Message From the Chairman

In the name of Allah, the most Gracious, the most merciful

Distinguished Shareholders, guests of honor, media personnel, ladies and gentlemen, May Peace, Mercy and Blessings of Allah bestow upon you.

I am delighted to welcome you all to the 17th Annual General Meeting of People’s Leasing and Financial Services Ltd. On behalf of the Board of Directors, I would like to express my heartfelt thanks and profound gratitude to all of you for your continuous trust, support and co-operation.

Dear Shareholders,

The current economic and business environment poses unprecedented challenges to the financial services industry. In these testing times, we are re-learning where our strength lies and how we can overcome the challenges. Over the span of time PLFS is now poised for optimal growth utilizing internal potency and external opportunities. We have increased our investments to build up a strong Human Resources Team and to develop a state of the art of IT infrastructure.

The company continues   to re-invent itself and emphasizes its focus based on the lessons learnt from the Capital Market functions at home and economic meltdown abroad.

The year 2012 was a turbulent year for financial institutions due to volatile Money Market and Stock Market scenario prevailing in the country and slow economic recovery in the international arena.

The paucity of funds at the disposal of Scheduled Banks resulted in inaccessibility to term loans which were used to be extended to FIs by them. Since Bank borrowings formed a sizable source of funds for FIs, the lending capacity of FIS were squeezed to a great extent.

We can comprehend considering present unrest, slow industrial investment the 2013 will not be that much propitious as half of the year is already over. The major challenging areas will be adjusting high interest rate, growing downtrend of Capital Market and mobilization of sizeable amount of funds at low cost in order to increase the interest income . We are exploring alternate sources of deposit fund at low cost by mobilizing private deposits from international lenders abroad which we hope will contribute to better profits during the year 2013.

However, despite high cost of fund operating Revenue decreased by 18.18% while operating expenses increased by 2.83%. The profit before tax stood at Tk. 502.00 million in 2012 as against Tk. 742.00 million in the previous year. The downturn in mainly attributable to a significant rise in the cost of fund and thus reduced margin on core business operations and severe downturn in recovery and interest income due to sharp fall in the capital market activities in the country. Measures have been taken under the guidance of the Board to accelerate recoveries from some of the accounts detected recently which have fallen sticky. Recoveries from such accounts will enhance interest income in the coming years.

Now, I would like to wrap up by expressing thanks to the valued clients, Bankers, Lenders, Depositors and Business partners for their continuous support and cooperation. I also express my sincere gratitude to my colleague Directors for their continuous support, co-operation and contributions for the growth and development of the company.

I sincerely appreciate the management of the company for their sincere united efforts under the leadership of Managing Director for upliftment of the company.

Most demanding and delightful thanks to all the shareholders and expect that they will continue their support for the growth and up-holding the image of the company during the year 2013 so that we can present a balance sheet with better picture in the next AGM of the company.

I would like to express my gratitude to my fellow Board Members, for their co-operation and invaluable contributions throughout the year. Last but not the lease, I owe my thanks to our Management Team once again and our caring employees for their hard works and devotion.

May Allah bless us all

Allah Hafez.



Capt. M. Moazzam Hossain


Board of Directors

June 27, 2013

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