Prime Finance & Investment Limited, a leading non-banking financial institution (NBFI) has become a full-fledged investment bank through embarking on diversified business operations.
Launching separate companies on stock brokerage, asset management, prudential fund and real estate businesses have made the Prime Finance a complete investment bank.
"We are operating on a vision reflecting the shareholders' right and ensuring the compliance of the best-practiced ethics and standards and diversification as well to heighten the company," managing director of Prime Finance Akter Hossain Sannamat told the FE in an interview recently.
"We have always believed that diversification of products and services and revenue streams is the best way of ensuring sustained financial performance," Mr Sannamat added.
Replying to a question on the future target of the company, Mr Sannamat said : An equally important goal that we achieved in 2009 was to earn an attractive return on equity. We also aim to increase the intrinsic value of our operations over time.
The total operating revenue of the company for the half year ended June 30, 2010 whopped by 155.73 per cent at Tk 1,578.06 million.
The profit after tax was up by 321.75 per cent at Tk 1,013.10 million against Tk 240.22 million of the corresponding period of the previous year.
The investment portfolio has increased to Tk 11,673.41 million ended on June 30, 2010 from Tk 9,275.31 million.
Based on the face value of Tk 100 per share, EPS for six months ended on June 30, 2010 was Tk 112.25, a whopping 321.75 per cent up against the corresponding period of the previous year.
The paid-up capital of the company stood at Tk 902.50 million in the period ended June 30, 2010 (un-audited) against Tk 644.64 million of December 31, 2009.
Commenting on the future outlook, the Prime Finance MD said : We are committed to further strengthening our existing teams as well as expanding our network to markets where we see opportunities to deploy our expertise.
In testimony to the company's strong commitment to full disclosure to the shareholders, the company continued to win the first prize launched by Institute of Chartered Accountants of Bangladesh (ICAB) for the 'best annual reports' in the NBFI category consecutively since its listing with the bourses in 2005.
The company also bagged prizes for the 'best presented accounts' launched by the South Asian Federation of Accountants (SAFA) in recent years.
The company was incorporated in March 1996 as a public limited company under the Companies Act, 1994. It began commercial operation in 1996 and floated shares for general public in September of 2005.
The company puts thrust on implementing corporate governance, ethics and compliance and human resource to remain competitive in the country's growing corporate world.
PFI Securities Ltd, Prime Finance Asset Management Co Ltd, Prime Prudential Fund Ltd and PFI Properties Ltd are the associate companies of Prime Finance and Investment Ltd.
Source: The Financial Express, August 19 2010
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