Dhaka Bank’s profit jumps 31% in Q2

Dhaka Bank Limited’s profit climbed more than 31 per cent year-on-year to Tk 71.47 crore in the April-June quarter of 2023. The private commercial lender made a profit of Tk 54.36 crore in the identical quarter of 2022. Thus, the consolidated earnings per share rose to Tk 0.71 in April-June this year against Tk 0.54 in the same period of 2022, according to the unaudited financial statements. The EPS increased thanks to a rise in interest income and a decrease in provisions against loans and advances, said the bank in a filing on the Dhaka Stock Exchange. The healthy profit in the second quarter raised earnings to Tk 131.86 crore in the first half against Tk 122.81 crore during the January-June of 2022, a year-on-year spike of 7.36 per cent. So, the consolidated EPS went up to Tk 1.31 from Tk 1.22. The consolidated net operating cash flow per share returned to positive territory to stand at Tk 29.04 in January-June against a negative Tk 16.80 in the similar half of 2022. The consolidated net asset value per share rose to Tk 22.05 on June 30 this year from Tk 20.91 on the same day last year. Shares of Dhaka Bank traded at Tk 12.50 on the DSE yesterday, unchanged from a day earlier.

Source: https://www.thedailystar.net/business/economy/news/dhaka-banks-profit-jumps-31-q2-3384076

Bangladesh’s global market share in clothing exports rises to 7.9%

Bangladesh has more than tripled its share of clothing exports in the global markets, reaching 7.9% in 2022 from just 2.5% in 2005, according to a World Trade Organisation (WTO) report. Despite facing headwinds in the global markets and grappling with rising production costs due to price hikes of raw materials and energy, Bangladesh retains its position as the world’s second-largest clothing exporting country after China. Bangladesh exported $45 billion worth of clothing in 2022, accounting for a 7.9% share of the global market, as said in the report titled “World Trade Statistical Review 2023” released on 31 July. Bangladesh has gained its market share from 6.4% in 2021 and 6.3% in 2020.

Source: https://www.tbsnews.net/economy/bangladeshs-global-market-share-clothing-exports-rises-79-675394

Chattogram VAT zone attains 38.71% growth, collection exceeds by Tk1,168cr

The Chattogram Customs, Excise, and VAT Commissionerate has exceeded its VAT collection target by Tk1,168 crore in the fiscal year 2022-23 thanks to realising unpaid VAT and instilling a positive attitude towards VAT payment among businesses. It collected Tk15,131  crore Value Added Tax (VAT) against the target of Tk13,963 crore for the fiscal year. Chattogram VAT zones also achieved 38.71% growth or an increase of Tk4,222 crore year-on-year as the VAT Commissionerate had collected Tk10,909 crore in the 2021-22 fiscal year. According to the VAT Commissionerate, In the fiscal year 2021-22, the Commissionerate collected only Tk10,909 crore VAT against the target of Tk13,030 crore. In the fiscal year 2020-21, it collected Tk9,940 crore VAT against the target of Tk11,198 crore. That means the Commissionerate collected Tk2,121 crore less than the target in FY22, and Tk1,758 crore less in FY21.

Source: https://www.tbsnews.net/economy/ctg-vat-zone-attains-3871-growth-collection-exceeds-tk1168cr-675222