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 July 20, 2020

RMG export earnings in July 1-18 total $1.57b

The country’s ready-made garment (RMG) export earnings in the first 18 days of July stood at US$1.57 billion despite the Covid-19 pandemic, which local manufacturers consider as a good sign of reviving new or cancelled work orders. Bangladesh fetched $1.78 billion during the same period of July 2019. The July 2020 earnings over that of last year declined by 11.74 per cent, according to Bangladesh Garment Manufacturers and Exporters Association (BGMEA) data. The country fetched $2.25 billion, $374.67 million, $1.23 billion and $2.24 billion in March, April, May and June of this year respectively. Subsequently, growth declined by 20.14 per cent, 85.25 per cent, 62.06 per cent and 6.63 per cent from March to June over the corresponding months of last year, according to data. Responding to a question, BGMEA president Dr Rubana Huq said RMG exports is around $210 million lower than the 18 days’ earnings of last July. The Swedish retailer annually sources more than $3.0 billion worth of RMG items from Bangladesh. It has recently announced a plan to close a total of 170 stores permanently in 2020.

Source: https://today.thefinancialexpress.com.bd/trade-market/rmg-export-earnings-in-july-1-18-total-157b-1595175968

BIAC, Accord Chambers to promote institutional ADR

Bangladesh International Arbitration Centre (BIAC), the country’s first and only, licensed and registered ADR institution and Accord Chambers, a law firm have recently entered into a cooperation agreement to promote institutional Alternative Dispute Resolution (ADR) in the country and abroad, said a statement. Pursuant to this, the parties will promote use of institutional ADR clause in all commercial contracts, organize joint outreach and advocacy programs, work with different stakeholders, encourage capacity building, etc. The cooperation agreement was signed in Dhaka by Muhammad A. (Rumee) Ali, CEO of BIAC and Suhan Khan, Managing Partner and Lead Counsel, of Accord Chambers.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/biac-accord-chambers-to-promote-institutional-adr-1595175582

EBL to get USD 40m from DEG and FMO

Eastern Bank Limited (EBL) recently signed a term loan agreement for USD 40 million with German Investment Corporation – DEG and Netherlands Development Finance Company – FMO, said a statement. Ali Reza Iftekhar, Managing Director and CEO of EBL signed the agreement with Petra Kotte, DEG Senior Director of FI and German Business and Huib-Jan de Ruijter, Member of FMO’s Executive Committee and Director FI.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/ebl-to-get-usd-40m-from-deg-and-fmo-1595175522

Bangladeshi bankers at IICMR-India

Mr. Anis A Khan- former Managing Director and CEO of Mutual Trust Bank Ltd ( MTBL) and Mr. Md Mazadul Hoque – economic analyst and officer of Social Islami Bank Ltd ( SIBL) shared their views in a webinar, organized by Indian Institute of Contemporary Management & Research ( IICMR). The program titled “Online Case Based Teaching Pedagogy: Challenges and Opportunities” was held Sunday. The Chairman & CEO of Acasia Global Consulting LLP and Chairman & Managing Trustee of IICMR – Prof. Arup Choudhuri presented the keynote paper in the session.

Source: https://today.thefinancialexpress.com.bd/trade-market/bangladeshi-bankers-at-iicmr-india-1595176200

Berger Paints launches disinfection services

Berger Paints Bangladesh yesterday launched disinfection services to help people and business houses steer clear of any infections amid the ongoing Covid-19 pandemic. The Berger Expert Sanitisation Service is a convenient and effective way to give businesses and homeowners the confidence that their places will be safe for all the members and customers, said Md Mohsin Habib Chowdhury, senior general manager for sales and marketing at Berger Paints Bangladesh, a listed company. The service cost is Tk 3.50 per square feet if the premise is less than 5,000 square feet. It is Tk 3 for premises between 5,000 and 10,000 square feet. The service charge is Tk 2.5 when the premise is larger than 10,000 square feet.

Source: https://www.thedailystar.net/business/news/berger-paints-launches-disinfection-services-1933201

Eastern Bank’s profits rise on higher loan recovery, low NPL

Eastern Bank’s profits grew at a handsome rate in 2019 thanks to a higher recovery from written-off and classified loans, new client acquisition and deeper penetration both in retail and SME segments despite it being a challenging year for almost every financial institution. The profit after tax of the lender, which started operations in 1992, rose 30.1 per cent year-on-year to Tk 400 crore last year. The lender recovered Tk 63.6 crore from its written-off loans last year which was Tk 42.3 crore and Tk 50.1 crore in 2018 and 2017 respectively. Meanwhile its recovery from classified loans were Tk 94.7 crore, Tk 70 crore and Tk 85.8 crore respectively. Its non-performing loan (NPL) ratio was 3.35 per cent last year whereas the industry average was 9.32 per cent, according to its annual report. Though the NPL ratio was low compared to others in the industry last year, it was higher than 2.35 per cent in 2018 which was preceded by 2.50 per cent, 2.69 per cent and 3.27 per cent in the past successive years. A big contributor to the profit of 2019 was net interest income, which rose by 8.69 per cent to Tk 827.7 crore riding on a 10.87 per cent portfolio expansion in the retail and SME sectors, according the financial report of 2019. Its credit card portfolio hit almost Tk 600 crore in 2019, which is a 9 per cent growth from that the previous year. Returns on asset and equity of the lender stood at 1.30 per cent and 16.52 per cent respectively. However, it declared 25 per cent cash dividend for shareholders whereas it was 20 per cent cash and 10 per cent stock dividends in 2018.

Source: https://www.thedailystar.net/business/banking/news/eastern-banks-profits-rise-higher-loan-recovery-low-npl-1933209

Mercantile Bank gets new vice chairman

M Amanullah has recently been elected vice chairman of Mercantile Bank. The election took place at the bank’s 367th board meeting on Thursday, says a press release. Amanullah is a sponsor director of the bank and its former chairman. He is the founder and chairman of all of the companies under the conglomerate Aman Group of Companies.

Source: https://www.thedailystar.net/business/news/mercantile-bank-gets-new-vice-chairman-1933181

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DSEX4,050.65↓18.46↓ 0.45 %
DJIA$ 26,671.95
↓ 62.76↓ 0.23%
FTSE100$ 6,290.30↑39.61↑0.63%
Nikkei 225$ 22,710.45↑14.03↑0.06 %

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 40.36↓ 0.23↓0.57 %
Crude Oil (Brent)$ 42.88↓ 0.26↓ 0.60 %
Gold Spot$ 1,808.15↓ 2.27↓ 0.13 %

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 83.2094
GBP 1BDT 104.544
EUR 1BDT 95.0771
INR 1BDT 1.11131





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