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.
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.
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.
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.
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.
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.
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.
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.
Revenue rises 18pc in Jul-Nov
Revenue collection grew 18 percent year-on-year to Tk 75,308 crore in the July-November period of the current fiscal year driven by rising imports and increased domestic economic activities, official data showed. The collection grew at a faster pace in the current fiscal year compared to the previous year but missed the target of Tk 84,066 crore for the five-month period, according to the National Board of Revenue. A senior official of the NBR, requesting anonymity, said the pace of collection usually increases in the second half of the fiscal year as the implementation of the annual development programme accelerates during the period.
Overseas employment hits record high
Over 1.0 million Bangladeshi workers got overseas jobs in 2017 which was the highest in the country’s history, according to official statistics. Earlier, the highest number of 875,055 workers secured overseas jobs in 2008. The country started sending workers in 1976 with 6,087 jobs, it showed. Migration rights campaigners, however, said it is a great achievement for the country’s job sector. But the government is yet to ensure ‘decent and safe’ migration for the workers, they added.
PM to formally launch ‘Rapid Pass’ Thursday
The authorities have taken a move to make ‘Rapid Pass’ popular for facilitating its planned introduction for all modes of public transports in the city. As part of the effort, Prime Minister Sheikh Hasina is scheduled to formally launch the smart integrated-circuit (IC) card, which is already in use in cases of some public transports under a pilot scheme, through a video conference and by touching a device at her office on Thursday. Following the formal launching, sources said, Bangladesh Road Transport Corporation (BRTC) will start a bus journey from its Motijheel depot with passengers using the cards.
SIM re-registration reins in illegal voice calls
Mobile operators in 2016-17 deactivated 15.57 lakh SIM cards allegedly being used for illicit businesses, such as illegal bypassing of incoming international voice traffic, according to Bangladesh Telecommunication Regulatory Commission (BTRC). Industry people credited biometric verification and re-registration process of SIMs for the channelling of more voice calls through legal routes and a 25.82 percent year-on-year decrease in the deactivation rate.
Bangladesh Petroleum Corporation (BPC) to import 0.33 million tons of petro products in January
The state-run Bangladesh Petroleum Corporation (BPC) will import around 330,000 tons of refined petroleum products, especially diesel and jet fuel, this month under both term and open bidding system. Of the products to be imported by the BPC, 300,000 tons will be diesel and 30,000 tons of fuel, a senior BPC official said. Besides, under open tendering system, the BPC is expected to import 1.27 million tons of refined petroleum products including diesel, jet fuel, furnace oil and octane from Unipec Singapore Pte and Vitol Asia between January and June 2018.
Minimum wage for tannery workers proposed at Tk 13,500
The Minimum Wage Board has proposed Tk 13,500 as gross monthly pay for tannery workers, leading to an increase by 54 per cent from the existing Tk 8,740 set in 2011. The board last week published the draft pay structure in a gazette notification seeking, if there is any, written objections against or suggestions on the recommendation in 14 days.
How to make 2018 a successful year for pharmaceuticals
Prime Minister Sheikh Hasina on Monday declared the pharmaceuticals products as the ‘product of the year’ to help boosting the export to grab more global market share. Sheikh Hasina made the declaration while inaugurating the 23rd Dhaka International Trade Fair (DITF)-2018, a platform to display products to attract buyers from home and abroad, at Bangabandhu International Conference Centre (BICC).
Congestion pulls down growth rate to five-year low
Chittagong port handled about 2.56 million twenty-foot equivalent units of import, export and empty containers last year, up 9.36 percent from a year ago, despite prolonged congestion. According to Chittagong Port Authority (CPA) data, 2017’s container handling growth rate was the lowest in the last five years.
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