Dhaka Bank observes 26th anniversary

Dhaka Bank Limited has observed its 26 years of banking excellence in a modest manner considering the current ongoing pandemic COVID-19 situation in Bangladesh. In this signature occasion of the bank, a doa mahfil was arranged by maintaining social distance and safe hygiene rules at the head office in Gulshan. Abdul Hai Sarker, Chairman, Dhaka Bank Limited; Founder of the bank Mirza Abbas Uddin Ahmed; Founder Vice Chairman A T M Hayatuzzaman Khan, Directors Messrs Reshadur Rahman, Altaf Hossain Sarker, Mirza Yasser Abbas were present at the programme. Emranul Huq, Managing Director & CEO of the bank, with minimum number of employees were also present at the programme. Along with Vice Chairman Abdullah Al Ahsan Directors Messrs Mohammed Hanif; Tahidul Hossain Chowdhury; Md. Amirullah; Rakhi Das Gupta, Jashim Uddin; Former Director Khandaker Mohammad Shahjahan and Independent Director Messrs Md. Muzibur Rahman and A. S. Salahuddin Ahmed also participated in the programme on a online platform.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/dhaka-bank-observes-26th-anniversary-1625502349

Remittance surges at sharpest pace in three decades

Remittance inflow posted 36 per cent growth in the just-concluded fiscal year, the sharpest in 30 years, thanks to the hard-earned money sent by migrant workers amid the coronavirus pandemic. Bangladeshi diasporas sent home $24.78 billion in 2020-21, the highest on record, in contrast to $18.20 billion a year ago. Analysts say that the global hundi cartel, which operates an illegal cross-boundary financial system, has been facing a major disruption since the first quarter of 2020 as the international travelling came to a halt because of the pandemic, fuelling the growth of remittances.The growth in the remittance flow in FY21 surpassed the 33 per cent expansion recorded in 2001-02. Migrant workers sent $2.5 billion in the year.Around 7-8 lakh Bangladeshis used to go abroad every year searching for jobs before the pandemic. But, only 2.17 lakh people found employment in other countries last year and 1.95 lakh so far this year, data from the Bureau of Manpower, Employment and Training showed.On top of the government incentive, Agrani Bank itself provides an additional one per cent incentive, taking the benefit of using the formal channel to 3 per cent. Agrani is the second-largest bank in terms of mobilising remittance, bringing home $2.82 billion last fiscal year.Annual remittance flow may increase to $30 billion within the next five years if the authorities take appropriate measures.

Source: https://www.thedailystar.net/business/economy/stock/news/remittance-surges-sharpest-pace-three-decades-2124861

Exports make strong rebound

Export earnings rebounded strongly in the just-concluded fiscal year, fetching $38.75 billion, buoyed by a revival in the shipment of garment items, official figures showed yesterday. The receipts in fiscal 2020-21 are 15 per cent higher compared to a year ago, according to data from the Export Promotion Bureau (EPB).

Source: https://www.thedailystar.net/business/economy/interview/news/dhaka-bank-rides-tech-make-retail-sme-banking-vibrant-2124277

DSE’s prime index crosses 6,200 points

The DSEX yesterday rose to its highest point in the last three-and-a-half years thanks to increased investor participation. The benchmark index of Dhaka Stock Exchange (DSE) surged by 69 points, or 1.12 per cent, to hit 6,219.94, which is the highest since January 7, 2018, when the index stood at 6,268 points.Turnover, another important indicator of the market, rose 10 per cent to Tk 1,551 crore yesterday even though the day’s trading period was shortened by one-and-a-half hours, till 1:00pm. At the DSE, 243 stocks advanced, 119 declined and 11 remained unchanged.Monno Fabrics shed the most, falling 9.80 per cent, followed by Purabi General Insurance Company, Agrani Insurance Company, Bangladesh Monospool Paper Manufacturing Company, and Global Insurance. Meanwhile, the port city bourse also rose as the CASPI, the general index of the Chittagong Stock Exchange, advanced 240 points, or 1.35 per cent, to 18,035.Among 304 stocks to witness trade, 215 advanced, 71 dropped and 18 remained unchanged.

Source: https://www.thedailystar.net/business/economy/stock/news/dses-prime-index-crosses-6200-points-2124829