Banks’ profits hit by lower income from forex market

The combined profits of 35 listed banks in Bangladesh dropped 9 percent year-on-year to Tk 4,160 crore during the first half of 2023 as volatility in the country’s foreign exchange market has curbed their commissions from forex dealings. As per their financial statements for the January-June period of the current calendar year, a majority of these lenders logged higher profits with just 13 registering reduced earnings. For example, profits of Bank Asia soared 52 percent to Tk 354 crore during the six-month period while losses of National Bank sank further by some 262 percent to Tk 626 crore. The company manages assets worth about Tk 140 crore, most of which is invested in stocks, including banking scrips. The combined interest income grew 7 percent year-on-year to Tk 11,711 crore during the January-June period while investment income edged up 18 percent to Tk 7,987 crore at the same time. On the other hand, profits of Pubali Bank, Shahjalal Islami Bank and Jamuna Bank rose to Tk 278 crore, Tk 272 crore and Tk 256 crore respectively.

Source: https://www.thedailystar.net/business/economy/news/banks-profits-hit-lower-income-forex-market-3387436

Deposits grow by Tk31,000cr in June – 2nd highest in banking history

Deposits increased by Tk31,181 crore in June, marking the highest monthly growth in the last fiscal year and the second-highest in the country’s banking history, according to data from the Bangladesh Bank. At the end of June, the deposits amounted to Tk15.95 lakh crore, which is an increase from Tk15.64 lakh crore in the previous month.  The central bank’s data indicates that the deposit growth in the banking sector had been declining since November 2022. In that particular month, deposits fell by Tk3,155 crore. In January this year, deposits decreased by Tk1,398 crore. However, since then, the deposits have been increasing every month. In April, deposits increased by around Tk24,902 crore, and in May, they increased by Tk15,881 crore.   In January 2021, deposits increased by Tk34,132 crore, which was the highest ever recorded. 

Source: https://www.tbsnews.net/economy/banking/deposits-grow-tk31000cr-june-2nd-highest-banking-history-676166

bti hosts Home Fest in city

The bti Home Fest ’23, organised by the building technology and ideas limited (bti), a leading real estate company, was held on Saturday with the slogan ‘Live Smart, Live Better’, promoting smart home to ensure an improved and comfortable living, says a press release. The event, that took place at the bti Celebration Point in the city, attracted an overwhelming number of real estate customers. On the occasion, bti’s luxury project ‘Amabilia’, located in Mohakhali, was launched in the presence of bti’s Managing Director FR Khan, CEO Nalaka Hettiarachchi and other high officials and prospective customers. At the Home Fest, bti highlighted 300+ apartments situated in different locations of Dhaka and Chattogram for the customers. Several banks and non-bank financial institutions were also present at the event with their lucrative home loan products.

Source: https://www.thedailystar.net/business/news/forex-reserves-rise-30-billion-june-3349461