Most banks make robust operating profits in 2017

Operating profits of most of the scheduled banks increased significantly in the just-concluded year of 2017 amid rampant credit disbursements by the banks, said senior bank officials. Out of 28 banks, data of which were available till Sunday, operating profits of 27 banks rose in the year. Relatively calm political situation, moderate rise in export earnings and significant rise in import payments in 2017 compared with those in the previous year also put a positive impact on the banks’ financial estimates, the officials said. They said that as banks were grappling with excess liquidity in 2006, most of the banks went for aggressive lending in 2017, resulting in a rise in their operating profits. Bangladesh Bank officials said that due to aggressive lending the domestic credit disbursement by banks rose over 13 per cent in 2017 compared with that in the previous year. ‘Some of the banks were so aggressive in 2017 that the private sector credit growth hit 19 per cent year-on-year in November of the year, which is more than five and a half years high,’ said an official.

Source: http://www.newagebd.net/article/31543/most-banks-make-robust-operating-profits-in-2017

Remittance grows in 2017, but slightly

Inward remittance in the country increased slightly in the just concluded year as expatriate Bangladeshis sent 8.65 per cent more money in the year despite the fact that an additional 10 lakh Bangladeshi people got overseas jobs in 2017. Country’s remittance inflow increased by $1.07 billion to $13.54 billion in the year of 2017 from $12.46 billion in the previous year, according to the Bangladesh Bank data released on Monday. Although the figure of remittance inflow has increased in the year, it is not consistent with the growth in the number of Bangladeshi workers abroad, BB officials said. The mismatch also raises suspension of increasing amount of fund transfer through illegal channels including mobile financial services, they said.

Source:
http://www.newagebd.net/article/31639/remittance-grows-in-2017-but-slightly
http://www.theindependentbd.com/post/130803
http://today.thefinancialexpress.com.bd/first-page/remittance-stays-in-negative-territory-1514828710
http://www.thedailystar.net/business/remittance-slumps-six-year-low-1513744

BKB gets new MD

Mohammad Helal Uddin has been promoted as Managing Director (MD) of Bangladesh Krishi Bank (BKB), according to a statement. Prior to this promotion, Mohammad Helal Uddin served as Deputy Managing Director (DMD) of Janata Bank Limited, the statement, issued on Monday, said.

Source:
http://today.thefinancialexpress.com.bd/trade-market/bkb-gets-new-md-1514827772
http://www.theindependentbd.com/post/130802

Rafiqul Alam joins RAKUB as MD

The Financial Institutions Division of the Ministry of Finance has appointed Md Rafiqul Alam as Managing Director (MD) of Rajshahi Krishi Unnyan Bank (RAKUB), says a statement. Before his new appointment, Md Rafiqul Alam was Deputy Managing Director (DMD) of Agrani Bank Limited where he joined as a senior officer in 1983.

Source: http://today.thefinancialexpress.com.bd/trade-market/rafiqul-alam-joins-rakub-as-md-1514827854

BLFCA elects chairman, vice chairman

Mr. Md. Khalilur Rahman, Managing Director, National Housing Finance and Investments Ltd and Mr S.M. Formanul Islam, Executive Director & CEO, Bangladesh Infrastructure Finance Fund Ltd have been elected as Chairman and Vice Chairman respectively for a two-year term of Bangladesh Leasing and Finance Companies Association (BLFCA). Nine members of the Executive Committee were also elected, said a statement.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/blfca-elects-chairman-vice-chairman-1514824210

IPDC reappoints CEO

IPDC Finance has recently reappointed Mominul Islam as its managing director and CEO for the third term. Islam joined IPDC as head of operations in 2006, the company said in a statement yesterday. After working in different positions of the company, he took charge as managing director and CEO in 2011, the company said.

Source:
http://www.thedailystar.net/business/ipdc-reappoints-ceo-1513726
http://www.theindependentbd.com/post/130801

Govt’s tax collection from DSE surges by 61pc in H1

Government’s revenue collection from the Dhaka Stock Exchange rose by 60.54 per cent or Tk 53.73 crore in the first half (July-December) of the current financial year of 2017-18 compared with that in the corresponding period of the FY 2016-17 mainly due to a surge in turnover at the country’s premier bourse. The National Board of Revenue in July-December of FY18 collected Tk 142.48 crore in tax including tax on turnover and tax on sponsor-directors’ share sales against Tk 88.75 crore in the first half of FY17, DSE data showed.

Source: http://www.newagebd.net/article/31641/govts-tax-collection-from-dse-surges-by-61pc-in-h1

BO accounts slump for sluggish stocks trade

The number of active BO (beneficiary owner) accounts declined in 2017, indicating that the traders concerned lost interest in sluggish share business. According to information from the Central Depository Bangladesh Limited (CDBL), over 0.21 million BO accounts were closed in the calendar year that has just gone by. Officials of some brokerage firms said the BO accounts dropped as general investors’ scope of applying for IPO (initial public offering) shares shut under the revised public issue rules. They see the non-payment of account-renewal fee, as such, mainly led to closure of the BO accounts in 2017.

Source: http://today.thefinancialexpress.com.bd/last-page/bo-accounts-slump-for-sluggish-stocks-trade-1514829579