Mr. Faruq A. Choudhury, Chairman of Delta Brac Housing Finance Corporation Ltd. (DBH) addressing the 12th Annual General Meeting of the Company on 2 December 2008. It was also, attended by Board Members along with Mr. Q. M. Shariful Ala, Managing Director of DBH and the general shareholders. The AGM declared 30 percent Bonus Shares

The Annual General Meeting (AGM) of Delta Brac Housing Finance Corporation Ltd. known as DBH, the specialist in housing finance declared 30 percent bonus shares for the last fiscal year.

The announcement of 30 percent stock dividends i.e. 3 bonus shares for every 10 shares held on the record date was made at the12th AGM that held at the Bangladesh-China Friendship Conference Centre at Agargaon in the city today. Chairman of DBH Mr. Faruq A. Choudhury presented the Directors’ Report, the Auditors’ Report and the audited Financial Statements for the FY 2007-08 at the AGM.

Presided over by Mr. Faruq Choudhury the AGM was also attended by Directors Mohammad Aminul Alam, Dr. Syed Mukarram Ali, Nasir A. Choudhury, Dr. Kabir Hussain Choudhury, Nurul Huda, Muhammed Syedul Islam, Pradip Kumar Mukherjee, Q. M. Shariful Ala, Managing Director and the general shareholders.

The Financial statements showed that DBH continued to grow its business and profitability despite intense competition from banks and other financial institutions. The FY 2007-08 saw an impressive 40 per cent growth in disbursements compared to that of the previous year.

The statements said DBH’s consolidated equity grew by a robust 32 per cent during FY 2007-08. Total funds under management, inclusive of deposits, of the company stood at Tk.1,718.50 crore at the end of FY 2007-08, it said adding DBH earned net profit before tax Tk. 34.23 crore in the FY 2007-08 against last year’s Tk. 26.01 crore, showing an increase of 32 percent. 

The statement said after payment of income tax of Tk. 16.59 crore, the company’s profit stood at Tk. 17.64 crore in FY 2007-08, showing a healthy growth of 31% compared to the previous year.

Mr. Faruq Choudhury said “ We are not only specialist, but also pioneer in housing finance.” DBH has emerged as country’s largest housing finance institution due to confidence and trust of the clients and shareholders on it, he said.

Referring to the awarding of highest credit rating triple ‘AAA’ for the third consecutive years, Mr. Choudhury said this achievement will encourage our continuous effort to expand housing sector in the country.  The success made by the company had been possible because of the strong support received from its clients and regulators, including the Bangladesh Bank and the Securities and Exchange Commission, other relevant government agencies, shareholders, DBH Board members and its competent and professional work force, he said.

The shareholders appreciated the operational and financial performance during the period under review.