Monday 15 July 2019
News / anassment
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        • Publish date: Monday 18th June 2018|
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          Official Expounds on Major Topics of Development in Tejarat Bank
          “Sharp increase in interest rate on deposits, due to a large portion of assets held in various subheading of banking claims, is the most important problem in the banking system.”
          Razazan Deputy CEO of Tejarat Bank for Financial Affairs made the above remark in an interview and pointed to the problems facing ahead and added, “despite the fact that a major part of banking problems is deep rooted in macroeconomic problem of the country, senior management of Tejarat Bank made its utmost effort to overcome the difficulties, relying upon its high potentials and capabilities as well as taking advantage of external opportunities and supports.” With financing a large number of giant national projects and allocating 40 percent (40%) of its financial resources to these projects in the past decades, Tejarat Bank has played an outstanding and key role in the growth and prosperity of economy as well as generation of new employment opportunities in the country, he maintained. Unfortunately, a large volume of the bank’s assets has been held in head chapters of demand from government, entities, property and owned property in recent decade due to the outbreak of economic problems caused by sanctions imposed on Iran and alsoother economic activists in the nongovernmental sector, he said, adding, “this freezing of assets, which also exists and affects other banks in the country, has led to an increase in the interest rate on deposits in the Money Market and consequently, loss-yielding of the bank and a large number of other banks in the country. Although interest rate on deposits increases dramatically for banks in terms of supply and demand at the Money Market, interest rate on the loans, investments and commission rate of banking services cannot be increased, he emphasized. Despite all the difficulties mentioned in above, Tejarat Bank is determined to reduce the loss-yielding process by designing and implementing structural development plans in three main topics and then, guide the bank towards profitability. Razazan pointed to the increase of mobility and dynamicity in all activities of the bank, especially queue, as the first and main topic of these programs in line with achieving strict measures predefined in this respect and expressed hope that all industrious staff and personnel of the bank will make their utmost efforts to realize objectives of these program. Benefitted from the most experienced and competent manpower, the bank under its wise management will make their utmost efforts to materialize objectives as predefined in this respect, he reiterated. In the same direction, senior management of the bank will evaluate activities and performance of the bank consecutively in order to produce positive results in this respect. Fulfilling basic and fundamental reforms in financial and operational structures of the bank is the second main topic of development program of the bank, he said, adding, “in this regard, the bank’s development program is underway using the most experienced experts and consultants.” Withdrawing bank’s assets from freezing state and decreasing cost of money is the most important objective of the bank which is followed up seriously in this regard, he observed. The initial results of these measures taken in this regard could be referred to the reduction of 1.9 percent of money cost rate in the first two months of the current year (March 21 – May 21) as compared to the last year’s corresponding period and also significant reduction in average overdraft of Central Bank of Iran (CBI), financial deputy of the bank highlighted. In this regard, apart from implementation of special programs for collecting claims and increasing the liquidity of investments, property, surplus and owned properties, the bank has also pursued collection of its outstanding claims from the government, he said, adding, “Tejarat Bank is a leading and pioneer bank in providing a comprehensive plan, submitted to the Ministry of Economic Affairs and Finance (MEAF) and other concerned bodies, for solving pertinent problems.” He seized this opportunity to express his special thanks to officials at the Ministry of Economic Affairs and Finance (MEAF) and Central Bank of Iran (CBI) in taking effective steps for solving problems facing banks of the country especially in the field of collection of outstanding claims from the government. Elsewhere in his remarks, Financial Deputy of Tejarat Bank pointed to design new models for financing major projects of the country as the third topic of the bank’s development program and added, “the designing of this comprehensive program is underway in cooperation with the bank’s Financial Deputy Office and other departments.” Relying upon the assistance of the Almighty God, it is predicted that relevant license for implementation of third development program of the bank would be received from concerned bodies for implementation of this comprehensive plan, he emphasized. He refused to provide more details about the plan and termed effects of implementation of this plan as ‘very positive and constructive’. He stressed that financial structure of banks has unique specifications which is different from other companies. Accordingly, commenting and publishing news that goes without paying attention to the details of financial operations and structure of the banks is ‘inaccurate’ and also false in some cases which has not bear any fruit except spread of an unwanted concern for the shareholders and depositors of banking system. For example, he pointed to the recent remarks and comments on comparing revenues obtained from offering loans with the cost of profits paid by Tejarat Bank in the first two months of the current year (March 21 – May 21) and added, “the comparison, which is inferred and raised from the provisions of the bank’s monthly activity report published in CODAL Stock Exchange, is not an accurate and correct comparison, because, half of the bank’s deposits have been allocated for uses other than facilities and loans, such as claim from government, investments as well as issuers of property-related bonds and securities.” To have a true and correct image, income of these expenditures should be added with the income of facilities paid and then, the total sum should be compared with the cost of profit paid, he reiterated. He expressed hope that these issues will be resolved with filling out reporting formats of banks which is underway in cooperation with the Securities and Exchange Organization (SEO). “As compared with other banks in the country, Tejarat Bank has the highest ratio of outstanding claims from the government due to the macroeconomic conditions of the country. Although banking system faces critical problems due to the macroeconomic situation of the country, what is certain is that Tejarat Bank enjoys high potentials to overcome pertinent problems in this respect.” In conclusion, Razazan Deputy CEO of Tejarat Bank for Financial Affairs said, “Tejarat Bank benefits from the most experienced, expert, skilled and competent manpower and it is hoped that the bank will take maximum advantages of domestic capabilities in line with implementing its development programs successfully.”
مجری : پورتال سامان