CEO Guidelines dated 7 August, 2012, it has been reported that
the Chairman of the Board, Mr. Aziz Al Kaiser had been elected
Mr. Md. AMD & Nil Mrs. Sanjeda Nil from among the directors. There are clear and defined roles and
Mahbubur Chief Afrin Ashraf responsibilities of the Chairman and the Chief Executive Officer.
Rahman Financial
Officer The Chairman of the Board approves the agenda for the Board
Mr. Md. Kafi Company Nil Mrs. Nargis Nil meetings, assisted by the Managing Director & CEO and the
Khan Secretary Sultana Company Secretary. Regular agenda items include approving
credit beyond CEO’s authority and aspects of the bank’s corporate
Mr. A K M Head of ICC Nil Mrs. Farzana Nil
strategy, financial performance, core risks and credit policies,
Saif Ullah Mannan
corporate governance, CSR and organizational structure, human
Kowchar
resource policy, customer and service strategies, procurement
Shareholding by top-5 Salaried Executives policies, etc.
On the other hand, MD & CEO, being the head of the management
No. of team, is accountable to the Board and its committee to run and
Name Designation
Shares manage the bank in accordance with the prescribed policies, principles
and strategies, established by the Board as well as rules, regulations
Mr. Sheikh Additional Managing Director &
Nil and guidelines from the central bank, BSEC and other regulatory
Mohammad Maroof Chief Business Officer
authorities. The management’s primary responsibilities are as follows:
Mr. Mohammad Additional Managing Director &
Nil • Manage the operations of the bank, safeguarding interests
Mahbubur Rahman Chief Financial Officer
of customers and other stakeholders in compliance with the
Additional Managing Director, highest standards of ethics and integrity
Mrs. Mahia Juned Chief Operating Officer & Nil
CAMLCO • Implement policies and strategic direction, as established by
the Board
Mr. Kazi Azizur Deputy Managing Director &
Nil • Establish and maintain a strong system of internal control
Rahman Chief Information Officer
Mr. Md. Zafrul SEVP, Head of Digital Financial • Ensure the bank’s compliance with applicable legal and
Nil
Hasan Services regulatory requirements

Responsibilities of the Chairman of the Board • The CEO shall include information on violation of any laws,
rules, regulations, including Bank Company (Revised) Act,
City Bank's Chairman fulfills a critical leadership role, with overall 2018 while presenting memorandums before the Board or the
responsibilities encompassing: Committees formed by the Board
• Act as the bank’s lead representative, explaining aims and • The CEO will provide all information to Bangladesh Bank about
policies to shareholders the violation of Bank Company (Revised) Act, 2018 and/ or any
violation of laws, rules and regulations
• Ensure no participation in or interference in the administrative
or operational and routine affairs of the bank • The recruitment and promotion of all staff of the bank, except
those two tiers below him, shall rest on the CEO. He shall act
• Ensure that the Board sets and implements the bank’s direction
and strategy effectively in such cases in accordance with the approved service rules on
the basis of the human resource policy and sanctioned strength
Specific Responsibilities of employees, as approved by the Board. The Board or the
Chairman of any committee of the Board or any Director does
Specific responsibilities of the Chairman, among others, are to: not get involved or intervenes in such affairs
• Provide overall leadership to the Board, leading from the front • The authority relating to transfer of and disciplinary measures
and working closely with the MD & CEO against staff, except those two tiers below the CEO, shall rest
upon him, which he shall apply in accordance with the approved
• Take a leading role in the determination of composition and service rules. Besides, under the purview of the human resource
structure of the Board, which will involve regular assessments
policy, as approved by the Board, he shall nominate officers for
of the:
training. Besides, the CEO shall assume any other responsibility
Size of the Board the Board assigns within the purview of the rules, regulations,
acts and articles of the bank
Interaction, harmony and involvement of the Directors
Annual Appraisal of Board’s Performance
• Set the Board’s agenda and plan Board meetings
Shareholders elect Directors at the Annual General Meeting (AGM).
• Chair all Board meetings, directing debate towards consensus Directors are accountable to shareholders. At the AGM, shareholders
can speak freely about the performance of the bank and make
• Ensure that the Board receives appropriate, accurate, timely
critical observations to the Board. The Chairman replies to their
and clear information
queries made during the meeting. Their constructive suggestions
• Chair the AGM and other shareholders’ meetings to foster are noted and implemented for qualitative improvements. As per
effective dialogue with shareholders our existing policy, no formal annual appraisal of the Board takes
place in the bank.
• Ensure that the views of the shareholders are communicated
to the Board Annual Evaluation of the Managing Director & CEO by
the Board
• Work with the Chairman of Board Committees
In line with the bank’s vison and mission, the Board defines the roles
• Conduct on-site inspection of any bank-branch or financing
and responsibilities of the Managing Director & CEO. Managing
activities under the purview of the oversight responsibilities of
Director & CEO is evaluated by the Board on the basis of goals set
the Board
for him at the beginning of each year. The annual financial budget
Roles and Responsibilities of the CEO and other objectives are discussed, reviewed and finalised by the
Board at the start of the financial year. The Board considers both
The chief responsibilities and authorities of the Managing Director financial and non-financial goals during the appraisal.
& CEO are enumerated below:
Evaluation based on Financial Performance
• In terms of the financial, business and administrative authorities
vested upon him by the Board, the CEO shall discharge his Evaluation based on financial performance is emphasised on
responsibilities in a sound and accountable manner. He annual budget, i.e. revenue earning for the bank, reduction in the
shall remain accountable for achievement of financial and NPL ratio, etc. At the end of each quarter, the Managing Director &
other business targets by means of business plans, efficient CEO is evaluated based on the financial targets. The evaluation is
implementation thereof and prudent administrative as well as done based on:
financial management
• Achievement of targets against the budget
• The CEO shall ensure compliance of the Bank Companies
(Revised) Act, 2018 and/or other relevant laws and regulations • Achievement of targets against the achievement of those
in the discharge of his functions in the bank targets in the previous year

Governance
At City Bank
Bank’s Financial Goals and Performance (BDT mn)
2023 2022
Particulars
Goals Achievement Goals Achievement
Loans and advances 397,394 396,078 350,342 354,774
Deposits 377,798 392,510 329,984 331,890
CRAR 13.5% 15.8% 13.5% 14.5%
% of NPL 3.8% 3.6% 4.2% 3.9%
Profit after tax 4,401 6,151 4,502 4,508
Cost to income ratio 59.9% 51.1% 56.0% 51.9%
ROA 0.8% 1.2% 1.0% 1.0%
ROE 12.6% 17.6% 13.7% 14.1%
Evaluation based on non- financial goals The primary topics of training are:
The Managing Director & CEO is also evaluated based on non- • Overall banking business in line with good governance
financial goals in an ongoing basis. The non-financial criteria
include, but are not confined to matters such as: • Corporate governance in banks - international best practices
• The confidence of shareholders in the CEO, as reflected in the • Banking Companies Act and stipulations on corporate
stock price of the company governance
• The relationship of the company with the regulators • Corporate governance regulations for banks in Bangladesh
• The confidence of customers in the CEO, as reflected through • Benefits provided to Directors and Managing Director
continuous development of the bank’s value propositions
• Directors are entitled to fees for attending the Board / Executive
In addition, at the end of each year, an annual assessment and Committee meetings (please refer to the Notes to the Financial
evaluation of the achievements of pre-agreed targets is done. Statement No. 37)
Board considers the improvement in the scores for CAMELS rating
at the time of evaluation. During this evaluation, deviations from • Managing Director is paid salary and allowances as per approval
target, if any, and the reasons thereof are discussed and assessed. of the Board and Bangladesh Bank (please refer to the Notes to
Moreover, MD & CEO’s quality of leadership to accomplish better the Financial Statement No. 36)
performance is always expected.
City Bank has fully complied with Bangladesh Bank Circular and
Guidelines.
Policy Training of Directors
Most of the Directors of the bank are on the Board for many years. Appointment of external auditors
They have acquired sufficient knowledge and acumen to lead
The Board of Directors of the bank at its 30th Annual General
the bank well on the path of progress. The latest legislations on
Meeting held on 10 May, 2023 appointed M/s Howladar Yunus &
the financial sector and directives of regulatory bodies are made
Co., Chartered Accountants as the statutory auditor for the year
available to them for their instant information access in order
2023.
for them to discharge their responsibilities effectively. They also
attend various seminars and symposiums on corporate governance
Services not provided by external auditors
organized by different professional bodies.
As per BSEC guidelines, City Bank had appointed M/s Howladar
Corporate Governance Training and Objectives Yunus & Co., Chartered Accountants, involved in the statutory audit
only and not in any of the following during the year 2023:
Corporate Governance comprises a set of transparent relationships
among the institution’s Management, Board, shareholders and • Appraisal or valuation services or fairness opinions
other stakeholders. With this in view, City Bank continuously
organizes training on “Orientation on Banking Business under Good • Designing and implementing financial information system
Governance", where there is all-round employee participation. • Book-keeping or other related services

• Broker-dealer services inspection report on the head office. Our response will be sent to
Bangladesh Bank and will also be placed to the Board of Directors
• Actuarial services
in a special meeting of representatives of Bangladesh Bank and
• Internal audit services related management personnel of the bank within the timeline of
• Any other services of the audit committee the regulation.
No partner or employee of M/s Howladar Yunus & Co., Chartered Governance of Board of Directors of Subsidiary Company
Accountants, possessed any share of the bank during the tenure of
their audit assignment at City Bank. City Bank operates as a parent company with a well-defined
governance structure. This structure ensures the Board maintains
Central Bank Inspections awareness of material risks and issues impacting both City Bank
and its subsidiaries.
The first phase quick-summary inspection on City Bank’s 2022
financials by Bangladesh Bank (BB) was closed via the tri-patriate Effective Subsidiary Oversight
meeting held 22nd March 2023 among the central bank, external
auditors and the bank, with the 2022 financials approved by 3rd City Bank’s Board exercises appropriate control over its subsidiaries
April 2023. The central bank commenced the second phase of while respecting their independent legal and governance
their comprehensive inspection on the head office from 3rd August frameworks. This balanced approach safeguards the interests of
2023 and completed the same in November 2023. Bangladesh the entire corporate group.
Bank also conducted comprehensive inspection on a number of
branches as well as all core risk areas and issued its reports. The City Bank Subsidiaries:
bank extended full cooperation and provided satisfactory and
• City Bank Capital Resources Limited: Providing investment
appropriate explanations and evidence to meet the requirements of
banking services
all inspections, leading to satisfactory closure of inspection tasks.
• City Hong Kong Ltd.: Extending City Bank's reach and global
Issue Closure of previous DBI Inspections presence
2023, Bangladesh Bank sent 140 letters for compliance and • City Brokerage: Providing comprehensive brokerage services to
further follow-ups of previous compliance on branches. A sum clients
total of 2,127 issues were raised by the central bank, out of which
2,014 issues have been closed. Issue closure percentage stands • City Money Transfer: Facilitating efficient money transfer
at 95%, a sound achievement testifying our compliance standards services
and documentation practices. The remaining 113 issues are mostly
routine updates related to loan recovery, legal status, etc. This apart, By maintaining a well-coordinated approach to governance, City
139 issues were identified in the Bangladesh Bank comprehensive Bank fosters a strong and sustainable corporate structure for itself
and its subsidiaries.

Governance
At City Bank
Structure
Brand &
Digital Financial Communications
Services and

Ethics and Compliance
Ethics and Compliance at City Bank Insider Trading
City Bank's success hinges on trust. Clear ethical guidelines and City Bank takes a firm stance against insider trading. To safeguard
a code of conduct form the bedrock of this trust. They guide fairness and ethical conduct, board members are prohibited from
employees in every interaction, ensuring fairness and integrity. buying or selling the bank's stock while possessing confidential,
This not only safeguards the bank but fosters a culture of honesty. unpublished information about City Bank or any other company.
The code sets expectations, empowering employees and creating This information could include upcoming mergers, acquisitions, or
a level playing field. Ultimately, these frameworks showcase City financial results. Sharing this information with others who might
Bank’s commitment to ethical practices, solidifying its reputation trade on it is also strictly forbidden. Insider trading is an illegal
as a trustworthy institution. practice because it grants board members an unfair advantage,
prioritizes personal gain over fiduciary responsibility, and potentially
Code of Conduct and Ethical Guidelines manipulates the stock's value. By upholding these high standards,
City Bank protects investors and fosters a trustworthy market
For City Bank, code of conduct and ethical guidelines serve as a environment
principled guide, fostering trust, integrity and accountability in our
operations and across our wider organization. It helps us uphold Fraud Management
high standards of behaviour, ensuring fair treatment to customers,
compliance with regulations and ethical decision-making. By City Bank recognize’ that a robust anti-fraud stance is essential in
adhering to our code of conduct, we are able to assuage risks, today's financial landscape. Organizations lacking strong defenses
protect our reputation and maintain stakeholder confidence, are significantly more susceptible to fraud attempts. To combat
ultimately contributing to the long-term sustainability and this threat proactively, City Bank has established a dedicated Fraud
success of the financial services sector. Detailed code of conduct is Risk Management Division under the leadership of the Chief Risk
mentioned in page No 12. Officer. This division takes a comprehensive approach, proactively
identifying and mitigating potential risks.
Dissemination of the statement of ethics, business
practices and code of conduct Ensuring Confidentiality of Information
To ensure everyone at City Bank PLC is on the same page regarding City Bank prioritizes the privacy and confidentiality of all information
ethical behavior, the bank has a comprehensive statement outlining it gathers during its operations. This encompasses both customer
its ethics, business practices, and code of conduct. This document data and the bank's own confidential financial and business
isn't just for show – all employees are required to sign a declaration information. The bank only discloses such information when legally
form acknowledging their understanding of its contents. Human required.
Resource Division makes sure every employee understands and
agrees upon the Code of Conduct of the bank, fostering a culture of Furthermore, City Bank upholds the highest ethical standards.
ethical responsibility throughout the bank. This includes a strict policy against using any insider information,
such as customer details or internal documents, for personal
Leading by Example: The Board's Commitment to Ethics gain or unauthorized benefit. This unwavering commitment to
at City Bank confidentiality and ethical conduct builds trust and loyalty with City
Bank 's valued stakeholders.
City Bank’s Board of Directors takes a proactive stance in fostering
a culture of ethics and compliance throughout the bank. Their Board’s policy on IT Governance
commitment is clear: to uphold the highest standards of ethical
conduct among all employees. The Board actively encourages According to Bangladesh Bank’s Guideline on ICT Security For
management to prioritize ethics ’t all levels and provides ongoing Banks and Non-Bank Financial Institutions on May 2015, the
guidance on the bank's integrity policies. This leadership sets a Bank has prepared an IT Security Policy which deals operational
strong example and ensures that ethical behavior remains a core risk, physical security control, potential for wide area disaster, data
value at City Bank. center disaster, recovery plan an’ backup/restore plan.

Governance
At City Bank
Human Capital Driving our

Governance Standards
City Bank’s robust corporate governance standards are practiced, practices ensure employee objectives are aligned with the bank’s
stewarded and enhanced by our Human Capital comprising our long-term vision. Some of the keys ways by which we ensure
people at all levels of the organisation. This translates to a skilled our people uphold and practice the bank’s governance standards
and strategically aligned workforce, committed to business include:
undertaking in a responsible, ethical and upright manner. By
attracting, retaining and developing top talents that are aligned to • Promoting best practices in employment
our culture, City Bank ensures its employees possess the mindset, • Fostering a safe and inclusive work environment
behaviours and expertise necessary to achieve performance while
adhering to all rules and regulations through prioritisation of ethical • Upholding a fair, competitive and equitable occupation
conduct. Furthermore, the bank’s human capital management • Ensuring harmonious and cooperative working conditions
As a part of our focus on enabling our employees and teams located across our offices in Bangladesh to stay competitive while upholding our
code of conduct in their dealings with customers, etc., we have formulated a number of policies that support their performance, productivity
and output. These are mentioned hereinunder:
Policy Policy description Update, 2023

Grievance Policy Through the Grievance Policy, management encourages The bank’s Grievance Committee ensured due
employees to raise their concerns and ensures a fearless, confidentiality of the complaint and the complainant
focused and performance-oriented organisation. At the for the purpose of conducting proper investigation and
same time, employees are required to be respectful and resolution of the complaint and for taking necessary
compassionate while interacting with colleagues and action. Grievance Committee also takes necessary
stakeholders. steps to ensure protection of the complainant from
any reprisal. In 2023, 14 grievances were raised,
dealt with and resolved.
Speak Up Policy This program ensures prevention of harassment at the In 2023, 20 Speak Up programs were held, covering
workplace. Through this, we have initiated a pan-bank 1,200+ employees of the bank. We also expanded
awareness program, especially for branch managers, the base of Speak Up trainers by including a couple
department heads, unit heads and all female employees. of female senior leaders.
Our ongoing initiative of engaging female leaders in
various committees to discuss work-related issues and
provide ongoing support has fostered a sense of inclusion
and belongingness among our women employees.
Remuneration Policy The compensation and benefit policy of City Bank We continued to maintain sound remuneration and
expresses fair and equal treatment to all employees. compensation standards during the year 2023.
The bank believes in a performance-based pay Additionally, we also offered a number of benefit
and meritocratic culture. As such, an employee’s plans to our employees, including Provident Fund,
compensation is primarily determined by their career Gratuity Fund, leave encashment, etc. We also
record and performance and not by their gender, race, offered a number of fringe benefits, such as life
ethnicity or any other demographic parameter. insurance, health insurance, emergency financial
support, car loan, house building loan, maternity
leave benefits, day-care facilities, etc.

Internal Systems and Controls
Ensuring trust, transparency and responsibility guidelines and principles, as well as general banking norms.
• The bank’s Senior Management Team (SMT) and Management
The bank’s internal control system systematically identifies and
Committee (MANCOM), with the support of the Extended
analyses all significant risks that could compromise the Bank’s aims
Management Committee (EMC), oversee the overall
and objectives. It considers both internal and external factors in detail
management of the bank and determine the level of internal
during risk assessment. External factors encompass macroeconomic
control system that is appropriate and adequate for the bank.
conditions, pandemic evolution, foreign currency volatility, changes
in industry regulations, socio-political developments, geopolitical • Organizational and procedural controls, supported by an
challenges such as the wars in Europe and Asia, technological effective Management Information System (MIS), assist in the
advancements, and variations in country rules and regulations. prudent management of the bank’s exposure to risk.
• External auditors assess the internal control system while
The Internal Control & Compliance Division (ICCD) of the Bank
conducting their statutory audit.
evaluates and monitors all significant risks that could impede
the achievement of the bank’s goals. It emphasizes compliance • ICCD has been structured according to the mandated
with regulatory standards and social, ethical, environmental and organizational structure of Bangladesh Bank’s core risk
governance risks that may impact the banking system in its risk management guideline on ICC.
assessment. It ensures the reliability of financial and managerial • Control policies and procedures have been established and
information that supports enhanced strategic decision-making. control tests are performed by ICCD to ensure that control
ICCD also complies with laws, regulations and guidelines issued measures are appropriate.
by regulators and the bank’s own policies and procedures. Robust
internal controls allow the Bank to safely pursue more profitable • Updated internal control policies and manuals are issued on a
activities that would otherwise be deemed risky for a bank without regular basis.
these controls. Therefore, ICCD boosts public confidence in the Bank, • An independent audit mechanism monitors the effectiveness
ensuring operational integrity and reputation, while also enabling of organizational and procedural controls.
risk-based examination.
Additionally, a robust Risk-Based Internal Audit (RBIA) function
The ICCD of the bank functions independently as a division and has been established. The internal control function conducts
comprises four units (Audit & Inspection, Information Systems Audit, risk assessment that focuses on compliance with the Bank’s
Shari’ah Audit, and Compliance & Monitoring), which are responsible policies, as well as regulatory requirements and social, ethical and
for determining risks and assessing the overall business, operations, environmental risks, in order to ensure maximization of opportunity
credit portfolio, foreign exchange, treasury function, etc., of the bank through minimization of risk and to sustain the forward growth
on a regular basis. The main objective of ICCD is to assist and guide all outlook of the bank.
aspects of the Bank by allocating adequate resources for identifying
Branch risk and control matrix has been devised and is being
control deficiencies and adopting suitable measures to address them
updated regularly. Consequently, branches are now being audited
to ensure full compliance.
on an off-site basis in the standardized approach via a robust IT
The audit function of the bank , as a part of ICCD, operates platform with the support of all stakeholders, including branches,
independently and reports to the Audit Committee of the Board. operations and the Audit Committee of the Board. Risk and control
Likewise, the Shari’ah Audit function reports directly to the bank’s matrix for several Head Office functions have been devised and
Shari’ah Supervisory Committee (SSC). This framework is a vital are being utilized for audit purposes. Risk and control matrix of
component of the Bank’s three lines of defense risk model. Thus, the remaining divisions will be implemented in the current year
ICCD acts as a bridge between the Board, SSC and the Bank's (2024). Upon completion of audit of the branches/divisions/units or
management. A sound organizational structure has also been subsidiaries, the audit teams identify and escalate high-risk issues
established by promoting a dependable internal control culture to the leadership team along with relevant SMT/MANCOM/CEO
within the bank. level through discussion with an action plan for proper closure of
the issues in a sustainable manner with the aim of strengthening
The following is a summary of our status in establishing robust their risk and control environment. These teams also collaborate
internal controls across the bank, in alignment with regulatory with the branches/divisions/units and subsidiaries through a
requirements: comprehensive review of their policies, processes and SOPs in order
to identify any possible control gaps for process improvement.
• The Board of Directors has adopted a modern, scientific and
acceptable internal control and compliance process within the bank. Importantly, all regulatory requirements (including all instructions,
circulars and guidelines issued by Bangladesh Bank) have been duly
• The Audit Committee of the Board has developed an effective
implemented, and compliance is routinely monitored by ICCD and
procedure for financial reporting disclosures, designing a
RMD to test and determine effectiveness. Moreover, every year,
suitable internal control system and ensuring coordination with
ICCD prepares a detailed annual integrated report on the health
both internal and external auditors to minimize the occurrence
of the bank and submits it to the Board to assess strengths/
of business and operational risks.
development areas of the bank on the basis of certain key metrics.
• The Shari’ah Supervisory Committee ensures that the bank’s This helps foster a culture of governance and compliance across
Islamic banking business complies with Shari’ah laws, the bank.

Governance
At City Bank
Communication with shareholders

and stakeholders
City Bank: Shareholder Communication Channels providing shareholders the opportunity to analyze the information
and prepare questions or suggestions. Finally, City Bank fosters
Centralized Support open communication during the AGM by allowing shareholders to
freely voice their opinions and valuable insights, which are then
• The Share Department, overseen by the Company Secretary, documented for future consideration by the Bank's management.
serves as the primary point of contact for shareholders This combined effort fosters an environment where shareholders
and stakeholders. This department addresses inquiries and feel informed, engaged, and able to contribute meaningfully to the
concerns during business hours. Bank's direction.
Website Resources
Investor / Shareholder’s Grievance Policy
• Up-to-date information relevant to shareholders and
City Bank is committed to addressing any shareholder concerns
stakeholders is readily accessible on the City Bank website.
regarding share-related matters. This includes issues raised during
Dissemination of key updates: Annual General Meetings (AGM) or throughout the year, such as
difficulties with share transfer or transmission, delays in receiving
• Price-Sensitive Information (PSI): City Bank prioritises timely annual reports or dividends, and other share-related problems. The
dissemination of PSI through various channels: Bank prioritizes timely and lawful resolution of these concerns. City
Bank entrusts the Company Secretary with the responsibility of
National newspapers handling such matters, ensuring efficient and compliant solutions
Online news portals for shareholders.
Dedicated sections on the Dhaka Stock Exchange (DSE) Shareholders’ Satisfaction and Confidence in the bank
and Chittagong Stock Exchange (CSE) websites
City Bank’s Annual General Meeting (AGM) serves as a platform
City Bank website for shareholder evaluation and engagement. Shareholders actively
voice their opinions and concerns regarding the Bank's performance
• Press Releases: Significant events and announcements are
throughout the preceding year. This feedback, documented by
communicated via press releases distributed to newspapers.
the Board secretariat, holds significant weight and influences
• Meeting Notifications: Shareholders receive timely notices for: future company decisions. Notably, the AGM also functions as
the venue for electing the Board of Directors, directly reflecting
Annual General Meetings (AGMs). shareholder trust and approval. Furthermore, a rising share price
signifies shareholder satisfaction and confidence in the Bank's
Extraordinary General Meetings (EGMs) held, when overall direction. This interconnectedness between shareholder
necessary. participation and the Bank's success underscores City Bank's
commitment to transparency and accountability.
• Annual Reports: Delivered to all shareholders each year.
• Financial Statements: Published in newspapers for broader Reminders to Shareholders for Encashment of Dividends
public access.
City Bank ensures efficient distribution of dividends to its
Interactive Engagement shareholders through a multi-pronged approach. Bank transfers
• General meetings of shareholders provide a platform for direct and the BEFTN network are the primary methods, with mailed
interaction between the bank's management and shareholders. dividend warrants reaching those unreachable electronically.
Non-resident shareholders receive cash dividends via a security
Policy on Ensuring Participation of Shareholders at AGM custodian. Notably, bonus shares are credited directly to Beneficiary
Ownership (BO) accounts within 30 days of approval, following
City Bank actively encourages shareholder participation in Annual exchange and regulatory clearances.
General Meetings (AGMs) through a comprehensive approach.
This involves sending out notices well in advance (at least 21 Furthermore, the bank prioritises complete distribution by actively
days prior) to allow ample time for review and confirmation reminding shareholders to encash dividends, monitoring unclaimed
of attendance. Additionally, Annual Reports are circulated in payouts, and informing them of their right to claim any outstanding
accordance with relevant regulations, ensuring transparency and amounts.

Redressal of
Investors’ Complaints
Upholding Shareholder Interests
Information link
City Bank has always believed that upholding shareholder interests
and rights is crucial for its images as a publicly-listed company. This Linked to Key Material Matter: “Shareholder Relations”
is due to several factors:
Throughout the year 2023, we engaged in shareholder liaison,
resolving any complaints on shares, non-receipt of annual report
• Ensures legal compliance with laws and regulations
and/or dividend. We remained vigilant to ensure shareholder
• Maintains investor confidence and conviction in our company fulfillment.
• Promotes transparency, accountability and fairness in decision- As a key investor service, we attach a proxy form alongside our
making annual report to enable shareholders to nominate a proxy who can
• Enables access to capital, especially refinancing/ESG funds come and vote on their behalf at the Annual General Meeting if they
aren’t able to attend it.
• Aids long-term value creation
We remain steadfast in maintaining regular communication with
Establishing a transparent and ongoing communication channel our shareholders by conveying periodic updates on the bank’s
with regard to financial and strategic decisions is key to bolster quarterly and annual performance and also on other material
trust and serve the expectations of shareholders. developments.
Our Key Services
Transfer and Dividend Annual report Information on Updating bank Issuance of

transmission of facilitation dispatch quarterly and annual account for dividend shareholding/dividend
shares performance payment certificate
Re-issue of dividend Clarification on price Revalidation of dividend Dematerialization of Fulfillment of any issue
warrant sensitive information warrants share certificates raised by shareholders
(PSI)
WE ENSURE TIME-BOUND INVESTOR SERVICES
Redress Mechanism • Email address

• Dedicated helpline
We remain vigilant on the swift redress of any investor complaint. • Online portal of stock exchanges
We have a responsive system in place to ensure all complaints are • Fax
heard and resolved as quickly as possible. Shareholders can lodge • Courier
their complaints through the following channels:

Governance
At City Bank
Investors’ Complaints Redress Process

Investor complaints/queries can be dispatched to the
Lodging a complaint
following addresses:
A complaint can be lodged by the investor through the channels
described above or via the designated email: kafikhan@thecitybank. Registered Office:
com City Bank PLC
Acknowledgement City Bank Center, SE (D)- 3,28, Gulshan Avenue,
Gulshan-1, Dhaka-1212, Bangladesh
The complaint is forwarded to the complaint officer who
Email: info@thecitybank.com
acknowledges the receipt of the complaint and maintains a register
Web: www.citybankplc.com
to resolve the said complaint in a time-bound and satisfactory
manner. 1st Contact Point
Investigation Share Department
City Bank PLC
A thorough investigation is launched regarding the specifics of
11 Dilkusha C/A (1st Floor)
the complaint. This process may involve contacting the concerned
Dhaka 1000
parties, examining relevant documents, and conducting other
Email: neaz.khan@thecitybank.com
necessary checks.
Telephone: 02223356471
Communication Mobile: 01916590708
A communication channel is maintained to keep investors informed Escalation Point
of the progress of their complaint.
Mr. Md. Kafi Khan
Resolution Company Secretary
The bank takes appropriate steps to resolve the complaint based City Bank Center
on the findings of the investigation. 28 Gulshan Avenue
Gulshan 1, Dhaka 1212
Closure Email: kafikhan@thecitybank.com
The complaint is considered closed when a satisfactory resolution Mobile: 01788768666
is arrived at and acceptable to the concerned investor.
The annual report of the bank is published on the bank’s website (www.citybankplc.com) as soon as it is prepared, together with the
quarterly and annual financial statements and other material information.
Shareholder Communication the audited financial statements of the bank and put forward a few
suggestions too. A general outline of the queries and suggestions
We maintain a transparent communication link with our received from the last AGM are highlighted below:
shareholders throughout the year. We ensure this in the following
ways: • Clarification regarding the appointment of Independent
Directors
• Publishing price sensitive information (PSI) in national dailies
and in online news portals, also dispatched to the DSE and CSE • Foreign exchange deficit faced by the country and City Bank’s
and on the bank’s website total foreign exchange transactions of 2022
• Releasing press statements on the bank’s significant events • Sustainability regarding the loans and advances position in
2022
• Sending notices of AGMs and EGMs, as necessary
• Sudden increase of interest expense of fixed deposits in 2022
• Annual report of the bank dispatched to shareholders every
year • Increase in investment in Government Securities in 2022 vs.
• Issue of Rights Offer Document (ROD), when relevant 2021
• Publishing financial statements in the newspaper • Increase in operating expenses due to employee costs in 2022
• Organizing general meetings of shareholders • Decline in NPL and BL in 2022 and subsequent increase in
loans and advances income
• Utilizing electronic and other communication modes to reach
out to shareholders • Increase in non-earning assets by 11% in 2022
Synopsis of Q&A Session at the last AGM On behalf of the Board of Directors, the Managing Director
and CEO of the bank responded to the queries of our esteemed
At the 40th Annual General Meeting (AGM) of City Bank, shareholders, giving explanation with relevant facts and figures to
shareholders and investors raised valuable questions regarding their satisfaction.

Dividend Policy
Preamble Bank would utilize the following funds in distribution of the dividend
as below:
The proposed dividend policy balances the dual objectives of
appropriately rewarding shareholders through dividends and • Current Years’ profit
retaining capital in order to maintain a healthy capital adequacy
ratio to support future growth. This policy would help the bank • Previous years retained profit
to conserve capital and ensure the growth objective of the bank
that generates future profitability. The bank has a consistent track • General Reserve, if any
record of moderate dividend declarations over its history. The bank
• Dividend equalization fund, if any
needs to adopt a formal dividend policy governing the payment of
dividend. Distribution of Dividend of City Bank will be as set forth in • Share premium
this policy along with the applicable rules and regulations prevailing
at the time of distribution or declaration of dividend. • Any other Reserve fund which is created out of profit
There are a number of ways to determine the distributable profit Restriction on Dividend Payout
or dividend.
No dividend shall be paid if:
Stable Dividend Model
• All preliminary expenses, including the commission on sale of
Stable dividend policy focuses on stable dividend rate although the shares and brokerage have been written-off completely
earning may be volatile year to year. This dividend policy aims at
aligning the dividend growth rate with the company’s long term • The bank has failed to maintain sufficient capital as per
earnings’ growth rate. A stable dividend policy could be gradually Bangladesh Bank requirements
moving towards a towards a target dividend payout ratio. This
model reduces the chances of speculation in the stock market and • The bank has not provided sufficient provision for loans,
investors desiring a fixed rate of return. investment and other assets
Constant Dividend Payout Model Dividend cannot be distributed out of unrealized profit or gain like
deferred tax assets (net of deferred tax liability), unrealized gain on
A payout ratio is the percentage of total earnings paid out as shares or government bond etc.
dividend. The constant payout ratio represents the proportion of
earnings that the bank plans to pay out to the shareholders. In such Cash dividend can be declared/ distributed up to 20% without
model, the amount of dividend would vary directly with earnings creating any Dividend Equalization fund (as per BRPD Circular 18,
and gives no prediction of return to the shareholders. dated 20 October 2002). Cash dividend declared /distributed in
excess of 20% shall have to maintain a dividend equalization fund
Residual Dividend Model equivalent to the Cash Dividend declared in excess of 20%.
In this model, Dividend payment shall be based on earnings less General Clause
funds as required by bank to retain for future capital requirement and
growth of business. This model is based on target capital structure • Dividend shall be declared and paid in proportion to the amount
and external access to rising of capital for regulatory purpose. The paid on shares.
residual dividend Model is more suitable for institutions that mainly
aim for creation of value and maximization of wealth. • Bank may from time to time pay to the shareholders' such
interim dividend as appear to the directors to be justified by the
Considering the convenience and flexibility regarding the model of profit of the company.
dividend payment, residual dividend model is most suitable and
appropriate for the bank as it has to company with the regulations • The Bank in the general meeting may declare dividends, but no
as set by Central Bank, Bangladesh Securities & Exchange such dividend shall exceed the amount recommended by the
Commission and Company Act along with the standards as set in directors.
the Bangladesh Financial Reporting Standards (BFRS).
• No dividend shall bear any interest thereon.
Mode of Dividend Payment
• Dividend declared shall be paid or distributed as per directives
Bank May declare both cash dividend and stock dividend based set out in the regulations of Bangladesh Securities & Exchange
on availability of fund and after fulfillment of certain regulatory Commission, Bangladesh-Bank and any other authority as
conditions. enforceable to the Bank.
Utilization of Fund for Dividend This policy will be reviewed in every three years' interval.

Governance
At City Bank
Policies and Practices

of City Bank
City Bank complies strictly with all applicable laws and rules that control how it conducts business as a financial institution. It has created a
strong structure of internal policies and procedures with painstaking attention to detail with the goal of encouraging steadfast compliance
and advancing good governance practices. City Bank adheres to a wide range of regulatory requirements, corporate guidelines, and industry
best practices, including but not limited to the following:
Internal Policy & Practices Regulatory Policy & Practices

Risk Management Guidelines of City Bank Companies Act, 1994 (with subsequent amendments)
Investment Policy Bank Company Act 1991 (with subsequent amendments)
Market and Liquidity Risk Management Framework Bangladesh Bank Order, 1972
Counterparty Risk Assessment Methodology Securities and Exchange Ordinance, 1969
Procurement Policy & Procedure of City Bank Securities and Exchange Rules, 2020
CBL Money Laundering & Terrorist Financing Risk Management Policy Securities and Exchange Commission Act, 1993
Corporate Governance Code, 2018 (with subsequent
Money Laundering and Terrorist Financing Risk Assessment Policy
amendments) of BSEC
Guideline for Prevention of Trade-Based Money Laundering Dhaka Stock Exchange (Listing) Regulation, 2015
Cyber Security Policy CDBL Bye Laws
Prudential Regulations for Banks : Selected Issues (Issued by
Cyber Risk Management Framework
Bangladesh Bank)
ICT Security Policy Bangladesh Secretarial Standards (BSS) issued by ICSB
Fraud Prevention & Detection Policy Money laundering Prevention Rules 2019
Whistle blower Protection Policy Anti-Terrorism Act, 2009
Audit Guideline on Bank's Exposure on Customer Anti-Terrorism Rules, 2013
Audit Guideline on Treasury, Treasury Operation and Trade Support Division VAT and SD Act 2012
Sariah Audit Policy for the Bank Financial Reporting Act 2015
Recruitment Policy and Process First Schedule (section 38) of the Bank Company Act, 1991
Leave Policy & Process Negotiable Instruments Act, 1881
City Bank Employees’ Emergency Support Fund Policy The Customs Act, 1969
Grievance Management Policy Income Tax Act 2023
Career Development and Succession Planning
Reward and Recognition Policy & Process
Sexual Harassment Policy
Policy on CIty Bank Transport Management
Fixed Asset Policy
Policy and Guidelines on General Ledger
Policy on Delegation of Income Debit Authority
Policy on Head Office Allocation in Business Division
Guidelines on Fund Transfer Pricing
Dividend Policy
Payment Guideline
Process Guidelines for execution of sub-delegation of Financial Authority
CPM (Credit Policy Manual)
Mortgage & Redemption Process
Operational Process Guideline of CAD
Foreign Exchange Risk Management Guideline
Asset Liability Management Policy
Customer Segmentation Policy

Report of The Managing
Director and Ceo and The Chief
Financial Officer
Date : March 27, 2024
The Board of Directors
City Bank PLC
SE (D)- 3,28, Gulshan Avenue, Gulshan-1, Dhaka-1212, Bangladesh
Subject: Declaration by CEO & CFO on Financial Statements for the year ended on 31 December, 2023
Dear Sir(s),
Pursuant to the condition No. 1(5) (xxvi) imposed vide the Commission’s Notification No: BSEC / CMRRCD / 2006-158 / 207 / Admin / 80,
Dated 10 June, 2018 under section 2CC of the Securities and Exchange Ordinance, 1969, we do hereby declare that:
(1) The Financial Statements of City Bank PLC for the year ended on 31 December, 2023 have been prepared in compliance with
International Accounting Standards (IAS) or International Financial Reporting Standards (IFRS), as applicable in the Bangladesh and any
departure there from has been adequately disclosed;
(2) The estimates and judgments related to the financial statements were made on a prudent and reasonable basis, in order for the
financial statements to reveal a true and fair view;
(3) The form and substance of transactions and the Company’s state of affairs have been reasonably and fairly presented in its financial
statements;
(4) To ensure above, the Company has taken proper and adequate care in installing a system of internal control and maintenance of
accounting records;
(5) Our internal auditors have conducted periodic audits to provide reasonable assurance that the established policies and procedures of
the Company were consistently followed;
(6) The management’s use of the going concern basis of accounting in preparing the financial statements is appropriate and there exists
no material uncertainty related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going
concern.
In this regard, we also certify that:
(i) We have reviewed the financial statements for the year ended on 31 December, 2023 and that to the best of our knowledge and belief:
(a) These statements do not contain any materially untrue statement or omit any material fact or contain statements that might be
misleading;
(b) These statements collectively present true and fair view of the Company’s affairs and are in compliance with existing accounting
standards and applicable laws.
(ii) There are, to the best of knowledge and belief, no transactions entered into by the Company during the year which are fraudulent,
illegal or in violation of the code of conduct for the company’s Board of Directors or its members.
Sincerely yours,
Mashrur Arefin
Managing Director & Md. Mahbubur Rahman
Chief Executive Officer Additional Managing Director &
Chief Financial Officer

Governance
At City Bank
Declaration of Non-Compliance
with Regulatory Statutes and
Mandatory Requirements
After reviewing our operations for the year 2023, we are happy to report to our esteemed shareholders that City Bank has not found any
instance of non-compliance with the applicable regulatory laws and statutes. This means that our capacity to create value for our investors
has not been materially affected in any way.
City Bank is committed to remain in compliance at all times, especially given our market goodwill and the dynamic nature of the financial
industry’s regulatory landscape. Our commitment to upholding moral ideals and legal commitments is demonstrated in our ongoing
investments in strong internal controls and safeguards. Our Internal Control & Compliance works resolutely to stay updated on legislative
changes for the benefit of our shareholders and other stakeholders.
Md. Kafi Khan

Company Secretary

BANGLADESH BANK’S GUIDELINES FOR
CORPORATE GOVERNANCE AND OUR
COMPLIANCE STATUS
Status of Compliance of Bangladesh Bank’s Guidelines for Corporate Governance
Compliance
SL No. Particulars
Status
1. Responsibilities and authorities of the Board of Directors:
(a) Work-planning and strategic management
(i) The Board shall determine the objectives and goals and to this end shall chalk out strategies and work- plans Complied
on annual basis. It shall specially engage itself in the affairs of making strategies consistent with the determined
objectives and goals and in the issues relating to structural change and reorganization for enhancement of
institutional efficiency and other relevant policy matters. It shall analyze/monitor at quarterly rests the development
of implementation of the work-plans
(ii) The Board shall have its analytical review incorporated in the Annual Report as regard the success/ failure in
achieving the business and other targets as set out in its annual work-plan and shall appraise the shareholders of
its opinions/recommendations on future plans and strategies. It shall set the Key Performance Indicators (KPIs) for
the CEO and other senior executives and have it evaluated at times.
(b) Lending and risk management
(i) The policies, strategies, procedures etc. in respect of appraisal of loan/investment proposal, sanction, Complied
disbursement, recovery, reschedulement and write-off thereof shall be made with the board’s approval under the
purview of the existing laws, rules and regulations. The Board shall specifically distribute the power of sanction of
loan/investment and such distribution should desirably be made among the CEO and his subordinate executives
as much as possible. No director, however, shall interfere, directly or indirectly, into the process of loan approval.
(ii) The Board shall frame policies for risk management and get them complied with and shall monitor at quarterly
rests the compliance thereof.
(c) Internal control management
The Board shall be vigilant on the internal control system of the bank in order to attain and maintain satisfactory Complied
qualitative standard of its loan/investment portfolio. It shall review at quarterly rests the reports submitted by its
audit committee regarding compliance of recommendations made in internal and external audit reports and the
Bangladesh Bank inspection reports.
(d) Human resources management and development
(i) Policies relating to recruitment, promotion, transfer, disciplinary and punitive measures, human resources Complied
development etc. and service rules shall be framed and approved by the board. The Chairman or the Directors shall
in no way involve themselves or interfere into or influence over any administrative affairs including recruitment,
promotion, transfer and disciplinary measures as executed under the set service rules. No member of the Board
of Directors shall be included in the selection committees for recruitment and promotion to different levels.
Recruitment and promotion to the immediate two tiers below the CEO shall,
however, rest upon the board. Such recruitment and promotion shall have to be carried out complying with the Complied
service rules i.e. policies for recruitment and promotion.
(ii) The Board shall focus its special attention to the development of skills of bank’s staff in different fields of
its business activities including prudent appraisal of loan/investment proposals, and to the adoption of modern
electronic and information technologies and the introduction of effective Management Information System (MIS).
The Board shall get these programs incorporated in its annual work plan.

Governance
At City Bank
Compliance
SL No. Particulars
Status
(e) Financial management
(i) The annual budget and the statutory financial statements shall finally be prepared with the approval of the Complied
Board. It shall at quarterly rests review/ monitor the positions in respect of bank’s income, expenditure, liquidity,
non-performing asset, capital base and adequacy, and maintenance of loans. Loss provision and steps taken for
recovery of defaulted loans including legal measures.
(ii) The Board shall frame the policies and procedures for Bank’s purchase and procurement activities and shall
accordingly approve the distribution of power for making such expenditures. The maximum possible delegation
of such power shall rest on the CEO and his subordinates. The decision on matters relating to infrastructure
development and purchase of land, building, vehicles etc. for the purpose of Bank’s business shall, however, be
adopted with the approval of the board.
(f) Formation of supporting committee Complied
For decision on urgent matters an executive committee, whatever name called, may be formed with the directors.
There shall be no committee or sub-committee of the Board other than the Executive Committee and the Audit
Committee. No alternate director shall be included in these committee.
(g) Appointment of CEO
(i) The Board shall appoint a competent CEO for the bank with the approval of the Bangladesh Bank. Complied
(ii) The Board shall ensure fulfilling any other responsibility(ies) appropriately assigned by the Central Bank.
2. Responsibilities of the Chairman and Board of Director
(a) Chairman of the Board of Directors (or Chairman of any committee formed by the Board or any Director) does
not personally possess the jurisdiction to apply policy making or executive authority, he
shall not participate in or interfere into the administrative or operational and routine affairs of the bank. Complied
(b) The Chairman may conduct on-site inspection of any bank-branch or financing activities under the purview Compliance
of the oversight responsibilities of the board. He may call for any information relating to bank’s operation or ask
for investigation into any such affairs; he may submit such information or investigation report to the meeting of
the Board or the Executive Committee and if deemed necessary, with the approval of the board, he shall effect
necessary action thereon in accordance with the set rules through the CEO. However, any complaint against the
CEO shall have to be appraised to Bangladesh Bank through the Board along with the statement of the CEO.
(c) The Chairman may be offered an office-room, a personal secretary/assistant, a telephone at the office and a Complied
vehicle in the business-interest of the bank subject to the approval of the board.
3. Responsibilities of Advisor
The Advisor, whatever name called, shall advise the board of directors or the CEO on such issues only for which he No such
is engaged in terms of the conditions of his appointment. He shall neither have access to the process of decision- Advisor at
making nor shall have the scope of effecting executive authority in any matters of the bank including financial, the Bank.
administrative or operational affairs.
4. Responsibilities and authorities of CEO
The CEO of the bank, whatever name called, shall discharge the responsibilities and effect the authorities as follows: Complied
(a) In terms of the financial, business and administrative authorities vested upon him by the Board, the CEO shall Complied
discharge his own responsibilities. He shall remain accountable for achievement of financial and other business
targets by means of business plan, efficient implementation thereof and prudent administration and financial
management.
(b) The CEO shall ensure compliance of the Bank Companies Act. 1991 and/or other relevant laws and regulations Complied
in discharge of routine functions of the bank.
(c) The CEO shall clearly include any violation from Bank Companies Act, 1991 and/or any other related laws/ Complied
regulations in the Memo presented to the meeting of the Board or any other Committee(s) engaged by the Board.
(d) The CEO shall report to Bangladesh Bank of issues in violation of the Bank Companies Act. 1991 or of other Complied
laws/regulations and, if required, may apprise the Board post facto.

Compliance
SL No. Particulars
Status
(e) The recruitment and promotion of all staff of the bank except those in the two tiers below him shall rest on the Complied
CEO. He shall act in such cases in accordance with the approved service rules on the basis of the human resources
policies and sanction strength of employees as approved by the board. The Board or the Chairman of any committee
of the Board or any director shall not get involved or interfere into such affairs. The authority relating to transfer of
and disciplinary measures against the staff, except those at one tier below the CEO, shall rest on him, which he shall
apply in accordance with the approved service rules. Besides, under the purview of the human resources policy as
approved by the Board, he shall nominate officers for training etc.
5. Meetings of the Board of Directors
One meeting of the Board of Directors per month can be held usually but it can be more than one upon necessity. Complied
No less than one meeting of the Board in three months to be held.
6. Number of members of Executive Committee (EC) of the Board
Number of members of EC cannot exceed 7 members as per BRPD Circular. Letter No. 2 dated February 15, 2010 Complied
and more than one member from one family shall not be included in the EC as per BRPD Circular Letter No. 4 dated
March 14, 2010
7. Training of the Directors
The Directors of the Board will acquire appropriate knowledge of the Banking Laws and other relevant laws, rules Complied
and regulations to effectively discharge the responsibilities as a director of the Bank.

Governance
At City Bank
CITY BANK PLC CORPORATE

GOVERNANCE COMPLIANCE REPORT
ESS & Partners Private Ltd.
Corporate address
Rupsha Tower (6th floor), Flat 6A
Road 17, Banani C/A, Dhaka-1213
Registered address
Wakil Tower, Ta-131 (8th Floor), Gulshan
Badda Link Road, Gulshan, Dhaka-1212
T: +88 09613 770077

E: ask@essadvisory.com
Report to the Shareholders of W: www.essadvisory.com
City Bank PLC

On
Compliance on the Corporate Governance Code
We have examined the compliance status to the Corporate Governance Code by City Bank PLC (“the Company’’) for
the year ended 31 December 2023. This Code relates to the notification no. BSEC/CMRRCD/2006-
158/207/Admin/80 dated 03 June 2018 of the Bangladesh Securities and Exchange Commission and its subsequent
amendments as on the reporting date.
Such compliance with the Corporate Governance Code is the responsibility of the Company. Our examination was
limited to the procedures and implementation thereof as adopted by the Management in ensuring compliance to
the conditions of the Corporate Governance Code.
This is a scrutiny and verification and an independent audit on compliance of the conditions of the Corporate
Governance Code as well as the provisions of relevant Bangladesh Secretarial Standards (BSS) as adopted by the
Institute of Chartered Secretaries of Bangladesh (ICSB) in so far as those standards are not inconsistent with any
condition of this Corporate Governance Code.
We state that we have obtained all the information and explanations, which we have required, and after due
scrutiny and verification thereof, we report that, in our opinion:
(a) The Company has complied with the conditions of the Corporate Governance Code as stipulated in the
above-mentioned Corporate Governance Code issued by the Commission except the compliance with the
conditions of Nomination and Remuneration Committee (NRC) as the Bangladesh Bank, the banking
license granting authority to the company has not allowed them to form NRC;
(b) The Company has complied with the provisions of the relevant Bangladesh Secretarial Standards (BSS) as
adopted by the Institute of Chartered Secretaries of Bangladesh (ICSB) as required by this Code;
(c) Proper books and records have been kept by the Company as required under the Companies Act, 1994,
the securities laws and other relevant laws; and
(d) Except the above stated in clause (a), the Governance of the Company is satisfactory.
For ESS & Partners Private Ltd.
Dhaka, 09 April 2024 Mohammad Jobair Rahman Khan FCA

Director

City Bank PLC Corporate
Governance Compliance Report
Status of compliance with the conditions imposed by the Bangladesh Securities and Exchange Commission’s (BSEC) through Notification
No. BSEC/CMRRCD/2006-158/207/Admin/80, dated 03 June 2018, issued under section 2CC of the Securities and Exchange Ordinance,
1969 is presented below:
Compliance status
Condition (Put √ in the appropriate column)
Title Remarks
No.
Complied Not complied
1. Board of Directors
1.1 Board size
The number of Board Directors should not be less than 5 (five) and more
√
than 20 (twenty).
1.2 Independent Directors
(a) At least 02 (two) directors or one fifth (1/5) of the total number
of Directors in the Company’s board, whichever is higher, shall be √
independent directors.
(b)(i) Who either does not hold any share or holds less than 1% shares to
√
the total paid-up shares of the Company;
(b)(ii) Who is not a sponsor of the Company and is not connected with
the companies any sponsor or director or shareholder who holds
one percent (1%) or more share of the total paid-up shares of the
company on the basis of family relationship. √
Provided that spouse, son, daughter, father, mother, brother, sister
son-in-law and daughter-in-law shall be considered as family
members;
(b)(iii) who has not been an executive of the Company in immediately
√
preceding 2 (two) financial years;
(b)(iv) Who does not have any other relationship whether pecuniary
or otherwise, with the Company or its subsidiary/ associated √
companies or its subsidiary /associated companies;
(b)(iv) who is not a member or TREC (Trading Right Entitlement
√
Certificate) holder, director or officer of any stock exchange;
(b)(vi) who is not a shareholder, director excepting independent director
or officer of any member or TREC holder of stock exchange or an √
intermediary of the capital market;
(b)(vii) who is not a partner or an executive or was not a partner or an
executive during the preceding 3 (three) years of the concerned
Company’s statutory audit firm or audit firm engaged in internal √
audit services or audit firm conducting special audit or professional
certifying compliance of this Code;
(b) Who is not independent director in more than 5 (five) listed
√
(viii) companies;
(b) (ix) who has not been reported as a defaulter in the latest Credit
Information Bureau (CIB) report of Bangladesh Bank for non-
√
payment of any loan or advance or obligation to a bank or a

Governance
At City Bank
Compliance status
Title Remarks
No.
(b) (x) Who has not been convicted for a criminal offence involving moral
√
turpitude;
(c) The independent director(s) shall be appointed by the board of
directors and approved by the shareholders in the Annual General
Meeting (AGM).
√
Provided that the Board shall appoint the independent director,
subject to prior consent of the Commission, after the consideration
of recommendation of the Nomination and Remuneration
Commission (NRC) of the company
(d) The post of independent director(s) cannot remain vacant for more
√
than 90 (ninety) days.
(e) The tenure of office of an independent director shall be for a period
of 03 (three) years, which may be extended for 1 (one) tenure only:
Provided that a former independent director may be considered √

for reappointment for another tenure after a time gap of one
tenure, i.e., three years from his or her completion of consecutive
two tenures
1.3 Qualification of Independent Director (ID)
(a) Independent Director shall be a knowledgeable individual with
integrity who is able to ensure compliance with financial, regulatory
√
and corporate laws and can make meaningful contribution to
business.
(b) Independent Director shall have following qualifications:
(b)(i) Business Leader who is or was a promoter or director of an unlisted Not applicable.
company having minimum paid-up capital of Tk. 100.00 million or
any listed company or a member of any national or international
chamber of commerce or business association;
(b)(ii) Corporate Leader who is or was a top level executive not lower than Not applicable.
Chief Executive Officer or Managing Director or Deputy Managing
Director or Chief Financial Officer or Head of Finance or Accounts
or Company Secretary or Head of Internal Audit and Compliance or
Head of Legal Service or a candidate with equivalent position of an
unlisted company having minimum paid-up capital of Tk. 100.00
million or of a listed company;
(b)(iii) Former or existing official of government or statutory or
autonomous or regulatory body in the position not below 5th
Grade of the national pay scale, who has at least educational
background of bachelor’s degree in economics or commerce or
business or Law;
√
Provided that in case of appointment of existing official as
independent director, it requires clearance from the organization
where he or she is in service.or
(b)(iv) University Teacher who has educational background in Economics
√
or Commerce or Business Studies or Law; or
(b) (v) Professional who is or was an advocate practicing at least in the
High Court Division of Bangladesh Supreme Court or a Chartered
Accountant or Cost and Management Accountant or Chartered
√
Financial Analyst or Chartered Certified Accountant or Certified
Public Accountant or Chartered Management Accountant or
Chartered Secretary or equivalent qualification.

Compliance status
Title Remarks
No.
(c) The independent director shall have at least 10 (ten) years of
√
experiences in any field Mentioned in clause (b).
(d) In special cases, the above qualifications or experiences may be Not applicable
relaxed subject to prior approval of the Commission.
1.4 Duality of Chairperson of the Board of Directors and Managing Director or Chief Executive Officer
(a) The positions of the Chairperson of the Board and the Managing
Director (MD) and/or Chief Executive Officer (CEO) of the company √
shall be filled by different individuals
(b) The Managing Director (MD) and/or Chief Executive Officer (CEO)
of a listed company shall not hold the same position in another √
listed company.
(c) The Chairperson of the Board shall be elected from among the
√
non-executive directors of the company.
(d) The Board shall clearly define respective roles and responsibilities
of the Chairperson and the Managing Director and/or Chief √
Executive Officer.
(e) In the absence of the Chairperson of the Board, the remaining
members may elect one of themselves from non executive
directors as Chairperson for that particular Board’s meeting; √
the reason of absence of the regular Chairperson shall be duly
recorded in the minutes.
1.5 The Directors’ Report to Shareholders
(i) Industry outlook and possible future development in the industry. √
(ii) Segment-wise or product-wise performance. √
(iii) Risks and concerns. √
(iv) A discussion on Cost of Goods sold, Gross Profit Margin and Net
√
Profit Margin.
(v) Discussion on continuity of any Extra-Ordinary gain or loss. Not applicable.
(vi) A detailed discussion on related party transactions along with

a statement showing amount, nature of related party, nature
√
of transactions and basis of transactions of all related party
transactions.
(vii) A statement of utilization of proceeds raised through public issues, Not applicable as
rights issues and/or any other instruments no such events has
occurred during
2023.
(viii) An explanation if the financial results deteriorate after the company Not applicable as
goes for Initial Public Offering (IPO), Repeat Public Offering (RPO), no such events has
Rights Share Offer, Direct Listing, etc. occurred during
2023.
(ix) An explanation on any significant variance that occurs between Not applicable as no
Quarterly Financial performances and Annual Financial Statements significant variance
exists between
quarterly financial
performance and
annual financial
statements.

Governance
At City Bank
Compliance status
Title Remarks
No.
(x) A statement of remuneration paid to the directors including
√
independent directors
(xi) A statement that the financial statements prepared by the
management of the issuer company present fairly its state of
√
affairs, the result of its operations, cash flows and changes in
equity
(xii) A statement that proper books of account of the issuer company
√
have been maintained
(xiii) A statement that appropriate accounting policies have been
consistently applied in preparation of the financial statements
√
and that the accounting estimates are based on reasonable and
prudent judgment
(xiv) A statement that International Accounting Standards (IAS) or
International Financial Reporting Standards (IFRS), as applicable
in Bangladesh, have been followed in preparation of the financial √
statements and any departure there from has been adequately
disclosed
(xv) A statement that the system of internal control is sound in design
√
and has been effectively implemented and monitored.
(xvi) A statement that minority shareholders have been protected from
abusive actions by, or in the interest of, controlling shareholders
acting either directly or indirectly and have effective means of √
redress.
(xvii) A statement that there is no significant doubt upon the issuer
√
company’s ability to continue as a going concern, if the issuer
company is not considered to be a going concern, the fact along
with reasons there of shall be disclosed
(xviii) An explanation that significant deviations from the last year’s √
operating results of the issuer company shall be highlighted and
the reasons thereof shall be explained
(xix) A statement where key operating and financial data of at least
√
preceding 05 (five) years shall be summarized.
(xx) An explanation on the reasons if the issuer company has not Not applicable
declared dividend (cash or stock) for the year
(xxi) Board’s statement to the effect that no bonus share or stock Not applicable
dividend has been or shall be declared as interim dividend.
(xxii) The total number of Board meetings held during the year and
√
attendance by each director
(xxiii) Pattern of shareholding and name wise details (disclosing aggregate number of shares):
(xxiii) Parent or Subsidiary or Associated Companies and other related
√
(a) parties (name-wise details)
(xxiii) Directors, Chief Executive Officer, Company Secretary, Chief
(b) Financial Officer, Head of Internal Audit and Compliance and their √
spouses and minor children (name-wise details)
(xxiii) Executives (top five salaried employees of the company, other
(c) than the Directors, Chief Executive Officer, Company Secretary, √
Chief Financial Officer and Head of Internal Audit).
(xxiii) Shareholders holding ten percent (10%) or more voting interest in
√
(d) the company (name-wise details)

Compliance status
Title Remarks
No.
(xxiv) In case of the appointment or re-appointment of a director, a disclosure on the following information
to the shareholders
(xxiv) a brief resume of the director
√
(a)
(xxiv) nature of his or her expertise in specific functional areas
√
(b)
(xxiv) names of companies in which the person also holds the directorship
√
(c) and the membership of committees of the Board
(xxv) Management’s Discussion and Analysis signed by CEO or MD presenting detailed analysis of
the company’s position and operations along with a brief discussion of changes in the financial
statements, among others, focusing on
(xxv) accounting policies and estimation for preparation of financial
√
(a) statements.
(xxv) changes in accounting policies and estimation, if any, clearly
(b) describing the effect on financial performance or results and
√
financial position as well as cash flows in absolute figure for such
changes.
(xxv) comparative analysis (including effects of inflation) of financial
(c) performance or results and financial position as well as cash flows
√
for current financial year with immediately preceding five years
explaining reasons thereof.
(xxv) compare such financial performance or results and financial
√
(d) position as well as cash flows with the peer industry scenario.
(xxv) briefly explain the financial and economic scenario of the country
√
(e) and the globe.
(xxv) risks and concerns issues related to the financial statements,
√
(f) explaining such risk and concerns mitigation plan of the company
(xxv) future plan or projection or forecast for company’s operation,
(g) performance and financial position, with justification thereof, i.e.,
√
actual position shall be explained to the shareholders in the next
AGM.
(xxvi) Declaration or certification by the CEO and the CFO to the Board
as required under condition No. 3(3) shall be disclosed as per √
Annexure-A
(xxvii) The report as well as certificate regarding compliance of conditions
of this Code as required under condition No. 9 shall be disclosed as √
per Annexure-B and Annexure-C.
(xxviii) The directors’ report to the shareholders does not require to
include the business strategy or technical specification related to √
products or services, which have business confidentiality.
1.6 Meetings of the Board of Directors
The company shall conduct its Board meetings and record the
minutes of the meetings as well as keep required books and
records in line with the provisions of the relevant Bangladesh
√
Secretarial Standards (BSS) as adopted by the Institute of
Chartered Secretaries of Bangladesh (ICSB) in so far as those
standards are not inconsistent with any condition of this Code

Governance
At City Bank
Compliance status
Title Remarks
No.
1.7 Code of Conduct for the Chairperson, other Board members and Chief Executive Officer
(a) The Board shall lay down a code of conduct, based on the NRC not formed.
recommendation of the Nomination and Remuneration Committee
√ As per BRPD
(NRC) at condition No. 6, for the Chairperson of the Board, other
board members and Chief Executive Officer of the company. Circular Letter
No.11, dated 27
(b) The code of conduct as determined by the NRC shall be posted October 2013
on the website of the company including, among others, prudent of Bangladesh
conduct and behavior ; confidentiality; conflict of interest; Bank, “Formation
compliance with laws, rules and regulations; prohibition of insider of committees
trading; relationship with environment, employees, customers from the Board
and suppliers; and independency. of Directors: Each
bank company
can form 1
(one) executive
committee, 1 (one)
audit committee
√ and 1 (one) risk
management
committee with
the directors. Board
can’t form any
other permanent,
temporary or
sub-committee
except the above
mentioned three
committees.
2 Governance of Board of Directors of Subsidiary Company

(a) Provisions relating to the composition of the Board of the holding
company shall be made applicable to the composition of the Board
of the subsidiary company. √
(b) At least 1 (one) independent director on the Board of the holding
company shall be a director on the Board of the subsidiary √
company
(c) The minutes of the Board meeting of the subsidiary company shall
be placed for review at the following Board meeting of the holding
company. √
(d) The minutes of the respective Board meeting of the holding
company shall state that they have reviewed the affairs of the
subsidiary company also. √
(e) The Audit Committee of the holding company shall also review the
financial statements, in particular the investments made by the
subsidiary company. √
3 Managing Director (MD) or Chief Executive Officer (CEO), Chief Financial Officer (CFO), Head of Internal Audit
and Compliance (HIAC) and Company Secretary (CS)
3.1 Appointment
(a) The Board shall appoint a Managing Director (MD) or Chief
Executive Officer (CEO), a Company Secretary (CS), a Chief Financial √
Officer (CFO) and a Head of Internal Audit and Compliance (HIAC).

Compliance status
Title Remarks
No.
(b) The positions of the Managing Director (MD) or Chief Executive
Officer (CEO), Company Secretary (CS), Chief Financial Officer (CFO)
√
and Head of Internal Audit and Compliance (HIAC) shall be filled by
different individuals.
(c) The MD or CEO, CS, CFO and HIAC of a listed company shall not
hold any executive position in any other company at the same
time.
Provided that CFO or CS of any listed company may be appointed

for the same position in any other listed or non-listed company √
under the same group for reduction of cost or for technical
expertise, with prior approval of the commission.
Provided further that the remuneration and perquisites of the said

CFO or CS shall be shared by appointing companies proportionately
(d) The Board shall clearly define respective roles, responsibilities and
√
duties of the CFO, the HIAC and the CS.
(e) The MD or CEO, CS, CFO and HIAC shall not be removed from
their position without approval of the Board as well as immediate
dissemination to the Commission and stock exchange(s).
√
3.2 Requirement to attend Board of Directors’ Meetings
The MD or CEO, CS, CFO and HIAC of the company shall attend the
meetings of the Board:
√
Provided that the CS, CFO and/or the HIAC shall not attend such
part of a meeting of the Board which involves consideration of an
agenda item relating to their personal matters
3.3 Duties of Managing Director (MD) or Chief Executive Officer (CEO) and Chief Financial Officer (CFO)
(a) The MD or CEO and CFO shall certify to the Board that they have reviewed financial statements for the year and that to
the best of their knowledge and belief:
(a)(i) these statements do not contain any materially untrue statement
or omit any material fact or contain statements that might be √
misleading.
(a)(ii) these statements together present a true and fair view of the
company’s affairs and are in compliance with existing accounting √
standards and applicable laws.
(b) The MD or CEO and CFO shall also certify that there are, to the
best of knowledge and belief, no transactions entered into by the
√
company during the year which are fraudulent, illegal or in violation
of the code of conduct for the company’s Board or its members.
(c) The certification of the MD or CEO and CFO shall be disclosed in
√
the Annual Report.
4 Board of Directors’ Committee
(i) Audit Committee √
(ii) Nomination and Remuneration Committee NRC not formed.
√ Explanation
Mentioned in 1.7.

Governance
At City Bank
Compliance status
Title Remarks
No.
5 Audit Committee
5.1 Responsibility to the Board of Directors
(a) The company shall have an Audit Committee as a subcommittee
√
of the Board.
(b) The Audit Committee shall assist the Board in ensuring that the
financial statements reflect true and fair view of the state of
√
affairs of the company and in ensuring a good monitoring system
within the business.
(c) The Audit Committee shall be responsible to the Board; the duties
√
of the Audit Committee shall be clearly set forth in writing.
5.2 Constitution of the Audit Committee
(a) The Audit Committee shall be composed of at least 3 (three)
√
members
(b) The Board shall appoint members of the Audit Committee who shall
be non-executive directors of the company excepting Chairperson √
of the Board and shall include at least 1 (one) independent director.
(c) All members of the audit committee should be “financially literate”
and at least 1 (one) member shall have accounting or related
√
financial management background and 10 (ten) years of such
experience.
(d) When the term of service of any Committee member expires or Not Applicable
there is any circumstance causing any Committee member to be
unable to hold office before expiration of the term of service, thus
making the number of the Committee members to be lower than
the prescribed number of 3 (three) persons, the Board shall appoint
the new Committee member to fill up the vacancy immediately
or not later than 60 (Sixty) days from the date of vacancy in the
Committee to ensure continuity of the performance of work of the
Audit Committee.
(e) The company secretary shall act as the secretary of the Committee. √
(f) The quorum of the Audit Committee meeting shall not constitute
√
without at least 1 (one) independent director.
5.3 Chairperson of the Audit Committee
(a) The Board shall select 1 (one) member of the Audit Committee
to be Chairperson of the Audit Committee, who shall be an √
independent director
(b) In the absence of the Chairperson of the Audit Committee, the
remaining members may elect one of themselves as Chairperson
for that particular meeting, in that case there shall be no problem
√
of constituting a quorum as required under condition No. 5(4)(b)
and the reason of absence of the regular Chairperson shall be duly
recorded in the minutes
(c) Chairperson of the Audit Committee shall remain present in the
Annual General Meeting (AGM).
√
5.4 Meeting of the Audit Committee

(a) The Audit Committee shall conduct at least its four meetings in a
√
financial year.

Compliance status
Title Remarks
No.
(b) The quorum of the meeting of the Audit Committee shall be
constituted in presence of either two members or two-third of
the members of the Audit Committee, whichever is higher, where √
presence of an independent director is a must
5.5 Role of Audit Committee

(a) Oversee the financial reporting process √
(b) monitor choice of accounting policies and principles √
(c) monitor Internal Audit and Compliance process to ensure that it is
adequately resourced, including approval of the Internal Audit and
√
Compliance Plan and review of the Internal Audit and Compliance
Report
(d) oversee hiring and performance of external auditors √
(e) hold meeting with the external or statutory auditors for review of
the annual financial statements before submission to the Board √
for approval or adoption
(f) review along with the management, the annual financial
√
statements before submission to the Board for approval
(g) review along with the management, the quarterly and half yearly
√
financial statements before submission to the Board for approval
(h) review the adequacy of internal audit function √
(i) review the Management’s Discussion and Analysis before
√
disclosing in the Annual Report
(j) review statement of all related party transactions submitted by
√
the management
(k) review Management Letters or Letter of Internal Control weakness
√
issued by statutory auditors
(l) oversee the determination of audit fees based on scope and
magnitude, level of expertise deployed and time required for
√
effective audit and evaluate the performance of external auditors;
and
(m) oversee whether the proceeds raised through Initial Public Not applicable as
Offering (IPO) or Repeat Public Offering (RPO) or Rights Share no such events
Offer have been utilized as per the purposes stated in relevant occurred.
offer document or prospectus approved by the Commission.
5.6 Reporting of the Audit Committee
(a) Reporting to the Board of Directors
(a)(i) The Audit Committee shall report on its activities to the Board √
(a)(ii) The Audit Committee shall immediately report to the Board on the following findings, if any:
(a)(ii) report on conflicts of interests Not applicable as
(a) no such events
occurred yet.
(a)(ii) suspected or presumed fraud or irregularity or material defect Not applicable as
(b) identified in the internal audit and compliance process or in the no such events
financial statements occurred yet.
(a)(ii) suspected infringement of laws, regulatory compliances including Not applicable as
(c) securities related laws, rules and regulations no such events
occurred yet.

Governance
At City Bank
Compliance status
Title Remarks
No.
(a)(ii) any other matter which the Audit Committee deems necessary Not applicable as
(d) shall be disclosed to the Board immediately no such events
occurred yet.
(b) Reporting to the Authorities
If the Audit Committee has reported to the Board about anything Not applicable as
which has material impact on the financial condition and results of no such events
operation and has discussed with the Board and the management occurred yet.
that any rectification is necessary and if the Audit Committee
finds that such rectification has been unreasonably ignored, the
Audit Committee shall report such finding to the Commission,
upon reporting of such matters to the Board for three times or
completion of a period of 6 (six) months from the date of first
reporting to the Board, whichever is earlier
5.7 Reporting to the Shareholders and General Investors
Report on activities carried out by the Audit Committee, including Not applicable as
any report made to the Board under condition No. 5(6)(a)(ii) no such events
above during the year, shall be signed by the Chairperson of the occurred yet.
Audit Committee and disclosed in the annual report of the issuer
company.
NRC not formed as
6 Nomination and Remuneration Committee (NRC) Mentioned in 1.7.
6.1 Responsibility to the Board of Directors
(a) The company shall have a Nomination and Remuneration
√
Committee (NRC) as a sub-committee of the Board
(b) The NRC shall assist the Board in formulation of the nomination
criteria or policy for determining qualifications, positive attributes,
experiences and independence of directors and top level executive √
as well as a policy for formal process of considering remuneration
of directors, top level executive
(c) The Terms of Reference (ToR) of the NRC shall be clearly set forth
√
in writing covering the areas stated at the condition No. 6(5)(b).
6.2 Constitution of the NRC
(a) The Committee shall comprise of at least three members including
√
an independent director
(b) At least 02 (two) members of the Committee shall be non-
√
executive directors
(c) Members of the Committee shall be nominated and appointed by
√
the Board
(d) The Board shall have authority to remove and appoint any member
√
of the Committee
(e) In case of death, resignation, disqualification, or removal of any
member of the Committee or in any other cases of vacancies, the
√
board shall fill the vacancy within 180 (one hundred eighty) days of
occurring such vacancy in the Committee.
(f) The Chairperson of the Committee may appoint or co-opt any
external expert and/or member(s) of staff to the Committee as
advisor who shall be non-voting member, if the Chairperson √
feels that advice or suggestion from such external expert and/or
member(s) of staff shall be required or valuable for the Committee
(g) The company secretary shall act as the secretary of the Committee √

Compliance status
Title Remarks
No.
(h) The quorum of the NRC meeting shall not constitute without
√
attendance of at least an independent director
(i) No member of the NRC shall receive, either directly or indirectly, any
remuneration for any advisory or consultancy role or otherwise, √
other than Director’s fees or honorarium from the company
6.3 Chairperson of the NRC
(a) The Board shall select 1 (one) member of the NRC to be Chairperson
√
of the Committee, who shall be an independent director
(b) In the absence of the Chairperson of the NRC, the remaining
members may elect one of themselves as Chairperson for
√
that particular meeting, the reason of absence of the regular
Chairperson shall be duly recorded in the minutes
(c) The Chairperson of the NRC shall attend the annual general
meeting (AGM) to answer the queries of the shareholders
Provided that in absence of Chairperson of the NRC, any other

√
member from the NRC shall be selected to be present in the
annual general meeting (AGM) for answering the shareholder’s
queries and reason for absence of the Chairperson of the NRC
shall be recorded in the minutes of the AGM
6.4 Meeting of the NRC
(a) The NRC shall conduct at least one meeting in a financial year √
(b) The Chairperson of the NRC may convene any emergency meeting
√
upon request by any member of the NRC
(c) The quorum of the meeting of the NRC shall be constituted in
presence of either two members or two third of the members
of the Committee, whichever is higher, where presence of an √
independent director is must as required under condition No. 6(2)
(h)
(d) The proceedings of each meeting of the NRC shall duly be recorded
in the minutes and such minutes shall be confirmed in the next √
meeting of the NRC
6.5 Role of the NRC
(a) NRC shall be independent and responsible or accountable to the
√
Board and to the shareholders
(b) NRC shall oversee, among others, the following matters and make
√
report with recommendation to the Board
(b)(i) formulating the criteria for determining qualifications, positive
attributes and independence of a director and recommend a policy
to the Board, relating to the remuneration of the directors, top
level executive, considering the following
(b)(i) the level and composition of remuneration is reasonable and
(a) sufficient to attract, retain and motivate suitable directors to run √
the company successfully
(b)(i) the relationship of remuneration to performance is clear and
√
(b) meets appropriate performance benchmarks
(b)(i) remuneration to directors, top level executive involves a balance
(c) between fixed and incentive pay reflecting short and long-term
√
performance objectives appropriate to the working of the company
and its goals

Governance
At City Bank
Compliance status
Title Remarks
No.
(b)(ii) devising a policy on Board’s diversity taking into consideration
age, gender, experience, ethnicity, educational background and √
nationality
(b)(iii) identifying persons who are qualified to become directors and who
may be appointed in top level executive position in accordance
√
with the criteria laid down, and recommend their appointment and
removal to the Board7
(b)(iv) formulating the criteria for evaluation of performance of
√
independent directors and the Board
(b)(v) identifying the company’s needs for employees at different
levels and determine their selection, transfer or replacement and √
promotion criteria
(b)(vi) developing, recommending and reviewing annually the company’s
√
human resources and training policies
7 External or Statutory Auditors
7.1 The issuer company shall not engage its external or statutory auditors to perform the following services of the company
(i) appraisal or valuation services or fairness opinions √
(ii) financial information systems design and implementation √
(iii) book-keeping or other services related to the accounting records
√
or financial statements
(iv) broker-dealer services √
(v) actuarial services √
(vi) internal audit services or special audit services √
(vii) any service that the Audit Committee determines √
(viii) audit or certification services on compliance of corporate
√
governance as required under condition No. 9(1)
(ix) any other service that creates conflict of interest √
7.2 No partner or employees of the external audit firms shall possess
any share of the company they audit at least during the tenure of
their audit assignment of that company; his or her family members
also shall not hold any shares in the said company √
Provided that spouse, son, daughter, father, mother, brother,
sister, son-in-law and daughter-in-law shall be considered as
family members
7.3 Representative of external or statutory auditors shall remain
present in the Shareholders’ Meeting (Annual General Meeting
√
or Extraordinary General Meeting) to answer the queries of the
shareholders
8 Maintaining a website by the Company
8.1 The company shall have an official website linked with the website
√
of the stock exchange.
8.2 The company shall keep the website functional from the date of
√
listing.
8.3 The company shall make available the detailed disclosures on its
website as required under the listing regulations of the concerned √
stock exchange(s).

Compliance status
Title Remarks
No.
9 Reporting and Compliance of Corporate Governance

9.1 The company shall obtain a certificate from a practicing
Professional Accountant or Secretary (Chartered Accountant or
Cost and Management Accountant or Chartered Secretary) other
than its statutory auditors or audit firm on yearly basis regarding √
compliance of conditions of Corporate Governance Code of the
Commission and shall such certificate shall be disclosed in the
Annual Report
9.2 The professional who will provide the certificate on compliance
of this Corporate Governance Code shall be appointed by the √
shareholders in the annual general meeting
9.3 The directors of the company shall state, in accordance with
the Annexure-C attached, in the directors’ report whether the √
company has complied with these conditions or not

Governance
At City Bank
DIVIDEND DISTRIBUTION
COMPLIANCE REPORT
As per BSEC Directive No. BSEC/CMRRCD/2021-386/03-dated 14, January 2021 and Dhaka Stock Exchange (Listing) Regulations, 2015 of
Clause No.29, please, find herewith Dividend Compliance Report.
Annexure-A
Dividend Distribution Compliance Report

Under Clause (6) of the Directive No. BSEC/CMRRCD/2021-386/03, dated: 14/01/2021
1 Name of the Issuer /securities/mutual Fund City Bank PLC
2 Particulars of Issuer DP 155
3 Type of Dividend (Annual / Interim)
(Put tick mark (a) on the recommended option) a) Annual √ b) Interim
4 Whether audited or not for Interim Dividend
(Put tick mark (a) on the recommended option) a) Audited b) Unaudited
5 Date of recommendation Dividend by the Board of Directors/Trustee
11.04.2023
(Enclose copy of PSI)
6 Whether Dividend recommended other than directors or sponsors or
any other classes a)Yes b) No √
(Put tick mark (a) on the recommended option)
7 Record date for entitlement 10.05.2023 (Wednesday)
8 Cash Dividend:10%
Rate of Dividend recommendation by the Board of Directors/Trustee
Stock Dividend:2%
9 Dividend recommended-Type
(Put tick mark (a) on the recommended option) a) Cash √ b) Stock √
10 Securities/Mutual fund traded under which categories
(Put tick mark (a) on the recommended option) a) A √ b) B c) G d) N e) Z
11 Date:01.08.2023
Date of transfer to a separate bank account (Pls. mention bank details)
Bank Account No.1403586251002
or provisional credit of shares/Units by CDBL
Principal Office, City BankPLC
12 Date of approval of Dividend at AGM 04.07.2023
13 Cash Dividend:10%
Rate of Dividend approved at AGM-details at annexure, If any change)
Stock Dividend:2%
14 Date:31.07.2023 Stock Dividend
Date of commencement of disbursement of Cash and Stock Dividend
Date:02.08.2023 Cash Dividend
15 Mode of disbursement of Cash Dividend a) BEFTN √ b) Bank transfer √ c) MFS
(Put tick mark (a) on the recommended option) d) Dividend Warrant √ e) Any other mode
16 Date of completion of disbursement of Cash Dividend and Stock
Date:02.08.2023 Cash Dividend
Dividend [Enclose bank statements and Corporate Action Processing
Date:31.07.2023 Stock Dividend
Report (DP 70)]
17 Paid-up capital of the issuer- before corporate action/entitlement BDT:12006067430
18 Numbers of securities/Shares outstanding- before corporate action/entitlement: 1200606743
19 1200606743
Total cash in taka or stock (nos. shares) dividend as per corporate (Gross Dividend)
24012134
action 1059126046.14
(Net Dividend)

20 Distribution/Disbursement details of Cash & Sock Dividend: Cash (Tk.) Stock (nos) Anx
A. Mode of Dividend payment/credit for the concerned year:
a) through BEFTN or directly credited to respective BO 617483094.87 23783459
b) through Bank Transfer other than entitled BO-Margin loan
c) through Bank Transfer 24601576.71
d) through Mobile Financial Service (MFS)
e) trough any other mode as approved by Bangladesh Bank
f) through transfer to Suspense Account for dematerialized Shares (BO
738389
wise detailed with reason should be maintained and submitted)
g) through issuance of Dividend Warrant or issue of shares to Suspense
417041374.56 738389
Account for non-dematerialized securities
21 Total Dividend paid/credited for the concerned year 963300258.45
22 Total unpaid/undistributed Dividend/accrued during the period 22-23 95825787.69
Annexure-A
23 Total unpaid/undistributed Dividend/accrued as on 1st day of Accounting
283311417.47 7321845
year (as per Audited Accounts)
24 Transfer to Suspense Account for Demat Shares or any other reasons
738389
during the concerned year
A. Mode of Dividend Receipts/payment/credit for the previous years:
a) through BEFTN or directly credited to respective BO 657646691.92 132118786
b) through Bank Transfer 28517636.55
c) through Mobile Financial Service (MFS)
d) through any other mode as approved by Bangladesh Bank
e) through transfer to/from Suspense Accounts for Demat Shares or any
other reasons
f) through issuance of Dividend Warrant or issue of shares to Suspense
475875987.11
Account for non-dematerialized securities/shares /units
g) transfer of cash or stock to the Fund as prescribed or directed by
Commission after 3 years or forfeit of share to Suspense Account for non- Nil
dematerialized securities
25 Total dividend paid/credited for previous years: 1145545153.09
26 Total unpaid/undistributed Dividend for previous years (23+24-25) Taka/Nos 16495162.49
27 Grand total of unpaid/undistributed Dividend (22+26) 112320950.18
28 Aging of grand total of unpaid/undistributed Dividend for previous years:
More than 3 years; balance 18572189.18
More than 4 years; balance 6451223.50 447635
More than 5 years; & above balance 52482898.40 5129174
Total of unpaid/undistributed Dividend for previous years: 77506311.08 5576809
(Supporting bank statements and balances of securities with the
depository)
Note: Issuer shall maintain BO wise detailed information for all transfers/credit to Suspended Accounts
With reasons and submit along with bank statements and other supporting documents. The issuer shall fill up all the applicable fields.
Note-1 :
City Bank has been directed by Bangladesh Supreme Court, High Court Division to preserve and maintain the provision for allotment of
rights shares and stock dividends, so far as it related to respondent no.2-5 till disposal of the company matter no.112 of 2005, total
11751271 shares have been kept in provision which will be issued later on after disposal of the company matter no.112/2005.
Particulars of Subjudice Shares (Kept in Provision):

Sl. No. Particulars Subjudice Percentage
1 Right Share-2010 3927780 100%
2 Bonus Share-2010 1178340 30%
3 Bonus Share-2011 1276530 25%
4 Bonus Share-2012 638265 10%
5 Bonus Share-2013 1404183 20%
6 Bonus Share-2014 421255 5%
7 Bonus Share-2017 442317 5%
8 Bonus Share-2018 464434 5%
9 Bonus Share-2020 487655 5%
10 Bonus Share-2021 1280095 12.5%
11 Bonus Share-2022 230417 2%
Total 11751271

Governance
At City Bank
Going concern: Sustaining the spirit

of enterprise and resilience
Delivering Value for Bangladesh Leading digital bank with first-to-market innovations
As the core enterprise of the banking and financial services • We invest in technology and people capabilities to ensure long-
industry of Bangladesh, we play a role in financial inclusion term growth and build next-gen competencies.
and empowerment. By doing this, we support the nation in its
economic transition as it joins the ranks of middle-income nations • We maintain market leadership through personalised, safe and
in the coming years. There is hence a momentous opportunity best-in-class customer experiences, enabled by robust tech
for us, particularly in effectively serving the large unbanked and platforms.
underbanked populations of the country.
• Our digital nano loan product best encapsulates our focus on
City Bank offers a comprehensive range of traditional and Shar’iah- leading digital innovation in financial services.
compliant financial services and products for retail, wholesale and
SME banking via its extensive network of 134 branches, which are Sustainable enterprise through good governance
located around Bangladesh. Furthermore, the bank’s footprint that
ensures easy access for customers include 40 sub-branches, 220 The Board of Directors of City Bank remain crucial in determining
SME-S unit offices, 535 agent banking outlets, 7 priority centers, the governance framework and procedures since they select the
415 ATMs (as on 31 December 2023). This positions us well to truly leadership and strategy that propels the bank toward expansion.
serve the needs of a fast developing country. The Board’s policies and procedures are carried out by the
administration of City Bank, which functions as the Board’s extended
A regional bank with global access wing. Our well-established Board gives the MD and his team wise
counsel and assistance in conducting the business. In order to
• Our network has been transformed into several customer access
foster a culture of responsibility, integrity, openness and sound
points for ensuring focused growth based on our key strengths
financial management—all of which are essential components of
in different regions of the country and in select high-potential
markets of the world, such as Honk Kong, Malaysia, etc. sustainable operations and financial performance—we maintain
strict and efficient corporate governance procedures. In order to
• Our well-established presence across Bangladesh through our create lasting value, the management proactively promotes the
longstanding presence of over 40 years means we are best establishment of straightforward and effective procedures that
positioned to harness new opportunities from a growing and prioritize compliance with applicable laws, rules and regulations.
emerging marketplace.
Credit rating
Focus on underserved segments
City Bank was awarded a short-term rating of “ST-1” and a long-
• We are well-positioned to foster a larger impact in Islamic term rating of “AA1” by CRAB on June 21, 2023. With respect to
finance through 100% Shar’iah compliance and our ability to Basel-III compliant capital adequacy standards, this rating denotes
develop innovative products, such as Islamic DPS. stable business performance over a range of time periods, as
evidenced by strong asset quality, healthy liquidity, experienced
• We are entrenching our pioneering presence in other segments
top-tier management, a diversified business portfolio, strong non-
such as City Alo Women Banking and Employee Banking
through our unique customer offering, best-in-class customer funded business operations, a credible brand image, resilient IT
experience and digital distribution, among others. infrastructure, and effective operational performance. Notably, the
Bank performed with remarkable tenacity over the years.
Sustainability-driven focus
Thus, rooted on strong foundations, there is no doubt on the going
• We are driving the decarbonisation agenda by building green concern status of City Bank, making it an entity well-positioned for
and sustainable finance capabilities, especially in projects that sustainable long-term growth.
make a tangible difference.
Adherence to regulations
• We are focusing on reinforcing our capabilities in sustainable
finance, especially in the areas of business development, credit As one of the industry’s compliant banks, City Bank conducts ethical
screening and underwriting. business by abiding by all relevant laws, rules, and regulations.

The important ratios that Bangladesh Bank implemented are appropriately adhered to.
Regulatory Limit 2023 Status

Advance Deposit Ratio (Conventional including OBU) ≤87% 83.7% Complied
Investment Deposit Ratio (Islamic) ≤92% 72.1% Complied
Liquidity Coverage Ratio (LCR) ≥100% 174.6% Complied
Net Stable Funding Ratio (NSFR) >100% 106.5% Complied
Capital market exposure (Solo) ≤25% 12.7% Complied
Leverage ratio (Solo) ≥3.25% 5.7% Complied
Capital management
City Bank has consistently maintained a robust capital position well above the regulatory threshold. As of December 31, 2023, the bank’s
minimum capital requirement stood at BDT 35,544 million, while City Bank PLC maintained a capital reserve of BDT 56,173 million, resulting
in a Capital to Risk Adequacy Ratio (CAR) of 15.8%, with CET-1 ratio 9.9%. This underscores City Bank’s adeptness in efficiently managing
its capital resources, thereby sustaining a resilient capital base capable of meeting regulatory mandates and supporting the Bank’s ongoing
business expansion endeavors.
31/12/2023 31/12/2022
Risk weighted assets 355,438 360,906

Capital maintained 56,173 52,200
CRAR 15.80% 14.46%

Governance
At City Bank
STATEMENTS
FINANCIAL

Independent Auditor’s Report
To the Shareholders of City Bank PLC
Report on the Audit of the Consolidated and Separate Financial Statements
Opinion
We have audited the consolidated financial statements of City Bank PLC and its subsidiaries (the “Group”) as well as the separate financial statements of City
Bank PLC (the “Bank”), which comprise the consolidated and separate Balance Sheets as at 31 December 2023, and consolidated and separate Profit and
Loss Accounts, consolidated and separate statement of Changes in Equity, and consolidated and separate Cash Flow Statements for the year then ended,
and notes to consolidated and separate financial statements, including a summary of material accounting policy information.
In our opinion, the accompanying consolidated financial statements of the Group and separate financial statements of the Bank give a true and fair view
of the consolidated balance sheet of the Group and the separate balance sheet of the Bank as at 31 December 2023, and of its consolidated and separate
profit and loss accounts and its consolidated and separate cash flows for the year then ended in accordance with International Financial Reporting Standards
(IFRSs) as explained in note 2.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the
Auditor’s Responsibilities for the Audit of the Consolidated and Separate Financial Statements section of our report. We are independent of the Group and
the Bank in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code), Bangladesh
Securities and Exchange Commission (BSEC), and Bangladesh Bank, and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code
and the Institute of Chartered Accountants of Bangladesh (ICAB) Bye-Laws. We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated and separate financial
statements of the current period. These matters were addressed in the context of our audit of the consolidated and separate financial statements as a whole,
and informing our opinion thereon, and we do not provide a separate opinion on these matters.
Description of key audit matters Our response and result to key audit matters
Measurement of provision for loans and advances/ investments
The process for estimating the provision for loans, advances, We tested the design and operating effectiveness of key controls focusing on the
investments and leases portfolio associated with credit risk is following:
significant and complex.
• Credit appraisal, loan disbursement procedures, monitoring and provisioning
For the individual analysis for large exposure, provision process;
calculation considers the estimates of future business
• Identification of loss events, including early warning and default warning indicators;
performance and the market value of the collateral provided
for credit transactions.
• Reviewed the adequacy of transfer of interests to the Income account appropriate
For the collective analysis of exposure on a portfolio basis, approvals in line with the Bangladesh Bank’s guidelines. Reviewed the adequacy of
provision calculation and reporting are manually processed that the general and specific provisions in line with related Bangladesh Bank guidelines.
deal with voluminous databases, assumptions and estimates. Reviewed the grounds for recommendations for approvals in cases of transfer of
interests to Income account;
Due to the high level of judgment involved and using manual
process in estimating the provision for loans and advances/ • Assessed the methodologies on which the provision amounts are based,
investments, we considered this to be a key audit matter. recalculated the provisions, and tested the completeness and accuracy of the
underlying information;
At year end the Group and Bank reported total gross loans and
advances/ investments of BDT 397,446 million (2022: BDT • Evaluated the appropriateness and presentation of disclosures against relevant
356,295 million) and BDT 396,078 million (2022: BDT 354,774 accounting standards and Bangladesh Bank guidelines;
million) respectively and provision for loans and advances/
investments of BDT 13,908 million (2022: BDT 12,383 million) • Finally, compared the amount of provision requirement as determined by the
and BDT 13,889 million (2022: BDT 12,362 million). Bangladesh Bank inspection team to the actual amount of provision maintained.
Our results: Based on our procedure performed we have concluded that the provision
for loans and advances/ investments disclosed in the financial statements are adequate.
See note nos. 8, 16.a.1, 16.b and 16.c to the financial statements

Financial
Statements
Recognition of interest income/ profit on loans and advances/ investments
Recognition of interest income/ profit has significant and We tested the design and operating effectiveness of key controls over recognition and
wide influence on financial statements. Recognition and measurement of interest on loans and advances/ investments.
measurement of interest income/ profit has involvement of
complex IT environments. We performed test of operating effectiveness on automated control in place to measure
and recognise interest income/ profit.
We identify recognition of interest income/ profit from loans
and advances/ investments as a key audit matter because We have also performed substantive procedure to check whether interest income/ profit
this is one of the key performance indicators of the Bank is recognised completely and accurately.
and therefore there is an inherent risk of fraud and error We assessed the appropriateness and presentation of disclosure against relevant
in recognition of interest by management to meet specific accounting standards and Bangladesh Bank guidelines.
targets or expectations.
Our results: Based on our procedure performed we have concluded that the recognition
of interest income/ profit on loans and advances/ investments disclosed in the financial
statements are in line with Bangladesh Bank Circular.
See note no. 26 to the financial statements
Valuation of treasury bill and treasury bond
The classification and measurement of T-Bill and T-Bond We assessed the processes and controls put in place by the Bank to identify and confirm
require judgment and complex estimates. the existence of treasury bills and bonds.
In the absence of a quoted price in an active market, the fair We obtained an understanding, evaluated the design and tested the operating
value of T-Bills and T-Bonds is determined using complex effectiveness of the key controls over the treasury bills and bonds valuation processes,
valuation techniques which may take into consideration direct including controls over market data inputs into valuation models, model governance and
or indirect unobservable market data and complex pricing valuation adjustments.
models which require an elevated level of judgment.
We tested a sample of the valuation models and the inputs used in those models, using
a variety of techniques, including comparing inputs to available market data.
Finally assessed the appropriateness and presentation of disclosures against relevant

accounting standards and Bangladesh Bank guidelines.
Our results: Based on our procedure performed we concluded that the valuation
of Treasury Bills and Bonds disclosed in the financial statements are in line with
Bangladesh Bank Circular.
See note nos. 7 to the financial statements
IT systems and controls
Our audit procedures have a focus on IT systems and We tested the design and operating effectiveness of the Bank's IT access controls over
controls due to the pervasive nature and complexity of the IT the information systems that are critical to financial reporting.
environment, the large volume of transactions processed in
numerous locations daily and the reliance on automated and IT We tested IT general controls (logical access, changes management and aspects of IT
dependent manual controls. operational controls). This included testing that requests for access to systems were
appropriately reviewed and authorized.
Our areas of audit focus included user access management,
developer access to the production environment and changes We tested the Bank's periodic review of access rights and reviewed requests of changes
to the IT environment. These are key to ensuring IT dependent to systems for appropriate approval and authorization.
and application-based controls are operating effectively. We considered the control environment relating to various interfaces, configurations and
other application layer controls identified as key to our audit.
We performed the Tests of IT General Controls to evaluate the Application Development

and Database, Hosting Platforms and segregation of incompatible duties relevant to
application and database change management.
Our results: Based on the procedure performed, we have considered the change
managements, segregation of duties, controls, and outputs in relation to financial
accounting and reporting systems to be acceptable.

Other information
Management is responsible for the other information. The other information comprises all of the information in the Annual Report other than the consolidated
and separate financial statements and our auditor’s report thereon. The Annual Report is expected to be made available to us after the date of this auditor’s
report.
Our opinion on the consolidated and separate financial statements does not cover the other information and we do not express any form of assurance
conclusion thereon.
In connection with our audit of the consolidated and separate financial statements, our responsibility is to read the other information identified above when
it becomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge
obtained in the audit or otherwise appears to be materially misstated.
When we read the annual report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to the board of
directors of the Bank.
Responsibilities of Management and Those Charged with Governance for the Consolidated and Separate Financial Statements and Internal Controls
Management is responsible for the preparation and fair presentation of the consolidated financial statements of the Group and also separate financial
statements of the Bank in accordance with IFRSs as explained in note 2 and for such internal control as management determines is necessary to enable the
preparation of consolidated and separate financial statements that are free from material misstatement, whether due to fraud or error. The Bank Company
Act, 1991 and the Bangladesh Bank Regulations require the Management to ensure effective internal audit, internal control and risk management functions
of the Bank. The Management is also required to make a self-assessment on the effectiveness of anti-fraud internal controls and report to Bangladesh Bank
on instances of fraud and forgeries.
In preparing the consolidated and separate financial statements, management is responsible for assessing the Group’s and the Bank’s ability to continue as a
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends
to liquidate the Group and the Bank or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Group’s and the Bank’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Consolidated and Separate Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated and separate financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but
is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these consolidated and separate financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the consolidated and separate financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures
made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained,
whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and the Bank’s ability
to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to
the related disclosures in the consolidated and separate financial statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may
cause the Group and the Bank to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated and separate financial statements, including the disclosures,
and whether the consolidated and separate financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to
express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the
Group audit. We remain solely responsible for our audit opinion.

Financial
Statements
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit
findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and
to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the
financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation
precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on other Legal and Regulatory Requirements
In accordance with the Companies Act 1994, the Securities and Exchange Rules 2020, the Bank Company Act 1991 (as amended up to date), the Financial
Reporting Act 2015, and the rules and regulations issued by Bangladesh Bank, we also report that:
(i) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit and
made due verification thereof;
(ii) to the extent noted during the course of our audit work performed on the basis stated under the Auditor’s Responsibility section in forming the above
opinion on the consolidated financial statements and considering the reports of the Management to Bangladesh Bank on anti-fraud internal controls and
instances of fraud and forgeries as stated under the Management’s Responsibility for the financial statements and internal control:
(a) internal audit, internal control and risk management arrangements of the Group as disclosed in the financial statements appeared to be materially
adequate;
(b) nothing has come to our attention regarding material instances of forgery or irregularity or administrative error and exception or anything detrimental
committed by employees of the Group and its related entities (other than matters disclosed in these financial statements);
(iii) financial statements for the year ended 31 December 2023 of four subsidiaries namely City Brokerage Limited, City Bank Capital Resources Limited,
CBL Money Transfer Sdn. Bhd. and City Hong Kong Limited have been audited by S.F. Ahmed & Co. Chartered Accountants, Hoda Vasi Chowdhury & Co,
Chartered Accountants, Nasharuddin Wong & Co, Chartered Accountants and T. O. YIP & Co. Limited, Certified Public Accountants respectively and have
been properly reflected in the consolidated financial statements;
(iv) in our opinion, proper books of account as required by law have been kept by the Group and the Bank so far as it appeared from our examination of those
books;
(v) the records and statements submitted by the branches have been properly maintained and consolidated in the financial statements;
(vi) the consolidated balance sheet and consolidated profit and loss account together with the annexed notes dealt with by the report are in agreement with
the books of account and returns;
(vii) the expenditures incurred were for the purpose of the Bank’s business for the year;
(viii) the consolidated financial statements of the Group and the separate financial statements of the Bank have been drawn up in conformity with prevailing
rules, regulations and accounting standards as well as related guidance issued by Bangladesh Bank;
(ix) adequate provisions have been made for advance and other assets which are in our opinion, doubtful of recovery;
(x) the information and explanations required by us have been received and found satisfactory;
(xi) we have reviewed over 80% of the risk weighted assets of the Bank and spent over 2,260 person hours; and
(xii) Capital to Risk-weighted Asset Ratio (CRAR) as required by Bangladesh Bank has been maintained adequately during the year.
Muhammad Farooq, FCA

Managing Partner
Enrollment Number: 0521
Howladar Yunus & Co.; Chartered Accountants
Firm's Registration No.: [N/A] Dated: Dhaka
DVC: 2403270521AS655765 27 March 2024

Consolidated Balance Sheet
as at 31 December 2023
2023 2022
Note
Taka Taka
PROPERTY AND ASSETS
Cash
In hand (including foreign currencies) 4 8,899,078,815 8,363,152,244
Balance with Bangladesh Bank and its agent bank(s)
(including foreign currencies) 4.a.2 17,187,174,482 23,661,679,377
26,086,253,297 32,024,831,621
Balance with other banks and financial institutions 5
In Bangladesh 20,838,696,814 29,219,561,299
Outside Bangladesh 4,951,666,021 3,914,475,954
25,790,362,835 33,134,037,253
Money at call on short notice 6 - -
Investments 7
Government 63,381,696,657 52,745,133,490
Others 15,104,436,669 13,394,671,489
78,486,133,326 66,139,804,979
Loans and advances/investments 8
Loans, cash credits, overdrafts, etc./investments 371,675,037,758 325,058,180,399
Bills purchased and discounted 25,770,794,516 31,236,447,969
397,445,832,274 356,294,628,368
Fixed assets including premises, furniture and fixtures 10 11,058,549,425 10,937,381,392
Other assets 11 25,427,781,805 15,718,605,514
Non-banking assets 12 634,548,873 662,550,998
Total assets 564,929,461,835 514,911,840,125
LIABILITIES AND CAPITAL
Liabilities
Bonds 13 13,635,000,000 16,225,000,000
Borrowings from other banks, financial institutions and agents 14 18,806,756,088 35,796,526,227
Borrowings from central bank & government agencies 14.a.2 41,881,760,354 47,593,399,655
Deposits and other accounts 15
Current accounts and other accounts 107,287,577,935 87,415,430,961
Bills payable 3,896,547,879 2,584,084,769
Savings bank deposits 87,342,003,454 80,589,303,162
Fixed deposits 194,070,927,334 161,296,968,027
Bearer certificate of deposit - -
392,597,056,602 331,885,786,919
Other liabilities 16 59,533,232,117 49,536,770,654
Total liabilities 526,453,805,161 481,037,483,455
Paid up capital 17.2 12,246,188,770 12,006,067,430
Statutory reserve 18 10,741,799,973 10,501,678,633
Share premium 19 1,504,388,797 1,504,388,797
Dividend equalisation reserve 20 530,786,630 530,786,630
Other reserve 21 1,103,745,842 1,165,967,585
Surplus in profit and loss account 22 12,348,589,771 8,165,314,751
Total shareholders' equity 38,475,499,783 33,874,203,826
Non controlling interest 23 156,891 152,844
Total equity 38,475,656,674 33,874,356,670
Total liabilities and shareholders' equity 564,929,461,835 514,911,840,125

Financial
Statements
2023 2022
Note
Taka Taka
OFF-BALANCE SHEET ITEMS
Contingent liabilities
Acceptances and endorsements 91,381,021,729 103,014,041,313
Letters of guarantee 24.1 24,892,956,059 25,526,642,590
Irrevocable letters of credit 24.2 44,270,829,142 50,918,958,350
Bills for collection 24.3 18,923,390,701 19,923,213,242
Other contingent liabilities for ECA financing 12,771,271,839 12,318,316,817
Total 192,239,469,470 211,701,172,312
Other commitments
Documentary credits and short term trade-related transactions - -
Forward assets purchased and forward deposits placed 24.4 17,322,976,740 7,067,645,915
Undrawn note issuance and revolving underwriting facilities - -
Undrawn formal standby facilities, credit lines and other commitments - -
Other commitments - -
Total 17,322,976,740 7,067,645,915
Total off-balance sheet items including contingent liabilities 209,562,446,210 218,768,818,227
Net Assets Value (NAV) per share 49 31.42 27.66
The annexed notes 1 to 53 form an integral part of these financial statements.
Managing Director & CEO Director Director Chairman
As per our report of same date.
Auditor

Managing Partner
Howladar Yunus & Co.;
Chartered Accountants
Dhaka, 27 March 2024 Firm's Registration No.: [N/A]
DVC: 2403270521AS655765

Consolidated Profit and Loss Account
for the year ended 31 December 2023
2023 2022
Note
Taka Taka
Interest income/profit on investments 26 34,064,911,554 25,833,360,887

Interest paid/profit shared on deposits and borrowings etc. 27 17,988,539,759 13,225,891,143
Net interest income/profit on investments 16,076,371,795 12,607,469,744
Investment income 28 4,910,766,033 3,767,626,961
Commission, exchange and brokerage 29 7,334,733,537 8,997,556,752
Other operating income 30 227,871,701 286,277,352
12,473,371,271 13,051,461,065
Total operating income (A) 28,549,743,066 25,658,930,809
Operating expenses
Salaries and allowances 31 8,075,416,642 7,233,372,280
Rent, taxes, insurance, electricity, etc. 32 830,705,561 799,824,315
Legal expenses 33 86,240,647 76,105,462
Postage, stamp, telecommunication, etc. 34 119,992,457 136,723,234
Stationery, printing, advertisements, etc. 35 653,046,580 588,525,842
Chief executive's salary and fees 36 27,020,490 24,545,807
Directors' fees 37 6,962,439 7,322,107
Auditors' fees 4,322,924 3,951,988
Depreciation and repair 38 2,493,417,495 2,148,864,480
Other expenses 39 2,346,997,768 2,272,802,262
Total operating expenses (B) 14,644,123,003 13,292,037,777
Profit before provision (C = A-B) 13,905,620,063 12,366,893,032
Provision for loans and advances/investments 40 2,564,988,290 2,941,583,756
Provision for off-balance sheet exposures - -
Provision for diminution in value of investments 40.b 132,429,604 47,277,401
Other provision 122,500,000 -
Total provision (D) 2,819,917,894 2,988,861,157
Total profit before tax (E = C-D) 11,085,702,169 9,378,031,875
Provision for taxation (F) 41
Current tax expense 4,856,812,339 4,379,411,801
Deferred tax (income)/expense (155,771,389) 217,355,085
Total provision for tax 4,701,040,950 4,596,766,886
Net profit after tax (G = E-F) 6,384,661,219 4,781,264,989
Net profit after tax attributable to:
Equity holders of the bank 6,384,657,172 4,781,258,903
Non-controlling interest 4,047 6,086
6,384,661,219 4,781,264,989
Appropriations
Statutory reserve 240,121,340 1,334,007,490
Start up fund 61,513,199 45,077,667
Transfer to CSR fund - 245,232,869
Coupon/dividend on perpetual bond 400,000,000 296,613,111
701,634,539 1,920,931,137
Retained surplus for the year 5,683,022,633 2,860,327,766
Earnings per share (EPS) 47 5.21 3.90

Auditor
Managing Partner
DVC: 2403270521AS655765

Consolidated Statement of Changes in Equity
Attributable to the equity holders of the Bank

Surplus in Non
Dividend Total
Paid up Statutory Share General Capital Revaluation profit controlling
Particulars equalisation Total equity
capital reserve Premium reserve reserve reserve and loss interest
reserve
account
Taka Taka Taka Taka Taka Taka Taka Taka Taka Taka Taka
Balance as at 1 January 2023 12,006,067,430 10,501,678,633 1,504,388,797 11,394,928 38,307,621 1,116,265,036 530,786,630 8,165,314,751 33,874,203,826 152,844 33,874,356,670
Surplus/(deficit) on account of
revaluation of investments - - - - - (184,587,293) - - (184,587,293) - (184,587,293)
Currency translation differences - - - - - - - (16,124,082) (16,124,082) - (16,124,082)
Net profit/(loss) for the year - - - - - - - 6,384,657,172 6,384,657,172 4,047 6,384,661,219
Dividend (Cash) - - - - - - - (1,212,127,597) (1,212,127,597) - (1,212,127,597)
Dividend (Bonus Share) 240,121,340 - - - - - - (240,121,340) - - -
Adjustment for cash dividend
receipts from subsidiary - - - - - - - 30,494,288 30,494,288 30,494,288
Transfer to statutory reserve - 240,121,340 - - - - - (240,121,340) - - -
Remeasurements gain/(loss)
due to actuarial valuation - - - - - - - 88,692,600 88,692,600 - 88,692,600
Deferred tax income arise
from remeasurement - - - - - - - (33,259,725) (33,259,725) - (33,259,725)
Transfer to capital reserve - - - - 122,365,550 - - (122,365,550) - - -
Coupon/dividend on perpetual bonds - - - - - - - (400,000,000) (400,000,000) - (400,000,000)
Transfer to start up fund - - - - - - - (61,513,199) (61,513,199) - (61,513,199)
Gain from sale of Non-Banking Asset - - - - - - - 5,063,793 5,063,793 - 5,063,793
Balance as at 31 December 2023 12,246,188,770 10,741,799,973 1,504,388,797 11,394,928 160,673,171 931,677,743 530,786,630 12,348,589,771 38,475,499,783 156,891 38,475,656,674
Annual Report 2023

Financial
Statements
393
394
Consolidated Statement of Changes in Equity
Annual Report 2023

Attributable to the equity holders of the Bank
Share Surplus in Non
Dividend Total
Paid up Statutory premium General Capital Revaluation profit controlling
Particulars equalisation Total equity
capital reserve Share reserve reserve reserve andloss interest
reserve
Premium account
Taka Taka Taka Taka Taka Taka Taka Taka Taka Taka Taka
Balance as at 1 January2022 10,672,059,940 9,167,671,143 1,504,388,797 11,394,928 - 2,608,901,341 530,786,630 8,242,246,773 32,737,449,552 146,758 32,737,596,310
Surplus/(deficit) on account of
revaluation of investments - - - - - (1,492,636,305) - - (1,492,636,305) - (1,492,636,305)
Currency translation differences - - - - - - - (23,238,261) (23,238,261) - (23,238,261)
Net profit/(loss) for the year - - - - - - - 4,781,258,903 4,781,258,903 6,086 4,781,264,989
Dividend (Cash) - - - - - - - (1,346,808,441) (1,346,808,441) - (1,346,808,441)
Dividend (Bonus Share) 1,334,007,490 - - - - - - (1,334,007,490) - - -
Adjustment for cash dividend
receipts from subsidiary - - - - - - - 110,498,050 110,498,050 - 110,498,050
Transfer to statutory reserve - 1,334,007,490 - - - - - (1,334,007,490) - - -
due to actuarial valuation - - - - - - - (488,633,640) (488,633,640) - (488,633,640)
Deferred tax income arise from
remeasurement - - - - - - - 183,237,615 183,237,615 - 183,237,615
Transfer to capital reserve - - - - 38,307,621 - - (38,307,621) - - -
Coupon/dividend on perpetual bonds - - - - - - - (296,613,111) (296,613,111) - (296,613,111)
Transfer to start up fund - - - - - - - (45,077,667) (45,077,667) - (45,077,667)
Transfer to CSR fund - - - - - - - (245,232,869) (245,232,869) - (245,232,869)
Balance as at 31 December 2022 12,006,067,430 10,501,678,633 1,504,388,797 11,394,928 38,307,621 1,116,265,036 530,786,630 8,165,314,751 33,874,203,826 152,844 33,874,356,670

Financial
Statements

Consolidated Cash Flow Statement
2023 2022
Note
Taka Taka
A) Cash flows from operating activities
Interest/investment income receipts in cash 33,973,163,885 24,977,543,851
Interest/profit paid on deposits and borrowings (16,734,970,377) (12,818,280,217)
Dividend receipts 241,815,802 234,698,182
Fees and commission receipts in cash 6,431,671,263 4,054,981,990
Recoveries of loans previously written-off 16.a.1 985,690,362 535,197,471
Cash payments to employees (7,697,018,677) (7,749,524,657)
Cash payments to suppliers (213,883,057) (271,004,145)
Income taxes paid (4,130,590,763) (4,105,846,701)
Receipts from other operating activities 43 4,390,160,357 5,266,853,232
Payments for other operating activities 44 (4,521,269,116) (4,361,637,015)
Cash generated from operating activities before changes in
operating assets and liabilities (i) 12,724,769,679 5,762,981,991
Increase/decrease in operating assets and liabilities

Loans and advances to customers (41,151,203,906) (67,977,825,782)
Other assets 45 (4,796,320,580) (1,968,278,583)
Deposits from other banks/borrowings (21,888,237,986) 27,452,315,270
Deposits from customers 59,898,098,228 49,689,668,381
Other liabilities 46 (875,165,827) 1,028,875,764
Cash generated from operating assets and liabilities (ii) (8,812,830,071) 8,224,755,050
Net cash flow from operating activities (i+ii) 3,911,939,608 13,987,737,041
B) Cash flows from investing activities

Net payment for sale/(purchase) of shares (2,248,917,652) (2,369,605,277)
Net payment for sale/(purchase) of securities (10,028,066,485) (11,505,326,757)
Net payment for sale/(purchase) of fixed assets (1,358,240,870) (1,415,975,186)
Net cash used in investing activities (13,635,225,007) (15,290,907,220)
C) Cash flows from financing activities

Issuance/(redemption) of subordinated bonds (2,590,000,000) 4,535,000,000
Dividends paid (1,212,185,596) (1,346,808,441)
Coupon/dividend paid on perpetual bonds (400,000,000) (296,613,111)
Net cash from financing activities (4,202,185,596) 2,891,578,448
D) Net increase in cash and cash equivalents (A+B+C) (13,925,470,995) 1,588,408,269
E) Effects of exchange rate changes on cash and cash equivalents 897,149,761 3,353,013,743
F) Cash and cash equivalents at beginning of the year 72,691,691,456 67,750,269,444
G) Cash and cash equivalents at end of the year (D+E+F) 59,663,370,222 72,691,691,456
Cash and cash equivalents at end of the year consists of: 42

Cash in hand (including foreign currencies) 8,899,078,815 8,363,152,244
(including foreign currencies) 17,187,174,482 23,661,679,377
Balance with other banks and financial institutions 25,790,362,835 33,134,037,253
Money at call on short notice - -
Government securities 7,786,754,090 7,532,822,582
59,663,370,222 72,691,691,456
Net operating cash flow per share (NOCFPS) 48 3.19 11.42

City Bank PLC
Balance Sheet
2023 2022
Note
Taka Taka
PROPERTY AND ASSETS
Cash
In hand (including foreign currencies) 4.a.1 8,898,540,782 8,361,643,776
Balance with Bangladesh Bank and its agent bank (s)
(including foreign currencies) 4.a.2 17,187,174,482 23,661,679,377
26,085,715,264 32,023,323,153
Balance with other banks and financial institutions 5.a
In Bangladesh 20,445,239,323 28,911,665,052
Outside Bangladesh 4,789,887,272 3,813,382,638
25,235,126,595 32,725,047,690
Money at call on short notice 6 - -
Investments 7.a
Government 63,144,945,967 52,745,133,490
Others 9,916,592,116 8,359,816,029
73,061,538,083 61,104,949,519
Loans and advances/investments 8.a
Loans, cash credits, overdrafts, etc./investments 370,846,692,465 324,005,634,460
Bills purchased and discounted 9 25,231,674,515 30,768,051,794
396,078,366,980 354,773,686,254
Fixed assets including premises, furniture and fixtures 10.a 9,828,562,306 9,749,161,523
Other assets 11.a 24,814,410,359 15,808,243,910
Non-banking assets 12 634,548,873 662,550,998
Total assets 555,738,268,460 506,846,963,047
Liabilities
Bonds 13 13,635,000,000 16,225,000,000
Borrowings from other banks, financial institutions and agents 14.a.1 17,622,471,448 34,796,842,700
Borrowings from central bank & government agencies 14.a.2 41,881,760,354 47,593,399,655
Deposits and other accounts 15.a
Current accounts and other accounts 106,718,587,856 86,738,541,452
Bills payable 3,896,547,879 2,584,084,769
Fixed deposits 194,553,190,098 161,978,454,991
Bearer certificate of deposit - -
392,510,329,287 331,890,384,374
Other liabilities 16.a 52,868,468,938 43,496,438,724
Paid up capital 17.2 12,246,188,770 12,006,067,430
Statutory reserve 18 10,741,799,973 10,501,678,633
Share premium 19 1,504,388,797 1,504,388,797
Dividend equalisation reserve 20 530,786,630 530,786,630
Other reserve 21.a 851,526,913 1,014,361,820
Surplus in profit and loss account 22.a 11,345,547,350 7,287,614,284
Total shareholders' equity 37,220,238,433 32,844,897,594

Financial
Statements
2023 2022
Note
Taka Taka
Letters of guarantee 24.1 24,892,956,059 25,526,642,590
Irrevocable letters of credit 24.2 44,270,829,142 50,918,958,350
Bills for collection 24.3.a 18,710,293,734 19,402,381,269
Other contingent liabilities for ECA financing 12,771,271,839 12,318,316,817
Total 192,026,372,503 211,180,340,339
Other commitments
Forward assets purchased and forward deposits placed 24.4 17,322,976,740 7,067,645,915
Total 17,322,976,740 7,067,645,915
Total off-balance sheet items including contingent liabilities 209,349,349,243 218,247,986,254
Net Assets Value (NAV) per share 49.a 30.39 26.82
Auditor

Managing Partner
DVC: 2403270521AS655765

City Bank PLC
Profit and Loss Account
2023 2022
Note
Taka Taka
Interest income/profit on investments 26.a 33,790,155,733 25,556,953,427

Interest paid/profit shared on deposits and borrowings etc. 27.a 17,959,244,662 13,197,502,626
Net interest income/profit on investments 15,830,911,071 12,359,450,801
Investment income 28.a 4,712,708,520 3,605,367,405

Commission, exchange and brokerage 29.a 6,840,161,177 8,348,835,600
Other operating income 30.a 222,530,990 274,712,671
11,775,400,687 12,228,915,676
Total operating income (A) 27,606,311,758 24,588,366,477
Salaries and allowances 31 7,801,957,623 6,977,238,560

Rent, taxes, insurance, electricity, etc. 32.a 803,847,726 717,433,874
Legal expenses 33.a 84,741,109 72,067,327
Postage, stamp, telecommunication, etc. 34.a 111,096,326 128,451,313
Stationery, printing, advertisements, etc. 35.a 603,111,476 548,404,666
Chief executive's salary and fees 36 27,020,490 24,545,807
Directors' fees 37.a 2,260,800 2,729,400
Auditors' fees 3,435,000 3,231,250
Depreciation and repair of bank's assets 38.a 2,374,241,162 2,035,654,741
Other expenses 39.a 2,296,701,078 2,251,496,216
Total operating expenses (B) 14,108,412,790 12,761,253,154
Profit before provision (C = A-B) 13,497,898,968 11,827,113,323
Provision for loans and advances/investments 40.a 2,567,510,203 2,942,526,639

Provision for off-balance sheet exposures - -
Provision for diminution in value of investments 40.c 127,122,685 122,273
Other provision 122,500,000 -
Total provision (D) 2,817,132,888 2,942,648,912
Total profit before taxes (E = C-D) 10,680,766,080 8,884,464,411
Provision for taxation (F) 41.a

Current tax expense 4,690,333,373 4,152,175,971
Deferred tax (income)/expense (160,887,167) 224,521,753
Total provision for tax 4,529,446,206 4,376,697,724
Net profit after tax (G = E-F) 6,151,319,874 4,507,766,687
Appropriations
Statutory reserve 240,121,340 1,334,007,490
Start up fund 61,513,199 45,077,667
Transfer to CSR fund - 245,232,869
Coupon/dividend on perpetual bond 400,000,000 296,613,111
701,634,539 1,920,931,137
Retained surplus for the year 5,449,685,335 2,586,835,550
Earnings per share (EPS) 47.a 5.02 3.68

Auditor
Managing Partner
Howladar Yunus & Co.; Chartered Accountants
Firm's Registration No.: [N/A]
Dhaka, 27 March 2024 DVC: 2403270521AS655765

City Bank PLC
Statement of Changes in Equity
Dividend
Paid up Statutory Share General Revaluation Surplus in profit Total
equalisation
Particulars capital reserve premium reserve reserve andloss account equity
reserve
Taka Taka Taka Taka Taka Taka Taka Taka
Balance as at 1 January2023 12,006,067,430 10,501,678,633 1,504,388,797 11,394,928 1,002,966,892 530,786,630 7,287,614,284 32,844,897,594
Surplus/(deficit) on account of revaluation of
investments - - - - (162,834,907) - - (162,834,907)
Net profit for the year - - - - - - 6,151,319,874 6,151,319,874
Dividend (Cash) - - - - - - (1,212,127,597) (1,212,127,597)
Dividend (Bonus Share) 240,121,340 - - - - - (240,121,340) -
Transfer to statutory reserve - 240,121,340 - - - - (240,121,340) -
Remeasurements gain/(loss) due to actuarial valuation - - - - - - 88,692,600 88,692,600
Deferred tax income arise from remeasurement - - - - - - (33,259,725) (33,259,725)
Coupon/dividend on perpetual bonds - - - - - - (400,000,000) (400,000,000)
Transfer to start up fund - - - - - - (61,513,199) (61,513,199)
Transfer to CSR fund - - - - - - - -
Gain from sale of Non-Banking Asset - - - - - - 5,063,793 5,063,793
Balance as at 31 December 2023 12,246,188,770 10,741,799,973 1,504,388,797 11,394,928 840,131,985 530,786,630 11,345,547,350 37,220,238,433
Dividend
Paid up Statutory Share General Revaluation Surplus in profit Total
equalisation
Particulars capital reserve premium reserve reserve andloss account equity
reserve
Taka Taka Taka Taka Taka Taka Taka Taka
Balance as at 1 January2022 10,672,059,940 9,167,671,143 1,504,388,797 11,394,928 1,651,152,143 530,786,630 7,686,990,690 31,224,444,271
Surplus/(deficit) on account of revaluation of
investments - - - - (648,185,251) - - (648,185,251)
Net profit for the year - - - - - - 4,507,766,687 4,507,766,687
Dividend (Cash) - - - - - - (1,346,808,441) (1,346,808,441)
Dividend (Bonus Share) 1,334,007,490 - - - - - (1,334,007,490) -
Transfer to statutory reserve - 1,334,007,490 - - - - (1,334,007,490) -
due to actuarial valuation - - - - - - (488,633,640) (488,633,640)
Deferred tax income arise from remeasurement - - - - - - 183,237,615 183,237,615
Coupon/dividend on perpetual bonds - - - - - - (296,613,111) (296,613,111)
Transfer to start up fund - - - - - - (45,077,667) (45,077,667)
Transfer to CSR fund - - - - - - (245,232,869) (245,232,869)
Annual Report 2023

Financial
Balance as at 31 December 2022 12,006,067,430 10,501,678,633 1,504,388,797 11,394,928 1,002,966,892 530,786,630 7,287,614,284 32,844,897,594
Statements
399
City Bank PLC
Cash Flow Statement
2023 2022
Note
Taka Taka
A) Cash flows from operating activities
Interest/investment income receipts in cash 33,696,167,395 24,696,052,032

Interest/profit paid on deposits and borrowings (16,705,993,422) (12,792,965,793)
Dividend receipts 148,027,798 212,252,494
Fees and commission receipts in cash 6,116,088,620 3,560,229,072
Recoveries of loans previously written off 16.a.1 985,690,362 535,197,471
Cash payments to employees (7,422,208,299) (7,484,586,766)
Cash payments to suppliers (202,220,512) (259,982,141)
Income taxes paid 11.a.4 (3,971,055,450) (3,807,605,135)
Receipts from other operating activities 43.a 4,277,966,023 5,119,222,835
Payments for other operating activities 44.a (4,310,456,461) (4,128,599,610)
Cash generated from operating activities before changes in
operating assets and liabilities (i) 12,612,006,054 5,649,214,459

Loans and advances to customers (41,304,680,726) (68,394,007,778)
Other assets 45.a (4,132,759,199) (1,642,379,795)
Deposits from other banks/borrowings (22,072,839,098) 27,484,198,486
Deposits from customers 59,806,773,458 49,837,634,110
Other liabilities 46.a (1,468,811,433) 755,135,385
Cash generated from operating assets and liabilities (ii) (9,172,316,998) 8,040,580,408
Net cash from operating activities (i+ii) 3,439,689,056 13,689,794,867
B) Cash flows from investing activities

Net payment for sale/(purchase) of shares (1,899,877,100) (2,159,965,697)
Net payment for sale/(purchase) of securities (9,965,614,866) (11,505,326,757)
Net payment for sale/(purchase) of fixed assets (1,269,739,524) (1,187,293,381)
Net cash (used in)/generated from investing activities (13,135,231,490) (14,852,585,835)
C) Cash flows from financing activities

Issuance/(redemption) of subordinated bonds (2,590,000,000) 4,535,000,000
Dividends paid (1,212,127,597) (1,346,808,441)
Coupon/dividend paid on perpetual bonds (400,000,000) (296,613,111)
Net cash used in financing activities (4,202,127,597) 2,891,578,448
D) Net increase in cash and cash equivalents (A+B+C) (13,897,670,031) 1,728,787,480
E) Effects of exchange rate changes on cash and cash equivalents 724,072,555 3,168,589,894
F) Cash and cash equivalents at beginning of the year 72,281,193,425 67,383,816,051
G) Cash and cash equivalents at end of the year (D+E+F) 59,107,595,949 72,281,193,425
Cash and cash equivalents at end of the year consists of: 42.a
Cash in hand (including foreign currencies) 8,898,540,782 8,361,643,776
(including foreign currencies) 17,187,174,482 23,661,679,377
Balance with other banks and financial institutions 25,235,126,595 32,725,047,690
Money at call on short notice - -
59,107,595,949 72,281,193,425
Net operating cash flow per share (NOCFPS) 48.a 2.81 11.18

Financial
Statements

Notes to the Financial Statements
as at and for the year ended 31 December 2023
1. Reporting entity - The Bank and its activities

1.1 Legal Status and nature of the entity
City Bank PLC ("the Bank") was incorporated as a public limited company in Bangladesh under The Companies Act 1913. It commenced its
banking business from 23 March 1983 under the license issued by Bangladesh Bank. The Bank has 123 branches (2022:122) ,11 SME/Agri
branches (2022: 11), 40 sub branches (2022: 12) and 535 agent banking outlets (2022: 690) across Bangladesh as at 31 December 2023. The
Bank had no overseas branches as at 31 December 2023. Out of the above 134 branches and 40 sub branches, 1 branch is designated as Islamic
Banking Branch complying with the rules of Islamic Shariah, the modus operandi of which is substantially different from other branches run
on conventional basis. It has 415 ATMs/RATMs/CDMs (2022: 415) as at 31 December 2023. The Bank was listed with Dhaka Stock Exchange
Limited and Chittagong Stock Exchange Limited as a publicly traded company on 03 February 1987 and 27 December 1995 repectively. It is
operating as City Bank Group with it's four subsidiaries.
The registered office of the Bank is located at Plot-SE(D)-3, 28, Gulshan Avenue, Gulshan-1, Dhaka-1212.
The consolidated financial statements of the Bank as at and for the year ended 31 December 2023 comprise the Bank and its subsidiaries
(collectively the 'Group' and individually 'Group entities').
1.2 Principal activities of the bank
The principal activities of the Bank are to provide wide array of financial products (loans and deposits) and services that includes all kinds of
conventional and Islamic banking services to its customers. It offers commercial banking, consumer banking, trade services, cash management,
treasury, SME, retail, custodial and clearing services to its customers. These activities are conducted through its branches, SME/Agri branches,
sub-branches, islamic windows, agent banking outlets and vibrant alternative delivery channels (ATM booths, internet banking) in Bangladesh.
City Touch Digital Banking Service is the bank’s flagship product to provide internet based banking solutions. City Touch offers online banking
facilities like - FDR/Monthly deposit accounts opening, quick loan facilities to customers, fund transfer, utility bills payment, buying air tickets,
paying bills of mobile phones, credit cards, and insurance premiums and then tracking of accounts and even shopping from over 100 retailers.
City Touch is integrated with most of the MFS payment system (i.e. bKash, Meghna pay, OK Wallet, Rocket, Tap, Upay, Nagad) as well. Through
bKash payment system, the Bank is offering nano loan facilities and digital DPS services to customers. The Bank also provides off-shore banking
services through its Off-Shore Banking Units (OBU) and islami banking services through its Islamic Bank branch.
1.3 Offshore Banking
Offshore Banking Unit (OBU) is a separate business unit of the Bank, operates its business through a separate counter as governed under the
rules and guidelines vide Bangladesh Bank's letter reference no. BRPD(P-3)744(101)/2010-4129 dated 10 November 2009 and a Policy for
Offshore Banking Operation issued by Bangladesh Bank through BRPD circular no. 02, dated 25 February 2019 and BRPD circular letter no.
09, dated 27 May 2019. It gives loans (on and off-balance sheet exposures) and takes deposits in freely convertible foreign currencies to and
from person/institution not resident in Bangladesh and Type-A (wholly foreign owned) units in EPZs in Bangladesh. It also gives long term loans
to industrial units outside EPZs and Type-B and Type-C industrial units within the EPZs subject to compliance by the industrial units with the
guidelines of Bangladesh Investment Development Authority (BIDA) and Bangladesh Bank. Besides, this unit provides bill discounting/financing
facilities accepted by Authorised Dealer (AD) in Bangladesh against usance LCs in accordance with Bangladesh Bank (BB) guidelines. Separate
financial statements of Off-Shore Banking Units are shown in Annexures J(1) and J(2).
1.4 Islamic Banking
The Bank obtained permission for Islamic Banking Branch from Bangladesh Bank vide letter no. BL/DA/6852/2003 dated 16 July 2003. Through
the Islamic Banking Branch, the Bank extends all types of Islamic Shariah compliant finance like lease, hire purchase shirkatul melk (HPSM), bai
muazzal, household scheme etc. and different types of deposits like mudaraba/manarah savings deposits, mudaraba/manarah term deposits,
al-wadeeah current deposits, monthly/quarterly profit paying scheme etc. Separate financial statements of Islamic Banking Branch are shown
in Annexures I(1) and I(2).
1.5 Agent Banking
The Bank has started agent banking operation in 2017 with a view to reach unbanked population particularly in the geographically dispersed
area and offer banking services to potential customers who are currently out of traditional banking periphery. City Bank has launched this
banking service with 20 outlets in 2017, which is now 535 across the country with thousands of new customers. This service includes offering
all types of deposit accounts, micro credit facilities and other banking transactions including bill payments, inward foreign remittance payment,
fund transfer etc.

1.6 Custodian Service
The Bank obtained permission to work as a security custodian from Bangladesh Securities and Exchange Commission vide its certificate no. SC-
09/2009, dated 17 June 2009 under the Securities and Exchange Commission (Securities Custodian Service) Rules 2003. Financial performance
of Security Custodial Services have been separately reported in Annexure K along with Bank’s audited financial statements in compliance with
the requirement u/s 10(2) of Security Custodial Services Rules 2003. The due certificate from external auditors has been obtained on internal
control and financial statements of security custodial operations of the Bank.
1.7 Subsidiaries of the Bank
The Bank has four subsidiaries. All of them have been in operations on the reporting date. These are City Brokerage Limited, City Bank Capital
Resources Limited, CBL Money Transfer Sdn. Bhd. and City Hong Kong Limited. Details of the subsidiaries have been presented in note no. 1.7.1
to 1.7.4.
1.7.1 City Brokerage Limited
City Brokerage Limited ('the Company') was incorporated in Bangladesh as a private limited company on 31 March 2010 vide registration no.
C-83616/10 under the Companies Act 1994. The legal status of the Company has been converted into public limited company from private
limited company in June 2012 in compliance with Bangladesh Securities and Exchange Commission Rules 2000. Previously the Bank launched
its brokerage division on 4 August 2009 which was subsequently separated from the Bank on 15 November 2010. On 31 December 2023 the
Bank held 99.9982% shares of the company.
The financial statements, audited by S.F. Ahmed & Co, Chartered Accountants, have been enclosed in Appendix A.
1.7.2 City Bank Capital Resources Limited (CBCRL)
City Bank Capital Resources Limited ('the Company') was incorporated in Bangladesh as a private limited company on 17 August 2009 vide
registration no. C-79186/09 under the Companies Act, 1994.The registered office of the Company is situated at Shanta Western Tower,
Level-14, Office Space-02 Bir Uttam Mir Shawkat Road, 186 Tejgaon I/A, Dhaka-1208. CBCRL delivers a whole range of investment banking
services including merchant banking activities such as issue management, underwriting, portfolio management and corporate advisory. On 31
December 2023 the Bank held 99.9980% shares of CBCRL.
The financial statements, audited by Hoda Vasi Chowdhury & Co., Chartered Accountants, have been enclosed in Appendix B.
1.7.3 CBL Money Transfer Sdn. Bhd. (CMTS)
CBL Money Transfer Sdn. Bhd. ('the Company') is a private limited company by shares incorporated under the laws of Malaysia and registered
with the Companies Commission of Malaysia with Registration No. 769212M carrying on money services business under the Money Services
Business Act 2011 under a Class B License No. 00127 from the Bank Negara Malaysia. CMTS is principally engaged as inbound and outbound
remittance service provider.
The Bank entered into an agreement on 4 April 2013 to purchase 75% of ordinary shares of CMTS with an agreement to acquire 100% shares
of CMTS ultimately and the company became and started as subsidiary of the Bank since 5 August 2013. On 31 December 2023 the Bank held
100% shares of CMTS.
The financial statements of CMTS, audited by Nasharuddin Wong & Co, Chartered Accountants, have been enclosed in Appendix C.
1.7.4 City Hong Kong Limited
City Hong Kong Limited ('the Company') is incorporated and domiciled in Hong Kong and has its registered office and principal place of business at
Units 904 & 906, 9th Floor, Austin Tower, Nos. 22-26 Austin Avenue, Tsimshatsui, Kowloon, Hong Kong. City Hong Kong Limited is a fully owned
(100% shares) subsidiary of City Bank PLC established at the later half of 2019 to facilitate international trade business through advising letter
of credits, handling documentary collections and bill financing (discounting) against letters of credit.
The financial statements of City Hong Kong Ltd, audited by T. O. Yip & Co Limited, Certified Public Accountants, have been enclosed in Appendix D.
2. Basis of preparation of financial statements
The separate financial statements of the Bank as at and for the year ended 31 December 2023 comprise those of Domestic Banking Unit (Main
operations) and Offshore Banking Unit (OBU), and the consolidated financial statements of the group comprise those of 'the Bank' (parent
company) and its subsidiaries. There were no significant changes in the nature of principal business activities of the Bank and the subsidiaries
during the financial year.
2.1 Statement of compliance
The Financial Reporting Act 2015 (FRA) was enacted in 2015. Under the FRA, the Financial Reporting Council (FRC) was formed in 2017 and has
since then adopted International Accounting Standards (IASs) and International Financial Reporting Standards (IFRSs) as the applicable Financial
Reporting Standards for public interest entities such as banks with effect from 2 November 2020.

Financial
Statements
Accordingly, the financial statements of the Bank are prepared in accordance with IFRSs (including IASs) and the requirements of the Bank
Company Act, 1991 (amendment up to 2023), the rules and regulations issued by Bangladesh Bank, the Companies Act 1994, The Securities and
Exchange Ordinance 1969, Bangladesh Securities and Exchange Commission Act 1993, Bangladesh Securities and Exchange Commission (Public
Issues) Rules 2020, Income Tax Act, 2023, The Value Added Tax and Supplementary Duty Act 2012, The Value Added Tax and Supplementary
Duty Rules 2016, Financial Reporting Act, 2015, Dhaka Stock Exchange Ltd. (DSE), Chittagong Stock Exchange Ltd. (CSE) and Central Depository
Bangladesh Ltd. (CDBL) rules and regulations. In case any requirement of the Bank Company Act, 1991 (amendment up to 2023), provisions,
circulars and guidelines issued by Bangladesh Bank differ with those of IFRSs (including IASs), the requirements of the Bank Company Act,
1991 (amendment up to 2023), provisions, circulars and guidelines issued by Bangladesh Bank shall prevail. Material departures from the
requirements of IFRS are mentioned in i to xx:
In addition to foregoing directives and standards, the operation of Islamic Banking branches is accounted for in accordance with Financial
Accounting Standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions, Bahrain, and BRPD circular no. 15,
dated 09 November 2009. A separate balance sheet and profit and loss account are shown in Annexure-I(1) and I(2) and the figures appearing
in the annexure have been incorporated in the related heads of these financial statements as recommended by the Central Shariah Board for
Islamic Banks in Bangladesh.
i) Presentation of financial statements
IFRS: As per IAS 1, a complete set of financial statements comprises a statement of financial position, a statement of profit and loss and other
comprehensive income, a statement of changes in equity, a statement of cash flows, notes comprising a summary of significant accounting
policies and other explanatory information and comparative information. IAS 1 has also stated the entity to disclose assets and liabilities under
current and non-current classification separately in its statement of financial position.
Bangladesh Bank: The presentation of these financial statements in prescribed format (i.e. balance sheet, profit and loss account, cash flow
statement, statement of changes in equity, liquidity statement) and certain disclosures therein are guided by the First Schedule (section-38) of
the Bank Companies Act, 1991 (amended up to 2023) and BRPD circular no. 14 dated 25 June 2003 and subsequent guidelines of Bangladesh
Bank. In the prescribed format there is no option to present assets and liabilities under current and non-current classification.
ii) Investment in shares, mutual fund and other securities
IFRS: As per requirements of IFRS 9, classification and measurement of investment in shares and securities will depend on how these are
managed (the entity’s business model) and their contractual cash flow characteristics. Based on these factors it would generally fall either under
“at fair value through profit or loss account” or under “at fair value through other comprehensive income” where any change in the fair value (as
measured in accordance with IFRS 13) at the year-end is taken to profit and loss account or other comprehensive income respectively.
Bangladesh Bank: As per BRPD circular no. 14 dated 25 June 2003 investments in quoted and unquoted shares are revalued on the basis of
year-end market price and Net Assets Value (NAV) of last audited balance sheet respectively. As per instruction of DOS circular no. 1 dated 24
May 2023, non listed mutual fund (opern-end) is revalued at surrender price. As such, provision is made for any loss arising from diminution in
value of investments (investment category wise); otherwise investments are recognised at costs.
iii) Revaluation gain/loss on government securities
IFRS: Government securities refer primarily various debt instruments which include both bonds and bills. As per requirements of IFRS 9 Financial
Instruments, bonds can be categorised as “Amortised Cost (AC)” or “Fair Value Through Profit or Loss (FVTPL)” or “Fair Value through Other
Comprehensive Income (FVOCI)”. Bonds designated as Amortised Cost are measured at amortised cost method and interest income is recognised
through profit and loss account. Any changes in fair value of bonds designated as FVTPL is recognised in profit and loss account. Any changes in
fair value of bonds designated as FVOCI is recognised in other reserve as a part of equity.
As per requirements of IFRS 9, bills can be categorised either as “Fair Value Through Profit or Loss (FVTPL)” or “Fair Value through Other
Comprehensive Income (FVOCI)”. Any change in fair value of bills is recognised in profit and loss or other reserve as a part of equity respectively.
Bangladesh Bank: According to DOS circular no. 5 dated 26 May 2008 and subsequent clarification in DOS circular no. 5 dated 28 January 2008,
Government securities/bills are classified into Held for Trading (HFT) and Held to Maturity (HTM), HFT securities are revalued on the basis of
mark to market and any gains on revaluation of securities which have not matured as at the balance sheet date are recognised in other reserves
as a part of equity and any losses on revaluation of securities which have not matured as at the balance sheet date are charged in the profit and
loss account. Interest on HFT securities including amortisation of discount is recognised in the profit and loss account. HTM securities which have
not matured as at the balance sheet date are amortised and gains or losses on amortisation are recognised in other reserve as a part of equity.
iv) Repo and reverse repo transactions
IFRS: As per IFRS 9 when an entity sells a financial asset and simultaneously enters into an agreement to repurchase the asset (or a similar
asset) at a fixed price on a future date (repo), the arrangement is treated as a loan and the underlying asset continues to be recognised at
amortised cost in the entity’s financial statements. The difference between selling price and repurchase price will be treated as interest expense.
The same rule applies to the opposite side of the transaction (reverse repo).

Bangladesh Bank: As per Department of Off-Site Supervision (DOS) Circular letter no. 06 dated 15 July 2010 and subsequent clarification in DOS
circular no. 02 dated 23 January 2013, when a bank sells a financial asset and simultaneously enters into an agreement to repurchase the asset
(or a similar asset) at a fixed price on a future date (repo or stock lending), the arrangement is accounted for as a normal sales transaction and
the financial asset is derecognised in the seller’s book and recognised in the buyer’s book.
However, as per DMD circular letter no. 7 dated 29 July 2012, non primary dealer banks are eligible to participate in the Assured Liquidity Support
(ALS) programme, whereby such banks may enter collateralised repo arrangements with Bangladesh Bank. Here the selling bank accounts for
the arrangement as a loan, thereby continuing to recognize the asset.
v) Provision on loans and advances
IFRS: As per IFRS 9 an entity shall recognise an impairment allowance on loans and advances based on expected credit losses. At each reporting
date, an entity shall measure the impairment allowance for loans and advances at an amount equal to the lifetime expected credit losses if the
credit risk on these loans and advances has increased significantly since initial recognition whether assessed on an individual or collective basis
considering all reasonable information, including that which is forward-looking. For those loans and advances for which the credit risk has not
increased significantly since initial recognition, at each reporting date, an entity shall measure the impairment allowance at an amount equal
to 12 month expected credit losses that may result from default events on such loans and advances that are possible within 12 months after
reporting date.
Bangladesh Bank: As per BRPD circular no. 53 (22 December 2022), BRPD circular no. 51 (18 December 2022), BRPD circular no. 14 (22 June
2022), BRPD circular no. 53 (30 December 2021), BRPD circular no. 52 (29 December 2021), BRPD circular no. 51 (29 December 2021), BRPD
circular no. 50 (14 December 2021), BRPD circular no. 45 (04 October 2021), BRPD circular no. 19 (26 August 2021), BRPD circular no. 05 (24
March 2021), BRPD circular no. 13 (27 June 2021), BRPD circular no. 03 (31 January 2021), BRPD circular no. 56 (10 December 2020), BRPD
circular no. 52 (20 October 2020), BRPD circular no.16 (21 July 2020), BRPD circular no. 3 (23 April 2019), BRPD circular no. 1 (20 February 2018),
BRPD circular no.15 (27 September 2017), BRPD circular no. 16 (18 November 2014), BRPD circular no. 05 (29 May 2013), BRPD circular no. 19
(27 December 2012) and BRPD circular no.14 (23 September 2012) a general provision at 0.25% to 5% under different categories of unclassified
loans (good/standard loans) has to be maintained regardless of objective evidence of impairment. And specific provision (other than short -term
agricultural and micro-credits) for sub-standard loans, doubtful loans and bad losses has to be provided at 20%, 50% and 100% respectively
for loans and advances depending on the duration of overdue. Moreover, a provision for Short-Term Agricultural and Micro-Credits has to be
provided for 'sub-standard' and 'doubtful' loans at the rate of 5%, 20% and a 100% provision for the 'bad/Loss' loans. Such provision policies are
not specifically in line with those prescribed by IFRS 9.
vi) Recognition of interest in suspense
IFRS: Loans and advances to customers are generally classified at amortised cost as per IFRS 9 and interest income is recognised by using the
effective interest rate method to the gross carrying amount over the term of the loan. Once a loan subsequently becomes credit-impaired, the
entity shall apply the effective interest rate to the amortised cost of these loans and advances.
Bangladesh Bank: As per BRPD circular no. 14 dated 23 September 2012, once a loan is classified as impaired, interest on such loans are
not allowed to be recognised as income, rather the corresponding amount needs to be credited to an interest in suspense account, which is
presented as a liability in the balance sheet.
vii) Other comprehensive income
IFRS: As per IAS 1, Other Comprehensive Income (OCI) is a component of financial statements or the elements of Other Comprehensive Income
are to be included in a Single Comprehensive Income (SCI) Statement.
Bangladesh Bank: Bangladesh Bank has issued templates for financial statements which are required to be followed by all banks. The templates
of financial statements issued by Bangladesh Bank do not include Other Comprehensive Income nor are the elements of Other Comprehensive
Income allowed to be included in a Single Comprehensive Income (SCI) Statement. As such the Bank does not prepare the other comprehensive
income statement. However, elements of OCI, if any, are shown in the statements of changes in equity.
viii) Financial instruments – presentation and disclosure
In several cases Bangladesh Bank guidelines categorize, recognize, measure and present financial instruments differently from those prescribed
in IFRS 9. As such full disclosure and presentation requirements of IFRS 7 and IAS 32 cannot be made in the financial statements.
ix) Financial guarantees
IFRS: As per IFRS 9, financial guarantees are contracts that require the issuer to make specified payments to reimburse the holder for a loss
it incurs because a specified debtors fails to make payment when due in accordance with the original or modified terms of a debt instrument.
Financial guarantee liabilities are recognised initially at their fair value plus transaction costs that are directly attributable to the issue of the
financial liabilities. The financial guarantee liability is subsequently measured at the higher of the amount of loss allowance for expected credit
losses as per impairment requirement and the amount initially recognised less, income recognised in accordance with the principles of IFRS 15.
Financial guarantees are included within other liabilities.
Bangladesh Bank: As per BRPD circular no. 14 dated 25 June 2003, financial guarantees such as letter of credit and letter of guarantee will
be treated as off-balance sheet items. No liability is recognised for the guarantee except the cash margin. As per BRPD Circular no.01 dated
3 January 2018 and BRPD Circular no.14 dated 23 September 2012 and subsequent circular reference no. 06 dated 25 April 2023, banks are
advised to maintain general provision against outstanding off balances sheet exposures on the basis of exposures nature and duration as
mentioned in note 3.4.7.

Financial
Statements
x) Cash and cash equivalents
IFRS: Cash and cash equivalent items should be reported as cash item as per IAS 7.
Bangladesh Bank: Some highly liquid assets such as money at call and short notice, T-bills/T-bonds, prize bonds are not prescribed to be shown
as cash and cash equivalents rather shown as face item in the balance sheet. However, in the cash flow statement, money at call and short
notice and prize bonds are shown as cash and cash equivalents beside cash in hand, balance with Bangladesh Bank and other banks.
xi) Non-banking asset
IFRS: No indication of Non-banking asset is found in any IFRS.
Bangladesh Bank: As per BRPD circular no. 22 dated 20 September 2021 and BRPD circular no. 14 dated 25 June 2003, there is a separate
balance sheet item named non-banking assets existed in the standard format.
xii) Cash flow statement
IFRS: Cash flow statement can be prepared either direct method or indirect method as per IAS 7. The presentation is selected to present these
cash flows in a manner that is most appropriate for the business or industry. The method selected is applied consistently.
Bangladesh Bank: As per BRPD circular no 14, dated 25 June 2003, cash flows statement has been prepared following a mixture of direct and
indirect methods.
xiii) Balance with Bangladesh Bank: (Cash Reserve Ratio - CRR)
IFRS: CRR maintained with Bangladesh Bank should be treated as other asset as it is not available for use in day to day operations as per IAS 7.
Bangladesh Bank: Balance with Bangladesh Bank including CRR is treated as cash and cash equivalents.
xiv) Presentation of intangible asset
IFRS: Intangible asset must be identified and recognised, and the disclosure must be given as per IAS 38.
Bangladesh Bank: There is no requirement for regulation of intangible assets in BRPD circular no. 14 dated 23 September 2012.
xv) Off-balance sheet items
IFRS: As per IFRS, there is no requirement for disclosure of off-balance sheet items on the face of the balance sheet.
Bangladesh Bank: As per BRPD circular no. 14 dated 25 June 2003, off balance sheet items (e.g. letter of credit, letter of guarantee etc.) must
be disclosed separately on the face of the balance sheet.
xvi) Disclosure of appropriation of profit
IFRS: There is no requirement to show appropriation of profit in the face of statement of comprehensive income.
Bangladesh Bank: As per BRPD circular no. 14 dated 25 June 2003, an appropriation of profit should be disclosed in the face of profit and loss
account.
xvii) Loans and advances/investments net of provision
IFRS: Loans and advances/investments should be presented net of provisions.
Bangladesh Bank: As per BRPD circular no. 14 dated 23 September 2012, provision on loans and advances are presented separately as liability
and cannot be netted off against loans and advances.
xviii) Disclosure of IAS 19 and related provision
IFRS: As per IAS 19, actuarial valuation is needed to determine the net defined benefit obligation and provision should be made accordingly.
Bangladesh Bank: Bangladesh Bank Inspection Team and External Auditors' accepted account for of the excess funding made to the Gratuity
Funds as presented in Actuarial Valuation Report based on 31 December 2023
xix) Interest on perpetual bond
IFRS: As per IAS 32, interest on perpetual bond should be recognised as interest expenses.
Bangladesh Bank: As per letter no. BRPD(BS)661/14B(P)/2022-3260 dated 30 March 2022, interest on perpetual bond is recognised as
appropriation of retained earnings instead of recognising as interest expenses.
xx) Income tax on income from treasury bills/bonds
IFRS: Current tax and deferred tax is computed considering the relevant tax law enacted in the country where the entity operates and should be
recognised as per the requirements of IAS 12.

Bangladesh Bank: As per minutes of tripartite meeting held on 23 March 2022, income tax on interest from treasury bills/bonds is considered
on accrual basis while making provision for income tax which was previously considered on cash basis. Accordingly, current tax expenses is
recognised for income from treasury bills/bonds which was previously recongnised as deferred tax.
2.2 Basis of measurement
The financial statements of the Group have been prepared on historical cost basis except for the following:
• Government Treasury Bills and Bonds designated as 'Held for Trading (HFT)' are present at value using marking to market
concept with gain crediting to revaluation reserve;
• Government Treasury Bills and Bonds designated as 'Held to Maturity (HTM)' are carried at amortised cost; and
• Investment in shares of listed companies are prepared at market value with gain credited to revaluation reserve.
2.3 Going concern
The accompanying financial statements have been prepared on a going concern assumption that the Bank will continue in operation over the
foreseeable future. The Bank has neither any intention nor any legal or regulatory compulsion to liquidate or curtail materially the scale of any
of its operations. Key financial parameters (including liquidity, profitability, asset quality, provision sufficiency and capital adequacy) of the bank
continued to demonstrate a healthy trend for a couple of years. The Bank has been awarded AA1 in long term and ST-1 in short term by Credit
Rating Agency of Bangladesh (CRAB). The Bank has also being rated B2 by international rating agency Moody’s Investors Service. Rating details
are shown in note 3.20. The management is not aware of any other material uncertainties that may cast significant doubt upon the bank's ability
to continue as a going concern.
2.4 Functional and presentation currency
These financial statements are presented in Bangladesh Taka (Taka/Tk) which is the Bank's functional currency. Except as otherwise indicated,
financial information presented in Taka has been rounded to the nearest integer.
2.5 Use of judgments and estimates
In preparing these consolidated financial statements in conformity with International Accounting Standards (IAS) and International Financial
Reporting Standards (IFRS) management has required to make judgments, estimates and assumptions that affect the application of bank’s
accounting policies and the reported amounts of assets liabilities, income and expenses. Actual results may differ from these estimates.
The most critical estimates and judgments are applied to the following:
• Provision for loan and advances/investments- as explained in note 3.3.3;

• Employee benefit -as explained in note 3.11;
• Income tax - as explained in note 3.12;
• Deferred tax assets/liabilities - as explained in note 11.a.5; and
• Useful lives of depreciable assets regard to noncurrent assets - as stated in note 3.3.5 and Annexure-D.
However, underlying assumptions on estimates are reviewed on a going concern basis and revisions thereon are recognised in the period in
which the estimates are revised. It is also required to disclose the contingent assets and liabilities at the date of the financial statements in
accordance with the guidelines as prescribed by IAS 37 Provisions, Contingent Liabilities and Contingent Assets.
Provision
Provisions are liabilities that are uncertain in timing or amount. Provisions are recognised in the following situations:
• the entity has a present (legal or constructive) obligation as a result of past events;
• probable out flow of resources to settle the obligation and the obligation can be measured reliably; and
• it is more likely than not that outflow of resources will be required to settle the present obligation exists at the end of
reporting period.
Contingent Liability
A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-
occurrence of one or more uncertain future events. A contingent liability arises when some, but not all, of the criteria for recognizing a provision
are met.
IAS 37 applies prudence by deeming a past event to give rise to a present obligation and an entity shall not recognize a contingent liability.
However, if it is possible rather than probable that an obligation exists, a contingent liability will exist, not a provision in the financial statements.
An entity shall disclose for each class of transaction of contingent liability at the end of the reporting period if the contingent liability is not
remote.
Contingent Assets

Financial
Statements
A contingent asset is possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-
occurrence of one or more uncertain future events not wholly within the control of the Entity. Contingent assets are never recognised; rather
they are disclosed in the financial statements when they arise.
2.6 Reporting period
These financial statements cover one calendar year from 1 January 2023 to 31 December 2023.
2.7 Dividend
Dividend on ordinary shares is recognised as a liability and deducted from retained earnings when they are approved by shareholders at the
Annual General Meeting (AGM) of the Bank.
Dividend on ordinary shares for the year that is recommended by the Directors after the balance sheet date for approval of shareholders at the
Annual General Meeting are disclosed in note - 52 to the financial statements.
2.8 Date of authorization
The Board of Directors has authorised these financial statements for public issue on 27 March 2024.
2.9 Cash flow statement
The cash flow statement has been prepared in accordance with IAS 7. Cash Flow Statements considering the requirements specified in BRPD
circular no. 14 dated 25 June 2003 issued by the Banking Regulation and Policy Department of Bangladesh Bank.
2.10 Statement of changes in equity
The Statement of changes in equity reflects information about the increase or decrease in net assets or wealth. Statement of changes in equity
is prepared principally in accordance with IAS-1 Presentation of Financial Statements and under the guidelines of Bangladesh Bank's BRPD
Circular no. 14 dated 25 June 2003.
2.11 Liquidity statement
The liquidity statement of assets and liabilities as on the reporting date has been prepared on the following basis:
Particulars Basis
Cash, balance with other banks and financial institutions, Stated maturity/observed behavioural trend
money at call and short notice, etc.
Investments Residual maturity term
Loan and advance/investment Repayment /maturity schedule and behavioural trend (non-maturity products)
Fixed assets Useful life
Other assets Realisation/amortisation basis
Borrowing from other banks and financial institutions Maturity/repayment term
Deposits and other accounts Maturity/behavioural trend (non-maturity products)
Other long term liabilities Maturity term
Provisions and other liabilities Settlement/adjustment schedule basis
2.12 Financial statements for Offshore Banking Unit (OBU)
Reporting currency of Offshore Banking Unit is US Dollar. However, foreign currency transactions are converted into equivalent Taka using the
ruling exchange rates on the dates of respective transactions as per IAS 21 The Effects of changes in Foreign Exchange Rates. Foreign currency
balances held in US Dollar are converted into Taka at weighted average rate of Inter Bank market as determined by Bangladesh Bank on the
closing date of the reporting period.
2.13 Non-recognition of investment in IDLC Finance Limited as associate in City Group
The bank and its two subsidiaries are holding IDLC Finance Limited's shares in the following manner:
Company Name No. of Shares Held Shareholdings Percentage
City Bank PLC 37,413,141 9.00%
City Bank Capital Resources Limited 41,154,150 9.90%
City Brokerage Limited 17,912,556 4.31%
Total 96,479,847 23.21%
The group is holding 23.21% shares of IDLC Finance Limited and also representing three seats in IDLC's board. In line with IAS 28 Investments in
Associates and Joint Ventures, the group is required to recognise these investments as associate as reflections of the followings are there:
a. The group has more than 20.0% voting rights

b. Three persons are representing in IDLC Finance Limited's board.

IDLC Finance Limited, being an organization regulated by Bangladesh Bank, Bangladesh Securities and Exchange Commission, Financial
Reporting Council, Stock Exchanges, etc., formulates its operational processes and policies independently and City Bank PLC does not have
significant influence over the operation and policy making of IDLC Finance Limited. Thus the bank does not recognise its investment in said
company as investment in associate in accordance with IAS-28.
3. Material accounting policy information
The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements of the
group and those of the bank have been applied consistently except otherwise instructed by Bangladesh Bank as the prime regulator. Certain
comparative amounts in the financial statements have been reclassified and rearranged to conform to the current year’s presentation.
Accounting policies of subsidiaries
The financial statements of subsidiaries (City Brokerage Limited, City Bank capital Resources Limited, CBL Money Transfer Sdn. Bhd. and City
Hong Kong Limited) which are included in the Consolidated Financial Statements of the Group have been prepared using uniform accounting
policies of the Bank (Parent) for transactions and other events in similar nature. There is no significant restriction on the ability of subsidiaries to
transfer funds to the parent in the form of cash dividends or to repay loans and advances. All subsidiaries of the Bank have been incorporated in
Bangladesh except for CBL Money Transfer Sdn. Bhd. and City Hong Kong Limited which are incorporated in Malaysia and Hong Kong respectively.
3.1.1 Accounting policy for IFRS 16: Leases
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys
the right to control the use of an identified asset for a period of time in exchange for consideration.
At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to
each lease component on the basis of its relative stand-alone prices.
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at
cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus
any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the
site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term,
unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset
reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying
asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by
impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using
the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group
uses its incremental borrowing rate as the discount rate.
The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain
adjustments to reflect the terms of the lease and type of the asset leased.
Lease payments included in the measurement of the lease liability comprise the following:
• fixed payments, including in-substance fixed payments;
• variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;
• amounts expected to be payable under a residual value guarantee; and
• the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional
renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a
lease unless the Group is reasonably certain not to terminate early.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease
payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the amount expected to be payable under a
residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there
is a revised in-substance fixed lease payment.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is
recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
The Group has elected not to recognise right-of-use assets and lease liabilities for leases of short-term.
3.1.2 Basis of consolidation
The consolidated financial statements include the financial statements of City Bank PLC and those of its four subsidiaries (City Brokerage
Limited, City Bank Capital Resources Limited, CBL Money Transfer Sdn. Bhd. and City Hong Kong Limited) prepared as at and for the year ended
31 December 2023. The consolidated financial statements have been prepared in accordance with IFRS 10 Consolidated Financial Statements.

Financial
Statements
Date of Country of Year/period

Name of subsidiary Ownership Status Regulator
incorporation operation closing
City Brokerage Limited 99.9982% 31-Mar-10 Bangladesh Majority Owned BSEC, DSE,CSE 31 December
City Bank Capital Resources Limited 99.9980% 17-Aug-09 Bangladesh Majority Owned BSEC, DSE,CSE 31 December
CBL Money Transfer 100.000% 4-Apr-13 Malaysia Wholly Owned Bank Negara, 31 December
Sdn. Bhd Malaysia
City Hong Kong Limited* 100.000% 11-Jan-19 Hong Kong Wholly Owned Bangladesh Bank, 31 December
IRD, CR & MLU
*Primary regulators of City Hong Kong Limited in Bangladesh is Bangladesh Bank and in Hong Kong regulators are Inland Revenue Department
(IRD), Companies Registry (CR) & Money Lenders Unit (MLU).
3.1.3 Non-controlling interest
The Group elects to measure any non-controlling interests in the subsidiaries either:
• at fair value; or
• at their proportionate share of the acquires identifiable net assets, which are generally at fair value.
3.1.4 Transactions eliminated on consolidation
Intra-group balances and income and expenses arising from intra-group transactions are eliminated in preparing these consolidated financial
statements.
3.2 Foreign currency transactions
According to IAS 21 The Effects of Changes in Foreign Exchange Rates transactions in foreign currencies are recorded in the functional currency at
the rate of exchange prevailing on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting
date are translated into the functional currency at the spot exchange rate at that date. Non-monetary assets and liabilities denominated in foreign
currencies that are measured at fair value are retranslated into the functional currency at the spot exchange rate at the date that the fair value
was determined. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the
exchange rate at the date of the transaction.
Foreign currency differences arising on translation are recognised in the profit and loss statement.
3.3.1 Cash and cash equivalents
Cash and cash equivalents include notes and coins on hand, ATM, unrestricted balances held with Bangladesh Bank and its agent bank, balance
with other banks and financial institutions, money at call and short notice, investments in treasury bills, Bangladesh Bank bill and prize bonds.
3.3.2 Investments
All investments (other than government treasury securities) are initially recognised at cost including acquisition charges associated with the
investment. Premiums are amortised and discount accredited using the effective or historical yield method. Accounting treatment of government
treasury bills and bonds (categorised as HFT and HTM) are made in accordance with Bangladesh Bank DOS Circular letter no. 05, dated 26 May
2008 and subsequent clarifications DOS Circular letter no. 05 dated 28 January 2009.
Held to Maturity
Investments which have 'fixed or determinable payments' and are intended to be held to maturity are classified as 'Held to Maturity'. These are
measured at amortised cost at each year end by taking into account any discount or premium in acquisition. Any increase or decrease in value of
such investments are booked under equity and in the profit and loss statement respectively.
Held for Trading
Investments classified in this category are acquired principally for the purpose of selling or repurchasing in short trading or if designated as such
by the management. After initial recognition, investments are marked to market weekly and any decrease in the present value is recognised in the
Profit and Loss Account and any increase is booked to Revaluation Reserve Account through Profit and Loss Account as per DOS Circular no. 05
dated 28 January 2009.
Investment in quoted shares
These securities are bought and held primarily for the purpose of selling them in future or held for dividend income. These are valued and reported
at market price as per Bangladesh Bank's guidelines.
Investment under special fund and investment policy
Investment in quoted shares and bonds through special fund as per DOS Circular no. 01 dated 10 February 2020 are recognised at cost in line with
the circular.
Investment in unquoted shares
Investment in unquoted shares are recognised at cost under cost method. Adjustment is given for any shortage of book value over cost for
determining the carrying amount of investment in unquoted shares.

Value of investments has been shown as under:
Initial
Investment Class Measurement after initial recognition Recording of changes
Recognition
Govt. treasury securities Cost Amortised cost Increase in value of such investments is booked to equity,
- Held to Maturity (HTM) decrease to profit and loss account.
Govt. treasury securities Cost Fair value Loss to Profit and Loss Account, gain to Revaluation Reserve.
- Held for Trading (HFT)
Debenture/Bond Face value Face value None
Shares (Quoted) * Cost Lower of cost or market value (overall Loss (net off gain) to profit and loss account. Unrealized gain
portfolio) is recognized through revaluation reserve.
Shares (Unquoted)* Cost Lower of cost or Net Asset Value (NAV) Loss to profit and loss account but no unrealised gain booking.
Prize bond Cost Cost None
* In line with Bangladesh Bank's Circular reference DOS Circular no. 1 dated 24 May 2023, based on lower market price than cost, investment
category wise, such as listed securities, non-listed securities, mutual funds, etc., provision requirement is identified. Accordingly, required
investment category wise provision is accounted for.
Investment in Subsidiaries
Investments in subsidiaries are accounted for under the cost method of accounting in the Bank’s financial statements in accordance with IAS 27
Consolidated and Separate Financial Statements and IFRS 10 Consolidated Financial Statements. Impairment of investment in subsidiaries (if any) the
bank takes it into account as per the provision of IAS 36 Impairment of Assets.
3.3.3 Loans and advances/investments and provisions for loans and advances/investments
a) Loans and advances of conventional banking/investments of Islamic Banking branches are non-derivative financial assets with fixed or
determinable payments that are not quoted in an active market and that the Bank does not sell in the normal course of business.
b) At each balance sheet date and periodically throughout the year, the Bank reviews loans and advances to assess whether objective evidence
that impairment of a loan or portfolio of loans has arisen supporting a change in the classification of loans and advances, which may result in
a change in the provision required in accordance with BRPD circular no. 53 (22 December 2022), BRPD circular no. 51 (18 December 2022),
BRPD circular no. 14 (22 June 2022), BRPD circular no. 53 (30 December 2021), BRPD circular no. 52 (29 December 2021), BRPD circular
no. 51 (29 December 2021), BRPD circular no. 50 (14 December 2021), BRPD circular no. 45 (04 October 2021), BRPD circular no. 19 (26
August 2021), BRPD circular no. 13 (27 June 2021), BRPD circular no. 05 (24 March 2021), BRPD circular no. 03 (31 January 2021), BRPD
circular no. 56 (10 December 2020), BRPD circular no. 52 (20 October 2020), BRPD circular no. 16 (21 July 2020), BRPD circular no. 03 (21
April 2019), BRPD circular no.1 (20 February 2018), BRPD circular no.15 (27 September 2017), BRPD circular no.16 (18 November 2014),
BRPD circular no. 05 (29 May 2013), BRPD circular no. 19 (27 December 2012) and BRPD circular no.14 (23 September 2012). The guidance
in the circular follows a formulaic approach whereby specified rates are applied to the various categories of loans as defined in the circular.
The provisioning rates are as follows:
Provision
Types of loans and advances
STD SMA SS DF BL
Consumer:
House building and professional 1.00% - 2.00% 1.00% - 2.00% 20.00% 50.00% 100.00%
Other than housing finance &
professionals to setup business 2.00% 2.00% 20.00% 50.00% 100.00%
Provision for loan to broker house,
merchant banks, stock dealers, etc 2.00% 2.00% 20.00% 50.00% 100.00%
Short-term agri-credit and micro credit 1.00% N/A 5.00% 5.00% 100.00%
Small and medium enterprise finance 0.25% 0.25% 20.00% 50.00% 100.00%
Cottage, micro and small credit (CMSME) 0.25% 0.25% 5.00% 20.00% 100.00%
Others 1.00% 1.00% 20.00% 50.00% 100.00%
BRPD Circular no.14 (23 September 2012) as amended by BRPD Circular no. 19 (27 December 2012) also provides scope for further
provisioning based on qualitative judgments. In these circumstances impairment losses are calculated on individual loans considered
individually significant based on which specific provisions are raised. If the specific provisions assessed under the qualitative methodology
are higher than the specific provisions assessed under the formulaic approach above, the higher of the two is recognised in liabilities under
“Provision for loans and advances” with any movement in the provision charged/released in the profit and loss account. Classified loans are
categorised into sub-standard, doubtful and bad/loss based on the criteria stipulated by Bangladesh Bank guideline.
c) Loans and advances are written off to the extent that i) there is no realistic prospect of recovery, and ii) against which legal cases are filed,
where required and classified as bad/loss as per as per BRPD circular no. 01 dated 06 February 2019, BRPD circular letter no. 01 dated 05
January 2023, BRPD circular no. 13 dated 07 November 2013 and BRPD circular no. 02 dated 13 January 2003 of Bangladesh Bank.

Financial
Statements
These write off however will not undermine/affect the claim amount against the borrower. Detailed memorandum records for all such
written off accounts are maintained and followed up.
d) Amounts receivable on credit cards are included in advances to customers at the amounts expected to be recovered.
3.3.4 Staff loan
House building and car loan are provided to the permanent staff at a subsidized rate. Criteria and details of staff loans are given below:
Employee House Building Loan (EHBL)
Permanent employees completing 5 years of continuous service can avail Employee House Building Loan (EHBL) subject to fulfilling all necessary
requirements and approval of concerned divisional head and Head of HR.
Car loan
AVP and above employees of City Bank can avail car loan. To avail car loan employees shall have minimum 72 months’ service left till retirement
and doesn’t have any rating of “Need Improvement (NI)” during loan application. AVP to SEVP grades employee’s car loan shall be approved by
Head of HR after full-filling all necessary requirements. Any exception in this regard shall be notified and duly approved by Managing Director
& CEO.
3.3.5 Fixed assets (property, plant and equipment)
Recognition and measurement
As per IAS 16 Property and Equipment Items of fixed assets excluding land are measured at cost less accumulated depreciation and accumulated
impairment losses, if any. Land is carried at cost.
Purchase of software that is integral to the related equipment is capitalised as part of that equipment.
Cost includes expenditure that are directly attributable to the acquisition of asset and bringing to the location and condition necessary for it to
be capable of operating in the intended manner.
When significant parts of an item of fixed asset have different useful lives, they are accounted for as separate items (major components) of fixed
assets.
The gain or loss on disposal of an item of fixed asset is determined by comparing the proceeds from disposal with the carrying amount of the
item of fixed asset, and is recognised in other income/other expenses in profit or loss.
Subsequent costs
The cost of replacing a component of an item of fixed asset is recognised in the carrying amount of the item if it is probable that the future
economic benefits embodied within the part will flow to the group and its cost can be measured reliably. The carrying amount of the replaced
parts is derecognised. The costs of the day to day servicing of fixed assets are recognised in the profit and loss statement as incurred.
Depreciation
Depreciation on fixed assets are recognised in the profit and loss statement on straight line method over its estimated useful lives. In case of
acquisition of fixed assets, depreciation is charged from the month of acquisition, whereas depreciation on disposed off fixed assets are charged
up to the month prior to the disposal. Asset category wise depreciation rates for the current and comparative periods are as follows:
Estimated useful Rate of depreciation/

Category of assets
lives (Years) amortisation per annum
Land N/A Nil
Building 40 2.50%
Furniture and fixtures 10 10.00%
Office equipment and machinery 5 20.00%
Software 10 10.00%
Vehicles 5 20.00%
3.3.6 Non- banking assets

Non-banking assets were acquired by the entity due to failure of borrowers to repay the loan in time taken against mortgaged property. The
Bank was awarded absolute ownership on few mortgaged properties (mostly land) through the verdict of honourable court under section 33 (7)
of the Artharin Adalat Act 2003. The value of the properties has been recognised in the financial statements as non-earning assets on the basis
of third party valuation report. As per BRPD Circular no.22 (20 September 2021), Bank presented party wise details (including possession date
& holding period) of non banking properties separately in note 12.
3.3.7 Provisions for other assets
According to Bangladesh Bank’s circular BRPD-4/2022, other assets are required to be classified as unclassified, doubtful and bad/loss based
on the basis of outstanding period and uncertainty of recovery. Based on classification status provision is required to be maintained @50.0% for
doubtful and 100.0% for bad/loss.
3.3.8 Intangible assets and its amortisation
Intangible assets comprise separately identifiable intangible items arising from use of franchise of AMEX and the use of Finacle from Infosys.
Intangible assets are recognised at cost. Intangible assets with a definite useful life are amortised using the straight line method over its
estimated useful economic life.

3.3.9 Reconciliation of inter-bank and inter-branch account
Account with regard to inter-bank (in Bangladesh and outside Bangladesh) are reconciled regularly and there are no material differences which
may affect the financial statements significantly. Unreconciled entries/balances in the case of inter-branch transactions on the reporting date
are not material.
3.4 Liabilities and basis of their valuation
3.4.1 Subordinated bonds (Tier-II capital)
Subordinated bonds (Tier-II capital) includes fund raised from several banks, financial institutions and other organization through issuance of 7
(seven) years Bonds for Taka 5,000 million during 2017, 7 (Seven) years Bonds for Taka 4,200 during 2018 to January 2019 and 8 (Eight) years
Bonds for Taka 7,000 million during 2022. Details are shown in note 13.01.
3.4.2 Perpetual bonds (Additional Tier-I capital)
City Bank PLC, as the pioneer has successfully launched subscription of the first ever Perpetual Bond in the industry as well as the country. The
issuance process of “City Bank Perpetual Bond” was initiated back in 2019 and with subsequent approvals from the regulators, the Bank had
completed subscription of Taka 4,000 million within 31 December 2022. Details are shown in note 13.02.
3.4.3 Borrowings from other banks, financial institutions and agents
Borrowings from other banks, financial institutions and agents includes call borrowing from other banks and borrowing from other multilateral
organisations. These items are brought to financial statements at the gross value of the outstanding balance. Details are shown in note 14.
3.4.4 Borrowings from central bank & government agencies
Borrowings from central bank & government agencies refinance from Bangladesh Bank against agro-based credit, SME and EDF Loan etc.,
interest-bearing borrowings against securities from Bangladesh Bank. These items are brought to financial statements at the gross value of the
outstanding balance. Details are shown in note 14.
3.4.5 Deposits and other accounts
Deposits and other accounts include non interest-bearing current deposit redeemable at call, interest bearing on demand and short-term
deposits, savings deposit and fixed deposit. These items are brought into financial statements are at the gross value of outstanding balance.
Details are shown in note 15.
3.4.6 Provision for liabilities
As per IAS 37, provisions are recognised when it is probable that an outflow of economic benefits will be required to settle a current legal or
constructive obligation as a result of past events, and a reliable estimate can be made of the amount of the obligation.
3.4.7 Provision for Off-balance sheet exposure
As per BRPD circular no. 14 dated 23 September 2012 and subsequent circular reference no. 06 dated 25 April 2023, banks are advised to
maintain general provision against outstanding off balances sheet exposures on the basis of exposures nature and duration, considering the
exemption as provided through BRPD circular no.09 (27 May 2019), BRPD circular no.02 (25 February 2019), BRPD circular no.13 (18 October
2018), BRPD circular no.7 (21 June 2018), BRPD circular no.01 (03 January 2018) and BRPD circular letter no. BPRD (P-1)/661/13/2020-1403
(05 February 2020) and BRPD circular letter no. BPRD(P-1)/661/13/2019-354 (13 January 2020). Required rates of general provision are:
Nature of Exposure Required rate of General Provision

Aceptances And Endorsements 1.0%
Letters of Guarantee
Not Covered by Any Counter Guarantee 1.0%
Covered by Counter Guarantee of Government 0.0%
Covered by Counter Gurantee by
BB rating -1 0.0%
BB rating -2 0.5%
BB rating 3 & 4 0.8%
Letters of Credit
Short-term self-lequidating trade LC 0.5%
Other LCs including LC as guarantee or confirmation 1.0%
Bills For Collection 0.0%
Other Contingent Liabilities
With an original maturity up to one year 0.5%
With an original maturity over one year 1.0%
Other Commitments
Unconditionally cancellable 0.0%
With certain drawdown 1.0%
Others with an original maturity up to one year 0.5%
Others with an original maturity over one year 1.0%

Financial
Statements
In addition to aforesaid minimum general provision, banks are also required to maintaing additional provision against expired off-balance sheet
exposures and exposures under litigation at following rates:
Criteria Required rate of Additional Provision
03 (three) months or beyond but less than 12 (twelve) months. 1.0%
12 (twelve) or beyond but less than 24 (twenty four) months. 2.0%
24 (twenty four) months or beyond 5.0%
Exposure under litigation 5.0%
3.4.8 Provisions on balances with other banks and financial institutions (Nostro accounts)
Provision for unsettled transactions on nostro accounts is made as per Foreign Exchange Policy Department (FEPD) circular no. FEPD (FEMO) /
01/2005-677 dated 13 September 2005 of Foreign Exchange Policy Department (FEPD) of Bangladesh Bank and reviewed semi-annually by
our management along with duly certified by the external auditor. On the reporting date, the Bank has no unsettled transactions outstanding for
more than 3 months and no provision has been made in this regard.
3.4.9 Provision for rebate to good borrower
Previously commercial banks were required to maintain provision @10.0% of interest charged against loans to good borrowers, identified on the
basis of prescribed guidelines stated in BRPD Circular no. 06 (19 March 2015) and BRPD Circular Letter no 03 (16 February 2016) for onward
rebate to the recognized good borrowers. However, Bangladesh Bank during 2020 issued another circular (BRPD Circular No. 14 dated 18 June
2020), wherein it is mentioned that from 2020 banks need not to provide any rebate to good borrowers. Hence, during 2022, no further good
borrowers’ provision was accounted for in the financials.
3.4.10 Other liabilities
Other liabilities comprise items such as provision for loans and advances/investments, provision for taxation, interest payable, interest suspense,
accrued expenses, lease obligation etc. Other liabilities are recognised in the balance sheet according to the guidelines of Bangladesh Bank,
Income Tax Act 2023 and internal policy of the Bank.
3.5 Capital/Shareholders' equity
3.5.1 Authorised capital
Authorised capital is the maximum amount of share capital that the Bank is authorised by its Memorandum and Articles of Association to issue
(allocate) among shareholders. This amount can be changed by shareholders' approval upon fulfilment of relevant provisions of the Companies
Act, 1994. Part of the authorised capital usually remains unissued. The part of the authorised capital already issued to shareholders is referred
to as the issued share capital of the Bank.
3.5.2 Paid up capital
Paid up capital represents total amount of shareholders' capital that has been paid in full by the ordinary shareholders. Holders of ordinary shares
are entitled to receive dividends as declared from time to time and are entitled to vote at shareholders’ meetings. In the event of a winding-up
of the Bank, ordinary shareholders rank after all other shareholders and creditors and are fully entitled to any residual proceeds of liquidation.
3.5.3 Share premium
Share premium is the capital that the Bank raises upon issuing shares for a price in excess of the nominal value of shares. The share premium
shall be utilised in accordance with provision of section 57 of the Companies Act, 1994 and as directed by Securities and Exchange Commission
in this respect.
3.5.4 Statutory reserve
Statutory reserve has been maintained at the rate of 20% of profit before tax in accordance with provisions of section 24 of the Bank Companies
Act, 1991 (amended up to 2023). Such transfer shall continue until the reserve balance equals its paid up capital together with the share
premium.
3.5.5 Revaluation reserve for government securities
Revaluation reserve for government securities arises from the revaluation of treasury bills, Bangladesh Bank bills and treasury bonds (HFT and
HTM) in accordance with the DOS Circular no. 5 dated 26 May 2008 and DOS(SR) 1153/120/2010 dated 8 December 2010.
3.5.6 Capital management
The Bank has a capital management process in place to measure, deploy and monitor its available capital and assess its adequacy. This capital
management process aims to achieve the following objectives:
• To comply with the capital requirements set by the regulators;

• To safeguard the Bank's ability to continue as a going concern so that it can continue to provide returns for shareholders and
benefits for other stakeholders; and
• To maintain a strong capital base to support the development of its business.

Capital is managed in accordance with the Board approved Capital Management Planning. Senior management develops the capital strategy and
oversee the capital management planning of the Bank. The Bank's finance, treasury and risk management departments are key participators in
implementing the Bank's capital strategy and managing capital. Capital is managed using both regulatory capital measures and internal matrix.
3.6 Revenue recognition
3.6.1 Interest income
Interest on loans and advances is calculated on daily product basis. Based on product features, interest is accrued or charged to customers'
accounts on monthly/quarterly basis.
In accordance with BRPD Circular no.14 (23 September 2012) as amended by BRPD Circular No. 19 (27 December 2012) and BRPD Circular
no. 56 (10 December 2020) interest accrued on sub-standard loans and doubtful loans are credited to an “Interest Suspense Account” which is
included within “Other liabilities”. Interest from loans and advances ceases to be accrued when they are classified as bad/loss. It is then kept in
interest suspense in a memorandum account.
3.6.2 Profit on investment (Islamic Banking)
Mark-up on investment is taken into income account proportionately from profit receivable account. Overdue charge/compensation on classified
investments are transferred to profit suspense account instead of income account.
3.6.3 Investment income
Income on investments are recognised on accrual basis. Investment income includes discount on treasury bills and Bangladesh Bank bills,
interest on treasury bonds and fixed deposit with other banks. Capital gain on investments in shares are also included in investment income.
Capital gain is recognised when it is realised.
3.6.4 Fees and commission income
The Bank earns commission and fee income from a diverse range of service provided to its customers. Commission and fee income is accounted
for as follows:
• income earned on the execution of a significant act is recognised as revenue when the act is completed;
• income earned from services provided is recognised as revenue as the services are provided; and
• Commission charged to customers on letters of credit and letters of guarantee are credited to income at the time of effecting
the transactions.
3.7 Interest paid on subordinated bond, borrowing and other deposits (Conventional banking)
Interest paid and other expenses are recognised on accrual basis.
3.8 Profit shared on deposits (Islamic banking)
Profit shared to mudaraba deposits are recognised on accrual basis.
3.9 Dividend income
Dividend income is recognised when the right to receive income is established. Dividends are presented under investment income.
3.10 Others
Foreign exchange gain/ loss
Exchange income includes all gain and losses from foreign currency day to day transactions, conversions and revaluation of non monetary items.
3.11 Employee benefits
3.11.1 Provident Fund
Provident Fund benefits are given to the employees of the Bank in accordance with the registered Provident Fund rules. The Commissioner of
Income Tax, Taxes Zone - 4, Dhaka, has approved the Provident Fund as a recognized fund within the meaning of section 2(52) read with the
provisions of part - B of the First Schedule of Income Tax Act 2023. The reorganization took effect on 31st October 1987. The Provident Fund
is operated by a Board of Trustees consisting of 5 members of the Bank. All confirmed employees of the bank are contributing 10% of their
basic salary as subscription to the Provident Fund. Bank also contributes equal amount of the employee’s contribution to the Provident Fund.
Contributions made by the bank are charged as expense and the bank bears no further liability. Interest earned from the investments is credited
to the members' account on yearly basis. By law, provident fund is duly audited by M/S. Snehashish Mahmud & Co., Chartered Accountants.

Financial
Statements
3.11.2 Gratuity Fund
Gratuity Fund benefits are given to the employees of the Bank in accordance with the approved Gratuity Fund rules. National Board of Revenue
(NBR) has approved the Gratuity Fund as a recognized fund with effect from 3rd June 2012. Gratuity Fund is operated by a Board of Trustee
consists of 5 members of the Bank. Provision for gratuity is made annually covering all its permanent eligible employees. A valuation of gratuity
scheme is regularly carried out by a professional Actuarial & Pension Consultants, Willis Towers Watson (WTW) to assess the adequacy of the
liabilities provided for the scheme as per IAS-19 Employee Benefits. On continuing fund basis valuation, bank has been maintaining adequate
provision against gratuity scheme. By law, Gratuity fund is duly audited by M/S. Snehashish Mahmud & Co., Chartered Accountants.
2023 2022
Principal Actuarial assumptions
% %
i) Discount rate 10.5% 8.0%
ii) Expected rate of return on plan assets 10.5% 8.0%
iii) Rate of increases in pensionable salaries 8.0% 7.0%
iv) Expected rate of withdrawal from service 9.0% 9.0%
v) Life table used Indian Assured Lives Indian Assured Lives
Mortality (2006-2008) Ult Mortality (2006-2008) Ult
3.11.3 Other employee benefits
Short term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability
is recognized for the amount expected to be paid under short term cash bonus or profit-sharing plans if the Group has a present legal or
constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. The
bank has following short term employee benefit schemes:
Hospitalisation insurance
The bank has a health insurance scheme for its permanent employees and their respective dependents at the rates provided in health insurance
coverage policy.
Life insurance
The bank has a group life insurance scheme for its permanent employees and the benefit of the scheme is handed over to the nominated family
member/s of deceased employee on the occurrence of natural death or accidental death during the tenure of his/her service.
Performance bonus
Provision of Workers' Profit Participation Fund and Welfare Fund mentioned in Bangladesh Labour (amendment up to 2023) Act, 2013 contradicts
Bank Company Act, 1991 through which Bank Companies are regulated. Section-11 of Bank Company Act, 1991 restricts to employ anyone
who receives remuneration or part of remuneration as share of profit of the company and remuneration includes salary and other benefits.
Accordingly, we obtained a legal opinion from Nurul Alam & Associates, Advocates and Consultants, wherein it is opined that Worker’s Profit
Participation and Welfare Fund shall not be applicable for Bank Companies, as there is no non-obstante clause. Unless Government of Peoples
Republic of Bangladesh amends section 11 of Bank Company Act or frames rules, giving overriding effect to Bank Company Act, 1991, section
232 of Bangladesh Labour (amendment up to 2023) Act, 2013 will not be applicable for banks.
Moreover, in the Bank, performance bonus provision is there, which is distributed among the employees on the basis of individual employee’s
yearly performance with a view to recognize welfare of the employees and reward their participation and contribution to the company.
3.12 Tax expense
Tax expense comprises current and deferred tax. Current tax and deferred tax are recognised in the profit and loss statement except to the extent
that it relates to items recognised directly in equity.
3.12.1 Current tax
Current tax is the expected tax payable or receivable on the taxable income or loss for the period, using tax rates enacted or substantively
enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Details are shown in note 16.a.6.
3.12.2 Deferred tax
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the following temporary differences:
• temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and
that affects neither accounting nor taxable profit or loss;
• temporary differences related to investments in subsidiaries to the extent that it is probable that they will not reverse in the
foreseeable future; and
• temporary differences arising on the initial recognition of goodwill.
Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws
that have been enacted or substantively enacted by the reporting date.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities against current tax assets, and
they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities but they intend to settle
current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.
A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences to the extent that it is probable that
future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced
to the extent that it is no longer probable that the related tax benefit will be realised.
3.12.3 Tax exposures
In determining the amount of current and deferred tax, the Group takes into account the impact of uncertain tax positions and whether additional
taxes and interest may be due. This assessment relies on estimates and assumptions and may involve a series of judgments about future
events. New information may become available that causes the Bank to change its judgment regarding the adequacy of existing tax liabilities;
such changes to tax liabilities will impact tax expense in the period that such a determination is made.
3.13 Impairment of non-financial assets
The carrying amounts of the Group’s and the Bank's non-financial assets, other than deferred tax assets, are reviewed at each reporting date
to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. An
impairment loss is recognised if the carrying amount of an asset or its Cash Generating Unit (CGU) exceeds its estimated recoverable amount.
The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the
estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the
time value of money and the risks specific to the asset or CGU.
For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that
generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGU.
Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying
amount of any goodwill allocated to the CGU (group of CGUs) and then to reduce the carrying amount of the other assets in the CGU (group of
CGUs) on a pro rata basis.
Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer
exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment
loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net
of depreciation or amortisation, if no impairment loss had been recognised.
3.14 Earnings per share
The Group and the Bank present basic and diluted Earnings Per Share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the
profit or loss attributable to ordinary shareholders of the Bank by the weighted average number of ordinary shares outstanding during the
period. Diluted EPS is determined by adjusting the profit or loss attributable to the ordinary shareholders and the weighted average number of
ordinary shares outstanding for the effects of all dilutive potential ordinary shares, which comprise share options granted to employees.
No diluted earnings per share is required to be calculated for the period.
3.15 Compliance with International Financial Reporting Standards (IFRS)
The Financial Reporting Act 2015 (FRA) was enacted in 2015. Under the FRA, the Financial Reporting Council (FRC) was formed in 2017 and has
since then adopted International Accounting Standards (IASs) and International Financial Reporting Standards (IFRSs) as the applicable Financial
Reporting Standards for public interest entities such as banks with effect from 2 November 2020.
Accordingly, the financial statements of the Bank continue to be prepared in accordance with International Financial Reporting Standards (IFRSs)
and the requirements of the Banking Companies Act, 1991 (amendment up to 2023), the rules and regulations issued by Bangladesh Bank,
the Companies Act, 1994. In case any requirement of the Banking Companies Act, 1991 (amendment up to 2023), and provisions and circulars
issued by Bangladesh Bank differ with those of IFRSs, the requirements of the Banking Companies Act, 1991 (amendment up to 2023), and
provisions and circulars issued by Bangladesh Bank shall prevail.
Name of the standards IFRS Ref. Implementation status by the Bank
First-time Adoption of Bangladesh Financial Reporting Standards IFRS-1 Not applicable

Share-based Payment IFRS-2 Not applicable
Business Combinations IFRS-3 Applied
Insurance Contracts IFRS-4 Not applicable
Non-current Assets Held for Sale and Discontinued Operations IFRS-5 Not applicable
Exploration for and Evaluation of Mineral Resources IFRS-6 Not applicable
Financial Instruments: Disclosures IFRS-7 Applied with some departure
Operating Segments IFRS-8 Applied with some departure
Financial Instruments IFRS-9 Applied with some departure

Financial
Statements
Name of the standards IFRS Ref. Implementation status by the Bank
Consolidated Financial Statements IFRS-10 Applied

Joint Arrangements IFRS-11 Not applicable
Disclosure of Interest in Other Entities IFRS-12 Applied
Fair Value Measurement IFRS-13 Applied with some departure
Regulatory Deferral Accounts IFRS-14 Not applicable
Revenue from contractors with customers IFRS-15 Applied
Leases IFRS-16 Applied
Insurance Contracts IFRS-17 Not applicable
Presentation of Financial Statements IAS-1 Applied with some departure
Inventories IAS-2 Not Applicable
Statement of Cash Flows IAS-7 Applied with some departure
Accounting Policies, Changes in Accounting Estimates and Errors IAS-8 Applied
Events after the Reporting Period IAS-10 Applied
Income Taxes IAS-12 Applied
Property, Plant and Equipment IAS-16 Applied
Employee Benefits IAS-19 Applied
Accounting for Government Grants and Disclosure of Govt Assistance IAS-20 Not Applicable
The Effects of Changes in Foreign Exchange Rates IAS-21 Applied
Borrowing Costs IAS-23 Not Applicable
Related Party Disclosures IAS-24 Applied
Accounting and Reporting by Retirement Benefit Plans IAS-26 Not Applicable
Separate Financial Statements IAS-27 Applied
Investments in Associates and Joint Venture IAS-28 Not Applicable
Financial Instruments: Presentation IAS-32 Applied with some departure
Earnings per Share IAS-33 Applied
Interim Financial Reporting IAS-34 Applied
Impairment of Assets IAS-36 Applied
Provisions, Contingent Liabilities and Contingent Assets IAS-37 Applied
Intangible Assets IAS-38 Applied
Financial Instruments: Recognition and Measurement IAS-39 Applied (for Hedge Accounting)
Investment property IAS-40 Not Applicable
Agriculture IAS-41 Not Applicable
In order to comply with certain specific rules and regulations of Bangladesh Bank which are different to IAS/IFRS, some of the requirements
specified in these IAS/IFRSs are not applied. Refer to note-2.1 for such recognition and measurement differences that are most relevant and
material to the Bank and the Group.
The Standard regards a retirement benefit plan as a reporting entity separate from the employers of the participants in the plan. Therefore, it is
not applicable for the Bank’s annual report as it is the employer and not the retirement benefit plan itself.
The objective of IAS 34 is to prescribe the minimum content of an interim financial report and to prescribe the principles for recognition and measurement
in complete or condensed financial statements for an interim period and hence it is not applicable for annual financial statements. However, the Bank
being a listed entity in Dhaka and Chittagong Stock Exchanges regularly publishes Interim Financial Report complying with IAS 34.
3.16 Standards issued but not yet effective
A number of new standards are effective for annual periods beginning after 1 January 2024:
Effective date New standards or amendments

Disclosures for sustainability and climate-related risks based on IFRS S1 and IFRS S2 will be implemented in phases
starting in 2024 and incorporated into the 2024 Annual Report.
1 January 2024
• IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information
• IFRS S2 Climate-related Disclosures
3.17 Offsetting
Financial assets and liabilities are offset and the net amount is presented in the balance sheet when, and only when, the group has a legal right
to set off the recognised amounts and it intends either to settle on a net basis or to realize the asset and settle the liability simultaneously.
Income and expenses are presented on a net basis only when permitted under IFRSs, or for gains and losses arising from a group of similar
transactions such as in the group’s trading activity.
3.18 Segment reporting
The group and the Bank have no identified operating segment and as such presentation of segmental reporting is not made in the financial
statements as per IFRS 8. However, geographical and business segments wise limited disclosures are furnished in note 50 and Annexure-H.

Inter-segment transactions are generally based on inter-branch fund transfer measures as determined by the management. Income, expenses,
assets and liabilities are specifically identified with individual segments. Based on such allocation, segmental balance sheet as on 31 December
2023 and segmental profit and loss account for the year ended 31 December 2023 have been prepared.
3.19 Materiality and aggregation
Each material class of similar items has been presented separately in the financial statements. Items of dissimilar nature also have been
presented separately unless they are immaterial in accordance with IAS 1 Presentation of Financial Statements.
3.20 Credit rating of the Bank
As per BRPD Circular no. 6 dated 5 July 2006, the Bank has done its credit rating by Credit Rating Agency of Bangladesh (CRAB) based on the
financial statements as at and for the year ended 31 December 2022. The following ratings have been awarded:
Particulars Periods Date of Rating Long term Short term Rating Valid
Entity Rating January to December 2022 25-May-23 AA1 ST-1 30-Jun-24
Entity Rating January to December 2021 1-Jun-22 AA1 ST-1 30-Jun-23
Entity Rating January to December 2020 10-Jun-21 AA2 ST-2 30-Jun-22
Bank also has been assessed by renowned international rating agency Moody’s Investors Service and awarded B2 based on the 31 March 2023
financial statements, as well as other quantitative and qualitative information.
Based on financial statements, as well as other quantitative and qualitative information, the Bank’s ratings are as follows:
Rating type Date of Rating Long term Short term Outlook
Surveillance 7-Jun-23 B2 NP Stable
Surveillance 15-Dec-22 B1 NP Rating(s) Under Review
Surveillance 15-Sep-21 B1 NP Stable
3.21 Derivative financial instruments
The fair value of derivative, interest rate swaps, is recognized in the profit and loss account of the bank, as per IFRS 9. The value of the contract
itself is shown as an item of other contingent liabilities, as per Bangladesh Bank guidelines. No provision is kept on items of derivatives as there
is no exposure on such gross value for the Bank.
3.22 Accounting for changes in policy, accounting estimates and errors
IAS - 8 Accounting Policies, Changes in Accounting Estimates and Errors, states that the effect of a change in accounting policy and correction of
errors, if material, is to be applied retrospectively, and change in an accounting estimate is to be applied prospectively. The carrying amount of
assets, liabilities, or equity may be changed following a change in accounting estimates in the period of the change. The bank followed the same
accordingly and the Bank did not change the accounting policies and accounting estimates during the year 2023.
3.23 Related party disclosures
A party is related to the company if:
(i) directly or indirectly through one or more intermediaries, the party controls, is controlled by, or is under common control with, the company;
has an interest in the company that gives it significant influence over the company; or has joint control over the company;
(ii) the party is an associate;
(iii) the party is a joint venture;
(iv) the party is a member of the key management personnel of the Company or its parent;
(v) the party is a close member of the family of any individual referred to in (i) or (iv);
(vi) the party is an entity that is controlled, jointly controlled or significantly influenced by or for which significant voting power in such entity
resides with, directly or indirectly, any individual referred to in (iv) or (v); or
(vii) the party is a post-employment benefit plan for the benefit of employees of the company, or of any entity that is a related party of the
company.
Details of the related party disclosures presented in note no. 51 and Annexure- F.
3.24 Events after reporting period
As per IAS -10 Events after Reporting Period events after the reporting period are those events, favourable and unfavourable, that occur between
the end of the reporting period and the date when the financial statements are authorised for issue. Two types of events can be identified:
(a) adjusting events after the reporting period (those that provide evidence of conditions that existed at the end of the reporting period); and
(b) non adjusting events after the reporting period (those that are indicative of conditions that arose after the reporting period).
Details of the Events after reporting period presented in note no. 52.

Financial
Statements
2023 2022
Taka Taka
4 Consolidated cash
City Bank PLC (note 4.a.1) 8,898,540,782 8,361,643,776
City Brokerage Limited 77,500 77,500
City Bank Capital Resources Limited 53,516 25,321
CBL Money Transfer Sdn. Bhd. 407,017 1,405,647
8,899,078,815 8,363,152,244
Adjustments for Consolidation - City Bank PLC - -
8,899,078,815 8,363,152,244
4.a Cash - City Bank PLC
In hand - including foreign currencies (note 4.a.1) 8,898,540,782 8,361,643,776

Balance with Bangladesh Bank and its agent bank (s) - including foreign currencies (note 4.a.2) 17,187,174,482 23,661,679,377
26,085,715,264 32,023,323,153
4.a.1 Cash in hand
Local currency 8,560,081,474 8,145,430,152
Foreign currency 338,459,308 216,213,624
8,898,540,782 8,361,643,776
4.a.2 Balance with Bangladesh Bank and its agent bank(s)
Local currency 14,431,656,355 20,355,260,062
Foreign currency 2,128,480,110 2,555,570,194
16,560,136,465 22,910,830,256
Sonali Bank PLC as agent of Bangladesh Bank (local currency) 627,038,017 750,849,121
17,187,174,482 23,661,679,377
The above balance represents amount as per Bank book. The difference due to reconciling items with Bangladesh Bank are subsequently adjusted.
Cash Reserve Requirement and Statutory Liquidity Ratio have been calculated and maintained in accordance with section 33 of Bank-Company
(Amendment) Act, 2023, BRPD circular no.11 and 12, dated 25 August 2005, MPD circular no.116/2013-757 dated 10 December 2013, MPD
Circular no. 1 dated 23 June 2014, MPD circular No. 01 dated 03 April 2018 and MPD circular No. 03 dated 09 April 2020.
The minimum Cash Reserve Ratio on the Bank's time and demand liabilities at the rate of 4% for Conventional-Domestic Banking Operation and
Islamic Banking Operation and 2% for Off Shore Banking Operation on bi-weekly basis has been calculated and maintained with Bangladesh Bank
in current account and Statutory Liquidity Ratio @13% and 5.5% for Conventional (Domestic & Off Shore Banking Operations) and Islamic Banking
Operation respectively, excluding CRR, on the same liabilities has also been maintained in the form of treasury bills, bonds and debentures
including foreign currency balances with Bangladesh Bank (CRR and SLR of December 2023 is based on weekly average time and demand
liabilities balance of October 2023). Both reserves maintained by the Bank are in excess of the statutory requirements, as shown below:
a) Cash Reserve Ratio (CRR)
Required reserve 16,006,067,212 14,587,385,985
Actual reserve maintained 16,342,651,917 21,897,351,153
Surplus 336,584,705 7,309,965,168
b) Statutory Liquidity Ratio (SLR)
Required reserve 49,772,022,913 47,069,305,545
Actual reserve maintained (note 4.a.3) 73,005,053,606 69,148,139,007
Surplus 23,233,030,693 22,078,833,462
4.a.3 Held for Statutory Liquidity Ratio (SLR)
Cash in hand 8,898,540,782 8,361,643,776
Sonali Bank PLC as agent of Bangladesh Bank as per statement balance 624,982,152 731,396,573
Surplus of CRR - balance with Bangladesh Bank 336,584,705 7,309,965,168
Government securities and bonds 63,144,945,967 52,745,133,490
73,005,053,606 69,148,139,007
5 Consolidated balance with other banks and financial institutions
In Bangladesh
City Bank PLC (note 5.a) 20,445,239,323 28,911,665,052
City Brokerage Limited 482,968,448 604,425,874
City Bank Capital Resources Limited 409,775,480 227,421,443
City Hong Kong Limited 4,119,927 187,237,970
21,342,103,178 29,930,750,339

2023 2022
Taka Taka
Mutual
Deposit with City Bank PLC - City Brokerage Limited (188,089,312) (286,008,925)
Deposit with City Bank PLC - City Bank Capital Resources Limited (309,604,880) (231,065,998)
Deposit with City Bank PLC - City Hong Kong Limited (4,905,271) (187,237,944)
Deposit with City Brokerage Limited - City Bank Capital Resources Limited (806,901) (6,876,173)
(503,406,364) (711,189,040)
Adjustments for Consolidation - City Brokerage Limited - -
Total in Bangladesh 20,838,696,814 29,219,561,299
Outside Bangladesh
CBL Money Transfer Sdn. Bhd. 157,858,523 97,330,283
Total outside Bangladesh 4,951,666,021 3,914,475,954
Grand total 25,790,362,835 33,134,037,253
5.a Balance with other banks and financial institutions - City Bank PLC
In Bangladesh (note 5.a.1) 20,445,239,323 28,911,665,052
Outside Bangladesh (note 5.a.2) 4,789,887,272 3,813,382,638
25,235,126,595 32,725,047,690
5.a.1 In Bangladesh
Current accounts
Sonali Bank PLC 160,969,792 197,720,561
Agrani Bank PLC 90,866,889 181,321,374
Janata Bank PLC 9,090,115 8,290,925
Rupali Bank PLC 86,035 45,636,725
Sub total 261,012,831 432,969,585
Short notice deposit accounts
Prime Bank PLC 1,250,322,958 3,665,378
Pubali Bank PLC 1,200,000,000 -
Jamuna Bank PLC 650,000,000 -
Standard Chartered Bank Limited 151,088,724 128,167,573
Rupali Bank PLC 20,061,553 2,929,915
Trust Bank Limited 461,359 2,555,888
Mutual Trust Bank PLC 171,832 402,115
AB Bank PLC 102,699 16,414,938
Social Islami Bank PLC 36,345 1,706,787
Southeast Bank PLC 1,000 10,775,648
Exim Bank Limited 600 26,800,178
Bank Al-Falah Limited 255 2,743,880
Sub total 3,272,247,325 196,162,300
Fixed deposit receipts
Investment Corporation of Bangladesh 6,110,000,000 6,230,000,000
Islami Bank Bangladesh PLC 3,000,000,000 5,049,390,500
IPDC Finance Limited 1,492,700,000 830,000,000
One Bank PLC 1,250,000,000 500,000,000
Bangladesh Finance Limited 1,040,000,000 860,000,000
Exim Bank Limited 800,000,000 2,300,000,000
The Premier Bank PLC 704,000,000 -
Industrial and Infrastructure Development Finance Company Limited 806,300,000 817,500,000
DBH Finance PLC 500,000,000 800,000,000
Phoenix Finance & Investments Limited 350,000,000 350,000,000
National Credit & Commerce Bank PLC 330,000,000 -
Al-Arafah Islami Bank PLC 300,000,000 1,000,000,000
GSP Finance Company (BD) Limited 140,000,000 140,000,000
ICB Islamic Bank Limited 88,979,167 89,179,167
IDLC Finance PLC - 6,500,000,000
Standard Bank PLC - 900,000,000
Agrani Bank PLC - 900,000,000
Midland Bank Limited - 500,000,000
Eastern Bank PLC - 516,463,500
Sub total 16,911,979,167 28,282,533,167
Total 20,445,239,323 28,911,665,052

Financial
Statements
2023 2022
Taka Taka
5.a.2 Outside Bangladesh (Nostro accounts)
Current accounts Currency
Standard Chartered Bank, New York, USA USD 1,514,610,741 1,183,592,032
Mashreq Bank, New York, USA USD 951,618,813 18,569,819
Citibank N.A. New York, USA USD 591,933,220 431,687,041
Standard Chartered Bank, Mumbai, India ACU 261,877,721 463,853,910
Commerz Bank AG. Frankfurt, Germany EUR 173,564,974 39,340,890
Habib American Bank, New York, USA USD 170,460,710 190,953,045
JP Morgan Chase Bank, New York USD 154,788,051 337,585,977
MCB Bank Limited, Karachi, Pakistan ACU 80,839,591 126,879,482
Mashreq Bank, Mumbai, India ACU 46,804,905 2,123,841
HDFC Bank Ltd, Mumbai, India ACU 45,107,231 60,342,676
Commerz Bank AG. Frankfurt, Germany USD 38,808,703 11,605,975
Standard Chartered Bank, London GBP 34,528,708 29,810,622
Zhejiang Chouzhou Commercial Bank, China USD 30,541,194 21,097,892
Standard Chartered Bank, Frunkfurt, Germany EUR 25,127,072 30,856,777
AB Bank PLC., Mumbai, India ACU 21,034,776 18,334,221
Kookmin Bank, Korea USD 19,907,161 17,665,841
Zhejiang Chouzhou Commercial Bank, China CNY 17,847,248 -
Mashreq Bank, Dubai AED 9,854,811 33,430,728
Bank of Bhutan, Bhutan ACU 8,587,243 13,016,517
Sonali Bank PLC., Kolkata, India ACU 6,963,600 8,135,896
Commerz Bank AG. Frankfurt, Germany CHF 5,646,562 1,041,684
Commerz Bank AG. Frankfurt AUD 5,567,399 8,720,373
Standard Chartered Bank, Japan JPY 5,345,918 7,825,817
Agricultural Bank Of China, China CNY 4,784,439 -
Commercial Bank of Ceylon, Colombo, Sri Lanka ACU 1,561,787 1,466,556
Standard Chartered Bank, Nepal ACU 1,525,660 1,432,633
Bank of Tokyo Mitsubishi Limited., New Delhi, India ACU 957,943 899,532
Mashreq Bank, Mumbai, India EUR 249,442 223,753
Saudi National Bank, Riyadh SAR 158,801 -
Mashreq Bank, New York, USA (For OBU Operation) USD 433,820,531 732,885,619
Commerz Bank AG. Frankfurt, Germany (For OBU Operation) USD 58,357,238 10,206,506
ICICI Bank Limited, India (For OBU Operation) ACU 51,675,612 4,482,021
Commerz Bank AG. Frankfurt, Germany (For OBU Operation) EUR 14,478,364 4,421,853
Sub total 4,788,936,169 3,812,489,529
Term deposits
Sonali Bank, Kolkata, India ACU 951,103 893,109
Sub total 951,103 893,109
Total 4,789,887,272 3,813,382,638
The balances of NOSTRO Accounts are presented as per balance with Correspondent Banks. The unreconciled balances of all NOSTRO Accounts
with an amount of Taka 4,515,965,256 (net off debit and credit) are adjusted with Sundry Creditors (note-15.a.4.1).
Details are shown in Annexure-B.
5.a.3 Maturity grouping of balance with other banks and financial institutions
Payable on demand 471,500,000 1,517,500,000
Up to 1 month 20,491,947,428 24,418,978,023
Over 1 month but not more than 3 months 3,195,000,000 4,600,000,000
Over 3 months but not more than 1 year 497,700,000 2,099,390,500
Over 1 year but not more than 5 years 578,979,167 89,179,167
Over 5 years - -
25,235,126,595 32,725,047,690
6 Money at call on short notice - -
7 Consolidated Investments
Government securities
City Bank PLC (note 7.a.1.i) 63,144,945,967 52,745,133,490
City Brokerage Limited (note 7.b) 236,750,690 -
63,381,696,657 52,745,133,490
Others
City Bank PLC (note 7.a.1.ii) 9,916,592,116 8,359,816,029
City Brokerage Limited (note 7.b) 2,775,330,452 2,724,631,222
City Bank Capital Resources Limited (note 7.c) 2,412,514,101 2,310,224,238
15,104,436,669 13,394,671,489
78,486,133,326 66,139,804,979

2023 2022
Taka Taka
7.a Investments - City Bank PLC
Government (note 7.a.1.i) 63,144,945,967 52,745,133,490
Others (note 7.a.1.ii) 9,916,592,116 8,359,816,029
73,061,538,083 61,104,949,519
7.a.1 Investment securities are classified as follows
i) Government bonds
Government bonds - (note 7.a.4) 63,139,280,767 52,740,458,590
Prize bonds 5,665,200 4,674,900
63,144,945,967 52,745,133,490
ii) Other investments
Shares (note 7.a.5) 3,689,021,970 3,233,982,981

Investment in sukuk al istisna'a bond 2,424,800,000 1,945,000,000
Investment in non convertible bond 2,300,000,000 2,300,000,000
Investment in subordinated bond 520,000,000 780,000,000
Investment in BBML Sukuk Al Ijarah 500,000,000 -
Mutual fund 482,647,873 100,710,775
Debenture of Bangladesh Welding Electrodes Limited 122,273 122,273
9,916,592,116 8,359,816,029
73,061,538,083 61,104,949,519
7.a.2 Investment classified as per Bangladesh Bank Circular
Held to maturity (HTM) 55,341,790,568 45,211,044,840

Held for trading (HFT) 7,797,490,199 4,547,571,393
Reverse repo - 2,981,842,357
Prize bonds 5,665,200 4,674,900
Other securities 9,916,592,116 8,359,816,029
73,061,538,083 61,104,949,519
Disclosure relating to REPO & Reverse REPO is presented in Annexure - G
7.a.3 Maturity grouping of investments
On demand 5,665,200 4,674,900

Up to 3 months 3,692,928,975 12,510,627,147
Over 3 months but not more than 1 year 9,173,457,053 6,301,632,827
Over 1 year but not more than 5 years 30,024,243,758 21,182,581,863
Over 5 years 30,165,243,097 21,105,432,782
73,061,538,083 61,104,949,519
7.a.4 Government bills/bonds
Name of the bills/bonds
30 days Bangladesh Bank bills - -
91 days Treasury bills - -
182 days Treasury bills - 2,987,386,560
364 days Treasury bills 6,093,579,100 946,250,000
3 months Islamic bonds 1,100,000,000 250,000,000
6 months Islamic bonds - -
2 years Treasury bonds 6,461,407,549 6,465,552,686
5 years Ijarah Sukuk Islamic bonds 1,518,570,000 1,388,250,000
20 years Treasury bonds 491,854,417 1,115,287,014
63,139,280,767 52,740,458,590

Financial
Statements
2023 2022
Taka Taka
7.a.5 Investment in shares
Quoted
IDLC Finance PLC 1,739,711,055 1,739,711,057
Sea Pearl Beach Resort & SPA Limited 420,717,151 14,940,481
British American Tobacco Bangladesh Co. Limited 253,342,416 253,342,417
Beximco Limited 180,188,379 161,840,000
Grameenphone Limited 120,779,259 122,704,351
Olympic Industries Limited 112,252,000 110,038,344
LafargeHolcim Bangladesh Limited 98,293,249 105,424,546
Prime Bank PLC 79,602,663 72,779,578
Square Pharmaceuticals Limited 71,922,600 71,751,600
Marico Bangladesh Limited 61,057,349 60,084,680
IBN SINA Pharmaceutical Industry Limited 50,422,684 50,422,684
Brac Bank PLC 34,530,926 23,966,250
Renata Limited 34,325,294 34,325,294
Dhaka Bank Limited 32,600,438 32,477,425
Orion Pharma Limited 31,088,417 28,991,144
Agni Systems Ltd. 26,744,170 -
Bangladesh Submarine Cable Company Limited 25,611,300 25,611,300
Walton Hi-Tech Industries Limited 25,466,444 25,466,444
ADN Telecom Limited 18,267,600 -
Salvo Chemical Industry Limited 15,430,162 15,430,162
Standard Bank PLC 15,328,588 15,302,514
Dragon Sweater and Spinning Limited 14,464,943 14,464,943
Mercantile Bank Limited 14,412,638 14,448,762
Paramount Textile Limited 13,532,365 13,532,365
Pubali Bank PLC 11,953,383 11,999,007
Saif Powertec Limited 11,880,000 11,880,000
Popular Life Insurance Co. Ltd. 9,975,000 -
Alif Manufacturing Company Limited 7,980,000 7,980,000
AB Bank PLC 7,691,664 7,696,329
Eastern Bank Limited 7,441,875 7,155,000
Genex Infosys Limited 6,540,000 4,414,500
ACME Pesticides Limited 6,225,940 6,225,940
Baraka Power Limited 4,260,000 4,260,000
DBH Finance PLC 2,993,703 2,991,959
Shinepukur Ceramics Limited 2,902,500 2,902,500
LankaBangla Finance Limited 2,600,000 2,600,000
Unique Hotel & Resorts PLC 2,123,245 -
Rangamati Food Products Limited 903,000 715,950
Raspit Inc. (BD) Limited 695,400 695,400
Shahjalal Islami Bank PLC 582,324 580,826
German Bangla Joint Venture Foods Limited 75,600 75,600
Somorita Hospital Limited 14,133 12,442
Perfume Chemical Ind. Limited 2,380 2,380
C & A Textiles Limited - 20,400,510
Western Marine Shipyard Limited - 14,525,368
Alif Industries Limited - 7,476,000
Islami Commercial Insurance Company Limited - 247,196
Sub-total 3,576,932,237 3,121,893,248
Quoted (Under special fund and investment policy as per DOS Circular no.01/2020)
Shahjibazar Power Co. Limited 12,041,703 12,041,703
Sub-total 12,041,703 12,041,703
Unquoted ordinary shares
Industrial & Infrastructural Development Finance Company Limited 71,770,260 71,770,260
Venture Investment Partners Bangladesh Limited 12,000,000 12,000,000
KARMA Sangsthan Bank Limited 10,000,000 10,000,000
Central Depository Bangladesh Limited 6,277,770 6,277,770
Sub-total 100,048,030 100,048,030
Total 3,689,021,970 3,233,982,981
Details are shown in Annexure-C.

2023 2022
Taka Taka
7.b Investments - City Brokerage Limited
Government
Investment in Govt. Securities (Treasury Bill) 209,225,210 -
Investment in Govt. Securities (Treasury Bond) 27,525,480 -
Sub-total 236,750,690 -
Others
Membership (note 7.b.1)
Dhaka Stock Exchange Limited (DSE) 543,119,682 543,119,683
Chittagong Stock Exchange Limited (CSE) 14,250,748 19,001,000
557,370,430 562,120,683
Investment in listed share (note 7.b.2) 2,211,220,822 2,155,771,339
Investments in unlisted securities 6,739,200 6,739,200
Sub-total 2,775,330,452 2,724,631,222
Total 3,012,081,142 2,724,631,222
7.b.1 Membership fees is the amount paid by the company to obtain membership of DSE and CSE.
7.b.2 This represents investment shares of various companies listed in Dhaka Stock Exchange Limited (DSE) and Chittagong Stock Exchange Limited
(CSE) by City Brokerage Ltd. through its dealer account. Cost price of the investment is Taka 2,376,242,112 (2022: 2,309,040,244) as on 31
December 2023.
7.b.3 Out of the total value of listed securities, investment value of Tk. 399,375,754 was made with special fund under investment policy as per DOS
Circular no.01/2020.
7.c Investments - City Bank Capital Resources Limited
Investments in quoted shares (note 7.c.1) 2,044,316,426 2,057,026,563
Investment in Sukuk Al Istisna'a Bond 212,500,000 222,500,000
Investments in unlisted securities 30,697,675 30,697,675
Perpetual bond 125,000,000 -
2,412,514,101 2,310,224,238
7.c.1 This represents investment in puchasing shares of various companies listed in Dhaka Stock Exchange Limited (DSE) and Chittagong Stock
Exchange Limited (CSE) by City Bank Capital Resources Limited through its dealer account. Cost price of the investment is Taka 1,798,537,701
(2022: 1,782,170,327) as on 31 December 2023.
8 Consolidated Loans and advances/investments
Loans/investments, cash credits, overdrafts, etc.
City Brokerage Limited (note 8.b) 796,894,386 1,049,490,663
372,939,694,528 326,495,003,081
Mutual indebtedness:
Loan from City Bank PLC - City Brokerage Limited (410,442,541) (374,017,003)
Loan from City Bank PLC - CBL Money Transfer Sdn. Bhd. (93,363,258) (140,797,485)
Loan from City Bank PLC - City Hong Kong Limited (760,850,971) (922,008,194)
(1,264,656,770) (1,436,822,682)
371,675,037,758 325,058,180,399
Bills purchased and discounted
25,770,794,516 31,236,447,969
397,445,832,274 356,294,628,368
8.a Loans and advances/investments - City Bank PLC
Loans/investments, cash credits, overdrafts, etc. (note 8.a.1) 370,846,692,465 324,005,634,460

Bills purchased and discounted (note 8.a.2) 25,231,674,515 30,768,051,794
396,078,366,980 354,773,686,254

Financial
Statements
2023 2022
Taka Taka
8.a.1 Loans/investments, cash credits, overdrafts, etc.
Inside Bangladesh
Industrial credit 145,091,674,140 120,983,630,263
Small and medium enterprise loans 66,779,971,634 59,159,330,404
Personal finance 35,545,313,380 33,828,716,763
Export development fund 28,701,187,470 34,817,905,659
Cash credit 21,536,442,503 20,780,317,501
Hire purchase shirkatul melk 16,471,357,288 10,606,918,288
Credit card 14,762,442,256 13,674,557,373
Bai - salam 13,480,431,349 2,803,856,401
House building loans 7,297,017,885 7,974,940,799
Bai - murabaha 5,388,479,797 3,864,444,839
Auto loan 4,257,774,706 4,194,636,507
Staff loan (note 8.a.15) 3,464,624,409 3,463,222,733
Loan against payroll 1,936,208,471 1,468,096,974
Nano lending 1,000,289,632 173,841,692
Secured overdraft 3,967,287,569 4,873,638,958
Transportation loans 135,462,886 149,732,212
Musharaka 82,072,988 68,296,950
Loans against trust receipt 38,907,664 55,555,381
Payment against document 34,156,543 -
Startup loan 21,375,666 1,189,084
369,992,478,236 322,942,828,781
Outside Bangladesh 854,214,229 1,062,805,679
370,846,692,465 324,005,634,460
8.a.2 Bills purchased and discounted
Payable Inside Bangladesh
Inland bills purchased 2,445,978,137 1,165,874,955
Payable Outside Bangladesh
Foreign bills purchased and discounted 22,785,696,378 29,602,176,839
25,231,674,515 30,768,051,794
8.a.3 Performing loans and advances/investments
Gross loans and advances/investments 396,078,366,980 354,773,686,254
Non-performing loans and advances/investments (note 8.a.3.1) (14,385,088,050) (13,671,498,996)
381,693,278,930 341,102,187,258
8.a.3.1 Non-performing loans and advances/investments
Opening balance 13,671,498,996 13,906,126,311
Addition during the year 10,556,153,359 7,235,323,973
Reduction during the year (9,842,564,305) (7,469,951,288)
Closing balance 14,385,088,050 13,671,498,996
8.a.4 Residual maturity grouping of loans and advances/investments including bills purchased and discounted
Repayable on demand 25,733,614,580 17,356,716,442
Not more than 3 months 115,641,015,788 97,660,443,110
More than 3 months but not more than 1 year 79,437,187,586 83,048,919,857
More than 1 year but not more than 5 years 129,483,085,946 108,363,491,608
More than 5 years 45,783,463,080 48,344,115,237
396,078,366,980 354,773,686,254
8.a.5 Loans and advances/investments
Loans 312,088,224,664 269,821,810,888
Cash credits 21,536,442,503 20,780,317,501
Overdrafts 37,222,025,298 33,403,506,071
370,846,692,465 324,005,634,460
Bills purchased and discounted (note 8.a.2) 25,231,674,515 30,768,051,794
396,078,366,980 354,773,686,254

2023 2022
Taka Taka
8.a.6 Concentration of loans and advances/investments including bills purchased and discounted
Industrial loans and advances/investments 323,813,252,129 285,122,034,455
Loans and advances/ investments to customer groups 59,642,820,447 56,310,921,795
Others loans and advances/investments 12,298,751,629 13,022,421,449
Loans and advances/ investments to chief executive and other senior executives 320,234,092 314,535,430
Loans and advances/ investments to allied concerns of directors 3,308,683 3,773,125
396,078,366,980 354,773,686,254
8.a.7 Business segment wise concentration of loans and advances/investments including bills purchased and discounted
Corporate 196,531,726,102 170,669,740,864
SME (including agriculture loan and microcredit) 88,441,756,663 69,689,139,276
Retail 78,212,039,463 71,160,966,603
Off-shore Banking Unit (OBU) 29,428,220,343 39,790,616,778
Staff loan (note 8.a.15) 3,464,624,409 3,463,222,733
396,078,366,980 354,773,686,254
8.a.8 Cluster base CMSME Financing
In compliance with SMESPD circular no. 05 dated 14 August 2022, the bank has already adopted cluster financing policy for CMSME loan. As per
the policy defined cluster wise outstanding was;
High priority cluster financing
Agro/food processing and Agri machinery manufacturing 4,878,674,080 70,765,418
Ready-made garments (RMG), knitwear, design & personal wear 926,481,004 35,859,393
Leather & leather goods 82,744,223 8,656,349
Light engineering 32,269,911 50,946,486
ICT Clusters 25,017,280 -
Jute & Jute products Cluster 851,942 -
5,946,038,440 166,227,646
Priority cluster financing
Furniture 181,992,629 43,029,360
Plastic industry & other synthetics 96,069,727 32,540,933
Home textile 89,267,000 15,807,718
Automobile manufacturing & repairing 14,583,621 3,652,231
Tant & handicrafts 10,045,811 2,143,907
Toys - 2,275,394
391,958,789 99,449,543
Others 1,981,710,118 -
8,319,707,347 265,677,189
8.a.9 Sector wise concentration of loans and advances/investments including bills purchased and discounted
2023 2022
% of total loan Taka % of total loan Taka
Consumer credit 15.96% 63,231,729,413 16.56% 58,752,408,734

Readymade garments industry 15.40% 60,985,401,232 16.98% 60,249,132,914
Other manufacturing industry 14.03% 55,576,491,709 11.35% 40,266,080,664
Trade service 13.57% 53,765,448,567 14.22% 50,465,523,039
Energy and power industry 10.69% 42,321,519,995 10.48% 37,192,113,065
Textile & spinning mills 5.53% 21,894,532,544 4.88% 17,318,281,335
Real estate financing 4.77% 18,887,306,342 4.83% 17,152,466,026
Agri & micro-credit through NGO 3.97% 15,708,645,245 4.53% 16,063,339,200
Steel industry 3.46% 13,700,004,007 3.12% 11,071,850,265
Construction 3.09% 12,235,896,470 2.40% 8,527,217,046
Service industry 3.01% 11,912,531,828 2.71% 9,607,065,335
Pharmaceuticals industry 2.13% 8,422,793,351 1.53% 5,416,483,192
Assembling industry 1.75% 6,944,789,876 2.75% 9,746,027,990
Edible oil and food processing 0.62% 2,439,573,883 0.93% 3,309,664,016
Others 1.22% 4,823,561,865 0.81% 2,871,692,089
Transport, storage & communication 0.45% 1,797,678,796 0.66% 2,342,120,164
Chemical industry 0.28% 1,092,834,963 0.58% 2,051,968,784
Hospitals 0.08% 299,478,506 0.14% 512,724,974
Ship breaking & building 0.01% 38,148,386 0.52% 1,857,527,422
100.00% 396,078,366,980 100.00% 354,773,686,254

Financial
Statements
8.a.10 Geographical location-wise loans and advances/investments

Inside Bangladesh 2023 2022
Urban
Dhaka 79.08% 313,209,717,080 77.74% 275,814,784,708
Chattogram 7.89% 31,253,562,906 9.83% 34,857,373,410
Rajshahi 2.90% 11,490,895,128 2.86% 10,150,989,518
Khulna 2.78% 10,999,148,111 2.46% 8,722,553,743
Rangpur 0.94% 3,708,520,947 0.99% 3,529,181,505
Barishal 0.51% 2,017,639,279 0.50% 1,770,119,001
Sylhet 0.45% 1,782,734,671 0.48% 1,703,694,750
Mymensingh 0.33% 1,325,978,499 0.30% 1,053,385,784
94.88% 375,788,196,621 95.16% 337,602,082,419
Rural
Dhaka 4.25% 16,827,267,715 3.95% 14,012,975,307
Chattogram 0.43% 1,689,763,354 0.42% 1,484,621,744
Khulna 0.12% 471,357,743 0.09% 310,781,604
Sylhet 0.06% 245,203,538 0.05% 192,118,364
Rangpur 0.05% 202,363,780 0.03% 108,301,137
4.91% 19,435,956,130 4.54% 16,108,798,156
Total inside Bangladesh 99.78% 395,224,152,751 99.70% 353,710,880,575
Outside Bangladesh 0.22% 854,214,229 0.30% 1,062,805,679
Grand total 100.00% 396,078,366,980 100.00% 354,773,686,254
8.a.11 Sector-wise loans and advances

2023 2022
Public sector - - - -
Private sector 100.00% 396,078,366,980 100.00% 354,773,686,254
100.00% 396,078,366,980 100.00% 354,773,686,254
2023 2022
Taka Taka
8.a.12 Securities against loans/investments including bills purchased and discounted
Collateral of movable/immovable assets 266,528,358,357 200,632,993,340
Personal guarantee 83,502,526,172 88,713,580,481
Export documents 24,477,785,941 29,191,301,475
Fixed deposit receipts (FDR) 13,939,362,336 10,015,017,420
Other securities 5,333,305,046 23,641,539,244
Local banks and financial institutions guarantee 1,868,805,081 1,974,765,066
Foreign banks guarantee 409,455,897 573,367,491
FDR of other banks 18,768,150 31,121,737
Government guarantee - -
396,078,366,980 354,773,686,254
8.a.13 Detail of large loan/investments
As at 31 December 2023 there were 32 (31 December 2022: 41) borrowers or group with whom amount of outstanding loans and advances/
investments exceeded 10% of the total capital of the Bank. Total capital of the Bank was Taka 56,172.90 million as at 31 December 2023 (Taka
52,199.65 million as at 31 December 2022).
Number of borrowers or groups 32 41
Amount of funded outstanding advances/investments (Taka) 100,080,832,197 95,823,694,179
Amount of non funded outstanding advances/investments (Taka) 104,711,410,680 116,205,103,254
Amount of classified advances/investments therein (Taka) - -
8.a.14 Particulars of loans and advances/investments
i) Loans/investments considered good in respect of which the Bank is fully secured 307,242,535,762 242,418,566,529
ii) Loans/investments considered good against which the Bank holds no security other than the
debtors’ personal guarantee 83,502,526,172 88,713,580,481
iii) Loans/investments considered good secured by the personal undertaking of one or more
parties in addition to the personal guarantee of the debtors 5,333,305,046 23,641,539,244
iv) Loans/investments adversely classified; provision not maintained there against - -

396,078,366,980 354,773,686,254

2023 2022
Taka Taka
v) Loans/investments due by directors or officers of the banking company or any of them either
separately or jointly with any other persons 3,467,933,092 3,466,995,858
vi) Loans/investments due from companies or firms in which the directors of the Bank have
interest as directors, partners or managing agents or in case of private companies as members - -
vii) Maximum total amount of advances/investments, including temporary advances made at any
time during the year to directors or managers or officers of the banking company or any of
them either separately or jointly with any other person. 3,467,933,092 3,466,995,858
viii) Maximum total amount of advances/investments, including temporary advances/investments
granted during the year to the companies or firms in which the directors of the banking company
have interest as directors, partners or managing agents or in the case of private companies, as
members - -
ix) Due from other banking companies - -
x) Classified loans and advances/investments
(a) Classified loans and advances/investments on which interest has not been charged 11,954,474,785 10,567,670,332
Increase of specific provision 782,386,443 (150,945,975)
Amount of loans written off 2,213,129,338 1,920,411,060
Amount realised against loans previously written off 975,350,658 550,935,652
(b) Provision on classified loans and advances/investments 6,233,226,573 5,450,840,130
(c) Provision kept against loans/investments classified as bad debts 5,894,482,571 4,959,120,081
(d) Interest credited to Interest Suspense Account 7,670,834,382 6,504,273,960
xi) Cumulative amount of written off loans/investments
Opening balance 19,659,081,046 18,369,612,949
Amount written off during the year 2,213,129,338 1,920,411,060
Amount realised against loans/investments previously written off (975,350,658) (550,935,652)
Amount written off waived/adjustment (282,205,047) (80,007,311)
Closing balance 20,614,654,679 19,659,081,046
The amount of written off/classified loans/investments for which law suits have been filed 44,557,835,271 42,649,816,000
8.a.15 Staff loan
House building scheme 2,218,915,392 2,298,178,324
Provident fund 823,406,624 717,301,097
Vehicle scheme 354,559,203 375,812,131
Consumer credit and other scheme 67,743,190 71,931,181
3,464,624,409 3,463,222,733
8.a.16 Classification of loans and advances/investments
2023 2022
Unclassified
Standard including staff loan 95.30% 377,445,902,269 95.19% 337,694,273,410
Special mention account (SMA) 1.07% 4,247,376,661 0.96% 3,407,913,848
96.37% 381,693,278,930 96.15% 341,102,187,258
Classified
Sub-standard 0.42% 1,658,915,838 0.62% 2,183,267,276
Doubtful 0.19% 771,697,426 0.26% 920,561,388
Bad/Loss 3.02% 11,954,474,785 2.98% 10,567,670,332
3.63% 14,385,088,050 3.85% 13,671,498,996
100.00% 396,078,366,980 100.00% 354,773,686,254
8.a.17 Particulars of required provision for loans and advances/investments 2023 2022
Taka Taka
General provision on unclassified loans
Loans/investments (excluding SMA) 4,719,020,628 4,284,939,367
Special General Provision-COVID-19 637,188,517 815,625,279
Special mention account (SMA) 35,494,064 30,608,726
Required provision for unclassified loans and advances/investments 5,391,703,209 5,131,173,372
A. Total provision maintained for unclassified loans and advances/investments 7,656,269,022 6,910,907,396
B. Excess provision 2,264,565,813 1,779,734,024

Financial
Statements
2023 2022
Base for Required Required
provision % of required provision provision
provision
Specific provision on classified loans Taka Taka Taka
Sub-standard 1,149,045,824 5% - 20% 180,379,784 236,249,204
Doubtful 384,775,584 5% - 50% 139,025,129 201,809,420
Bad/Loss 5,867,351,680 100% 5,894,482,571 4,959,120,081
Required provision for classified loans and 6,213,887,484 5,397,178,704
C. Total provision maintained for classified loans and advances/investments 6,233,226,573 5,450,840,130
D. Excess provision 19,339,089 53,661,426
Total required provision for loans and advances/investments 11,605,590,693 10,528,352,076
Total provision maintained for loans and advances/investments (A+C) 13,889,495,595 12,361,747,526
Total excess provision (B+D) 2,283,904,902 1,833,395,450
8.a.18 During the year 2023, no loan having outstanding Taka 500 crore or more was restructured.
8.b Loans and advances/investments - City Brokerage Limited
Margin loan was given to several individuals and institutions for doing share trading business through City Brokerage Limited.
8.c Loans and advances/investments - City Bank Capital Resources Limited
Margin loan was given to several individuals and institutions for doing share trading business through City Bank Capital Resources Limited.
2023 2022
Taka Taka
9 Bills purchased and discounted (note 8.a.2)
Payable in Bangladesh 2,445,978,137 1,165,874,955
Payable outside Bangladesh 22,785,696,378 29,602,176,839
25,231,674,515 30,768,051,794
9.1 Maturity grouping of bills purchased and discounted
Payable within one month 7,611,601,371 4,126,944,932
Over one month but less than three months 11,467,311,891 9,378,473,670
Over three months but less than six months 3,924,688,350 15,795,946,931
Six months or more 2,228,072,903 1,466,686,261
25,231,674,515 30,768,051,794
10 Consolidated fixed assets including premises, furniture and fixtures
City Brokerage Limited (note 10.b) 343,061,531 377,458,984
CBL Money Transfer Sdn. Bhd. (note 10.d) 88,815,192 89,131,311
City Hong Kong Limited (note 10.e) 6,097,609 1,085,189
11,499,530,471 11,383,190,924
Inter-company transactions
City Brokerage Limited with City Bank PLC (164,168,514) (168,997,000)
City Bank Capital Resources Limited with City Bank PLC (276,812,532) (276,812,532)
11,058,549,425 10,937,381,392
10.a Fixed assets including premises, furniture and fixtures - City Bank PLC
Cost
Land 351,484,347 300,373,236
Work in progress (Land) - -
Building 1,790,203,136 1,790,203,136
Work in progress (Building) 401,051,165 224,529,249
Furniture and fixtures 1,592,606,420 1,243,606,520
Work in progress (Furniture and fixtures) 25,452,948 80,213,803
Office equipment and machinery 2,625,658,635 2,078,229,389
Work in progress (Office equipment and machinery) 64,714,702 310,575,080
IT Hardware 1,655,211,902 1,423,613,200
Work in progress (IT Hardware) 86,549,312 98,603,357
Software 1,074,958,757 956,420,830
Work in progress (Software) 220,585,041 133,139,660
Bank's vehicles 372,688,825 351,505,075
Right of use assets 7,352,040,540 7,046,485,597
17,613,205,730 16,037,498,132
Accumulated depreciation and amortisation (7,784,643,424) (6,288,336,609)
Written down value 9,828,562,306 9,749,161,523
Total un-adjusted work-in-progress (WIP) balance for more than 1 year as of December 31, 2023 was Taka 333,672,312. Out of which, Taka
173,418,138 is related to land and building of different locations where legal issues are underway. However, all the lands and buildings are under
the possession of the Bank. In addition, Taka 160,254,174 is related to IT Hardware, Software, Equipment for which phase/partial payments have
been made to vendors against goods and services. Provision has been kept for remaining amount i.e. Taka 1,002,000 against items which were
in WIP for more than 2 (two) years.
See Annexure - D for details.

2023 2022
Taka Taka
10.b Fixed assets including premises, furniture and fixtures - City Brokerage Limited
Cost
Land and Building 292,849,538 292,849,538
Office equipment and machinery 62,381,444 62,162,324
Furniture and fixtures 33,197,517 33,134,531
Software 58,591,450 59,572,018
Vehicles 17,720,770 17,720,770
Right of use assets 67,984,591 67,417,635
532,725,310 532,856,816
Accumulated depreciation and amortisation (189,663,779) (155,397,832)
Written down value 343,061,531 377,458,984
10.c Fixed assets including premises, furniture and fixtures - City Bank Capital Resources Limited
Cost
Land and building (including capital work in progress) 1,175,178,641 1,101,578,267
Vehicle 43,028,285 43,028,285
1,286,136,519 1,213,281,626
Accumulated depreciation and amortisation (53,142,686) (46,927,709)
Written down value 1,232,993,833 1,166,353,917
10.d Fixed assets including premises, furniture and fixtures - CBL Money Transfer Sdn. Bhd.
Cost
Vehicle 5,079,490 4,981,791
Software 11,568,781 8,538,418
184,314,402 151,931,325
Accumulated depreciation (95,499,210) (62,800,014)
10.e Fixed assets including premises, furniture and fixtures - CBL Hong Kong Limited
Cost
Furniture and fixtures 878,968 827,338
Right of use assets 5,609,439 -
8,933,140 3,128,470
11 Consolidated other assets
City Bank Capital Resources Limited (note 11.c) 224,332,451 126,424,326
CBL Money Transfer Sdn. Bhd. (note 11.d) 6,124,062,171 5,420,614,555
31,533,523,396 21,799,388,352
Goodwill arising on investment in subsidiaries 40,844,198 40,060,717
Payable to City Bank PLC - City Brokerage Limited (2,196) (189,868)
Payable to City Bank PLC - City Bank Capital Resources Limited (1,781,294) (1,104,075)
Payable to City Bank PLC - CBL Money Transfer Sdn. Bhd. (9,631,068) -
Payable to City Bank Capital Resources Limited - City Bank PLC - -
Payable to City Bank Capital Resources Limited - City Brokerage Limited (18,486,290) (2,864,671)
Payable to CBL Money Transfer Sdn. Bhd. - City Bank PLC - -
Investment in subsidiaries (6,116,684,941) (6,116,684,941)
(6,146,585,789) (6,120,843,555)
25,427,781,805 15,718,605,514

Financial
Statements
2023 2022
Taka Taka
11.a Other assets- City Bank PLC
Income generating other assets
Investment in subsidiaries (note 11.a.1) 6,116,684,941 6,116,684,941
Interest income receivable (note 11.a.2) 3,980,519,040 3,372,221,217
Non income generating other assets
Accounts receivables (note 11.a.3) 6,617,422,159 2,741,610,521
Advance payment of tax (note 11.a.4) 5,886,302,698 1,915,247,248
Deferred tax assets (note 11.a.5) 1,215,048,987 1,087,421,545
Net Fair value of plan assets (note 16.a.9) 591,024,139 -
Intangible assets (note 11.a.6) 199,760,382 269,139,272
Prepaid expenses 105,661,855 230,447,628
Advance against rent 47,739,981 -
Security deposits 37,938,996 59,488,638
Stationery and stamps 16,307,182 12,741,490
Receivable from provident fund - 3,241,410
24,814,410,359 15,808,243,910
11.a.1 Investment in subsidiary
In Bangladesh
City Brokerage Limited 3,400,000,000 3,400,000,000
City Bank Capital Resources Limited 2,550,000,000 2,550,000,000
5,950,000,000 5,950,000,000
Outside Bangladesh
166,684,941 166,684,941
6,116,684,941 6,116,684,941
11.a.2 Interest income receivable
Interest receivable from loans & advances/ investments 1,652,509,433 1,314,802,359

Interest receivable from government security 1,410,569,937 1,049,462,109
Interest receivable from private bond 398,100,056 249,962,194
Interest receivable from stimulus package 261,398,503 391,125,397
Interest receivable from placement 257,941,111 366,869,158
3,980,519,040 3,372,221,217
11.a.3 Accounts receivables
Receivable against card operation 3,476,487,849 1,662,371,513
Advance against remittance 2,294,361,577 358,491,975
Receivable against encashment -SP/BSP/PSC 502,557,562 362,144,135
Advance to vendor for expense 169,090,645 104,299,383
Sundry debtors 68,615,445 203,187,913
Receivable against fraud forgeries 50,907,942 27,834,629
Receivable against sales proceeds of shares 39,757,803 10,252,344
Unreconciled nostro entry 8,691,904 8,691,904
Advance to staff for expense 6,951,432 4,336,725
6,617,422,159 2,741,610,521
11.a.4 Advance payment of tax
Opening balance 1,915,247,248 3,430,137,277
Paid during the year 3,971,055,450 3,807,605,135
Adjustment for previous years tax liability - (5,322,495,164)
Closing balance 5,886,302,698 1,915,247,248

2023 2022
Taka Taka
11.a.5 Deferred tax assets
Deferred tax asset 1,215,048,987 1,087,421,545
Detail calculation on deferred tax assets:
Taxable/(deductible) Deferred tax
Book value Tax base
temporary difference (assets) / liability
Taka Taka
Taka Taka
Fixed assets 4,229,941,097 4,816,215,026 (586,273,929) (219,852,723)

Unrealised gain on share 85,591,474 - 85,591,474 8,559,147
Receivable on Interest income- T bond - - - -
Provision against classified loan (1,823,426,413) - (1,823,426,413) (683,784,905)
Right of use of assets 3,439,317,164 - 3,439,317,164 1,289,743,937
Lease obligation (3,790,240,309) - (3,790,240,309) (1,421,340,116)
Deferred tax liability/(asset) arise due to actuarial valuation (591,024,139) - (591,024,139) (221,634,052)
Deferred tax liability/(asset) arise from remeasurement (loss)(OCI) 88,692,600 - 88,692,600 33,259,725
Deferred tax liability/(asset) (1,215,048,987)
Deferred tax asset up to last year (1,087,421,545)
Deferred tax (income)/expense (127,627,442)
Less: Deferred tax (income)/expense recognised through retained earnings 33,259,725
Deferred tax (income)/expense recognised through profit & loss (160,887,167)
2023 2022
Taka Taka
11.a.6 Intangible assets
Users license 109,073,165 152,081,751
Royalty 90,687,217 117,057,521
199,760,382 269,139,272
11.a.6.1 Movement of intangible assets
Opening balance 269,139,272 268,635,646
Addition during the year 249,618,040 167,417,437
Amortisation during the year (318,996,930) (166,913,811)
Closing balance 199,760,382 269,139,272
11.b Other assets - City Brokerage Limited
Advance payment of tax 179,915,969 336,849,733
Advances, deposits and prepayments 67,416,940 59,299,076
Receivable from DSE 35,006,179 6,234,692
Advance for IPO 20,305,000 4,750,000
Dividend receivable 17,942,311 18,533,491
320,586,399 425,666,992
11.c Other assets - City Bank Capital Resources Limited
Advance income tax 134,507,035 39,600,158
Account receivable 39,745,444 38,059,756
Deferred tax assets 9,694,591 17,292,150
Balance with brokerage house 807,596 6,877,318
Stamps in hand - 2,540
224,332,451 126,424,326
11.d Other assets - CBL Money Transfer Sdn. Bhd.
Prefunding for settlement 6,103,264,851 5,395,213,430
6,124,062,171 5,420,614,555
11.e Other assets - City Hong Kong Limited
Interest receivables against bills purchased & loan 39,446,404 12,298,920
Receivable from customers 6,354,026 4,422,309
Deferred Tax Assets 2,507,077 -
Security deposit 1,824,510 1,717,340
50,132,016 18,438,569

Financial
Statements
12 Non - banking assets

City Bank PLC has been awarded absolute ownership on 39 mortgage properties through verdict of honourable Court under section 33 (7) of
Artha Rin Adalat Ain, 2003. At the end of 2023, recorded value of non-banking assets was Taka 634,548,873.
Booking Year of 2023 2022

Name of Parties Type of assets
Date holding Taka Taka
M/S Overseas Liner Agency 953 decimal land 29/Dec/11 12 Years 11,436,000 11,436,000
M/S Habib Bastra Bitan 16.50 decimal land 29/Dec/11 12 Years 1,485,000 1,485,000
M/S Silva Synthetic Fabrics 67.5 decimal land in Narayangonj29/Dec/11 & 12 & 8 Years 27,017,500 27,017,500
29/Dec/15
L.J.S Enterprise 181.96 decimal land 29/Dec/11 12 Years 3,677,959 3,677,959
M/S Sikder Construction 14 decimal land 29/Dec/11 12 Years 12,131,206 12,131,206
M/s. Nan Business Associates 5 decimal land & 1,518 sft floor 27/Dec/12 11 Years 8,340,000 8,340,000
Shibpur Rice Mill 150.75 decimal land 27/Dec/12 11 Years 2,563,633 2,563,633
M/s. Chand & Sons 6.60 decimal land 10/Oct/13 10 Years 1,850,139 1,850,139
M/s. Ashraf Traders 12 decimal land 20/Oct/13 10 Years 3,352,735 3,352,735
M/s. Rafique Repairing & Motor 8 decimal land along with two 20/Oct/13 10 Years 1,371,088 1,371,088
Machinery Parts storied building
Friends International 225.35 decimal land 3/Mar/14 9 Years 14,888,087 14,888,087
M/s General Services 375.5 decimal land 20/Dec/15 8 Years 2,074,764 2,074,764
M/s Galeeb International 8.25 decimal land 22/Dec/15 8 Years 3,507,045 3,507,045
M/s Balaka Industries 7 katha land 22/Dec/15 8 Years 6,390,367 6,390,367
Alif Builders & Co. 4.51 decimal land 22/Dec/15 8 Years 13,647,649 13,647,649
M/s Alamin Engineering 2.50 katha and 8.25 decimal land 23/Dec/15 8 Years 2,340,929 2,340,929
M/s S S Poultry Feed 12.32 decimal land 23/Dec/15 8 Years 4,292,867 4,292,867
M/s Sathi Foods & Oil Industries 15 decimal land 23/Dec/15 8 Years 10,683,879 10,683,879
M/s MIM Pictures International 51.5 decimal land 24/Dec/15 8 Years 1,763,421 1,763,421
M/s Shaans Denim 1670 sft flat 24/Dec/15 8 Years 34,880,000 34,880,000
M/s Apparel King Limited 16.34 decimal land 24/Dec/15 8 Years 7,189,924 7,189,924
M/s Suchi Enterprise 50.24 decimal land 24/Dec/15 8 Years 3,602,354 3,602,354
M/s A B Traders 3.63 acre land 24/Dec/15 8 Years 899,503 899,503
M/s The Media Advertising 17.50 decimal and 5 katha land 24/Dec/15 8 Years 1,627,948 1,627,948
M/s Mondira Medico 12.20 decimal and 3 acre land 24/Dec/15 8 Years 4,496,291 4,496,291
M/s. Nan Business Associates 256 decimal land 28/Dec/15 8 Years 55,181,250 55,181,250
M/s Tajco Limited 1.60 acre land 30/Dec/15 8 Years 15,049,194 15,049,194
Atlas food and Beverage Limited 233.68 decimal land 29/Jun/16 7 Years 65,366,934 65,366,934
Sristy Traders 21.50 decimal land 29/Jun/16 - - 26,322,125
Rafty Sweaters Limited 100 decimal land and 02 storied 29/Dec/16 7 Years 71,140,000 71,140,000
building measuring -+42,000 sft
Saleh Fashion Limited 14.56 decimal and 30 decimal 21/Jun/17 6 Years 17,592,323 17,592,323
land
M/S Hasnat Enterprise 4.587 decimal land with building 30/Dec/17 6 Years 21,055,559 21,055,559
and 4.125 decimal land
M/s. Noor Enterprise 84.87 decimal land 30/Dec/17 6 Years 80,034,010 80,034,010
M/s. McCoy Knitwear 22.50 decimal land and 5.00 30/Dec/17 6 Years 2,625,000 2,625,000
decimal land
M/s. Rupchanda Food Products 21 decimal land 30/Dec/17 - - 1,680,000
M/s. Unique Steel 75.5 decimal land 30/Dec/17 6 Years 36,476,810 36,476,810
Mohd. Elias Bros (Pvt.) Limited 18.92 decimal land 28/Jun/18 5 Years 69,300,000 69,300,000
M/s Momin Monu Auto Rice Mill 117.50 decimal land at Jamalpur 28/Jun/18 5 Years 9,400,000 9,400,000
S. M Enterprise 94.32 decimal land with 3 storied 26/Dec/18 5 Years 667,555 667,555
commercial building
M/s Rabeya Bastraly 7.0 decimal and 5.5 decimal land 27/Dec/18 5 Years 2,853,626 2,853,626
Emdadul Haque Bhuiyan 10.90 decimal land 30/Jun/19 & 4 Years 2,296,324 2,296,324
29/Dec/19
634,548,873 662,550,998
13 Bonds
Subordinated bonds (Tier-II capital) (note-13.01) 9,635,000,000 12,225,000,000

Perpetual bonds - additional Tier-I capital (note-13.02) 4,000,000,000 4,000,000,000
13,635,000,000 16,225,000,000

2023 2022
Taka Taka
13.01 Subordinated bonds (Tier-II capital)
Subordinated bonds (Tier-II capital) include funds raised from several banks, financial institutions and other organisations through issuance of 3
(Three) Bonds during 2017, 2018-19 and 2022 worth Taka 5,000 million, Taka 4,200 million and Taka 7,000 million respectively.
The outstanding amount of the three subordinated bonds as on 31 December 2023 are Taka 875 million, Taka 1,760 million and Taka 7,000
million respectively, totalling Taka 9,635 million. Institution wise subscription towards the bonds are:
City Bank 2nd subordinated bond
One Bank PLC 175,000,000 525,000,000
Rupali Bank PLC 140,000,000 420,000,000
Janata Bank PLC 131,250,000 393,750,000
Sonali Bank PLC 87,500,000 262,500,000
Pubali Bank PLC 87,500,000 262,500,000
Mercantile Bank PLC 70,000,000 210,000,000
Uttara Bank PLC 61,250,000 183,750,000
Dhaka Stock Exchange Limited 52,500,000 157,500,000
Agrani Bank PLC 35,000,000 105,000,000
Dhaka Bank PLC 17,500,000 52,500,000
Standard Bank PLC 17,500,000 52,500,000
875,000,000 2,625,000,000
City Bank 3rd subordinated bond
One Bank PLC 520,000,000 780,000,000
Sonali Bank PLC 400,000,000 600,000,000
Agrani Bank PLC 400,000,000 600,000,000
Dhaka Bank PLC 240,000,000 320,000,000
Pubali Bank PLC 200,000,000 300,000,000
1,760,000,000 2,600,000,000
City Bank 4th subordinated bond
Agrani Bank PLC 2,600,000,000 2,600,000,000
Janata Bank PLC 2,000,000,000 2,000,000,000
Sonali Bank PLC 1,000,000,000 1,000,000,000
Mercantile Bank PLC 650,000,000 650,000,000
National Life Insurance Company Limited 500,000,000 500,000,000
Simanto Bank PLC 250,000,000 250,000,000
7,000,000,000 7,000,000,000
9,635,000,000 12,225,000,000
13.02 Perpetual bonds (Additional Tier-I capital)
City Bank launched subscription of the first ever Perpetual Bond in the industry as well as the country. The issuance process of “City Bank
Perpetual Bond” was initiated back in 2019 and with subsequent approvals from the regulators, the bank completed subscription of Taka 4,000
million 2021. The bond also became listed in the Stock Exchanges in June 2022. At the end of December 2023, the listed bonds were held by 4
individuals and 6 institutional investors. Summary of basic features of the bonds are:
Coupon rate: Reference rate plus coupon margin
Here, reference rate is the latest available 20 years treasury bond rate (Standard Tenor Yield) as published by Debt Management Department of
Bangladesh Bank on the quotation day and coupon margin is 2%.
Coupon range: 6.0% to 10.0%.
In accordance with Bangladesh Bank guidelines and instructions, coupons of the perpetual bond are being paid out of distributable items; i.e.
retained earnings of the bank.
Contingent convertible feature: This bonds are contingent convertible and this conversion will only be executed if the Bank's consolidated
common equity Tier-I (CET-I) falls & stays below 4.5% for three consecutive quarters and the conversion amount will be to the extent of shortfall
amount for reaching CET-I @ 4.5%.
Perpetual bonds (Additional tier-I capital) 4,000,000,000 4,000,000,000

Financial
Statements
2023 2022
Taka Taka
14 Consolidated borrowings from other banks, financial institutions and agents

CBL Money Transfer Sdn. Bhd. (note 14.d) 104,589,958 95,678,000
20,053,427,732 37,233,348,909
Loan from City Bank PLC-City Brokerage Limited (410,442,541) (374,017,003)
Loan from City Bank PLC- CBL Money Transfer Sdn. Bhd. (93,363,258) (140,797,485)
Loan from City Bank PLC - City Hong Kong Limited (742,865,845) (922,008,194)
(1,246,671,644) (1,436,822,682)
18,806,756,088 35,796,526,227
14.a.1 Borrowings from other banks, financial institutions and agents
In Bangladesh (note 14.a.1.1) 1,808,117,860 4,190,000,000

Outside Bangladesh (note 14.a.1.2) 15,814,353,588 30,606,842,700
17,622,471,448 34,796,842,700
14.a.1.1 In Bangladesh
Citibank N.A 940,000,000 -

One Bank PLC 500,000,000 -
Uttara Bank PLC 200,000,000 250,000,000
Joyeeta Foundation 102,500,000 -
SME Foundation 65,617,860 -
Eastern Bank PLC - 1,800,000,000
Trust Bank Limited - 1,000,000,000
Bank Al-Falah Limited - 600,000,000
State Bank of India - 540,000,000
1,808,117,860 4,190,000,000
14.a.1.2 Outside Bangladesh
RAK Bank 3,294,673,800 3,408,659,100

CDC Group PLC 3,300,000,000 3,098,781,000
Norfund 2,200,000,000 -
Global Climate Partnership Fund S.A.Sicav-Sif (GCPF) 1,650,000,000 1,549,390,500
Caixa Bank, S.A 1,640,216,805 5,147,033,924
Emirates NBD Bank PJSC, Dubai 1,606,000,000 504,861,893
HDFC Bank Limited 1,100,000,000 1,549,390,500
Emirates Islamic Bank 682,000,000 1,601,036,850
International Islamic Trade Finance Corporation 203,317,939 -
Asian Development Bank 138,145,044 1,269,388,781
Bank Muscat SAOG - 4,131,708,000
Standard Chartered Bank, Singapore - 3,098,781,000
Abu Dhabi Commercial Bank - 2,014,914,004
responAbility SICAV (Lux) - 1,363,463,640
Banque du Caire - 1,032,927,000
The Commercial Bank of Qatar (QSC) - 526,628,408
Oesterreichische Entwicklungsbank AG (OeEB) - 309,878,100
15,814,353,588 30,606,842,700
14.a.2 Borrowings from central bank & government agencies

Refinance against export development fund (EDF) loan from Bangladesh Bank 21,287,813,990 32,381,499,310
Refinance against SME, Corporate and other loan from Bangladesh Bank 13,116,151,666 5,409,010,026
Refinance against stimulus package from Bangladesh Bank 7,477,794,698 9,802,890,319
41,881,760,354 47,593,399,655

2023 2022
Taka Taka
14.a.3 Borrowings secured/unsecured from other banks, financial institutions and agents
Secured - -
Unsecured 17,622,471,448 34,796,842,700
17,622,471,448 34,796,842,700
14.a.4 Borrowings secured/unsecured from central bank & government agencies

Secured - -
Unsecured 41,881,760,354 47,593,399,655
41,881,760,354 47,593,399,655
14.a.5 Maturity grouping of borrowings from other banks, financial institutions and agents
Payable on demand 1,640,000,000 4,190,000,000

Up to 1 month 1,244,093,616 2,610,903,928
Over 1 month but within 3 months 5,580,054,873 13,581,458,510
Over 3 months but within 1 year 6,902,149,719 12,865,089,761
Over 1 year but within 5 years 2,256,173,240 1,549,390,501
Over 5 years - -
17,622,471,448 34,796,842,700
14.a.6 Maturity grouping of borrowings from central bank & government agencies
Payable on demand 871,996,510 849,307,714

Up to 1 month 5,713,841,602 5,974,164,190
Over 5 years 1,199,345,390 1,314,530,152
41,881,760,354 47,593,399,655
14.b City Brokerage Limited is enjoying overdraft and short term loan facilities from City Bank PLC and NCC Bank Limited for extending margin financing
to its customers, supporting prefunding facilities to its foreign clients and investment in secondary market. Rate of interests are currently 7.00.%
p.a for overdraft & 6.00% p.a for short term loan availed from City Bank PLC and 6.00% for overdraft from NCC Bank PLC which is subject to
revisions by the Banks' management from time to time.
14.c City Bank Capital Resource Limited has availed two term loan facility for ten years to acquire and develop own asset from IPDC Finance Limited
at the rate of 8.5% & 9.00%. City Bank Capital Resource is also enjoying overdraft facilities from Community Bank Bangladesh PLC at the rate of
10.1% and at the rate of 9.00% for both from One Bank PLC and Bank Asia Limited to facilitated customer by margin financing and investment in
secondary market.
14.d CBL Money Transfer Sdn Bhd. has taken overdraft facility from City Bank PLC For prefunding support for remitting foreign currency from Malaysia
at the rate of 7.85%.
14.e City Hong Kong Limited is availing overdraft facilities from City Bank PLC at the rate of 7.76% for extending bills discounting facilities to its
customers.
15 Consolidated deposits and other accounts

CBL Money Transfer Sdn. Bhd. 119,125 116,834
City Hong Kong Limited 112,623 -
Inter-company indebtedness (note 15.b) (513,044,734) (711,196,342)
392,597,056,602 331,885,786,919
15.a Deposits and other accounts - City Bank PLC
Local bank deposits (note 15.a.1) 4,317,986,318 3,504,814,863

Customer and other deposits 388,192,342,969 328,385,569,511
392,510,329,287 331,890,384,374

Financial
Statements
15.a.1 Local bank deposits
2023
Name of Bank CD SND FDR Islamic SND/TD Total
Taka Taka Taka Taka Taka
Prime Bank PLC 264,144 - 1,210,000,000 - 1,210,264,144
Commercial Bank of Ceylon - - 1,000,000,000 - 1,000,000,000
One Bank PLC - - 1,000,000,000 - 1,000,000,000
Eastern Bank PLC - - 850,000,000 - 850,000,000
First Security Islami PLC 5,282,326 - 220,000,000 - 225,282,326
Sonali Bank PLC 8,010,897 - - - 8,010,897
Modhumoti Bank PLC - 2,033,692 - - 2,033,692
Shahjalal Islami Bank PLC - - - 5,796,440 5,796,440
Padma Bank PLC 143,856 3,066,334 - - 3,210,190
Islami Bank Bangladesh PLC - - - 3,961,121 3,961,121
Exim Bank Limited - - - 3,888,310 3,888,310
Al-Arafah Islami Bank PLC - - - 3,131,445 3,131,445
Southeast Bank PLC 713,015 302,438 - - 1,015,453
Jamuna Bank PLC - - - 362,502 362,502
AB Bank PLC - - - 359,788 359,788
Standard Bank PLC 196,907 - - 64,159 261,066
BRAC Bank PLC - 215,315 - - 215,315
Dutch Bangla Bank PLC - 106,261 - - 106,261
Trust Bank Limited - - - 77,561 77,561
Social Islami Bank PLC - - - 8,715 8,715
Meghna Bank PLC 1,092 - - - 1,092
14,612,237 5,724,040 4,280,000,000 17,650,041 4,317,986,318
2023 2022
Taka Taka
15.a.2 Deposits and other accounts
Current accounts and other accounts

Current and islamic current deposits 61,629,268,872 56,566,336,871
Sundry deposits (note 15.a.4) 35,253,690,498 21,573,206,805
Foreign currency deposits 7,497,652,484 7,509,614,946
Non resident deposits 2,078,975,613 724,915,207
Unclaimed dividend account (note 15.a.3) 153,590,340 283,311,417
Security deposits receipts 105,410,049 81,156,206
106,718,587,856 86,738,541,452
Bills payable
Pay orders issued 3,892,616,719 2,580,092,786
Demand draft 2,972,433 2,972,468
Pay slips issued 958,727 1,019,515
3,896,547,879 2,584,084,769
Savings bank deposits (note 15.a.5) 87,342,003,454 80,589,303,162
Fixed deposits
Fixed deposits, mudaraba fixed deposits 161,668,911,398 126,790,235,995

Short notice deposits, mudaraba short notice deposits 16,495,135,134 20,633,283,247
Scheme deposits, mudaraba monthly benefit and deposit scheme (note 15.a.6) 16,389,143,566 14,554,935,749
194,553,190,098 161,978,454,991
Total deposits and other accounts 392,510,329,287 331,890,384,374

15.a.3 Unclaimed Dividend Account
Year wise current accounts were opened for distribution of cash dividend and accordingly dividend amount was duly transferred to the relevant
current accounts. As on 31st December 2023, an amount of Taka 153,590,340 (2022: Taka 283,311,417) remained unclaimed with several
current accounts which are mentioned below:
2023 2022
Account Name Year wise
Taka Taka
City Bank Cash Dividend Payable Account 2014 9,859,917 9,859,917
Cash Dividend Account -2015 2015 14,640,069 14,655,069
Cash Dividend Distribution Account -2016 2016 15,563,901 15,563,901
Cash and Fractional Share Dividend Distribution Account-2017 2017 12,389,011 12,404,011
Cash and Fractional Share Dividend Distribution Account-2018 2018 6,445,337 6,572,027
Cash Dividend Distribution Account for 2019 2019 18,536,876 18,983,040
Cash and Fractional Share Dividend Distribution Account for 2020 2020 21,312,093 130,136,461
Cash and Fractional Share Dividend Distribution Account for 2021 2021 16,408,996 75,136,991
Cash and Fractional Share Dividend Distribution Account for 2022 2022 38,434,140 -
153,590,340 283,311,417
An amount of Taka 89,528,424 as on 31st December 2023 (December 2022: Taka 81,725,107) in unclaimed cash dividend under Lawsuit
according to Company Matter no.112 of 2005 and 79 of 2012.
In compliance with directive issued by Bangladesh Securities and Exchange Commission Directive dated 14 January 2021, gazette and a letter
issued on 27 June 2021 & on 6 July 2021 respectively, we have already transferred Taka 27,694,847 to Capital Market Stabilization Fund (CMSF)
as unclaimed dividend for the year 2014 to 2017, excluding unclaimed cash dividend under Lawsuit. Details of transferred to Capital Market
Stabilization Fund (CMSF) are mentioned below:
Account Name Year wise Account number Deposited amount
City Bank Cash Dividend Payable Account 2014 1101666157001 7,584,685
Cash Dividend Account -2015 2015 1401818593001 7,234,639
Cash Dividend Distribution Account -2016 2016 1401920447001 6,765,846
Cash and Fractional Share Dividend Distribution Account-2017 2017 1402447912001 6,109,677
27,694,847
2023 2022
Taka Taka
15.a.4 Sundry deposits
Foreign bills proceed awaiting remittance 12,818,708,331 9,477,191,374
Sundry creditors (note-15.a.4.1) 10,191,783,095 7,997,045,617
Margin on letters of credit 9,303,354,508 2,055,543,001
Margin on letters of guarantee 951,592,547 825,570,904
Sundry deposits - Amex Card- local 715,779,414 401,491,484
Payable against RTGS & EFT 316,988,323 57,511,538
Imprest fund - cash incentive 243,081,617 170,017
Sundry deposits - City Card - local 213,652,620 94,805,238
Sundry deposit - ATM 176,020,360 440,866,215
Sundry deposits - Master Cards 143,683,209 91,003,383
Unclaimed foreign DD 74,631,286 70,260,908
Sanchaypatra 40,540,000 1,300,000
Payable against legal expenses 17,482,253 12,810,499
CIB service charges 14,489,653 12,210,739
Others 13,257,733 18,044,115
Charge back - Amex Card - international 7,402,576 5,134,724
Charge back - NPSB 2,399,426 2,183,868
Charges against credit rating 1,657,700 1,690,570
Interest payable on three stage deposits 1,132,523 1,232,682
Unclaimed balances 987,552 1,091,872
Charge back - Master Cards 901,533 594,962
Key deposits 883,500 883,500
Payable against cash advance 814,693 814,693
Foreign currency 799,525 799,525
Sundry deposits - reimbursment from union pay 502,303 632,898
Lease deposits 427,020 346,592
Agent commission on consumer credit schemes 232,757 232,757
Hajj deposits 194,597 194,597
Margin on inland bills purchased 185,000 185,000
Auto debit receipt/payment (Credit Card) 124,480 766,277
Sundry deposits - City Card - international 364 364
Payable against SP and others - 516,464
Risk fund (Consumer Credit Schemes and lease finance) - 80,428
35,253,690,498 21,573,206,805

Financial
Statements
2023 2022
Taka Taka
15.a.4.1 Sundry creditors
Sundry Creditors includes the unreconciled balances of all NOSTRO accounts of Taka 4,515,965,256 (net off debit and credit).
15.a.5 Savings bank deposits

Mudaraba savings deposits 11,018,628,337 8,574,292,587
87,342,003,454 80,589,303,162
15.a.6 Scheme deposits
City shomriddhi 14,454,671,281 12,734,881,825

Mudaraba monthly deposit scheme 991,778,347 375,731,839
Deposit pension scheme 732,484,140 1,221,287,863
City projonmo 192,381,733 201,878,948
Hajj deposit scheme 13,892,092 13,524,048
Three stage scheme deposit 1,443,082 3,816,069
Junior savers scheme 1,274,558 1,274,558
Marriage savings scheme 606,529 606,529
Monthly benefit scheme 350,000 950,000
Lakpati savings scheme 174,723 270,046
City bank sanchaya scheme 47,210 657,407
Education savings scheme 39,871 56,617
16,389,143,566 14,554,935,749
15.a.7 Sector-wise deposits
Private 348,238,706,943 296,955,757,124

Foreign currency 24,141,499,456 20,754,205,173
Other public 12,500,078,199 8,666,818,615
Deposit money banks 4,317,986,318 3,504,814,863
Government 3,312,058,372 2,008,788,599
392,510,329,287 331,890,384,374
15.a.8 Maturity analysis of inter-bank deposits
Payable on demand - -
Up to 1 month 4,317,986,318 3,504,814,863
Over 1 month but within 3 months - -
Over 3 months but within 1 year - -
4,317,986,318 3,504,814,863
15.a.9 Maturity analysis of deposits
Bills payable:
Payable on demand 458,234,031 303,888,369
Up to 1 month 427,685,095 283,629,144
Over 6 months but within 1 year 719,458,600 477,125,412
Over 1 year but within 5 years - -
Over 5 years but within 10 years - -
Over 10 years - -
3,896,547,879 2,584,084,769
Other deposits:
Payable on demand 31,038,151,635 27,119,759,107
Up to 1 month 32,221,491,383 26,219,635,579
Over 5 years but within 10 years 930,144,944 2,947,453,315
Over 10 years 1,195,580 33,394,964
388,613,781,408 329,306,299,605
392,510,329,287 331,890,384,374

2023 2022
Taka Taka
15.b City Brokerage Limited, City Bank Capital Resource Limited and City Hong Kong Limited maintained current deposit and fixed deposit receipt
accounts with its parent company, City Bank PLC Account wise outstanding balances are as follows:
Inter-company indebtedness among Holding company & Subsidiaries:
City Brokerage Limited - current accounts 16,435,217 21,467,155
City Brokerage Limited - fixed deposits receipt /short notice deposits 171,654,095 264,541,770
188,089,312 286,008,925
City Bank Capital Resources Limited - current accounts 3,901,482 1,358,748
City Bank Capital Resources Limited -fixed deposits receipt/short notice deposits 305,703,398 229,707,250
309,604,880 231,065,998
CBL Money Transfer Sdn. Bhd. - current accounts 9,631,068 -
9,631,068 -
City Hong Kong Limited - fixed deposits receipt /short notice deposits 4,905,271 187,237,944
4,905,271 187,237,944
Inter-company indebtedness among Subsidiaries:
Payable to City Bank - City Bank Capital Resources Limited 7,302 7,302
Payable to City Bank Capital Resources Limited - City Brokerage Limited 806,901 6,876,173
814,203 6,883,475
Total inter-company indebtedness 513,044,734 711,196,342
16 Consolidated other liabilities
CBL Money Transfer Sdn. Bhd. (note 16.d) 5,993,464,447 5,245,415,238
59,571,479,721 49,540,921,966
Payable to City Bank PLC - City Brokerage Limited (2,196) (189,868)
Payable to City Bank PLC - City Bank Capital Resources Limited (1,773,992) (1,096,773)
Payable to City Bank PLC - City Hong Kong Limited (17,985,126) -
Payable to City Brokerage Limited - City Bank Capital Resources Limited (18,486,290) (2,864,671)
(38,247,604) (4,151,312)
Total consolidated other liabilities 59,533,232,117 49,536,770,654

16.a Other liabilities - City Bank PLC
Provision for loans and advances/investments (note 16.a.1) 13,889,495,595 12,361,747,526
Provision for income tax (note 16.a.6) 10,886,996,658 6,196,663,285
Interest suspense account (note 16.a.3) 7,670,834,382 6,504,273,960
Interest/profit payable against deposit, borrowing & subordinated bond 7,119,054,611 6,104,786,549
Payable against office expenses and others 4,953,412,453 4,411,698,913
Lease liabilities 3,790,240,309 3,971,115,427
Provision for outstanding off-balance sheet exposures (note 16.a.2) 1,951,861,930 1,951,861,930
Other provision (note 16.a.5) 1,506,570,524 808,856,503
Provision for non banking assets 523,083,602 523,083,602
Provision for balance with other banks & FI 211,879,167 89,379,167
Start-up Fund (note 16.a.7) 194,143,177 132,629,978
Branch adjustment account 92,727,036 67,698,639
CSR fund retained from foreign exchange (note 16.a.8) 69,476,859 245,232,869
Provision for nostro account 8,692,635 8,692,635
Net defined benefit obligation - Employees' Gratuity Fund (note 16.a.9) - 118,717,741
52,868,468,938 43,496,438,724
16.a.1 Provision for loans and advances/investments
Movement in specific provision on classified loans/investments:
Provision held at the beginning of the year 5,450,840,130 5,601,786,105
Fully provided for loans and advances/investments written off during the year (1,999,808,977) (1,677,151,566)
Fully waived during the year (25,643,519) (13,492,860)
Recoveries of amounts previously written off 985,690,362 535,197,471
Specific provision made during the year 132,602,124 199,898,702
Transfer to/from general provision 1,689,546,453 804,602,278
Provision held at the end of the year 6,233,226,573 5,450,840,130

Financial
Statements
2023 2022
Taka Taka
Movement in general provision on unclassified loans/investments:
Provision held at the beginning of the year 6,910,907,396 4,972,881,737
Transfer from provision to / for classified accounts (1,689,546,453) (804,602,278)
General provision made during the year 2,434,908,079 2,742,627,937
Provision held at the end of the year 7,656,269,022 6,910,907,396
13,889,495,595 12,361,747,526
The Bank maintained provision against loans/investments accounts under writ petition of Taka 407.36 million (2022: Taka 803.75 million) against
requirement of Taka 407.36 million (2022: Taka 803.75 million) as at 31 December 2022. These required and maintained provisions included in
total required and maintained provisions of loans / investments, disclosed above.
16.a.2 Provision on off-balances sheet exposures
As per BRPD circular no. 14 dated 23 September 2012 and subsequent circular reference no. 06 dated 25 April 2023, banks are advised to
maintain general provision against outstanding off balances sheet exposures on the basis of exposures at the rate mentioned in note 3.4.6.
Bangladesh Bank through BRPD circular letter no.1 dated 3 January 2018 and BRPD letter reference non BRPD|(P-1)/661/13/2019-354
dated 13 January 2019 allows waiver of maintaining 1% general provision against off balance sheet exposures to fast track power plant project
and exposures to all power plant projects for import of fuel with effect from 31 December 2017. Waiver for fast track power plant project is
applicable for the exposures to be taken till 30 September 2018. In addition to the all said circular, Bangladesh Bank issued a letter reference
no. BRPD(P-1)/661/13/2020/1403 dated 05 February 2020 based on bank's application allowing 0.5% general provision against Export
Credit Agency (ECA) guarantee back long term credit facility. With compliance of the mentioned circular and circular letter, the Bank maintained
provision of Taka 1,951,861,930 (31 December 2022: Taka 1,951,861,930) against requirement of Taka 1,462,336,557 (31 December 2022: Taka
1,616,567,401) as at 31 December 2023.
Opening balance 1,951,861,930 1,951,861,930

Addition during the year - -
Closing balance 1,951,861,930 1,951,861,930
16.a.3 Interest suspense account
Interest suspense account on classified loans and advances 2,725,119,716 2,151,606,795

Interest suspense on standard loans 4,893,674,591 3,887,172,732
Interest suspense on special mention account 52,040,075 465,494,433
7,670,834,382 6,504,273,960
16.a.4 Movement of interest suspense account
Opening balance 6,504,273,960 5,288,901,522

Amount transferred to "interest suspense" account during the year 3,735,876,349 2,149,214,221
Amount recovered from "interest suspense" account during the year (1,050,747,404) (513,472,125)
Amount waived during the year (1,299,937,214) (186,064,345)
Amount written off during the year (218,631,309) (234,305,313)
Closing balance 7,670,834,382 6,504,273,960
16.a.5 Other provision
Provision against employee bonus & Others 1,107,707,774 548,689,154

Provision against other assets 168,348,803 154,872,598
Provision against investment 151,394,958 24,272,273
Provision against subsidiary company-City Hong Kong Limited 36,009,184 36,009,184
Provision against good borrower 27,310,309 27,310,309
Provision against fixed assets (land of shamoly branch) 10,251,862 10,251,862
Provision against interest receivable 4,545,634 6,449,123
Provision against work-in-progress 1,002,000 1,002,000
1,506,570,524 808,856,503
16.a.5.1 Movement of Provision against good borrower
Opening balance 27,310,309 27,310,309

Release during the year - -
Closing balance 27,310,309 27,310,309

2023 2022
Taka Taka
16.a.6 Provision for income tax
Opening balance 6,196,663,285 7,366,982,478

Adjustment for settlement of tax - (5,322,495,164)
Provision during the year (note 16.a.6.1) 4,690,333,373 4,152,175,971
Closing balance 10,886,996,658 6,196,663,285
16.a.6.1 Provision for current tax of Taka 4,690,333,373 (prior year: Taka 4,152,175,971) have been made at the rate 37.5% of the accounting profit of the bank
after considering some of the add backs to income and disallowances of expenditure as per Income Tax Act 2023 and as prescribed by Finance Act.
Corporate tax position of the bank has been shown in Annexure-E.
16.a.7 Start-up fund
Opening balance 132,629,978 87,552,311

Addition during the year 61,513,199 45,077,667
Closing balance 194,143,177 132,629,978
As per SMESPD circular no. 04 and circular letter no. 05 dated 29 March 2021 and 26 April 2021 respectively, Bank has kept start up fund
under other liabilities for financing potential start-up initiatives in Bangladesh to make a significant contribution to the progress of the country's
economy, including employment. This fund is to be built up by transferring 1% of annual audited net profit.
16.a.8 CSR fund retained from foreign exchange
Bank has separated 50% of exchange income for the months of May-June'22 of Taka 245,232,869 (net off tax) as CSR Fund in compliance with
Bangladesh Bank letter no. BRPD(CMS)651/9(03)Kha/2022-12036, dated November 29, 2022.
Opening balance 245,232,869 -

Addition During the year - 245,232,869
Less: Usage during the year
Improving Agricultural Production (155,756,010) -
Research work for new Agricultural Method Development and Increase Quality Production (20,000,000) -
Closing balance 69,476,859 245,232,869
16.a.9 Net defined benefit obligation - Employees' Gratuity Fund
Defined benefit obligation (note 16.a.9.1) 2,848,182,610 2,881,634,040

Add: Additional defined benefit obligation - -
Less: Fair value of plan assets (note 16.a.9.2) 3,439,206,749 2,762,916,299
Net defined benefit obligation/(Net Planned Asset For Gratuity Fund) (591,024,139) 118,717,741
16.a.9.1 Defined benefit obligation - gratuity fund
Defined benefit obligation as on 1 January 2,881,634,040 2,059,711,148

Additional defined benefit obligation - 161,570,852
Current service cost 272,934,340 265,027,570
Interest cost 215,110,570 159,222,660
Actual net benefits payments (385,503,830) (252,494,040)
Remeasurement (gain)/loss (135,992,510) 488,595,850
Defined benefit obligation as on 31 December 2,848,182,610 2,881,634,040
16.a.9.2 Fair value of plan assets - gratuity fund
Fair value of plan assets as on 1 January 2,762,916,299 1,703,882,239

Interest income on plan assets 240,362,420 163,525,800
Actual employer contributions 868,731,770 1,148,040,090
Actual net benefits payments (385,503,830) (252,494,040)
Remeasurement gain/(losses) on plan assets (47,299,910) (37,790)
Fair value of plan assets as on 31 December 3,439,206,749 2,762,916,299
16.a.9.3 Remeasurements gain/(loss) of defined benefits liability/assets
Remeasurement gain/(losses) on plan assets (47,299,910) (37,790)

Remeasurement gain/(losses) on defined benefit obligation 135,992,510 (488,595,850)
88,692,600 (488,633,640)
Less: Deferred tax (expense)/income (33,259,725) 183,237,615
55,432,875 (305,396,025)
Remeasurement gain/(loss) has been recognised as per Actuarial Valuation Report.

Financial
Statements
2023 2022
Taka Taka
16.b Other liabilities - City Brokerage Limited
Provision for taxation and VAT 285,184,776 416,744,256

Lease obligation 32,564,398 41,757,155
Provision for diminution in value of investments 28,335,700 30,653,781
Deferred tax liabilities 27,711,938 27,833,733
Accounts payable 13,731,669 35,750,841
Provision for loans and advances 7,928,693 10,450,606
Accrued expenses 3,638,000 1,452,844
399,095,174 564,643,216
16.c Other liabilities - City Bank Capital Resources Limited
Provision for taxation 171,603,008 95,067,520

Provision for diminution in value of investment 46,452,131 38,827,131
Other payables 15,510,600 2,070,940
Provision for loans and advances 11,001,347 11,001,347
VAT and TDS payable 5,902,760 16,322,504
275,545,745 187,012,640
16.d Other liabilities - CBL Money Transfer Sdn. Bhd.
Settlement obligation 5,918,672,277 5,161,936,034

Provision for taxation 10,264,522 20,137,725
Deferred tax liabilities 2,050,094 1,760,054
5,993,464,447 5,245,415,238
16.e Other liabilities - CBL Hong Kong Limited
Interest Payable on Borrowing 17,988,496 -

Payable against others 10,922,042 46,898,858
Lease obligation 5,748,515 -
Provision for office expense 246,364 356,597
Deferred tax liabilities - 156,693
34,905,417 47,412,148
17 Share capital
17.1 Authorised:
2,000,000,000 ordinary shares of Taka 10.00 each 20,000,000,000 15,000,000,000
Authorised Share Capital of the Bank has been increase to Taka 20,000,000,000 from Taka 15,000,000,000 by a special resolution dated 04 July 2023.
17.2 Issued, subscribed and fully paid up: No. of shares
Ordinary shares of Taka 10.00 each issued for cash up to 31 December'16 240,463,470 2,404,634,700 2,404,634,700
Ordinary shares of Taka 10.00 each issued for cash to IFC during October'17 46,094,633 460,946,330 460,946,330
Ordinary shares of Taka 10.00 each issued as bonus shares up to 31 938,060,774
December'23 9,380,607,740 9,140,486,400
1,224,618,877 12,246,188,770 12,006,067,430
City Bank PLC issued 46,094,633 fresh ordinary shares @ Tk. 28.30 each (including a premium of Tk. 18.30 per share) to International Finance
Corporation (IFC) on 3 October 2017 after complying with all regulatory requirements.
The Bank offered 1:1 right share during the year 2010 and on the record date the outstanding number of shares was 19,639,125 as the bonus
for 2009 was credited before the record date for right share. During the course of right exercise the honourable High Court issued an injunction
order against 392,778 shares. The verdict of the Court was to restrain exercise of right shares against the said 392,778 shares and also asked
to maintain provision for future dividend, which may be declared on the aforementioned shares. Accordingly, the Bank maintained a reserve of
Taka 78,234,919 till 31 December 2023 for subsequent declared stock dividend for the prejudice shares, which is shown under surplus in profit
and loss account.

17.3 History of issued, subscribed and fully paid up capital:
Accounting year Declaration No. of share Value of capital Cumulative
1983 Opening capital 3,400,000 34,000,000 34,000,000
1985 Further subscription 1,000,000 10,000,000 44,000,000
1987 Initial public offer 3,600,000 36,000,000 80,000,000
1990 1:1 Right issue 8,000,000 80,000,000 160,000,000
2002 1:2 Right issue 8,000,000 80,000,000 240,000,000
2004 1:1 Right issue 24,000,000 240,000,000 480,000,000
2005 50% stock dividend 24,000,000 240,000,000 720,000,000
2006 50% stock dividend 36,000,000 360,000,000 1,080,000,000
2007 10% stock dividend 10,800,000 108,000,000 1,188,000,000
2008 15% stock dividend 17,820,000 178,200,000 1,366,200,000
2009 15% stock dividend 20,493,000 204,930,000 1,571,130,000
2010 25% stock dividend 39,278,250 392,782,500 1,963,912,500
2010 1:1 Right issue 192,463,470 1,924,634,700 3,888,547,200
2011 30% stock dividend 116,656,410 1,166,564,100 5,055,111,300
2012 25% stock dividend 126,377,782 1,263,777,820 6,318,889,120
2013 10% stock dividend 63,188,891 631,888,910 6,950,778,030
2014 20% stock dividend 139,015,560 1,390,155,600 8,340,933,630
2015 5% stock dividend 41,704,668 417,046,680 8,757,980,310
2017 Fresh share issued to IFC 46,094,633 460,946,330 9,218,926,640
2018 5% stock dividend 46,094,633 460,946,330 9,679,872,970
2019 5% stock dividend 48,399,364 483,993,640 10,163,866,610
2021 5% stock dividend 50,819,333 508,193,330 10,672,059,940
2022 12.5% stock dividend 133,400,749 1,334,007,490 12,006,067,430
2023 2% stock dividend 24,012,134 240,121,340 12,246,188,770
1,224,618,877 12,246,188,770
Although face value of paid up capital was split into Taka 10 from Taka 100 during the year 2011, we considered face value of share @ Taka 10
from the inception of the bank for this statement.
17.3.a Percentage of shareholdings at the closing date
2023 2022
Particulars
No of Shares Percentage (%) No of Shares Percentage (%)
General public 451,957,374 36.91% 452,675,820 37.70%

Directors and sponsors 378,198,111 30.88% 368,750,592 30.71%
Institutions 334,831,554 27.34% 315,653,778 26.29%
Foreign shareholders 59,631,838 4.87% 63,526,553 5.29%
1,224,618,877 100.00% 1,200,606,743 100.00%
17.4 Classification of shareholders by holding

2023 2022
Number of share Number of share
No. of Shares % of total holding holders % of total holding
holders
01 - 500 shares 14,334 1,951,000 0.16% 14,441 0.17%
501 - 5,000 shares 11,324 19,470,045 1.59% 11,564 1.70%
5,001 - 10,000 shares 1,819 12,326,730 1.01% 1,782 1.04%
10,001 - 20,000 shares 1,195 16,226,248 1.33% 1,157 1.35%
20,001 - 30,000 shares 444 10,735,873 0.88% 422 0.87%
30,001 - 40,000 shares 200 6,817,100 0.56% 197 0.57%
40,001 - 50,000 shares 105 4,669,908 0.38% 128 0.49%
50,001 - 100,000 shares 297 20,043,860 1.64% 278 1.64%
100,001 - 1,000,000 shares 343 109,204,289 8.92% 333 8.93%
Over 1,000,000 shares 137 1,023,173,824 83.55% 136 83.25%
30,198 1,224,618,877 100.00% 30,438 100.00%
17.5 Capital to risk weighted assets ratio (CRAR) - (consolidated basis)

As per Guidelines on Risk Based Capital Adequacy (Revised Regulatory Capital Framework for banks in line with Basel III), all scheduled banks are
required to calculate Capital to Risk weighted Assets Ratio (CRAR) based on ‘Solo’ basis as well as on ‘Consolidated’ basis. Capital to Risk weighted
Assets Ratio (CRAR) is calculated in accordance with the phase-in arrangements for Basel III implementation in 2015. All amounts are stated in
Taka except for those, if any, stated otherwise.

Financial
Statements
2023 2022
Taka Taka
Common equity tier 1 capital (CET1)
Paid up capital 12,246,188,770 12,006,067,430
Non-repayable share premium account 1,504,388,797 1,504,388,797
Statutory reserve 10,741,799,973 10,501,678,633
General reserve 11,394,928 11,394,928
Retained earnings 12,348,589,771 8,165,314,751
Dividend equalisation reserve 530,786,630 530,786,630
Capital reserve 160,673,171 38,307,621
Minority interest in subsidiaries 156,891 152,844
37,543,978,931 32,758,091,634
Regulatory adjustments / deductions from common equity tier 1 capital (CET1)
Deferred tax assets (1,197,488,623) (1,074,963,216)
100% of excess investment in other banks, FI and Ins. Co. (794,430,755) (794,369,172)
Reciprocal crossholdings of capital (287,640) (46,625,170)
Book value of goodwill and value of any contingent assets which are shown as assets (40,844,198) (40,060,717)
Total common equity tier 1 capital 35,510,927,715 30,802,073,359
Additional tier 1 capital
Perpetual bond 4,000,000,000 4,000,000,000
Total tier 1 capital 39,510,927,715 34,802,073,359
Tier 2 capital
Tier-II subordinated bond 7,400,000,000 8,629,000,000
General provision (note 17.5.2) 9,627,060,992 8,862,769,326
17,027,060,992 17,491,769,326
Regulatory adjustments / deductions from tier 2 capital
100% of excess investment in other banks, FI and Ins. Co. (794,430,755) (794,369,172)
Total regulatory capital 55,743,557,952 51,499,473,513
Total assets 564,929,461,835 514,911,840,125
Total risk weighted assets (RWA) (note 17.5.1) 365,566,092,278 369,858,425,467
Required capital with capital conservation buffer (12.50% of risk weighted assets) 45,695,761,535 46,232,303,183
Surplus 10,047,796,417 5,267,170,329
Total capital to risk weighted assets ratio (CRAR) 15.25% 13.92%
Tier-1 capital ratio 10.81% 9.41%
Leverage ratio 5.68% 5.27%
17.5.1 Risk weighted assets (RWA) (consolidated basis)
A. Credit risk
On-balance sheet 250,318,699,773 238,707,443,464
Off-balance sheet 52,804,654,659 66,073,834,347
303,123,354,432 304,781,277,811
B. Market risk 19,935,799,584 24,263,765,259
C. Operational risk 42,506,938,263 40,813,382,397
Total risk weighted assets (A+B+C) 365,566,092,278 369,858,425,467
17.5.2 General provision maintained against unclassified loan/investments &
outstanding off balance sheet exposures
General provision maintained against unclassified loan/investments (note 16.a.1, 16.b & 16.c) 7,675,199,062 6,910,907,396
General provision maintained against outstanding off balance sheet exposures (note 16.a.2) 1,951,861,930 1,951,861,930
9,627,060,992 8,862,769,326
17.5.a Capital to risk weighted assets ratio (CRAR) - (solo basis)
Common equity tier 1 capital (CET1)
Paid up capital 12,246,188,770 12,006,067,430
Non-repayable share premium account 1,504,388,797 1,504,388,797
Statutory reserve 10,741,799,973 10,501,678,633
General reserve 11,394,928 11,394,928
Dividend equalisation reserve 530,786,630 530,786,630
36,380,106,448 31,841,930,702

2023 2022
Taka Taka
Regulatory adjustments / deductions from common equity tier 1 capital (CET1)
Deferred tax assets (1,215,048,987) (1,087,421,545)
100% of excess investment in other banks, FI and Ins. Co. - -
Reciprocal crossholdings of capital (287,640) (46,625,170)
Total common equity tier 1 capital 35,164,769,821 30,707,883,987
Additional tier 1 capital

Perpetual bond 4,000,000,000 4,000,000,000
Tier 2 capital
Tier-II subordinated bond 7,400,000,000 8,629,000,000
General provision (note 17.5.a.2) 9,608,130,952 8,862,769,326
17,008,130,952 17,491,769,326
Regulatory adjustments / deductions from tier 2 capital
100% of Excess Investment in other banks, FI and Ins. Co. - -
Total regulatory capital 56,172,900,773 52,199,653,313
Total assets 555,738,268,460 506,846,963,047

Total risk weighted assets (RWA) (note 17.5.a.1) 355,438,023,612 360,906,070,702
Required capital with capital conservation buffer (12.50% of risk weighted assets) 44,429,752,951 45,113,258,838
Surplus 11,743,147,821 7,086,394,475
Total capital to risk weighted assets ratio (CRAR) 15.80% 14.46%
Tier-1 capital ratio 11.02% 9.62%
Leverage ratio 5.70% 5.32%
17.5.a.1 Risk weighted assets (RWA) (solo basis)
A. Credit risk
On-balance sheet 248,008,019,242 237,277,544,594
Off-balance sheet 52,804,654,659 66,073,834,347
300,812,673,901 303,351,378,941
B. Market risk 13,927,448,108 18,570,646,143
C. Operational risk 40,697,901,603 38,984,045,618
Total risk weighted assets (A+B+C) 355,438,023,612 360,906,070,702
17.5.a.2 General provision maintained against unclassified loan/investments & outstanding off balance
sheet exposures
General provision maintained against unclassified loan/investments (note 16.a.1) 7,656,269,022 6,910,907,396
General provision maintained against outstanding off balance sheet exposures (note 16.a.2) 1,951,861,930 1,951,861,930
9,608,130,952 8,862,769,326
18 Statutory reserve
Opening balance 10,501,678,633 9,167,671,143
Addition during the year (20% of pre-tax profit) 240,121,340 1,334,007,490
Closing balance 10,741,799,973 10,501,678,633
Every scheduled bank is required to build up statutory reserve and before declaring dividend, will transfer profit equivalent to 20.0% of PBT to the
said reserve until the sum of the said reserve and share premium account becomes equal to the paid up capital.
19 Share premium
Opening balance 1,504,388,797 1,504,388,797
Adjustment for issuance of stock dividend - -
Closing balance 1,504,388,797 1,504,388,797
20 Dividend equalisation reserve
BRPD circular letter no. 18 dated 20 October 2002, states that banks are require to create Dividend Equalisation Fund if declared cash dividend
is more than 20%. As per said circular, creation of Dividend Equalisation Fund is to be equal of excess amount of cash dividend over 20%. For the
year 2015 and 2016 bank's declared cash dividend rates were 22% and 24% respectively.
Opening balance 530,786,630 530,786,630
Closing balance 530,786,630 530,786,630

Financial
Statements
2023 2022
Taka Taka
21 Consolidated other reserve
City Bank PLC (note 21.a) 851,526,913 1,014,361,820
City Brokerage Limited (note 21.b) (114,194,368) (114,961,287)
1,103,745,842 1,165,967,585
21.a Other reserve - City Bank PLC
Revaluation reserve for equity shares 569,075,020 912,176,031
Revaluation reserve for HFT securities 16,401,309 1,266,068
Revaluation reserve for HTM securities 254,655,656 89,524,793
General reserve 11,394,928 11,394,928
851,526,913 1,014,361,820
21.b Other reserve - City Brokerage Limited
Revaluation reserve for equity shares (165,021,294) (153,268,908)
Capital reserve 50,826,926 38,307,621
(114,194,368) (114,961,287)
21.c Other reserve - City Bank Capital Resources Limited
Revaluation reserve for equity shares 256,567,052 266,567,052
Capital reserve 109,846,245 -
366,413,297 266,567,052
22 Consolidated surplus in profit and loss account
Post acquisition retained surplus from City Brokerage Limited 142,895,663 94,436,696
Non-controlling interest (10,289) (7,812)
142,885,374 94,428,884
Post acquisition retained surplus from City Bank Capital Resources Limited 1,084,532,781 1,042,828,233
Non-controlling interest (36,602) (35,032)
1,084,496,179 1,042,793,201
Post acquisition retained deficit from CBL Money Transfer Sdn. Bhd. 205,945,575 201,537,061
Non-controlling interest - -
205,945,575 201,537,061
Post acquisition retained deficit from City Hong Kong Limited (17,123,859) (35,901,299)
Non-controlling interest - -
(17,123,859) (35,901,299)
Foreign exchange revaluation effect 27,820,198 20,652,152
12,348,589,771 8,165,314,751
22.a Movement of surplus in profit and loss account-City Bank PLC
Opening balance 7,287,614,284 7,686,990,690
Profit for the year 6,151,319,874 4,507,766,687
Transfer to statutory reserve (240,121,340) (1,334,007,490)
Transfer to start up fund (61,513,199) (45,077,667)
Transfer to CSR fund - (245,232,869)
Cash dividend paid (1,212,127,597) (1,346,808,441)
Stock dividend paid (240,121,340) (1,334,007,490)
Coupon/dividend paid on perpetual bond (400,000,000) (296,613,111)
Remeasurements gain/(loss) of defined benefits liability/(assets) (note-16.a.9.3) 88,692,600 (488,633,640)
Deferred tax (income)/expense arise from remeasurement loss (note-11.a.5) (33,259,725) 183,237,615
Gain from sale of Non-Banking Asset 5,063,793 -
Closing balance 11,345,547,350 7,287,614,284
As per BRPD circular no. 11 dated 12 December 2011, Profit arise from deferred tax is not considered as distributable profit for dividend.
Remeasurement gain/(loss) arises from the actuarial valuation report carried out by professional actuary time to time on Bank Employees’
Gratuity Fund. The latest actuarial valuation were carried out based on 31 December 2023 and actuarial gain/(loss) was recognised in equity as a
component of equity net of any deferred tax impact.

2023 2022
Taka Taka
23 Non controlling interest
Share capital 110,000 110,000

Surplus in profit and loss account/retained earnings 46,891 42,844
156,891 152,844
24 Contingent liabilities
24.1 Letters of guarantee
Local 24,971,071,606 25,520,909,987

Foreign 873,477,000 880,602,107
Shipping guarantee - -
25,844,548,606 26,401,512,094
Margin on guarantee (951,592,547) (874,869,504)
24,892,956,059 25,526,642,590
Money for which the Bank is contingently liable in respect of guarantees given favouring:
Government 13,193,697,342 13,403,273,956

Banks and other financial institutions 10,469,513,587 11,441,437,334
Others 2,181,337,677 1,556,800,804
25,844,548,606 26,401,512,094
Margin on guarantee (951,592,547) (874,869,504)
24,892,956,059 25,526,642,590
24.2 Irrevocable Letters of Credit
General 33,239,425,480 28,194,614,111

Back to Back LC 16,703,461,779 15,598,428,605
Inland 3,631,296,391 9,132,160,035
53,574,183,650 52,925,202,751
Margin on LC (9,303,354,508) (2,006,244,401)
44,270,829,142 50,918,958,350
24.3 Consolidated bills for collection
City Bank PLC (note 24.3.a) 18,710,293,734 19,402,381,269

18,923,390,701 19,923,213,242
24.3.a Bills for collection -City Bank PLC
Outward foreign bills for collection 9,644,030,986 7,204,475,597

Inward local bills for collection 8,332,455,266 11,739,967,236
Inward foreign bills for collection 733,992,482 458,123,436
18,710,478,734 19,402,566,269
Margin on bill collection (185,000) (185,000)
18,710,293,734 19,402,381,269
24.4 Forward assets purchased and forward deposits placed
Forward sales/contracts 17,322,976,740 7,067,645,915

17,322,976,740 7,067,645,915
24.5 Suit filed by the bank
No law suit has been filed by the bank against contingent liabilities.

Financial
Statements
2023 2022
Taka Taka
25 Income statement - City Bank PLC
Income:
Interest/profit, discount and similar income (note 25.1) 37,789,279,008 28,941,260,532
Fees, commission and brokerage (note 25.2) 6,116,088,622 5,180,245,706
Gains less losses arising from dealing in foreign currencies (note 29.a) 724,072,555 3,168,589,894
Other operating income (note 30.a) 222,530,990 274,712,671
Gains less losses arising from dealing in securities (note 28.a) 339,351,284 (13,115,305)
Dividend income (note 28.a) 148,027,798 212,252,494
Gains less losses arising from investment securities (note 28.a) 226,206,163 21,923,111
45,565,556,420 37,785,869,103
Expenses:
Interest/profit paid on deposits, borrowings etc. 17,959,244,662 13,197,502,626
Administrative expenses (note 25.3) 10,287,815,903 9,409,159,392
Other operating expenses (note 39.a) 2,296,701,078 2,251,496,216
Depreciation on bank's assets (note 38.a) 1,523,895,809 1,100,597,546
32,067,657,452 25,958,755,780
Income over expenditure 13,497,898,968 11,827,113,323
25.1 Interest/profit, discount and similar income
Interest/profit income (note 26.a) 33,790,155,733 25,556,953,427

Interest/profit income on treasury bills/reverse repo/bonds (note 28.a) 3,443,547,041 2,879,003,251
Interest income on subordinated bond 61,057,750 73,789,083
Interest income on non convertible bond 217,805,556 196,458,333
Interest income on interest rate swap 28,372 1,123,105
Interest/profit income on sukuk al istisna'a bond 254,300,667 233,933,333
Profit on BBML Sukuk Al Ijarah 22,383,889 -
37,789,279,008 28,941,260,532
25.2 Fees, commission and brokerage
Commission (note 29.a) 6,116,088,622 5,180,245,706

6,116,088,622 5,180,245,706
25.3 Administrative expenses
Salary and allowances 7,801,957,623 6,977,238,560

Rent, taxes, insurance, electricity, etc. (note 32.a) 803,847,726 717,433,874
Legal expenses (note 33.a) 84,741,109 72,067,327
Postage, stamp, telecommunication, etc. (note 34.a) 111,096,326 128,451,313
Stationery, printing, advertisement, etc. (note 35.a) 603,111,476 548,404,666
Chief executive's salary and fees (note 36) 27,020,490 24,545,807
Directors' fees (note 37.a) 2,260,800 2,729,400
Auditors' fees 3,435,000 3,231,250
Repair of bank's assets (note 38.a) 850,345,353 935,057,195
10,287,815,903 9,409,159,392
26 Consolidated interest income/profit on investment

34,180,893,624 25,903,677,718
City Bank PLC with City Brokerage Limited (26,966,210) (27,516,312)
City Bank Capital Resources Limited (5,377,846) (4,322,948)
City Bank PLC with CBL Money Transfer Sdn. Bhd. (10,054,173) (6,456,509)
City Hong Kong Limited (73,583,841) (32,021,062)
(115,982,070) (70,316,831)
34,064,911,554 25,833,360,887

2023 2022
Taka Taka
26.a Interest income/profit on investment - City Bank PLC
Interest/profit on short term loan 5,212,413,312 3,205,757,503
Interest/profit on industrial credits 5,063,353,988 4,378,848,236
Interest/profit on personal finance 3,510,995,547 2,987,224,699
Interest/profit on documentary bills purchased 3,248,354,601 1,603,289,321
Interest/profit on small and medium enterprise loans 3,102,584,810 2,710,536,644
Interest/profit on fully and partly secured overdrafts 2,438,903,016 1,763,880,399
Interest/profit on credit cards 1,707,087,550 1,587,433,542
Interest/profit on cash credits/bai-muajjal 1,547,518,958 1,473,343,942
Interest/profit on Interest/profit on export development fund (EDF) 1,336,120,535 981,250,029
Interest/profit on packing credits 1,275,366,552 1,152,814,170
Interest/profit on house building loans 1,227,839,563 1,023,057,375
Interest/profit on demand loans 657,899,872 598,556,287
Interest/profit on auto loan 501,115,149 385,706,219
Interest/profit on hire purchase shirkatul melk 359,561,658 164,345,561
Interest/profit on staff loans 148,934,592 149,023,571
Interest/profit on transport loans 11,147,743 17,696,122
Interest/profit on loans against trust receipts 7,326,441 12,842,469
Interest/profit on payment against documents 442,662 1,784,541
Total interest/profit on loans and advances/investments 31,356,966,549 24,197,390,630
Interest/profit on balance with other banks and financial institutions 2,332,080,504 1,316,029,923
Interest/profit on call loans 48,298,924 32,591,819
Interest/profit on foreign bank accounts 52,809,756 10,941,055
Total interest/profit on placement of funds 2,433,189,184 1,359,562,797
33,790,155,733 25,556,953,427
27 Consolidated interest/profit paid on deposits, borrowings etc.
18,104,521,829 13,296,207,974
City Brokerage Limited (26,966,210) (27,516,312)
City Bank PLC with City Bank Capital Resources Limited (5,377,846) (4,322,948)
CBL Money Transfer Sdn. Bhd. (10,054,173) (6,456,509)
(115,982,070) (70,316,831)
17,988,539,759 13,225,891,143
27.a Interest/profit paid on deposits, borrowings etc. - City Bank PLC
a) Interest/profit paid on deposits:
Fixed deposits 6,906,765,955 5,804,943,562
Current bank deposits 1,619,647,634 1,034,935,415
Mudaraba term deposits 1,430,834,634 800,899,406
Deposits under scheme 1,320,811,682 1,139,272,707
Savings bank deposits 567,218,795 588,408,057
Short notice deposits 467,262,644 496,460,842
Mudaraba savings deposits 190,161,699 199,460,830
Mudaraba monthly benefit scheme 84,271,231 27,273,297
Al-wadeeah current and other deposit account 57,405,369 2,042,585
Mudaraba short notice deposits 9,212,086 12,973,172
b) Interest paid on borrowings from outside Bangladesh for off-shore banking 2,147,265,307 853,374,114
c) Interest paid on subordinate bond 907,908,096 802,951,804
d) Interest/profit paid on local bank accounts & NBFIs 295,700,682 513,255,778
e) Interest/profit paid on repurchase agreement (REPO) 436,566,149 117,338,851
f) Interest/profit paid on borrowing from Bangladesh Bank 1,279,149,947 677,519,457
g) Interest paid for lease obligation 238,983,177 126,392,749
i) Interest paid on borrowings from others 79,575 -
17,959,244,662 13,197,502,626

Financial
Statements
2023 2022
Taka Taka
28 Consolidated investment income
4,933,023,477 3,869,242,694
City Bank PLC with City Brokerage Limited 2,195,750 (106,233,529)
City Bank PLC with City Bank Capital Resources Limited 6,041,094 4,617,796
City Bank PLC with CBL Money Transfer Sdn. Bhd. (30,494,288) -
4,910,766,033 3,767,626,961
28.a Investment income - City Bank PLC
Interest/profit on treasury bills/reverse repo/bonds 3,443,547,041 2,879,003,251
Gain on government securities 339,351,284 (13,115,305)
Interest income/profit on sukuk al istisna'a bond 254,300,667 233,933,333
Gain on sale of shares and debentures 226,206,163 21,923,111
Interest income/profit on non convertible bond 217,805,556 196,458,333
Dividend on shares (note 28.a.1) 148,027,798 212,252,494
Interest income/profit on subordinated bond 61,057,750 73,789,083
Profit on BBML Sukuk Al Ijarah 22,383,889 -
Interest income/profit on interest rate swap 28,372 1,123,105
4,712,708,520 3,605,367,405
28.a.1 Dividend income includes Taxed Dividend of Taka 19,099,666 on which no further tax will be applicable according to the Sixth Schedule part-A
(para-60) of Income Tax Act 2023.
29 Consolidated commission, exchange and brokerage
City Bank Capital Resources Ltd 89,168,041 126,074,936
7,342,970,381 9,027,439,069
7,334,733,537 8,997,556,752
29.a Commission, exchange and brokerage - City Bank PLC
Other fees and charges (note 29.a.1) 3,123,678,724 2,827,191,895
Accepted bills 1,746,044,770 1,171,339,949
Letters of credit 719,373,729 690,318,787
Letters of guarantee 350,574,127 352,062,714
Other Busniess Operation 88,091,363 50,342,783
Export related services 55,741,225 62,325,817
PO, DD, TT, TC, etc. 21,681,118 4,691,586
Non Residence Business 10,638,137 21,676,922
OBC, IBC etc. 254,541 184,544
Bills purchased 10,888 110,709
6,116,088,622 5,180,245,706
Exchange gain including gain from foreign currency dealings (note 29.a.2) 724,072,555 3,168,589,894
6,840,161,177 8,348,835,600
29.a.1 Other fees and charges
Credit card income (note 29.a.1.1) 1,715,009,406 1,620,016,634
Service and other charges 1,366,178,835 1,165,610,097
Structured finance fee 42,490,483 40,888,081
Commitment fee - 677,083
3,123,678,724 2,827,191,895
29.a.1.1 Credit card income
Merchant commission 557,941,377 711,161,052
Card issue fees 533,344,682 335,036,590
Late payment fees 343,502,873 353,681,702
Interchange fees 174,328,523 133,166,590
Mark-up, excess limit, cash advance fees etc. 105,891,951 86,970,700
1,715,009,406 1,620,016,634

2023 2022
Taka Taka
29.a.2 Net exchange gain
Exchange gain 789,637,856 3,175,348,128
Exchange loss (65,565,301) (6,758,234)
724,072,555 3,168,589,894
30 Consolidated other operating income
City Bank PLC (note 30.a) 222,530,990 274,712,671
City Bank Capital Resources Ltd 4,355,643 9,656,356
240,250,901 292,776,432
227,871,701 286,277,352
30.a Other operating income - City Bank PLC
Rebate received from foreign banks 95,423,690 109,335,862
Swift recoveries 60,128,466 62,169,235
Income from forfeited provident fund 21,534,709 60,781,951
Rental income 19,659,300 17,456,822
Others 17,835,155 14,538,644
Profit from sale of fixed assets 7,949,670 10,430,157
222,530,990 274,712,671
31 Consolidated salaries and allowances
City Bank PLC 7,801,957,623 6,977,238,560
8,075,416,642 7,233,372,280
32 Consolidated rent, taxes, insurance, electricity etc.
843,084,761 806,323,395
830,705,561 799,824,315
32.a Rent, taxes, insurance, electricity etc. - City Bank PLC
Insurance 357,090,541 321,232,980
Rates and taxes 168,976,621 119,567,107
Power and electricity 153,964,039 150,028,323
Rent* 123,816,525 126,605,464
803,847,726 717,433,874
* While implementing IFRS 16 (leases), the bank recorded interest expense on lease liabilities (note 27.a) and depreciation on right of use assets
(ROA) (note 38.a) instead of charging rental expense of BDT 1,015,656,299 (including VAT) (2022: Taka 752,478,060) in 2022 against those
rental premises that have been treated as lease assets (ROA) and shown in the balance sheet under IFRS 16.
32.b Rent, taxes, insurance, electricity etc. - City Brokerage Limited
Rates and taxes 4,965,071 36,545,960
Power and electricity 2,812,622 2,412,205
Insurance 2,539,697 2,381,470
10,317,390 41,339,635
33 Consolidated legal expenses
City Brokerage Limited 1,129,129 666,951
City Bank Capital Resources Limited 127,000 3,202,304
CBL Money Transfer Sdn. Bhd. 22,453 -
City Hong Kong Limited 220,956 168,880
86,240,647 76,105,462

Financial
Statements
2023 2022
Taka Taka
33.a Legal expenses - City Bank PLC
Legal expenses 81,504,729 69,057,932
Others 3,236,380 3,009,395
84,741,109 72,067,327
34 Consolidated postage, stamps, telecommunication etc.
119,992,457 136,723,234
34.a Postage, stamps, telecommunication etc. - City Bank PLC
Telephone - office 79,954,881 82,021,003
Postage/courier service 16,495,087 32,121,424
Telephone - residence 13,064,323 11,757,874
Telegram, telex, fax & swift charge 1,582,035 2,551,012
111,096,326 128,451,313
34.b Postage, stamps, telecommunication etc. - City Brokerage Limited
Telegram, telex, fax and e-mail 2,878,096 2,778,161
Telephone bill 659,278 507,400
Postage 16,219 86,156
3,553,593 3,371,717
35 Consolidated stationery, printing and advertisements etc.
653,046,580 588,525,842
35.a Stationery, printing and advertisements etc. - City Bank PLC
Publicity and advertisement (note 35.a.2) 400,890,965 288,422,526
Office and security stationery (note 35.a.1) 194,830,294 250,938,331
Computer consumable stationery 7,390,217 9,043,809
603,111,476 548,404,666
35.a.1 Office and security stationery
Security stationery 115,067,844 152,453,046
Office stationery 79,762,450 98,485,285
194,830,294 250,938,331
35.a.2 Publicity and advertisement
Advertisement sponsorship 181,828,928 40,420,864
Advertisement in news paper and magazine 89,124,405 100,547,907
Advertisement in television and radio 78,431,339 36,112,549
Advertisement-bill board and material 51,506,293 111,341,206
400,890,965 288,422,526
36 Chief Executive's salary and fees
Basic salary 13,411,355 12,090,323
Festival bonus and other allowances 13,609,135 12,455,484
27,020,490 24,545,807
37 Consolidated Directors' fees
City Brokerage Limited 184,800 224,000
City Bank Capital Resources Limited. 171,111 134,166
6,962,439 7,322,107

2023 2022
Taka Taka
37.a Directors' fees - City Bank PLC
Meeting fees 2,260,800 2,729,400
As per Bangladesh Bank's Circular, BRPD Circular No. 11, dated 4 October 2015, each director was entitled to have Taka 8,000 as honorarium
for attending each meeting.
38 Consolidated depreciation and repair
2,493,417,495 2,148,864,480
38.a Depreciation and repair of bank's assets - City Bank PLC
Depreciation
Depreciation on leased assets 794,854,913 474,398,683
Depreciation on fixed assets 729,040,896 626,198,863
1,523,895,809 1,100,597,546
Repairs and maintenance
Fixed assets 850,345,353 935,057,195
850,345,353 935,057,195
2,374,241,162 2,035,654,741
See Annexure D for details of depreciation.
38.b Depreciation and repair - City Brokerage Limited
Depreciation
Leased assets 13,306,125 13,229,881
Building 7,321,236 7,321,236
Office equipment 4,466,359 6,324,716
Vehicle 2,714,720 3,544,152
Software 6,818,901 6,270,518
36,046,515 39,041,659
Fixed assets 20,259,260 20,034,809
20,259,260 20,034,809
56,305,775 59,076,468
38.c Depreciation and repair - City Bank Capital Resources Limited
Depreciation
Leased assets 3,749,216 3,559,589
Vehicle 8,605,656 8,555,405
Office equipment 2,045,822 1,919,384
Building 2,705,116 2,479,687
Software - -
18,969,791 18,354,535
Fixed assets 4,622,274 1,916,810
4,622,274 1,916,810
23,592,065 20,271,345
39 Consolidated other expenses
2,346,997,768 2,293,802,262
City Bank Capital Resources Limited with City Bank PLC - (21,000,000)
2,346,997,768 2,272,802,262

Financial
Statements
2023 2022
Taka Taka
39.a Other expenses - City Bank PLC
Business expansion cost 402,523,508 346,077,450

Credit card (note 39.a.1) 323,832,535 319,076,513
Donations 335,911,334 314,257,443
Amortisation expenses 318,996,930 166,913,811
Guard salary 233,451,095 135,140,288
Others (note 39.a.2) 176,084,875 416,554,342
IT support & software maintenance 128,778,773 97,470,816
Travelling expenditure and conveyance - staff 81,043,211 74,704,444
Professional fees 79,376,924 171,288,425
Security expenses 58,266,041 33,785,072
Business process outsourcing - online 43,025,161 46,176,746
Entertainment 23,064,855 27,620,028
Staff training and development expenses 22,105,752 30,442,886
Fuel 16,142,246 15,317,889
Cash carrying charges 14,485,484 15,176,305
Washing and cleaning 14,279,505 13,154,107
Subscription to institutions 12,159,236 13,858,429
CIB charges 5,550,538 7,173,384
Medical 4,114,148 5,077,083
Books, magazines and newspapers etc. 1,913,538 1,327,504
Annual general meeting 1,547,866 839,074
Remittance charges 47,523 64,177
2,296,701,078 2,251,496,216
39.a.1 Credit card expenses
Complementary campaign expenses 139,499,863 126,678,077

VISA international fees 120,049,987 111,493,265
Processing and personalisation fees 64,282,685 80,905,171
323,832,535 319,076,513
39.a.2 Others include capital raising expenses, staff recruitment expenses, NRB bank charges etc.
40 Consolidated provision for loans and advances/investments

City Brokerage Limited (2,521,913) (942,883)
2,564,988,290 2,941,583,756
40.a Provision for loans and advances/investments - City Bank PLC
Provision for unclassified loans and advances/investments 2,434,908,079 2,742,627,937

Provision for classified loans and advances/investments 132,602,124 199,898,702
2,567,510,203 2,942,526,639
40.b Consolidated provision for diminution in value of investments
City Bank PLC (note 40.c) 127,122,685 122,273

City Brokerage Limited (2,318,081) 30,653,781
132,429,604 47,277,401
40.c Provision for diminution in value of investments - City Bank PLC
Opening Provision for diminution in value of investments 122,273 122,273

Addition during the year 127,000,412 -
Closing Provision for diminution in value of investments 127,122,685 122,273
41 Consolidated provision for taxation
Current tax:
4,856,812,339 4,379,411,801

2023 2022
Taka Taka
Deferred tax:
City Bank PLC (note 41.a) (160,887,167) 224,521,753
City Brokerage Limited (121,795) 6,557,822
City Bank Capital Resources Limited 7,597,559 (15,233,071)
CBL Money Transfer Sdn. Bhd. 253,485 1,596,468
City Hong Kong Limited (2,613,471) (87,887)
(155,771,389) 217,355,085
Income tax on profit 4,701,040,950 4,596,766,886
41.a Provision for Taxation - City Bank PLC
Current tax:
Provision for income tax has been made according to Income Tax Act 2023. During the year, an amount of Taka 4,690,333,373 (2022: Taka
4,152,175,971 ) has been kept as provision for income tax.
Though it appears from the above report that we have two tax files opened since 2003 (for assessment year 2004-2005 and 2005-2006)
for various grounds mainly interpretation of laws and the treatment. The appeal filed at different level from Commissioner of Taxes Appeal to
Honourable High Court Division. Where, we did not received proper judgement through appeal from tax department, we preferred appeal before
Honourable High Court Division. Under the Appeals filed so far, we have both refund claim from Tax office and tax claim from tax department
as well. However, we are reviewing all pending tax claim every year and made provision Taka 632,791,678 against tax office claim of Taka
580,424,010 from 2004 to 2020 and the Company believes that its provision for tax liabilities are adequate for all open tax years based on its
assessment of many factors, including interpretations of tax law and prior experience. Please refer to Annexure - E for details.
Deferred tax:
Deferred tax is provided using the Balance sheet method for timing difference arising between the tax base of assets and liabilities and their
carrying values for reporting purposes as per International Accounting Standard (IAS) - 12. During the year, net amount of Taka 160,887,167 has
been recognised as deferred tax income, which was Taka 224,521,753 as deferred tax expense in prior year.
The charge for taxation is based upon profit for the year comprises:
Current tax on taxable income @ 37.5% 4,690,333,373 4,152,175,971

Adjustment for prior year - -
4,690,333,373 4,152,175,971
Net deferred tax liability/(asset) originated for temporary differences (160,887,167) 224,521,753
Income tax on profit 4,529,446,206 4,376,697,724
41.b Reconciliation of effective tax rate - City Bank PLC
2023 2022
Percentage (%) Taka Percentage (%) Taka
Profit before income tax as per profit and loss account 10,680,766,080 8,884,464,411
Income tax as per applicable tax rate 37.50% 4,005,287,280 37.50% 3,331,674,154
Factors affecting the tax charge for current year
Non deductible expenses 10.89% 1,162,695,354 10.61% 942,913,071
Inadmissible expenses/provisions 9.89% 1,056,424,835 12.42% 1,103,493,342
Admissible expenses (12.82%) (1,369,336,388) (13.00%) (1,155,405,182)
Tax savings from reduced tax rates for dividend (0.07%) (7,162,375) (0.53%) (46,836,727)
Tax savings from reduced tax rates for dividend (0.16%) (17,225,923) (0.17%) (15,287,047)
Tax savings from reduced tax rates for capital gain (0.58%) (62,206,695) (0.07%) (6,028,855)
Income from gain on sale of fixed assets (0.02%) (1,788,676) (0.03%) (2,346,785)
Income from Government Securities (0.71%) (76,354,039) 0.00% -
Total income tax expenses 43.91% 4,690,333,373 46.74% 4,152,175,971
42 Consolidated cash and cash equivalents

For the purpose of presentation in the cash flow statements, cash and cash equivalents includes cash in hand and cash at bank (regardless of
maturity), highly liquid interest bearing investment/securities.
Cash flow statement can be prepared either in direct method or in indirect method as per IAS 7. The presentation is selected to present these
cash flows in a manner that is most appropriate for the business or industry. The method selected is applied consistently.
As per BRPD circular no 14, dated 25 June 2003, cash flows statement has been prepared following a mixture of direct and indirect methods.

Financial
Statements
2023 2022
Taka Taka
The details of cash and cash equivalents are as follows:
60,166,776,586 73,402,880,496
Balance with City Bank PLC - City Brokerage Limited (188,089,312) (286,008,925)
Balance with City Bank PLC - City Bank Capital Resources Limited (309,604,880) (231,065,998)
Balance with City Bank PLC - City Hong Kong Limited (4,905,271) (187,237,944)
Balance with City Brokerage Limited - City Bank Capital Resources Limited (806,901) (6,876,173)
(503,406,364) (711,189,040)
59,663,370,222 72,691,691,456
42.a Cash and cash equivalents - City Bank PLC
Cash in hand (including foreign currencies) (note 4.a.1) 8,898,540,782 8,361,643,776
Balance with Bangladesh Bank and its agent bank(s) (note 4.a.2) 17,187,174,482 23,661,679,377
Balance with other banks and financial institutions (note 5.a) 25,235,126,595 32,725,047,690
Money at call on short notice (note 6) - -
59,107,595,949 72,281,193,425
43 Consolidated receipts from other operating activities
City Hong Kong Limited - -
4,394,302,713 5,264,469,995
Adjustment for consolidation - City Bank PLC (4,142,356) 2,383,237
4,390,160,357 5,266,853,232
43.a Receipts from other operating activities - City Bank PLC
Interest on bonds, debentures and treasury bills 2,340,425,627 3,224,493,530
Credit card income 1,715,009,406 1,620,016,634
Rebate received from foreign banks 95,423,690 109,335,862
Postage/telex/fax/swift charge recoveries 60,128,466 62,169,235
Rent recovered 19,659,300 17,456,822
Income from forfeited provident fund 21,534,709 60,781,951
Miscellaneous earnings 17,835,155 14,538,644
Income from sale of bank's property 7,949,670 10,430,157
4,277,966,023 5,119,222,835
44 Consolidated payments for other operating activities
4,533,648,316 4,389,136,095
Adjustment for consolidation - City Bank PLC (12,379,200) (27,499,080)
4,521,269,116 4,361,637,015
44.a Payments for other operating activities - City Bank PLC
Rent, taxes, insurance and electricity 1,771,277,090 1,399,585,954
Other expenses 1,029,723,139 1,298,182,902
Repair to bank's assets 868,374,809 935,057,195
Advertisement expenses 429,238,879 288,422,527
Postage, stamp and telecommunication 121,273,378 128,451,312
Legal expenses 86,819,867 72,988,570
Auditors' fees 1,488,500 3,181,750
Directors' fees 2,260,800 2,729,400
4,310,456,461 4,128,599,610
45 Consolidated (increase) / decrease of other assets
City Bank PLC (note 45.a) (4,132,759,199) (1,642,379,795)
City Bank Capital Resources Limited (8,780,974) 62,654,798
CBL Money Transfer Sdn. Bhd. (602,265,227) (354,822,928)
(4,825,689,335) (1,954,796,619)
Adjustment for consolidation - City Bank PLC 29,368,756 (13,481,964)
(4,796,320,580) (1,968,278,583)

2023 2022
Taka Taka
45.a (Increase) / decrease of other assets - City Bank PLC
Account receivables (3,875,811,638) (1,079,484,428)
Protested bill - -
Branch adjustment account - -
Prepaid expenses 124,785,773 (40,761,184)
Intangible assets 69,378,890 (503,626)
Receivable from provident fund 3,241,410 63,016,214
Advance rent adjusted for right of use of assets 166,426,535 (642,783,649)
Security deposits 21,549,642 7,274,578
Advance against rent and advertisement (47,739,981) 45,038,957
Stationery and stamps (3,565,692) 5,821,003
Receivable from City Brokerage Ltd. - 2,340
Net Fair value of plan assets (591,024,139) -
(4,132,759,199) (1,642,379,795)
46 Consolidated increase/ (decrease) of other liabilities
City Bank PLC (note 46.a) (1,468,811,433) 755,135,385
City Bank Capital Resources Limited (1,757,187) (21,327,905)
City Hong Kong Limited (15,298,987) 39,305,978
(850,881,979) 1,020,264,705
Adjustment for consolidation - City Bank PLC (24,283,848) 8,611,059
(875,165,827) 1,028,875,764
46.a Increase/ (decrease) of other liabilities - City Bank PLC
Interest suspense account 1,166,560,422 1,215,372,438
Defined benefit obligation payable (118,717,741) (398,682,020)
Other expenses payable (911,065,341) 1,388,732,365
Other provision 570,591,336 288,301,937
Branch adjustment account 25,028,397 (41,584,346)
Payable to CBL Money Transfer Sdn. Bhd. - (6,360,563)
Loans written off and waived (2,025,452,496) (1,690,644,426)
CSR fund retained from foreign exchange (175,756,010) -
(1,468,811,433) 755,135,385
47 Consolidated Earnings per share (EPS)
(i) Net profit after tax attributable to equity holders of the bank 6,384,657,172 4,781,258,903
(ii) Weighted average number of shares 1,224,618,877 1,224,618,877
Consolidated earnings per share -(i/ii) 5.21 3.90
47.a Earnings per share (EPS) - City Bank PLC
(i) Net profit after tax 6,151,319,874 4,507,766,687

(ii) Weighted average number of shares 1,224,618,877 1,224,618,877
Earnings per share -(i/ii) 5.02 3.68
48 Consolidated Net operating cash flow per share (NOCFPS)
(i) Net operating cash flow 3,911,939,608 13,987,737,041
(ii) Number of shares 1,224,618,877 1,224,618,877
Net operating cash flow per share - (i/ii) 3.19 11.42
48.a Net operating cash flow per share (NOCFPS) - City Bank PLC
(i) Net operating cash flow 3,439,689,056 13,689,794,867
Net operating cash flow per share - (i/ii) 2.81 11.18
49 Consolidated Net Assets Value (NAV) per share
(i) Shareholders’ equity 38,475,499,783 33,874,203,826
Net Assets Value per Share - (i/ii) 31.42 27.66
49.a Net Assets Value (NAV) per share - City Bank PLC
(i) Shareholders’ equity 37,220,238,433 32,844,897,594
Net Assets Value per Share -(i/ii) 30.39 26.82

50 Consolidated segment reporting
2023
City Bank Capital CBL Money
City Brokerage City Hong Kong Inter-company
Particulars Bank (Solo) Resources Transfer Sdn. Bank (Conso)
Ltd. Limited adjustment
Limited Bhd.
Net interest income/profit on investments 15,830,911,071 69,938,109 165,279,126 (13,684,007) 23,927,496 - 16,076,371,795
Other operating income 11,775,400,687 264,041,067 196,712,896 238,244,029 41,846,080 (42,873,488) 12,473,371,271
Total operating income 27,606,311,758 333,979,176 361,992,022 224,560,022 65,773,576 (42,873,488) 28,549,743,066
Total operating expenses (14,108,412,790) (198,201,853) (118,683,179) (183,362,872) (47,841,508) 12,379,200 (14,644,123,003)
Operating profit 13,497,898,968 135,777,323 243,308,843 41,197,150 17,932,068 (30,494,288) 13,905,620,063
Total provision (2,817,132,888) 4,839,994 (7,625,000) - - - (2,819,917,894)
Profit before tax (PBT) 10,680,766,080 140,617,317 235,683,842 41,197,150 17,932,068 (30,494,288) 11,085,702,168
Provision for taxation (4,529,446,206) (79,639,046) (84,133,050) (10,436,119) 2,613,471 - (4,701,040,950)
Profit after tax (PAT) 6,151,319,874 60,978,271 151,550,792 30,761,031 20,545,539 (30,494,288) 6,384,661,218
Segment loans & advances/investments 396,078,366,980 796,894,386 1,051,990,290 - 783,237,388 (1,264,656,770) 397,445,832,274
Segment assets 555,738,268,460 4,955,669,404 5,331,659,672 6,371,142,899 847,507,171 (8,314,785,771) 564,929,461,835
Segment Deposits & other accounts 392,510,329,287 465,123,939 134,416,362 119,125 112,623 (513,044,734) 392,597,056,602
Segment liabilities and shareholders' equity 555,738,268,460 4,955,669,404 5,331,659,672 6,371,142,899 847,507,171 (8,314,785,771) 564,929,461,835
50.a Segment reporting - City Bank PLC

2023
Particulars Conventional Islamic Offshore Total
Taka Taka Taka Taka
Net interest income/profit on investments 13,998,673,022 1,711,230,392 121,007,657 15,830,911,071
Other operating income 11,016,882,895 595,892,005 162,625,787 11,775,400,687
Total operating income 25,015,555,917 2,307,122,397 283,633,444 27,606,311,758
Total operating expenses (14,025,154,950) (83,257,840) - (14,108,412,790)
Operating profit 10,990,400,967 2,223,864,557 283,633,444 13,497,898,968
Total provision (2,750,545,111) (169,840,868) 103,253,091 (2,817,132,888)
Profit before tax (PBT) 8,239,855,856 2,054,023,689 386,886,535 10,680,766,080
Provision for taxation (4,529,446,206)
Profit after tax (PAT) 6,151,319,874
Segment loans & advances/investments 330,859,300,548 35,790,846,089 29,428,220,343 396,078,366,980
Segment assets 472,141,304,803 52,533,324,903 31,063,638,754 555,738,268,460
Segment Deposits & other accounts 343,089,443,083 47,656,970,382 1,763,915,822 392,510,329,287
Annual Report 2023

Segment liabilities and shareholders' equity 472,141,304,802 52,533,324,903 31,063,638,754 555,738,268,460
Financial
Statements
459
51 Related party disclosures
i) Particulars of Directors of the Bank as on 31 December 2023
Sl. Percentage (%) of shares as

Name of the persons Designation Present Address
no. at 31 December 2023
1 Mr. Aziz Al Kaiser Chairman Bloomingdale 2.77%
24 Dutabas Road
Baridhara, Dhaka-1212
2 Mr. Hossain Khaled Vice-Chairman House No-20, Road No-6 2.20%
Dhanmondi R/A, Dhaka-1205
3 Mr. Rubel Aziz Director "Stone House" House no.8, 2.27%
Road no.62, Gulshan-2,
Dhaka-1212
4 Mr. Hossain Mehmood Nominated Director House No-20, Road No-6 2.00%
(Nominated Director of A-One Dhanmondi R/A, Dhaka-1205
Polymer Limited)
5 Mr. Rajibul Huq Chowdhury Director 688/3, Boro Mogbazar 2.01%
Dhaka-1217
6 Mrs. Syeda Shaireen Aziz Director "Stone House" House no.8, 2.00%
Road no.62, Gulshan-2,
Dhaka-1212
7 Mrs. Savera H. Mahmood Nominated Director House no.12, Road no.01, 2.00%
(Nominated Director of Partex Baridhara, Dhaka.
Corporate Limited)
8 Ms. Rebecca Brosnan Nominated Director Flat 2D, Kam Yuen Mansion, 4.95%
(Nominated Director of 3 Old Peak Road, Mid levels,
Inernational Finance Corp. (IFC) Hong Kong SAR
9 Mr. Dr. Salim Mahmud Independent Director Flat # A/7, House # 17 Nil
Road # 7, Block # C
Niketan Housing Society
Gulshan - 1, Dhaka -1212
10 Mr. Matiul Islam Nowshad Independent Director Apartment B4, House No.9 Nil
Road No 59, Gulshan-2, Dhaka.
11 Mr. Mashrur Arefin MD & CEO City Bank PLC Nil
28 Gulshan Avenue, Gulshan-1
Dhaka-1212
For directors interest in different entities refer to Annexure-F.

Financial
Statements
ii) Related party transactions
During the year1 January 2023 to 31 December 2023, the Bank concluded business deals with the following organizations in which the directors
had interest:
Transaction value Balance
Nature of for the year ended outstanding as at
Name of organization Relationship
transactions 31 Dec 2023 31 Dec 2022 31 Dec 2023 31 Dec 2022
Taka Taka Taka Taka
City Brokerage Ltd. Subsidiary company Share capital - - 3,400,000,000 3,400,000,000
City Brokerage Ltd. Subsidiary company Loan 36,425,539 286,458,541 410,442,541 374,017,003
City Brokerage Ltd. Subsidiary company Interest on loan 26,948,003 27,457,416 - -
City Brokerage Ltd. Subsidiary company Deposits 97,919,613 624,604,145 188,089,312 286,008,925
Inter company
City Brokerage Ltd. Subsidiary company 2,368,373 4,485,520 - -
payable
Inter company
City Brokerage Ltd. Subsidiary company 18,206 58,896 - -
expenses
City Bank Capital Resources Ltd. Subsidiary company Share capital - - 2,550,000,000 2,550,000,000
City Bank Capital Resources Ltd. Subsidiary company Deposits 78,538,882 85,145,712 309,604,880 231,065,998
City Bank Capital Resources Ltd. Subsidiary company Interest on deposits 5,377,846 4,322,948 - -
Inter company
City Bank Capital Resources Ltd. Subsidiary company - 1,329,007 - -
payable
Inter company
City Bank Capital Resources Ltd. Subsidiary company 6,041,094 25,617,796 - -
expenses
CBL Money Transfer Sdn. Bhd. Subsidiary company Share capital - - 99,702,332 99,702,332
CBL Money Transfer Sdn. Bhd. Subsidiary company Loan 47,434,227 31,424,974 93,363,258 140,797,485
CBL Money Transfer Sdn. Bhd. Subsidiary company Interest on loan 10,054,173 6,456,509 - -
Inter company
CBL Money Transfer Sdn. Bhd. Subsidiary company 808,273,450 2,149,450,444 - -
payable
CBL Hong Kong Ltd. Subsidiary company Share capital - - 66,982,609 66,982,609
CBL Hong Kong Ltd. Subsidiary company Loan 161,157,223 607,635,086 760,850,971 922,008,194
CBL Hong Kong Ltd. Subsidiary company Interest on loan 73,583,841 32,021,062 - -
CBL Hong Kong Ltd. Subsidiary company Deposits 182,332,673 185,469,641 4,905,271 187,237,944
CBL Hong Kong Ltd. Subsidiary company Interest on deposits - - - -
Inter company
CBL Hong Kong Ltd. Subsidiary company - 66,467 - -
payable
International Finance
Director Fixed assets 5,088,105 5,088,105 19,928,411 25,016,516
Corporation (IFC)
International Finance
Director Professional service - 25,987,500 37,000,000 37,000,000
Corporation (IFC)
Janata Insurance Company Ltd. Director Insurance coverage 13,083,992 9,166,479 - 2,179,554
City General Insurance Company Ltd. Director Insurance coverage 11,739,857 8,881,754 - 2,186,954
Phoenix Insurance Company Ltd. Director Insurance coverage 13,023,757 13,435,038 - 86,663
Partex Paper Mills Ltd Directors family Office Stationary - 1,490,750 - -
Partex Furniture Industries
Directors family Furniture supply - 575,118 - -
Limited
Partex Cables Ltd. Directors family Cables supply - 250,385 - -
AG Motors Ltd Vice-Chairman Vehicle maintenance - 976,725 - -
Corporate Social
CSR Center Trust Independent Director 300,000 300,000 - -
Resposibility (CSR)
Mr. Hossain Khaled Vice-Chairman Rent expenses 10,932,179 9,754,009 - -
Mr. Rubel Aziz Ex-director Rent expenses 1,440,829 1,368,788 252,614 524,881
Partex Beverage Limited Director Rent expenses 250,470 250,470 90,757 145,211
MS. Hossain Dyeing & Printing
Director Rent expenses 462,990 436,072 249,496 340,264
Mills Ltd.
Mr. Azizul Haque Chowdhury Ex-director Rent expenses - - - -
Hosne Ara Aziz Directors relative Rent expenses 789,144 381,000 143,697 189,075
Mr. Rajibul Huq Chowdhury Director Rent expenses 11,171,971 9,875,294 5,650,641 8,936,621
Munira Mozaher Hosne Aziz
Director Rent expenses 4,418,010 3,819,357 3,465,792 4,043,424
Foundation
Mr. Zoynal Abedin Chowdhury Ex-director Rent expenses 2,404,926 2,404,926 2,029,963 2,615,760

iii) Statement of debts due by companies or firms in which the Directors (including Ex-Directors) of the Bank have interests as on 31 December 2023
462
A) Statement of funded debts due by the Directors of the bank company as at 31 December 2023
(Figures in Lac Taka)
Present status with Types of
Sl. No. Names of Directors Name of the institution Outstanding Classification status Value of eligible security
the bank facility
Marked as lien of $ 0.10 lac in RFCD A/C & Tk.
1 Mr. Aziz Al Kaiser Chairman Self Credit Card 1.91 Unclassified
10.00 lac in FDR
2 Mr. Hossain Khaled Vice Chairman Self Credit Card 4.18 -Do- Marked as lien of $ 0.05 lac in ERQ A/C
Annual Report 2023

3 Mrs. Syeda Shaireen Aziz Director Self Credit Card 2.71 -Do- Marked as lien of Tk. 25.00 lac in FDR A/C
4 Mrs. Savera H. Mahmood Director Self Credit Card 0.87 -Do- Marked as lien of Tk. 8.90 lac in FDR A/C
5 Mr. Rajibul Huq Chowdhury Director Self Credit Card 0.09 -Do- Marked as lien of Tk. 5.00 lac in FDR
6 Mr. Rubel Aziz Director Self Credit Card 2.11 -Do- Marked as lien of Tk. 15.50 lac in FDR
Marked as lien of $ 0.09 lac in RFCD A/C & Tk.
7 Mr. Aziz Al Mahmood Director's Relative Self Credit Card 1.92 -Do-
6.60 lac in FDR
8 Mr. Manwar Hossain Director's Relative Self Credit Card 0.69 -Do- Marked as lien of $ 0.14 lac in ERQ A/C
9 Mr. Zoynal Abedin Chowdhury Director's Relative Self Credit Card 1.17 -Do- Marked as lien of Tk. 5.00 lac in FDR
Marked as lien of $ 0.26 lac in ERQ A/C & Tk.
10 Mr. Showkat Aziz Russell Director's Relative Self Credit Card 13.85 -Do-
8.50 lac in FDR
11 Ms. Hosne Ara Aziz Director's Relative Self Credit Card 0.57 -Do- Marked as lien of Tk. 5.00 lac in FDR
12 Ms. Fabiana Aziz Director's Relative Self Credit Card 1.25 -Do- Marked as lien of Tk. 10.00 lac in FDR
13 Mr. Shafayat Aziz Chowdhury Director's Relative Self Credit Card 0.23 -Do- Marked as lien of Tk. 5.00 lac in FDR
14 Mr. Amid Al Aziz Director's Relative Self Credit Card 1.53 -Do- Marked as lien of Tk. 5.56 lac in saving deposit
B) Statement of other funded debts due by the Directors of the bank company as at 31 December 2023
Present status with Types of
Sl. Name of Director Name of the institution Outstanding Classification status Value of eligible security
the bank facility
1 Nil Nil Nil Nil Nil N/A N/A
C) Statement of non-funded debts due by the companies or firms in which the Directors of the bank company have interests as at 31 December 2023
Present Status with Types of
Sl. Names of Directors Name of the Institution Outstanding Classification status Value of eligible security
the Bank Facility
Mr. Hossain Khaled & Mr.
1 Director Monowar Industries (Pvt) Ltd. BG 0.13 Unclassified 100% Margin
Hossain Mehmood
Mr. Hossain Khaled & Mr.
2 Director Yulon Plastic (Pvt.) Ltd. BG 5.63 -Do- 100% Margin
Hossain Mehmood
3 Mr. Rajibul Huq Chowdhury Director Shahida Trading Corporation BG 4.11 -Do- 100% margin
4 Mr. Hossain Khaled Director A.G. Automobiles Limited LC 64.89 -Do- 100% margin
D) Statement of funded debts due by the companies or firms in which the Ex-Director of the banking company have interests as at 31 December 2023
Amounts in Lac Taka
Present Outstanding Amount
Types Amount
Names of Ex- status Names of the as at 31 of Status of
Sl. of of share Nature of security with value Remarks
Directors with the institutions December provision classification
facility holding
bank 2023 created
Money Suit No. 60/2006. Stayed as per Order of
the Honorable High Court in FAT No. 568/06 filed
by the Bank. Bank filed FA 95/11 (old 568/06 dated
Mr. Zakaria Hossain 06.09.06) before the High Court against Judgment
Ex. CC
1 Choudhury and Mrs. A M Traders 120.28 BLW - - dt. 04.07.06 & decree dt 10.07.06 in AR No. 60/06.
Director (Pledge) -
Hosne Ara Begum The Court released the defendant No.3 (Ex. Hon'ble
Director Mr. Zakaria Hossain Chowdhury) from
Bank's liability.
Written Off
Artha Execution Case No. 152/05 is continuing.
CC last date of Artha Execution 152/2005 was fixed
Ahsan Traders 35.04 - BLW - -
(Pledge) on 04.05.2020 for return of warrant of arrest. Next
date yet to receive.
Artha Ex. 372/04 & 93/05 dated: 30.11.04 &
M/s
Ex. Term 28.04.05. The Court has passed an order regarding
2 Mr. A.B.M. Feroj R.P.Electrical 191.15 - BLW - 20 post dated cheque
Director Loan detention of the convict borrower in civil jail for
Industries
6(six) months from the date of Arrest.
1. Hypo. of machineries installed
The liabilities of Saleh Fashion Ltd. was adjusted on
in the factory worth Tk. 24.00 lac.
21.06.2017 at Tk. 175.92 lac through Booking of
2. Mortgage of land & factory the vested properties under section 33(7) of Artha
Mr.Saleh Ahmed Ex. Saleh CC worth Tk. 26.80 lac. Rin Adalat Ain,2003 as Non Banking Asset of the
3 - - - - Bank.
Chowdhury Director Fashions Ltd. (Hypo) 3. Mortgage of 5 katha land with
2(two) storied building worth Tk. CR Case 1372/06, N.I. Act. U/S 138 dated: 14.05.06
1.00 crore & filed and last date was fixed for W/A. Next date yet
to receive.
4.1st charge created with RJSC.
In Artha Exe. Case No. 196/04, the Learned Court
M/s Hasan issued Warrant of Arrest. Proceedings of the
LIM 530.23 - BLW - -
Enterprise said Artha Execution Suit file will be stayed until
execution of warrant of arrest.
M/s Shahida
Mr. Azizul Haque Ex. 100% (Cash Tk. 41,137 & FDR Tk. The BG was issued at 100% margin fvg. Customs
4 Trading BG 4.11 - UC -
Chowdhury Director 369,863) with the validity for perpetual period.
Corporation
Monowar
Mr. Anwar Hossain
Ex. Industries (Pvt) 100% (Cash Tk.1,250 & FDR The BG was issued at 100% margin fvg. Customs
5 & Mr. Monowar BG 0.13 - UC -
Director Ltd and related Tk.11,250) with the validity for perpetual period.
Hossain
business
Mr. Monowar Ex. Yulon Plastic 100% (Cash TK.41,137 & FDR Tk. The BG was issued at 100% margin fvg. Customs
6 BG 5.63 - UC -
Hossain Director (Pvt.) Ltd. 521,776) with the validity for perpetual period.
E) Compensation of key management personnel
Amount incurred by the bank for the provision of key management personnel services is given below:
for the year for the year
Annual Report 2023

Taka Taka
Financial
Total employee benefit 162,849,192 121,572,052

Statements
463
Key management personnel are those persons having direct or indirect authority and responsibility for plannin, directing and controlling the activities of the entity. Key management personnel includes,
Managing Director & CEO, 03 no. Additional Managing Directors and 05 no. Deputy Managing Directors.
52 Events after reporting period
Board of Directors in its 656th meeting held on 27 March 2024 decided to recommend 15% cash and 10% stock dividend subject to approval of
shareholders and regulatory authorities.
53 General
53.1 Core risk management
BRPD circular no.17 (7 October 2003) and BRPD circular no.4 (5 March 2007) require the Bank's to put in place an effective risk management
system. Bangladesh Bank monitors the progress of implementation of these guidelines by its on-site inspection teams through routine
inspection. The risk management systems in place at the Bank are discussed below.
53.1.1 Credit risk
It arises mainly from lending, trade finance, leasing and treasury businesses. This can be described as potential loss arising from the failure of a
counter party to perform as per contractual agreement with the Bank. The failure may result from unwillingness of the counter party or decline
in his/her financial condition. Therefore, the Bank’s credit risk management activities have been designed to address all these issues.
The Bank has segregated duties of the officers/executives, involved in credit related activities. Separate Corporate/SME/Retail divisions have
been formed at Head Office which are entrusted with the duties of maintaining effective relationship with customers, marketing of credit
products, exploring new business opportunities etc. Moreover, credit approval, administration, monitoring and recovery functions have been
segregated. For this purpose, three separate units have been formed within the Credit Risk Management (CRM) Division. These are (a) Credit Risk
Management Unit (b) Credit Administration Unit and (c) Credit Monitoring and Recovery Unit. Credit Risk Management Unit is entrusted with the
duties of maintaining asset quality, assessing risk in lending, sanctioning credit, formulating policy/strategy for lending operation, etc. For retail
lending, a separate Retail Finance Centre (RFC) has been formed to assess risk, approve and monitor retail loans.
A thorough risk assessment is done before the sanction of any credit facility at Credit Risk Management Units. The risk assessment includes
borrower risk analysis, financial analysis, industry analysis, historical performance of the customer, security of the credit facility etc. The
assessment process starts at the relationship level and ends at Credit Risk Management Unit when it is approved/declined by the competent
authority. Credit approval authority has been delegated to the individual executives. Proposals beyond their delegation are approved/declined by
the Executive Committee and/or the Board of Directors of the Bank.
In determining Single borrower/Large loan limit, the instructions of Bangladesh Bank are strictly followed. Internal audit is conducted at regular
intervals to ensure compliance of Bank’s and Regulatory polices. Loans are classified as per Bangladesh Bank’s guidelines.
53.1.2 Asset liability management risk
For better management of asset and liability risk, the Bank has an established Assets Liability Committee (ALCO) which meets at least once a
month. The members of ALCO as at 31 December 2023 were as follows:
Mr. Mashrur Arefin Managing Director & Chief Executive Officer

Mr. Sheikh Mohammad Maroof AMD & Chief Business Officer
Mr. Mohammad Mahbubur Rahman AMD & Chief Financial Office
Mr. Mesbaul Asif Siddiqui DMD & Chief Risk Officer
Mr. Md Arup Haider Head of Retail Banking
Mr. Mohammad Mahmud Gony Head of Commercial
Mr. Muhammed Shah Alam Head of Treasury
Md. Afzalul Islam Head of Islamic Banking
Mahbub Jamil Head of Structured Finance & Off-Shore Banking
Mohammad Shahazadul Alam Khan Head of ALM (Asset Liability Management Committee)
The ALCO's primary function is to formulate policies and guidelines for the strategic management of the Bank using pertinent information that
has been provided through the ALCO process together with knowledge of the individual businesses managed by members of the committee.
ALCO regularly reviews the Bank’s overall asset and liability position, forward looking asset and liability pipeline, overall economic position, the
Banks’ liquidity position, capital adequacy, balance sheet risk, interest risk and makes necessary changes in its mix as and when required.
The Bank maintains specified liquidity and funding ratio limits to ensure financial flexibility to cope with unexpected future cash demands. ALCO
monitors the liquidity and funding ratios on an ongoing basis and ascertains liquidity requirements under various stress situations. In order to
ensure liquidity against all commitments, the Bank reviews the behaviour patterns of liquidity requirements. The Bank has an approved Liquidity
Contingency Plan (LCP) which is reviewed and updated on an annual basis by ALCO. All regulatory requirements including CRR, SLR and RWA are
reviewed by ALCO.

Financial
Statements
53.1.3 Foreign exchange risk
Foreign exchange risk is defined as the potential change in earnings due to change in market prices. The foreign exchange risk of the Bank
is minimal as all the transactions are carried out on behalf of the customers against underlying L/C commitments and other remittance
requirements.
Treasury Department independently conducts the transactions and the back office of treasury is responsible for verification of the deals and
passing of their entries in the books of account. All foreign exchange transactions are revalued at Mark-to-Market rate as determined by
Bangladesh Bank at the month-end. The Bank maintains various nostro accounts in order to conduct operations in different currencies including
TK. The senior management of the Bank sets limits for handling nostro account transactions. All Nostro accounts are reconciled on a monthly
basis and outstanding entries beyond 30 days are reviewed by the management for its settlement.
As at 31 December 2023, no debit entry was unreconciled for 3 months or more, therefore no provision is kept in accordance with BRPD circular
no. 04 (12 April 2022) and FEPD circular no. 677 (13 September 2005).
53.1.4 Internal control and compliance
Effective internal controls are the foundation of safe and sound banking. A properly designed and consistently enforced system of operational
and financial internal control helps the Bank’s management safeguard the Bank’s resources, produce reliable financial reports and comply with
laws and regulations. Effective internal control also reduces the possibility of significant errors and irregularities and assists in their timely
detection when they do occur.
Internal Control and Compliance (ICC) operates independently as a division consisting three units (Audit & Inspection, Monitoring and Compliance)
with prime responsibility to determine risks by evaluating overall Business, Operations & Credit Portfolios of the Bank. The key objective of ICC
is to assist and guide in all aspects of the Bank using adequate resources for identification of weaknesses and taking appropriate measures to
overcome the same to be a compliant bank.
ICC has a unique reporting line to the Bank’s Board of Directors through the Audit Committee and Managing Director & CEO. Thus it acts as a
bridge between the board and the Bank’s management. An effective organizational structure has been established by exercising durable Internal
Control culture within the Bank.
53.1.5 Reputation risk arising from money laundering incidences
Money laundering risk is defined as the loss of reputation and expenses incurred as penalty for being negligent in prevention of money laundering.
For mitigating the risks, the Bank has a designated Head of Internal Control & Compliance at Head Office and Compliance Officers at branches,
who independently review the transactions of the accounts to verify suspicious transactions. Manuals for prevention of money laundering have
been established and Transaction profile has been introduced. Training is continuously given to all the category of Officers and Executives for
developing awareness and skill for identifying suspicious activities/transactions.
53.1.6 Information technology
The Bank's IT has gone through a gigantic transformation from where it started. After several years of continuous efforts, standardization of
both back-end as well as front-end operations of bank is complete. Now through wide array of customizable products and services, IT can bring
about equivalent contribution to profits.
Relevant hardware, software and networking equipment is in place to support operations of online branches, internet banking, SMS service,
call centre, Tele Banking, POS and ATM network. These devices are providing superior performance resulting in better end-user satisfaction.
To ensure uninterrupted and smooth customer service in all branches and SME centres, IT division continuously work on performance tuning
for database and application, networking and server hardware on regular basis. Continuous investments are going on to do the necessary
upgradation on hardware and software to increase the Bank's centralised online banking and other peripheral service requirements.
53.2 Audit committee
According to BRPD circular no.12 (23 December 2002), all banks are advised to constitute an audit committee comprising members of the
Board. The audit committee will assist the Board in fulfilling its oversight responsibilities including implementation of the objectives, strategies
and overall business plans set by the Board for effective functioning of the Bank. The committee will review the financial reporting process, the
system of internal control and management of financial risks, the audit process, and the Bank's process for monitoring compliance with laws and
regulations and its own code of business conduct.
The Bank, being a listed entity bank, have a board of directors from whom to select an audit committee. The Audit Committee of the Board of
Directors consist of four members of the Board, which meets on a regular basis with the senior management of the Bank, and with the internal
and external auditors to consider and review the nature and scope of the reviews and the effectiveness of the systems of internal control and
compliance as well as the financial statements of the Bank. All audit reports issued by internal and external auditors and all inspection/audit
reports issued by Bangladesh Bank are sent to the Audit Committee.

53.2.1 Particulars of audit committee
Pursuant to the BRPD Circular no. 12 dated 23 December 2002, the Audit Committee of the Board of Directors as at 31 December 2023
consisted of the following 4 members of the Board:
Name Status with bank Status with committee Educational qualification

Dr. Salim Mahmud Independent Director Convener LLM
Mrs. Syeda Shaireen Aziz Director Member BBA
Mrs. Savera H. Mahmood Nominated Director Member MSS
Mr. Matitul Islam Nowshad Independent Director Member MBA
53.2.2 Meetings held by the Audit Committee with senior management to consider and review the Bank's Financial Statements:
During the period under review the Audit Committee held several meetings to oversee/review various functions including reviewing the quarterly
financial statements in compliance with the Bangladesh Bank circular.
Meetings held by the committee during the year by date:
106th Audit Committee Meeting held on January 01, 2023

107th Audit Committee Meeting held on April 11, 2023
108th Audit Committee Meeting held on April 27, 2023
109th Audit Committee Meeting held on May 07, 2023
110th Audit Committee Meeting held on October 26, 2023
53.2.3 Steps taken for implementation of an effective internal control procedure of the Bank
Through circular the Audit Committee place its report regularly to the Board of Directors of the Bank for mentioning its review results and
recommendations on internal control system, compliance of rules and regulations and establishment of good governance within stipulated time.
53.3 Interest rate risk
Interest rate risk may arise either from trading portfolio or from non-trading portfolio. The trading portfolio of the Bank consists of Government
treasury bills and bonds of different maturities. Interest rate risk arises from mismatches between the future yield of an asset and their funding
cost. Asset Liability Committee (ALCO) monitors the interest rate movement on a regular basis and Treasury Division actively manages the
Balance Sheet gap profitably on a regular basis.
53.4 Equity risk
Equity risk arises from movement in market value of equities held. The risks are monitored by Special Banking Wing under a well designed policy
framework. The total market value of equities held was higher than the total cost price at the balance sheet date (Annexure-C).
53.5 Operational risk
Operational risk may arise from error and fraud due to lack of internal control and compliance. Management through Internal Control and
Compliance Division controls operational procedure of the Bank. Internal Control and Compliance Division undertakes periodic and special audit
of the branches and departments at the Head Office for review of the operation and compliance of statutory requirements. The Audit Committee
of the Board subsequently reviews the reports of the Internal Control and Compliance Division.
53.6 Implementation of BASEL-III
Basel III reforms are the response of Basel Committee on Banking Supervision (BCBS) to improve the banking sector’s ability to absorb shocks
arising from financial and economic stress, whatever the source, thus reducing the risk of spill over from the financial sector to the real economy.
The Committee introduced transitional arrangements to implement the new standards that help to ensure that the banking sector can meet the
higher capital standards through reasonable earnings retention and capital raising, while still supporting lending to the economy. In line with the Basel
framework, Bangladesh Bank issued transitional arrangements for Basel III implementation in Bangladesh. The phase-in arrangements for Basel III
implementation in Bangladesh has been effective from 1 January 2015 in accordance with BRPD Circular no- 18 dated 21 December 2014.
Internal Capital Adequacy Assessment Process (ICAAP)
Internal Capital Adequacy Assessment Process (ICAAP) represents the Bank's own assessment of its internal capital requirements. The Bank's
approach to calculate its own internal capital requirement has been to take the minimum capital required for credit risk, market risk and
operational risk under Pillar-I as the starting point, assess whether this is sufficient to cover those risks and then identify other risks (Pillar-II)
and assess prudent level of capital to meet them.
The assessment is undertaken using time series of data and Bangladesh Bank's guidelines on Risk Based Capital Adequacy to assess the
likelihood of occurrence and potential impact. Purposes of Internal Capital Adequacy Assessment Process are to:

Financial
Statements
i) inform the Board of Directors about
• assessing risks;
• initiatives to mitigate identified risks; and
• capital requirement to support the operations in light of identified risks
ii) comply with Bangladesh Bank's requirement.
53.7 Exchange rates
The assets and liabilities as at 31 December in foreign currencies have been converted to TK at the following rates:
2023 2022
Taka Taka
USD 1 = 110.0000 103.2927
ACU 1 = 110.0000 103.2927
GBP 1 = 140.9485 124.2715
AUD 1 = 75.4325 69.6864
EUR 1 = 122.3200 109.7227
CHF 1 = 130.8978 111.3788
JPY 1 = 0.7781 0.7720
SAR 1 = 29.3318 27.4751
MYR 1 = 23.8250 23.3668
KWD 1 = 358.3996 337.1942
SGD 1 = 83.5010 76.5840
AED 1 = 29.9499 28.1245
HKD 1 = 14.0779 13.2510
53.8 Credit rating of the Bank
As per the BRPD instruction circular no.6 dated 5 July 2006, the Bank has done its credit rating by Credit Rating Agency of Bangladesh Limited
(CRAB) based on the financial statements dated 31 December 2022.
Particulars Date of Rating Long term Short term Rating Valid

AA1 ST-1
Entity Rating 25-May-23 Very strong capacity & very Highest capacity for timely 30-Jun-24
high quality repayment
53.9 Fraud and administrative error
In the year 2023, total number & amount of fraud forgeries detected/attempted in the Bank were 27 & Taka 401.94 million respectively. Out of
these 27 incidences, total 20 instances have already been closed and remaining 7 instances are open for recovery. Out of the total fraud amount
of Taka 401.94 million, an amount of Taka 43.41 million was recovered from the fraudsters and the remaining amount of Taka 18.55 million is
under processes for recovery. Out of the 27 incidences, 16 instances were occurred by external fraudsters,11 instances were occurred by internal
fraudster and Bank Agent Owners. To prevent fraud and administrative errors, the Bank has taken appropriate administrative actions against
officials responsible for lapses in due diligence to encourage them to follow the Bank’s policies and regulatory guidelines meticulously. Also,
upon detection of fraud incidences, appropriate corrective measures have been taken so that the same incidences can be prevented in future.
53.10 Number of employees
The number of employees engaged for the whole year or part thereof who received a total remuneration of TK 36,000 p.a. or above were 4,963
at the end of December 2023 as against 4,866 at the end of December 2022.
53.11 Impact of COVID 19:
The spread of coronavirus globally has led the World Health Organization (WHO) to classify it as a pandemic on 11 March 2020 and like most of
the other countries, Bangladesh Government has also taken restrictive measures to contain its further spread affecting free movement of people
and goods. The events that occurred due to the pandemic are currently fast evolving with the extent of the impact on the economy resulting in
adjusting the financial statements (as necessary). Though the full measurement of the impact of the events after the reporting date is difficult to
estimate at this stage, management is of the view that the Bank will not be adversely affected by this pandemic as the Bank is not experiencing
or likely to experience any significant change in its business activity. Considering the nature of the Bank’s business, management is of the view
that there is no significant event that cast doubt on its ability to continue as a going concern. Currently, the Bank also has adequate resources to
continue in operation for the foreseeable future.
Though as at the date of these financial statements, no material impact has been identified by management on the Bank's financial position,
results of operations and cash flows, management has decided to continuously monitor, evaluate and measure the impacts on the operations of
the Bank by remaining alert to the changing situations.

53.12 Compliance status on BRPD circular no. 28 & 30 of Bangladesh Bank
As per the BRPD Circular 28 Dated 26 July 2022, 25.00% of the allocated budget for the power sector and 20.00% of the allocated budget for fuel,
oil and lubricants should be saved during the period July to December 2022 and January to June 2023 at a proportionate rate.
As per the BRPD Circular 30 Dated 27 July 2022, maximum of 50% of the allocated budget for the entertainment, travel, furniture, computer &
accessories, electrical/office equipment, stationery items can be spent during the period July to December 2022 and January to June 2023. Also,
purchase of all types vehicles as new/replacement shall be prohibited.
The resulted savings with regards to the compliance of the circulars are as follows:
Account Name 01 January 2023 to 30 June 2023

Budget Actual Variance Targeted savings % Actual savings
Operating expense
Electric bill (Office) 78,316,192 68,203,937 10,112,255 12.5% 12.9%
Printing and package 53,304,877 40,235,619 13,069,258 25.0% 24.5%
Office stationery 14,274,169 16,027,833 (1,753,664) 25.0% (12.3%)
Staff refreshment 16,539,761 12,330,213 4,209,548 25.0% 25.5%
Entertainment expenses 16,829,095 12,395,090 4,434,005 25.0% 26.3%
Fuel expenses 10,313,552 9,330,963 982,589 10.0% 9.5%
Local travelling 10,017,796 7,406,182 2,611,614 25.0% 26.1%
Foreign travelling 2,550,000 1,799,496 750,504 25.0% 29.4%
Conveyance 35,836,905 26,127,593 9,709,312 25.0% 27.1%
Fuel expenses for generator 7,734,130 6,807,026 927,104 10.0% 12.0%
Capital expenditure
Furniture & fixture 508,509,625 274,893,790 233,615,835 25.0% 45.9%
Office equipment 633,788,885 141,411,241 492,377,644 25.0% 77.7%
Vehicle 25,200,000 - 25,200,000 100.0% 100.0%
Computer & accessories 466,700,597 153,646,459 313,054,138 25.0% 67.1%
53.12 Previous year’s figures have been rearranged, wherever necessary, to conform with the current year’s presentation.
Dhaka, 27 March 2024

Financial
Statements

Consolidated Liquidity Statement
(Analysis of maturity of assets and liabilities)
Annexure-A
Up to 1 month 1-3 months 3-12 months 1-5 years More than 5 years Total
Particulars
Taka Taka Taka Taka Taka Taka
Assets
Cash 9,858,728,984 - - - 16,227,524,313 26,086,253,297
financial institutions 21,418,683,668 3,295,000,000 497,700,000 578,979,167 - 25,790,362,835
Money at call on short notice - - - - - -
Investments 884,441,957 4,155,782,282 9,294,972,233 30,491,759,143 33,659,177,711 78,486,133,326
Loans and advances/investments 62,023,560,637 79,765,128,411 80,263,866,926 129,609,813,219 45,783,463,082 397,445,832,274
furniture and fixtures 149,979,883 299,959,765 1,349,783,362 7,086,403,053 2,172,423,363 11,058,549,425
Other assets 4,132,634,343 10,755,851,392 9,231,437,707 1,227,250,655 80,607,708 25,427,781,805
Non banking assets - - - - 634,548,873 634,548,873
Total assets (A) 98,468,029,472 98,271,721,849 100,637,760,228 168,994,205,237 98,557,745,049 564,929,461,835
Liabilities
Bond 80,000,000 - 1,635,000,000 4,770,000,000 7,150,000,000 13,635,000,000
Borrowings from other banks,
financial institutions and agents 2,897,806,798 5,606,349,807 7,523,229,224 2,768,678,350 10,691,909 18,806,756,088
government agencies 6,585,838,111 11,963,628,724 15,266,568,530 6,866,379,599 1,199,345,390 41,881,760,354
Deposits 54,829,968,629 45,368,557,289 139,999,872,715 113,430,283,439 931,340,524 354,560,022,596
Other accounts 9,814,814,313 7,382,980,194 20,839,239,498 - - 38,037,034,006
Provision and other liabilities 1,881,988,291 7,396,373,226 7,099,801,824 25,512,796,582 17,642,272,193 59,533,232,117
Total liabilities (B) 76,090,416,142 77,717,889,240 192,363,711,792 153,348,137,970 26,933,650,016 526,453,805,161
Net liquidity gap (A - B) 22,377,613,329 20,553,832,609 (91,725,951,564) 15,646,067,267 71,624,095,033 38,475,656,674
Up to 1 month 1-3 months 3-12 months 1-5 years More than 5 years Total
Particulars
Assets
Cash 17,596,283,650 - - - 14,428,547,971 32,024,831,621
financial institutions 26,345,467,586 4,600,000,000 2,099,390,500 89,179,167 - 33,134,037,253
Investments 6,382,095,060 7,599,403,060 6,301,632,827 21,405,081,863 24,451,592,169 66,139,804,979
furniture and fixtures 105,619,069 211,238,139 950,571,624 4,981,494,586 4,688,457,974 10,937,381,392
Other assets 2,076,851,757 4,640,582,804 7,642,998,923 1,239,613,185 118,558,845 15,718,605,514
Total assets (A) 109,339,828,608 74,455,615,867 102,341,182,726 136,081,389,730 92,693,823,194 514,911,840,125
Liabilities
Bond 80,000,000 - 2,510,000,000 4,735,000,000 8,900,000,000 16,225,000,000
financial institutions and agents 6,758,072,712 13,599,733,589 13,250,691,031 2,035,261,812 152,767,083 35,796,526,227
Deposits 49,418,997,405 44,775,062,294 109,971,794,625 102,385,005,895 2,980,848,279 309,531,708,498
Other accounts 5,070,432,042 4,521,430,996 12,762,215,383 - - 22,354,078,421
Net liquidity gap (A - B) 39,515,990,569 (9,995,675,891) (64,746,492,914) 5,317,018,813 63,783,516,093 33,874,356,670

City Bank PLC
Liquidity Statement
(Analysis of maturity of assets and liabilities)
Annexure-A/1
Up to 1 month 1-3 months 3-12 months 1-5 years Above 5 years Total
Particulars
Assets
Cash 9,858,190,951 - - - 16,227,524,313 26,085,715,264
financial institutions 20,963,447,428 3,195,000,000 497,700,000 578,979,167 - 25,235,126,595
Investments 884,441,957 2,814,152,218 9,173,457,053 30,024,243,758 30,165,243,097 73,061,538,083
furniture and fixtures 142,631,254 285,262,509 1,283,681,289 6,846,300,207 1,270,687,047 9,828,562,306
Other assets 4,122,344,946 4,501,435,245 8,820,957,240 1,215,048,987 6,154,623,941 24,814,410,359
Total assets (A) 97,557,115,598 90,584,421,277 99,212,983,167 168,147,658,065 100,236,090,352 555,738,268,460
Liabilities
Bond 80,000,000 - 1,635,000,000 4,770,000,000 7,150,000,000 13,635,000,000
financial institutions and agents 2,884,093,616 5,580,054,873 6,902,149,719 2,256,173,240 - 17,622,471,448
Deposits 54,929,705,676 45,471,523,357 140,309,400,131 113,430,283,439 931,340,524 355,072,253,128
Other accounts 9,215,856,467 7,382,980,194 20,839,239,498 - - 37,438,076,159
Net liquidity gap (A - B) 21,989,008,094 18,735,382,175 (92,807,929,468) 15,858,951,056 73,444,826,576 37,220,238,433
Up to 1 month 1-3 months 3-12 months 1-5 years Above 5 years Total
Particulars
Assets
Cash 17,594,775,182 - - - 14,428,547,971 32,023,323,153
financial institutions 25,936,478,023 4,600,000,000 2,099,390,500 89,179,167 - 32,725,047,690
Investments 6,382,095,060 6,133,206,987 6,301,632,827 21,182,581,863 21,105,432,782 61,104,949,519
furniture and fixtures 98,438,941 196,877,881 885,950,465 4,725,069,145 3,842,825,091 9,749,161,523
Other assets 1,564,693,918 3,652,274,811 3,175,488,416 1,239,613,185 6,176,173,580 15,808,243,910
Total assets (A) 109,396,170,863 71,779,829,491 95,511,382,065 135,599,934,968 94,559,645,660 506,846,963,047
Liabilities
Bond 80,000,000 - 2,510,000,000 4,735,000,000 8,900,000,000 16,225,000,000
financial institutions and agents 6,800,903,928 13,581,458,510 12,865,089,761 1,549,390,501 - 34,796,842,700
Deposits 49,556,195,570 44,916,831,334 110,397,140,287 102,385,005,895 2,980,848,279 310,236,021,365
Other accounts 4,370,716,630 4,521,430,996 12,762,215,383 - - 21,654,363,009
Net liquidity gap (A - B) 40,111,635,959 (7,545,861,667) (71,586,386,570) 5,924,499,906 65,941,009,964 32,844,897,594

City Bank PLC
Balance with other banks - outside Bangladesh
(Nostro Accounts)
Annexure-B
31 December 2023 31 December 2022
Account
Name of the Banks Currency FC Exchange Equivalent FC Exchange Equivalent
type
type amount rate Taka amount rate Taka
Standard Chartered Bank, New York, USA CD USD 13,769,189 110 1,514,610,741 11,458,622 103 1,183,592,032
Mashreq Bank, New York, USA CD USD 8,651,080 110 951,618,813 179,779 103 18,569,819
Citibank N.A. New York, USA CD USD 5,381,211 110 591,933,220 4,179,260 103 431,687,041
Mashreq Bank, New York, USA (For OBU Operation) CD USD 3,943,823 110 433,820,531 7,095,231 103 732,885,619
Standard Chartered Bank, Mumbai, India CD ACU 2,380,707 110 261,877,721 4,490,675 103 463,853,910
Commerz Bank AG. Frankfurt, Germany CD EUR 1,418,942 122 173,564,974 358,549 110 39,340,890
Habib American Bank, New York, USA CD USD 1,549,643 110 170,460,710 1,848,660 103 190,953,045
JP Morgan Chase Bank, New York CD USD 1,407,164 110 154,788,051 3,268,246 103 337,585,977
MCB Bank Limited, Karachi, Pakistan CD ACU 734,905 110 80,839,591 1,228,349 103 126,879,482
Commerz Bank AG. Frankfurt, Germany (For OBU Operation) CD USD 530,520 110 58,357,238 98,811 103 10,206,506
ICICI Bank Limited, India (For OBU Operation) CD ACU 469,778 110 51,675,612 43,391 103 4,482,021
Mashreq Bank, Mumbai, India CD ACU 425,499 110 46,804,905 20,561 103 2,123,841
HDFC Bank Ltd, Mumbai, India CD ACU 410,066 110 45,107,231 584,191 103 60,342,676
Commerz Bank AG. Frankfurt, Germany CD USD 352,806 110 38,808,703 112,360 103 11,605,975
Standard Chartered Bank, London CD GBP 244,974 141 34,528,708 239,883 124 29,810,622
Zhejiang Chouzhou Commercial Bank, China CD USD 277,647 110 30,541,194 204,253 103 21,097,892
Standard Chartered Bank, Frunkfurt, Germany CD EUR 205,421 122 25,127,072 281,225 110 30,856,777
AB Bank PLC., Mumbai, India CD ACU 191,225 110 21,034,776 177,498 103 18,334,221
Kookmin Bank, Korea CD USD 180,974 110 19,907,161 171,027 103 17,665,841
Zhejiang Chouzhou Commercial Bank, China CD CNY 1,154,803 15 17,847,248 - - -
Commerz Bank AG. Frankfurt, Germany (For OBU Operation) CD EUR 118,365 122 14,478,364 40,300 110 4,421,853
Mashreq Bank, Dubai CD AED 329,043 30 9,854,811 1,188,673 28 33,430,728
Bank of Bhutan, Bhutan CD ACU 78,066 110 8,587,243 126,016 103 13,016,517
Sonali Bank PLC., Kolkata, India CD ACU 63,305 110 6,963,600 78,765 103 8,135,896
Commerz Bank AG. Frankfurt, Germany CD CHF 43,137 131 5,646,562 9,353 111 1,041,684
Commerz Bank AG. Frankfurt CD AUD 73,806 75 5,567,399 125,137 70 8,720,373
Standard Chartered Bank, Japan CD JPY 6,870,477 1 5,345,918 10,138,382 1 7,825,817
Agricultural Bank Of China, China CD CNY 309,576 15 4,784,439 - - -
Commercial Bank of Ceylon, Colombo, Sri Lanka CD ACU 14,198 110 1,561,787 14,198 103 1,466,556
Standard Chartered Bank, Nepal CD ACU 13,870 110 1,525,660 13,870 103 1,432,633
Bank of Tokyo Mitsubishi Limited., New Delhi, India CD ACU 8,709 110 957,943 8,709 103 899,532
Sonali Bank, Kolkata, India TD ACU 8,646 110 951,103 8,646 103 893,109
Mashreq Bank, Mumbai, India CD EUR 2,039 122 249,442 2,039 110 223,753
Saudi National Bank, Riyadh CD SAR 5,414 29 158,801 - - -
Annual Report 2023

4,789,887,272 3,813,382,638
Financial
Statements
471
City Bank PLC
Investment in Shares
Annexure-C
Quoted rate Total market

Type Face Cost of Average
Sl. Number of per share as at value as at
Name of the company of value holding cost
No. shares 31 Dec 2023 31 Dec 2023
shares
Taka Taka Taka Taka Taka
Quoted ordinary share
1 AB Bank PLC B 10 792,955 40,660,844 51 10 7,691,664
2 Dhaka Bank Limited A 10 2,608,035 54,456,970 21 13 32,600,438
3 Mercantile Bank Limited A 10 1,083,657 21,641,093 20 13 14,412,638
4 Pubali Bank PLC A 10 456,236 23,140,398 51 26 11,953,383
5 Shahjalal Islami Bank PLC A 10 31,821 - - 18 582,324
6 Standard Bank PLC B 10 1,782,394 23,965,596 13 9 15,328,588
7 BRAC Bank PLC A 10 964,551 40,536,068 42 36 34,530,926
8 Prime Bank PLC A 10 3,790,603 102,399,947 27 21 79,602,663
9 Saif Powertec Limited A 10 400,000 13,468,673 34 30 11,880,000
10 Beximco Limited A 10 1,558,723 222,530,747 143 116 180,188,379
11 Square Pharmaceuticals Limited A 10 342,000 76,373,969 223 210 71,922,600
12 Grameenphone Limited A 10 421,421 134,775,230 320 287 120,779,259
13 IDLC Finance PLC A 10 37,413,141 462,133,670 12 47 1,739,711,055
14 Somorita Hospital Limited A 10 178 - - 79 14,133
15 Perfume Chemical Ind. Limited NA 100 28 3,500 125 85 2,380
16 Raspit Inc. (BD) Limited NA 10 366,000 6,153,414 17 2 695,400
17 Rangamati Food Products Limited NA 10 64,500 645,000 10 14 903,000
18 German Bangla Joint Venture Foods Limited NA 10 21,000 210,000 10 4 75,600
19 British American Tobacco Bangladesh Co. Limited A 10 488,418 266,082,047 545 519 253,342,416
20 Walton Hi-Tech Industries Limited A 10 24,307 29,499,501 1,214 1,048 25,466,444
21 Paramount Textile Limited A 10 175,745 14,013,693 80 77 13,532,365
22 LankaBangla Finance Limited A 10 100,000 4,441,091 44 26 2,600,000
23 Orion Pharma Limited A 10 390,558 49,194,095 126 80 31,088,417
24 Marico Bangladesh Limited A 10 24,813 59,110,091 2,382 2,461 61,057,349
25 Baraka Power Limited B 10 200,000 5,574,793 28 21 4,260,000
26 DBH Finance PLC A 10 52,799 3,895,368 74 57 2,993,703
27 Bangladesh Submarine Cable Company Limited A 10 117,000 25,841,351 221 219 25,611,300
28 ADN Telecom Limited A 10 156,000 18,650,811 120 117 18,267,600
29 LafargeHolcim Bangladesh Limited A 10 1,418,373 111,424,212 79 69 98,293,249
30 Olympic Industries Limited A 10 738,500 108,526,004 147 152 112,252,000
31 Eastern Bank Limited A 10 253,125 7,679,203 30 29 7,441,875
32 Renata Limited A 10 28,184 35,753,849 1,269 1,218 34,325,294
33 IBN SINA Pharmaceutical Industry Limited A 10 175,934 57,014,507 324 287 50,422,684
34 ACME Pesticides Limited B 10 175,874 6,979,787 40 35 6,225,940
35 Salvo Chemical Industry Limited B 10 249,679 16,182,684 65 62 15,430,162
36 Sea Pearl Beach Resort & SPA Limited A 10 4,219,831 856,723,873 203 100 420,717,151
37 Dragon Sweater and Spinning Limited B 10 850,879 16,184,343 19 17 14,464,943
38 Alif Manufacturing Company Limited B 10 600,000 8,720,000 15 13 7,980,000
39 Genex Infosys Limited A 10 100,000 10,035,363 100 65 6,540,000
40 Shinepukur Ceramics Limited B 10 67,500 2,949,750 44 43 2,902,500
41 Unique Hotel & Resorts PLC A 10 37,447 2,941,684 79 57 2,123,245
42 Popular Life Insurance Co. Ltd. A 10 150,000 13,844,264 92 67 9,975,000
43 Agni Systems Ltd. B 10 1,128,446 35,272,144 31 24 26,744,170
Total 2,989,629,630 3,576,932,237
Cost of Average
Type of Face value Number of
Sl. No. Name of the company holding cost
shares shares
Taka Taka Taka
Quoted (Under Special fund and Investment Policy)
1 Shahjibazar Power Co. Ltd. A 10 100,000 12,041,703 120
Total 12,041,703
Cost of Average
Face value Number of
Sl. No. Name of the company holding cost
shares
Taka Taka Taka
Unquoted ordinary shares
1 Industrial & Infrastructural Development Finance Company Limited 10 13,380,903 71,770,260 5
2 Venture Investment Partners Bangladesh Limited 100 134,784 12,000,000 89
3 KARMA Sangsthan Bank Limited 100 100,000 10,000,000 100
4 Central Depository Bangladesh Limited 10 2,284,721 6,277,770 3
Total 100,048,030

City Bank PLC
Schedule of fixed assets including
premises, furniture and fixtures
Annexure-D
Cost Depreciation/Amortisation Written
Balance Additions Adjustments Disposals Balance Balance Charged Disposals/ Balance down value
Particulars as at during during the during the as at as at during adjustments as at as at
1 Jan 2023 the year year year 31 Dec 2023 1 Jan 2023 the year during the year 31 Dec 2023 31 Dec 2023
Taka Taka Taka Taka Taka Taka Taka Taka Taka Taka
Own assets
Land 300,373,236 - 51,111,111 - 351,484,347 - - - - 351,484,347

Work in progress (Land) - - - - - - - - - -
Building 1,790,203,136 - - - 1,790,203,136 512,996,505 44,755,078 - 557,751,583 1,232,451,553
Work in progress (Building) 224,529,249 227,633,027 (51,111,111) - 401,051,165 - - - - 401,051,165
Furniture and fixtures 1,243,606,520 119,036,448 239,294,558 (9,331,106) 1,592,606,420 731,948,380 101,827,779 (7,385,965) 826,390,194 766,216,226
Work in progress (Furniture and fixtures) 80,213,803 184,533,703 (239,294,558) - 25,452,948 - - - - 25,452,948
Office equipment and machinery 2,078,229,389 228,315,465 337,556,012 (18,442,231) 2,625,658,635 1,358,128,354 259,331,574 (18,362,700) 1,599,097,228 1,026,561,407
Work in progress (Office equipment and
machinery) 310,575,080 91,695,634 (337,556,012) - 64,714,702 - - - - 64,714,702
IT Hardware 1,423,613,200 99,169,004 134,274,498 (1,844,800) 1,655,211,902 837,658,829 220,543,751 (1,840,330) 1,056,362,250 598,849,652
Work in progress (IT Hardware) 98,603,357 122,220,453 (134,274,498) - 86,549,312 - - - - 86,549,312
Software 956,420,830 44,736,587 73,801,340 - 1,074,958,757 436,636,292 80,533,933 - 517,170,225 557,788,532
Work in progress (Software) 133,139,660 161,246,721 (73,801,340) - 220,585,041 - - - - 220,585,041
Bank's vehicles 351,505,075 21,183,750 - - 372,688,825 302,566,315 22,048,781 - 324,615,096 48,073,729
Sub-total 8,991,012,535 1,299,770,792 - (29,618,137) 10,261,165,190 4,179,934,675 729,040,896 (27,588,995) 4,881,386,576 5,379,778,614
Leased assets
Right of use assets 7,046,485,597 670,484,300 - (364,929,357) 7,352,040,540 2,108,401,935 794,854,913 - 2,903,256,848 4,448,783,692
Sub-total 7,046,485,597 670,484,300 - (364,929,357) 7,352,040,540 2,108,401,935 794,854,913 - 2,903,256,848 4,448,783,692
Grand total 16,037,498,132 1,970,255,092 - (394,547,494) 17,613,205,730 6,288,336,610 1,523,895,809 (27,588,995) 7,784,643,424 9,828,562,306
Annual Report 2023

Financial
Statements
473
City Bank PLC
474
Schedule of fixed assets including
premises, furniture and fixtures
Annual Report 2023

Cost Depreciation/Amortisation
Written
Disposals/
Balance Additions Adjustments Disposals Balance Balance Charged Balance down value
adjustments
Particulars as at during during the during the as at as at during as at as at
during the
1 Jan 2022 the year year year 31 Dec 2022 1 Jan 2022 the year 31 Dec 2022 31 Dec 2022
year
Taka Taka Taka Taka Taka Taka Taka Taka Taka Taka
Own assets
Land 300,373,236 - - - 300,373,236 - - - - 300,373,236

Work in progress (Land) - - - - - - - - - -
Building 1,789,452,122 751,014 - - 1,790,203,136 468,162,253 44,742,561 91,691 512,996,505 1,277,206,631
Work in progress (Building) 89,785,716 134,743,533 - - 224,529,249 - - - - 224,529,249
Furniture and fixtures 1,151,900,354 69,130,383 22,575,783 - 1,243,606,520 646,411,709 85,628,360 (91,689) 731,948,380 511,658,140
Work in progress (Furniture and fixtures) 22,424,036 80,365,550 (22,575,783) - 80,213,803 - - - - 80,213,803
Office equipment and machinery 1,571,754,923 356,592,573 149,889,093 (7,200) 2,078,229,389 1,161,930,939 197,324,829 (1,127,415) 1,358,128,353 720,101,036
Work in progress (Office equipment and
machinery) 135,659,625 329,119,503 (154,204,048) - 310,575,080 - - - - 310,575,080
IT Hardware 1,246,172,307 23,525,775 153,919,918 (4,800) 1,423,613,200 640,242,209 198,696,234 (1,279,614) 837,658,829 585,954,371
Work in progress (IT Hardware) 240,655,536 9,947,821 (152,000,000) - 98,603,357 - - - - 98,603,357
Software 712,732,404 199,130,059 44,558,367 - 956,420,830 366,239,942 67,306,678 3,089,672 436,636,292 519,784,538
Work in progress (Software) 85,860,911 88,747,436 (41,468,687) - 133,139,660 - - - - 133,139,660
Bank's vehicles 372,566,735 16,452,609 - (37,514,269) 351,505,075 307,580,383 32,500,201 (37,514,269) 302,566,315 48,938,760
Sub-total 7,719,337,905 1,308,506,256 694,643 (37,526,269) 8,991,012,535 3,590,567,435 626,198,863 (36,831,624) 4,179,934,674 4,811,077,861
Leased assets
Right of use assets 3,990,078,600 3,081,186,441 (24,779,444) 7,046,485,597 1,654,065,464 474,398,683 (20,062,212) 2,108,401,935 4,938,083,662
Sub-total 3,990,078,600 3,081,186,441 - (24,779,444) 7,046,485,597 1,654,065,464 474,398,683 (20,062,212) 2,108,401,935 4,938,083,662
Grand total 11,709,416,505 4,389,692,697 694,643 (62,305,713) 16,037,498,132 5,244,632,899 1,100,597,546 (56,893,836) 6,288,336,609 9,749,161,523
Financial
Statements
City Bank PLC

Statement of tax position
Annexure-E
Tax provision made on

Accounting Assessment Tax as per assessment
the basis of accounts Present status
year year
Taka Taka
Reference application filed to High Court Division
2003 2004-2005 190,000,000 264,849,327
of the Supreme Court.
Reference application filed to High Court Division
2004 2005-2006 442,791,678 315,574,683
of the Supreme Court.
2022 2023-2024 4,152,175,971 3,837,983,449 Tax return submitted
City Bank PLC

Name of Directors and their
interest in different entities
Annexure-F
Sl no. Name of Directors Status with CBL Entities where they have interest % of Interest
1 Mr. Aziz Al Kaiser Chairman Vice-Chairman
Partex Star Group -
Director
Voice Tel Limited 25.00%
Partex Housing Limited 50.00%
Suburna Bhumi Housing Limited 50.00%
Managing Director
Star Particle Board Mills Limited 81.15%
Partex PVC Industries Limited 90.00%
New Light Star Apparels Limited 85.00%
Corvee Maritime Company Limited 90.00%
Partex Furniture Industries Limited 75.00%
Partex Builders Limited 86.00%
Partex Laminates Limited 84.00%
Partex Limited 75.00%
Fairhope Housing Limited 70.00%
Partex Cables Limited 21.30%
Partex Aeromine Logistics Limited 67.00%
Star Gypsum Board Mills Limited 70.00%
Partex MDF Board Mills Limited 82.00%
Partex Star Properties Limited 37.50%
Star Furniture Limited 83.33%
Chairman
Star Adhesive Limited (Listed Company) 22.50%
Triple Apparels Limited 72.00%

2 Mr. Hossain Khaled Vice-Chairman Director
Anwar Group of Industries -
Hossain Dyeing & Printing Mills Ltd. 32.37%
Mehmood Industries (Pvt.) Limited 10.00%
Anwar Silk Mills Limited 19.61%
Anwar Printex 8.00%
Managing Director
Anwar Galvanizing Limited 5.70%
Anwar Ispat Limited 0.01%
Anwar Cement Limited 0.81%
Anwar Cement Sheet Limited 16.06%
Anwar Landmark 20.00%
A- One Polymer 23.82%
Anwar Jute Spinning Mills Limited 15.31%
AG Automobiles Limited 17.00%
Euro Cars Limited 32.26%
AG Motors 33.00%
3 Mr. Hossain Mehmood Nominated Director Nominated Director
(Nominated by A-One A-One Polymer Limited -
Polymer Limited) Director
AG Automobiles Limited 10.00%
Anwar Jute Spinning mill limited 4.80%
AG Motors 33.00%
Euro Car Limited 32.26%
Anwar Ispat Limited 0.01%
Anwar Cement Limited 0.81%
Anwar Cement Sheet Limited 16.06%
Anwar Landmark 20.00%
A- One Polymer 23.82%
Managing Director
Hossain Dyeing & Printing Mills Ltd. 32.37%
Mehmood Industries (Pvt.) Limited 10.00%
Anwar Silk Mills Limited 19.61%
Anwar Printex 8.00%
4 Mr. Rubel Aziz Director Director
Partex Bevergae Ltd. 1.04%
Partex Plastics Ltd. 35.00%
Fotoroma Ltd. 15.00%
Hashem Corp. Ltd. 15.00%
Kings School Dhaka Ltd. 15.00%
Partex Properties Ltd. 92.50%
Plastic Accessories Ltd. 37.50%
Partex Foundry Ltd. 40.00%
Star Foods Ltd. 40.00%
Partex Jute Mills Ltd. 75.00%
Partex Corporate Ltd. 50.00%
Partex Aviation Ltd. 50.00%
Partex Petro Ltd. 33.73%
Sattar Glass factory Ltd. 83.33%
Sakhi Fisheries Ltd. 90.00%
5 Mr. Rajibul Huq Chowdhury Director Director
A.S.M Chemical Industries Limited 17.37%
Ejogajog Ltd. 0.00005%
Managing Director
Aziz Super Garments Limited -
Marina Knit Fashion Limited -
Khushi Apparels Limited -
Ratna Fashion Limited -
Proprietor
R.H. Corporation

Financial
Statements
6 Mrs. Syeda Shaireen Aziz Director Director
Partex Corporate Limited 20.00%
Sattar Glass Factory Limited 16.67%
Partex Petro Limited 6.17%
Sakhi Fisheries Limited 10.00%
J B International 100.00%
Kushiara International 100.00%
The New Dhamai Tea Estate Limited 9.00%
The Sona Rupa Tea Company Limited 12.00%
Plantation & Industries Ltd. 9.00%
Partex Properties Ltd. 7.50%
7 Mrs. Savera H. Mahmood Nominated Director Director
(Nominated by Partex Partex Agro Limited 50.00%
Corporate Limited) Partex Tissue Limited 15.00%
Danish Multipurpose Firm Limited 15.00%
Danish Condensed Milk (BD) Limited 10.00%
Danish Foods Limited 3.40%
Rubel Steel Mills Limited 10.00%
Danish Distribution Network Limited 10.00%
Danish Milk Bangladesh Limited 10.00%
Danish Dairy Farm Limited 10.00%
Ferotechnic Ltd. 25.00%
8 Ms. Rebecca Brosnan Nominated Director -
(Nominated by International - -
Finance Corporation) -
9 Mr. Dr. Salim Mahmud Independent Director - -
10 Mr. Matiul Islam Nowshad Independent Director CO-Founder and Partner 25%
ZUNOKS Consulting
City Bank PLC

Annexure-G
A. Disclosure regarding outstanding REPO as at 31 December 2023
Amount (1st leg cash
Sl. no. Counter party name Agreement date Reversal date
consideration)
1 STANDARD CHARTERED BANK 28 December 2023 02 January 2024 3,070,016,400
B. Disclosure regarding outstanding Reverse REPO as at 31 December 2023
Amount (1st leg cash

Sl. no. Counter party name Agreement date Reversal date
consideration)
1 NIL NIL NIL NIL
C. Disclosure regarding overall transactions of REPO and Reverse REPO as at 31 December 2023
Minimum outstanding Maximum outstanding during Daily average outstanding

Sl. no. Securities sold under REPO
during the year the year during the year
1 with Bangladesh Bank 835,726,500 12,556,338,794 3,114,834,688
2 with other Banks & Financial Institutions 182,357,288 5,063,831,812 1,951,461,293
Minimum outstanding Maximum outstanding during Daily average outstanding

Sl. no. Securities purchased under Reverse REPO
during the year the year during the year
1 with Bangladesh Bank NIL NIL NIL
2 with other Banks & Financial Institutions 99,446,800 14,878,600,230 1,792,257,292

City Bank PLC
478
Geographical Segment Reporting
Annexure-H
Dhaka Chattogram Rajshahi Khulna Sylhet Rangpur Barishal Mymensingh
Division Total
Annual Report 2023

Division Division Division Division Division Division Division Division
Interest income 28,978,634,219 2,543,555,492 722,120,454 875,833,897 167,272,002 273,786,989 138,898,775 90,053,903 33,790,155,733
Interest expenses 14,480,175,060 2,003,897,103 346,540,026 213,305,921 717,074,743 118,288,537 36,380,480 43,582,792 17,959,244,662
NII 14,498,459,159 539,658,390 375,580,428 662,527,976 (549,802,740) 155,498,452 102,518,295 46,471,111 15,830,911,071
Pool income 26,414,245,004 2,530,172,690 424,634,993 244,294,631 959,354,718 153,992,747 43,468,689 55,263,207 30,825,426,679
Pool expenses 28,577,189,265 1,140,741,928 422,776,670 402,310,753 29,109,433 144,180,369 75,522,353 33,595,908 30,825,426,679
NPI (2,162,944,261) 1,389,430,762 1,858,323 (158,016,122) 930,245,285 9,812,378 (32,053,664) 21,667,299 -
Interest income on investments 4,712,708,520 - - - - - - - 4,712,708,520
Commission income 5,457,712,725 352,242,484 64,262,557 155,850,018 30,593,223 25,320,949 17,466,174 12,640,491 6,116,088,622
Exchange gain / loss 718,807,758 667,547 4,054,564 129,626 308,880 80,829 5,230 18,120 724,072,555
Fees and other income 213,414,599 8,395,791 205,000 318,800 182,050 - 14,750 0 222,530,990
Total other income 11,102,643,603 361,305,822 68,522,121 156,298,445 31,084,153 25,401,778 17,486,154 12,658,611 11,775,400,687
Operating income 23,438,158,501 2,290,394,974 445,960,873 660,810,299 411,526,697 190,712,608 87,950,786 80,797,021 27,606,311,758
Staff cost 6,767,350,517 525,995,480 143,442,224 128,123,505 128,406,756 78,069,318 27,968,553 29,621,760 7,828,978,113
Other cost 5,789,832,281 264,235,221 56,572,875 49,710,520 59,556,690 30,847,212 14,913,856 13,766,022 6,279,434,677
Total operating expenses 12,557,182,798 790,230,701 200,015,099 177,834,026 187,963,446 108,916,530 42,882,409 43,387,783 14,108,412,790
Operating profit 10,880,975,702 1,500,164,273 245,945,774 482,976,273 223,563,252 81,796,078 45,068,377 37,409,238 13,497,898,968
Provision for loans & others 1,978,563,192 539,671,778 26,030,350 275,642,354 (13,212,489) (85,258,503) 79,036,040 16,660,166 2,817,132,888
Profit before tax (PBT) 8,902,412,511 960,492,495 219,915,424 207,333,919 236,775,740 167,054,581 (33,967,663) 20,749,072 10,680,766,080
Provision for taxation 4,529,446,206
Net profit after tax (PAT) 6,151,319,874
Segment wise loans & advances/Investments 330,891,199,022 32,943,326,262 11,490,895,128 11,470,505,854 2,027,938,209 3,910,884,727 2,017,639,279 1,325,978,499 396,078,366,980
Segment wise deposits 303,311,334,846 56,195,445,121 9,075,115,554 6,396,840,487 11,187,249,855 3,501,327,138 1,184,155,703 1,658,860,583 392,510,329,287
Financial
Statements
Report of the Shari’ah Supervisory Committee

For the year ended on 31 December 2023
In the Name of Allah, The Beneficent, The Merciful. Durood and Salam is for our beloved Prophet Muhammadur Rasulullah
(Sallalahu Alaihi Wa Sallam).
To the Shareholders of City Bank PLC

Assalamu Alaikum Wa Rahmatullahi Wa Barakatuh
In compliance with the terms of reference of the Bye Laws of the Shari’ah Supervisory Committee, we submit the following Report on the Islamic Banking
operations of City Bank PLC for the year ended on 31st Dec. 2023;
The Shari’ah Supervisory Committee of City Bank PLC consists of Shari’ah Scholars, renowned Muftees. The Shari’ah Supervisory Committee meeting is
usually held once in a quarter to provide opinion on various Shari’ah related issues referred to it by the Management of the Bank.
City Bank Management is responsible for ensuring that they conduct its Islamic Banking business in accordance with the Shari’ah Rules and Principles. It is
our responsibility to form an independent opinion, based on our review of the Islamic Banking operations and to report to you.
As per our responsibility, we have reviewed the principles and the contracts relating to the transactions and applications introduced by ‘City Islamic Banking’
during the period from 1st January 2023 to 31st December 2023. Our review has been based on the internal Shari’ah inspection reports of the Muraqibs
(Shari’ah Auditors) as to whether the Bank has complied with Shari’ah rules and principles and also with the specific fatwas, rulings and guidelines issued
by us. In addition to our fatwas, the Muraqibs also followed the Internal Control & Compliance guidelines on Islamic Banking issued by the Bangladesh Bank.
The review included, on a sample basis of each type of transaction, the relevant documentation and procedures adopted by the City Islamic Banking.
Necessary information was obtained to provide us with sufficient evidence and reasonable assurance that City Bank Islamic Banking has not violated Shari’ah
rules and principles.
In our opinion:
1. Distribution of profit to the Mudaraba Depositors conforms to the basis that had been approved by us in accordance with Shari’ah rules and principles.
2. The agreements, transactions and dealings entered into by the City Islamic Banking during the year ended 31st December 2023 that we have reviewed
are in compliance with Shari’ah principles,
3. All earnings that have been realized from doubtful/ shariah non-compliance process have been kept separated for the charitable purpose and distributed
to the designated charitable causes.
4. City Islamic Banking does not pay Zakah on behalf of its shareholders or depositors. Hence, individual shareholders and depositors are advised to
calculate their own Zakah and distribute accordingly to the right beneficiaries.
5. Transactions with the conventional part of the Bank have been made duly complying with the Shari’ah principles.
During the year under report, the Shari’ah Supervisory Committee has advised the Bank on the following:
a) To take effective steps aiming at creating awareness among the employees and the customers about Shari’ah compliance.
b) To introduce prudential measures in order to mitigate and eliminate all operational shariah violations.
c) To continue organizing regular training & workshops on Islamic Banking for the officials of the Bank and orientation program on Islamic Banking for the
customers of the Bank.
We seek help from Allah the almighty to grant us Tawfeeq for shariah-compliance in all our activities, and to grant us all the success in this world and the
world hereafter. Wassalamu Alaikum Wa Rahmatullahi Wa Barakatuh.
Dhaka, the 24 March 2024. Dr. Maulana Md. Anwar Hosain Molla
Chairman

City Bank PLC
Balance Sheet of Islamic Banking Branch
Annexure-I(1)
2023 2022
Note
Taka Taka
PROPERTY AND ASSETS
Cash
Cash in hand (including foreign currencies) 1 37,766,025 21,045,361
Balance with Bangladesh Bank and its agent bank(s) 1,922,190,383 5,814,497,386
(Including foreign currencies) 1,959,956,408 5,835,542,747
Balance with other banks and financial institutions 2
In Bangladesh 8,450,463,858 9,162,106,809
Outside Bangladesh - -
8,450,463,858 9,162,106,809
Placement with banks & other financial institutions - -
Investments in shares & securities 3
Government 2,618,570,000 1,638,250,000
Others 2,000,000,000 -
4,618,570,000 1,638,250,000
Investments 4
General investments etc. 35,790,846,089 17,541,863,346
Bills purchased - -
35,790,846,089 17,541,863,346
Fixed assets including premises, furniture and fixtures 5 37,403,348 10,850,425
Other assets 6 1,676,085,200 900,087,846
Non-banking assets - -
Total assets 52,533,324,903 35,088,701,173
Liabilities:
Placements from banks and other financial institutions and agents 7 357,666,667 -
Deposits and other Accounts
Mudaraba savings deposits 11,018,628,337 8,574,292,587
Mudaraba term deposits 27,956,305,079 21,112,423,893
Al-wahdia current deposits and other accounts 6,735,244,686 2,769,193,397
Bills payable 1,946,792,281 428,392,452
47,656,970,382 32,884,302,329
Other liabilities 8 4,518,687,854 2,204,398,844
Paid up capital - -
Statutory reserve - -
Share premium - -
Other reserve - -
Surplus in profit and loss account/Retained earnings - -
Total shareholders' equity - -
Letters of guarantee 449,905,450 483,629,457
Irrevocable letters of credit 2,326,372,629 3,668,498,655
Bills for collection 2,863,471 2,863,471
Other contingent liabilities - -
Total 7,848,053,885 9,924,701,215
Other commitments
Forward assets purchased and forward deposits placed - -
Total - -
Total Off-Balance Sheet items including contingent liabilities 7,848,053,885 9,924,701,215

Financial
Statements
City Bank PLC

Profit and Loss Account of
Islamic Banking Branch
for the year ended 31 Decmber 2023
Annexure-I(2)
2023 2022
Note
Taka Taka
Profit on investment 3,551,148,733 1,910,608,379

Profit paid on deposits and placement etc. 1,839,918,341 1,102,894,276
Net investment income 1,711,230,392 807,714,103
Income from investments in shares & securities 265,778,512 56,804,994

Commission, exchange and brokerage income 9 326,594,606 188,045,189
Other operating income 10 3,518,887 3,760,112
595,892,005 248,610,295
Total operating income 2,307,122,397 1,056,324,397
Salaries and allowances 36,951,031 35,168,313

Rent, taxes, insurance, electricity etc. 28,083,699 21,252,624
Legal expenses 1,868,800 808,860
Postage, stamp, telecommunication etc. 140,826 133,551
Stationery, printing, advertisement etc. 3,960,130 20,912,990
Depreciation and repair of Bank's assets 8,253,296 9,582,099
Shariah Supervisory Committee's Honorarium & Expenses 479,592 21,960
Other expenses 11 3,520,466 2,848,648
Total operating expenses 83,257,840 90,729,046
Net operating profit 2,223,864,557 965,595,352
Provision for investments 196,236,558 173,709,385

Provision for Off-Balance Sheet exposures (26,395,690) 46,457,984
Total provision 169,840,868 220,167,370
Total profit before taxes 2,054,023,689 745,427,982

City Bank PLC
Notes to the Balance Sheet and Profit and
Loss Account of Islamic Banking Branch
As at and for the year ended 31 Decmber 2023
2023 2022
Taka Taka
1. Cash
1.1 Cash in hand
In local currency 37,766,025 21,045,361
In foreign currency - -
37,766,025 21,045,361
1.2 Balance with Bangladesh Bank and its agent bank(s)
In local currency 1,922,190,383 5,814,497,386
In foreign currency - -
1,922,190,383 5,814,497,386
2. Balance with other banks and financial institutions
In Bangladesh (Note - 2.1) 8,450,463,858 9,162,106,809
8,450,463,858 9,162,106,809
2.1 In Bangladesh
Mudaraba Short Notice Deposits
Prime Bank PLC (Islamic banking branch) 1,250,322,958 3,665,377
Pubali Bank PLC (Islamic banking branch) 1,200,000,000 -
Jamuna Bank PLC (Islamic banking branch) 650,000,000 -
AB Bank PLC (Islamic banking branch) 102,699 16,414,938
Social Islami Bank PLC 36,345 1,706,787
Southeast Bank PLC (Islamic banking branch) 1,000 10,775,648
Bank Alfalah Limited (Islamic banking branch) 255 2,743,880
EXIM Bank Limited - 26,800,178
3,100,463,258 62,106,809
Mudaraba term deposit accounts
Islami Bank Bangladesh PLC 3,000,000,000 3,500,000,000
One Bank PLC (Islamic banking branch) 1,250,000,000 500,000,000
EXIM Bank Limited 800,000,600 2,300,000,000
Al-Arafah Islami Bank PLC 300,000,000 1,000,000,000
Agrani Bank PLC (Islamic banking branch) - 900,000,000
Standard Bank PLC - 900,000,000
5,350,000,600 9,100,000,000
8,450,463,858 9,162,106,809
3 Investments in shares & securities
Government Sukuk and Bond (Note-3.1)
Bangladesh Government Investment Sukuk (BGIS) 1,518,570,000 1,388,250,000
Bangladesh Government Islami Investment Bond (BGIIB) 1,100,000,000 250,000,000
2,618,570,000 1,638,250,000
Investment in other Securities
Beximco Green Sukuk Al Istisna'A 1,500,000,000 -
BBML Sukuk AL Ijarah 500,000,000 -
2,000,000,000 -
4,618,570,000 1,638,250,000
3.1 Government Sukuk and Bond
3 months Bangladesh Government Islami Investment Bond (BGIIB) 1,100,000,000 250,000,000
5 years Bangladesh Government Investment Sukuk (BGIS) 1,518,570,000 1,388,250,000
2,618,570,000 1,638,250,000

Financial
Statements
2023 2022
Taka Taka
4 Investments
i) Investments
Inside Bangladesh
Hire purchase shirkatul melk (HPSM) 16,471,357,288 10,611,326,274

Bai - Salam 13,480,431,349 2,803,856,401
Bai - Murabaha 5,388,479,797 3,860,036,853
Musharaka 82,072,988 68,296,950
Islamic Credit Card 368,504,667 198,346,868
35,790,846,089 17,541,863,346
35,790,846,089 17,541,863,346
ii) Bills purchased
Payable Inside Bangladesh

Inland Bill Purchased (IBP) - -
Payable Outside Bangladesh

Foreign Bill Purchased (FBP) - -
- -
35,790,846,089 17,541,863,346
5 Fixed assets including premises, furniture and fixtures
Cost
Software 36,779,305 8,915,275
52,373,572 22,834,527
37,403,348 10,850,425
6 Other assets
Profit receivable from investment 946,516,777 233,365,799

Branch adjustment account 537,027,433 615,612,903
Sundry debtors 173,635,253 38,376,892
Advance tax 14,360,206 7,029,911
Advance deposits and advance rent 4,419,005 5,702,342
Stationery and stamps 126,526 -
1,676,085,200 900,087,846
7 Placements from banks and other financial institutions and agents
In Bangladesh (Note- 7.1) 357,666,667 -

357,666,667 -
7.1 In Bangladesh
Placement from Bangladesh Bank 357,666,667 -

357,666,667 -
7.2 Maturity grouping of placement from other banks, financial institutions and agents
Payable on demand - -
Up to 1 month - -
Over 1 month but within 3 months 158,333,333 -
Over 3 months but within 1 year 53,000,000 -
Over 1 year but within 3 years 86,666,667 -
Over 3 year but within 5 years 59,666,667 -
Over 5 years - -
357,666,667 -

2023 2022
Taka Taka
8 Other liabilities
Profit Payable to head office 2,054,023,689 745,427,982
Profit mark up account 1,155,854,807 655,126,594
Profit payable account 419,287,878 240,258,853
Provision for investment 493,497,236 292,496,711
Others (Payable to Govt., MFS & other organization) 268,535,257 129,364,014
Provision for off-balance sheet exposures 74,426,713 100,822,403
Expense payable 20,384,750 15,300,751
Profit suspense account 18,757,642 8,974,053
Realised compensation 12,890,199 15,879,248
Unrealised compensation 1,029,682 748,234
4,518,687,854 2,204,398,844
9 Commission, exchange and brokerage income
Other fees and charges (Note - 9.1) 160,504,409 90,416,307
Commission on accepted bills 77,391,799 47,397,368
Commission on letters of credit 75,850,982 37,869,812
Commission on letters of guarantee 12,407,834 6,060,354
Commission on OBC, IBC etc. 226,249 139,570
Other commission 122,288 409,238
Commission on PO, DD, TT, TC, etc. 91,045 157,481
Commission on export bills - 500
326,594,606 182,450,631
Exchange gain including gain from foreign currency dealings - 5,594,558
326,594,606 188,045,189
9.1 Other fees and charges
Islamic credit card income 93,915,066 32,277,246
Investment processing fees 27,593,724 33,996,283
Supervision Fees 18,409,083 -
Service charges on deposits 17,031,564 18,534,820
Cheque book issue fees 3,230,012 4,968,840
Clearing return 186,281 124,412
Charges on account closing 133,678 108,907
Fund transfer process fees 5,000 405,800
160,504,409 90,416,307
10 Other operating income
Miscellaneous earnings (Note - 10.1) 1,675,600 1,365,507
Postage/telex/swift/fax recoveries 1,090,526 1,972,940
Locker rent 752,761 421,665
3,518,887 3,760,112
10.1 Miscellaneous earnings includes earning from early settlement of investment, issuing various certificate and bank statements on demand of
customers.
11 Other expenses
Miscellaneous expenses 140,316 113,875
Newspapers 8,724 7,778
Islamic Credit card expenses 786,141 360,566
Subscription to institutions 1,471,403 1,324,362
Business expansion cost 17,550 446,433
Security expenses 386,929 393,076
Entertainment 120,249 78,146
Online communication expenses 82,304 77,922
Conveyance 33,937 46,490
Training, seminar and workshop 472,913 -
3,520,466 2,848,648

Financial
Statements
City Bank PLC

Balance Sheet of Off-Shore Banking Unit
Annexure-J(1)
2023 2022
Note
USD Taka Taka
PROPERTY AND ASSETS
Cash
Cash in hand (including foreign currencies) - - -
(Including foreign currencies) - - -
- - -
Balance with other banks and financial institutions
In Bangladesh 9,400,000 1,034,000,000 516,463,500
Outside Bangladesh 1 5,075,743 558,331,745 751,995,998
14,475,743 1,592,331,745 1,268,459,498
Money at call and short notice - - -
Investments in shares & securities
Government - - -
Others - - -
- - -
Loans and advances 2
Loans, cash credits, overdrafts, etc. 66,740,715 7,341,478,654 10,983,493,889
Bills purchased and discounted 200,788,561 22,086,741,689 28,807,122,889
267,529,276 29,428,220,343 39,790,616,778
Fixed assets including premises, furniture and fixtures - - -
Other assets 391,697 43,086,666 584,641,018
Non-banking assets - - -
Total assets 282,396,716 31,063,638,754 41,643,717,294

Liabilities:
Borrowings from other banks, financial institutions and 3 143,766,851 15,814,353,588 30,606,842,699
agents
Deposits and other Accounts 16,035,598 1,763,915,822 3,342,229,806

Other liabilities 4 122,594,267 13,485,369,344 7,694,644,789
Total liabilities 282,396,716 31,063,638,754 41,643,717,294
Paid up capital - - -
Statutory reserve - - -
Share premium - - -
Other reserve - - -
Surplus in profit and loss account - - -
- - -
Total liabilities and shareholders' equity 282,396,716 31,063,638,754 41,643,717,294
Acceptances and endorsements 28,489,824 3,133,880,590 2,262,706,254
Letters of guarantee - - -
Irrevocable letters of credit 21,605,092 2,376,560,158 1,596,493,377
Bills for collection 24,901,614 2,739,177,494 2,199,174,800
Other contingent liabilities 116,102,471 12,771,271,839 12,318,316,817
191,099,001 21,020,890,081 18,376,691,248
Other commitments - - -
Total off-balance sheet items including contingent liabilities 191,099,001 21,020,890,081 18,376,691,248

City Bank PLC
Profit and Loss Account of
Off-Shore Banking Unit
Annexure-J(2)
2023 2022
Note
USD Taka Taka
Interest income 5 32,479,570 3,572,752,701 2,089,040,422

Interest paid on borrowings 31,379,500 3,451,745,044 1,951,548,344
Net interest income 1,100,070 121,007,657 137,492,078
Commission and exchange 6 1,430,241 157,326,519 129,373,544

Other operating income 48,175 5,299,268 3,951,038
1,478,416 162,625,787 133,324,582
Total operating income (A) 2,578,486 283,633,444 270,816,660
Rent, taxes, insurance, electricity, etc. - - -

Legal expenses - - -
Other operating expenses - - -
Total operating expenses (B) - - -
Profit before provision (C = A-B) 2,578,486 283,633,444 270,816,660
Provision for loans and advances/investments (942,036) (103,623,964) 57,532,201

Provision for off-balance sheet exposures 3,372 370,873 10,220,138
Provision for diminution in value of investments - - -
Other provision - - -
Total provision (938,664) (103,253,091) 67,752,339
Total profit before taxes (E = C-D) 3,517,150 386,886,535 203,064,321

Financial
Statements
City Bank PLC

Notes to the Balance Sheet
and Profit and Loss Account of
Off-Shore Banking Unit
2023 2022
USD Taka Taka
1 Balance with other banks and financial institutions
In Bangladesh 9,400,000 1,034,000,000 516,463,500

Outside Bangladesh 5,075,743 558,331,745 751,995,998
14,475,743 1,592,331,745 1,268,459,498
OBU maintain its own account relating Offshore Banking business separately.
2 Loans and advances
Loans, cash credits, overdrafts, etc.
Short term loan 25,555,093 2,811,060,241 3,214,363,712
Term loan 30,805,033 3,388,553,610 6,338,083,762
Over draft loan 10,380,589 1,141,864,803 1,431,046,415
66,740,715 7,341,478,654 10,983,493,889
Bills purchased and discounted 200,788,561 22,086,741,689 28,807,122,889
267,529,276 29,428,220,343 39,790,616,778
3 Borrowings from other banks, financial institutions and agents
In Bangladesh - - -
Outside Bangladesh 143,766,851 15,814,353,588 30,606,842,699
143,766,851 15,814,353,588 30,606,842,699
4 Other liabilities
Payable to main operation 114,965,013 12,646,151,464 6,779,850,857
Provision for loans and advances 2,675,293 294,282,203 397,906,168
Interest payable 1,225,949 134,854,359 228,712,063
Government levy and vat payable 1,777,120 195,483,154 105,521,490
Provision for off balance sheet exposure 978,966 107,686,264 100,771,787
Others 971,926 106,911,900 81,882,424
122,594,267 13,485,369,344 7,694,644,789
5 Interest income
Loan and advances 25,035,136 2,753,864,953 663,365,170
Interest on balance with other banks and financial institutions 562,651 61,891,662 7,263,623
Bills purchased and discounted 6,881,783 756,996,086 1,418,411,629
32,479,570 3,572,752,701 2,089,040,422
6 Commission, exchange and brokerage
Commission income 1,430,241 157,326,519 129,373,544
Exchange gain - - -
1,430,241 157,326,519 129,373,544

TO WHOM IT MAY CONCERN
This is to certify that as detailed in the Annexure K, City Bank PLC made the custodian transactions on account of custodian services provided during the year
ended 31 December 2023, which have been verified with the books of account, invoices and other related documents as produced to us for our verification.

We also certify that management of the Bank prepared and fairly presented of the income and expenses in accordance with the requirement of the Securities
and Exchange Commission (Securities Custodian Service) Rules 2003, and made necessary disclosures in the Bank’s audited financial statements for the
year ended 31 December 2023.
Dhaka, 27 March 2024

Financial
Statements
City Bank PLC

Profit and Loss Account of Custodian Service
Annexure-K
2023 2022
Taka Taka
Operating income
Commission, exchange and brokerage 154,405 255,556

Other operating income - -
Total operating income 154,405 255,556
Salaries and allowances 36,143 46,442

Rent, taxes, insurance, electricity etc. - -
Legal expenses - -
Postage, stamp, telecommunication etc. - -
Stationery, printing, advertisement etc. - -
Auditors' fees - 69,000
Depreciation and repair of bank's assets - -
Other expenses 115,000 131,350
Total operating expenses 151,143 246,792
Operating profit 3,262 8,764

City Bank PLC
HIGHLIGHTS
Annexure-L
Figures in million unless specified
Sl. As at As at
Particulars
no. 31 December 2023 31 December 2022
1 Paid-up capital Taka 12,246.19 12,006.07

2 Total capital Taka 56,172.90 52,199.65
3 Capital surplus/(deficit) Taka 11,743.15 7,086.39
4 Total assets Taka 555,738.27 506,846.96
5 Total deposits Taka 392,510.33 331,890.38
6 Total loans and advances/investments Taka 396,078.37 354,773.69
7 Total contingent liabilities and commitments Taka 209,349.35 218,247.99
8 Credit deposit ratio *
Advance Deposit Ratio (Conventional including OBU) % 83.74% 83.23%
Investment Deposit Ratio (Islamic) % 72.13% 51.03%
9 Percentage of classified loans/investments against total loans and advances/investments % 3.63% 3.85%
10 Amount of classified loans/investments during the period Taka 14,385.09 13,671.50
11 Provisions kept against classified loans/investments Taka 6,233.23 5,450.84
12 Provision surplus/(deficit) against classified loans/investments Taka 19.34 53.66
13 Cost of fund % 3.75% 3.34%
14 Interest earning assets Taka 474,453.60 431,127.53
15 Non-interest earning assets Taka 81,284.67 75,719.43
16 Return on investment (ROI) % 7.12% 6.36%
17 Return on assets (ROA) % 1.16% 0.98%
18 Liquidity coverage ratio (LCR) % 174.58% 220.14%
19 Net stable funding ratio (NSFR) % 106.52% 103.09%
20 Net asset value per share** Taka 30.39 26.82
21 Profit after tax and provision Taka 6,151.32 4,507.77
22 Income from investment Taka 4,712.71 3,605.37
23 Earnings per share** Taka 5.02 3.68
24 Net income per share** Taka 5.02 3.68
25 Price earning ratio Times 4.26 5.92
* As per Bangladesh Bank Reporting
** Amount are presented in Taka actual

FINANCIAL STATEMENTS OF
CITY BROKERAGE LTD. 2023
Annual Report 2023

Financial
Statements
491
To the Shareholders of City Brokerage Ltd.
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of City Brokerage Ltd. (the Company), which comprise the statement of financial position (balance sheet) as at
31 December 2023, and the statement of profit or loss and other comprehensive income (profit and loss statement), statement of changes in equity and
statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying financial statements give a true and fair view of the financial position of the company as at 31 December 2023, and of its
financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the
Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the ethical
requirement that are relevant to our audit of the financial statements in Bangladesh, and we have fulfilled our other ethical responsibilities in accordance with
these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We draw attention to notes 7, 13 and 26 to the financial statements where the value of securities is recognised and presented at cost rather than fair
value as per IFRS 9. Thus the Statement of Financial Position of previous years 2021 and 2022 called for restatement as per IAS 8. This is allowed by the
directives of Bangladesh Securities and Exchange Commission (BSEC) vide ref. no. BSEC/SRI/NE/2020/333 dated 27 March 2023 and also complies with
the guidelines of Dhaka Stock Exchange Limited vide ref. no. DSE/COM/TAD/CLR/AFS_2022/647 dated 13 March 2023.
Our opinion is not modified regarding above.
Responsibilities of management and those charged with governance for the financial statements
Management is responsible for the preparation of the financial statements that give a true and fair view in accordance with IFRSs, the Companies Act 1994
and other applicable laws and regulations and for such internal control as management determines is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company
or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financial reporting process.
Auditor’s responsibilities for the audit of financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis
of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by
management.

Financial
Statements
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a
material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements
or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report.
However, future events or conditions may cause the company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.
Report on other legal and regulatory requirements
In accordance with the Companies Act 1994, we also report the following:
a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit and
b) in our opinion, proper books of account as required by law have been kept by the Company so far as it appeared from our examination of these books;
and
c) the statement of financial position (balance sheet) and statement of profit or loss and other comprehensive income (profit and loss statement) dealt
with by the report are in agreement with the books of account.
Auditor’s Signature :
Name of Engagement Partner : Md. Moktar Hossain, FCA, Senior Partner
Enrollment No. : 728
Firm’s Name : S. F. AHMED & CO., Chartered Accountants
Firm’s Reg. No. : 10898 E.P. under Partnership Act 1932
Document Verification Code (DVC) : 2401290728AS319715
Dhaka, Bangladesh
Dated, 29 Jan 2024

City Brokerage Ltd.
Statement of Financial Position (Balance Sheet)
As at 31 December 2023
31 December 2023 31 December 2022 1 January 2022

Notes
BDT BDT Restated BDT Restated
Assets
Non-current assets
Property, plant and equipment 8 307,745,333 328,773,713 297,561,727
Intangible assets 9 3,271,644 3,901,549 4,706,117
Right-of-use (ROU) assets 10 32,044,554 44,783,723 15,229,809
Investment in Stock Exchanges 11 557,370,431 562,120,683 562,120,683
900,431,962 939,579,668 879,618,336
Current assets
Margin loan to clients 12 792,869,390 1,045,060,666 1,172,062,257
Investment in securities 13 2,619,732,002 2,315,779,444 2,185,348,302
Accounts receivable 14 118,052,429 83,246,800 45,998,833
Advance income tax 15 179,915,969 336,849,733 425,889,582
Advances, deposits and prepayments 16 26,642,997 10,000,455 53,689,512
Cash and cash equivalents 17 483,045,948 604,503,374 1,030,905,287
4,220,258,735 4,395,440,473 4,913,893,772
Total assets 5,120,690,697 5,335,020,142 5,793,512,108
Equity and liabilities
Capital and reserves
Share capital 18 3,400,000,000 3,400,000,000 3,400,000,000
Capital reserve 19 50,826,926 38,307,621 -
Retained earnings 142,895,663 94,436,696 118,051,266
3,593,722,590 3,532,744,317 3,518,051,266
Non-current liabilities
Long term loan - - 36,765,324
Lease liabilities-non current portion 20 22,922,383 33,252,558 7,467,256
Deferred tax liabilities 21 27,711,938 27,833,733 21,275,911
50,634,321 61,086,291 65,508,491
Current liabilities
Short term loan 22 662,748,994 679,836,859 664,044,069
Lease liabilities- current portion 20 9,642,014 8,504,596 7,661,333
Payable to clients 23 465,123,939 557,795,752 890,451,083
Accounts payable 24 13,731,669 35,750,841 61,635,912
Accrued expenses 3,638,000 1,452,844 92,000
Interest suspense account - - 92,222,991
Provision for loans loss - margin loan 25 7,928,693 10,450,606 21,518,054
Provision for diminution in value of investment 26 28,335,700 30,653,781 -
Provision for corporate income tax 27 285,184,778 416,744,256 472,326,910
1,476,333,787 1,741,189,534 2,209,952,351
Total liabilities 1,526,968,108 1,802,275,825 2,275,460,842
Total shareholders' equity and liabilities 5,120,690,697 5,335,020,142 5,793,512,108
These financial statements should be read in conjunction with annexed notes.

For and on behalf of the Board of Directors of City Brokerage Ltd.
Company Secretary Managing Director & CEO Director Chairman
See annexed report of the date
S. F. AHMED & CO.

Dhaka, Bangladesh Chartered Accountants
Dated, 29 Jan 2024 DVC: 2401290728AS319715

Financial
Statements
City Brokerage Ltd.

Statement of Profit or Loss and Other
Comprehensive Income (Profit and Loss Statement)
For the year ended 31 December 2023
2023 2022
Notes
BDT BDT
Operating income
Brokerage commission 28 151,260,712 287,636,443

Interest income 29 145,329,652 163,183,800
Capital gains/(losses) 30 27,625,344 41,400,913
Dividend income 57,670,365 71,932,572
Other operating income 31 576,845 588,380
Total operating income 382,462,919 564,742,106
Non- operating income 32 13,348,917 8,298,426

Total income 395,811,836 573,040,533
Expenses
Direct cost 33 16,610,419 33,603,332

Operating expenses 34 199,862,586 207,230,014
Interest expenses 35 43,561,507 47,166,051
Total expenses 260,034,512 287,999,397
Profit before provision and taxation 135,777,324 285,041,136
Provision/(write back of provision) for loan loss-margin loan 25 (2,521,913) (942,883)
Provision/(write back of provision) for diminution in value of investment 26 (2,318,081) 30,653,781
Profit before tax 140,617,318 255,330,238
Income tax expense

Current tax 27 (79,760,841) (123,579,366)
Deferred tax (expenses)/ income 21 121,795 (6,557,822)
(79,639,046) (130,137,187)
Profit for the year 60,978,273 125,193,051
Other comprehensive income - -
Total comprehensive income/(loss) for the year 60,978,273 125,193,051
These financial statements should be read in conjunction with annexed notes
S. F. AHMED & CO.

Dhaka, Bangladesh Chartered Accountants
Dated, 29 Jan 2024 DVC: 2401290728AS319715

City Brokerage Ltd.
Share Capital Retained

Total
Particulars capital reserve earnings
BDT BDT BDT BDT
Year ended 31 December 2022

Balance at 1 January 2022 (Restated) 3,400,000,000 - 118,051,266 3,518,051,266
Dividend paid for the year 2021 - - (110,500,000) (110,500,000)
Profit for the year - - 125,193,051 125,193,051
Capital reserve - 38,307,621 (38,307,621) -
Balance at 31 December 2022 3,400,000,000 38,307,621 94,436,696 3,532,744,317
Share Capital Retained

Total
Particulars capital reserve earnings
BDT BDT BDT BDT
Year ended 31 December 2023
Balance at 1 January 2023 3,400,000,000 38,307,621 94,436,696 3,532,744,317

Profit for the year - - 60,978,273 60,978,273
Capital reserve - 12,519,305 (12,519,305) -
Balance at 31 December 2023 3,400,000,000 50,826,926 142,895,663 3,593,722,590
Dhaka, Bangladesh
Dated, 29 Jan 2024

Financial
Statements
City Brokerage Ltd.

Statement of Cash Flows
2023 2022
BDT BDT
A. Cash flows from operating activities
Profit before provision and taxation 135,777,324 285,041,136
Adjustment for non-cash item:
Depreciation and amortisation 36,046,515 39,041,659
Gain on sale of PPE - (30,000)
171,823,839 324,052,796
Changes in working capital components:
(Increase)/decrease in current assets-
Accounts receivable (34,805,629) (37,247,966)
Advances, deposits and prepayments (16,642,542) 43,689,057
Increase/(decrease) in current liabilities-
Payable to clients (92,671,813) (332,655,331)
Account payable (19,834,016) (24,524,227)
(163,954,000) (350,738,468)
Cash generated from operations 7,869,839 (26,685,672)
Income tax paid (54,386,556) (90,122,171)
Net cash from/(used in) operating activities (46,516,717) (116,807,843)
B. Cash flows from investing activities

Investment in securities (303,952,558) (130,431,145)
Investment in Stock Exchanges 4,750,252 -
Acquisition of property, plant and equipment (282,105) (55,249,029)
Acquisition of intangible assets (800,000) (976,000)
Investment in margin loan 252,191,276 24,654,035
Acquisition of right-of-use asset (566,956) (42,783,795)
Realisation received from sale of PPE - 35,833
Net cash from/(used in) investing activities (48,660,091) (204,750,100)
C. Cash flows from financing activities

Long term loan - (36,765,324)
Short term loan (17,087,864) 15,792,789
Lease liability-non current portion (10,330,175) 25,785,303
Lease liability-current portion 1,137,418 843,263
Dividend paid - (110,500,000)
Net cash from/(used in) financing activities (26,280,621) (104,843,969)
Net changes in cash and cash equivalents (A+B+C) (121,457,428) (426,401,912)
Opening cash and cash equivalents 604,503,375 1,030,905,287
Closing cash and cash equivalents 483,045,948 604,503,374
Dhaka, Bangladesh
Dated, 29 Jan 2024

City Brokerage Ltd.
Notes to the Financial Statements
1. Reporting entity
1.1 Company profile
City Brokerage Ltd. (the company) was incorporated in Bangladesh on 31 March 2010 as a private limited company under the Companies Act 1994
vide certificate of incorporation no. C-83616/10. Subsequently, the company obtained Broker and Dealer licenses from Dhaka Stock Exchange
Limited (DSE) and Chittagong Stock Exchange Limited (CSE) bearing broker license number 3.1/DSE-145/2010/433 dated 25 October 2010 and
3.2/CSE-133/2010/250 dated 4 November 2010 and dealer license number 3.1/DSE-145/2010/434 dated 25 October 2010 and 3.2/CSE-
133/2010/251 dated 4 November 2010. It is a subsidiary company of City Bank PLC, a banking company incorporated in Bangladesh under the
Banking Companies Act 1991. Though the company was incorporated on 31 March 2010 but it started its operations from 15 November 2010.
The Head Office of the company is situated at Taj Castilina Sw(1) 4, Flat 4/D (3rd Floor), 25 Gulshan Avenue, Gulshan 1, Dhaka-1212 and registered
office is situated at City Centre, Unit # 12A & 12B (12th floor) Level-13, 90/1, Motijheel Commercial Area, Dhaka 1000. The company has two
branches inside Dhaka each located at Dhanmondi and Nikunja and two other branches at Chattogram and Sylhet. The legal status of the company
has been converted into public limited company from private limited company in June 2012 in compliance with Bangladesh Securities and Exchange
Commission (Stock Dealer, Stock Broker and Authorised Representatives) Rules 2000.
1.2 Nature of the business

The principal objectives of the company are to act as a member of Dhaka Stock Exchange and Chittagong Stock Exchange Ltd. to carry on the
business of Stock brokers/dealers in relation to shares and securities dealings and other services as mentioned in the Memorandum and Article of
Association of the company.
2. Basis of accounting
The financial statements have been prepared in compliance with the requirement of the International Financial Reporting Standards (IFRS) which also
cover International Accounting Standards (IAS), the Companies Act 1994, Bangladesh Securities and Exchange Commission (Stock Dealer, Stock Broker and
Authorised Representatives) Rules 2000, Securities & Exchange Rules, 2020 and other applicable laws and regulations.
Details of the company’s accounting policies are included in Note 6.

These financial statements have been prepared on accrual basis of accounting following going concern concept under historical cost convention.

These financial statements cover a period of one year from 1 January 2023 to 31 December 2023.
2.4 Functional and presentational currency and level of precision

These financial statements have been presented in Bangladeshi Taka (Taka/Tk/BDT), which is both the functional and presentation currency of the
company.
2.5 Authentication of financial statements

Section 189 (1) (ii) of Companies Act 1994 states that financial statements of a private limited company shall be signed by its Managing Agent,
Manager or Secretary, if any, and by not less than two Directors of the company one of whom shall be the Managing Director where there is one.
Financial statements of the company for the year under reporting have been signed by executives of the company in compliance with this provision.
2.6 Components of financial statements

According to International Accounting Standard (IAS)- 1, “Presentation of financial statements” the complete set of financial statements includes
the following components:
i. Statement of Financial Position (Balance Sheet) as of 31 December 2023;

ii. Statement of Profit or Loss and Other Comprehensive Income (Profit and Loss Statement) for the year ended 31 December 2023;
iii. Statement of Changes in Equity for the year ended 31 December 2023;
iv. Statement of Cash Flows for the year ended 31 December 2023; and
v. Explanatory notes to the financial statements which also describe accounting policies adopted and followed by the company.
3. Use of judgments and estimates

The preparation of financial statements in conformity with IFRSs requires management to make judgments, estimates and assumptions that affect
the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these
estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which
the estimates are revised and in any future periods affected.

Financial
Statements
3.1 Assumptions and estimation uncertainties

Information about critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the financial
statement is included in the following notes:
- Note 8 Property, plant and equipment

- Note 9 Intangible assets
- Note 10 Right-of-use (ROU) asset
- Note 11 Investment in Stock Exchanges
- Note 23 Accounts payable
When measuring the fair value of an asset or a liability, the company uses market observable data as far as possible. Fair values are categorised into
different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:
• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
• Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly
(i.e. derived from prices).
• Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
If the inputs used to measure the fair value of an asset or a liability might be categorised in different levels of the fair value hierarchy, then the fair
value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire
measurement.
The company recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.
4. Employee benefits
4.1 Employees provident fund
Provident fund benefits are given to the permanent employees of the company in accordance with the Provident Fund Rules which are recognised
by National Board of Revenue (NBR). The fund is operated by a Board of Trustees consisting of four members. All confirmed employees of the
company are contributing 10% of their basic salary as subscription to the Fund. The company also contributes equal amount of the employees’
contribution.
4.2 Employees gratuity fund
Gratuity fund benefits are given to the permanent employees of the company in accordance with the Gratuity Fund Rules which are recognised by
National Board of Revenue (NBR). The fund is operated by a Board of Trustees consisting of four members.
5. Other disclosures
5.1 Comparatives
Comparative information have been disclosed for all numerical information in the financial statements and also the narrative and descriptive
information when it is relevant for understanding of the current year’s financial statements. To facilitate comparison, certain relevant balances
pertaining to the previous year have been rearranged/restated/reclassified whenever considered necessary to conform to current year’s
presentation.
5.2 Events after the reporting period

In accordance with IAS 10: Events after the Reporting Period, amounts recognised in the financial statements are adjusted for events after the
reporting period that provide additional evidence of conditions that existed at the end of the reporting period. No material events had occurred after
the reporting period to the date of issue of these financial statements, which could affect the values stated in the financial statements. Material
non-adjusting events are disclosed in the financial statements.
No material events have occurred from the Statement of Financial Position date to the date of issue of these Statements which could affect the
values stated in the Financial Statement Position.
6. Significant accounting policies

The company has applied the following accounting policies to these financial statements.
See out below is an index of the significant accounting policies, the details of which are available on the pages that follow:
A. Statement of cash flows

B. Cash and cash equivalent
C. Share capital
D. Provisions
E. Foreign currency transactions
F. Income tax
G. Revenue
H. Intangible assets
I. Lease
J. Property, plant and equipment
K. Financial instruments

A. Statement of cash flows
The statement of cash flows has been prepared in accordance with IAS 7: Statement of Cash Flows under indirect method.
B. Cash and cash equivalent
Cash and cash equivalents comprise cash in hand, bank deposits and other short term highly liquid investments with original maturity of three
months or less and overdrafts which were held and available for use by the company without any restriction, and there is insignificant risk of
changes in value of these current assets.
C. Share capital
Ordinary shares are classified as equity. Incremental costs, if any directly attributable to the issue of ordinary shares are recognised as a
deduction from equity, net of any tax effects.
Paid up capital represents total amount contributed by the shareholders issued by the company to the ordinary shareholders. Holders of
ordinary shares are entitled to receive dividends as declared from time to time and are entitled to vote at shareholders’ meetings. In the event
of a winding up of the company, ordinary shareholders rank after all other shareholders and creditors and are fully entitled to any residual
proceeds of liquidation.
D. Provisions
A provision is recognised in the statement of financial position when the company has a legal or constructive obligation as a result of a past
event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made for the
amount of the obligation. Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimate. If it
is probable that an outflow of resources embodying economic benefits are not required to settle the obligation, the provisions are reversed.
E. Foreign currency transactions

Transactions in foreign currencies are recorded and translated in accordance with IAS 21: The effects of changes in foreign exchange rates.
Transactions in foreign currencies are recorded in BDT at the exchange rates prevailing on the respective dates of transactions. All monetary
assets and liabilities denominated in foreign currencies are translated to the functional currency at the exchange rate prevailing at the statement
of financial position date. Foreign currency differences arising on the settlement of monetary items or on translating monetary items at the end
of the reporting period are generally recognised in profit or loss.
F. Income tax
Income tax expense comprises current and deferred tax. Income tax expense is recognised in the statement of profit or loss and other
comprehensive income in accordance with IAS 12: Income taxes.
G. Revenue
IFRS 15 deals with revenue recognition and establishes principles for reporting useful information to users of financial statements about the
nature, amount, timing and uncertainty of revenue and cash flows arising from an entity´s contracts with customers. Revenue is recognised
when a entity fulfils the performance obligations regarding the contract of supplying the goods or rendering of service. The standard replaces
all existing requirements of IAS 18: Revenue and IAS 11: Construction contracts and related interpretations. The standard is effective for annual
periods beginning on or after 1 January 2021 thus the company adopted IFRS 15 with a date of the said initial application.
It has been assessed that the implementation of IFRS 15 is not likely to have any significant impact on the financial statements. Management has
assessed impact of IFRS 15 on the different agreement types that are used in company’s business areas, most of the components are long-term
in nature. Revenue from the contracts are recognised over the time as the service obligation satisfies over the time. No retrospective application
has been made as due impact of adopting IFRS 15 does not affect the revenue recognised till date.
Brokerage commission
Brokerage commission is recognised on an actual basis. Such income is calculated based on trading of share and securities.
Interest income
Interest income comprises:

1)interest income on margin loan which is recognised on an accrual basis and calculated based on daily margin loan balance of the respective
margin loan holder’s account.
2) interest income on bank deposit which is recognised as it accrues, using the effective interest method.
3)interest income on prefunding is recognised on an accrual basis which is charged on foreign investors at a specified interest rate.interest
income on prefunding is recognised on an accrual basis which is charged on foreign investors at a specified interest rate.
Dividend income
Dividend income is recognised when the right to receive dividend is established. Usually this is the record date for entitlement of dividend against
equity securities.
Capital gain
Capital gain arises from sale of quoted securities which is recognised on an actual basis at the time of sale.
H. Intangible assets
Intangible assets are accounted in accordance with IAS 38: Intangible assets. Intangible assets acquired separately are initially recognised at
cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment
losses. The amortisation rate of intangible asset is @5% & @20%.

Financial
Statements
I. Leases
The company has adopted IFRS 16: leases from 1 January 2019 to account for its leases for office space. The leases were previously accounted
for under IAS 17, where the leases were classified as operating lease.
Under IFRS 16, a lessee shall recognise a right-of-use asset and a lease liability for all leases except where the leases are either short-term or
the leases are for low value assets. Presently, leases of the company are for short-term or low value assets. Therefore, the company decided
to recognise the lease payments associated with these leases as an expense on a straight line basis.
J. Property, plant and equipment

Recognition
The cost of an item of property, plant and equipment shall be recognised as an asset if, and only if;
a) it is probable that future economic benefits will flow to the entity; and
b) the cost of the item can be measured reliably.
Measurement
An item of property, plant and equipment qualifying for recognition is initially measured at its cost. Cost comprises expenditure that is directly
attributable to the acquisition of the assets. The cost of self-constructed asset includes the following: the cost of materials and direct labour;
any other costs directly attributable to bring the asset to a working condition for their intended use; and when the company has an obligation
to remove the asset or restore the site, an estimate of the costs of dismantling and removing the items and restoring the site on which they
are located.
Subsequent costs
Subsequent costs are included in the assets’ carrying amount or recognised as a separate asset, as appropriate, only when it is probable that
future economic benefits associated with the item will flow to the company and the cost of the item can be measured reliably. All other repairs
and maintenance are charged to the statement of profit or loss and other comprehensive income during the financial period in which they are
incurred. In compliance with the provisions of the Companies Act 1994, adjustment is made to the original cost of fixed assets acquired through
foreign currency loan at the end of each financial year by any change in liability arising out of expressing the outstanding foreign loan at the rate
of exchange prevailing at the reporting date.
Depreciation
Depreciation is commenced when the asset is in the location and condition necessary for it to be capable of operating in the manner intended.
Property plant and equipment of City Brokerage Ltd. are depreciated using straight line method. Depreciation is charged for an asset from the
date of purchase. Each significant part of an item of property, plant and equipment is depreciated separately, using their useful lives. If any
residual value is considered for an asset on its expiry of expected life, the value is deducted from the cost to arrive at the depreciable amount.
The residual value and useful life of the assets are reviewed in each year end. Depreciation is expressed in terms of percentage of cost of the
related assets.
The annual depreciation rates applicable for different category of assets are:
2023 2022
Furniture and fixtures 10% 10%

Office equipment 20% 20%
Office decoration 10% 10%
Motor vehicles 20% 20%
Building 2.5% 2.5%
OMS Softeware 10% 10%
L. Financial instruments:
Financial instruments are measured and recognised at cost and maintained required provision as per BSEC directives and DSE guidelines.
i. Financial assets
The company initially recognises receivables and deposits on the date when they are originated. All other financial assets are recognised initially
on the date at which the company becomes a party to the contractual provisions of the transaction.
The company derecognises a financial asset when the contractual rights to the cash flows from the assets expire, or it transfers the contractual
rights to receive the cash flows of the financial assets in a transaction in which substantially all the risks and rewards of ownership of the
financial asset are transferred.
Financial assets as presented in these financial statements include cash and cash equivalents, accounts receivables, margin loans and
investment in quoted securities.
Accounts receivables
Accounts receivables are recognised at original invoiced amount. They are stated at netted off provision for bad and doubtful debts and written-
of, if any.

Margin loan
Margin loan is provided to clients to facilitate investment in equity securities. They are initially classified as financial assets at fair value and
subsequently measured at amortised cost.
ii. Financial liability

Financial liabilities refer to the contractual obligation to deliver cash or other financial assets to another entity or to exchange financial
instruments with another entity under conditions that are potentially unfavourable.
The company initially recognises financial liabilities on the transaction date at which the entity becomes a party to the contractual provisions of
the liability. The entity recognises such financial liability when its contractual obligations arising from past events are certain and the settlement
of which is expected to result in an outflow from the entity of resources embodying benefits.
The entity derecognises a financial liability when its contractual obligations are discharged or cancelled, or expired. Financial liabilities as
presented in these financial statements comprise loans and borrowings, accounts payables and other payables.
Loans and borrowings

Loans and borrowings are recognised initially at fair value less attributable transaction costs. Subsequently these borrowings are stated at
amortised cost using the effective interest method.
Accounts payable
Accounts payables are recognised at cost.
iii. Offsetting and derecognition of assets
Offsetting :
Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when,
the company currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise the
asset and settle the liability simultaneously.
Derecognition of assets :
Particulars Derecognition
An item of property, plant and equipment is derecognised:
a) upon disposal; or
b) when no future economic benefits are expected from its use or disposal
Property, plant and equipment
Any gain or loss on disposal of an item of property, plant and equipment (calculated as the
difference between the net proceed from disposal and the carrying amount of the item) is
recognised in statement of profit or loss and other comprehensive income.
The company derecognises a financial asset when the contractual rights to the cash flows from the
financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction
in which substantially all of the risks and rewards of ownership of the financial asset are transferred
or in which the company neither transfers nor retains substantially all of the risks and rewards of
Financial assets ownership and it does not retain control of the financial asset.
In the case the company enters into transactions whereby it transfers assets recognised in its
statement of financial position, but retains either all or substantially all of the risks and rewards of
the transferred assets, the transferred assets are not derecognised.
The company derecognises a financial liability when its contractual obligations are discharged or
cancelled or expired. The company also derecognises a financial liability when its terms are modified
and the cash flows of the modified liability are substantially different, in which case a new financial
Financial Liabilities liability based on the modified terms is recognised at fair value.
On derecognition of a financial liability, the difference between the carrying amount extinguished
and the consideration paid (including any non-cash assets transferred or liabilities assumed) is
recognised in profit or loss.
7. Departure from IFRS
IFRS 9-Financial Instruments describes the classification, measurement and recognition of financial assets and liabilities. A financial asset
is measured at fair value through profit or loss (FVTPL) unless it is measured at amortised cost or at fair value through other comprehensive
income (FVTOCI). Classification depends on both the company’s business model for managing the financial assets and the contractual cash flow
characteristics of the financial asset.
Regardless above, the company recognises and presents its financial instruments at cost and maintains required provision considering the directive
ref: BSEC/SRI/NE/2020/333 dated 27 March 2023, BSEC/SRI/NE/2020/605 dated 28 December 2022, BSEC/CMRRCD/2009-193/203 dated 28
December 2017 and SEC/CMRRCD/2009-193/196 dated 28 December 2016 as published by Bangladesh Securities and Exchange Commission
(BSEC). In addition to that, the company also follows the Dhaka Stock Exchange Ltd's. guidelines ref no: DSE/COM/TAD/CLR/AFS_2022/647 dated
13 March 2023 where it also gives the options for recognation and presentation of financial instruments at cost and maintaining required provision
complying BSEC directives.

Financial
Statements
2023 2022
BDT BDT
8. Property, plant and equipment
Cost:
Opening balance 459,757,065 404,597,991
Add: Addition during the year 282,105 55,249,029
460,039,170 459,847,020
Less: Disposal during the year - 89,955
Closing balance (a) 460,039,170 459,757,065
Accumulated depreciation:
Opening balance 130,983,352 107,036,264
Add: Charged during the year 21,310,485 24,031,210
152,293,837 131,067,474
Less: Adjustment during the year - 84,122
Closing balance (b) 152,293,837 130,983,352
Written down value (a-b) 307,745,333 328,773,713
Details are shown in Annex A.
9. Intangible assets
Opening balance 3,901,549 4,706,117
Add: Addition during the year 800,000 976,000
4,701,549 5,682,117
Less: Amortisation during the year 1,429,905 1,780,568
Closing balance 3,271,644 3,901,549
10. Right-of-use (ROU) assets

Cost:
Opening balance 67,417,635 51,531,751
Add: Addition during this year 566,956 42,783,795
67,984,591 94,315,546
Less: Disposal during this year - 26,897,912
Opening balance 22,633,912 36,301,942
Add: Depreciation for this year 13,306,125 13,229,881
35,940,037 49,531,823
Less: Adjustment made during this year - 26,897,912
Written down value (a - b) 32,044,554 44,783,723
Details are shown in Annex B.
11. Investment in Stock Exchanges

Dhaka Stock Exchange Limited 543,119,683 543,119,683
Chittagong Stock Exchange Limited 14,250,748 19,001,000
557,370,431 562,120,683
City Brokerage Limited has acquired the membership of Dhaka Stock Exchange Limited for BDT 580,999,000 in 2010. As per the scheme of
Demutualization of DSE, City Brokerage Limited being the initial Shareholders of DSE, is entitled to receive 7,215,106 number of shares of BDT 10
each, totalling BDT 72,151,060.
Under section 14(ka) of Demutualization Act 2013, Share Purchase Agreement (SPA) executed between Dhaka Stock Exchange Limited and its Strategic
investors namely Shenzhen Stock Exchange Limited (SZSE) and Shanghai Stock Exchange Limited (SSE) and completed the sale of 25% (twenty five
percent) of DSE Shares to SZSE and SSE. In this connection, City Brokerage Limited sold 1,803,777 number of shares at the rate of BDT 21 per share
totalling BDT 37,879,317. Currently City Brokerage Limited is holding 5,411,329 number of shares at a cost of totalling BDT 543,119,683.
The Scheme is not yet completed and these shares are also currently not traded in stock exchanges, hence the actual value is not readily ascertainable.
However, management expect the fair value to be similar or more than the current revalued amount. Once more clarity about the scheme and related
factors are available, a determination of fair value and related adjustments including impairment assessment, if any shall be made at that time.
City Brokerage Limited has acquired the membership of Chittagong Stock Exchange Limited for BDT 19,001,000 in 2010. Under section 14(ka) of
Demutualization Act 2013, Chittagong Stock Exchange PLC (CSE) sold 25% ordinary shares (1,071,833 number of share) of the total paid up capital
from the block account at BDT 15 per share to AGB Limited.

2023 2022
BDT BDT
12. Margin loan to clients
Opening balance 1,045,060,666 1,172,062,257
Increase/(Decrease) during the year (252,191,276) (127,001,590)
Closing balance 792,869,390 1,045,060,666
The above loan was distributed to individual and institutional clients for investing in securities.
13. Investment in Securities

Investment in listed securities (note 13.1) 2,376,242,112 2,309,040,244
Investment in non-listed securities 6,739,200 6,739,200
Investment in Govt. Securities (Treasury Bill) 209,225,210 -
Investment in Govt. Securities (Treasury Bond) 27,525,480 -
2,619,732,002 2,315,779,444
13.1 Investment in listed securities

Investment in listed share 1,935,420,076 1,868,218,208
Investment of special fund 399,375,753 399,375,754
Investment of ICB fund 41,446,283 41,446,283
2,376,242,112 2,309,040,244
This represents investment made by the company in shares and mutual funds of various companies listed in DSE and CSE through its own account
as well as non-listed companies. The market price of the listed securities is BDT 2,095,334,065 as on 31 December 2023. The face value of Treasury
Bill/Bond is BDT 250,000,000.
14. Accounts receivable
Receivable from DSE (note 14.1) 35,006,179 2,798,159

Receivable from CSE (note 14.2) - 3,436,533
Receivable from Investment (ICB Special Fund) 181,028 47,687
Receivable from Investment (BB Special Fund) 1,750,928 966,027
Receivable from Investment in shares-Dealer 3,639,284 -
Interest receivable 16,844,032 15,661,050
Receivable from clients 406,168 446,791
Receivable from MF & MB 42,482,499 41,357,063
118,052,429 83,246,800
14.1 Receivable from DSE

Broker 32,292,349 2,798,159
Dealer 2,713,831 -
35,006,179 2,798,159
14.2 Receivable from CSE

Broker - 3,436,533
Dealer - -
- 3,436,533
15. Advance income tax

Opening balance 336,849,733 425,889,582
Add: Paid during the year 49,418,159 85,227,566
386,267,892 511,117,148
Less: Adjustment during the year 206,351,923 174,267,415
Closing balance 179,915,969 336,849,733
16. Advances, deposits and prepayments

Suppliers 1,653,902 507,500
Employee car advance 4,024,996 4,429,997
Insurance 606,525 312,958
Reimbursement of Professional Exam fees 52,574 -
IPO Application (ASIATIC, Best Holdings & Sikder Insurance) 20,305,000 4,750,000
26,642,997 10,000,455

Financial
Statements
2023 2022
BDT BDT
17. Cash and cash equivalents
Bank balances with: Type of account
3101132314001-SND- City Bank PLC ICB fund 1,200,629 646,168
3101132314002-SND- City Bank PLC Special BB Fund 638,824 1,213,761
1101132314001-SND- City Bank PLC CCBA 173,655,638 261,104,669
1101132315001-CD- City Bank PLC Dealer 366,319 2,003,415
1101132310001-CD- City Bank PLC Corporate 13,527,086 14,464,532
01111058801-Standard Chartered Bank. CCBA 21,091,966 22,877,856
11313100040606-SND- EXIM Bank Corporate 70,159 70,883
0103-0325000615-SND- NCC Corporate 14,418,553 460,057
0103-0210004721-CD AC- NCC CCBA 253,550,354 301,572,033
478,519,530 604,413,374
Cheques awaiting for collection 4,448,918 12,500
Petty cash 77,500 77,500
483,045,948 604,503,374
18. Share capital

Authorised capital
500,000,000 shares of BDT 10 each 5,000,000,000 5,000,000,000
Issued, subscribed and paid-up capital

City Bank PLC
339,994,000 shares of BDT 10 each fully paid-up 3,399,940,000 3,399,940,000
Individual
6,000 shares of BDT 10 each fully paid-up 60,000 60,000
3,400,000,000 3,400,000,000
19. Capital reserve

Add: 10% profit after tax of 2022 12,519,305 38,307,621
50,826,926 38,307,621
Capital reserve has been made as per Bangladesh Securities and Exchange Commission (Risk Based Capital Adequacy) Rules, 2019. As per that rules,
each registered entity shall maintain a mandatory provision which is at least 10% of profit after tax of previous year as capital reserve and the full
amount of such reserve shall be accounted for in computing total capital.
20. Lease liabilities

Non-current portion 22,922,383 33,252,558
Current portion (payable within twelve months) 9,642,014 8,504,596
32,564,398 41,757,155
21. Deferred tax liabilities
Taxable/ (deductible)
Carrying Amount Tax base
temporary difference
As on December 31, 2023
Assets:
Fixed assets net of depreciation 311,016,977 205,826,451 105,190,526
Less: Adjustment against motor vehicle for permanent tax
deference as per Third schedule 6(a) of ITO. 3,900,000 - 3,900,000
307,116,977 205,826,451 (101,290,526)
Right-of-use assets 32,044,554 - (32,044,554)
Liabilities:
Lease liabilities 32,564,398 - 32,564,398
Provision for gratuity - - -
Total 371,725,928 205,826,451 (100,770,682)
Applicable tax rate 27.50%
Deferred tax liability as on Dec 31, 2023 (27,711,938)
Deferred tax liability as on Jan 01, 2023 (27,833,733)
Deferred tax (expense)/ income accounted for during the year 121,795

2023 2022
BDT BDT
22. Short term loan
OD from City Bank PLC 67,063,524 54,757,346

OD from NCC Bank 252,306,453 305,819,856
STL from City Bank PLC 343,379,017 319,259,657
662,748,994 679,836,859
This loan was taken from City Bank PLC & NCC Bank Ltd. in the form of overdraft & STL. The overdraft facility limit is BDT 1,300 million for providing
margin loan facilities to the clients trading on securities in DSE and CSE. The interest rate of City Bank PLC for the OD is 7% & for STL is 6% whereas
the interest rate is 6% for NCC Bank Ltd. annually which is subject to revision by bank management from time to time.
23. Payable to clients 465,123,939 557,795,752
This represents sale proceeds of clients’ securities which is being held for buying marketable securities or refund to the clients as per their instructions.
24. Accounts payable

Payable to DSE (note 24.1) 170,350 12,841,972
Payable to CSE (note 24.2) 29,995 -
Provision for expenses 6,000,000 7,500,003
Other payable 2,599,919 10,590,016
Payable to issuer 4,100,000 -
Cash dividend payable 82,515 3,518,952
Payable to suppliers 650,000 967,649
Central Depository Bangladesh Ltd 44,523 290,036
Commission payable 54,369 42,214
13,731,669 35,750,841
24.1 Payable to DSE

Broker 168,314 12,841,972
Dealer 2,035 -
170,350 12,841,972
24.2 Payable to CSE

Broker
29,995 -
29,995 -
25. Provision for loan loss-margin loan

Opening balance 10,450,606 21,518,054
Add: Addition during the year - -
10,450,606 21,518,054
Less: Adjustment during the year:
Bad loss written-off - 10,124,565
Write-back of provision 2,521,913 942,883
2,521,913 11,067,448
Closing balance 7,928,693 10,450,606
Provision for loan loss-margin loan has been made as per Bangladesh Securities and Exchange Commission (Risk Based Capital Adequacy) Rules,
2019, each registered entity those are providing margin financing shall maintain a mandatory provision @ 1% of all outstanding margin exposures
which has kept by the entity.
26. Provision/(write back of provision) for diminution in value of investment

Add: Provision for the year - 30,653,781
30,653,781 30,653,781
Less: Adjustment during the year 2,318,081 -
Closing balance 28,335,700 30,653,781
Provision for diminution in value of investment has been made against unrealised loss of investment as per BSEC/SRI/NE/2020/333 dated 27
March 2023 and its other relevant directives.

Financial
Statements
2023 2022
BDT BDT
27. Provision for corporate income tax
Opening balance 416,744,256 472,326,910
Add: Provision made during the year 79,760,841 123,579,366
496,505,097 595,906,276
Less: Adjustment during the year 211,320,319 179,162,020
Closing balance 285,184,778 416,744,256
28. Brokerage commission

Dhaka Stock Exchange Ltd. (note 28.1) 149,245,701 284,931,293
Chittagong Stock Exchange Ltd (note 28.2) 2,015,012 2,705,150
151,260,712 287,636,443
28.1 Dhaka Stock Exchange Ltd.

Broker 148,852,481 284,474,210
Dealer 393,219 457,083
149,245,701 284,931,293
28.2 Chittagong Stock Exchange Ltd.
Broker 2,011,308 2,702,406
Dealer 3,704 2,744
2,015,012 2,705,150
29. Interest income

Interest on margin loan 111,477,504 129,276,173
Bank interest income 939,761 1,236,310
Interest on pre-funding 1,082,351 1,796,792
Interest income from bond 29,972,009 30,874,525
Interest income from T- Bill 1,858,027 -
145,329,652 163,183,800
30. Capital gains/(losses)

Gain/(Loss) on investment (BB Fund) - 101,053
Gain/(Loss) on investment (ICB Fund) - 7,966,188
Realized gain/loss on investment 16,298,101 33,333,672
Gain/(Loss) on sale of Investment-CSE 11,327,243 -
27,625,344 41,400,913
31. Other operating income

BO account maintenance fee 567,600 572,800
IPO commission 9,245 15,580
576,845 588,380
32. Non-operating income
Rental income 12,379,200 6,499,080
Pledge & unpledged charge 551,887 365,991
Gain on sale of property, plant and equipment - 30,000
Cheque dishonour charge - 21,000
Other income 417,830 1,382,356
13,348,917 8,298,426
33. Direct cost

Laga and hawla charges
Dhaka Stock Exchange Ltd.
Broker 16,364,489 33,057,502
Dealer 125,336 150,432
16,489,825 33,207,934
Chittagong Stock Exchange Ltd.
Broker 119,463 394,431
Dealer 1,130 967
120,593 395,398
16,610,419 33,603,332

2023 2022
BDT BDT
34. Operating expenses
Salary and allowances 103,127,330 104,402,862
Depreciation of property, plant and equipment 21,310,485 24,031,210
Depreciation of right-of-use asset 13,306,125 13,229,881
OMS Software maintenance 11,408,426 10,039,275
Office maintenance 6,799,719 8,476,027
Service fee of supplier (Third party) 7,501,437 5,564,941
Traveling and conveyance 4,987,311 4,851,978
Subscription and fee 1,702,494 4,316,321
Business development 4,679,415 4,248,689
Corporate guarantee fee 1,660,733 3,316,134
Internet expenses 2,878,096 2,778,161
Entertainment & public relation 2,186,058 2,441,417
Utilities 2,812,622 2,412,205
Insurance premium 2,539,697 2,381,470
Advertisement and publicity 452,749 2,269,807
License & renewal fee 2,629,207 2,076,119
Service charge 1,829,227 1,880,603
Amortisation of software 1,429,905 1,780,568
Printing and stationary 818,585 960,423
Branding and marketing expense 55,000 712,920
Legal and professional fees 1,129,129 666,951
Software maintenance 547,120 648,675
Bank charges 481,918 560,477
Telephone and mobile 659,278 507,400
Repair expenses 892,309 486,544
Car maintenance 611,686 384,288
Training expenses 270,349 374,373
Fuel 365,837 296,939
Medical and employee welfare 255,440 233,760
Board meeting fees 184,800 224,000
Fees & charges 7,000 194,030
Board meeting expenses 138,610 125,003
Audit fee 138,000 115,000
Postage and courier 16,219 86,156
CDBL charges 6,720 85,002
Newspaper and periodicals 32,550 43,405
Bidding fee 11,000 27,000
199,862,586 207,230,014
35. Interest expenses

Borrowing cost 40,283,200 43,927,451
Finance cost-lease 3,278,306 3,238,599
43,561,507 47,166,051
36. Related parties

36.1 Parent company
City Bank PLC has 99.9982% shareholding of the company. As a result, the controlling party of the company is City Bank PLC
36.2 Related party transactions

During the year, the Company carried out a number of transactions with related parties in the normal course of business. The names of related
parties and nature of these transactions have been set out in accordance with the provision of IAS 24: Related Party Disclosures.

Financial
Statements
Name of related Relationship with the 2023 2022

Particulars
party entity BDT BDT
Net transaction of own investment 119,088,103 400,435,696
Parent
City Bank PLC Brokerage commission earned 2,195,750 4,264,521
Company
Balance of City Bank PLC 25,800,216 188,519
Net transaction of own investment 22,565,181 4,601,814
Receivable from CBCRL 116,172 2,467,806
City Bank Capital Subsidiary of Parent
Payable to CBCRL 18,370,118 396,865
Resources Ltd. Company
Balance of City Bank Capital Resources Ltd. 806,902 6,872,873
Brokerage commission earned 9,625,339 16,948,729
198,567,779 436,176,823
37. Financial risk management

The Company’s management has overall responsibility for the establishment and oversight of the Company’s risk management framework. The
Company’s management policies are established to identify and analyse the risks faced by the Company to set appropriate risk limits and controls
and to monitor risks and adherence to limits. Risk management policies, procedures and systems are reviewed regularly to reflect changes in market
conditions and the company’s activities. The Company has provided in separate notes the information about the Company’s exposure to each of the
following risks, the Company’s objectives, policies and processes for measuring and managing risks and the Company’s management of capital. The
Company has exposure to the following risks from its use of financial instruments.
- Credit risk
- Liquidity risk
- Market risk
37.1 Credit risk

Credit risk is the risk of financial loss to the company if any customer or counter party to a financial instrument fails to meet its contractual obligation.
This principally arises from the company’s receivables from customers.
Exposure to credit risk
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:
Margin loan 792,869,390 1,045,060,666

Investment in securities 2,619,732,002 2,315,779,444
Accounts receivable 118,052,429 83,246,800
37.2 Liquidity risk

Liquidity risk is the risk that the company will not be able to meet its financial obligations as they fall due. The company’s approach to managing liquidity
(cash and cash equivalents) is to ensure, as far as possible, that it will always have sufficient liquid assets to meets its liabilities when due, under both normal
and stressed conditions, without incurring unacceptable losses or taking risk of damage to the company’s reputation. Typically, the company ensures that it
has sufficient cash and cash equivalents to meet expected operational expenses through preparation of the cash flow forecast, prepared based on time line
payment of the financial obligation and accordingly arrange for sufficient liquidity/fund to make the expected payment within the due date.
Total assets excluding cash and cash equivalents 4,637,644,749 4,730,516,767
37.3 Market risk

Market risk is the risk that any changes in market price, such as interest rates and capital market condition will affect the company’s income or the value of
its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposure within acceptable parameters.
Provision for loan loss - margin loan 7,928,693 10,450,606
38. Others
38.1 These notes from an integral part of the annexed financial statements and accordingly are to be read in conjunction therewith.
38.2 Figures in these notes and annexed financial statements have been rounded off to the nearest BDT.
38.3 Previous year’s figures have been re-arranged, wherever, considered necessary, to conform with current period presentation without causing any impact
on the operating results for the period and value of assets and liabilities at the end of that period as shown in the financial statements under reporting.
Dhaka, Bangladesh
Dated, 29 Jan 2024

City Brokerage Ltd.
510
Details of property, plant and equipment
Annex A
Cost Accumulated depreciation
Additions Total at Up to Adjustment WDV at 31
At 1 January Sale/ Rate Charge for Total at
Annual Report 2023

Category of asset during the 31 December 1 January during the December 2023
2023 disposal (%) the year 31 December 2023
year 2023 2023 year
BDT BDT BDT BDT BDT BDT BDT BDT BDT
Furniture and fixtures 24,891,429 62,985 - 24,954,414 10 22,126,939 594,858 - 22,721,797 2,232,617
Office equipment 62,162,324 219,120 - 62,381,444 20 53,980,948 4,466,359 - 58,447,307 3,934,137
Office decoration 8,243,102 - - 8,243,102 10 3,146,499 824,316 - 3,970,815 4,272,287
Motor vehicles 17,720,770 - - 17,720,770 20 10,022,732 2,714,720 - 12,737,452 4,983,318
Building 292,849,538 - - 292,849,538 2.5 37,216,284 7,321,236 - 44,537,520 248,312,018
OMS Software 53,889,901 - - 53,889,901 10 4,489,950 5,388,996 - 9,878,946 44,010,955
Total 2023 459,757,065 282,105 - 460,039,170 130,983,352 21,310,485 - 152,293,837 307,745,333
Total 2022 404,597,991 55,249,029 89,955 459,757,065 107,036,264 24,031,210 84,122 130,983,352 328,773,713
City Brokerage Ltd.

Schedule of right-of-use asset
Annex B
Cost Accumulated depreciation

Balance at Addition Disposal Total at Adjustment WDV at
Category of As at 1 Charge for Total at
1 January during the during the 31 December Rate (%) during the 31 December 2023
asset January 2023 the year 31 December 2023
2023 year year 2023 year
Office space 67,417,635 566,956 - 67,984,591 22,633,912 13,306,125 - 35,940,037 32,044,554

As per
Total 2023 67,417,635 566,956 - 67,984,591 contracts 22,633,912 13,306,125 - 35,940,037 32,044,554
Total 2022 51,531,751 42,783,795 26,897,912 67,417,635 36,301,942 13,229,881 26,897,912 22,633,912 44,783,723
Financial
Statements
City Brokerage Ltd.

Schedule-C, Part A
[see rule 2(1)(j)(ii); rule 4(1)(b); rule 5(2)]
Statement of Total Capital Computation
Annex C
SL. Components B/S Amount Haircut Eligible Amount Sum

a. Paid-up-capital 3,400,000,000 0% 3,400,000,000
b. Share Premium - 0% -
c. General reserve - 0% -
d. Capital Reserve 50,826,926 0% 50,826,926
e. Retained Earnings 142,895,663 0% 142,895,663
Sum of core capital 3,593,722,589 3,593,722,589
f. General Provision - 20% -
g. Specific Provision 36,264,393 30% 25,385,075
h. Revaluation Surplus or unrealized gain on:
i. Fixed Assets (Property, plant & equipments other than - 30% -
Intangible assets)
ii. Investment in listed securities - 20% -
iii. Investment in non-listed securities (other than closed - 35% -
end mutual fund)
iv. Investment in strategic holding - 25% -
i. Preference Share - 25% -
j. Subordinated debt - 20% -
Sum of supplementary capital 25,385,075 25,385,075
Total Capital 3,619,107,664 3,619,107,664
Total Capital (TC)

Formula of Capital Adequacy Ratio (CAR)= x 100
Total Risk Requirement (TRR)
3,619,107,664
Our Capital Adequacy Ratio (CAR)= x 100
459,249,265
= 788%

City Brokerage Ltd.
Schedule-D, Part A, [see rule 4(4)]
Statement of Total Risk Requirement Computation
Annex C
Risk Eligible Applicable for

Area of Risk Computation Formula Full Amount
Factor Amount Registered Entity
Operation Risk Based on Average Annual Gross Income (see clause (b) 533,829,645 5% 26,691,482
All
Requirement (ORR) of sub-rule (7.1) of rule 7)
Position Risk i. Proprietary positions in Equity securities:
Requirement (PRR) Value of "A" category securities 2,075,356,870 10% 207,535,687
Value of "B/G/N/." category securities 30,096,889 12% 3,611,627
All
Value of "Z" category instruments - 15% -
Value of "OTC" category instruments 36,950 20% 7,390
Value of Non-Listed Instruments 6,739,200 25% 1,684,800
ii. Proprietary positions in MFs & CISs:
Value of listed funds - 10% -
All
Value of non-listed funds 3,000,000 3% 90,000
Value of AIFs - 25% -
iii. Proprietary positions in Debt Instruments & ABSs:
Value of listed debt instruments & ABSs 267,751,406 5% 13,387,570
All
Value of no-listed debt instruments - 10% -
Value of non-listed ABSs - 10% -
iv. Proprietary Position in strategic investments
Value of listed strategic investments - 10% - All
Value of no-listed strategic investments - 25% -
v. Proprietary Position in money market Instruments
Value of Government securities/ instruments 236,750,690 0% - All
Value of commercial paper - 10% -
Counterparty Risk i. Exposure of credit facilities to Clients 792,869,389 8% 63,429,551 Stock Broker, Portfolio
Requirement (CPRR) Manager
ii. Exposure of Guarantee Provided to - 2% -
All
counterparty
Underwriting Risk Sum of Underwriting Commitment - Merchant
Requirement (URR) against the followings: Banker
i. Public Issue of Equity Instruments (IPO) - 10% -
ii. Public Issue of Equity Instruments (Rights Issue) - 15% -
iii. Public Issue of Debt Instruments - 15% -
Large Exposure Risk Sum of Large Exposures against the followings: All
Requirement (LERR) i. Sum of all Large Exposure to a Single counterparty - 7% -
ii. Sum of all Large Exposure to Single Equity 1,416,650,767 10% 141,665,077
iii. Sum of all Large Exposure to Debt Instruments - 3% -
Liability Risk i. Exposure of Asset under Management (AUM) - 1% - Asset Manager
Requirement (LRR) ii. Exposure of Fund Under Management (FUM) - 1% - Fund Manager
iii. Exposure of Institutional Fund Under - 0.25% - Asset Manager, Merchant
Management (IFUM) Banker and Portfolio
Manager
iv. Annual Revenue Reported in last year 573,040,533 0.20% 1,146,081 Credit rating Company,
Stock Broker & Stock
Dealer, Merchant
Banker and Portfolio
Manager
Total Risk requirement 5,936,122,340 459,249,265

Financial
Statements
City Brokerage Ltd.

Schedule-A, Part A, [see rule 2(1)(i);rule 4(1)(d);rule 8(5)]
Statement of Liquid Capital Balance
Annex C
Amount as in Proposed Amount after

Item Assets Note ref.
Balance sheet Haircut in % Haircut
1 Cash and Bank Balances 483,045,947 483,045,948
Cash in hand 77,500 0% 77,500
Cash at Bank in Company's operational account 29,855,253 0% 29,855,253
Cash at Bank in trading accounts (Stock Dealer A/C) 366,319 0% 366,319
Cash at Bank accounts for clients (consolidated customer 448,297,958 0% 448,297,958
account)
Cash at Bank at IPO Account - 100% -
Investments in FDR - 0% -
Others cash and cash equivalent 4,448,918 0% 4,448,918
2 Net Receivable from Exchange, Depository, CCP and others - - -
Mandatory for Cash deposits with Exchanges (as margin/ - 100% -
security)
Excess over Mandatory for Cash deposits with Exchanges (as - 0% -
margin/security)
Mandatory for Cash deposits with Clearing House (as margin/ - 100% -
security)
Excess over mandatory for Cash deposits with Clearing House - 0% -
(as margin/security)
Mandatory for Cash deposit with depository (as per rule) - 100% -
Excess over mandatory for Cash deposit with depository (as per - 0% -
rule)
Assets provided to others as security - -
Assets kept as security against any obligations 100% - -
Assets kept as security but exercisable within 30 days 0% - -
Cash provided as security for short selling 100% - -
3 Net Receivable from Securities Trading 83,059,918.00 82,993,163.95
Receivable from DSE (categorized as A,B,G,N,Z and DVP) 35,006,179 34,939,425
Receivable from DSE against A, B, G & N category 33,671,098 0% 33,671,098
Receivable from DSE against Z category 1,335,081 5% 1,268,327
Receivable from DSE against DVP category - 5% -
Receivable from CSE (categorized as A,B,G,N,Z and DVP) - -
Receivable from CSE against A, B, G & N category - 0% -
Receivable from CSE against Z category - 5% -
Receivable from CSE against DVP category - 5% -
Receivable from Stock Broker/Stock Dealer 5,571,240 0% 5,571,240
Receivable from Merchant Banker 42,482,499 0% 42,482,499
Receivable from selling agents - 0% -
Receivable under securities borrowing and lending agreements - 5% -
Receivable under repurchase transactions - 0% -
Receivable from others - 0% -
4 Net receivable from margin clients - 792,869,389 695,864,029
Receivable from Clients having no margin or full erosion of - 20% -
clients' equity (e.g.no equity against debit balance)
Receivable from Clients fall under force sale condition (e.g. 646,353,971 15% 549,400,875
equity is between 100% and 125% of DB)
Receivable from Clients fall under margin call (e.g. equity is 1,045,306 5% 993,041
>125% of DB but <150% of DB)
Receivable from regular Margin Clients (e.g. equity is >150% of 145,470,113 0% 145,470,113
debit balance)

5 Net Receivable from other Clients- 406,168 385,860
Receivable after securities trading - 15% -
Receivable arises from fee, commission & charges 406,168 5% 385,860
6 Net receivable from counterparties (clients, designated - 0% -
clients, etc.)
7 Net Receivable arises from short selling - 10% -
8 Proprietary positions in securities and specified investments: 2,640,037,005 2,411,689,431
i. Proprietary positions in Equity securities 2,112,229,909 1,899,390,405
Value of "A" category instruments 2,075,356,870 10% 1,867,821,183
Value of "B/G/N/..." category instruments 30,096,889 12% 26,485,262
Value of "Z" category instruments - 15% -
Value of "OTC" category instruments 36,950 20% 29,560
Value of Non-Listed Instruments 6,739,200 25% 5,054,400
ii. Proprietary positions in MFs & CISs including AIFs 3,000,000 2,910,000
Value of listed funds - 10% -
Value of non-listed funds 3,000,000 3% 2,910,000
Value of AIFs - 25% -
iii. Proprietary positions in Debt Instruments & ABSs 267,751,406 254,363,836
Value of listed debt instruments & ABSs 267,751,406 5% 254,363,836
Value of no-listed debt instruments - 10% -
Value of non-listed ABSs - 10% -
iv. Proprietary Position in strategic investments - -
Value of listed strategic investments - 10% -
Value of no-listed strategic investments - 25% -
v. Proprietary Position in money market Instruments 236,750,690 236,750,690
Value of Govt. & BB instruments 236,750,690 0% 236,750,690
Value of commercial paper - 10% -
vi. Own subscription in IPOs but not yet allotted 20,305,000 10% 18,274,500
vii. Other Investment - n/a -
9 Proprietary position in Derivatives - n/a -
10 Other assets arising from: 35,192,868 34,586,343
Receivable against Advisory Fees, Commission, etc. - 10% -
Dividend Receivable 17,742,311 0% 17,742,311
Interest Receivable 16,844,032 0% 16,844,032
Prepaid expenses 606,525 100% -
Security deposits - 100% -
Any other (need to specify) - -
11 Total liquid assets (aggregate of items 1 to 10) 4,034,611,296 3,708,564,775
Liabilities
12 Short positions in securities held for own account - 0% -
13 Payable to Clients 465,123,939 0% 465,123,939
14 Short Term Business Liabilities: 662,748,994 662,748,994
Payable to Banks, if not for trading & investment (current - 0% -
portion of long term liabilities)
Payable to FIs, if not for trading & Investment (current portion of - 0% -
long-term liabilities)
Payable to Banks & FIs for loan against Margin Financing & 662,748,994 0% 662,748,994
Investment (full amount)
Payment obligation against sub-debt, preference shares - 0% -
(current portion)
Payable to associate companies or persons - 0% -
15 Amounts payable to clearing houses/Exchanges/Depository etc. 244,868 244,868
Payable to Exchanges 200,345 0% 200,345
Payable to Clearing House/CCP - 0% -
Payable to Depository 44,523 0% 44,523
Payable to Brokers - 0% -

Financial
Statements

16 Other Liabilities and Provisions: 398,850,307 362,897,795
Accruals & Accounts payable 7,486,802 0% 7,486,802
Deferred tax and other deferred liabilities 27,711,938 50% 13,855,969
Provision for Margin Loan 7,928,693 100% -
Provision for Gratuity, PF & others - 50% -
Provision for Tax & VAT 285,184,778 0% 285,184,778
Interest Suspense against Margin Loan - 100% -
Liabilities for Expenses 9,638,000 0% 9,638,000
Interest Payable - 0% -
Provision for contingent liabilities and floating losses 28,335,700 50% 14,167,850
Others (clearly specified in notes) 32,564,396 0% 32,564,396
17 Net Short term obligations after haircut Aggregate of 1,526,968,108 1,491,015,596
item 12 to item
16
18 Total Liabilities As per Balance 1,526,968,108 1,526,968,108
Sheet
19 Liquid Capital (Amount in item 11 minus item 17 ) 2,507,643,188 2,217,549,179
20 Regulatory LCB : 4%/6%/8% of Total Liabilities (Item 18) 122,157,449 122,157,449
21 Excess/(Deficit) in Liquid Capital Balance (Amount in Item 2,385,485,739 2,095,391,730
20 less 19)

516
FINANCIAL STATEMENTS OF
CITY BANK CAPITALRESOURCES
Annual Report 2023

LIMITED 2023
Financial
Statements

to the Shareholders of City Bank Capital
Resources Limited
Opinion
We have audited the financial statements of City Bank Capital Resources Limited (the “Company”) which comprise the statement of financial position as at
31 December 2023, and the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for
the year then ended, and notes to the financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at 31 December 2023,
and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs) as explained
in note 3.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in
the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the
International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) and we have fulfilled our other ethical
responsibilities in accordance with the IESBA Code and the Institute of Chartered Accountants of Bangladesh (ICAB) Bye Laws. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Responsibilities of Management and Those Charged with Governance for the Financial Statements and Internal Controls
Management is responsible for the preparation and fair presentation of the financial statements of the Company in accordance with IFRSs as explained in
note 3, Companies Act 1994, the Securities and Exchange Rules 1987 and for such internal control as management determines is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing these financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or
to cease operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform
audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances, but not the purpose of expressing an opinion on the effectiveness of the Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures
made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence
obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability
to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions
are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the
Company’s to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial
statements represent the underlying transactions and events in a manner that achieves fair presentation.

Report on other Legal and Regulatory Requirements
In accordance with the Companies Act 1994 and the Securities and Exchange Rules 2020, we also report that:
(i) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit and
(ii) in our opinion, proper books of account as required by law have been kept by the Company’s so far as it appeared from our examination of those books;
(iii) the statement of financial position and statement of profit or loss and other comprehensive income together with the annexed notes dealt with by the
report are in agreement with the books of account and returns; and
(iv) the expenditures incurred were for the purpose of the Company’s business for the year.
Sabbir Ahmed FCA, Partner

Dhaka, 04 February 2024
ICAB Enrolment no: 770
DVC : 2402040770AS742080
Hoda Vasi Chowdhury & Co

Financial
Statements
City Bank Capital Resources Limited

Statement of Financial Position (Balance Sheet)
2023 2022
Notes
BDT BDT
Assets
Non-current assets
Property, plant and equipment 4 147,381,659 157,863,828
Right-of- use assets 5 18,638,148 15,116,437
Capital works-in-progress 6 1,066,974,026 993,373,652
Financial asset at fair value through profit or loss 8 30,697,675 30,697,675
Financial asset at fair value through other comprehensive income 9 2,251,167,975 2,136,167,975
Deferred tax assets 10 9,694,591 17,292,150
Total non-current assets 3,524,554,074 3,350,511,717
Current assets
Margin loan 11 1,050,734,297 1,100,134,681
Trading Investments 12 131,328,451 143,358,588
Accounts receivables 13 42,354,622 43,337,306
Advances, deposits and prepayments 14 172,051,635 62,408,341
Cash and cash equivalents 15 410,636,592 234,326,622
Total current assets 1,807,105,597 1,583,565,538
Total assets 5,331,659,671 4,934,077,255
Equity and liabilities
Share capital 16 2,550,000,000 2,550,000,000

Capital reserve 109,846,245 -
Fair value reserve 17 256,567,052 266,567,052
Total equity 4,000,946,077 3,859,395,284
Liabilities
Non current liabilities

Term loan - non current portion 18 523,197,019 638,638,396
Lease liabilities- non current portion 19 17,314,596 11,170,253
Total non-current liabilities 540,511,615 649,808,649
Current liabilities and provisions

Term loan-current portion 18 115,916,351 100,284,259
Lease liabilities- current portion 19 1,128,055 1,142,597
Accounts payable 20 141,049,608 160,096,649
Other liabilities 21 21,413,359 18,393,445
Provision for Investment 23 57,453,478 49,828,478
Overdraft loan 22 281,638,117 60,374
Provision for taxation 24 171,603,011 95,067,520
Total current liabilities 790,201,979 424,873,322
Total equity and liabilities 5,331,659,671 4,934,077,255
These financial statements should be read in conjunction with the annexed notes
for City Bank Capital Resources Limited
Chairman Director Managing Director & CEO Company Secretary

ICAB Enrolment No: 770
Date: 04 February 2024 Hoda Vasi Chowdhury & Co
DVC No: 2402040770AS742080 Chartered Accountants

Comprehensive Income (Profit and Loss
Statement)
2023 2022
Notes
BDT BDT
Operating income
Interest income 25 167,505,415 146,954,404
Corporate advisory fees 40,960,653 60,117,174
Income from investment 26 107,682,962 128,123,597
Service income 27 49,156,907 67,420,333
Total operating income 365,305,937 402,615,508
Other income 28 11,608,362 22,876,407
Total income 376,914,299 425,491,915
Operating expenses
Salaries and allowances 29 64,198,412 65,737,673
Rent, taxes, insurance, utilities, etc 30 6,040,291 6,991,933
Repairs, maintenance and depreciation 31 23,592,065 20,271,345
Stationery, printing and advertising 32 2,624,475 4,884,872
Postage, stamp and telecommunication 33 1,343,382 1,138,824
Brokerage commission 949,519 1,462,571
CDBL charges 4,246,032 5,645,300
Audit fee 253,000 172,500
Training and development expenses 225,080 587,104
Directors' remuneration 171,111 134,166
Legal and professional fees 127,000 3,202,304
Other expenses 34 15,862,331 17,771,073
Total operating expenses 119,632,698 127,999,665
Operating Profit 257,281,601 297,492,250
Provision for Investment 23 7,625,000 16,501,347

Finance expenses 35 13,972,758 13,200,063
Profit before tax 235,683,843 267,790,840
Income tax expense

Current tax 24 76,535,491 85,282,339
Deferred tax (income)/expenses 10 7,597,559 (15,233,071)
84,133,050 70,049,268
Profit for the year 151,550,793 197,741,572
Other comprehensive income
Fair value reserve 17 (10,000,000) (477,256,094)
Total comprehensive income 141,550,793 (279,514,522)
These financial statements should be read in conjunction with the annexed notes

ICAB Enrolment No: 770
Date: 04 February 2024 Hoda Vasi Chowdhury & Co
DVC No: 2402040770AS742080 Chartered Accountants

Financial
Statements

Retained Fair value

Share capital Capital reserve Total
Particulars earnings reserve
BDT BDT BDT BDT BDT
Year 2022
Balance at 01 January 2022 2,550,000,000 - 845,086,660 743,823,146 4,138,909,806
Profit for the year - - 197,741,572 - 197,741,572
Other comprehensive income - - - (477,256,094) (477,256,094)
Balance at 31 December 2022 2,550,000,000 - 1,042,828,232 266,567,052 3,859,395,284
Retained Fair value

Share capital Capital reserve Total
Particulars earnings reserve
BDT BDT BDT BDT BDT
Year 2023
Balance at 01 January 2023 2,550,000,000 - 1,042,828,232 266,567,052 3,859,395,284
Profit for the year - - 151,550,793 - 151,550,793
Capital reserve - 109,846,245 (109,846,245) - -
Other comprehensive income - - (10,000,000) (10,000,000)
Balance at 31 December 2023 2,550,000,000 109,846,245 1,084,532,780 256,567,052 4,000,946,077
Bangladesh Securities and Exchange Commission has issued capital adequacy requirement regulation on 22 May 2019 ref to - BSEC/
CMRRCD/2017-357/221/Admin/89. Based on this regulation, each registered entity shall maintain a mandatory provision at least @ 10% of profit after
tax of last year as capital reserve and the full amount of such reserve shall be accounted for in computing total capital. We have calculated capital reserve
of BDT 109,846,245 based on PAT from the year 2018 to 2022.
Dhaka, Bangladesh

2023 2022
BDT BDT
A. Cash flows from operating activities
Fees and commission from portfolio management service 215,985,103 216,753,910
Fees from corporate advisory service 41,663,985 60,839,232
Dividend income 66,680,469 63,909,850
Operating expenses (106,855,223) (121,242,634)
Bank charges (508,308) (633,794)
Cash generated from operating activities before changes in operating assets and liabilities 216,966,026 219,626,564

Margin loan 49,400,384 276,389,718
Customers' deposits (6,296,110) 7,778,981
43,104,274 284,168,699
Cash generated from operating activities 260,070,300 503,795,264
Interest paid (77,261,578) (108,034,868)
Income tax paid (94,906,877) (190,022,279)
Net cash from/ (used in) operating activities 87,901,845 205,738,117
B. Cash flows from investing activities

Interest income other than margin loan 43,014,612 45,312,224
Divestment / (Investment) in quoted shares (103,358,859) 6,670,866
Capital works-in-progress (27,856,637) (11,508,999)
Proceeds from sale of fixed asset - 787,892
Right-of- use assets (7,270,933) (16,330,929)
Acquisition of property plant and equipment (4,738,406) (64,799,401)
Net cash from/(used in) investing activities (100,210,224) (39,868,348)
C. Cash flows from financing activities

Lease liability 6,129,801 10,272,685
Overdraft loan 281,577,743 (201,220,833)
Long term loan (99,089,195) (68,426,979)
Net cash from/(used in) financing activities 188,618,349 (259,375,127)
D. Net changes in cash and cash equivalents (A+B+C) 176,309,970 (93,505,358)
E. Opening cash and cash equivalents 234,326,622 327,831,980
F. Closing cash and cash equivalents 410,636,592 234,326,622
Dhaka, Bangladesh

Financial
Statements

Notes to the financial statements
1. Reporting entity
1.1 Company profile

City Bank Capital Resources Limited (the Company), a fully owned subsidiary of City Bank PLC, is a public company limited by shares. The Company
was incorporated in Bangladesh on 17 August 2009 vide registration no. C-79186/09 under the Companies Act 1994. Subsequently the Company
obtained Merchant Banking License (Registration Certificate No: MB-54/2010) from Bangladesh Securities & Exchange Commission on 06
December 2010. The registered office of the Company is situated at Shanta Western Tower, Level-14, Office Space-02 Bir Uttam Mir Shawkat
Road, 186 Tejgaon I/A, Dhaka – 1208.
1.2 Nature of business

City Bank Capital Resources Limited delivers a wide range of investment banking services such as issue management, underwriting, portfolio
management and corporate advisory and other services as mentioned in the Memorandum and Articles of Association of the company.
2. Basis of accounting
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as well as the Companies
Act 1994, Bangladesh Securities and Exchange Commission (Merchant Banker and Portfolio Manager) Rules 1996 and other applicable laws and
regulations. In case any rules and regulations issued by Bangladesh Securities and Exchange Commission differs from those of other regulatory
authorities, the rules and regulations issued by Bangladesh Securities and Exchange Commission shall prevail.
The financial statements have been prepared on accrual basis of accounting following going concern concept under historical cost convention except
for financial instruments which are measured at fair value.
2.3 Functional and presentation currency

The financial statements are presented in Bangladeshi Taka (BDT), which is both functional and presentation currency of the Company.
2.4 Use of estimates and judgment
The preparation of the financial statements in conformity with IFRSs requires management to make judgments, estimates and assumptions that
affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from
these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised if the revision affects only that period of revision and future periods if the revision affects both current
and future periods. Key estimates and Judgments used to prepare these financial statements are determining fair value of unquoted investments,
provision for impairment and provision for taxation
The financial year of the Company has been determined to be from 1 January to 31 December each year. These financial statements cover the period
from 1 January 2023 to 31 December 2023.
2.6 Date of authorisation

The audited financial statements for the year ended 31 December 2023 were authorised by the Board of Directors on 04 February 2024.
2.7 Components of financial statements

a. Statement of financial position (balance sheet);
b. Statement of profit or loss and other comprehensive income (income and expenditure statement);
c. Statement of changes in equity;
d. Statement of cash flows; and
e. Summary of significant accounting policies and other explanatory information.
3. Significant accounting policies

The accounting policies set out below have been applied consistently (otherwise as stated) to all periods presented in these financial statements.

3.1 Property, plant and equipment
Recognition and measurement
Items of property, plant and equipment are measured initially at cost and subsequently at cost less accumulated depreciation in compliance with
International Accounting Standard (IAS) 16 “Property, Plant and Equipment”. The cost of acquisition of an asset comprises its purchase price and any direct
cost for bringing the asset to its working condition for its intended use. Expenditures incurred after the assets have been put into use, such as repairs and
maintenance is normally charged off as revenue expenditure in the period in which it is incurred. When parts of an item of property, plant and equipment
have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment.
Subsequent cost
The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future
economic benefits embodied within the part will flow to the company and its cost can be measured reliably. The costs of the day-today servicing
of property, plant and equipment are recognised in the profit and loss account as incurred.
Depreciation
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each component of an item of property, plant
and equipment. For addition to property, plant and equipment, depreciation is charged from the month of capitalisation and no depreciation is
charged in the month of disposal.
The rates at which property, plant and equipment are depreciated for current and comparative years are as follows:
Category of assets Rate of depreciation
Office equipment 10%-50%

Furnitures and fittings 10%-20%
Motor vehicles 20%
Office Space 2.5%
Disposal
Gains and losses on disposal of an item of property, plant and equipment are to be determined by comparing the proceeds from disposal with the carrying
amount of the property, plant and equipment disposed off and are recognised net with “other operational income “ in profit or loss statement.
3.2 Leases
The Company has adopted IFRS 16: IFRS 16 introduces a single, on-balance sheet lease accounting model for lessees. A lessee recognizes a right-
of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments. There are
recognition exemptions for short-term leases and leases of low-value items. Lessor accounting remains similar to the current standard- i.e. lessors
continue to classify leases as finance or operating leases.
IFRS 16 replaces existing leases guidance, including IAS 17: Leases, IFRIC 4: Determining whether an Arrangement contains a Lease, SIC-15:
Operating Leases - Incentives and SIC- 27: Evaluating the Substance of Transactions Involving the Legal Form of a Lease.
The standard is effective for annual periods beginning on or after 1 January 2019.
As a lessee, City Bank Capital Resources Limited previously classified leases as operating or finance leases based on its assessment of whether the
lease transferred significantly all of the risks and rewards incidental to ownership of the underlying asset to City Bank Capital Resources Limited.
Under IFRS 16, City Bank Capital Resources Limited recognizes right-of-use assets and lease liabilities for all leases.
3.3 Intangible assets and amortisation
Intangible assets are to be initially recognised at cost including any directly attributable cost. Intangible assets that have finite useful lives are
measured at cost less accumulated amortisation and accumulated impairment losses. Subsequent expenditure is capitalised only when it increases
the future economic benefits embodied in the specific asset to which it relates. Intangible assets include software, integrated systems along with
related hardware. Currently, the company has a software “Mbank” which is considered as an intangible asset and is therefore amortised at a rate
of 14.93% per annum.
3.4 Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
Non- derivative financial instruments comprise investments in trading securities, margin loans, receivables, cash and cash equivalents, term loans,
trade payables, customer deposits and share capital.
3.4.1 Financial assets

Financial assets refer to assets that arise from contractual agreements on future cash flows or from owning equity instruments of another entity.
The company initially recognises receivables and deposits on the date when they are originated. All other financial assets are recognised initially on
the date at which the company becomes a party to the contractual provisions of the transaction.
The company derecognises a financial asset when the contractual rights or probabilities of receiving the cash from the assets expires, or it transfers
the rights to receive the contractual cash flows from the financial assets in a transaction in which substantially all the risks and rewards of ownership
of the financial asset are transferred.

Financial
Statements
Financial assets include financial assets at fair value through profit or loss (FVTPL), financial assets at fair value through other comprehensive
income (FVTOCI), financial assets at amortised cost, margin loans, cash and cash equivalents, accounts receivable.
IFRS 9 sets out requirements for recognising and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items.
This standard replaces IAS 39 Financial Instruments: Recognition and Measurement. IFRS 9 contains three principal classification categories for
financial assets: measured at amortised cost, fair value through other comprehensive income (FVOCI) and fair value through profit and loss (FVTPL). The
classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash
flow characteristics. IFRS 9 eliminates the previous IAS 39 categories of held to maturity, loans and receivables and available for sale. The Company
holds investment securities which are strategically held and actively traded in a quoted market and those which are unquoted. The adoption of IFRS 9
has not had a significant effect on the Company’s accounting policies related to financial assets and liabilities except where noted.
Financial assets at fair value through profit or loss (FVTPL)
Investment in quoted securities (such as stock/ shares, bonds) are securities those are officially listed (quoted) on a stock exchange for public
trading. They are measured at fair value and subsequent to initial measurement any fall in value of investment below cost is recognised at profit or
loss and a reserve for the fall in value is created.
Investment in shares which are not actively traded in a quoted market are measured at fair value unless the fair value can not be measured reliably,
in which case they are measured at cost.
Financial assets at fair value through other comprehensive income (FVTOCI)
These equity securities represent investments that the Company intends to hold for the long term for strategic purposes. As permitted by IFRS
9, the Company has designated these investments at the date of initial application as measured at FVOCI. Unlike IAS 39, the accumulated fair
value reserve related to these investments will never be reclassified to profit or loss. Before the changes to IFRS 9: Financial Instruments, the
Company was presenting these investment in available for sale category. The gain/loss arising from the changes in fair value have been put in other
comprehensive income.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, bank deposits and other short term highly liquid investments with original maturities of three
months or less, and there was insignificant risk of changes in value of these current assets.
Accounts receivables
Accounts receivables are recognised at original invoiced amount.
Margin loan
Margin loan is provided to clients to facilitate investment in equity securities. They are initially classified as financial assets at fair value and
subsequently measured at amortised cost.
3.4.2 Financial liabilities
A contractual obligation to deliver cash or another financial assets to another entity or to exchange financial instruments with another entity under
conditions that are potentially unfavourable.
The company initially recognises financial liabilities on the transaction date at which the Entity becomes a party to the contractual provisions of
the liability. The Entity recognises such financial liability when its contractual obligations arising from past events are certain and the settlement of
which is expected to result in an outflow from the entity of resources embodying benefits.
The Entity derecognises a financial liability when its contractual obligations are discharged or cancelled, or expired.
Financial liabilities as presented in these financial statements comprise loans and borrowings, accounts payable and other payables.
Loans and borrowings
Loans and borrowings are recognised initially at fair value less attributable transaction costs. Subsequently, the borrowings are stated at amortised
cost using effective interest method.
Accounts payable
Accounts payables are recognised at fair value.
Offsetting financial assets and a financial liabilities
Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when,
the entity has a legal right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability
simultaneously.

3.5 Revenue recognition
Revenue is only recognised when it meets the following five steps model framework as per IFRS 15: “Revenue from Contracts with Customers
a) identify the contract (s) with a customers;

b) identify the performance obligations in the contract;
c) determine the transaction price;
d) allocate the transaction price to the performance obligations in the contract;
e. recognise revenue when (or as) the entity satifies a performance obligation interest income form margin loan and other sources is recognised on
an accrual basis of accounting
Interest income on margin loan
Income from interest on margin loan is recognised on an accrual basis. Such income is calculated based on daily margin loan balance of the respective
margin loan holder’s account.
Fees and commission income
Fees and commission income are recognised when the corresponding services are provided. Fees and commission income presented in the financial
statements include the following:
i)Management fee is charged on client’s portfolio value (at market price) on daily basis at the applicable rate.
ii) Settlement fee charged to customers’ trading in the secondary capital market;
iii) Documentation fees charged to clients for opening accounts with the company; and
iv) Income from advisory is recognised when a service is rendered in line with the related agreement.
Dividend income
Dividend income is recognised when the right to receive dividend is established. Usually this is the dividend declaration date for equity securities.
Investment income
Income on investments is recognised on accrual basis. Investment income includes interest on treasury bonds and fixed deposit with other banks.
Capital gains on investments in shares and treasury bills are also included in investment income. Capital gains are recognised when these are
realised.
3.6 Taxation
Income tax expense is recognised in the statement of profit or loss and other comprehensive income. Current tax is the expected tax payable on the
taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of
previous years. Current tax has been calculated on the basis of Finance Act, 2019.
3.7 Deferred Tax

Deferred tax has been calculated based on the difference between the carrying amount of an asset or liability in the statement of financial position and its
carrying amount by the tax authority; tax bases, that will be reversed in future, and where the change in the value of asset or liability has a tax consequence.
This may result in either deferred tax assets or deferred tax liabilities in the financial statement of the company.
3.8 Provisions
A provision is recognized when the Company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of
economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.
3.9 Contingencies
Contingencies arising from claims, litigations, assessments, fines, penalties, etc are recorded when it is probable that a liability would be created
and the amount can be reasonably estimated.
3.10 Borrowing costs
Borrowings are classified into both current and non-current liabilities. In compliance with the requirements of IAS 23 “Borrowing Cost,” borrowing
costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready
for its intended use or sale are capitalised as part of the cost of the respective assets. All other borrowing costs are expensed in the period they
occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.
3.11 Events after reporting period
Events after the reporting period that provide additional information about the company’s position at the reporting period are reflected in the
financial statements. Events after the reporting period that are not adjusting event are disclosed in the note when material.
No material event had occurred after the reporting period, which could substantially effect the values reported in these financial statements.

Financial
Statements
3.12 Departure from IFRS

Investment in quoted securities are recognised and measured in accordance with the policy disclosed in note 3.3.1 to comply with industry practice and
reporting requirement of its parent company, a non-banking financial institution. This is, however, a departure from IFRS-9 as all equity investments
within the scope of IFRS 9 are to be measured at fair value in the statement of financial position, with value changes recognised in profit or loss, except
for those equity investments for which the entity has elected to present value changes in ‘other comprehensive income’.
3.13 Defined contribution plan- provident fund

Provident fund benefits are given to the permanent employees of the company in accordance with Provident Fund Rules which are recognized
by National Board of Revenue (NBR). The fund is operated by a Board of Trustees consisting of seven members. All confirmed employees of the
company are contributing 10% of their basic salary as subscription to the fund. The Company also contributes equal amount of the employees’
contribution. The Trust Deed of the Comapny’s provident Fund allows the Company’s Contribution to an employee only upon completion of 5 years
of services. However, rule 263(1) of the Labour Rules 2015 allows such contribution only upon completion of 2 years. The Company is in the process
of amending the Trust Deed.
3.14 Defined benefit plan-gratuity

Gratuity fund benefits are given to the permanent employees of the company in accordance with the Gratuity Fund Rules which are recognized by
NBR. The fund is operated by a Board of Trustees consisting of seven members.
2023 2022
BDT BDT
4. Property, plant and equipment
Cost:
Opening balance 190,928,409 60,839,398
Add: Addition during this year 4,738,406 138,725,761
195,666,815 199,565,159
Less: Disposal during this year 106,184 8,636,750
Opening balance 33,064,581 26,638,993
48,285,156 41,433,939
Less: Adjustment made during this year 106,184 8,369,358
Net book value (a - b) 147,381,659 157,863,828
Details are shown in Annex A.
5. Right-of- use assets
Cost:
Opening balance 18,771,150 12,648,636
Add: Addition during this year 7,270,933 16,330,929
26,042,083 28,979,565
Less: Reduce lease liability during this year 2,440,221 10,208,415
Opening balance 3,654,713 10,303,539
7,403,935 13,863,128
Less: Adjustment made during this year 2,440,221 10,208,415
Net book value (a - b) 18,638,148 15,116,437
6. Capital works in-progress

Office Space Land Buildings Total
At 01 January 2023 300,000,000 693,373,652 993,373,652
Add: Addition during this year - 73,600,374 73,600,374
At 31 December 2023 300,000,000 766,974,026 1,066,974,026
During the year, the Company has incurred BDT 62,568,729/- at the rate of 8.5% & 9% as borrowing cost for the construction of land and buildings.
As the construction work is still undergoing, this borrowing cost has been capitalised as per IAS 23: Borrowing Costs. BDT 11,031,645 paid to
BREATHE-SBS-R3 Consortium and others vendor for construction purpose during the year.

2023 2022
BDT BDT
7. Intangible assets
Cost:
Add: Addition during this year - -
2,200,000 2,200,000
Less: Disposal during this year - -
Accumulated Amortisation:
Add: Amortisation for this year - -
2,200,000 2,200,000
Less: Adjustment made during this year - -
Net book value (a - b) - -
8. Financial asset at fair value through profit or loss
Opening Balance 30,697,675 30,697,675

Add/ (Less): Redemption during this year - -
Closing Balance 30,697,675 30,697,675
On 11 June 2014, City Bank Capital Ltd. had invested BDT 100,000,000 in redeemable preference share of Regent Energy and Power Limited (REPL).
Subsequently, REPL had paid BDT 69,302,325 and outstanding balance as on 31 December 2023 is BDT 30,697,675. As there is no movement of
this share historical cost is taken as fair value. However, adequate provision has been maintained.
9. Financial asset at fair value through other comprehensive income
Listed securities (note 9.1) 1,913,667,975 1,913,667,975

Listed Sukuk (note 9.2) 212,500,000 222,500,000
Listed perpetual bond (note 9.3) 125,000,000 -
2,251,167,975 2,136,167,975
9.1 Listed securities

Opening fair value 1,913,667,975 2,363,424,069
Add/ (Less):Change in fair value during this year - (449,756,094)
Closing fair value 1,913,667,975 1,913,667,975
On 29 June 2016, City Bank Capital Resources Ltd. had acquired 24,885,352 no. of shares of IDLC Finance Limited for BDT 55.08 each from capital
market. Subsequently, the Company acquired another 12,442,676 no. of share by exercise its right to new issue. Now total holding on 31 December
2023 is 41,154,150 no. of shares of IDLC Finance Limited which average cost price is BDT 39.36 each. Presently the Company intends to hold the
investment thus classified as financial asset at fair value through other comprehensive income.
9.2 Listed SUKUK
Investment in Beximco Green-Sukuk Al Istisna'a 222,500,000 250,000,000

Add/ (Less):Change in fair value during this year (10,000,000) (27,500,000)
Fair value 212,500,000 222,500,000
On 23 December 2021, City Bank Capital Resources Ltd. had acquired 2,500,000 no. of SUKUK of Beximco Green-Sukuk Al Istisna’a for BDT 100
each from private placement.
9.3 Listed Perpetual Bond
Investment in Bank Asia Perpetual Bond 125,000,000 -

Add/ (Less):Change in fair value during this year - -
Fair value 125,000,000 -
On 13 December 2023, City Bank Capital Resources Ltd. had acquired 25,000 no. of Bank Asia Perpetual bond for BDT 5,000 each from private
placement.

Financial
Statements
10. Deferred tax assets

Taxable/(deductible)
Carrying Amount Tax base
As on 31 December 2023
Property, plant and equipment 130,731,281 110,326,890 20,404,391
Right-of- use assets 18,638,148 - 18,638,148
Lease liabilities (18,442,651) - (18,442,651)
Provision for prefeence shares investment (note 23.1) - 33,327,131 (33,327,131)
Provision for unrealised loss for Beximco Green-Sukuk (note 23.3) - 13,125,000 (13,125,000)

Deferred tax-Asset/ (lialility) 9,694,591
Taxable/(deductible)
Carrying amount Tax base
As on 31 December 2022
Property, plant and equipment 134,531,751 133,619,260 912,491
Right-of- use assets 15,116,437 - 15,116,437
Lease liabilities (12,312,850) - (12,312,850)
Provision for prefeence shares investment (note 23.1) - 33,327,131 (33,327,131)
Provision for unrealised loss for Beximco Green-Sukuk (note 23.3) - 5,500,000 (5,500,000)
General provision for Margin loan (note 23.2) - 11,001,347 (11,001,347)
Deferred tax-Asset/ (lialility) 17,292,150
2023 2022
BDT BDT
11. Margin loans
Opening balance 1,100,134,681 1,376,524,399
Add/ (Less): Increase/(Decrease) during this year (49,400,384) (276,389,718)
Closing balance 1,050,734,297 1,100,134,681
Portfolio management department extends margin loan facilities to its customers trading on the secondary capital market in Bangladesh. Bangladesh
Securities and Exchange Commission issues various guidelines/ orders/ notifications for the Merchant Banks pertaining to these margin loan facilities.
12. Trading Investments
Listed securities (note 12.1) 130,648,451 143,358,588
Initial public offer (IPO) application 680,000 -
131,328,451 143,358,588
Historical cost price as Fair market value as Fair market value as
Business segment
at 31 December 2023 at 31 December 2023 at 31 December 2022
Bank 23,908,445 21,936,450 33,801,312
Cement - - 648,000
Food & Allied 25,870,315 24,050,740 64,859,483
Insurance 52,334,155 52,408,345 247,196
IT Sector - - 2,772,300
Miscellaneous 28,031,862 21,386,000 23,120,000
Pharmaceuticals & Chemicals - - 731,000
Telecommunication 11,079,456 10,866,917 10,396,600
Textile - - 6,205,697
Travel & Leisure - - 577,000
Total 141,224,233 130,648,451 143,358,588
2023 2022
BDT BDT
13. Accounts receivables
Advisory fees receivable 3,257,646 10,368,617
FDR Interest receivable 1,462,500 -
Receivable from panel broker - 12,788,116
Profit receivable from Beximco Green-Sukuk Al Istisna'a 14,317,361 13,806,250
Inter-company receivables :
City Brokerage Ltd-client sales 18,253,945 -
City Bank PLC-portfolio management fees 1,773,992 1,096,773
42,354,622 43,337,306

2023 2022
BDT BDT
14. Advances, deposits and prepayments
Advance to employee 1,255,993 3,493,329
Security deposit with Central Depository of Bangladesh Ltd. 200,000 200,000
Security deposit for membership fee 200,000 200,000
Advance against expenses 20,771 13,670
Advance for Uttara Building construction 35,424,458 18,599,466
Security deposit-Banglalink ICON - 11,000
Other assets 443,378 290,718
172,051,635 62,408,341
15. Cash and cash equivalents
Cash in hand 53,516 25,321

Stamp in hand - 2,540
Bank balance with City Bank PLC:
In current accounts:
1101363680001 3,894,743 1,350,628
1101363680002 205 895
1101363680003 3,759 4,794
Special notice deposit account:

3101363680001 6,562,593 23,807,414
1101340451001 85,386,229 14,755,330
1101340450001 158,472,208 133,259,724
Bank balance with Social Islami Bank PLC:

Mudaraba notice deposit account:
1271360000293 4,532,040 651,296
Bank balance with Community Bank Bangladesh PLC:

In current accounts:
0070306177101 11 11

0070306177301 419,399 2,576,584
Bank balance with One Bank PLC:

0023000001897 406,617 401,434
Bank balance with Bank Asia PLC:

05636000142 97,676 -
Investment in fixed deposit receipt (FDR) 150,000,000 50,613,333
Balance with City Brokerage Ltd. 806,901 6,876,173

Balance with Sheltech Brokerage Ltd. 695 1,145
410,636,592 234,326,622
16. Share capital
Authorised
300,000,000 shares of BDT 10 each 3,000,000,000 3,000,000,000
Issued, subscribed and paid up

255,000,000 ordinary shares of BDT 10 each 2,550,000,000 2,550,000,000
Name of shareholder No. of shares Value of shares % of share holding

City Bank PLC 254,995,000 2,549,950,000 99.9980%
Mr. Mashrur Arefin 1,000 10,000 0.0004%
Mr. Sheikh Mohammad Maroof 1,000 10,000 0.0004%
Mr. Md. Mahbubur Rahman 1,000 10,000 0.0004%
Ms. Mahia Juned 1,000 10,000 0.0004%
Mr. Nurullah Chaudhury 500 5,000 0.0002%
Mr. Kazi Azizur Rahman 500 5,000 0.0002%
255,000,000 2,550,000,000 100%

Financial
Statements
2023 2022
BDT BDT
17 Fair value reserve
Listed securities ( note -17.1) 294,067,052 294,067,052
Listed Sukuk (Note- 17.2) (37,500,000) (27,500,000)
256,567,052 266,567,052

Opening Balance 294,067,052 743,823,146
Add/ (Less):Change in fair value during this year - (449,756,094)
Closing Balance 294,067,052 294,067,052
17.2 Listed Sukuk

Opening Balance (27,500,000) -
Add/ (Less):Change in fair value during this year (10,000,000) (27,500,000)
(37,500,000) (27,500,000)
Less: Transfer to profit or loss - -
Closing Balance (37,500,000) (27,500,000)
18. Term Loan
Principal outstanding 636,161,456 735,250,651

Accrued interest payable 2,951,914 3,672,005
639,113,370 738,922,656
Current and non current classification

639,113,370 738,922,656
Name of lender : IPDC Finance Limited

Name of facility : Term loan facility
Facility limit : BDT 830,000,000/-
Rate of interest : 8.5% & 9% per annum
Purpose of loan : For the purpose of acquisition of land and construction of building.
Repayment terms : 10 years including 24 months grace period for principal amount and 12 months grace period for interest
that will be paid through 32 equal installments after the grace period
Security : i) Registered mortgage of 12 katha land with existing structure located at Uttara, Abdullahpur;
ii) Letter of comfort from City Bank PLC;
iii) First charge on fixed & floating assets of CBCRL.
19. Lease liabilities

18,442,651 12,312,850
20. Accounts payable

Payable to clients (note 20.1) 134,416,362 148,686,301
Accrued expenses (note 20.2) 6,633,246 11,410,348
141,049,608 160,096,649
20.1 Payable to clients
Client sales 36,737,669 19,155,749
Client deposit 97,678,693 129,530,552
134,416,362 148,686,301
20.2 Accrued expenses
Audit fee 220,000 90,000
CDS fee 220,665 145,265
Utility expenses 98,280 -
Gratuity payable 504,428 3,322,305
Software maintenance fee 102,778 102,778
6,633,246 11,410,348

2023 2022
BDT BDT
21. Other liabilities
Payable to panel broker 15,510,599 -
Withholding tax payable (note 21.1) 5,902,760 16,322,504
Inter-company payables:
Payable to City Brokerage Ltd - 2,070,941
21,413,359 18,393,445
21.1 Withholding tax payable
Withholding tax on salary 486,164 547,139
Withholding tax on supplier and other payment 228,649 1,983,415
Withholding tax on professional fees - 178,666
Withholding VAT on corporate advisory fee 4,629,065 11,036,704
Withholding VAT on supplier and other payment 525,882 2,553,413
Withholding VAT payable on professional fees 33,000 23,167
5,902,760 16,322,504
22 Overdraft Loan
Community Bank Bangladesh PLC 490,107 15,016
Bank Asia PLC 125,862,097 -
One Bank PLC 155,285,913 45,358
281,638,117 60,374
The above loans are taken to meet business requirements i.e. margin financing and investment in secondary market. The limit of the facilities from
Community Bank Bangladesh PLC, One Bank PLC and Bank Asia PLC are Tk. 200,000,000; 150,000,000 and 300,000,000 respectively.
23. Provision for Investment
Provision for prefeence shares investment (note 23.1) 33,327,131 33,327,131
General provision for Margin loan (note 23.2) 11,001,347 11,001,347
Provision for unrealised loss for Beximco Green-Sukuk (note 23.3) 13,125,000 5,500,000
57,453,478 49,828,478
23.1 Provision for prefeence shares investment
Opening balance 33,327,131 33,327,131
Add: Provision made during this year - -
33,327,131 33,327,131
Closing balance 33,327,131 33,327,131
23.2 General provision for Margin loan
Add: Provision made during this year - 11,001,347
11,001,347 11,001,347
Closing balance 11,001,347 11,001,347
Provision for margin loan is being kept at 1% as per Rules 36 of Merchant Banker and Portfolio Manager Rules, 1996 of Bangladesh Securities and
Exchange Commission.
23.3 Provision for unrealised loss for Beximco Green-Sukuk Al Istisna’a

Add: Provision made during this year 7,625,000 5,500,000
13,125,000 5,500,000
Closing balance 13,125,000 5,500,000
24. Provision for taxation
Opening balance 95,067,520 278,014,743
Add: Provision made during this year 79,587,338 95,067,520
Less: Adjustment for over provision in prior years (3,051,847) (9,785,181)
171,603,011 363,297,081
Less: Paid/Adjustment during this year - (268,229,562)
Closing balance 171,603,011 95,067,520

Financial
Statements
2023 2022
BDT BDT
25. Interest income
Interest on margin loan 167,505,415 146,954,404
167,505,415 146,954,404
26. Income from investment
Interest on fixed deposit 4,493,750 8,456,317
Dividend from perpetual bond 659,722 -
Gains on sale of listed securities 9,611,004 27,275,891
Profit from Beximco Green-Sukuk 28,886,111 27,581,250
Dividend from ordinary shares 64,032,375 64,810,139
107,682,962 128,123,597
27. Service income
Settlement fees 42,878,124 62,188,246
Portfolio management fees 6,212,783 5,145,237
Documentation charge 66,000 86,850
49,156,907 67,420,333
28. Other income
Gain on sale of fixed assets - 520,500
SND interest income 7,252,719 13,220,051
Miscellaneous income 4,355,643 9,135,856
11,608,362 22,876,407
SND interest income has been earned from the surplus fund of working capital and consolidated customer deposit kept in the SND bank account
and earned bank interest accordingly.
29. Salaries and allowances
Intern allowances 10,000 21,935
64,198,412 65,737,673
30. Rent, taxes, insurance, utilities, etc.
Rent expenses- VAT portion 676,644 661,028
Service charge 1,620,722 1,299,321
Insurance premium 1,524,929 1,323,869
Holding Tax 19,125 -
Utilities expenses 2,198,871 3,707,715
6,040,291 6,991,933
31. Repairs, maintenance and depreciation
Repair and maintenance 4,622,274 1,916,810
Depreciation-PPE 15,220,575 14,794,946
Depreciation-Lease asset 3,749,216 3,559,589
23,592,065 20,271,345
32. Stationery, printing and advertising
Printing charge 275,135 599,272
Stationery 1,671,249 1,890,288
Advertisement 678,091 2,395,312
2,624,475 4,884,872
33. Postage, stamp and telecommunication
Postage and courier charge 8,495 24,866
Online charges 907,440 703,216
Telephone charges 427,447 410,742
1,343,382 1,138,824
34. Other expenses
Business development expenses 2,087,478 2,234,981
Travelling and conveyance 5,237,913 7,961,177
Outsourcing expenses 2,474,884 2,393,213
Security expenses 2,319,079 1,782,614
Entertainment expenses 1,267,208 1,170,199
License and renewal fee 474,325 284,102
Cleaning expenses 491,587 322,200
Bank charges 508,308 633,794
Website maintenance expenses 320,250 18,552
Credit rating fee 53,750 53,750
Membership fee 111,111 555,555
Miscellaneous expenses 516,438 360,936
15,862,331 17,771,073

2023 2022
BDT BDT
35. Finance expenses
Lease liability - IFRS 16 1,662,589 633,641
Overdraft loan 12,310,169 12,566,422
13,972,758 13,200,063
36. Related parties
36.1 Parent company
City Bank PLC has 99.9980% shareholding of the Company. As a result, the controlling party of the Company is City Bank PLC.
36.2 Related party transactions
During the year, the Company carried out a number of transactions with related parties in the normal course of business. The names of related
parties and nature of these transactions have been set out in accordance with the provision of IAS 24: Related Party Disclosures.
Name of Relationship with the 2023 2022
Nature of transactions
related party entity BDT BDT
Transaction during the year
Interest income from SND Bank Account 5,735,812 4,322,948
FDRs Interest Income 1,496,528 704,166
Portfolio management fees - income 6,041,094 4,617,796
Corporate advisory fee - income - 21,000,000
Miscellaneous income (Rental Income) 25,000 -
City Bank PLC Parent company
Closing balance
Receivable from City Bank PLC 1,773,992 1,096,773
SND and current account 254,319,737 173,178,785
FDRs Interest Receivable 590,278 -
FDRs investment for three months 50,000,000 50,613,333
Deposit for investment in listed securities 7,302 7,302
Transaction during the year
Share trading settlement 14,045,068 24,365,974
Brokerage commission 9,614,285 17,061,635
City Brokerage Subsidiary of
Closing balance
Ltd City Bank PLC
Balance with City Brokerage Limited 806,901 6,876,173
Receivable for client share sell 18,253,945 -
Payable for client share purchase - 2,070,941
37. Financial risk management
The Company’s management has overall responsibility for the establishment and oversight of the Company’s risk management framework. The
Company’s management policies are established to identify and analyze the risks faced by the Company to set appropriate risk limits and controls
and to monitor risks and adherence to limits. Risk management policies, procedures and systems are reviewed regularly to reflect changes in market
conditions and the company’s activities. The Company has provided in separate notes the information about the Company’s exposure to each of the
following risks, the Company’s objectives, policies and processes for measuring and managing risks and the Company’s management of capital. The
Company has exposure to the following risks from its use of financial instruments.
- Credit risk
- Liquidity risk
- Market risk
37.1 Credit risk
Credit risk is the risk of financial loss to the company if any customer or counter party to a financial instrument fails to meet its contractual obligation.
This principally arises from the company’s receivables from customers.
Exposure to credit risk

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:
Margin loan 1,050,734,297 1,100,134,681

Trading Investments 131,328,451 143,358,588
Accounts receivables 42,354,622 43,337,306
Cash and cash equivalents 410,583,076 234,298,761
1,635,000,446 1,521,129,336
37.2 Liquidity risk
Liquidity risk is the risk that the company will not be able to meet its financial obligations as they fall due. The company’s approach to managing
liquidity (cash and cash equivalents) is to ensure, as far as possible, that it will always have sufficient liquid assets to meets its liabilities when due,
under both normal and stressed conditions, without incurring unacceptable losses or taking risk of damage to the company’s reputation. Typically,
the company ensures that it has sufficient cash and cash equivalents to meet expected operational expenses through preparation of the cash flow
forecast, prepared based on time line payment of the financial obligation and accordingly arrange for sufficient liquidity/fund to make the expected
payment within the due date.

Financial
Statements
2023 2022
BDT BDT
37.3 Market risk
Market risk is the risk that any changes in market price, Such as interest rates and capital market condition will affect the company’s income or the
value of its holdings of financiala instruments. The objective of market risk manangement is to manange and control market risk exposure within
aceptable parameters.
38. Contingent liabilities and commitments

Underwriting commitments outstanding 61,500,000 61,500,000
39. Number of employees

The number of employees engaged for the whole year or part thereof who received an yearly remuneration of BDT 36,000 or above was 49
(2022:45).
40. Others
40.1 Figures have been rounded off to the nearest BDT.

40.2 Prior year's figures shown for comparison purpose, have been rearranged whenever necessary to confirm with current year's presentation.
Dhaka, Bangladesh

536
Schedule of property, plant and equipment
Annex A
Cost Accumulated depreciation Net book
Total at 31 Total to 31 value at 31
Balance at 1 Sale/ As at 01 January Charge for
Annual Report 2023

Category of asset Addition December Rate (%) Adjustment December December
January 2023 disposal 2023 the year 2023
2023 2023
Office equipment 14,816,127 2,470,524 106,184 17,180,467 10%-50% 9,762,993 2,045,822 106,184 11,702,631 5,477,836
Furniture and fittings 24,879,382 2,267,882 - 27,147,264 10%-20% 8,103,208 1,863,981 - 9,967,189 17,180,075
Motor vehicle 43,028,285 - - 43,028,285 20% 12,718,693 8,605,656 - 21,324,349 21,703,936
Office space 108,204,615 - - 108,204,615 2.5% 2,479,687 2,705,116 - 5,184,803 103,019,812
Total at 31 December 2023 190,928,409 4,738,406 106,184 195,560,631 33,064,581 15,220,575 106,184 48,178,972 147,381,659
Total at 31 December 2022 60,839,398 138,725,761 8,636,750 190,928,409 26,638,993 14,794,946 8,369,358 33,064,581 157,863,828
(As per the registered deed agreement the Company bought 5216.05 Sft. of floor space which included undemancated and undivided 0.734 Katha of land. As per deed Tk 22,407,950 has been assigned to land
value and Tk 70,000,000 for Office Space. Remaining cost are related to registration and others related expenses. Consistent with the practice for such properly the depreciation is charged on the consolidated cost).

Schedule of right-of-use asset
As at 31 December 2023 Annex B
Cost Accumulated depreciation Annex B

Balance at Lease modification As at 01 Net book value at
Addition during Total at 31 Charge for Total to 31
Category of asset 01 January for rate change January Adjustment 31 December 2023
the year December 2023 the year December 2023
2023 during the year 2023
Office space 28,979,565 7,270,933 12,648,636 23,601,862 13,863,128 996,626 2,440,221 4,963,714 18,638,148
Total at 31 December 2023 28,979,565 7,270,933 12,648,636 23,601,862 13,863,128 996,626 2,440,221 4,963,714 18,638,148
Total at 31 December 2022 12,648,636 16,330,929 10,208,415 18,771,150 10,303,539 3,559,589 10,208,415 3,654,713 15,116,437
OF CBL MONEY TRANSFER SDN. BHD.
2023 (INCORPORATED IN MALAYSIA)
Annual Report 2023

Financial
Statements
537
Nasharuddin Wong & Co
CBL MONEY TRANSFER SDN. BHD. Chartered Accountants
Company No.: 200701011208 (769212-M)
(Incorporated in Malaysia)
DIRECTORS’ REPORT
‘The Directors have pleasure in submitting their annual report together with the audited financial statements of the Company for the financial year ended
31 December 2023.
PRINCIPAL ACTIVITIES
The principal activity of the Company during the financial year under review is as an outbound remittance service provider.
‘There have been no significant changes in the nature of this activity during the financial year.
FINANCIAL RESULTS
2023
Particulars
RM
Total comprehensive income for the year 1,301,508
DIVIDENDS
The Directors have declared a final dividend (less tax 24%) of RM1,282,363 in respect of the financial year ended 31 December 2022. Payment was made
on 26 July 2023.
RESERVES AND PROVISIONS
There were no material transfers to or from reserves or provisions during the financial year under review.
ISSUE OF SHARES OR DEBENTURES
The Company did not issue any new shares or debentures during the financial year.
DIRECTORS
The Directors of the Company who are in office during the financial year and until the date of this report are:-
Aziz Al Kaiser
Farooq Sobhan
S M Mashrur Arefin
Dato' Gurcharan Singh A/L Ujagar Singh
DIRECTORS’ INTEREST
According to the Register of Directors’ Shareholdings required to be kept by the Company under Section 59 of the Companies Act 2016 in Malaysia, none of
the Directors in office at the end of the financial year had any interest in shares of the Company during and at the end of the financial year.
DIRECTORS’ BENEFITS
There were no arrangements during and at the end of the financial year which had the object of enabling Directors of the Company to acquire benefits by
means of the acquisition of shares in or debentures of the Company or any other corporate body.
Since the end of previous financial year, no Director of the Company has received or become entitled to receive any benefit (other than benefits included in
the aggregate amount of emoluments received or due and receivable by the Directors as shown in the financial statements) by reason of a contract made
by the Company or a related company with the Director or with a firm of which he is a member, or with a company in which the Director has a substantial
financial interest.
DIRECTORS' REMUNERATION
The amount of the remunerations of the Directors or past Directors of the Company comprising remunerations received from the Company during the year
are as follows:
2023
Particulars
RM
Directors' remuneration 178,000
None of the Directors or past Directors of the Company have received any other benefits otherwise than in cash from the Company during the year.
No payment has been paid to or payable to any third party in respect of the services provided to the Company by the Directors or past Directors of the
Company during the year.

Financial
Statements
AUDITORS REMUNERATION
During the financial year, the total amount paid to or receivable by the auditors as remuneration for their services as auditors are RM 12,000.
INDEMNIFYING DIRECTORS, OFFICERS OR AUDITORS
No indemnities have been given or insurance premiums paid, during or since the end of the year, for any person who is or has been the Directors, officer or
auditor of the Company.
HOLDING COMPANY
The Directors regard City Bank PLC (Formerly known as The City Bank Limited), a Company incorporated in Bangladesh, as the ultimate holding Company.
OTHER STATUTORY INFORMATION
a) Before the financial statements of the Company were prepared, the Directors took reasonable steps:
i) to ascertain that action had been taken in relation to the writing off of bad receivables and the making of allowance for doubtful receivables,
and have satisfied themselves that there were no known bad receivables and that adequate allowances had been made for doubtful
receivables; and
ii) to ensure that any current assets which were unlikely to realised in the ordinary course of business as shown in the accounting records of the
Company had been written down to an amount which the current assets might been expected so to realise.
b) At the date of this report, the Directors are not aware of any circumstance;
i) which would render the amount written off for bad receivables inadequate to any substantial extent or which would render if necessary to
make an allowance for doubtful receivables in respects of these financial statements; or
ii) which would render the values attributed to current assets in the financial statements of the Company misleading, or
iii) which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Company misleading or inappropriate, or
iv) not otherwise dealt with in this report or the financial statements which would render any amounts stated in the financial statements of the
Company misleading.
c) At the date of this report, there does not exist:
i) any charge on the assets of the Company which has arisen since the end of the financial year which secures the liabilities of any other person; or
ii) any contingent liability of the Company which has arisen since the end of the financial year.
No contingent or other liability has become enforceable or is likely to become enforceable within the period twelve months after the end of financial year
which will or may affect the ability of the Company to meet its obligations when they fall due; and
No item, transaction or event of a material and unusual nature has arisen in the interval between the end of the financial year and at the date of this report
which is likely to affect substantially the results of the operations of the Company for the financial year in which this report is made.
AUDITORS
The auditors, Messrs. Nasharuddin Wong & Co., have expressed their willingness to continue in office.
Signed on behalf of the Board in accordance with a resolution of the Directors,
AZIZ AL KAISER
Director
DATO’ GURCHARAN SINGH A/L UJAGAR SINGH

Director
Shah Alam
Dated: 29 Jan 2024

Nasharuddin Wong & Co
CBL MONEY TRANSFER SDN. BHD. Chartered Accountants
Company No.: 200701011208 (769212-M)
STATEMENT BY DIRECTORS
PURSUANT TO SECTION 251(2) OF THE COMPANIES ACT, 2016
We, AZIZ AL KAISER and DATO’ GURCHARAN SINGH A/L UJAGAR SINGH, being the Directors of CBL MONEY TRANSFER SDN. BHD., do hereby state on behalf
of the Directors that in our opinion, the accompanying statement of financial position as at 31 December 2023 and the related statement of profit or loss and
other comprehensive income, statement of changes in equity and statement of cash flows of the Company for the financial year then ended, together with
the notes thereto, give a true and fair view of the state of affairs of the Company as at 31 December 2023 and of the results of its operations and the cash
flows of the Company for the year then ended, and have been drawn up in accordance with Malaysian Financial Reporting Standards, International Financial
Reporting Standards and the requirements of the Companies Act, 2016.
Signed on behalf of the Board in accordance with a resolution of the Directors,

AZIZ AL KAISER DATO' GURCHARAN SINGH A/L UJAGAR SINGH

Director Director
Shah Alam
Date: 29 Jan 2024
STATUTORY DECLARATION
PURSUANT TO SECTION 251(1)(b) OF THE COMPANIES ACT, 2016
I, MD SAIDUR RAHAMAN FARAZI being the Chief Executive Officer primarily responsible for the financial management of CBL MONEY TRANSFER SDN. BHD.,
do solemnly and sincerely declare that the accompanying statement of financial position of the Company as at 31 December 2023 and the related statement
of comprehensive income, statement of changes in equity and cash flow statement of the Company for the year then ended, together with the notes thereto
are, to the best of my knowledge and belief correct, and I make this solemn declaration conscientiously believing the same to be true and by virtue of the
provisions of the Statutory Declarations Act, 1960.
Subscribed and solemnly declared by the )
abovenamed MD SAIDUR RAHAMAN FARAZI at )
Shah Alam in the state of Selangor on )
) _______________________________
Before me, MD SAIDUR RAHAMAN FARAZI

Chief Executive Officer
Commissioner for Oaths

Financial
Statements

to the Members Of CBL Money Transfer Sdn. Bhd.
Company No.: 200701011208 (769212-M)
Opinion
We have audited the financial statements of CBL MONEY TRANSFER SDN. BHD., which comprise the statement of financial position as at 31 December
2023, and the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the year then
ended, and notes to the financial statements, including a summary of significant accounting policies, as set out on accompanying pages.
In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Company as at 31 December 2023, and of
its financial performance and its cash flows for the year then ended in accordance with Malaysian Financial Reporting Standards, International Financial
Reporting Standards and the requirements of the Companies Act, 2016 in Malaysia.
Basis for Opinion
We conducted our audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing. Our responsibilities under
those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence and Other Ethical Responsibilities
We are independent of the Company in accordance with the By-Laws (on Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants
(“By-Laws”) and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International
Independence Standards) (“IESBA Code”), and we have fulfilled our other ethical responsibilities in accordance with the By-Laws and the IESBA Code.

Information Other than the Financial Statements and Auditors’ Report Thereon
The Directors of the Company are responsible for the other information. The other information comprises the Directors’ Report but does not include the
financial statements of the Company and our auditors’ report thereon.
Our opinion on the financial statements of the Company does not cover the Directors’ Report and we do not express any form of assurance conclusion
thereon.
In connection with our audit of the financial statements of the Company, our responsibility is to read the Directors’ Report and, in doing so, consider whether
the Directors’ Report is materially inconsistent with the financial statements of the Company or our knowledge obtained in the audit or otherwise appears
to be materially misstated.
Based on the work we have performed, we conclude that there is no material misstatement of the Director’s Report.
Responsibilities of the Directors for the Financial Statements
The Directors of the Company are responsible for the preparation of financial statements of the Company that give a true and fair view in accordance with
Malaysian Financial Reporting Standard, International Financial Reporting Standards and the requirements of the Companies Act, 2016 in Malaysia. The
Directors are also responsible for such internal control as the Directors determine is necessary to enable the preparation of financial statements of the
Company that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements of the Company, the Directors are responsible for assessing the Company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the
Company or to cease operations, or have no realistic alternative but to do so.
Auditors’ Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements of the Company as a whole are free from material misstatement,
whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with approved standards on auditing in Malaysia and International Standards on Auditing will always detect
a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing, we exercise professional
judgement and maintain professional scepticism throughout the audit. We also:
i) Identify and assess the risks of material misstatement of the financial statements of the Company, whether due to fraud or error, design and perform
audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
ii) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.
iii) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the
directors.
iv) Conclude on the appropriateness of the Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether
a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the financial
statements of the Company or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up
to the date of our auditors’ report. However, future events or conditions may cause the Company to cease to continue as a going concern.
v) Evaluate the overall presentation, structure and content of the financial statements of the Company, including the disclosures, and whether the financial
statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our
audit.
Report on Other Legal and Regulatory Requirements
In accordance with the requirements of the Companies Act 2016 in Malaysia, we also report that in our opinion the accounting and other records and the
registers required by the Act to be kept by the Company have been properly kept in accordance with the provisions of the Act.
Other Matters
This report is made solely to the members of the Company, as a body, in accordance with Section 266 of the Companies Act 2016 in Malaysia and for no
other purpose. We do not assume responsibility to any other person for the content of this report.
NASHARUDDIN WONG & CO NASHARUDDIN BIN ABD. AZIZ

(NO: AF 0981) (NO: 01675/05/2025(J))
CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANT
Petaling Jaya.
Dated: 29 Jan 2024

Financial
Statements
CBL MONEY TRANSFER SDN. BHD. (Incorporated in Malaysia)

Statement of Financial Position
2023 2022
Notes
RM RM
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 6 1,399,996 1,449,535
Right-of-use assets 19 2,327,819 2,364,915
3,727,815 3,814,450
CURRENT ASSETS
Settlement obligations 7 7,747,852 9,983,305
Other receivables and deposits 8 872,920 1,087,063
Cash and cash equivalents 9 6,642,835 4,225,488
15,263,607 15,295,856
TOTAL ASSETS 18,991,422 19,110,306
EQUITY AND LIABILITIES

Equity attributable to equity holders of the company
Share capital 10 5,822,896 5,822,896
Retained profits 5,634,370 5,615,225
TOTAL EQUITY 11,457,266 11,438,121
NON-CURRENT LIABILITIES
Hire purchase payable 11 40,681 75,083
Lease liabilities 19 1,518,917 1,756,649
Deferred tax liabilities 13 86,048 75,323
1,645,646 1,907,055
CURRENT LIABILITIES
Other payables and accruals 14 153,829 186,137
Hire purchase payable 11 34,402 33,000
Lease liabilities 19 961,793 708,393
City Bank borrowing 12 4,307,656 3,975,789
Current tax liabilities 430,830 861,811
5,888,510 5,765,130
NET CURRENT ASSETS 9,375,097 9,530,726
TOTAL LIABILITIES 7,534,156 7,672,185
TOTAL EQUITY AND LIABILITIES 18,991,422 19,110,306

Comprehensive Income
2023 2022
Notes
RM RM
Revenue 9,933,445 11,254,612
Cost of services (1,102,070) (922,098)
GROSS PROFIT 8,831,375 10,332,514
Other operating income 1,275,484 335,698

Administrative and other operating expenses (5,005,662) (4,203,934)
Staff costs (2,779,160) (2,531,606)
PROFIT FROM OPERATIONS 2,322,037 3,932,672
Finance cost (578,974) (425,713)

PROFIT BEFORE TAXATION 16 1,743,063 3,506,959
Income tax expense 15 (430,830) (866,911)
Deferred tax 15 (10,725) (75,323)
NET PROFIT FOR THE YEAR 1,301,508 2,564,725
Other comprehensive income, net of tax - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,301,508 2,564,725

STATEMENT OF CHANGES IN EQUITY
Share Capital Retained profits Total

Particulars
RM RM RM
As at 1 January 2022 5,822,896 3,050,500 8,873,396

Total Comprehensive Income For The Year - 2,564,725 2,564,725
As at 31 December 2022 5,822,896 5,615,225 11,438,121
Share Capital Retained profits Total

Particulars
RM RM RM
As at 1 January 2023 5,822,896 5,615,225 11,438,121

Total Comprehensive Income For The Year - 1,301,508 1,301,508
Dividend - (1,282,363) (1,282,363)
As at 31 December 2023 5,822,896 5,634,370 11,457,266

Financial
Statements

2023 2022
Notes
RM RM
CASH FLOWS FROM OPERATING ACTIVITIES:-
Profit before taxation 1,743,063 3,506,959
Adjustment for:-
Depreciation on property, plant and equipment 318,622 281,754
Depreciation of right-of-use assets 1,002,159 1,007,443
Interest expense 422,225 280,978
Interest in lease liabilities 156,749 144,735
Operating profit before working capital changes 3,642,818 5,221,869
Working Capital Changes:

Receivables 2,899,596 711,538
Payables (32,308) 57,293
Net cash generated from operating activities 6,510,106 5,990,700
Interest paid (422,225) (280,978)
Tax paid (1,311,811) (1,158,483)
Net cash inflow from operating activities 4,776,070 4,551,239
CASH FLOWS FROM INVESTING ACTIVITIES:-

Purchase of property, plant and equipment (269,083) (432,046)
Payment of dividends (1,282,363) -
Net cash used from investing activities (1,551,446) (432,046)
CASH FLOWS FROM FINANCING ACTIVITIES:-

Repayment of lease liabilities (1,106,144) (1,052,051)
Repayment of hire purchase (33,000) (33,000)
Borrowing from holding Company 331,867 (342,179)
Net cash used from financing activities (807,277) (1,427,230)
NET CHANGES IN CASH AND CASH EQUIVALENTS 2,417,347 2,691,963

CASH AND CASH EQUIVALENTS BROUGHT FORWARD 4,225,488 1,533,525
CASH AND CASH EQUIVALENTS CARRIED FORWARD 9 6,642,835 4,225,488

NOTES TO FINANCIAL STATEMENTS
1 GENERAL INFORMATION
The Company is a private limited company incorporated and domiciled in Malaysia.
The principal activity of the Company during the financial year under review is as an outbound remittance service provider.
There have been no significant changes in the nature of this activity during the financial year.
The Company’s registered office and principal place of business is located at : A-6-1/1, Block A Megan Avenue 1, 189 Jalan Tun Razak, 50400 Kuala
Lumpur and Ground Floor, Loke Yew Building, No. 2, Leboh Pasar Besar, 50050 Kuala Lumpur.
The Directors regard City Bank PLC (Formerly known as The City Bank Limited), a company incorporated in Bangladesh, as the holding company.
The financial statements of the Company are presented in Ringgit Malaysia (RM).
The financial statement were authorised for issue by the Board of Directors in accordance with a resolution of the Directors on the date of these
financial statements.
2 COMPLIANCE WITH FINANCIAL REPORTING STANDARDS AND THE COMPANIES ACT
The financial statements have been prepared in accordance with Malaysian Financial Reporting Standards (“MFRS”), International Financial Reporting
Standard (“IFRS”) and the requirements of the Companies Act, 2016 in Malaysia.
The financial statements have been prepared using historical cost basis, unless otherwise stated in the significant accounting policies set out in Note 4.
3 BASIS OF PREPARATION
The financial statements have been prepared under the historical cost convention.
Management has used estimates and assumptions in mesuring the reported amounts of assets and liabilities at the end of the reporting period and
the reported amounts of revenues and expenses during the reporting period. Judgements and assumptions are applied in the measurement, and
hence, the actual results may not coincide with the reported amounts.
The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the Company’s financial
statements are disclosed in Note 5.
4 SIGNIFICANT ACCOUNTING POLICIES

(a) Changes in accounting policies
As of 1 January 2020, the Company adopted the following new MFRSs and Issues Committee ( “ IC ” ) Interpretation which have been issued
by the Malaysian Accounting Standards Board (“MASB”):
Effective for financial years beginning on or after 1 January 2020:
Amendments to MFRS 2 Share-based Payment
Amendments to MFRS 3 Business Combinations
Amendments to MFRS 6 Exploration for and Evaluation of Mineral Resources
Amendments to MFRS 7 Financial Instruments: Disclosures: Interest Rate Benchmark Reform
Amendments to MFRS 9 Financial Instruments: Interest Rate Benchmark Reform
Amendments to MFRS 14 Regulatory Deferral Accounts
Amendments to MFRS 101 Presentation of Financial Statements
Amendments to MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors
Amendments to MFRS 134 Interim Financial Reporting
Amendments to MFRS 137 Provisions, Contingent Liabilities and Contingent Assets
Amendments to MFRS 138 Intangible Assets
Amendments to MFRS 139 Financial Instruments: Recognition and Measurement: Interest Rate Benchmark
Amendments to IC Interpretation 12 Service Concession Arrangements
Amendments to IC Interpretation 19 Extinguishing Financial Liabilities with Equity Instruments
Amendments to IC Interpretation 20 Stripping Costs in the Production Phase of a Surface Mine
Amendments to IC Interpretation 22 Foreign Currency Transactions and Advance Consideration
Amendments to IC Interpretation 132 Intangible Assets - Web Site Costs
Amendments to MFRS 16 Leases: Covid-19-Related Rent Concessions
The adoption of the above standards, amendments and interpretation are not expected to have significant impact on the financial position
and financial performance of the Company.
At the date of authorisation for issue of these financial statements, the following new MFRSs, Amendments to MFRSs and IC Interpretations
have been issued by the MASB but not yet effective and have not been applied by the Company:

Financial
Statements
Effective for financial periods beginning on or after 1 January 2021:

Amendments to MFRS 4 Insurance Contracts: Interest Rate Benchmark Reform - Phase 2
Amendments to MFRS 7 Financial Instruments: Disclosures: Interest Rate Benchmark Reform - Phase 2
Amendments to MFRS 9 Financial Instruments: Interest Rate Benchmark Reform - Phase 2
Amendments to MFRS 16 Leases: Interest Rate Benchmark Reform - Phase 2
Amendments to MFRS 139 Financial Instruments: Recognition and Measurement: Interest Rate Benchmark Reform -
Phase 2
Amendments to MFRS 3 Business Combinations: Reference to the Conceptual Framework
Amendments to MFRS 101 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current
Amendments to MFRS 116 Property, Plant and Equipment: Proceeds before Intended Use
Amendments to MFRS 137 Provisions, Contingent Liabilities and Contingent Assets: Onerous Contracts-Cost of Fulfilling
a Contract
MFRS 17 Insurance Contracts
Amendments to MFRS 101 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current
Deferred to a date to be determined by the MASB:
Amendments to MFRS 10 Consolidated Financial Statements: Sale or Contribution of Assets between an Investor and
its Associate or Joint Venture
Amendments to MFRS 128 Investment in Associates and Joint Ventures: Sale or Contribution of Assets between an
Investor and its Associate or Joint Venture
The Company will adopt the above new MFRSs and Amendments to MFRSs when they become effective. The adoption of the above new
MFRSs and Amendments to MFRSs is not expected to have a material impact on the financial performance or position of the Company in the
period of initial application.
(b) Property, plant & equipment
Operating tangible assets that are used for more than one accounting period in the production and supply of goods and services, for
administrative purposes or for rental to others are recognised as property plant and equipment when the Company obtains control of the
assets. The assets, including major spares, servicing equipment and stand-by equipment, are classified into appropriate classes based on
their nature. Any subsequent replacement of a significant component in an existing asset is capitalised as a new component in the asset and
the old component is derecognised.
All property, plant and equipment are initially measured at cost. For a purchased asset, cost comprises purchase price plus all directly
attributable costs incurred in bringing the asset to its present location and condition for management’s intended use.
All property, plant and equipment are subsequently measured at cost less accumulated depreciation and accumulated impairment losses.
The annual depreciation rate used for the depreciation are as follows:
Method Rate
Air conditioners Straight-line 10%
Computer Straight-line 20%
Electrical fittings Straight-line 10%
Furniture and fittings Straight-line 10%
Office equipment Straight-line 10%
Motor vehicles Straight-line 20%
Note counting machine Straight-line 10%
Renovation Straight-line 10%
Signage and billboard Straight-line 10%
Software Straight-line 10%
At the end of each reporting period, the residual values, useful lives and depreciation methods for the property, plant and equipment are
reviewed for reasonableness. Any change in estimate of an item is adjusted prospectively over its remaining useful life, commencing in the
current period.
(c) Financial Instruments
Initial Recognition and Measurement
The Company recognises a financial asset or a financial liability (including derivative instruments) in the statement of financial position when,
and only when, it becomes a party to the contractual provisions of the instrument.
On initial recognition, all financial assets and financial liabilities are measured at fair value, which is generally the transaction price, plus
transaction costs if the financial asset or financial liability is not measured at fair value through profit or loss. For instruments measured at
fair value through profit or loss, transaction costs are expensed to profit or loss when incurred.

Derecognition of Financial Instruments
A financial asset is derecognised when, and only when, the contractual rights to receive the cash flows from the financial asset expire, or when
the Company transfers the contractual rights to receive cash flows of the financial asset, including circumstances when the Company acts
only as a collecting agent of the transferee, and retains no significant risks and rewards of ownership of the financial asset or no continuing
involvement in the control of the financial asset transferred.
A financial liability is derecognised when, and only when, it is legally extinguished, which is either when the obligation specified in the
contract is discharged or cancelled or expires. A substantial modification of the terms of an existing financial liability is accounted for as an
extinguishment of the original financial liability and the recognition of a new financial liability. For this purpose, the Company considers a
modification as substantial if the present value of the revised cash flows of the modified terms discounted at the original effective interest
rate differs by 10% or more when compared with the carrying amount of the original liability.
Fair Value Measurement of Financial Instruments

The fair value of a financial asset or a financial liability is determined by reference to the quoted market price in an active market, and in the
absence of an observable market price, by a valuation technique using reasonable and supportable assumptions.
Subsequent Measurement of Financial Assets
For the purpose of the subsequent measurement, the Company classifies financial assets into two categories, namely: (i) financial assets at
fair value through profit or loss, and (ii) financial assets at amortised cost.
After initial recognition, investements in preference shares and ordinary shares are measured at their fair value by reference to the active
market prices, if observable, or otherwise by a valuation technique, without any deduction for transaction costs it may incur on sales or other
disposal. All other equity investments which cannot be measured reliably without undue cost or effort are measured at cost less accumulated
impairment.
Investment in debt instruments, whether quoted or unquoted, are subsequently measured at amortised cost using cost effective interest
method. Investments in unquoted equity instruments and whose fair value cannot be reliably measured are measured at cost.
Other than financial assets measured at fair value through profit or loss, all other financial assets are subject to review for impairment.
Subsequent Measurement of Financial Liabilities

After initial recognition, all financial liabilities are measured at amortised cost using the effective interest method.
Recognition of Gains and Losses
Fair value changes of financial assets and financial liabilities classified as at fair value through profit or loss are recognised in profit or loss
when they arise.
For financial assets and financial liabilities carried at amortised cost, a gain or loss is recognised in profit or loss only when the financial asset
or financial liability is derecognised or impaired, and through the amortisation process of the instrument.
Impairment and Uncollectibility of Financial Assets
At the end of each reporting period, the Company examines whether there is any objective evidence that a financial asset or a group of
financial assets is impaired. Evidences of trigger loss events include: (i) significant difficulty of the issuer or obligor; (ii) a breach of contract,
such as a default or delinquency in interest or principal payments; (iii) granting exceptional concession to a customer; (iv) it is probable that
a customer will enter bankruptcy or other financial reorganisation; (v) the disappearance of an active market for that financial asset because
of financial difficulties; or (vi) any observable market data indicating that there may be a measurable decrease in the estimated future cash
flows from a group of financial assets.
For a non-current loan and receivable carried at amortised cost, the revised estimated cash flows are discounted at the original effective
interest rate. Any impairment loss is recognised in profit or loss and a corresponding amount is recorded in a loss allowance account. Any
subsequent reversal of impairment loss of the financial asset is reversed in profit or loss with a corresponding adjustment to the loss
allowance account, subject to the limit that the reversal should not result in the revised carrying amount of the financial asset exceeding the
amount that would have been determined had no impairment loss when recognised previously.
For short-term trade and other receivables, where the effect of discounting is immaterial, impairment loss is tested for each individually
significant receivable wherever there is any indication of impairment. Individually significant receivables for which no impairment loss is
recognised are grouped together with all other receivables by classes based on credit risk characteristics and aged according to their past
due periods. A collective allowance is estimated for a class group based on the Company’s experience of loss ratio in each class, taking into
consideration current market conditions.
(d) Cash and cash equivalents
Cash and cash equivalents comprise of cash in hand and cash at bank.
(e) Revenue
Revenue is recognised at an amount that reflects the consideration to which the Company expect to be entitled when the performance
obligation is satisfied:
i. Income from remittance business
Revenue from contracts with customers on service charges and gain/loss on foreign exchange arising from remittance activities are
recognised as remittance services are rendered.

Financial
Statements
(f) Income tax

Income tax on the income statement for the year comprises current and deferred tax. Current tax is the expected amount of income taxes
payable in respect of the taxable profit for the year and is measured using the tax rates that have been enacted at the balance sheet date.
Deferred tax is provided for, using the liability method, on temporary differences at the balance sheet date between the tax bases of assets
and liabilities and their carrying amounts in the financial statements. In principle, deferred tax liabilities are recognised for all taxable temporary
differences, unused tax credits to the extent that it is probable that taxable profit will be available against which the deductible temporary
differences, unused tax losses and unused tax credits can be utilized. Deferred tax is not recognised if the temporary differences arises from
goodwill of negative goodwill or from the initial recognition of an asset or liability in a transaction which is not a business combination and at
the time of the transaction, effects neither accounting profit nor taxable profit.
Deferred tax is measured at tax rates that are expected to apply in the period when the asset is realised or the liability is settled, based on tax
rates that have been enacted or subtantively enacted at the balance sheet date. Deferred tax is recognised in the income statement, except
when it arises from a transaction which is recognised directly in equity, in which case the deferred tax is also charged or credited directly in
equity, or when it arises from a business combination that is an acquisition, in which case the deferred tax is included in the resulting goodwill
or negative goodwill.
(g) Provision
A provision is recognised when the Company has a present obligation as a result of past events and it is probable that an outflow of resources
embodying economic benefits will be required to settle the obligation. Provisions are recognised based on a reliable estimate of the amount
of the obligation.
The carrying value of assets are reviewed for impairment when there is an indication that the assets might be impaired. Impairment is
measured by comparing the carrying value of the assets with their recoverable amounts.
An impairment loss is charged to the income statement immediately, unless the assets is carried at revalue amount. Any impairment loss of
revalued asset is treated as a revaluation decrease to the extent of previously recognised revaluation surplus of the same asset.
Subsequent increase in the recoverable amount of an asset is treated as reversal of the previous impairment loss and is recognised to the
extent of the carrying amount of the asset that would have been determined (net of amortisation and depreciation) had no impairment loss
been recognised. The reversal is recognised in the income statement immediately, unless the asset is carried at revalued amount.
A reversal of an impairment loss on a revalued asset is credited directly to revaluation surplus. However, to the extent that an impairment
loss on the same revalued asset was previously recognised as an expenses in the income statement, a reversal of that impairment loss is
recognised as income in the income statement.
(h) Hire purchase payables

Plant and equipment acquired under hire purchase arrangements are capitalised at the fair values and the corresponding obligations are
treated as liabilities. The finance cost are recognised as an expense in the income statement over the term of the relevant hire purchase so as
to produce a constant year rate of charge on the remaining balance of the obligations for each accounting year.
(i) Employee Benefits

(i) Short Term Benefits
Wages, salaries, bonuses and social security contributions are recognised as an expense in the year in which the associated services are
rendered by employees of the Company. Short term accumulating compensated absences such as paid annual leave are recognised when
services are rendered by employees that increase their entitlement to future compensated absences, and short term non-accumulating
compensated absences such as sick leave are recognised when the absences occur.
(ii) Defined Contribution Plans
‘The Company contributes to the Employees’ Provident Fund, the national defined contribution plan. Obligations for contributions to
defined contribution plans are recognised as an expense in the income statement as incurred. Once the contribution have been paid, the
Company has no further payment obligations.
(j) Foreign Currency Transactions

Transactions in foreign currencies during the financial year are converted into Ringgit Malaysia at rates of exchange approximating those
ruling at the transaction dates or at contracted rates, where applicable. Foreign currency monetary assets and liabilities at the balance sheet
date are translated into Ringgit Malaysia at rates of exchange approximating those ruling at that date or at contracted rates, where applicable.
Non-monetary items denominated in foreign currencies are translated using the exchange rates existing when the values were determined.
All exchange gains or losses are taken into the income statement.
(k) Leases
The Company assess at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the
use of an identified asset for a period of time in exchange for consideration.
Company as a lessee
The Company apply a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value
assets. The Company recognise lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying
assets.

(i) Right-of-use assets
The Company recognise right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available
for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any
remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised and estimates of
costs to be incurred in dismantling and removing the underlying assets. Right-of-use assets are depreciated on a straight-line basis over
the shorter or the lease term and the estimated useful lives of the assets.
The right-of-use assets are also subject to impairment.
(ii)Lease liabilities
At the commencement date of the lease, the Company recognise lease liabilities measured at the present value of lease payments to be
made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives
receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees.
The lease payments also include the exercise price of a purchase option reasonable certain to be exercised by the Company and payments
of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease payments
that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in
which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Company use its incremental borrowing rate at the lease commencement date
because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is
increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities
is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments
resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to
purchase the underlying asset.
(iii)Short-term leases and leases of low-value assets
The Company apply the short-term lease recognition exemption to its short-term leases that have a lease term of 12 months or less
from the commencement date and do not contain a purchase option. They also apply the lease of low-value assets recognition exemption
to leases that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as
expense over the lease term.
(l) Impairment of Non Financial Assets
The Company assess at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or
when an annual impairment assessment for an asset is required, the Company make an estimate of the asset’s recoverable amount.
An asset’s recoverable amount is the higher of an asset’s fair value less costs to sell and its value in use. For the purpose of assessing
impairment, assets are grouped at the lowest level for which there are separately identifiable cash flows (cash-generating units (“CGU”)).
In assessing value in use, the estimated future cash flows expected to be generated by the asset are discounted to their present value
using a pre-tax discount rate that reflects current market assessment of the time value of money and the risks specific to the asset. Where
the carrying amount of an asset exceeds its recoverable amount, the asset is written down to its recoverable amount. Impairment losses
recognised in respect of a CGU or groups of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to those units or
groups of units and then, to reduce the carrying amount of the other assets in the unit or groups of units on a pro rata basis.
In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified,
an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded
companies or other available fair value indicators.
Impairment losses are recognised in profit or loss except for assets that were previously revalued where the revaluation was taken to other
comprehensive income. In this case the impairment is also recognised in other comprehensive income up to the amount of any previous
revaluation surplus recognised.
For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that previously recognised
impairment losses may no longer exist or may have decreased. A previously recognised impairment loss is reversed only if there has been
a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognised. If that is the
case, the carrying amount is increased to its recoverable amount. That increase cannot exceed the carrying amount that would have been
determined, net of depreciation, had no impairment loss been recognised previously. Such reversal is recognised in profit or loss unless the
asset is measured at revalued amount, in which case the reversal is treated as a revaluation increase. Impairment loss on goodwill is not
reversed in a subsequent.
5 CRITICAL JUDGEMENTS AND ESTIMATION UNCERTAINTY
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events
that are believed to be reasonable under the circumstances.
In process of applying the Company’s accounting policies, which are described in Note 4 and key assumptions concerning the future, management is
not aware of any judgements or estimates that have a significant effect on the amount recognised in the financial statements.
(a) Depreciation of Property, Plant and Equipment
The cost of property, plant and equipment is depreciated on a straight-line basis over the assets’ estimated economic useful lives up to its
residual value. Management reviews the residual values, useful lives and depreciation method at the end of each financial year and ensures
consistencies with previous estimates and patterns of consumptions of the economic benefits that embody the items in these assets.
Changes in useful lives and residual values of plant and equipment may result in revision of future depreciation charges.

Financial
Statements
(b) Measurement of Income Taxes

The Company operates in various jurisdictions and are subject to Malaysian’s income taxes jurisdiction. Significant judgement is required in
determining the Company’s provision for current and deferred taxes because the ultimate tax liability for the Company is uncertain. When
the final outcome of the taxes payable is determined with the tax authorities in each jurisdiction, the amounts might be different from the
initial estimates of the taxes payable. Such differences may impact the current and deferred taxes in the period when such determination
is made. The Company will adjust for the differences as over- or under-provision of current or deferred taxes in the current period in which
those differences arise.
(c) Income taxes
Significant estimation is involved in determining the provision for income taxes. There are certain transactions and computations for which
the ultimate tax determination is uncertain during the ordinary course of business. The Company recognises liabilities for expected tax issues
based on estimates of whether additional taxes will be due. Where the final outcome of these matters is different from the amounts initially
recognised, such differences will impact the income tax provisions in the period in which such determination is made. Details of income tax
expense are disclosed in Note 15.
(d) Leases
The Company determine the lease term as the non-cancellable term of the lease, together with any years covered by an option to extend
the lease if it is reasonably certain to be exercised, or any years covered by an option to terminate the lease, if it is reasonably certain not to
be exercised.
The Company has several lease contracts that include extension options. The Company apply judgement in evaluating whether it is reasonably
certain whether or not to exercise the option to renew. That is, it considers all relevant factors that create an economic incentive for it
to exercise the renewal. After the commencement date, the Company reassess the lease term if there is a significant event or change in
circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew.
The carrying amount of right-of-use assets and lease liabilities of the the Company and other relevant information.

6 PROPERTY, PLANT AND EQUIPMENT
552
Air Electrical Furniture Office Motor Note counting Signage and
Computer Renovation Software Total
Particulars conditioners fittings and fittings equipment vehicles machine billboard
RM RM RM RM RM RM RM RM RM RM RM
Cost
Annual Report 2023

As at 01.01.2023 164,985 572,643 292,525 268,815 287,325 213,200 111,055 745,009 108,706 365,409 3,129,672
Addition for the year 1,600 100,209 7,548 13,460 332 - 2,920 14,300 8,550 120,164 269,083
As at 31.12.2023 166,585 672,852 300,073 282,275 287,657 213,200 113,975 759,309 117,256 485,573 3,398,755
Accumulated depreciation
As at 01.01.2023 104,662 482,626 92,640 128,324 157,022 79,400 71,032 485,893 63,313 15,225 1,680,137
Addition for the year 11,911 60,791 29,897 27,577 22,928 42,640 11,236 57,895 8,432 45,315 318,622
As at 31.12.2023 116,573 543,417 122,537 155,901 179,950 122,040 82,268 543,788 71,745 60,540 1,998,759
Net carrying amount

As at 31.12.2023 50,012 129,435 177,536 126,374 107,707 91,160 31,707 215,521 45,511 425,033 1,399,996
As at 31.12.2022 60,323 90,017 199,885 140,491 130,303 133,800 40,023 259,116 45,393 350,184 1,449,535
Right-of-use asset RM
Cost
As at 01.01.2023 3,372,358
Addition for the year 965,063
As at 31.12.2023 4,337,421
Accumulated depreciation
As at 01.01.2023 1,007,443
Addition for the year 1,002,159
As at 31.12.2023 2,009,602
Net carrying amount
As at 31.12.2023 2,327,819
As at 31.12.2022 2,364,915
Financial
Statements
7 SETTLEMENT OBLIGATIONS
2023 2022
Agents Prefunding Obligation Net Position Prefunding Obligation Net Position
RM RM RM RM RM RM
Agrani Bank 541,597,920 (541,345,100) 252,819 523,242,038 (522,642,423) 599,615

Al-Arafah Islami Bank Ltd 9,166,398 (9,028,640) 137,758 7,559,578 (7,457,099) 102,479
Any Bank - (242,627) (242,627) - (202,079) (202,079)
Bangladesh Krishi Bank 64,318,765 (64,128,230) 190,535 56,730,972 (56,384,836) 346,136
Bangladesh Utara Bank Ltd 4,291 - 4,291 - 4,291 4,291
Bank Asia Limited 26,736,899 (26,554,222) 182,676 22,807,798 (22,523,652) 284,146
Bkash Limited - (19,523,651) (19,523,651) - (15,657,273) (15,657,273)
BNI Indonesia 168,266,283 (167,962,232) 304,052 149,102,950 (148,268,508) 834,442
Brac Bank Ltd 313,834 (230,796) 83,037 269,214 (159,655) 109,559
BRI Indonesia 956,120,163 (954,194,810) 1,925,353 801,663,732 (799,222,876) 2,440,856
Buro - (9,441,118) (9,441,118) - (9,438,614) (9,438,614)
City Bank (BDT) 826,845,547 (786,294,720) 40,550,827 559,554,611 (527,112,914) 32,441,697
City Bank (USD) 1,735,903 (1,123,582) 612,321 - - -
City Bank (EUR) - (3,767,251) (3,767,251) - - -
Donga Money Transfer 32,622,473 (32,404,474) 217,999 31,689,459 (31,566,450) 123,009
Dutch Bangla Bank Ltd 11,147,800 (11,033,557) 114,243 9,274,326 (9,140,423) 133,903
ESEWA Money Transfer PVT. LTD 15,446,079 (14,532,728) 913,352 - - -
ESEWA Wallet - (19,655) (19,655) - - -
Himalayan Bank 83,156,592 (82,983,568) 173,024 81,488,982 (81,367,506) 121,476
Ipay 30,879,860 (30,856,665) 23,195 30,879,860 (30,856,665) 23,195
Islami Bank 709,535,307 (709,032,569) 502,738 681,714,710 (680,800,824) 913,886
Instant Cash FZE- Bangladesh 2,425,831 (3,963,841) (1,538,010) - - -
Instant Cash FZE- India - (287) (287) - - -
Instant Cash FZE- Pakistan - (6,870) (6,870) - - -
Jagorani Chakra Foundation - (5,254,506) (5,254,506) - (5,254,507) (5,254,507)
Janata Bank 169,805,638 (169,514,704) 290,934 161,849,067 (161,396,274) 452,793
Kotak Mahindra Bank Ltd 95,193,501 (94,755,265) 438,236 80,903,673 (80,594,006) 309,667
NAGAD - (46,946) (46,946) - - -
NRBC Bank Ltd 260,534 (234,370) 26,164 172,870 (141,154) 31,716
Padakhep - (2,164,164) (2,164,164) - (2,164,126) (2,164,126)
Pubali Bank Ltd 44,358,431 (44,129,093) 229,338 40,000,265 (39,883,365) 116,900
Rupali Bank Limited 55,880,754 (55,771,425) 109,328 52,162,371 (51,982,499) 179,872
Samsara 10,095,854 (10,100,272) (4,418) 10,095,854 (10,100,272) (4,418)
Sanima Bank Limited 468,607,180 (467,705,990) 901,190 283,346,903 (282,113,377) 1,233,526
Sonali Bank 190,322,159 (190,043,902) 278,257 179,634,168 (178,918,629) 715,539
Sulav Remit Nepal 77,575,949 (77,536,154) 39,796 77,575,949 (77,536,154) 39,795
Tranglo Sdn Bhd - Indonesia 92,993,869 (92,984,109) 9,760 92,083,869 (92,079,169) 4,700
Transfast Bangladesh - (173,712,266) (173,712,266) - - -
Transfast Pakistan - (34,042,390) (34,042,390) - - -
Trans-Fast Remittance LLC 292,036,772 (83,585,636) 208,451,135 260,092,379 (259,477,856) 614,523
United Commercial Bank Ltd 871,318 (832,717) 38,601 505,996 (423,711) 82,285
Uttara Bank Ltd 12,876,188 (12,780,821) 95,367 12,154,295 (12,064,085) 90,210
Xpress Money 45,236,322 (44,820,639) 415,684 45,236,323 (44,882,217) 354,106
5,036,434,412 (5,028,686,560) 7,747,852 4,251,792,212 (4,241,808,907) 9,983,305

8 OTHER RECEIVABLES AND DEPOSITS
2023 2022
RM RM
Other receivables 466,958 684,500
Deposits 405,962 402,563
872,920 1,087,063
9 CASH AND CASH EQUIVALENTS
The Company’s cash management policy is to use cash and cash equivalents to manage cash flows to ensure sufficient liquidity to meet the Company’s
obligations. The components of cash and cash equivalent consist of:
Cash at banks 6,625,751 4,165,332
Cash in hand 17,084 60,156
6,642,835 4,225,488
10 SHARE CAPITAL
2023 2022
No. of shares RM No. of shares RM
Issued and fully paid:
Ordinary shares 5,822,896 5,822,896 5,822,896 5,822,896
11 HIRE PURCHASE PAYABLE

2023 2022
RM RM
Minimum hire purchase payments
Not later than 1 year 36,564 36,564
Later than 1 year and not later than 5 years 36,564 73,128
73,128 109,692
Less: Future finance charges on hire purchase 1,955 (1,609)

Present value of hire purchase payables 75,083 108,083
Present value of hire purchase payables

Not later than 1 year 34,402 33,000
Later than 1 year and not later than 5 years 40,681 75,083
75,083 108,083
12 CITY BANK BORROWING
This represent unsecured shareholder’s loans in form of overdraft and bank guarantee strictly for the purpose of the Company’s remittance business
activities.
The facilities are charges interest at 5.25% (2022: 5.25%) per annum and is repayable on demand.
13 DEFERRED TAX (ASSETS)/LIABILITIES
At the beginning of the financial year 75,323 -

Recognised in profit or loss 10,725 75,323
At the end of the financial year 86,048 75,323
The net deferred tax assets and liabilities shown on the statements of financial position after appropriate offsetting are as follows:
Deferred tax assets (595,370) (591,610)

Deferred tax liabilities 681,418 666,933
86,048 75,323
Deferred tax assets and liabilities are summarised as follows:
Deferred tax assets
Lease liabilities Total

As at 01.01.2023 (591,610) (591,610)
Recognised in profit or loss (3,760) (3,760)
As at 31.12.2023 (595,370) (595,370)

Financial
Statements
Deferred tax liabilities
Property, plant and

Right-of-use assets Total
equipment
As at 01.01.2023 99,353 567,580 666,933
Recognised in profit or loss 23,389 (8,903) 14,486
As at 31.12.2023 122,742 558,677 681,419
14 OTHER PAYABLES AND ACCRUALS

2023 2022
RM RM
Other payables 5,000 5,000
Accruals 148,829 181,137
153,829 186,137
15 TAXATION
Tax expense
Current year 430,830 861,811
Prior year - 5,100
430,830 866,911
Deferred taxation
Relating to origination & reversal of temporary differences 10,725 1,206
Under provision in prior year - 74,117
Income tax revenue for the year 441,555 942,234
A reconciliation of profit before taxation at the statutory rate to income tax expense of the Company is as follows:
Profit Before Tax 1,743,063 3,506,959
Taxation at statutory rate 24% (2016:19%) 418,335 841,670

Expenses not deductible for taxation 89,991 91,953
Under provision/(Over provision) of taxation in prior year - 5,100
Utilisation of capital allowances (77,496) (71,812)
Relating to origination & reversal of temporary differences 10,725 1,206
Deferred tax under provision in prior year - 74,117
Tax expense for the year 441,555 942,234
16 PROFIT BEFORE TAXATION
Profit before taxation has been determined after charging amongst others the following:
Profit for the year is arrived after charging/(crediting):

Auditor's remuneration 12,000 12,000
Depreciation in right-of-use asset 1,002,159 1,007,443
Office rental - 3,405
Rental income (24,000) (23,400)
Revaluation gain/(loss) from remittances (1,234,990) (312,298)
Other operating income (16,494) -
17 FINANCE COST
Hire purchase interest 3,564 3,564
Loan interest 418,661 277,414
578,974 425,713

18 FINANCIAL INSTRUMENTS
Categories of financial instruments
The table below provides an analysis of financial instruments categorised under MFRS 9:
(a) Financial assets and financial liabilities measured at amortised cost (“AC”)
Carrying amount AC
RM RM
31.12.2023
Financial Assets
Other receivables and deposits 872,920 872,920
Settlement obligations 7,747,852 7,747,852
15,263,607 15,263,607
Financial Liabilities
City Bank borrowing 4,307,656 4,307,656
Other payables and accruals 153,829 153,829
Lease liabilities 2,480,710 2,480,710
Hire purchase payable 75,083 75,083
7,017,278 7,017,278
31.12.2022
Financial Assets
Other receivables and deposits 1,087,063 1,087,063
Settlement obligations 9,983,305 9,983,305
15,295,856 15,295,856
Financial Liabilities
City Bank borrowing 3,975,789 3,975,789
Other payables and accruals 186,137 186,137
Lease liabilities 2,465,042 2,465,042
Hire purchase payable 108,083 108,083
6,735,051 6,735,051
Financial Risk Management Objectives and Policies
The Company’s financial risk management policy seeks to ensure that adequate financial resources are available for the development of the Company’s
businesses managing risk. The Company is exposed to financial risk from operations and the use of financial instruments. The key financial risks
include foreign currency risk, interest rate risk, credit risk and liquidity risk.
The Company operates within clearly defined guidelines on financial risk management and it is not the Company’s policy to engage in speculative
transaction.
The following sections provide details regarding Company’s exposure to the abovementioned financial risk and the objectives, policies and processes
for the management of these risks:
(a) Foreign Currency Risk
Foreign currency risk is the risk that the fair value or future cash flows of a financial instruments will fluctuate because of changes in foreign currency
risk.
The Company is exposed to foreign currency risk on settlement obligations, cash and cash equivalents and loan and borrowing that are denominated
in currencies other than the functional currency of the Company.
Carrying amounts of the Company’s exposure to foreign currency risk are as follows:
USD Totals
RM
RM RM
31.12.2023
Settlement obligations - 7,747,852 7,747,852
Cash and bank balances 6,250,133 392,702 6,642,835
Loan and borrowing - 4,307,656 4,307,656
31.12.2022
Settlement obligations - 9,983,305 9,983,305
Cash and bank balances 4,170,936 54,552 4,225,488
Loan and borrowing - 3,975,789 3,975,789

Financial
Statements
Foreign currency sensitivity analysis

The Company’s sensitivity to foreign currency is mainly attributable to the exposure of cash and bank balances which denominated in United States
Dollar at the end of the reporting period.
In management opinion, the sensitivity analysis is unpresentative of the inherent foreign exchange risk because the year end exposure does not
reflect the exposure during the financial year.
(b) Interest Rate Risk
The Company is exposed to interest rate risk through the loan and borrowing which is fixed at the incpection of the financing arrangements, are
disclosed in Note 12.
No sensitivity analysis is prepared as the Company does not expect any material effect on the Company’s profit net of tax and equity arising from the
effect of reasonably possible changes to interest rates on interest bearing financial instruments at the end of the reporting period.
(c) Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting financial obligations due to shortage of funds. The Company’s exposure
to liquidity risk arise primarily from mismatches of the maturities of financial assets and liabilities. The Company’s objective is to maintain a balance
between continuity of funding and flexibility through the use of credit facilities.
The tables below summarises the maturity profile of the Company’s financial liablities at the end of the reporting period based on contractual
undiscounted repayment obligations.
2023
On demand or
1 to 5 years Total
within 1 year
RM RM
RM
Financial liabilities
Loan and borrowing 4,307,656 - 4,307,656
Other payables and accruals 153,829 - 153,829
Lease liabilities 961,793 1,518,917 2,480,710
Hire purchase payables 34,402 40,681 75,083
5,457,680 1,559,598 7,017,278
2022
On demand or
1 to 5 years Total
within 1 year
RM RM
RM
Financial liabilities
Loan and borrowing 3,975,789 - 3,975,789
Other payables and accruals 186,137 - 186,137
Lease liabilities 708,393 1,756,649 2,465,042
Hire purchase payables 33,000 75,083 108,083
4,903,319 1,831,732 6,735,051
19 RIGHT-OF-USE ASSET AND LEASE LIABILITIES
The Company have lease contracts consisting of tenancy agreements for offices and branches. These leases generally have lease terms within 2 - 10
years. The leases include extension and variable lease payments consisting of incremental rates of leases, which are further discussed below.
Set out below are the carrying amounts recognised and the movements during the year:
2023 2022
RM RM
Right-of-use assets
As at 1 December 2,364,915 -
Non-cash additions 965,063 3,372,358
Depreciation expenses (1,002,159) (1,007,443)
As at 31 December 2,327,819 2,364,915
Lease liabilities
As at 1 December 2,465,042 -
Non-cash additions 965,063 3,372,358
Accretion of interest 156,749 144,735
Lease payments (1,106,144) (1,052,051)
As at 31 December 2,480,710 2,465,042
The maturity of the lease liabilities are as follows:

2023 2022
RM RM
Right-of-use assets
Repayable within one year 961,793 708,393
Repayable withing two to ten years 1,518,917 1,756,649
2,480,710 2,465,042
20 CAPITAL MANAGEMENT
The Company’s primary objectives when managing its capital is to ensure that it maintains the Company’s stability and growth in order to provide
returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.
The Company regularly reviews and manages its capital structure and makes adjustments to it, taking into consideration of changes in economic
conditions, future capital requirements of the Company, prevailing and projected profitibility and operating cash flows, projected capital expenditures
and projected strategic investment oppurtunities. No changes were made in the objectives, policies or processes during the financial years ended 31
December 2023 and 2022.
Share capital 5,822,896 5,822,896
Reserves 5,634,370 5,615,225
Total equity 11,457,266 11,438,121
Loan and borrowing 4,307,656 3,975,789

Total borrowing to total equity (%) 0.38 0.35
21 AUTHORISATION FOR ISSUE OF FINANCIAL STATEMENT
The financial statement were authorised for issue by the Board of Directors in accordance with a resolution of the Directors on the date of these
financial statements.

Financial
Statements

DETAILED STATEMENT OF COMPREHENSIVE INCOME
2023 2022
RM RM
REVENUE Appendix 1 9,933,445 11,254,612
LESS : COST OF SALES Appendix 1 (1,102,070) (922,098)
GROSS PROFIT 8,831,375 10,332,514
ADD: OTHER INCOME Appendix 1 1,275,484 335,698
LESS : OTHER OPERATING EXPENSES Appendix 2 (5,005,662) (4,203,934)
STAFF COSTS Appendix 3 (2,779,160) (2,531,606)

FINANCE COST Appendix 3 (578,974) (425,713)
PROFIT BEFORE TAXATION 1,743,063 3,506,959
Appendix 1
2023 2022
RM RM
REVENUE
Transaction fees 3,549,496 3,764,640
Foreign exchange revenue 6,383,949 7,489,972
9,933,445 11,254,612
COST OF SALES
Services Charges 1,102,070 922,098
1,102,070 922,098
OTHER INCOME
Rental income 24,000 23,400
Revaluation gain/(loss) from remittances 1,234,990 312,298
Other Operating Income 16,494 -
1,275,484 335,698

Appendix 2
2023 2022
RM RM
OTHER OPERATING EXPENSES
Advertising 88,440 18,659
ATM service cost 19,604 47,584
Auditor's remuneration - fees 12,000 12,000
Bank charges 90,186 64,418
Courier and postage 5,736 14,095
Depreciation in right-of-use asset 1,002,159 1,007,443
Electricity and water 153,104 135,529
Entertainment 58,064 28,284
Educational allowances 141,005 104,856
EPF - Directors' remuneration 16,560 16,560
HRDF on director fees 1,396 1,396
Insurance 3,375 3,491
Law charges 950 -
Licensing fee 17,916 30,225
Marketing 1,776,538 1,386,594
Office rental - 3,405
Printing and stationery 74,363 61,350
Professional fees 148,799 101,472
Repair and maintenance 81,607 57,659
Rental of photostate machine 45,673 39,317
Secretarial and filling fees 2,796 1,366
Security charge 350,625 335,967
SMS service cost 25,970 -
Service charge 720 -
Stamp duty 3,573 1,256
Staff training 2,350 4,650
Telephone and internet 148,006 140,258
Travelling and accomodation 237,525 110,346
TOTAL OTHER OPERATING EXPENSES 5,005,662 4,203,934
Appendix 3
2023 2022
RM RM
STAFF COSTS
Bonus 16,656 16,140
Benefit in kind 122,007 175,367
Wages, salaries and allowances 2,406,937 2,130,838
EPF 171,822 142,749
SOCSO 30,812 25,329
Medical 30,926 41,183
TOTAL STAFF COSTS 2,779,160 2,531,606
FINANCE COST
Hire purchase interest 3,564 3,564
Loan interest 418,661 277,414
TOTAL FINANCE COSTS 578,974 425,713
TOTAL EXPENSES 8,363,796 7,161,253

OF CITY HONG KONG LIMITED 2023
(INCORPORATED IN HONG KONG)
Annual Report 2023

Financial
Statements
561
CITY HONG KONG LIMITED
REPORT OF THE DIRECTORS
The directors have pleasure in submitting their annual report together with the audited financial statements for the year ended 31st December, 2023.
PRINCIPAL ACTIVITIES
City Hong Kong Limited (“the Company”) is a company incorporated and domiciled in Hong Kong and has its registered office and principal place of business
at Unit 904&906, 9/F., Austin Tower, 22-26 Austin Avenue, Tsim Sha Tsui, Kowloon, Hong Kong. The principal activities of the Company are engaged in trade
finance activities.
RESULTS AND APPROPRIATIONS
The result of the Company for the year ended 31st December, 2023 and the state of the Company’s affairs as at that date are set out in the Company’s
financial statements on pages 6 to 20.
The directors do not recommend the payment of a dividend for the the year ended 31st December, 2023.
PROPERTY, PLANT AND EQUIPMENT
Details of the movements in the property, plant and equipment of the Company during the year are set out in note 11 to the financial statements.
SHARE CAPITAL AND RESERVES
Details of movement in share capital of the Company during the year are set out in note 14 to the Company’s financial statements.
There were no movements in reserves except for changes to retained earnings which arose from profit or loss and payment of dividends.
DEBENTURES AND EQUITY-LINKED AGREEMENTS
The Company has not issued any debenture or entered into any equity-linked agreements.
DIRECTORS
The directors of the Company during the year and up to the date of this report were :-
Hossain Khaled
Mahia Juned
Matiul Islam Nowshad (Appointed on 7th August, 2023)
Kazi Mohammad Tanjibul Alam (Resigned on 7th August, 2023)
Salim Mahmud (Resigned on 7th August, 2023)
There being no provision in the Company’s articles of association in connection with the retirement of directors by rotation, all existing directors continue in
office for the following year.
ARRANGEMENTS TO PURCHASE SHARES OR DEBENTURES
At no time during the year was the Company a party to any arrangements to enable the directors of the Company to acquire benefits by means of the
acquisition of shares in, or debentures of, the Company or any other body corporate.
DIRECTORS’ INTERESTS IN CONTRACT OF SIGNIFICANCE
Details of directors’ interest during the year are set out in note 16 to the financial statement.
There were no contract of significance to which the Company or its holding company was a party and in which a director of the Company had a material
interest, whether directly or indirectly, subsisted at the end of the year or at any time during the year.
PERMITTED INDEMNITY PROVISIONS
At no time during the year and up to the date of this report, there was or is, any permitted indemnity provision being in force for the benefits of any of the
directors of the Company.
BUSINESS REVIEW
The Company is exempted from preparation of a business review complies with Schedule 5 “Contents of Directors’ Report: Business Review” to the Hong
Kong Companies Ordinance since the Company is a wholly-owned subsidiary of another body corporate during the year.
AUDITORS
A resolution for the reappointment of Messrs. T. O. Yip & Co. Limited as auditors of the Company is to be proposed at the forthcoming annual general meeting.
ON BEHALF OF THE BOARD
Hossain Khaled
Chairman
29th January, 2024

Financial
Statements

TO THE MEMBERS OF CITY HONG KONG LIMITED
(incorporated in Hong Kong with limited liability)
Opinion
We have audited the financial statements of City Hong Kong Limited (“the Company”) set out on pages 6 to 20, which comprise the statement of financial
position as at 31st December, 2023, the statement of income and retained earnings and statement of cash flows for the year then ended, and notes to the
financial statements, including a summary of significant accounting policies.
In our opinion, the financial statements give a true and fair view of the financial position of the Company as at 31st December, 2023, and of its financial
performance and its cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standard for Private Entities (“HKFRS for Private
Entities”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) and have been properly prepared in compliance with the Hong Kong
Companies Ordinance.
Basis for Opinion
We conducted our audit in accordance with Hong Kong Standards on Auditing (“HKSAs”) issued by the HKICPA. Our responsibilities under those standards
are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in
accordance with the HKICPA’s Code of Ethics for Professional Accountants (“the Code”), and we have fulfilled our other ethical responsibilities in accordance
with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Information Other than the Financial Statements and Auditor’s Report Thereon
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, but does not include
the financial statements and our auditor’s report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other
information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Responsibilities of Directors and Those Charged with Governance for the Financial Statements
The directors are responsible for the preparation of the financial statements that give a true and fair view in accordance with HKFRS for Private Entities issued
by the HKICPA and the Hong Kong Companies Ordinance, and for such internal control as the directors determine is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or
to cease operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to
fraud or error, and to issue an auditor’s report that includes our opinion. Our report is made solely to you, as a body, in accordance with Section 405 of the
Hong Kong Companies Ordinance, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents
of this report. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with HKSAs will always detect
a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with HKSAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also :-
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a
material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements
or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s
report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.
T. O. Yip & Co. Limited

Certified Public Accountants (Practising)
Hong Kong
Samuel Ming-Sum Yip

Practising Certificate Number : P05704
29th January, 2024

Financial
Statements

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31ST DECEMBER, 2023
2023 2022
Notes
HK$ HK$
REVENUE 4 10,164,228 6,266,124
OTHER REVENUE 5 496 47,728
Staff costs (2,517,195) (2,324,250)

Depreciation (47,219) (47,219)
Other operating expenses 6 (938,947) (952,973)
TOTAL OPERATING EXPENSES (3,503,361) (3,324,442)
PROFIT FROM OPERATION 6,661,363 2,989,410
FINANCE COSTS 7 (5,348,429) (2,444,679)
PROFIT BEFORE TAX 8 1,312,934 544,731
INCOME TAX CREDIT 10(a) 189,911 7,369
PROFIT FOR THE YEAR 1,502,845 552,100

STATEMENT OF FINANCIAL POSITION
AS AT 31ST DECEMBER, 2023
2023 2022
Notes
HK$ HK$
NON-CURRENT ASSETS
Property, plant and equipment 11 34,676 81,895
Deferred tax assets 10(b) 178,086 -
212,762 81,895
CURRENT ASSETS
Discounted bills receivable 58,437,962 61,651,670

Other receivable 451,348 333,734
Rental deposit 129,600 129,600
Cash and cash equivalents 12(a) 571,119 14,414,104
59,590,029 76,529,108
CURRENT LIABILITIES
Accrual and deposit received 801,329 3,566,185

Bank overdraft due to City Bank PLC 12(a) 54,046,011 69,580,387
54,847,340 73,146,572
NET CURRENT ASSETS 4,742,689 3,382,536
NON-CURRENT LIABILITIES
Amount due to shareholder 13 (161,938) (161,938)
Deferred tax liabilities 10(b) - (11,825)
(161,938) (173,763)
NET ASSETS 4,793,513 3,290,668
EQUITY
Share capital 14 6,000,000 6,000,000

Accumulated losses (1,206,487) (2,709,332)
4,793,513 3,290,668
The financial statements and annexed notes were approved and authorised for issue by the Board of Directors on 29th January, 2024 and are
signed on its behalf by :-
Hossain Khaled Mahia Juned

Director Director
The notes on pages 10 to 20 form part of these financial statements.

Financial
Statements

STATEMENT OF CHANGES IN EQUITY
For the year ended 31st December, 2023
Share Accumulated
Total
capital losses
HK$
HK$ HK$
Balance at 31st December, 2021 6,000,000 (3,271,311) 2,728,689
Impact on de-recognition of HKFRS 16 - 9,879 9,879
Balance at 1st January, 2022 6,000,000 (3,261,432) 2,738,568
Profit for the year - 552,100 552,100
Profit for the year - 1,502,845 1,502,845

STATEMENT OF CASH FLOWS
For The Year Ended 31st December, 2023
2023 2022
Notes
HK$ HK$
NET CASH GENERATED FROM/ (USED IN) OPERATING ACTIVITIES 12(b) 7,039,820 (27,302,196)
INVESTING ACTIVITIES
Net cash generated from investing activities - -
FINANCING ACTIVITIES
Interest on bank overdraft due to City Bank PLC (5,348,429) (2,444,679)
Net cash used in financing activities (5,348,429) (2,444,679)
NET INCREASE/(DECREASE) IN CASH, CASH EQUIVALENTS AND BANK OVERDRAFT 1,691,391 (29,746,875)
CASH, CASH EQUIVALENTS AND BANK OVERDRAFT AT THE BEGINNING OF THE YEAR (55,166,283) (25,419,408)
CASH, CASH EQUIVALENTS AND BANK OVERDRAFT AT THE END OF THE YEAR 12(a) (53,474,892) (55,166,283)

Financial
Statements

ACCOUNTING POLICIES AND EXPLANATORY NOTES TO
THE FINANCIAL STATEMENTS
For the year ended 31st December, 2023
1. GENERAL INFORMATION
City Hong Kong Limited (“the Company”) is a limited company incorporated in Hong Kong. The address of its registered office and principal place of
business is Unit 904&906, 9/F., Austin Tower, 22-26 Austin Avenue, Tsim Sha Tsui, Kowloon, Hong Kong. The principal activities of the Company are
engaged in trade finance activities.
2. BASIS OF PREPARATION AND ACCOUNTING POLICIES
These financial statements have been prepared in accordance with the Hong Kong Financial Reporting Standard for Private Entities (HKFRS for Private
Entities) issued by the Hong Kong Institute of Certified Public Accountants and the requirements of the Hong Kong Companies Ordinance. They have
been prepared under the historical cost convention. They are presented in Hong Kong Dollars (“HK$”) which is also the Company’s functional currency
except when otherwise indicated.
In March 2020, the World Health Organisation recognised the outbreak of the Coronavirus Disease 2019 (“COVID-19”) caused by a novel strain of the
coronavirus as a pandemic. The pandemic affects all countries and territories including Hong Kong in which the Company operates. The response of
governments and societies to the COVID-19 pandemic, which includes temporary closures of certain businesses; social distancing; travel restrictions,
and other governmental regulations; and reduced consumer spending due to job losses, has significantly impacted volatility in the financial, commodities
and energy markets, and general economic conditions.
The impact of the COVID-19 pandemic on the Company’s future financial results could be significant but currently cannot be quantifies, as it will depend
on numerous evolving factors that currently cannot be accurately predicted, including, but not limited to, the duration and spread of the pandemic;
its impact on the Company’s customers, employees and vendors; governmental actions in response to the pandemic; and the overall impact of the
pandemic in the economy and society; among other factors. Any of these events could have significant accounting and financial reporting implications
(i.e., reassessing accounting estimates related to credit losses, valuation of certain investments, deferred tax assets and contingency reserves). The
Company has reviewed its assumptions related to the above estimates and have not made any adjustments.
The following are the specific accounting policies that are necessary for a proper understanding of the financial statements :-
(a) Property, plant and equipment
Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses.
Depreciation is charged so as to allocate the cost of assets less their residual values over their estimated useful lives, using the straight-line method.
The following annual rates are used for the depreciation of property, plant and equipment :-
Furniture and equipment 20%

Computer equipment 20%
The residual value and useful life of an asset are reviewed at least at each financial year-end.
If there is an indication that there has been a significant change in the depreciation rate, useful life or residual value of an asset, the depreciation of that
asset is revised prospectively to reflect the new expectations.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated
recoverable amount.
(b) Trade and other receivables
Trade and other receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost, less provision for
impairment. A provision for impairment of trade receivables is established when there is objective evidence that the Company will not be able to collect
all amounts due according to the original terms of the receivables.
(c) Cash and cash equivalents
Cash and cash equivalents includes cash at bank and on hand, which are subject to an insignificant risk of change in value.
(d) Impairment of non-financial assets
At each reporting date, property, plant and equipment is reviewed to determine whether there is any indication that such has suffered an impairment
loss. If there is an indication of possible impairment, the recoverable amount of any affected asset (or group of related assets) is estimated and

compared with its carrying amount. If an estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount,
and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset (or group of related assets) is increased to the revised estimate of its
recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset (group of
related assets) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
(e) Trade and other payables
‘Trade payables are recognised initially at the transaction price and subsequently measured at amortised cost.
(f) Revenue recognition
Revenue is recognised in profit or loss provided it is probable that the economic benefits will flow to the Company and the revenue and costs, if
applicable, can be measured reliably, as follows :-
(i) from the rendering of confirming and advising, checking, telex, postage and other services, when the services are rendered; and
(ii) income from bills discounting service; on an accrual basis by applying the rate that discounts the estimated future cash receipts through the
expected life of the financial instrument to the net carrying amount of the financial asset.
(g) Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of income and retained
earnings because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The
Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the
corresponding tax bases using in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences.
Deferred tax assets are generally recognised for all deductible temporary differences to the extent that is probable that taxable profits will be available
against which those deductible temporary differences can be utilised.
The carrying amount of deferred tax assets is reviewed at the reporting date and reduced to the extent that it is no longer probable that sufficient
taxable profits will be available to allow all or part of the asset to be recovered.
(h) Translation of foreign currencies
Foreign currency transactions are converted at the exchange rate applicable at the transaction date. Foreign currency monetary items are translated
into Hong Kong Dollars using exchange rates applicable at the end of the reporting period. Gains and losses on foreign exchange are recognised in the
income statement.
(i) Related parties
A related party is a person or entity that is related to the Company of :-
(a) A person or a close member of that person’s family is related to the Company if that person :-
(i) has control or joint control of the Company;

(ii) has significant influence over the Company; or
(iii) is a member of the key management personnel of the Company or of a parent of the Company.
(b)An entity is related to the Company if any of the following conditions applies :-
(i) the entity and the Company are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the
others).
(ii) one entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity
is a member).
(iii) both entities are joint ventures of the same third entity.
(iv) one entity is a joint venture of a third entity and the other entity is an associate of the third entity.
(v) the entity is a post-employment benefit plan for the benefit of employees of either the Company or an entity related to the Company. If the
Company is itself such a plan, the sponsoring employers are also related to the Company.
(vi) the entity is controlled or jointly controlled by a person identified in (a).

Financial
Statements
(vii) a person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent
of the entity).
(viii) the entity, or any member of a group of which it is a part, provides key management personnel services to the reporting entity or to the parent
of the reporting entity.
Close members of the family of a person are those family members who may be expected to influence, or be influenced by, that person in their dealings
with the Company.
(j) Employee benefit obligations
Salaries and annual bonuses, contributions to defined contribution retirement plans and the cost of non-monetary benefits are accrued in the year in
which the associated services are rendered by employees. Where payment or settlement is deferred and the effect would be material, these amounts
are stated at their present values..
(k) Operating leases
Rentals payable under operating leases are charged to profit or loss on a straight-line basis over the term of the relevant lease.
3. KEY SOURCES OF ESTIMATION UNCERTAINTY
Property, plant and equipment and depreciation
The Company determines the estimated useful lives and related depreciation charges for the Company’s property, plant and equipment. This estimate
is based on the historical experience of the actual useful lives of property, plant and equipment of similar nature and functions. The Company will
revise the depreciation charge where useful lives are different to those previously estimated, or it will write-off or write-down technically obsolete or
non-strategic assets that have been abandoned or sold.
2023 2022
HK$ HK$
4. REVENUE
Interest income from discounted bills 7,119,803 3,838,355
Agency income 1,218,256 1,337,425
Documents checking fee 18,742 47,119
Courier charge recovery - 60
Postage recovery 374,185 311,352
Sundry income 171,262 17,882
Other reimbursement of expenses 1,261,980 713,931
10,164,228 6,266,124
5. OTHER REVENUE
Bank interest income 496 501
Exchange gain - 4,027
Government grant - 43,200
496 47,728
6. OTHER OPERATING EXPENSES
Auditors' remuneration 15,500 15,000
Bank charges 22,966 30,950
Exchange loss 3,629 -
Insurance 5,500 5,763
Legal and professional fee 16,056 14,160
Postage and courier 179,063 247,902
Printing and stationery 10,761 17,486
Rental expenses 544,650 525,550
Sundry expenses 92,886 34,694
Telecommunication charge 24,840 39,564
Utilities 13,016 11,614
938,947 952,973

2023 2022
HK$ HK$
7. FINANCE COSTS
Interest on bank overdraft due to City Bank PLC 5,348,429 2,444,679
8. PROFIT BEFORE TAX

Profit before tax is arrived at after charging :-
Staff costs comprising :-
- Mandatory provident fund contribution 19,250 21,525
- Salaries and allowances 2,497,945 2,302,725
2,517,195 2,324,250
Auditors' remuneration 15,500 15,000
Depreciation of property, plant and equipment 47,219 47,219
Exchange loss 3,629 -
And after crediting :-
Exchange gain - (4,027)
9. DIRECTOR'S REMUNERATION
Remuneration of the directors disclosed pursuant to the Section 383 of the Hong Kong Companies Ordinance (Cap. 622) and Companies (Disclosure
of Information about Benefits of Directors) Regulation (Cap. 622G) is as follows :-
Salaries and other emoluments 10,080 10,290
Mandatory provident fund contribution - -
10. INCOME TAX CREDIT

(a) Income tax credit in the statement of income and retained earnings represents :-
Current tax – Hong Kong Profits Tax
Provision for the year - -
Deferred tax
Origination and reversal of temporary differences (189,911) (7,369)
(189,911) (7,369)
Reconciliation between income tax credit and accounting profits at applicable tax rates :-
Profit before income tax 1,312,934 544,731
Notional tax on profit before income tax at
applicable domestic tax rates of 16.5% 216,634 89,880
Tax effect of non-taxable income (82) (7,211)
Tax effect of lease payment - (97,407)
Tax effect of temporary differences on tax losses (406,463) -
Tax effect of temporary differences on
property, plant and equipment - 7,369
Actual tax credit (189,911) (7,369)
(b) The components of deferred tax liabilities/(assets) recognised in the statement of financial position and the movements during the year are as follows :-
Deferred tax arising from :-

Depreciation in excess
Tax losses Total
of the related depreciation
HK$ HK$
allowances HK$
At 31st December, 2021 and 1st January, 2022 19,194 - 19,194
Credited to profit or loss (7,369) - (7,369)
At 31st December, 2022 11,825 - 11,825
At 1st January, 2023 11,825 - 11,825
Credited to profit or loss (7,454) (182,457) (189,911)
At 31st December, 2023 4,371 (182,457) (178,086)

Financial
Statements
Computer
Furniture and equipment Total
equipment
HK$ HK$
HK$
11. PROPERTY, PLANT AND EQUIPMENT
Cost :-
As at 1st January, 2023
and at 31st December, 2023 62,436 173,658 236,094
Accumulated depreciation :-
As at 1st January, 2023 42,947 111,252 154,199
Charge for the year 12,487 34,732 47,219
As at 31st December, 2023 55,434 145,984 201,418
Net book value :-
At 31st December, 2023 7,002 27,674 34,676
At 31st December, 2022 19,489 62,406 81,895
2023 2022
HK$ HK$
12. CASH AND CASH EQUIVALENTS

(a) Cash and cash equivalents comprise :-
Cash at bank 571,119 14,414,104
Cash on hand - -
Cash and cash equivalents in the statement of
financial position and statement of cash flows 571,119 14,414,104
Cash, cash equivalents and bank overdraft include the following for the purpose of the
statement of cash flows :-
Cash and cash equivalents 571,119 14,414,104
Bank overdraft due to City Bank PLC (54,046,011) (69,580,387)
(53,474,892) (55,166,283)
(b) Reconciliation of operating profit from operations to net cash generated from/(used in)
operating activities :-
Profit from operations 1,312,934 544,731
Adjustments for :-
Depreciation of property, plant and equipment 47,219 47,219
Interest on bank overdraft 5,348,429 2,444,679
Operating profit before
changes in working capital 6,708,582 3,036,629
Decrease/(increase) in discounted bills receivable 3,213,708 (18,402,525)

Increase in other receivable (117,614) (234,954)
Decrease in rental deposit - 1
(Decrease)/increase in accrual and deposit received (2,764,856) 3,383,763
Decrease in other payable - (15,085,110)
Net cash generated from/(used in) operating activities 7,039,820 (27,302,196)
13. AMOUNT DUE TO SHAREHOLDER
The amount due to shareholder is unsecured, interest-free, and has no fixed repayment terms.
14. SHARE CAPITAL
Issued and fully paid:-
6,000,000 ordinary shares 6,000,000 6,000,000

2023 2022
HK$ HK$
15. OPERATING LEASE COMMITMENTS

At 31st December, 2023, the total future minimum lease payments under non-cancellable
operating lease are payable as follow :-
Within one year 421,728 421,728
After one year but within five years - -
421,728 421,728
16. RELATED PARTY TRANSACTIONS
In the ordinary course of business, the Company had the following transactions with the
related party :-
Interest on bank overdraft due to City Bank PLC 5,348,429 2,444,679
17. COMPARATIVE FIGURES
Certain comparative figures have been adjusted to conform to current year’s presentation.
18. PARENT AND ULTIMATE HOLDING COMPANY
At 31st December, 2023, the directors consider the immediate parent and ultimate controlling party of the Company to be City Bank PLC, which is
incorporated in Bangladesh. This entity has produced financial statements available for public use.

Financial
Statements
Statutory and Non- Statutory

Investment of the Bank
In accordance with Bangladesh Bank’s ALM (Asset Liability Management) guidelines, City Bank makes statutory investments to meet
regulatory requirements, safeguard depositor interests and maintain sufficient liquidity.
The bank makes its statutory investment mostly in Govt. Treasury Bills, Treasury Bonds and Bangladesh Bank Bills. The bank’s statutory
investments can be held for trading (HFT) or held till maturity (HTM). HFT securities are held for generating capital gains through sales or
REPO, whereas HTM instruments are purchased with the objective of receiving interest income and gain from amortization.
Following Bangladesh Bank circulars and section 33 of the Bank Company Act, 1991, the bank has been maintaining a Statutory Liquidity
Ratio (SLR) of at least 13% of Weekly Average Demand and Time Liabilities (of two months prior to the reporting month). In addition, the bank
has been holding high quality liquid assets as statutory investment in order to maintain ALM ratios such as LCR, ADR, IDR, CRR, SLR, NSFR,
MCO, WB limit, Commitment Limit, etc., in accordance with Bangladesh Bank requirements.
BDT mn

A. Treasury Securities
1. Treasury Bills 6,094 3,934
2. Treasury Bonds 54,427 47,169
3. Treasury Sukuk 2,619 1,638
B. Corporate Securities
1. Corporate Bonds 2,300 2,300
a. Convertible Bonds - -
b. Non-convertible Bonds 2,300 2,300
2. Corporate Sukuk 2,925 1,945
a. Convertible Sukuk 2,425 1,945
b. Non-convertible Sukuk 500 -
3. Subordinated Bonds 520 780
4. Perpetual Bonds - -
5. Zero Cupon Bonds - -
6. Debenture 0.12 0.12
C. Government Securities
1. Prize Bond 6 5
D. Investment in Capital Market
1. Ordinary shares & mutual funds (Quoted and unquoted) 4,172 3,335
2. Initial Public Offering (IPO) 20 5
Although bank funds are mostly utilized for loans and advances, a sizeable portion is also used for making investments in the following:
• Statutory investments required by law for maintaining compliances
• Opportunistic investments for potentially higher returns
Treasury bonds and bills are regarded as statutory (obligatory) investments for the bank, yet a sizeable amount is also held in excess of
the SLR requirement in order to maintain ALM ratios and generate sound risk-free returns. Conversely, opportunistic investments (non-
statutory investments) are made in capital market instruments, zero coupon bonds, corporate bonds, preference shares and subordinated
and perpetual bonds issued by other banks to strengthen the balance sheet, etc., in order to generate a potentially higher return and also
reduce tax burden.

Disclosure on Derivative
Investments (Financial Instruments)
Derivatives are financial instruments with fluctuating value that is exhibit the volume of transactions that were outstanding at the
linked to the value of the underlying asset. year-end.
For trading and risk management purposes, the bank positions The notional value is the outstanding of the underlying asset that
itself in certain derivatives with the view to profit from favorable is multiplied by using standard mid-rate. With little to nil initial
changes in indices, rates, or prices. In risk management, derivatives investment, derivatives frequently entail the future exchange of
include hedges that satisfy the hedge accounting requirements or money or other assets. The bank frequently works with swaps
hedges that include economic hedges but do not comply with them. and forwards as derivatives. These instruments often have a high
degree of leverage, and the amount that needs to be exchanged
Financial instruments for derivatives are held by the bank in Principal for the original investment can often be much higher. A derivative
notional amounts, either as liabilities or assets. The quantity of contract’s profit or loss can be significantly impacted by even a
the underlying instrument of the derivative contract (i.e., equity slight change in the value of the underlying asset, rate. In the
instrument, foreign currency, reference rate, or index) is referred to statement of financial position, the bank’s derivative assets and
as the notional amount, with the gross value recorded. The notional financial liabilities are typically not offset unless the IFRS netting
amounts do not represent the market or credit risk; rather, they criteria is met.
Derivatives held for trading Number of Transactions during the year Notional amount (outstanding)
Foreign exchange contracts (Forward Buy)* 866 USD 1.3 mn Equivalent BDT 136 mn
Interest rate swaps - -
Derivatives in economic hedge Accrued credit amount during Accrued debit amount Notional amount
relationship the year during the year (outstanding receivable)
Interest rate swaps USD 9,380 USD 9,637 -
Credit derivative contracts - - -
USD mn
Derivatives used as cash flow hedges Transactions volumes during the year Notional amount
and held for trading (1st Leg of Swaps) (outstanding)
USD 2,998.00
Foreign currency swaps* USD 89.19
Other currency (USD equivalent) 179.68
*Mid rates used for other currency: EUR/USD 1.1120, GBP/USD 1.2814, USD/CNY 7.1176
Derivatives held for trading of such contracts are reverse and repo transaction agreements
for borrowing and lending securities, as well as exchange-traded
Deals with customers account for the majority of the bank’s
derivative trading activity. These are typically counterbalanced by and over-the-counter derivatives. In the event of a counterparty’s
deals with other parties. The bark may also enter into positions default, these netting agreements and similar arrangements
in the hope of making money of advantageous changes in rates, typically allow the counterparties to set-off liabilities against
prices, or indexes. available assets received during regular business operations.
Derivative instruments held or issued for hedge By using a receivable from the same counterparty against an amount
owed, the offsetting right allows one to reduce credit exposure by
The bank utilizes derivatives for economic hedging as part of its asset-
eliminating all or a portion of an obligation. Nevertheless, not all
liability management to lower its exposure to market risks. This is
cases satisfy the IRS offsetting criteria.
accomplished through hedging individual financial instruments, fixed
rate financial instrument portfolios and projected transactions, in Qualitative disclosures
addition to hedging aggregate exposures to financial positions. The
bank uses hedge accounting in applicable instances. The bank manages derivative transactions in accordance with the
Board-approved policy. The Asset Liability Management Committee
Offsetting (ALCO) keeps an eye on such types of deals and assesses the risk.
With counter parties, the bank has a number of netting agreements As part of its overall risk management system, the bank regularly
in place to control the related credit risks. The two principal types monitors its exposure to derivat

Financial
Statements
Disclosure on large loan

(As on 31-12-2023)
Figures in Million Unless Specified
Outstanding
Non-Funded
Sl No Name Of Client
Funded (*Considering applicable Total
conversion factor)
1 CITY SEED CRUSHING IND LTD - 1,138 1,138
CITY SUGER INDUSTRIES LTD 75 539 613
CITY EDIBLE OIL LTD 216 93 309
CITY DAL MILLS LTD. - - -
RUPSHI FOODS LTD 835 23 859
RUPSHI FLOUR MILLS LTD - - -
RUPSHI FEED MILLS LTD - 81 81
SHAMPA FLOUR MILLS LTD 642 265 907
SPICE TELEVISION LTD 90 - 90
VOTT OIL REFINERIES LTD - - -
DHAKA SALT & CHEMICALS LIMITED 1,403 20 1,423
Group-total 3,261 2,159 5,419
2 SHAH CEMENT INDUSTRIES LIMITED 41 1,453 1,494
ABUL KHAIR STEEL PRODUCTS LTD - 7 7
ABUL KHAIR LIMITED 1,030 130 1,160
ABUL KHAIR STEEL MELTING LTD 3,407 809 4,217
ABUL KHAIR STRIP PROCESSING LTD 1,110 236 1,346
ABUL KHAIR MILK PRODUCTS LTD. - 257 257
ABUL KHAIR CONSUMER PRODUCTS LTD. - 3 3
Group-total 5,589 2,895 8,484
3 BANGLADESH STEEL RE-ROLLING MILLS LTD. 2,800 637 3,437
BSRM STEELS LIMITED. 1,385 2,115 3,500
BSRM WIRES LTD. 400 72 472
Group-total 4,585 2,823 7,409
4 SOUTH BENGAL FERTILIZER MILLS LTD. 28 - 28
NOAPARA TRADING - 1,434 1,434
NOAPARA TRADE INTERNATIONAL - - -
NOAPARA TRADERS - - -
M/S DEEPA ENTERPRISE 1,482 - 1,482
SHUFALA TRADING CORPORATION - 747 747
M/S SAIFULLAH GULF - 37 37
TAIBA SAIFULLAH SA - - -
TAIBA SAIFULLAH GL - 812 812
M/S FAIZ TRADE INTERNATIONAL - - -
NOAPARA TRADE INTERNATIONAL LTD - - -
FARIHA TRADING - - -
MOUNATA TRADE INDEX - - -
MOUNATA TRADE INTERNATIONAL - - -
FAIAZ TRADING CORPORATION - - -
Group-total 1,511 3,030 4,540
5 DUTCH DAIRY LTD 4 - 4
DIMENSION PACKAGING LTD. 372 9 381
PIMKIE APPARELS LTD 432 58 490
VINTAGE DENIM STUDIO LTD 1,363 191 1,554

Outstanding
Non-Funded
conversion factor)
VINTAGE DENIM APPARELS 1,773 502 2,275
Group-total 3,945 760 4,705
6 SUMMIT CORPORATION LIMITED 3,000 813 3,813
SUMMIT BARISAL POWER LTD - 50 50
SUMMIT POWER LIMITED 3,268 8 3,277
SUMMIT OIL AND SHIPPING CO. - 114 114
Group-total 6,268 985 7,254
7 FLAMINGO FASHIONS LTD 858 298 1,156
MAWNA FASHIONS LTD 544 81 626
JINNATH KNITWEARS LTD 313 879 1,192
DBL TELECOM LTD - 23 23
MATIN SPINNING MILLS PLC 665 144 809
LAXFO ELECTRONICS LTD - 13 13
Group-total 2,381 1,437 3,818
8 BRB CABLE INDUSTRIES LTD 2,689 541 3,230
Group-total 2,689 541 3,230
9 PRAN FOODS LTD 2,052 12 2,064
ADVANCE TRIMS SOLUTIONS BD LTD - - -
BANGA BUILDING MATERIALS LIMITED 2,448 390 2,838
RFL PLASTIC LTD 476 304 780
DURABLE PLASTIC LTD 50 283 333
ALLPLAST BANGLADESH LTD 40 63 103
KALIGANJ AGRO-PROCESSING LIMITED 319 363 682
Group-total 5,385 1,415 6,799
10 DEBONAIR LTD 1,350 506 1,856
ORBITEX KNITWEAR LTD - 330 330
SAMIN WINTER MATE LTD - 31 31
DEBONAIR PADDING AND QUILTING SOLUTION LTD. 1,124 181 1,305
DEBONAIR BAG & LUGGAGE LIMITED 5 1 5
FRIENDS KNITTINGS LTD. 531 84 615
Group-total 3,010 1,133 4,143
11 BANCO ENERGY GENERATION LTD 1,175 545 1,720
MANIKGONJ POWER GENERATIONS LTD 4,462 1,792 6,254
Group-total 5,638 2,337 7,974
12 WALTON HI-TECH INDUSTRIES PLC 2,597 332 2,929
WALTON DIGI- TECH INDUSTRIES LTD 1,846 416 2,262
WALTON CHEMICAL INDUSTRIES LTD 80 19 99
REMARK HB LIMITED 90 37 127
Group-total 4,614 803 5,417
13 N.Z DENIM LTD 1,477 348 1,825
NZ FABRICS LTD. 2,026 611 2,638
Group-total 3,504 959 4,463
14 UNITED MYMENSINGH POWER LTD. (UMPL) 1,500 140 1,640
UNITED JAMALPUR POWER LTD - - -
UNITED ANWARA POWER LTD - - -
UNITED ENTERPRISES & Co LTD - - -
UNITED CHATTOGRAM POWER - - -
UNITED POWER GENERATION & DISTRIBUTION Co. LTD (UPGDCL) - - -
UNITED SECURITIES LIMITED - 250 250
UNITED TANK TERMINAL LIMITED 297 - 297
Group-total 1,797 390 2,187

Financial
Statements
Outstanding
Non-Funded
conversion factor)
15 CONFIDENCE POWER BOGRA LTD 402 47 449
CONFIDENCE POWER BOGRA UNIT-2 LTD 301 578 880
CONFIDENCE POWER HOLDINGS LTD 2,390 262 2,652
Group-total 3,093 888 3,980
16 ANLIMA ENERGY LIMITED 5,130 1,074 6,204
PRECISION ENERGY LTD - 0 0
Group-total 5,130 1,074 6,204
17 ACORN INFRASTRUCTURE SERVICES UNIT-3 LIMITED 3,353 1,225 4,578
PARAMOUNT B TRAC ENERGY LIMITED 1,758 188 1,946
Group-total 5,111 1,412 6,523
18 PIONEER KNITWEARS (BD) LTD - 25 25
BADSHA TEXTILE LTD 135 560 694
KAMAL YARN LTD 1,841 565 2,406
Group-total 1,975 1,150 3,125
19 MEGHNA EDIBLE OILS REFINERY LTD 641 1,068 1,708
MEGHNA PVC LTD - 236 236
SONARGAON FLOUR & DAL MILLS LTD 49 295 344
MEGHNA SUGAR REFINERY LIMITED - 1,230 1,230
SONARGAON SEEDS CRUSHING MILLS LIMITED - 149 149
Group-total 690 2,977 3,667
20 KARNAPHULI POWER LIMITED 3,557 797 4,354
BARAKA SHIKALBAHA POWER LIMITED 1,157 78 1,235
Group-total 4,714 875 5,589
21 AKIJ FOOD & BEVERAGE LTD 573 967 1,541
AKIJ CEMENT COMPANY LTD 339 273 612
AKIJ CERAMICS LTD 310 63 373
AKIJ PARTICLE BOARD MILLS LTD 205 37 242
AKIJ POLY FIBRE INDUSTRIES LTD - - -
AKIJ DAIRY LTD 13 504 518
MAGNUM STEEL INDUSTRIES LTD 38 19 56
Group-total 1,479 1,863 3,342
22 WESTERN ENGINEERING LIMITED 4,045 1,142 5,187
Group-total 4,045 1,142 5,187
23 NABIL AUTO FLOUR MILL - 1,250 1,250
NABIL FEED MILLS LTD 730 1,050 1,780
NABIL NABA FOODS LIMITED - 2,270 2,270
Group-total 730 4,570 5,300
24 MAX INFRASTRUCTURE LIMITED 2,239 377 2,617
Group-total 2,239 377 2,617
25 4A YARN DYEING LTD 1,737 141 1,878
GRAMTECH KNIT DYEING FINISHING & GARMENTS INDUSTRIES LTD 831 114 945
Group-total 2,568 255 2,823
26 AL MUSLIM YARN DYEING LTD 428 133 561
PACIFIC BLUE JEANS WEAR LTD 807 301 1,108
A.K.M. KNIT WEAR LTD 46 268 314
AL-MUSLIM APPARELS LTD 148 12 161
AL-MUSLIM WASHING LTD 329 10 339
AL-MUSLIM GARMENTS AND ACCESSORIES LTD. 103 8 111
AL-MUSLIM FASHION AND SPECIALIZED TEXTILE LTD. 15 0 16
Group-total 1,876 733 2,609

Outstanding
Non-Funded
conversion factor)
27 FARIHA KNIT TEX LTD 822 116 938
ASROTEX LTD 60 155 215
M/S ASROTEX 38 43 81
SENSIBLE FASHION (PVT) LTD 15 390 405
RUMA INDUSTRIES LTD - - -
Group-total 935 704 1,639
28 EPIC GARMENTS MANUFACTURING CO. LTD. 1,004 1,772 2,776
GREEN TEXTILE LIMITED 241 490 731
PEARL GARMENTS COMPANY LTD 4 214 218
COSMOPOLITAN INDUSTRIES PVT. LIMITED 245 374 619
Group-total 1,494 2,850 4,344
29 THE CONSOLIDATED TEA AND LANDS COMPANY (BANGLADESH) LIMITED - 15 15
BARAOORA (SYLHET) TEA COMPANY LIMITED - 3 3
S.N CORPORATION 1 - 1
PORTLINK LOGISTICS CENTRE LIMITED - 1 1
FINLAY PROPERTIES LIMITED 50 - 50
ISPAHANI TEA LIMITED 6 10 15
M.M ISPAHANI LIMITED 159 96 255
ISPAHANI AGRO LIMITED 109 - 109
ISPAHANI FOODS LIMITED 0 26 26
GAZIPORE & MIRZAPORE TEA ESTATES(BANGLADESH)LIMITED 97 2 99
ZARREEN PLANTATION LIMITED 86 0 86
CHITTAGONG JUTE MANUFACTURING CO. LTD - 2 2
OMERA PETROLEUM LIMITED 171 19 189
TRANS ASIA INDUSTRIES LIMITED - 599 599
UTTARA MOTORS LTD - - -
EASTERN MOTORS LIMITED 21 32 53
30 HEALTHCARE FORMULATIONS LIMITED 617 217 834
HEALTHCARE PHARMACEUTICALS LTD. 2,918 327 3,245
Group-total 3,535 543 4,079
31 NORTEX TEXTILE MILLS LTD 3,207 150 3,357
BASHER SPINNING MILLS LTD 1,409 72 1,481
Group-total 4,616 222 4,838
32 SOUTHEAST TEXTILES PVT. LTD 834 646 1,481
INTERSTOFF APPARELS LTD 142 3 145
TOTAL 100,081 44,758 144,839
*according to BRPD Circular No. 1 dated 16 January 2022.

Financial
Statements
GLIMPSES

City Bank holds EGM on digital platform
City Bank’s Extraordinary General Meeting (EGM) was held on June 14, 2023 over the
virtual platform. Mr. Aziz Al Kaiser, Chairman of the bank, presided over the meeting. Vice
Chairman Mr. Hossain Khaled; Directors Ms. Tabassum Kaiser, Ms. Savera H. Mahmood,
Mr. Hossain Mehmood, Mr. Rajibul Huq Chowdhury, Ms. Syeda Shaireen Aziz, Ms. Rebecca
Brosnan, Independent Director Mr. Matiul Islam Nowshad, MD & CEO Mr. Mashrur Arefin
and shareholders and the bank’s senior officials also attended the meeting. Shareholders
approved a resolution to amend the concerned provision of the Articles of Association for
reducing the number of directors on the Board, subject to regulatory approval and other
formalities.

Glimpses
City Bank holds its 40TH AGM on digital platform

The 40th Annual General Meeting (AGM) of City Bank was held via virtual platform on July
4, 2023. The meeting was presided over by Mr. Aziz Al Kaiser, Chairman. Vice Chairman Mr.
Hossain Khaled, and Directors Ms. Tabassum Kaiser, Ms. Savera H. Mahmood, Mr. Hossain
Mehmood, Mr. Rajibul Huq Chowdhury, Ms. Syeda Shaireen Aziz, Ms. Rebecca Brosnan,
Independent Director Mr. Matiul Islam Nowshad, MD & CEO Mr. Mashrur Arefin, and AMD
& CFO Mr. Md. Mahbubur Rahman attended the meeting. In addition, a large number of
shareholders and the bank’s senior officials also attended the meeting.

City Bank donates blankets to PM’s Relief and Welfare Fund
City Bank Chairman Mr. Aziz Al Kaiser, and Director Mr. Hossain Mehmood handed blankets
to PM Sheikh Hasina at Gonobhaban on November 10, 2023 under the PM’s Relief and
Welfare Fund. The bank donated 75,000 blankets for providing relief to the poor and
homeless during the winter months.

Glimpses
City Bank wins Top Bank’s Award by Bangladesh Bank

City Bank was awarded as a top bank in the ‘Sustainability Rating’ by Bangladesh Bank for
2022, winning the award for three years in a row. Mr. Mashrur Arefin, MD & CEO, received
the award from the central bank Governor Mr. Abdur Rouf Talukder on August 29, 2023.
Ms. Nurun Nahar, Deputy Governor, Mr. Md. Khurshid Alam, Executive Director, and Mr.
Chowdhury Liakat Ali, Director of Sustainable Finance Department of Bangladesh Bank were
also present at the award ceremony. This rating by Bangladesh Bank reflects the bank’s
good performance in five indicators, which include Sustainable Finance, Green Refinance,
Corporate Social Responsibility (CSR), Core Banking Sustainability, and Financial Inclusion.

City Bank wins ITFC Award as the first bank in Bangladesh
City Bank was honoured with the ‘ITFC Trade Finance Deal of the Year’ award from International Islamic Trade Finance Corporation (ITFC), emerging as
Bangladesh’s first bank to win the award among all ITFC partner banks. The award recognised the bank’s outstanding Shariah compliant trade finance deal
under the ITFC trade finance line for facilitating wheat imports even amid the liquidity crisis. Mr. Mashrur Arefin, MD and CEO of City Bank, received the
award from Mr. Nazeem Noordali, ITFC’s Chief Operating Officer at the City Bank Head office. Mr. Abdul Aleem, Division Manager Asia & Middle East, Mr.
Iftekhar Alam, Regional Manager - South & Southeast Asia of ITFC, Mr. Sheikh Mohammad Maroof and Md. Mahbubur Rahman both AMD’s of City Bank,
and Mr. Hasan Sharif Ahmed, EVP & Head of Financial Institutions, City Bank, were also present at the occasion.
ITFC extends Murabaha Trade Finance Facility of US$ 45 million to City Bank
International Islamic Trade Finance Corporation (ITFC) announced the extension of its Murabaha Trade Finance Facility of US$ 45 million to City Bank under a
syndicated arrangement. This is the highest trade finance line opened for a private commercial bank by ITFC, which will enable City Bank to expand business
and cross-border trade. The facility agreement was signed by Mr. Mashrur Arefin, MD & CEO of City Bank, and Mr. Nazeem Noordali, Chief Operating Officer
(COO) of ITFC at a signing ceremony held at City Bank Head Office. Mr. Abdul Aleem - Division Manager Asia & Middle East, Mr. Iftekhar Alam, Regional
Manager - South & Southeast Asia of ITFC, Mr. Sheikh Mohammad Maroof and Mr. Md. Mahbubur Rahman, both Additional Managing Directors of City Bank,
and Mr. Hasan Sharif Ahmed, EVP & Head of Financial Institutions, City Bank, were also present at the occasion.

Glimpses
City Bank becomes the first private commercial bank to promote and facilitate universal pension schemes
City Bank signed an MoU with the National Pension Authority as Bangladesh’s first private commercial bank for opening and managing different universal
pension schemes for the public, including NRBs. Bangladeshi citizens can open a scheme via the bank’s Citytouch and CityLive apps, while NRBs can open
and manage the schemes using the CityRemit app. In the presence of Dr. Md. Khairuzzaman Mozumder, Secretary of the Ministry of Finance, Mr. Kabirul
Ezdani Khan, Executive Chairman of the National Pension Authority, and Mr. Mashrur Arefin, MD & CEO of City Bank, the MoU was signed by members
on behalf of their respective organizations. Mr. Golam Mostafa, Additional Secretary and Member of National Pension Authority, Mr. Sheikh Mohammad
Maroof, AMD & Chief Business Officer of City Bank, Mr. Saidur Rahman Farazi, CEO of CBL Money Transfer Malaysia Sdn. Bhd., and Mr. Tahsin Haq, Head of
Corporate Cash Management of City Bank and other senior officials of the Ministry of Finance and the bank were also present at the event.
City Bank signs bancassurance agreement with Guardian Life Insurance Limited
City Bank signed an agreement with Guardian Life Insurance Limited to commence bancassurance. Under the agreement, the bank will offer insurance to
its customers, issued by Guardian under the Bancassurance Guidelines of Bangladesh Bank and IDRA.
Mr. Mashrur Arefin, MD & CEO of City Bank, and Mr. Sheikh Rakibul Karim, FCA, Chief Executive Officer of Guardian Life Insurance signed the agreement on
behalf of their respective organizations. Mr. Sheikh Mohammad Maroof, AMD & Chief Business Officer, Mr. Mohammad Mahbubur Rahman, AMD & Chief
Financial Officer, Mr. Kazi Azizur Rahman, DMD & Chief Information Officer, Mr. Mesbaul Asif Siddiqui, DMD & Chief Risk Officer, Mr. Faruk Ahmed, DMD
& Head of Trade Service Division, Mr. Ashanur Rahman, Chief Economist & Country Business Manager, Mr. Arup Haider, Head of Retail Banking from City
Bank, and Mr. Mahmudur Rahman Khan, Head of Retail Business, Mr. Ahmed Istiaque Mahmud, Head of Bancassurance, Mr. M. Saud Imran, Chief Operating
Officer, of Guardian Life Insurance and other senior officials of both the organizations were present at the signing ceremony.

City Bank distributes crop seeds among marginal farmers at Bogura
City Bank distributed crop seeds among marginal farmers as part of its corporate social responsibility (CSR). The bank distributed seeds of various crops
among 400 farmers, in collaboration with TMSS, a regional NGO at an event organized by TMSS in Bogura. Mr. Mashrur Arefin, MD & CEO of City Bank, and
Prof. Dr. Hosne-Ara Begum, Executive Director of TMSS, spoke about the benefits of the program. Also present at the event were Mr. Tapan Kumar Nath,
former Deputy Secretary of the Government of Bangladesh, and Dr. Md. Matiur Rahman, Deputy Executive Director of TMSS, Mr. Sheikh Mohammad Maroof
and Mr. Md. Mahbubur Rahman, AMD’s and Mr. Arup Haider, Head of Retail Banking of City Bank. The event was conducted by Mr. Sohrab Ali Khan, Deputy
Executive Director of TMSS.
City Bank signs MoU with Hajee Mohammad Danesh Science and Technology University (HSTU)
City Bank signed an agreement with Hajee Mohammad Danesh Science and Technology University (HSTU). Under this, the bank will provide a sizeable
fund to HSTU to its Plant and Animal Disease Diagnostic Unit as part of its CSR. With this support, the research facilities will be strengthened through new
equipment for plant and animal disease diagnosis, thus supporting agricultural innovation. Mr. Mashrur Arefin, MD & CEO of City Bank and Prof. Dr. M.
Kamruzzaman, Vice-Chancellor of HSTU signed the agreement on behalf of their respective organizations. Prof. Dr. S. M. Harun-Ur-Rasid, Director, Institute
of Research and Training, HSTU, Mr. Sheikh Mohammad Maroof and Mr. Mohammad Mahbubur Rahman, both AMD’s of the bank and senior officials of both
the organizations were also present at the signing ceremony.

Glimpses
City Bank distributes poultry and fish feed among marginal farmers at Rajshahi
City Bank distributed poultry and fish feed among marginal farmers of Rajshahi as part of its CSR. The bank distributed 600 tonnes of multiple types of
poultry and fish feed to 400+ marginal farmers of Poba, in collaboration with Heifer International Bangladesh.Mr. Sheikh Mohammad Maroof and Mr.
Mohammad Mahbubur Rahman, AMD’s of City Bank spoke at the event as guests. Ms. Nurun Nahar, Country Director of Heifer International Bangladesh
delivered the welcome speech. Mr. Mohammad Mahmud Gony, Head of Commercial Banking, Mr. Md. Ashanur Rahman, Country Business Manager, and Mr.
Shahriar Jamil Khan, Head of Brand & Communications of the bank were also present at the event.
City Bank launches bancassurance service with inaugural sale of life insurance policy
City Bank unfolded a new chapter in its glorious journey by launching its bancassurance service, marking the inaugural sale of a life insurance policy. The
event was graced by Mr. Md. Mahbubur Rahman, AMD & Chief Financial Officer; Ms. Mahia Juned, AMD & Chief Operating Officer; Mr. Ashanur Rahman,
Chief Economist & Country Business Manager; Mr. Arup Haider, Head of Retail Banking, Mr. Mohammad Mahfuzur Rahman, Head of Operations, Mr. Subir
Kumar Kundu, Chief Bancassurance Officer of City Bank; Mr. Ahmed Istiaque Mahmud; as well as representatives from Guardian Life Insurance Limited, Mr.
Mashfiqur Rahman, and Mr. Sameeur Rahman Mehdi.

City Bank inks cash management deal with aamarPay for digital solutions
City Bank signed an agreement with aamarPay, a pioneering online payment gateway service provider. Under this agreement, City Bank will facilitate online
digital collections and payments to aamarPay through CityLive. Mr. Sheikh Mohammad Maroof, AMD & Chief Business Officer, City Bank, and Mr. A M
Ishtiaque Sarwar, MD and Founder, aamarPay, signed the agreement on behalf of their respective organizations. Mr. Tahsin Haq, EVP & Head of Corporate
Cash Management, City Bank, and Mr. Abdul Muktadir Azad, COO, aamarPay and other high-ranking officials from both the organizations were also present
at the signing ceremony.
City Bank launches green savings account to protect the environment through
sustainable investments
City Bank launched a Green Savings Account (GSA) to further its commitment to sustainable finance. Mr. Chowdhury Liakat Ali, Director of Sustainable
Finance Department, Bangladesh Bank, was the chief guest and Mr. Mashrur Arefin, MD & CEO of City Bank presided over the program as the program
chair at the launch ceremony. GSA is a deposit product under retail banking. Customers can open this account to avail the full range of banking products
and services, with the bank also planting a tree every year against every account opened. All the funds under this account will be mobilised for sustainable
investments, as per the Sustainable Finance Taxonomy of Bangladesh Bank.

Glimpses
MoU signed between City Bank and Bangkok Dusit Medical Services Public Company Limited
City Bank signed an agreement with Bangkok Dusit Medical Services (BDMS) for healthcare services, at Crown Plaza in Dhaka. BDMS is a prestigious
hospital network in the Asia-Pacific and is a globally ranked institution in Sustainable Health Care Providers and Services 2023. Under this agreement,
BDMS will offer a 10% discount on medicines, accommodation, pathological tests and X-rays and a 5% discount on specific dental treatment items to City
Bank-issued credit and debit card holders under the VISA network. Mr. Sheikh Mohammad Maroof, AMD & Chief Business Officer of City Bank, and Dr. Dhun
Damrongsak, Assistant CEO of BDMS signed the agreement on behalf of their respective organization
City Bank publishes its inaugural Sustainability Report, embracing Global Reporting
Initiative (GRI) standards
City Bank released its inaugural Sustainability Report on 14 September 2023, which has been developed as per the Global Reporting Initiative (GRI)
standards. The report underscores the bank’s commitment to responsible and sustainable practices. Encompassing a range of areas, it highlights the
bank’s green finance, digital finance, financial inclusion, capacity building, community engagement, women empowerment, carbon emission reduction,
governance practices, disclosure transparency, etc. The report exemplifies City Bank’s dedication to harmonizing financial success with environmental and
social responsibility.

City Bank collaborates with J.P. Morgan to enhance inward remittance in 40 currencies
City Bank associated with J.P. Morgan to boost inward remittance via J.P. Morgan’s Xpedite solution. With this engagement, City Bank can receive inward
remittance in 40 currencies from NRBs through one single USD account maintained with J.P. Morgan. Mr. Mashrur Arefin, MD and CEO, Mr. Sheikh
Mohammad Maroof, AMD & CBO, Ms. Mahia Juned, AMD, COO & CAMLCO, Mr. Hasan Sharif Ahmed, EVP & Head of Financial Institutions of City Bank, and
Mr. Kiat Seng Lim, MD & Global Head of Financial Institutions Group (FIG) Sales for Payments, Mr. Shibu Thomas, Executive Director & Head of APAC Product
Solutions, and Mr. Sazzad Anam, Chief Representative Officer, Bangladesh Representative Office of J.P. Morgan were present at an event organized at City
Bank Head Office.
City Bank launches universal pension scheme installment collection through the
bank’s e-channels
City Bank launched universal pension scheme installment collection through its e-channels, Citytouch and internet payment gateway. The bank’s customers
and card holders can pay installments of their enrolled pension schemes electronically. City Bank also unveiled a campaign to onboard one lac new
subscribers to the four universal pension schemes in 2023. In the presence of Mr. Kabirul Ezdani Khan, Executive Chairman of National Pension Authority,
Mr. Mashrur Arefin, MD & CEO of City Bank, launched the service and the campaign in a ceremony held at the bank’s head office. Mr. M. Murshidul Huq
Khan, Member and Mr. Sabbir Ahmed, Joint Secretary of National Pension Authority, Mr. Sheikh Mohammed Maroof, AMD & Chief Business Officer, Mr.
Md. Mahbubur Rahman, AMD & Chief Finance Officer, Ms. Mahia Juned, AMD & Chief Operating Officer & CAMLCO, Mr. Kazi Azizur Rahman, DMD & Chief
Information Officer, Mr. Md Safiul Amin, SEVP & Head of Retail Distribution, Mr. Tahsin Haq, EVP & Head of Corporate Cash Management of City Bank along
with other senior officials from both the organizations were also present at the launch ceremony.

Glimpses
‘Pay-Later’ service launched in bKash app with digital nano loan from City Bank
City Bank and bKash jointly launched ‘Pay-Later’, a special collateral-free digital nano loan service that facilitates payments with interest-free loans through
the bKash app. Now, customers can buy any product or services and pay directly with this special loan, even if they do not have sufficient balance in their
accounts. Further, they do not have to pay any interest if the due amount is paid within seven days. Mr. Mashrur Arefin, MD & CEO of City Bank, and Mr.
Kamal Quadir, Chief Executive Officer of bKash inaugurated the special digital nano loan service ‘Pay-Later’ at the head office of City Bank. Senior officials
from both the organisations were also present in the launch ceremony.
City Bank wins ADB’s award for the 5th time in a row
City Bank was once again named the ‘Leading Partner Bank in Bangladesh’ at the Trade and Supply Chain Finance Program (TSCFP) Awards 2023, organized
by Asian Development Bank (ADB). The award recognised City Bank as the most active partner bank, measured by the number of trade finance transactions
recorded in Bangladesh in collaboration with ADB in the last fiscal year. The bank has been honoured with the ‘Leading Partner Bank’ accolade for the
fourth consecutive year. ADB TSCFP’s 9th award ceremony was held in Singapore with a presence of 200 representatives of different banks and financial
institutions, where Mr. Hasan Sharif Ahmed, Executive Vice President and Head of Financial Institutions of City Bank received the award from Mr. Steven
Beck, Head of Trade and Supply Chain Finance, Asian Development Bank.

Branch
Branch AND
ALFADANGA BRANCH
Sub Branch list Alfadanga Pouro Super Market , Holding
No-614, Pourashava-
Alfadanga,PSAlfadanga,
District- Faridpur
AGRABAD BRANCH
House: Banani Complex, 942/A (Gr fl), Area:

Agrabad C/A, Road: Sheikh Mujib Road,
PO: Bandar, PS: Double Mooring, Dist:
Chittagong - 4100.
ANDARKILLA BRANCH
Equity Antara. Holding No. 352/536.

1st Floor 123, Momin Road, Kotowali
Chattogram-4000
AMBARKHANA BRANCH
House: B 100, 1st Floor, East Dargha Gate,

Airport Road, Ambarkhana, Sylhet-3102
ASHULIA BRANCH
House Name:Nigar Plaza (1st fl), House

No: 1/94, Road No: 04, Lane: 02, PO:
Jamgora, PS: Ashulia, Dhaka-1349.
ATIBAZAR BRANCH
Atibazar Branch, Abrar Tower (1st floor),

Shahid Nagar, Dag no: R.S 489, Khatian no
: R.S – 221, Mouza : Ghatar Chor, Union :
Taranagar, Upazilla : Keraniganj, District :
Dhaka

Glimpses
BASHUNDHARA BRANCH BANDARTILA BRANCH BARISAL BRANCH
Union Tower (1st Floor), Evercare Hospital House: 2461 A-Chamber (1st fl), Road: SS Tower, Road no-109, Shahid Birshresta
Road , Block-A , Bashundhara R/A, Ward No- Airport Road, Area: Bandartila, PO: Sailor’s Captain Mohiuddin Zhanagir Sarak,( Sadar
40, Dhaka South City Corporation, Dhaka. Colony, PS: Bandar, Dist: Chittagong - 4218. Road), Ward no-17, Barisal City Corporation ,
PS-Kotowali Model, District-Barisal
BRAHMANBARIA BRANCH BHAIRAB BAZAR BRANCH B.B. AVENUE BRANCH
House: 1329/1 Razzaque Plaza(1st fl), House: 129(1st fl), Road: Kali Bari Road, House: 12 Hasan Building(GR fl & 1st fl),
Area: Kawtali, PO: Brahmanbaria Sadar, PS: Area: Bhairab Bazar, PO: Bhairab Bazar, PS: Area: 12 B.B Avenue, PO: GPO, PS: Paltan,
Brahmanbaria Sadar, Dist: Brahmanbaria - Bhairab, Dist: Kishoregonj - 2350. Dist: Dhaka - 1000.
3400.
BENAPOLE BRANCH BOGRA BRANCH BANDAR BAZAR BRANCH
House: 381, Selim Sumon Super Market Masuma Plaza, Holding No. 766 Rangpur House: Metro Centre(1st fl), Road: South
(Ground Floor), Jessore Road, P.O.: Benapole, Road, Borogola, Dutta Bari Bogura-5800 Dhopadighir Paar,Bandar Bazar East, Area:
P.S.: Benapole, Dist: Jessore - 7431. Sylhet, P.O: Sadar, P.S: Kotwali, Dist: Sylhet
- 3100.
BANDURA BAZAR BRANCH BANANI LAKE VIEW BRANCH BHATIARY SME/AGRI BRANCH
House: Dennis Business Heaven (1st fl), Ventura Iconia (1st Floor), Holding No: House: Rahman Tower, Bhatiary Bazar,
Area: Bandura Bazar PO: Old Bandura, PS: 37, Road: 11, Ward: 19, Block: H, P.S: Road: Bhatiary Station Road, PO: Sitakunda,
Nawabganj, Dist: Dhaka - 1320. Banani, Dhaka North City Corporation. Dist: PS: Sitakunda, Dist: Chittagong - 4310
Dhaka-1213
BISWANATH BRANCH BANANI BRANCH BAGHER BAZAR BRANCH
Rahman Mansion , Dag No-2052(New) House: 28(GR fl, 1st fl & 2nd fl), Road: 11, Bagher Bazar Branch, Haji Samsuddin &
1475(old), Khatian No-937(New)890(Old) Block: F, Area: Banani, P.O: Banani, P.S: Banesa Market (1st Floor), Shirir Chala,
(Jel87), Mouja-Chandoshir Kapon, Ward Gulshan, Dist: Dhaka - 1213. Bagher Bazar Branch, Dag no : R.S – 2572,
No-09, Powroshava- Bishwanath,Upozila- Khatian no : R.S - 221, Mouza : Mohana
Bishwanath, District- Sylhet Vhabanipur, Union : Bhawalgarh, Upazila :
Gazipur Sadar, District : Gazipur-1700
BHULTA BRANCH BEANI BAZAR BRANCH
Purbachal New Garden City , Dag No: SA House: (GR fl), Road: Hospital Road, Area:
103 & RS 45, Khatian No-SA 213 & RS 612, Nayagram, P.O: Beani Bazar, P.S: Beani
Mouja- Golakandail, Union- Golakandail, Bazar, Dist: Sylhet - 3170.
Upzila: Rupgonj, District: Narayangonj

BANGABANDHU SHEIKH MUJIB SHILPA CHOWMUHANI BRANCH CHANDPUR BRANCH
NAGAR BRANCH
Chowmuhani Plaza, D.B. Road (1st House: 57/54 Rajanigandha Shoping
Bangabandhu Sheikh Mujib Shilpa EPZ Floor) Chowmuhani. PS: Begumgonj, Centre(1st fl), Road: Comilla Road, Area:
, Zone No-1 , Union- Ichhakhali , P.S: Noakhali-3820 Natun Bazar, PO: Chandpur, PS: Chandpur,
Zorargonj , District : Chittagong . Dist: Chandpur - 3600.
COX’S BAZAR BRANCH CHAUDDAGRAM BRANCH COMILLA BRANCH
House: Ali Noor Plaza(1st fl), Road: Main House: 1st floor of Baitul Maleque Mansion, House: 437 Artisan Nasir Centre(1st fl),
Road, Area: West Bazarghata, PO: Cox’s Chauddagram Bazar, Dhaka- Chattogram High Road: Nazrul Avenue,Kandirpar, Area:
Bazar, PS: Cox’s Bazar Sadar, Dist: Cox’s Way Area: Chauddagram Bazar, PO: Chauddagram, Comilla, PO: Comilla Sadar, PS: Comilla, Dist:
Bazar - 4700. PS: Chauddagram, Dist: Comilla - 3550. Comilla - 3500.
CHANDRAGANJ BRANCH CHHATAK SME/AGRI BRANCH CHAWK BAZAR BRANCH
Lakshmipur, Shahjoki Shopping Complex, House: 28 Tahir Centre(1st fl), Road: Traffic System Imperial Complex (1st Floor),
Poeshim Bazar, Chondrogonj-3708 Point, Area: Chhatak Municipality, P.O: Kapasgola Road, Ward No:16, Chattogram
Chhatak, P.S: Chhatak, Dist: Sunamganj - City Corporation, Thana: Kotowali, District:
3080. Chattogram
CHAPAINAWABGONJ BRANCH DINAJPUR BRANCH DHANMONDI BRANCH
House: 11 Jabun Nessa Super Market(1st House: 1067, 1070 & 1078,Mona Tower & House: 312 Suvastu Zenim Plaza (2nd fl),
fl), Road: Godagari Road, Area: Chapainawabgonj, Shopping Complex (1st Floor), Area: Modern Road: 27(Old), 32(New), Area: Dhanmondi
PO: Chapainawabgonj, PS: Chapainawabgonj, Moar, Goneshtola PO: Dinajpur, PS: Dinajpur R/A, PO: Dhanmondi, PS: Dhanmondi, Dist:
Dist: Chapainawabgonj - 6300. Sadar, Dist: Dinajpur - 5200. Dhaka - 1209.
DAULATGANJ BRANCH DHAKA DAKSHIN BRANCH FENI BRANCH
Al Madina Tower, Daulatgonj Bazar , Holding House: Latif Mansion (1st floor), Road: 188, Sadek Building (1st floor),Road: SSK
No-1271, Mouja- Laksham, Pourashava- College Road, PO: Dhaka Dakshin, PS: Road, Area: Feni, PO: Feni, PS: Feni Sadar,
Laksham, Thana/ Upozila-Laksham, , District Golapganj, Dist.: Sylhet, Post Code : 3161 Dist: Feni: 3900.
–Cumillah .
FOREIGN EXCHANGE BRANCH FARIDPUR BRANCH FATIKCHHARI BRANCH
House: 27 Baitul Hossain Building(GR Holding No:88(1st floor) Karim Chamber, Fatikchhari Branch, Ananda Tower (1st
fl), Area: Dilkusha C/A, PO: Dilkusha, PS: Janata Banker More, Mujib Sarak, ward Floor), Ananda Tower, Jhankar Moor, Mouza
Motijheel, Dist: Dhaka - 1223 No:15,Pourashava: Faridpur,Thana: Kotwali, : Farhadabad, Puroshova : Najirhat, Upazila :
District : Faridpur Fatikchhari, District : Chittagong-4350

Glimpses
GAZIPUR BRANCH GOPALGANJ BRANCH GULSHAN BRANCH
House 501, Noljani, Joydevpur, Chandana, Gopalganj Branch, Zaman Tower (1st Floor), Crystal Palace, Ground & 1st
Gazipur-1702 Holding No : 116, Saudagor Road, Ward floor,House-22,Road-140,Gulshan South
no : 2 , Puroshova : Gopalganj, Upazila : Avenue,Gulshan-1 Dhaka-1212
Gopalganj Sadar, District : Gopalganj-8100
GULSHAN AVENUE BRANCH GAZIPUR SME/AGRI BRANCH GULSHAN WOMEN BRANCH
City Bank Center, 136 Gulshan Avenue, Jalal Shopping Center. 1st Floor, Board Bazar, Gulshan Women Branch Shanta Sky Mark
Gulshan-2, Dhaka - 1212. National University, Gazipur-1704 (Ground Floor), Holding No. 18, Gulshan
Avenue Road, Ward No. 19, Police Station:
Gulshan, Dhaka North City Corporation,
District: Dhaka-1212
GOURIPUR BRANCH GOBINDAGANJ BRANCH HAJIGANJ BRANCH
Jasim Tower ,Village : Charmahmuddi , Dag 1st floor of Parboti Super Market, House: Royal Rowshan Super Market(1st
No: 460 ( Hal), Khatian No:BS-99, Mouja: Holding No. 0578, Pourashava & Thana: fl), Road: Main Road, Area: Hajigonj, PO:
Nayagaou, Thana: Daudkandi , District: Gobindagonj, (Bogura- Rangpur Highway), Hajigonj, PS: Hajigonj, Dist: Chandpur - 3610.
Comilla Gaibandha
HABIGANJ SME/AGRI BRANCH HALISHAHAR BRANCH IMAMGONJ BRANCH
House: 3557/KA Amir Chand Complex(1st C.K. Tower (1st floor), House No.02 & 04, 173-174 Mitford Road, Imamgonj, PS:
fl), Road: Badiuzzaman Khan Road, Area: Road No. 03, Lane- 03, Block- K, Halishahar Chawkbazar, Dhaka-1211
Hobigonj, PO: Hobiganj, PS: Hobigonj Sadar, H/E, Chattogram-4216
Dist: Hobigonj - 3300.
ISLAMI BANKING BRANCH ISLAMPUR ROAD BRANCH JAMALPUR SME/AGRI BRANCH
Al-Razi Complex (1st floor), 166-167, Shahid House: 18 Sonar Bangla Market(1st fl), Kazi Gold Market, JL No-275/5, Dag No-
Sayed Nazrul Islam Sarani, Bijoy Nagar, Road: Islampur Road, Area: Islampur, PO: 7578, Khatian No-8347 & 19899, Medical
Purana Paltan, Dhaka.-1000 Dhaka Sadar, PS: Kotwali, Dist: Dhaka - Road, Ward No-5, Pourashava- Jamalpur,
1100. P.S- Jamalpur Sadar, District- Jamalpur
JUBILEE ROAD BRANCH JOHNSON ROAD BRANCH
House: 181 Gulshan Plaza(1st fl), Road: House: 31 Aziz Center(1st fl), Road: Johnson
Golap Shing Lane, Area: Chittagong, PO: Road, Area: Raishaheb Bazar, PO: Dhaka
GPO, PS: Kotwali, Dist: Chittagong - 4000. Sadar, PS: Kotwali, Dist: Dhaka - 1100.

JESSORE BRANCH JAGANNATHPUR BRANCH JOYPARA SME/AGRI BRANCH
Mirza Complex, Holding No-1391, Road House: (GR fl), Road: T & T Road, Area: House: 77 Ahmed Shopping Complex(1st fl),
No-35, MK Road, Ward No-06, Pourashava- Jagnnathpur, PO: Jagnnathpur, PS: Road: 260, Area: Joypara, PO: Joypara, PS:
Jashore, Upazilla- Jashore Sadar, District- Jagnnathpur, Dist: Sunamgonj - 3060. Dohar, Dist: Dhaka - 1331
Jashore .
JATRABARI BRANCH JAMUNA FUTURE PARK KHATUNGONJ BRANCH
Noor Tower, Holding No-76/GA, Dhaka- Ka-244, Progati Sarani, Ward: 17, Dhaka 1628/1671, Ramjoy Mohajon Lane (1st
Demra Highway, Ward No-48, Dhaka South North City Corporation, P.O.: Bhatara, Floor), Asadgonj, P.O. Lamarbazar, PS:
City Corporation, PS-Jatrabari, District- District: Dhaka-1212 Kotwali, Dist: Chittagong- 4000
Dhaka .
KARWAN BAZAR KUSHTIA BRANCH KULAURA BRANCH
House: 8 UTC Building(1st fl), Road: House: 114 Kadari Super Market ( fl), Road: Kulaura Branch, Nazma Gani Market (1st
8,Panthapath, Area: Kawran Bazar, PO: R.A. Khan Chow Sarak, Area: Sapla Chattar, Floor), Holding No : 220, Ward No : 5,
Tejgaon, PS: Tejgaon, Dist: Dhaka - 1215. PO: Kushtia, PS: Kushtia, Dist: Kushtia - Puroshova : Kulaura, Upazila : Kulaura,
7000. District : Moulvibazar-3230
KISHOREGANJ SME/AGRI BRANCH KHULNA BRANCH KADAMTALI BRANCH
239, Alhaz Mahtab Uddin Super Market (1st House: 7(GR fl), Road: Sir Iqbal Road, Area: House: 295 Rahat Centre(1st fl), Road: DT
Floor), Boro Bazar, Kishoreganj-2300 Khulna Sadar, PO: GPO, PS: Kotwali, Dist : Road, Area: Chittagong, PO: Chittagong
Khulna - 9100. Sadar, PS: Double Mooring, Dist: Chittagong
- 4000.
KANAIPUR BAZAR BRANCH KABIRHAT BRANCH KALURGHAT BRANCH
Kanaipur High School, 2 No Market, Kanaipur Momtaj Mahal, D.B. Road (1st Floor), Kalurghat Branch, Holding No : 2898/4561
Sadar, Faridpur-7801 Chaprashirhat Bazar, PS: Kabirhat, Dist: (1st Floor), Chandgaon, Kaptai Raster Matha,
Noakhali-3807 Ward No: 5, Thana : Chandgaon, Chittagong
City Corporation, District : Chittagong-4212
KACHUA BRANCH KALIGANJ BRANCH LAXMIPUR BRANCH
House: Biponi Polash(GR fl), Road: Hospital House: Bikrampur Plaza(1st fl), Road: House : Kundo Tower (1st Floor) Road :
Road, Area: Polashpur, PO: Kachua, PS: Shahid Delwar Hossain Road, Area: Chak Mosjid Road PO: Lakshmipur Sadar
Kachua, Dist: Chandpur - 3630. Aganagar,Gudaraghat, PO: Suvaidda,South PS : LakshmipurDist : Lakshmipur Post Code
Keranigonj, PS: Keranigonj, Dist: Dhaka - 1310 : 3700

Glimpses
LOHAGARA SME/AGRI BRANCH MIRPUR BRANCH MANIKGONJ BRANCH
House: Mostafa City (1st fl), Area: Amirabad, House: 1(1st fl), Road: Dar-us-Salam Road, House: 173/174(1st & 2nd fl), Road:
Lohagara, PO: Lohagara, PS: Lohagara, Dist: S: 1, Area: Mirpur, PO: Mirpur, PS: Mirpur, Shaheed Rafique Sarak, Area: Manikgonj
Chittagong - 4396. Dist: Dhaka - 1216. Bazar, P.O: Manikgonj, P.S: Manikgonj, Dist:
Manikgonj - 1800.
MAIJDI COURT SME/AGRI BRANCH MOTIJHEEL BRANCH MOUCHAK BRANCH
Nasir Brothers Bhabon(1st fl), Holding 1st floor of Motaleb Mansion, 2 No. R.K House: 80/A Shahjalal Tower(1st fl), Road:
No: 1458,Main Road, Ward No:04, Thana: mission road, Ward no:39,Dhaka-1223 Siddeswari Circular Road, Area: Malibagh,
Maijdee Court ,District: Noakhali PO: Shantinagar, PS: Ramna, Dist: Dhaka -
1217.
MYMENSINGH BRANCH MOULVIBAZAR BRANCH MOGHBAZAR BRANCH
House: 20(1st fl), Road: Choto Bazar, Area: House: Kusumbagh Shopping City(2nd House: 1 Razzak Plaza(1st fl), Road: New
Mymensingh, PO: Mymensingh, PS: Kotwali, fl), Road: Sylhet Road, Area: Moulvibazar, Eskaton Road, Area: Moghbazar, PO: GPO,
Dist: Mymensingh - 2200. PO: Moulvibazar, PS: Moulvibazar, Dist: PS: Ramna, Dist: Dhaka - 1000.
Moulvibazar - 3200.
MADHABDI BRANCH NIKUNJA BRANCH NEW MARKET BRANCH
House: 4(1st & 2nd fl), Road: Bank Road, House: Lotus Kamal Tower-1, 57 Zoar House: 5 Novera Square( fl), Road: 2, Area:
Area: Madhabdi Bazar, PO: Madhabdi, PS: Shahara(GR fl), Road: Airport Road, Area: Dhanmondi R/A, PO: Dhanmondi, PS:
Narsingdhi, Dist: Narsingdhi - 1604. Nikunja-2, PO: Khilkhet, PS: Khilkhet, Dist: Dhanmondi, Dist: Dhaka - 1205.
Dhaka - 1229.
NAOGAON BRANCH NARAYANGANJ BRANCH NARSINGDI BRANCH
Amir Uddin Bhaban, Chakdevpara Holding House: 72 Islam Market(1st fl), Road: BB House: 192 Bazar(1st fl), Area: Narsingdi,
No: 20674, Ward no: 03, P.S: Naogaon, Road, Area: Narayangonj, PO: Narayangonj, PO: Narsingdi, PS: Narsingdi, Dist: Narsingdi
Puroshava: Naogaon, Dist: Naogaon-6500 PS: Narayangonj, Dist: Narayangonj - 1400. - 1600.
NAWABPUR BRANCH NATORE SME/AGRI BRANCH
House: Anowara Bhavan (1st fl), Road: 12- House: 240/241, F.K. Zaman Plaza(GR
14 Nawabpur Road, PO: Nawabpur, PS: fl), Area: Alaipur Boipotty, PO: Natore, PS:
Wari, Natore Sadar, Dist: Natore - 6400.
Dist: Dhaka -1203

NAWABGANJ BRANCH NETAIGANJ BRANCH OXYGEN MOOR BRANCH
House: Younus Shoping Complex(1st House: 217(1st fl), Road: BK Road, M Rahman Heights (1st Floor) Oxygen Moor,
fl), Area: Nawabgonj Main Road, Area: Area: Netaigonj, PO: Narayangonj, PS: Ward No– 2 no. Jalalabad, P.S.- Bayezid
Nawabgonj Upozilla, : PO:Nawabgonj, PS: Narayangonj, Dist: Narayangonj - 1400. Bostami, Chittagong City Corporation, Dist-
Nawabgonj, Dist: Dhaka - 1320. Chittagong-4210
O.R. NIZAM ROAD BRANCH PATUAKHALI BRANCH PRINCIPAL OFFICE BRANCH
1st Floor, 1 Shahid Abdul Hamid Road East Patuakhali Branch, Holding No : 063-01 (1st House: 10 Jibon Bima Tower(GR fl), Area:
Nasirabad, GEC crossing, Chittagong-4225 floor), Old Steamer Ghat Road, Natun Bazar, Dilkusha Commercial Area, PO: GPO, PS:
Ward no : 6, Puroshova : Patuakhali, Upazila Motijheel, Dist: Dhaka - 1000.
: Patuakhali, District : Patuakhali-8600
PABNA BRANCH PRABARTAK BRANCH PHULTALA BRANCH
House: 472(1st fl), Road: Aurangzeb Road, House: 1486/1672 Al-Nur Badrun Phultala Branch, Hazi Marker (1st Floor),
Area: Pabna, PO: Pabna, PS: Pabna Sadar, Center(1st fl), Road: O.R Nizam Road, Khulna Jessore Main Road, Union : 4
Dist: Pabna - 6600. Area: Probartak Moor, PO: Ctg Medical, PS: no. Phultala, Upazila : Phultala, District :
Panchlaish, Dist: Chittagong - 4203. Khulna-9210
PAGLA BRANCH POSTA BRANCH PALLABI BRANCH
Al-hajj Afsar Karim Plaza, Pagla Bazar , House: 35 Seraj Court(1st & 2nd fl), Road: House: 132 Spring Rahmat-E-Tuba
Mouja: Dhopatita Union Parishad, Upazila: Shaesta Khan Road, Area: Lalbagh, PO: Complex(1st fl), Road:2, Block: A, Section:12,
Fatullah, District: Narayangonj. Posta, PS: Chak Bazar, Dist: Dhaka - 1211. PO: Mirpur, P.S: Mirpur, Dhaka- 1216.
PATHERHAT BRANCH PAHARTALI BRANCH PROGATI SARANI BRANCH
House: Hazi Siddique Ahmed (1st fl), Road: House: Yakub Tower (1st fl) 940/A (new) & The Pearl Trade Center (Ground Floor),
Kaptai Road, Area: Noapara,Guzra Union, PO: 516/810 (old), Road: D. T. Road, Dilli Lane, Cha-90/3, Progati Sarani, Shahjadpur,
Guzra Noapara, PS: Raozan, Dist: Chittagong P.O: Pahartali, P.S: Double Mooring, Dist: Dhaka-1212
- 4340. Chittagong - 4202.
REKABI BAZAR BRANCH ROKEYA SARANI BRANCH RAJSHAHI BRANCH
House: Abdul Motalebs House(1st Dinaj Tower (1st floor), Holding No. 752/2, House: 125 Star Mansion(1st fl), Road:
fl), Road: Binodpur High School Road, West Shewrapara, Begum Rokeya Sarani, Natore Road, Area: Shaheb Bazar 0 Point,
Area: Ponchasar, PO: Rekabi Bazar, PS: Mirpur, Dhaka.-1216 PO: Ghoramara, PS: Boalia, Dist: Rajshahi -
Munshigonj Sadar, Dist: Munshigonj - 1501. 6100.

Glimpses
RANGPUR BRANCH ROHANPUR BRANCH RAIPUR BRANCH
House: 97/1 Central Point(1st fl), Road: Holding No: 1125, Godown Road, Ward no: Holding No. 517, Shahid Plaza, Pir Fozlullah
Central Road, Area: Rangpur Town, PO: 05, P.S.: Gomostapur, Puroshava: Rohanpur, Sarak, Raipur, Laxmipur-3710
Rangpur Sadar, PS: Kotwali, Dist: Rangpur Dist: Chapainawabganj.-6320
- 5400.
SATKANIA BRANCH SONARGAON JANAPATH, UTTARA SATKHIRA BRANCH
House: 580 Mokbul Seraji Shopping House-02, Sector-12, Sonargaon Janapath House: 400/450 City Market(1st fl), Road:
Complex(1st fl), R:Station Road, Area: Road, Uttara Model Town, Union- Boro Bazar Road, Area: Satkhira, PO:
Satkania, PO: Satkania, PS: Satkania, Dist: Harirampur, Uttara, Dhaka-1230 Satkhira, PS: Satkhira Sadar, Dist: Stakhira
Chittagong - 4386. - 9400.
SIRAJGANJ BRANCH SHERPUR BRANCH SAVAR SME/AGRI BRANCH
House: 979(1st fl), Road: SS Road, Area: Holding No: 1761-05/06,Mahmud Tower, House: 111/A(1st fl), Road: Savar Bazar
Sirajgonj, PO: Sirajgonj, PS: Sirajgonj, Dist: Ground floor, Dhaka Bogura High Way, Road, Area: Savar, PO: Savar, PS: Savar, Dist:
Sirajgonj - 6700. Pourosova Road, Sherpur Bus Stand, Dhaka - 1340.
Sherpur, Bogura-5840
SAIDPUR BRANCH SADARGHAT BRANCH SENBAGH BRANCH
Nahar Plaza, Holding No-0053-0054, House: Patuatuly Bhaban(2nd fl), Road: 78 D.K. Plaza (1st Floor), Holding no : 346,
Shahid Dr. Zikrul Haque Road, Ward No: Loyal Street, Patuatuly, Area: Sadarghat, PO: Upozila Road, Senbagh Bazar, Senbagh,
12,Po: Saidpur Ps: Saidpur Dist: Nilphamari Sadarghat, PS: Kotwali, Dist: Dhaka - 1100. Noakhali-3860
-5310
SUBARNACHAR BRANCH SHAYMOLI BRANCH SHIBPUR BRANCH
Rubina Super Market (1st Floor), Dag No House: 23/6 Rupayan Shelford(1st fl), Road: 1st Floor ,Holding No: 181,Ward No:
: MRR : 880, Khatian No: MRR : 248, Char Khilji Road, Block: B, Area: Shaymoli, PO: 5 ,Shibpur Sadar Road ,Shibpur Bazar
Bata Union Parishad, P.S : Subarna char, Mohammadpur, PS: Mohammadpur, Dist: Road ,Thana & Pourashava : Shibpur
Noakhali-3812 Dhaka - 1207. ,Narsingdhi-1620
SREEMONGAL BRANCH TANGAIL BRANCH
House: 70 Al-Amin Mansion(1st fl), Road:

Moulvi Bazar Road, Area: Sreemongal, PO: House: 1869/77(1st fl), Road: Main Road,
Sreemongal, PS: Sreemongal, Dist: Moulvi PO: Tangail Sadar, PS: tangail Sadar, Dist:
Bazar - 3210. Tangail - 1900.

TONGI BRANCH UTTARA BRANCH URDU ROAD BRANCH
Sena Kalyan Commercial Complex House: 8 Barek Monjil(GR fl), Road: Rabindro House: Haji Mansion (2nd Floor), Road: 10
(1st floor) Holding No- 9/F, Dhaka Sarani Road, Sector-7, Area: Azampur, P.O: Urdu Road, Area: Dhaka City Corp, PO: Posta,
Mymensing Highway, Ward No:57, Uttara, P.S: Uttara, Dist: Dhaka - 1230. PS: Chawkbazar, Dist: Dhaka - 1211.
Gazipur City Corporation, Thana: Tongi,
District:Gazipur-1710
VIP ROAD BRANCH ZINDABAZAR BRANCH ZINZIRA BRANCH
Orchad Faruque Tower, 72, Naya Paltan, VIP House: Kaniz Plaza(1st fl), Area: Zindabazar, Amin Complex, 1st Floor, Zinzira Bus Stand
Road, Dhaka-1000 PO: Sylhet, PS: Kotwali, Dist: Sylhet - 3100. Road, Zinzira Bazaar, Dhaka-1310
Sub Branch
ARAIHAZAR SUB BRANCH AMTALI SUB BRANCH BANASREE SUB BRANCH
Rezia Complex, Araihazar General Hospital Poura Bhabon ,Holding Number:392,Sadar Joypurhat Tower,Holding Number-2 & 3,
Road,Ward No-08, Pourashava- Araihazar, Road, Ward No:04,Pourashava: Amtali. Blook-F, Banasree Main Road,Ward No-
Thana- Araihazar , District- Narayanganj Thana: Amtali, Dist:Barguna 22,Dhaka North City Corporation, Thana-
Khilgao, District –Dhaka
BARURA SUB BRANCH BHANGA SUB BRANCH BAGERHAT SUB BRANCH
Miazi Market, Holding Number-34, Bank Abdus Sobhan Complex, Holding No-74, Holding No-0091 , Khanjahan Ali Road,
road, Ward No-03, Pouroshava- Barura, Ward-8, Pourashava- Bhanga, Upzila- Ward-6, Pourashava- Bagerhat,
District -Cumilla Bhanga, District- Faridpur P:SBagerhat, District- Bagerhat.
BANCHARAMPUR SUB-BRANCH CHHAGALNAIYA SUB BRANCH CHAKARIA SUB BRANCH
Datta Master Shopping Complex Holding Bashar City Complex,Holding No1220, Shaheda Complex (1st floor), Rastar Matha
No-682, Ward No-04, Pourashava- Chhagalnaiya Main Road,Word Chiringa, Mouja: Kochpara, Pourashava:
Bancharampur,Thana- Bancharampur No-06, Pourashava - Chhagalnaiya, Chakaria Thana: Chakaria, District: Cox’s
District- Brahmanbaria PSChhagalnaiya, District-Feni Bazar.
CHANDINA SUB BRANCH CHUADANGA SUB-BRANCH CHATIPOTTI SUB BRANCH
Bhuyan Complex, Dag#1903, Holding No-147,147/1,Kotchandpur Plaza AK, Holding-187, Old Dhaka
Khatian#BS 1740, VILLAGE#Chandina, Road,Ward No-04, , Pourashava - Chittagong Trunk Road ,Word No-12, Comilla
UNION#Chandina,PS# Chandina, District: Chaugachha , Thana- Chaugachha ,District- City Corporation , Thana- Kotowali, District-
Comillah Jashore Comilla

Glimpses
DIGRAJ SUB BRANCH FARIDGANJ SUB BRANCH GHATAIL SUB BRANCH
Rai Market-2 (1st Floor), Digraj, 2 No Kolabagan Bazar, Holding No-840, Faridganj Talukdar Tower, Holding No-799, Main
Buridanga Union , Thana-Mongla, District- Pourashava Road ,Ward-08 Pourashava- Road, Ward-07, Pourashava- Ghatail,
Bagerhat . Controlling Branch : Khulna Faridganj, Thana- Faridganj, District- PSGhatail, District- Tangail.
Branch Chandpur
GORAI SUB BRANCH HEMAYETPUR SUB BRANCH HIRAJHEEL SUB BRANCH
Abdur Rahman Khan Super Market Tower, Makka Tower,Village: Jadurchor,Dag Asma Villa, Holding No-A-286, Road No-04
Gorai, Dag No-3202/3305/4403, Khatian No- No:RS257,Khatian No:193, Mouja: Bilamalia, Ward No-01, Narayangonj City Corporation,
276/3821 Mouja- Gorai Momin Nagar,Union-10 Union:Talutjhora,Thana:Savar,Dist:Dhaka Thana- Siddhirganj, District- Narayangonj
No Gorai, Thana - Mirzapur , District- Tangail.
ISHWARDI SUB BRANCH JOYPURHAT SUB BRANCH JHIKORGACHA SUB BRANCH
RRP Center, Holdin#263/1,Ward No#8, Vokto Complex, Dag No:3167/13139, Jhikorgasa Bazar, Dag No/CS-S-A 2248,
Union # Ishwardi, PS # Ishwardi District: Khatian No:777, Jaipurhat Sadar Batar Mor, Khatian No/SA-280 Mouja- Krishno
Pabna Ward No:05, Pourashava: Jaipurhat,Thana: nagar, Pourashava - Jhikorgasa , Thana-
Jaipurhat Sadar,District: Jaipurhat Jhikorgasa,District-Jashore.
KERANIGONJ SUB BRANCH KAMRANGIRCHAR SUB BRANCH KAPASIA SUB BRANCH
Din Complex, Kadamtoli Goal Chattor, , Daag Mahin Palaza, Holding Number: 992, West Rony Market, Safaisree, Holding No: 11/01,
No-3485 & 3486,Khotian No-470/1,Mouja- Rasulpur Main Road, Ward 56, Dhaka Mouza No: 189 Safaisree, Union No: 9
Shuvadda,Union-Aganagor,Thana-South South City Corporation ,PS- Kamrangirchar, Kapasia, Upazilla: Kapasia, District: Gazipur
Keranigonj, District -Dhaka District-Dhaka.
KASBA SUB BRANCH MUNSHIGONJ SUB BRANCH MONIRAMPUR SUB BRANCH
Society Building, Kaimpur Union, Station Islampur Bhaban, Holding Number-434, Abdul Bari Mansion,Holding Number-
Road, Ward No- 7, Pourashava - Kasba, Ward No-2, Pouroshava- Munshiganj 132,Ward No-3,Pouroshava- Monirampur
Thana- Kasba, District- Brahmanbaria ,Thana- Munshiganj Sadar,District- ,Thana- Monirampur,District- Jashore
Munshiganj
MADANI AVENUE SUB BRANCH MOGRAPARA SUB BRANCH
Hamid Plaza, Holding Number-19, Blook- S Plaza, Dag No-RS 235, Khatian No-884,
A,Ward No-39,Dhaka North City Corporation, Village: Habibpur, Union: Mograpara, PS:
Thana- Vatara ,District -Dhaka Sonargao

NIKUNJA SUB BRANCH NARAIL SUB BRANCH NETROKONA SUB BRANCH
DSE Tower, House 46, Level 2, Road 2, Islam Complex, Dag No:45, Khatian RK Mention , Holding No-0067-00, Main
Nikunja 2, PO: Khilkhet, PS: Khilkhet, Dist: No:86, Narail Jessore Road, Ward No:16, Road, Pouroshava: Netrokona, Ward
Dhaka - 1229. Pourashava: Narail,Thana: Narail Sadar, No-06, Police Station: Netrokona, District:
District: Narail Netrokona .
NABINAGAR SUB BRANCH NANDINA SUB BRANCH PALASHBARI SUB BRANCH
Abdul Latif Member Super Market , Holding Al-Hajj Karim Tower, Nandina Bazar,Mouja- Chowdhury Bhabon,Holding No.1265,
No-4040, Dakbanglo Sharok, Pouroshava- Nandina Union-09 Ranagasa, Thana - Gaibandha Road, Pouroshava- Palashbari,
Nabinagar, Ward No-04, Police Station: Jamalpur , District- Jamalpur ,Thana- Palashbari,District-Gaibandha
Nabinagar, District: Brahmanbaria.
PALAS SUB BRANCH PATIYA SUB BRANCH SHARIATPUR SUB BRANCH
Chowdhury Complex ,Holdings-280, Shahid A.b. Plaza, Holding No 599, Arakan Road, Abdullah Plaza ,Holding No: 811,Palong
Abdus Sattar Road,Pourashava-Ghorashal, Ward No 07, Pourosova: Patiya, Thana: Uttor Bazar, Shariatpur Sadar. Shariatpur.
Ward No: 02, Police Station: Palash, Patiya, District: Chattogram
Narshingdi
SREENAGAR SUB BRANCH THAKURGAON SUB BRANCH
Toha Complex, Dag No/RS-908/909, IRS Tower, Bangabandhu Sarak, Chowrasta,

Khatian No/RS-1603 Mouja- Sreenagar, Pourasova – Thakurgaon, Thana –
Union- Sreenagar, Thana-Sreenagar,District- Thakurgaon, District – Thakurgaon.
Munshigong

Glimpses
GLOSSARY
Accrual basis Corporate governance General provision
Recognising the effects of transactions The set of processes, customs, policies, General provision is made on outstanding
and other events when they occur without laws and institutions affecting the way a loan and advance without considering the
waiting for the receipt or payment of cash corporation is directed, administered or quality of loans and advances according to
or its equivalent. controlled. the prescribed rate of Bangladesh Bank.
Bills for collection Dividend Guarantee

A bill of exchange drawn by an exporter Distribution of a portion of a company's Three party agreement involving a promise
usually at a term, on an importer overseas earnings, decided by the board of directors,
and brought by the exporter to his bank by one party (the guarantor) to fulfill the
to a class of its shareholders. obligation of a personal owing a debt if that
with a request to collect the proceeds.
person fails to perform.
Earnings per share (EPS)
Bonus issue
Profit attributable to ordinary shareholders Held for trading (HFT)
The issue of new shares to existing
divided by the number of ordinary shares
shareholders in proportion to their Investment classified in this category are
in issue.
shareholdings. It is a process for converting acquired principally for the purpose of
a company's reserves (in whole or part) selling or repurchasing in short trading or
Economic value added (EVA)
into stated capital and, hence, does not if designated as such by the management
involve all infusion of cash. EVA is a profitability measure designed
to recognise the requirement to generate Held to maturity (HTM)
Capital-to-risk weighted assets ratio
a satisfactory return on the economic
capital invested in the business. If the Investments which have “fixed or
Also, known as capital adequacy ratio, is
business produces profit in excess of its determinable payments’ and are intended
a measurement of a bank's capital to risk.
It is expressed as a percentage of a bank's cost of capital, then value is created for to be “held to maturity”, other than those
risk weighted asset exposures. shareholders. that meet the definition of “held at
amortised cost others’ are classified as
Cash basis Fair value held to maturity.
Recognising the effects of transactions Fair value, also called fair price, is a concept Intangible assets
and events when receipt or payment of used in finance and economics, defined as
cash, or, cash equivalent occurs. a rational and unbiased estimate of the An intangible asset is as identifiable
potential market price of a good, service, non-monetary asset without physical
Commitments or asset. substance.
Credit facilities approved but not yet utilised Finance lease Interest cost
by the client as at the balance sheet date.
A contract whereby a lessor conveys to the Interest cost is the sum of monies accrued
Consolidated financial Statements lessee the right to use all asset for rent over and payable to the sources of borrowed
an agreed period of time which is sufficient working capital.
Financial statements of a group presented
to amortize the capital outlay of the lessor.
as those of a single company.
The lessor retains ownership of the asset Interest suspense
but transfers substantially all the risks and
Contingencies
rewards of ownership to the lessee. Classified loans and advances of the banks
A condition or situation existing at balance are categorised as sub-standard, doubtful
sheet date where the outcome will be Foreign exchange earnings and bad/ loss as per guidelines of the
confirmed only by occurrence or non- Bangladesh Bank. Interest accrued on sub-
occurrence of one or more future events. Profit earned on foreign currency
transactions arising from the difference standard, doubtful and bad/loss loans is
in foreign exchange rates between the recorded as ‘interest suspense’ and not
Cost to income ratio
transaction/ last balance sheet date and taken to income.This interest is recognised
Operating expenses as a percentage of the settlement/ balance sheet date. Also as income as and when it is realised in cash
total income. arises from trading in foreign currencies. by the bank.

Loan losses & provision Off-balance sheet transaction HTM securities using marked to market
concept according to Bangladesh Bank
Amount set aside against possible losses Transactions that are not recognised as guideline.
on loans, advances and other credit assets or liabilities in the balance sheet
facilities as a result of such facilities but which give rise to contingencies and Segmental reporting
becoming partly, or, wholly uncollectible. commitments.
Analysis of information by segments of
Market capitalisation Price earnings ratio (P/E Ratio) an enterprise, specifically the different
industries and the different geographical
Number of ordinary shares in issue P/E ratio is calculated market price of a areas in which it operates.
share divided by earnings per share.
multiplied by the market value of a share
as at the year end. Subsidiary company
Provision
Marked-to-market Subsidiary is a company that is controlled
Amounts set aside against possible losses (power to govern the financial and
on net receivable of facilities granted to operating policies of an enterprise so as
The valuation of certain financial clients, as a result of them becoming partly,
instruments at fair value as of the balance to obtain benefits from its activities) by
or, wholly uncollectible.
sheet date. another company known as the parent.
Related parties
Materiality Statutory reserve
Parties where one party has the ability
The relative significance of a transaction or Capital reserve created as per provisions
to control the other party or exercise
of section 24 of the Bank Companies Act,
all events the omission or misstatement significant influence over the other party in
1991.
of which could influence the economic making financial and operating decisions,
decisions of users of financial statements. directly or indirectly as per international
Tier-I capital
accounting standard (IAS)-24 on “related
Net interest margin party disclosures”. Core capital representing permanent
shareholders’ equity and reserves created
Net interest income, on a taxable equivalent Return on assets (ROA) or increased by appropriations of retained
basis, expressed as a percentage of earnings or other surpluses.
average total assets. Profit after tax divided by the average
assets.
Tier-II capital
Net asset value per share
Return on equity (ROE)
Supplementary capital representing
Shareholders’ funds excluding preference general provisions, preference share,
Profit after tax divided by the average
shares if any, divided by the number of exchange equalisation fund and other
shareholders’ equity.
ordinary shares in issue. capital instruments which combine
Risk weighted assets (RWA) certain characteristics of equity and debt
Net interest income such as hybrid capital instruments and
On balance sheet assets and the credit subordinated term debts.
The difference between what a bank earns equivalent of off balance sheet assets
on assets such as loans and securities and multiplied by the relevant risk weighting Value added statement
what it pays on liabilities such as deposits, factors. Trading book multiplied by the
refinance funds and inter bank borrowings. relevant risk factor and 15% of operating Value added statement shows the total
income. wealth created how it was distributed to
Non-performing loans meet certain obligations and reward those
Revaluation reserve responsible for its creation and the portion
All loans are classified as non- performing retained for the continued operation and
when a payment is 9 months in arrears. Revaluation reserve in made on HFT and expansion.

City Bank PLC
Head Office: City Bank Center, Plot: SE(D)-3, 28, Gulshan Avenue, Gulshan-1, Dhaka-1212, Bangladesh.
Share Department: 11, Dilkusha C/A (1st Floor), Dhaka-1000, Bangladesh.
NOTICE OF THE 41st ANNUAL GENERAL MEETING

Notice is hereby given to all members of City Bank PLC (“the Bank” or “the Company”) that the 41st Annual General Meeting (“AGM”) of the Bank will be held
on May 30, 2024 (Thursday) at 2:00 PM (Bangladesh Standard Time) through Digital Platform through the following web-link: https://cbplc41.agm.watch
pursuant to the Directive No. BSEC/ICAD/SRIC/ 2024/318/87 dated March 27, 2024, to transact the following business and to adopt necessary resolutions:
AGENDA
Agenda-1: To receive, consider and adopt the Accounts of the Company for the year ended on 31st December, 2023 along with the Auditors’ Report
and the Directors’ Report thereon.
Agenda-2: To declare 15% Cash Dividend and 10% Stock Dividend for the year ended 31st December, 2023 as recommended by the Board of Directors.
Agenda-3: To elect/re-elect of Directors.
[Note: In line with the provision of the Articles of Association of the Bank, the Directors namely (1) Mr. Aziz Al Kaiser (2) Mr. Hossain Khaled
and (3) Mr. Rajibul Huq Chowdhury shall retire in the 41st AGM and they are also eligible for re-election.]
Agenda-4: To appoint/re-appoint Statutory Auditor and fixation of their remuneration for the year 2024 of the Company for the term until next AGM.
Agenda-5: To appoint Corporate Governance Compliance Auditors for the year 2024 for certification on Corporate Governance status under BSEC
Corporate Governance Code and to fix his/her/their remuneration.
Agenda-6: To consider any other matters, with the permission of the Chair.
By order of the Board,
Sd/-
Dated : Dhaka Md. Kafi Khan
May 02, 2024 Company Secretary
NOTES:
1. The ‘Record Date’ for the 41st Annual General Meeting (AGM) scheduled on April 23, 2024.
2. Members whose names appeared in the Central Depository System/Register of Members at the close of Record Date i.e. April 23, 2024 shall be eligible
to attend and vote at the AGM and will be entitled for the dividend, as approved. Votes may be given either personally or by an attorney or by a proxy
or, in the case of a corporation by a representative duly authorized. As per Article 86 of the Articles of Association of the Company, a Proxy must be a
member of the Company.
3. Proxy Form duly stamped and signed by the Member must be submitted to Share Department, City Bank PLC, 11, Dilkusha C/A, Dhaka at least 48
(Forty-Eight) hours before the time fixed for AGM for attestation. Upon receipt of attested Proxy Form, the nominated person or attorney or authorized
person from a Company/Corporation may attend/vote in the AGM. Annual Report-2023, Attendance Slip and Proxy Form may be collected from Share
Department or from the website of the Company: www.citybankplc.com
4. Link for joining in AGM through Digital Platform: https://cbplc41.agm.watch. Shareholders can join virtual AGM from Laptop, PC, Mobile or Tab putting
the 16-Digit BO ID and Folio holders can join the AGM putting the 6-Digit Folio number. As per BSEC letter dated January 16, 2024 along with Directive
dated 10 March 2021, the facility for e-vote using online platform will be opened 48 hours prior to start of AGM and will remain open up to the closure
of AGM. The eligible members may login and cast their vote (e-vote) using online platform during this time. For virtual AGM guidance, the concerned
members may contact at the numbers: 01719007279, 01976156080, 01919280200 and 01916590708.
5. Full login/participation process for the Digital Platform meeting will also be available in the Company’s website: www.citybankplc.com
6. Pursuant to the Bangladesh Securities and Exchange Commission (BSEC) Notification No. BSEC/CMRRCD/2006-158/Admin/81 dated 20 June, 2018,
link of the downloadable PDF copy of the Annual Report-2023 to respective members’ e-mail address available in beneficiary owner (BO) account with
the depository participant (DP).
7. Members are requested to submit their queries on the Directors’ Report and the Audited Financial Statements for the year ended on 31st December,
2023 through e-mail: khandakar.aminul@thecitybank.com or in writing at least 5 (Five) working days before the date of AGM.
8. Respected BO Account Holders who have updated BO Accounts and submitted 12-digit e-TIN to concerned DP house and/or Share Department of
City Bank PLC (in case of Folio) before Record Date, their tax will be deducted at the rate of (a) 10% for individual shareholders & (b) applicable rate of
company for company shareholders according to Section 117 of The Income Tax Act, 2023. Mentionable that, rate of tax deduction would be 15% for
individual shareholders if the shareholder fails to submit e-TIN.
9. Merchant Banks and Depository Participant (DPs) are requested to email the soft copy of their margin clients based on said Record Date (In MS Excel
format) within May 26, 2024 to City Bank Share Department neaz.khan@thecitybank.com for facilitating payment of cash dividend.
10. Election/Re-election Rules and schedule will be displayed at the Share Department, 11, Dilkusha (1st floor), Dhaka-1000 duly. And the said Rules and
Schedule will be available at bank’s website.
QR Code :
To join the 41st To download Virtual AGM To download

AGM Annual Report-2023 System Manual Notice & Proxy Form
Notes

City Bank PLC
PROXY FORM
I/We……………………………………………................................................................................................... of……………………………………………….……………………………….................................
........................................................................................................... being member of City Bank PLC do hereby appoint Mr./Mrs./Ms..............................................................................
........................................................................ of ……………………………...............………………………………………....................................... (or failing him/her) Mr./Mrs./Ms………...............
............................................................................................................ of ………..................................................... as my/our proxy to attend and vote for me/us and on my/our behalf
at the 41st Annual General Meeting (AGM) of the Company to be held on May 30, 2024 at 2:00 P.M. (Bangladesh Standard Time) through Digital Platform
and at any adjournment thereof.
As witness I put my/our hand(s) this……………………day of…………………2024
Revenue
Stamp
Tk.100/-
Witnesses : Signature of Member...........................................................

Folio/BO A/c. No....................................................................
1…………………………………...............
Signature of Proxy..................................................................
2…………………………………............... Folio/BO A/c. No.....................................................................
IMPORTANT:
1. This Form of Proxy duly completed must be deposited at the Share Department, City Bank PLC, 11, Dilkusha C/A, Dhaka-1000 at least 48 (forty-eight)
hours before the meeting. The proxy will not be valid if it is not duly stamped and signed. Signature of the shareholder(s) and the Proxy must agree with the
respective specimen signatures recorded with the Company.
2. A member of the Company may only be appointed as a Proxy.
City Bank PLC

ATTENDANCE SLIP
I/We...................................................................................(Folio/BO A/c. No.) ……....……............................ hereby record my/our attendance at the 41st Annual General
Meeting (AGM) of the Company being held on May 30, 2024 at 2:00 P.M. (Bangladesh Standard Time) through Digital Platform.
Signature of Member/Proxy

City Bank Annual Report 2023

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City Bank Annual Report 2023

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We’re not writers.

Yet we help you write your financial story!

Through our Agility!

We’re not astrologers.

Through our commitment to Digitality!

We’re not a start-up.

Through our emphasis on Versatility!

We’re not an airline.

Through our focus on Vitality!

As a leading bank of Bangladesh, we are focused on providing a convenient, mobile-centric, feature-rich

2 Annual Report 2023

Executive summary, 2023

We invite you to be a part of our journey where we are building a #DigitalBankForAll!

Scan this QR code with your mobile device for

Annual Report 2023 3

Best Women Program Launch Award

Best Premium Banking Services in

2016 Best Investment Bank in

Best Consumer Digital Bank

Best Bank in Bangladesh

Best Bank in Bangladesh

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Best Bank in Bangladesh

ICMAB Best Corporate Award

Annual Report 2023 5

Cover Story 01 Statement from our Chairman 96

INTEGRATED REPORT Product & Services 108

OUR FOUNDATIONS WITH IR & SDGs

The Visionary Change Makers 63

We invite you to download a digital copy of this

You can also download a copy of

Retail Banking 166

OUR ESG APPROACH

Directors’ report 313 Photo Album 582

Sub: Annual Report for the year ended 31 December, 2023

Financial Statements of the Bank (Standalone) comprise those of City

Md. Kafi Khan

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Annual Report 2023 9

Offer a wide array of Be the ‘Employer of

Ensure respect for

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We are We are ‘engaged’ and

We are ‘accountable’ and We are ‘courageous’ and

Annual Report 2023 11

City Bank’s code of conduct is embedded in the following doctrines

Rigorous compliance with laws, regulatory guidelines and internal policies

Money laundering and terrorist financing

Honesty and integrity

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Gifts, invitations, corruption or bribery

Harassment, discrimination and inappropriate behaviour

Annual Report 2023 13

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Welcome to City Bank’s

City Bank Capital Resources Limited Subsidiary Bangladesh 152

City Brokerage Limited Subsidiary Bangladesh 61

City Hong Kong Limited Subsidiary Hong Kong 21

Materiality • Financial Institutions Act, 2023

Annual Report 2023 15

Strategic focus Connectivity Stakeholder Materiality Consistency and

City Bank’s SDG builder

Implement citizenship activities through a

Deliver shared prosperity and fulfillment in