Record exports bring home new hopes

Despite all the lockdowns, travel restrictions, and pandemic-induced economic downturn, Bangladesh recorded its highest ever single-month export earnings amounting to $4.72 billion this year. According to Export Promotion Bureau (EPB) data, export receipts surpassed the $3.46 billion target set for October, registering a whopping 60.37% year-on-year growth. Moreover, apparel shipment grew by 53.27% to $3.56 billion year-on-year in the same month, raising the total export earnings to $15.74 billion in the first four months of this fiscal year. The July-October earnings were 22% higher than $12.84 billion earned in the same period last fiscal year and 13% higher than the set target, bringing home new hopes for a nation that turned 50 a few days back. The highest earnings, $2.04 billion, came from knitwear shipment, while woven items fetched $1.51 billion, both posting over 52% growth from a year-ago period. Meanwhile, export earnings for agricultural products rose by 29.34%. Whereas, for leather and leather products, it rose by 28.85%. Export earnings from engineering products saw a growth of 142.49%.

 Source: https://www.tbsnews.net/economy/record-exports-bring-home-new-hopes-347143

Annual flat sales to cross 10,000 units for first time

Realtors in Bangladesh have sold around 10,000 flats so far this year as customers shrugged off pandemic fallout and the government keeps extending the amnesty to the investment of untaxed money in the housing sector. According to the data of the Real Estate and Housing Association of Bangladesh (REHAB), around 10,000 flats were sold in 2021, up from 8,500 to 9,000 per year since 2018. Despite the rising prices of raw materials in recent months, the sales of property have increased 10 to 12 per cent this year. The prices of flats increased by at least 8 to 10 per cent in the last one year due to the impacts of the price hike of steel and cement, putting pressures on apartment buyers, according to Mahmud, also the managing director of Skiros Builders. The real estate company has 800 flats in 44 ongoing projects in 30 locations in Dhaka and Chattogram. There are 72 more projects in pipeline. According to the National Board Revenue, around Tk 20,600 crore was whitened by 12,000 people in the last fiscal year.

Source: https://www.thedailystar.net/business/economy/news/annual-flat-sales-cross-10000-units-first-time-2922956

Mutual Trust Bank Limited (MTB) arranged ‘Agent Banking Heroes Recognition Programme 2021’

Mutual Trust Bank Limited (MTB) arranged ‘Agent Banking Heroes Recognition Programme 2021’ recently at MTB Tower in the city, on the occasion of celebration of the 22nd anniversary of the bank and inauguration of the 200th MTB Agent Banking Centre.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/mutual-trust-bank-limited-mtb-arranged-agent-banking-heroes-recognition-programme-2021-1640103473

SIBL gets new chairman, MD & CEO

Md. Mahbubul Alam joined Social Islami Bank Limited (SIBL) as Chairman on Tuesday. Prior to join SIBL as Chairman, he served First Security Islami Bank Ltd (FSIBL) as advisor and Islami Bank Bangladesh Ltd (IBBL) as MD & CEO. He started his career at Islami Bank Bangladesh Ltd. as Probationary Officer in 1984 and became MD & CEO of the bank. In his long 37 years banking career,he achieved numerous accolades and milestones including ‘Best Emerging CEO in Islamic Banking-2018’ and ‘CEO of the Year-2019’ award in World Islamic Banking conferred by UK-based Cambridge International Financial Advisory.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/sibl-gets-new-chairman-md-ceo-1640103181

City Bank to expand overseas business in Singapore

City Bank is going to expand its overseas business in Singapore by investing SGD 2 million equivalent to Tk12.55 crore. With this investment, the private commercial bank will set up a subsidiary company to provide remittance services to the wage earners living in Singapore. Currently, a total of 8.14 lakh wage earners are living in Singapore. Remitters sent a total $578 million remittance from Singapore in the last fiscal year, according to Bangladesh Bank data. This year, 21,000 migrant workers went to Singapore from Bangladesh. The earning per share of the bank increased to Tk2.97 in the first nine months this year from Tk2.89 in the same period of the last year, according to the DSE. The bank made net profit of Tk401 crore in the last year and disbursed 17.5% cash dividend and 5% stock for the year.

Source: https://www.tbsnews.net/economy/banking/city-bank-expand-overseas-business-singapore-347086