Sonali Paper sees robust growth in EPS
Sonali Paper & Board Mills saw a robust growth in EPS (earnings per share) for July-September, 2021 compared to same period of previous year riding on increased sales and reduced finance cost. The company has reported its EPS of Tk. 6.66 for July-September 2021 against Tk. 0.63 for July-September 2020. The company’s EPS rose 957 per cent or Tk 6.03 in July-September, 2021 from the same period of previous year. The company has also reported its NOCFPS of Tk. 2.51 for July- September 2021 as against Tk. 7.26 for July- September 2020. NAV per share was Tk. 290.99 as on September 30, 2021 and Tk. 284.33 as on June 30, 2021. The company also said during Q1, 2021 it procured more quantity of raw materials. The share price of Sonali Paper & Board Mills, presently an ‘A’ category company, closed at Tk 525.90 each on Wednesday with a loss of 0.53 per cent or Tk 2.80.
Govt bans export of soybean meal
The government has imposed a ban on export of soybean meal to control the rising prices of the key elements of poultry and cattle feed and also to protect the country’s dairy and poultry sector. The decision will come into effect from October 14 (today). The commerce ministry has asked the chief controller of import and export to take necessary measures to this effect. However, exporters, who have made the settlements of letters of credit (LCs) or telegraphic transfer (TT) by October 13, will be able to export until October 20. The cost of food is 65.70 per cent of the total cost of poultry and cattle production and farming, and the main food ingredients in commercial food preparation are soybean extraction, rice powder, wheat bran, pulse bran, etc. The total demand for soybean meal in Bangladesh is about 1.8 to 2.0 million tonnes per year. Of this, 75 to 80 per cent is procured from domestic soybean oil producers and the remaining 20 to 25 per cent is imported. Bangladesh, apart from local production, is currently importing soybean meal from various countries including India, US, Brazil, and Argentina. About 70 to 75 per cent of the total cost of producing eggs, fish, and poultry is spent on buying feed.
Dhaka Bank signs agreement with DBBL
Dhaka Bank Limited has signed an agreement with Dutch-Bangla Bank Limited (DBBL) to facilitate the transfer of funds between DBBL’s Rocket accounts and accounts of Dhaka Bank Limited recently. Deputy Managing Director of Dhaka Bank Limited AMM Moyen Uddin, and Head of Mobile Banking Division of DBBL Md Mahabubul Islam signed the agreement on behalf of their respective organisations. Under the agreement, account holders of Rocket and Dhaka Bank Limited can transfer funds using digital and alternative banking channels. Managing Director and CEO of Dhaka Bank Emranul Huq, SEVP and Chief Emerging Market Officer of Dhaka Bank Md Mostaque Ahmed, deputy managing directors of DBBL Md Abedur Rahman Sikder and Md Shahadat Hossain, EVP and Head of Branch Operation and Liability Division of DBBL Md Mosharraf Hossain, EVP and Head of FICD of DBBL Md Rezaul Karim and other senior officials of both the organisations were also present at the signing ceremony.
City Bank wins ADB’s leading partner bank award –
City Bank has won the Leading Partner Bank Award in Bangladesh for the 2nd consecutive time in Trade and Supply Chain Finance Program (TSCFP) Awards 2021 by Asian Development Bank (ADB). City Bank first has won this prestigious award in 2020. Over 200 partner bank representatives attended the ceremony where 27 banks were recognized in 21 categories. City Bank has won the award for being the most active partner bank of ADB in Bangladesh during the 12 month period of 1 July 2020 to 30 June 2021. In this period, City Bank has collaborated with ADB for coverage of trade transactions of small and large deals for corporate and SME clients. The award was achieved due to City Bank’s continual efforts to increase its trade financing capacity, operational efficiency, financial health and risk management. In 2019, City Bank has won the Momentum Award for highest growth in transactions partnered with ADB.