
IFIC Bank has been on a growth trajectory, but it's not without its challenges. The bank has faced criticism for its high interest rates on loans.
One of the key challenges the bank has faced is managing its high loan defaults. According to the article, the bank's loan default rate has been a significant concern.
IFIC Bank has been working to improve its credit risk management, but it's an ongoing process. The bank has implemented various strategies to reduce its loan defaults.
Despite these challenges, IFIC Bank has continued to grow and expand its services.
Financial Performance
IFIC Bank has reported its earnings results for the third quarter and nine months ended September 30, 2024. The exact date of the report is October 31.
IFIC Bank's financial performance is overseen by a chairman of the board, who is currently Md. Mehmood Husain, appointed on September 15.
Q3 Profit Plummets 63%
IFIC Bank's Q3 profit took a significant hit, plummeting 63% in the third quarter of 2024. This decline is attributed to struggles within its subsidiaries.

IFIC Bank's cash flow turned negative due to lower deposits. This is a concerning trend for the bank's financial health.
IFIC Bank's earnings results for the third quarter and nine months ended September 30, 2024, revealed the extent of the bank's struggles. The exact date of these results was October 31.
Here's a brief summary of the bank's recent appointments and announcements:
Sales by Activity:
IFIC Bank PLC has seen significant growth in its sales over the years. In 2023, the bank's sales reached $13.6 billion.
The bank's conventional banking operations inside Bangladesh have been a major contributor to its growth. In 2023, these operations generated $13.6 billion in sales, up from $12.68 billion in 2022.
IFIC Bank PLC's off-shore banking unit inside Bangladesh has also shown steady growth, although it experienced a decline in 2023. In 2022, the unit generated $43.52 million in sales, but this decreased to $25.65 million in 2023.
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Here is a breakdown of the bank's sales by activity:
The bank's associates and subsidiaries have also contributed to its overall sales. For example, IFIC Investment Limited generated $74.54 million in sales in 2023.
Perpetual Bond to Raise Tk 1,000 Crore
IFIC Bank is taking steps to maintain its capital in line with BASEL-III norms. The bank has decided to raise Tk 1,000 crore by issuing a perpetual bond. This move will help the bank meet the required capital standards.
A perpetual bond is a type of debt instrument that doesn't have a maturity date. This means the bank will make regular interest payments to investors, but it won't have to repay the principal amount. This can be a good option for banks looking to raise capital without taking on new debt.
The decision to issue a perpetual bond is a strategic move by IFIC Bank. By raising Tk 1,000 crore, the bank will be able to maintain its capital and comply with the BASEL-III norms. This will help to ensure the bank's stability and long-term success.
Bank Management

IFIC Bank has a robust bank management system that ensures smooth day-to-day operations.
The bank's management team is led by a Managing Director who oversees the overall strategy and direction of the bank.
IFIC Bank has a strong presence in the country with a network of over 80 branches and 300 ATMs.
The bank's management team is responsible for making key decisions that impact the bank's performance and growth.
IFIC Bank has a team of experienced professionals who work together to achieve the bank's goals and objectives.
The bank's management system is designed to ensure that all operations are carried out efficiently and effectively.
IFIC Bank's management team is committed to providing excellent customer service and ensuring that customer needs are met promptly.
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Bank Operations
IFIC Bank operates its banking operations through a network of over 80 branches and 140 ATMs across the country.
IFIC Bank's network of branches and ATMs provides customers with convenient access to their financial services.
IFIC Bank offers a range of banking services, including consumer banking, corporate banking, and Islamic banking.
IFIC Bank's consumer banking services include deposit accounts, credit cards, and loans.
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Customer Conference Lohagara

IFIC Bank regularly organizes customer conferences to promote their services and build trust with their customers.
The conference at Lohagara was a great example of this, where local businessmen, teachers, and valued customers attended to learn more about the bank's offerings.
Md. Mohsin, the in-charge of the Padua sub-branch, presided over the event and ensured its smooth execution.
Loan officers from the Keranihat branch, Md. Shah Poran and Md. Sajjad, were also present to provide information and answer questions.
Speakers at the event emphasized that IFIC Bank is a reliable financial institution where customers can confidently avail deposit, loan, and other banking services.
They assured attendees that IFIC Bank is committed to providing comprehensive services and encouraged them to utilize the facilities by visiting the bank whenever necessary.
The conference was attended by several officials from IFIC Bank's Padua sub-branch, and valued customers of the bank.
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Notice to Shakib for Tk 4.13cr Loan Repayment
IFIC Bank has served a legal notice to Shakib Al Hasan Agro Farm Ltd for failing to repay a Tk 4.13cr loan.

The notice was issued after a cheque issued by the company bounced, indicating that the company was unable to honor its financial obligations.
IFIC Bank is taking a firm stance on loan repayment, making it clear that it will not tolerate any delays or defaults.
Shakib Al Hasan Agro Farm Ltd, owned by the former captain of the Bangladesh national cricket team, is now facing the consequences of its actions.
The incident highlights the importance of timely loan repayment and the consequences of failing to meet financial obligations.
IFIC Bank's move is a reminder that banks will take action to recover their loans, even if it involves issuing a legal notice.
Directors and Executives
The executive team at IFIC Bank is led by two CEOs, Syed Mansur Mustafa and Nurul Hasnat. They have been in their roles since - and 2012-12-31, respectively.
Syed Mansur Mustafa is the current CEO, while Nurul Hasnat held the position until 2012-12-31. Dilip Kumar Mandal, on the other hand, has been the Director of Finance/CFO since 2015-12-12.
Here's a breakdown of the current executive team:
The Board of Directors at IFIC Bank is composed of several members, including Chairman Salman Fazlur Rahman.
Salman Loses Grip

Salman loses grip on IFIC Bank after Bangladesh Bank constituted a new board of directors.
The previous board of IFIC Bank was dissolved, effectively bringing an end to Salman F Rahman's involvement with the private commercial bank.
Salman F Rahman was once in control of IFIC Bank, but that's no longer the case.
IFIC Bank's board of directors has been revamped, and Salman F Rahman is no longer a part of it.
Bangladesh Bank took action to remove Salman F Rahman's influence from IFIC Bank's operations.
A new board of directors has been appointed, marking a significant change for the bank.
Executive Committee: PLC
The Executive Committee of PLC is made up of key individuals who oversee the bank's operations. Here are some notable members:
Syed Mansur Mustafa is the current CEO of IFIC Bank PLC, but unfortunately, his age and the exact date he joined are not publicly available.
Nurul Hasnat was previously the CEO of IFIC Bank PLC, holding the position until December 31, 2012.
Dilip Kumar Mandal has been the Director of Finance/CFO since December 12, 2015.
M. Mozibar Rahman is the Compliance Officer, but like some of his colleagues, his age and the exact date he joined are not publicly available.
Mohammad Monitur Rahman has been the Chief Operating Officer since August 29, 2018.
Here is a list of the Executive Committee members mentioned:
- CEO: Syed Mansur Mustafa (age and joining date not available)
- CEO: Nurul Hasnat (left on December 31, 2012)
- Director of Finance/CFO: Dilip Kumar Mandal (joined on December 12, 2015)
- Compliance Officer: M. Mozibar Rahman (age and joining date not available)
- Chief Operating Officer: Mohammad Monitur Rahman (joined on August 29, 2018)
Directors
The directors of a company play a crucial role in shaping its future. They are responsible for making key decisions and overseeing the overall strategy of the organization.
One of the key directors of IFIC Bank PLC is Syed Mansur Mustafa, who serves as the CEO. He has been in this position since the information is not available.
The Board of Directors of IFIC Bank PLC consists of several members, including Salman Fazlur Rahman, who serves as the Chairman. He has been in this position since the information is not available.
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Here are some of the key directors of IFIC Bank PLC:
- Salman Fazlur Rahman - Chairman
- A. R. M. Nazmus Sakib - Director/Board Member
- Quamrun Naher Ahmed - Director/Board Member
- Ahmed Shayan Fazlur Rahman - Director/Board Member
- Muhammad Golam Mostofa - Director/Board Member
- Shah Monjurul Hoque - Director/Board Member
The directors of IFIC Bank PLC have undergone some changes in recent times. For example, the Bangladesh Bank constituted a new board of directors at IFIC Bank after dissolving the previous board, effectively bringing an end to Salman F Rahman’s grip on the private commercial bank.
Rafiqul Islam Promoted
Rafiqul Islam was promoted to the post of deputy managing director (DMD) at IFIC Bank PLC.
This is a significant move for the bank, as Rafiqul Islam takes on a more senior role within the organization.
Rafiqul Islam's new position is that of deputy managing director (DMD) at IFIC Bank PLC.
As a senior executive vice-president, Rafiqul Islam has likely brought valuable experience and expertise to the role.
Salman F Rahman Used for Personal Gains
Salman F Rahman used IFIC Bank for personal gains. This is according to Md Mehmood Husain, an independent director and current chair of the bank.
Frequently Asked Questions
What is the full mean of IFIC Bank?
IFIC Bank stands for International Finance Investment and Commerce Bank. It's a public company limited by shares, incorporated in Bangladesh.
Who is the owner of IFIC Bank?
IFIC Bank is owned by the Government of Bangladesh (32.75%) and various institutions and individual shareholders. The government has two nominated directors on the bank's board.
How many branches does IFIC Bank have?
IFIC Bank has over 1400 modern business centers, including branches and sub-branches, providing cutting-edge services to its customers. This extensive network ensures convenient access to the bank's services across various locations.
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