Dhaka Bank looks to spread its wings to fuel growth

Dhaka Bank is increasingly embracing technologies to serve customers digitally and enhancing its lending to small clients as it redesigns its focus to stay relevant. Our ultimate target is to become a paperless bank. We want to spread our wings,” said Abdul Hai Sarker, chairman of the private commercial bank, during an interview with The Daily Star. He shared the plans as Dhaka Bank celebrates its 30th founding anniversary today, marking the three-decade of unwavering progress and success. In 1995, the bank started its journey with an authorised capital of Tk 100 crore and a paid-up capital of Tk 10 crore. Now, its authorised capital has surged to Tk 2,000 crore while the paid-up capital jumped to Tk 1,006.6 crore. It has made its presence vibrant across the country with 116 branches, three SME service centres, 31 sub-branches, and 87 automated teller machines (ATMs). It also has two offshore banking units. As of June 30, deposits totalled Tk 29,119 crore while lending exceeded Tk 26,287 crore. Currently, 1,951 of its officials and employees are serving 960,900 clients. It has made its presence vibrant across the country with 116 branches, three SME service centres, 31 sub-branches, and 87 automated teller machines (ATMs). It also has two offshore banking units. As of June 30, deposits totalled Tk 29,119 crore while lending exceeded Tk 26,287 crore. Currently, 1,951 of its officials and employees are serving 960,900 clients.

Source: https://www.thedailystar.net/business/news/dhaka-bank-looks-spread-its-wings-fuel-growth-3649376

Dhaka Bank Celebrates 29th Anniversary

Dhaka Bank has observed 29 years of banking excellence with the slogan, “Maintaining Steady Growth with Excellence’. A ‘dua-mahfil’ was arranged for improvement of the bank, its better contribution to the economy and good health for shareholders, bank employees at the bank’s head office in Gulshan, Dhaka.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/dhaka-bank-celebrates-29th-anniversary-1720281314

 Yarn import jumps 13% as local production chokes amid gas crisis

Bangladesh’s textile and spinning mills are struggling to produce yarn due to a lingering gas crisis which has led to a jump in yarn imports of about 13% as fabric and apparel makers look elsewhere to meet the demand. According to data from the Bangladesh Bank, the apparel industry imported yarn worth $2.64 billion in the July-April period of the just-concluded fiscal year, compared to products worth $2.34 billion during the same period in FY23. However, gas pressure drops to 1-2 PSI during the daytime, significantly impacting production which continues even into the night in the major industrial zones. Low gas pressure has crippled production forcing 70-80% of mills to operate at around 40% of their capacity.

Source: https://www.tbsnews.net/economy/rmg/yarn-import-jumps-13-local-production-chokes-amid-gas-crisis-892851

Apparel shipment to the USA declines by 12.31%

Bangladesh’s garment shipment to the US, the south Asian nation’s single largest export destination, declined by 12.31 percent year-on-year to $2.9 billion in the January-May period because of lower import by the American retailers and brands from all over the world. The OTEXA undertakes industry analysis, contributes to US trade policy development, participates in trade negotiations and trade promotion, and addresses trade barriers. In May, clothing and accessories stores were up 1.44 percent month over month seasonally adjusted and up 6.24 percent year over year unadjusted, according to data from the National Retail Federation (NRF), the largest retail association in the USA.

Source: https://www.thedailystar.net/business/news/apparel-shipment-the-usa-declines-1231-3650396

Mobile phone subscriptions up by 13.6 lakh in May

In May, the four mobile phone operators in Bangladesh added 13.6 lakh new subscribers, while the number of internet users increased by 26.9 lakh, according to the Bangladesh Telecom Regulatory Commission (BTRC). The total mobile phone subscriptions rose to 19.51 crore in the month of May, up from 19.37 crore in April, as all four operators saw an increase in subscribers. Of them, the largest operator Grameenphone grew its subscriber base to 8.49 crore from 8.40 crore million, while the state-owned Teletalk added 20,000 new subscribers, bringing its total to 65.7 lakh. Meanwhile, Robi Axiata’s subscribers increased to 5.89 crore from 5.85 crore and Banglalink’s subscriber count edged up to 4.47 crore, following a significant increase the previous month.

Source: https://www.tbsnews.net/economy/mobile-phone-subscriptions-136-lakh-may-891211

Prime Bank signs MoU with National Pension Authority

Prime Bank has signed a memorandum of understanding (MoU) with National Pension Authority (NPA) recently. Kabirul Ezdani Khan, executive chairman of National Pension Authority, and Hassan O Rashid, chief executive officer (CEO) of Prime Bank, signed the MoU. Dr Md. Khairuzzaman Mozumder, secretary, Finance Division, Ministry of Finance, was the chief guest on the occasion. The MoU will enable Prime Bank to collect monthly installments from pension scheme holders under Universal Pension Scheme.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/prime-bank-signs-mou-with-national-pension-authority-1720281380