TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK

TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK


TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK

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Rate last updated: 02/01/2014 11:15:04 AM

Daily Business News Flash January 30, 2022

Social media banking faces a setback

The Bangladesh Bank plans to bar banks from providing financial services through social media platforms as it poses data security risk, a move that may nip the initiative aimed at popularizing digital banking in the bud.The central bank has already rejected applications from two banks that had looked to roll out social media banking.If banks offer services through Facebook Messenger, WhatsApp and Viber, it will be impossible for the central bank to collect required data from the companies as they are based outside of Bangladesh, said the BB in letters to banks recently.As per the ICT Policy of Bangladesh, any manufactured, collected and processed data have to be stored inside the country in line with data localization rules.But the social media or messaging platforms don’t have any data localization system in the country needed to store the data inside the national boundary, so clients’ data can be compromised, the BB said.”There is a potential threat to clients’ interest and the financial data security.”The central bank issued a letter to banks on January 12 asking them to provide information related to the banking services provided through social media sites.

In Bangladesh, some banks are already providing financial services through messaging platforms, a trend that has been turbocharged by the coronavirus pandemic.Among the services, clients can make balance inquiry, receive account statements, transfer funds from one bank to other, recharge mobile phones, and pay utility bills, largely through WhatsApp. In order to cash in on the customers’ growing preference for online banking, some banks have already invested hugely for the creation of the platforms as part of their efforts to expand digital banking.

Source: https://www.thedailystar.net/business/economy/banks/news/social-media-banking-faces-setback-2950236

Textile mills’ profit skyrockets in Q2

Surge in yarn prices was the key reason, industry insiders say

The country’s spinning and textile millers witnessed a jump in profit in the second quarter (October-December) of fiscal year 2021-22, despite a gas crisis and subsequent production losses in the period. They posted up to 2,357% year-on-year growth in the quarter, according to an analysis on the financial statements of the 58 listed textile companies. Mozaffar Hossain Spinning, Envoy Textile, Maksons Spinning and Metro Spinning were some of the top gainers. Industry insiders said they could bag more profit with higher production if there was no shortage in gas supply.

The financial situation of the textile millers can also be interpreted by the trend of apparel shipments as the millers are the main backward linkage industry of readymade garments. According to the Export Promotion Bureau, the RMG exports increased by 46.21% to $10.84 billion in the second quarter of FY2021-22, while it was $7.42 billion in the corresponding period of the last fiscal (FY2020-21). To keep pace with apparel export growth, yarn makers planned to invest about $2.5 billion to boost production capacity by the next year. Industry insider said that increased freight rates and feeder vessel shortage put them in different challenges, they added.

Source: https://www.tbsnews.net/economy/industry/textile-mills-profit-skyrockets-q2-364015

Renata profits Tk275cr in H1

Renata Limited – a manufacturer of pharmaceuticals and animal health products – has reported a Tk275.23 crore profit, or a 13% year-on-year growth, in the first half of the current fiscal year.The revenue of the company, which is making a substantial growth in recent times owing to a surge in demand for its products, also rose 6% to Tk1,542.87 crore. In the 2020-21 fiscal year, it had touched the Tk500 crore-mark in profit for the first time since its inception and paid 145% cash, and 10% stock dividends to its shareholders. In the October-December quarter of fiscal 2021-2022, the drug manufacturer posted a 7% growth in revenue and 16% in profit. During the period, its profit rose to Tk135.57 crore, which was Tk117.08 crore a year ago.

Source: https://www.tbsnews.net/bangladesh/health/renata-profits-tk275cr-h1-363970

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 34,725.47
FTSE100$ 7,466.07↓88.24↓1.17%
Nikkei 225$ 26,717.34↑547.04↑2.09%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 86.82 ↑0.21↑0.24%
Crude Oil (Brent)$ 90.03↑0.69↑0.77%
Gold Spot$ 1,791.53↓ 5.90↓ 0.33%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 86.00
GBP 1BDT 115.7990
EUR 1BDT 96.6726





Dear Valued Patrons,

At the very onset, let me express my heartiest gratitude for allowing us to serve you and I also wanted to reach out to you directly with an assurance that Dhaka Bank is fully equipped to support you during this difficult time.

Last couple of weeks ago we all were living in a peaceful condition, performing our daily tasks freely and perfectly. Entire economy and business environment was also in a good shape, until COVID-19 put a forceful stoppage to the overall life style and economy of the world. We all know that social distancing and cleanliness are the keys to prevent this pandemic. Hence, we urge your conscious effort to limiting public interaction and suspending wherever possible.

In this current situation, Dhaka Bank and its employees are beside you where we are fully online, either working from home or at our offices under a robust Business Continuity Plan (BCP) to serve you with limited branch banking and a full-fledged alternate delivery channel services.

Our state of the art Mobile App, Dhaka Bank GO (Click https://bit.ly/2WVfieu) and Internet Banking - Dhaka Bank Direct gives you the freedom of banking online anytime from anywhere. You can check the balance and transfer money to any designated Banks including any Dhaka Bank or bKash Account, make utility bill payments and mobile top-up through our Mobile App and Internet Banking Services. Our ATMs are also running efficiently with availability of sufficient cash for your convenience where you can make cash withdrawals whenever the need arises. Mentionable, the withdrawal of cash from any ATMs within Bangladesh with Dhaka Bank Debit Cards are absolutely free of charges up till April 30, 2020 (Dhaka Bank will bear the cost). Our corporate customers can also use our completely safe and secured online platform Dhaka Bank C-Solution for Payments, Inter Bank Fund Transfers, etc.

Moreover, to fulfill your urgent requirement, we have a limited no. of branches up and running by ensuring all kinds of precautionary and safety measures for you.

In case of extreme emergency and facing difficulties in conducting banking transactions, please let us know through our 24/7 Contact Center number 16474 (or, dial +8809678016474 for ISD/Overseas Calls). We are always with you to combat your difficulties.

As you know we are going through a critical phase and the situation is novel to all of us. We are getting lot of new information from various sources everyday about COVID-19 which will be shared at www.dhakabankltd.com.

Thank you for your trust and continued support to us. I firmly believe that jointly we will be able to combat this situation and win against all the odds.

Please stay home, stay safe and take care of yourself and family.

Best regards,

Emranul Huq
Managing Director & CEO
Dhaka Bank Limited