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

Important Business News Extracts Aug 19, 2019

BB Policy sparks flurry of loan write-offs

Loan write-offs almost quadrupled in the first quarter of the year on the back of the central Bank’s easing of rules, in a sobering reminder of the Banking sector’s deteriorating financial health. Between January and March, Tk 557.30 crore was written-off, in contrast to Tk 141.26 crore a year earlier, according to data from Bangladesh Bank. Earlier in February, the central Bank revised its Policy to allow Banks to write-off default loans that have been languishing in the bad category for three years, down from five years previously. Furthermore, lenders do not have to file any case with the money loan court to write off delinquent loans worth Tk 2 lakh, up from Tk 50,000 previously. Between October and December last year, Banks wrote off Tk 2,057 crore. At the end of March, default loans in Banks stood at Tk 110,874 crore, up 25.15 percent year-on-year. Of the Banks that took the facility to clean up their balance sheets, Dutch-Bangla Bank topped the chart, writing off Tk 290.55 crore. It was followed by Jamuna Bank, which wrote off Tk 191 crore. With the latest round, a total of Tk 53,258 crore has been written-off since the facility was introduced in January 2003 by the central Bank to show lower amounts of default loans in Banks’ balance sheets. Of the amount, 76 percent has remained outstanding to date, meaning Banks’ efforts to recover the loans did not yield much. As of March, the state-owned Banks have written off Tk 23,187 crore and private Banks Tk 28,342 crore. The two state-run Specialised Banks, Bangladesh Krishi Bank and Rajshahi Krishi Unnayan Bank, have written off Tk 555 crore and foreign Banks Tk 1,174 crore. As per the Bangladesh Bank norms, loans are written off after making 100 percent provisioning. Banks though are obligated to continue with their recovery efforts.

Source: https://www.thedailystar.net/business/Banking/news/bb-policy-sparks-flurry-loan-write-offs-1787005

Govt to take Tk 115cr Project for Land Surveys

The Government will bring the whole country under a Global Navigation Satellite System (GNSS) by 2020 to conduct accurate Land Surveys and prepare databases on land management. A Project styled “Expansion of GNSS network and modernisation of tidal station” involving Tk 115 crore will be tabled at a meeting of the Executive Committee of National Economic Council tomorrow. Of the cost, the Japan International Cooperation Agency will provide Tk 97 crore as Grant. The Project proposal says sophisticated technology will be used to carry out Land Surveys in order to prepare accurate databases for land management, infrastructure development and planning. This Project will help monitor tectonic plate movements, predict earthquake vulnerability of different areas, and update with better accuracy all geodetic control networks. The Government established six permanent GNSS stations in Dhaka, Chattogram, Rajshahi, Khulna, Moulvibazar and Rangpur which have continuously been in operation since December 19, 2011. However, these stations can conduct surveys of only surrounding areas which are within a 30-kilometre radius, meaning most of the country remains left out. At present there is only one tidal station in Rangamati. Another will be established to enable the measurement of mean sea level.

Source: https://www.thedailystar.net/business/news/govt-take-tk-115cr-project-land-surveys-1786981

Dhaka Bank, bKash ink Deal

Dhaka Bank Limited has signed an agreement recently at Amari Dhaka for providing automated payment services to bKash Ltd, said a statement. Mr. Emranul Huq, Additional Managing Director of Dhaka Bank Ltd. and Mr. Moinuddin Mohammed Rahgir, Chief Financial Officer of bKash Ltd. have signed the agreement while Mr. Syed Mahbubur Rahman, Managing Director and CEO of Dhaka Bank Ltd. and Mr. Kamal Quadir, CEO of bKash Limited exchanged the agreement on behalf of their respective organisations. Mr. Shakir Amin Chowdhury, DMD, Operations; Mr. A M M Moyen Uddin, SEVP and Head of Information Technology Division; Mr. Mustafa Hussain, EVP & Manager, Dhaka Bank Ltd. Mohakhali Branch; Mr. Adnan Mehdi, Head of Treasury, bKash Ltd & other officials were also present at the signing ceremony. Under the agreement, bKash will avail automated payment solution via Dhaka Bank’s Online Payment Portal C Solution.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/dhaka-bank-bkash-ink-deal-1566148122

CETP at Savar fully operational: Official

Industries Secretary Md Abdul Halim has said the Central Effluent Treatment Plant (CETP) at Savar Tannery Industrial City is fully operational for purifying chemical waste, reports BSS. During the holy Eid-ul-Azha, tannery owners collect half of the rawhide for whole year. So the next two to three months, tanneries in the industrial city will run at full speed. The industries secretary urged the tanneries to work together in the peak season for maintaining the international standard of the leather goods. Three dumping yards will be constructed soon for waste management. Savar Tannery Industrial City is doing better than the past. All four CETP units of the industrial city are functioning properly.

Source: http://today.thefinancialexpress.com.bd/trade-market/cetp-at-savar-fully-operational-official-1566144995

Bangladesh Private Sector seeks enhanced cooperation with Iran

Bangladesh’s commercial attaché in Iran Mohammad Sabour Hossein has said his country’s Private Sector is seeking to boost cooperation with the Iranian counterpart, the portal of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) reported. Reaching a $1 billion trade volume is the least level which should be considered an acceptable trade Turnover between the two countries, for which development of business relations between the two countries should be reconsidered. Lack of proper Banking relations between the two countries as a major obstacle in the way of trade relations between the two countries, adding that this obstacle can be overcome by creating mechanisms such as barter trading. Considering Bangladesh’s development plans, the country has a lot of needs in various areas, including petrochemicals, and Iran can also meet its needs through the Bangladesh market. In the end, the two sides emphasised the need to pursue implementing the preferential trade agreement signed between the two countries and to follow up on the establishment of a joint chamber of commerce as well as cooperating in holding an Iran-Bangladesh business and investment opportunities conference in Tehran.

Source: http://today.thefinancialexpress.com.bd/trade-market/bangladesh-private-sector-seeks-enhanced-cooperation-with-iran-1566144932

Khulna Power generates highest Turnover

Market analysts said investors showed their appetite on Khulna Power shares amid higher dividend expectations as the company’s year ended in June. According to statistics available with the DSE, about 4.05 million shares of Khulna Power were traded, generating a Turnover of nearly Tk 247 million, which was 7.63 per cent of the prime bourse’s total Turnover. The total Turnover on the DSE stood at Tk 3.24 billion on Sunday, down from Tk 4.10 billion in the previous day. The company’s share traded between Tk 58.90 and Tk 62.50, before closing at Tk 60.50 on Sunday, gaining 3.60 per cent over the previous session. Its share price hovered between Tk 47.10 and Tk 144.90 in the last one year. The company’s earnings per share (EPS) in nine months for July 2018-March 2019 stood at Tk 3.09 as against Tk 3.71 for July 2017-March 2018. The net operating cash flow per share (NOCFPS) was Tk 6.72 for July 2018-March 2019 as against Tk 10.14 for July 2017-March 2018. The Net Asset Value (NAV) per share was Tk 24.79 as on March 31, 2019 and Tk 24.43 as on June 30, 2018. The Khulna Power, listed on the DSE in 2010, disbursed 30 per cent cash and 10 per cent stock dividends in 2018. The company’s paid-up capital is Tk 3.97 billion and authorised capital is Tk 7.0 billion while total number of scurrilities is 397.41 million. The sponsor-directors own 69.99 per cent stake in the company, while institutions own 11.21 per cent, foreign investors 0.72 per cent and the general public 18.08 per cent as of June 30, 2019, the DSE data shows.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/khulna-power-generates-highest-turnover-1566147913

Stocks nudge higher, Turnover slumps 21pc

Stocks posted a modest gain on Sunday, the first trading session after nine-day Eid holiday, as investors were active on June-ending shares. Trading and official activities on the bourses remained closed for nine days from August 9 to August 17, including weekly holidays, on the occasion of Eid-ul-Azha. DSEX, the prime index of the Dhaka Stock Exchange (DSE), settled at 5,216, gaining 15.11 points or 0.29 per cent over the last session before Eid holidays. Market analysts said a section of investors were active on sector specific June-closing stocks while some rebalanced their portfolio based on quarterly earnings declaration. Certain specific large-cap stocks like ACI, Berger Paints, Linde Bangladesh, Khulna Power and Olympic Industries contributed to the day’s upward trend, commented EBL Securities. The stockbroker noted that some investors also rebalanced their portfolio based on quarterly earning declarations and ahead of June-ending companies’ dividend declaration. Two other indices also nudged slightly higher. The DS30 index, comprising blue chips, advanced 4.04 points to finish at 1,841 and the DSES (Shariah) index gained 5.34 points to settle at 1,197. Turnover, another important indicator of the market, stood at 13-session low to Tk 3.23 billion, which was 21 per cent lower than the previous day’s Turnover of Tk 4.10 billion. The investors’ attention was mostly focused on pharma sector, grabbing 19 per cent of the day’s total Turnover, followed by power with 16 per cent and general insurance 12 per cent.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/stocks-nudge-higher-Turnover-slumps-21pc-1566147880

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
FTSE1007,117.15↑50.14 ↑0.71%
Nikkei 225 20,525.45↑106.64↑0.52%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 55.38 ↑0.51 ↑0.93%
Crude Oil (Brent) $ 59.27 ↑0.63↑1.07%
Gold Spot $ 1,509.12↓4.40↓0.29%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 82.9329
GBP 1BDT 100.681
EUR 1BDT 91.9620
INR 1BDT 1.16138





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