Dhaka Bank’s 2023 profit up 4%

Dhaka Bank registered a 4 percent year-on-year growth in profit to Tk 173 crore in 2023. The private lender made a profit of around Tk 166 crore in 2022, according to a press release of the bank. Thus, Dhaka Bank reported consolidated earnings per share (EPS) of Tk 1.72 for the year ending in December last year compared to Tk 1.65 for the preceding calendar year. The private commercial bank said its net profit grew thanks to considerable precautions taken against loans, advances and tax. Its consolidated net asset value per share rose to Tk 22.26 in 2023 from Tk 21.37 in 2022. The net operating cash flow per share plummeted to Tk 27.81 last year from Tk 11.43 in the negative in the preceding year. The bank’s board has recommended a 10 percent cash dividend for the year ending on December 31, 2023. Dhaka Bank reported a 97 percent year-on-year growth in net interest income to Tk 671.07 crore last year, the bank said quoting its audited financial statements. It was Tk 340.91 crore in 2022. Riding on the net interest income, the bank’s operating profit increased by 18 percent to Tk 125.62 crore.

Source: https://www.thedailystar.net/business/news/dhaka-banks-2023-profit-4-3598391

Banks tailoring offshore services with lucrative benefits aimed at wealthy NRBs

Bangladeshi banks venturing into offshore operations are offering lucrative benefits for non-resident Bangladeshis (NRBs) to deposit their earnings in foreign exchange (mainly dollar) with them. The Bangladesh Bank (BB) has given verbal directives to the scheduled banks in this regard to enhance the stock of US dollars, a shortage of which is hampering the economy in various ways. In line with this instruction, banks have started an extra effort to collect foreign currency, especially the US dollar from sophisticated and rich families who may be settled abroad but maintain ties with Bangladesh, through offshore banking. India has become very successful in this sector in the last 5-7 years. Many countries, including the Philippines and Thailand, have done it well. Many banks have started promotion campaign. Dollar Savings Abroad is another client site. They are not the ones from whom we get remittances.

Source: https://today.thefinancialexpress.com.bd/trade-market/banks-tailoring-offshore-services-with-lucrative-benefits-aimed-at-wealthy-nrbs-1714417004

Heatwave comes as a blessing for salt farmers

While the heatwave that has swept over Bangladesh since the start of April has been piling on the misery for millions, these same hot days have come as a boon for salt farmers across the nation. Harnessing the power of the scorching sun, crude salt farmers have broken the previous record of salt production. According to the Bangladesh Small and Cottage Industries Corporation (BSCIC), the record salt production over the past 62 years came in fiscal year 2022-23, when 2,232,890 tonnes of salt was produced. However, until April 28 of this fiscal year, salt production has surpassed all previous milestones, reaching 2,234,658 metric tonnes. In the current season, total land under salt cultivation stood at 68,357 acres compared to 66,424 acres last season, an increase of 1,933 acres. The number of salt farmers has also increased this season, climbing from 39,467 last year to 40,695 at present, according to the BSCIC.

Source: https://www.thedailystar.net/business/economy/news/heatwave-comes-blessing-salt-farmers-3598411

Apex Footwear’s Q3 profit rises 29% riding on strong sales

Apex Footwear Ltd reported a 29 percent year-on-year increase in profit to Tk 1.63 crore in the January-March quarter of the current financial year. The leading manufacturer and exporter of leather footwear made a profit of Tk 1.26 crore in the identical third quarter of 2022-23. Earnings per share rose to Tk 1.14 from Tk 0.88. Established in 1990, Apex Footwear started its journey as an export-oriented factory. In 1993, the company went public and invested in backward linkages. It set up an effluent treatment plant in 1996. By 2018, Apex became the largest retail chain in Bangladesh, boasting over 250 stores nationwide, according to its website.

Source: https://www.thedailystar.net/business/news/apex-footwears-q3-profit-rises-29-riding-strong-sales-3598056

Square Pharma’s profit soars 15pc on higher revenue

Square Pharmaceuticals has exhibited a 15 per cent year-on-year growth in profit for January-March FY24 to Tk 4.41 billion, supported by higher revenue. It witnessed an 8.44 per cent year-on-year growth in revenue to Tk 17.22 billion in the quarter. Muhammad Zahangir Alam, chief financial officer (CFO) of Square Pharmaceuticals, said the revenue growth was significant in the context of the economy being squeezed by inflationary pressure. To ensure wider product access, the company’s year-on-year selling and distribution expenses rose 29 per cent in January-March FY24. Its interest income climbed 18 per cent year-on-year during the quarter through March for interest rate hikes. Besides, the company realised capital gains by trading in some securities in the capital market. Meanwhile, the stock of Square Pharmaceuticals rose to Tk 221.5 per share on the Dhaka Stock Exchange on January 23 this year from Tk 209.8 per share on December 24, 2023. Later, the price exhibited volatility and declined to Tk 218.2 per share on April 8 and finally closed at Tk 208 per share on Monday.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/square-pharmas-profit-soars-15pc-on-higher-revenue-1714416859

IDCOL wins two awards

Infrastructure Develop-ment Company Limited (IDCOL) has been recognised as ‘Development Finance Institution of the Year’ for the Asia Pacific region at the prestigious ‘IJGlobal Awards 2023’. The award was announced by IJGlobal, a part of the Euromoney Institutional Investor business, at an awards dinner in Singapore. The IJGlobal Awards recognises outstanding transactions and institutions from around the world of energy and infrastructure. IDCOL was also awarded the “Best Project Finance House in Asia” at the “Finance Asia Achievement Awards 2023”. The awards night was held in Hong Kong recently.

Source: https://today.thefinancialexpress.com.bd/trade-market/idcol-wins-two-awards-1714417035