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 May 25, 2021

Big banks look for post-pandemic rebound of credit card revenue

Big US banks are prepared for credit-card balances to start ticking up again this year as pandemic restrictions ease and stimulus checks stop arriving, setting up the industry for a bump in one of its most profitable businesses. Lenders, including Capital One, Citigroup and JPMorgan, have been sending out more promotions to enroll new customers and encourage borrowers to spend, said Andrew Davidson of marketing-tracker Mintel Comperemedia. Some 260 million offers were sent in March, the firm estimates.At the same time, lenders have been easing credit standards, according to a recent Federal Reserve survey and public comments by bank executives, including from Bank of America Corp. The change in posture is a stark difference from last year when lenders halted most card offers and pulled back on credit limits, worried that skyrocketing unemployment would create major loan losses.The losses did not happen. Instead, the US government sent out stimulus checks, offered enhanced jobless benefits and propped up small-business owners with forgivable loans.Card balances declined 14 per cent during the pandemic, according to data from the Federal Reserve Bank of New York. The portion of accounts with revolving balances fell to 39.7 per cent at the end of 2020 from 44.1 per cent a year earlier, according to the American Bankers Association. Quarterly financial reports from major card lenders, including JPMorgan Chase, Citigroup and Capital One, showcased those trends. But as pandemic lockdowns have started to ease – the return of indoor dining, travel restrictions lifted, concert announcements, offices reopening and masks coming off – executives have expressed optimism about consumer spending and borrowing ahead.

Source: https://www.thedailystar.net/business/news/big-banks-look-post-pandemic-rebound-credit-card-revenue-2098137

MTB inaugurates sub-branch at Mongla EPZ

Mutual Trust Bank Limited (MTB) has recently opened its sub-branch at Mongla EPZ, Khulna. Major General Md. Nazrul Islam, Chairman, Bangladesh Export Processing Zone (BEPZA) inaugurated the sub-branch as the chief guest through a virtual inauguration ceremony while Syed Mahbubur Rahman, Managing Director & CEO, Mutual Trust Bank Limited (MTB) was also virtually present.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/mtb-inaugurates-sub-branch-at-mongla-epz-1621872273

Inflation ticks up in April

Inflation went up for the third consecutive month in April owing to the rise in the prices of major food items such as rice, wheat, lentil, and sugar. General inflation rose to 5.56 per cent last month, up nine basis points from 5.47 per cent the previous month, according to data of the Bangladesh Bureau of Statistics (BBS) released yesterday.Food inflation increased to 5.57 per cent from 5.51 per cent, and no-food inflation advanced to 5.55 per cent from 5.39 per cent. For the computation of the Consumer Price Index, two consumer baskets are used: urban basket and rural basket. In the urban consumer basket, the prices of 422 commodities are included. For the rural basket, the prices of 318 food and non-food items are taken into account.The BBS collects the price data from 140 main markets: 64 from urban, 64 from rural, and 12 from Dhaka city corporations. In the rural areas, inflation was up 11 basis points at 5.66 per cent in April compared to a month earlier. Food inflation went up by five basis points to 5.88 per cent in April from 5.83 per cent in March. Non-food inflation rose by 22 basis points to 5.25 per cent.In the urban areas, inflation ticked up by eight basis points to 5.39 per cent. Food inflation was up seven basis points at 4.87 per cent, and non-food inflation rose by nine basis points to 5.96 per cent, BBS data showed.The government has targeted a 5.5 per cent inflation rate this fiscal year. It was able to contain it at 5.48 per cent last fiscal year.

Source: https://www.thedailystar.net/business/banking/news/three-banks-post-higher-profits-2097693

Indonesia to build $1.2b battery plant with LG

State-owned Indonesia Battery Corporation (IBC) and South Korea’s LG will build a new battery plant worth $1.2 billion with the capacity of 10 gigawatt hours (GWh), Indonesia’s investment minister said on Monday. The plant, part of a bigger $9.8 billion electric vehicle deal between LG and Indonesia signed last year, will be built in the city of Bekasi, on the eastern border of the capital Jakarta.The LG consortium consists of different LG units, including LG Chem, LG Energy Solution, LG International, plus South Korean steelmaker POSCO and Chinese cobalt company, Huayou Holdings

Source: https://today.thefinancialexpress.com.bd/trade-market/indonesia-to-build-12b-battery-plant-with-lg-1621870696

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 34,393.98
↑186.14↑ 0.54%
FTSE100$ 7,051.59↑33.54↑0.48%
Nikkei 225$ 28,549.15↑184.54↑0.65%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 66.12 ↑0.07↑0.11%
Crude Oil (Brent)$ 68.59↑0.13↑0.19%
Gold Spot$ 1,879.67↓1.35↓ 0.07%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 84.8000
GBP 1BDT 120.0090
EUR 1BDT 103.3118





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