Conventional lenders in Bangladesh fell behind shariah-based banks in 2022 in terms of profit growth mainly due to the lower interest rate regime.
No bank in Bangladesh has ever made so much profit in a year
Sustaining the development that has taken place in Bangladesh in the past 14 years and curbing inequality are key major challenges facing the economy owing to the fallout of the coronavirus pandemic and the Russia-Ukraine war, said Planning Minister MA Mannan.
Shares of most of the insurance companies rose almost every day in the last one month, becoming an outlier in a market that has been dull for several months due largely to persisting economic uncertainty at home and abroad.
While a number of banks and non-bank financial institutions (NBFIs) are struggling to rein in their non-performing loans (NPL), DBH Finance PLC has continued to maintain the lowest NPL to loan ratio in the industry for years.
Bangladesh’s gross domestic product is estimated to have grown at a slower pace in the current financial year with the biggest blow stemming from the industrial sector, official figures showed.
Most of the Shariah-compliant banks in Bangladesh clocked higher profits in 2022 despite a fall in deposits and the unprecedented fund withdrawal by customers and liquidity crunch.
The economy is estimated to have expanded at a slower-than-expected pace in 2022-23, said the Bangladesh Bureau of Statistics (BBS) yesterday, a figure that analysts describe as good in view of elevated inflation, slowing exports and remittances and the ongoing pressure on the country’s foreign exchange reserves.
The earnings of foreign banks operating in Bangladesh rocketed in 2022 buoyed by their incomes from the dealings of international currencies.
Four state-run commercial banks registered 29 per cent year-on-year spike in bad loans in 2022 as the central bank’s relaxed classification rules introduced in the wake of the Covid-19 outbreak ended and their inefficient lending persisted.
Profits of all power generation companies dropped in the July-March period of fiscal year 2022-23 and some of them even incurred huge losses mainly due to a huge depreciation of the value of the taka against the US dollar that ultimately increased their costs.
Most of the listed pharmaceutical companies in Bangladesh logged lower profits despite higher sales in July-March of the current financial year owing to a spike in the cost of production.
Uttara Finance Ltd is yet to take any major steps against the officials allegedly involved in the Tk 5,100 crore scam unearthed by the Bangladesh Bank although four months have passed since the central bank directed it to bring the culprits to the book.
Foreign investments in the Dhaka Stock Exchange have maintained a downward trend since 2018 despite the regulator’s efforts to retain existing investors and attract new ones.
This year’s Eid-ul-Fitr has turned out to be yet another depressing festival for many stock investors as few could sell shares to meet the vacation’s shopping expenses amidst the presence of floor price.
Bangladesh’s largest mobile financial service company bKash returned to profit in 2022 on the back of higher net finance income, snapping a three-year losing streak.
The MFS provider made a profit for the first time in four years
When a major festival like Eid knocks on the door, the memory of going to markets or shopping malls to buy new clothes and footwear items, eating sweets and receiving gift money from elderlies comes to mind.
The business sector in Bangladesh has been going through severe challenges for the past four years, which, for many, have been the toughest period in decades, with the coronavirus pandemic being the dominant factor in the early part before the Russia-Ukraine war broke out. Today, we are running the last report of a series and it focuses on the lessons for the businesses from the two unprecedented shocks.
The business sector in Bangladesh has been going through severe challenges for the past four years, which, for many, have been the toughest period in decades, with the coronavirus pandemic being the dominant factor in the early part before the Russia-Ukraine war broke out. Today, we are running the fifth report of a series to present how various sectors fared in the face of the two unprecedented shocks.
Colgate-Palmolive (Asia) Pte Ltd, one of the largest manufacturers and suppliers of personal care products worldwide, is going to build a factory in Bangladesh in partnership with local conglomerate ACI Ltd to cater to the fast-expanding consumer market.
The business sector in Bangladesh has been going through severe challenges for the past four years, which, for many, have been the toughest period in decades, with the coronavirus pandemic being the dominant factor in the early part before the Russia-Ukraine war broke out.
Monthly average household income and expenditure in Bangladesh doubled in the last six years and nearly tripled in 12 years, official figures showed yesterday.
The literacy rate in Bangladesh rose to 74 per cent in 2022, according to the Household Income and Expenditure Survey 2022 of the Bangladesh Bureau of Statistics (BBS).
IDLC Finance Ltd, the largest non-bank financial institution in Bangladesh, is set to launch its Islamic financing window as it looks to tap business opportunities in a segment that is growing rapidly at home and abroad.
The business sector in Bangladesh has been going through severe challenges for the past four years, which, for many, have been the toughest period in decades, with the coronavirus pandemic being the dominant factor in the early part before the Russia-Ukraine war broke out. Today, we are running the third report of a series to present how various sectors fared in the face of the two unprecedented shocks.
The business sector in Bangladesh has been going through severe challenges for the past four years, which, for many, have been the toughest period in decades, with the coronavirus pandemic being the dominant factor in the early part before the Russia-Ukraine war broke out. Today, we are running the second report of a series to present how various sectors fared in the face of the two unprecedented shocks.
Companies in Bangladesh have been hit harder by the global turmoil induced by the Russian-Ukraine war than the crisis inflicted by the coronavirus pandemic
Labaid is going to invest Tk 1,000 crore to build its second cancer hospital in order to meet the growing demand from patients suffering from the deadly disease and support healthcare research, according to a top official.
The Bangladesh Securities and Exchange Commission (BSEC) has decided to file a case against some top officials of an asset management company for laundering Tk 170.69 crore from four open-ended mutual funds.
It will be the second hospital after Samorita to go public
Mohammad Firoz works at a garment accessories manufacturing company and earns Tk 29,000 per month.
The government has prepared a draft law for ensuring transparency and accountability in public sector purchases while also improving efficiency in the sector.
Implementation of eight fast-track projects under the Annual Development Programme (ADP) was at a good pace in the first seven months of the current fiscal year of 2022-23 while that of other projects was slower.
Sheikh Bashir Uddin, former managing director of Akij Group, has begun a new journey in the name of Akij Bashir Group targeting to deliver products of impeccable quality, upholding the high standards associated with the legacy of the Akij name.
Have you ever bought any pack of flour produced by Yusuf Flour Mills or heard the name of Yusuf Moyda, the brand under which the company is selling the item?
Bangladesh needs to play a key role at the Doha Conference to create political momentum and translate that momentum into a United Nations resolution with a view to ensuring international support measures for a smooth transition of the graduating least-developed countries, said Debapriya Bhattacharya, a distinguished fellow of the Centre for Policy Dialogue.
The life and non-life insurance sectors have been in a tight spot for the past three years due to the economic shocks resulting from Covid-19 and the ongoing war between Russia and Ukraine.
Bridging the skills gap is a persistent challenge that needs to be addressed through public-private partnerships, said Sanjeev Krishan, chairperson of PricewaterhouseCoopers (PwC) for India, Bangladesh, Nepal and Bhutan
Businesses of almost all segments of the economy have been passing tough times since last July, when the Russia-Ukraine war started to have an impact in a multitude of ways.
If you follow the Dhaka Stock Exchange (DSE), you will find that most of the shares on the premier bourse of the country ended the day either unchanged or they witnessed a drop. As a result, the indexes were supposed to fall.
While most listed companies struggled to raise profits in the first half of 2022-23 owing to higher petroleum prices, listed state-run oil companies in Bangladesh saw a staggering double-digit growth in earnings.
At least 43 listed companies and mutual funds fell to losses in July to December of the ongoing financial year after reporting profits in the identical half a year ago.
Around 70 per cent of listed companies in Bangladesh either suffered losses or witnessed lower profit in the July to December period of the current financial year due to the surge in production costs, the sharp depreciation of the local currency and lower consumption.
By removing the floor price for nearly half of the companies listed in the country in December while retaining the regulatory measure for the rest, the Bangladesh Securities and Exchange Commission (BSEC) has effectively moved to a dual system.
As the US dollar shortage persists, businesses in Bangladesh are increasingly finding it difficult to open letters of credit (LCs) since banks can’t supply the adequate American greenback needed to finance imports.
Bangladesh’s largest retail chain Shwapno registered 31 per cent year-on-year growth in sales in the July to December period of 2022-23.
Conventional lenders in Bangladesh fell behind shariah-based banks in 2022 in terms of profit growth mainly due to the lower interest rate regime.
No bank in Bangladesh has ever made so much profit in a year
Sustaining the development that has taken place in Bangladesh in the past 14 years and curbing inequality are key major challenges facing the economy owing to the fallout of the coronavirus pandemic and the Russia-Ukraine war, said Planning Minister MA Mannan.
Shares of most of the insurance companies rose almost every day in the last one month, becoming an outlier in a market that has been dull for several months due largely to persisting economic uncertainty at home and abroad.
While a number of banks and non-bank financial institutions (NBFIs) are struggling to rein in their non-performing loans (NPL), DBH Finance PLC has continued to maintain the lowest NPL to loan ratio in the industry for years.
Bangladesh’s gross domestic product is estimated to have grown at a slower pace in the current financial year with the biggest blow stemming from the industrial sector, official figures showed.
Most of the Shariah-compliant banks in Bangladesh clocked higher profits in 2022 despite a fall in deposits and the unprecedented fund withdrawal by customers and liquidity crunch.
The economy is estimated to have expanded at a slower-than-expected pace in 2022-23, said the Bangladesh Bureau of Statistics (BBS) yesterday, a figure that analysts describe as good in view of elevated inflation, slowing exports and remittances and the ongoing pressure on the country’s foreign exchange reserves.
The earnings of foreign banks operating in Bangladesh rocketed in 2022 buoyed by their incomes from the dealings of international currencies.
Four state-run commercial banks registered 29 per cent year-on-year spike in bad loans in 2022 as the central bank’s relaxed classification rules introduced in the wake of the Covid-19 outbreak ended and their inefficient lending persisted.