Dhaka Bank celebrates Anniversary: to emphasize more on Retail & SME, says CEO
Dhaka Bank will decentralise its loan concentration from corporate to retail and small and medium enterprises (SME) to minimise credit risk, said the top Executive of the leading Private Commercial Bank (PCB) recently. The second generation PCB is also aiming to bring more trailblazing digital products in its Banking procedures shortly, its Managing Director and CEO Syed Mahbubur Rahman said. The Bank celebrated 24th anniversary on July 5. The loan portfolio of the Bank now is heavily concentrated on corporate sector, which is around 80 per cent. Corporate loan in the Bank was around 90 per cent a few years back.
Mutual funds see highest price appreciation last week
The listed mutual funds (MFs) saw the highest price appreciation in last week despite the turnover is yet to be significant compared to that of other sectors. The sector comprising 37 closed-end MFs witnessed 9.30 per cent return in unit prices compared to the previous week, according to a weekly review of EBL Securities. The prices of the units of many funds rose marginally in last week amid price corrections witnessed by other major sectors on the Dhaka Stock Exchange (DSE). The DSE’s weekly gainers chart was also dominated by the closed-end MFs. Of top 10 gainers of last week, six were MFs.
Loan terms mismatch leads to NPL buildup: Economists
The Banking sector in the country is now trapped into “loan terms” as banks take short-term deposits from clients, but provide long-term loan to industries, speakers said on Saturday. They said the loan term gaps in Banks have led to a substantial amount of non-performing loans, liquidity crisis and higher interest rate, which are inter-linked, standing in the way of a healthy Banking sector. They also said the country needs to develop and strengthen sources of long term financing other than Banks to facilitate sustainable funds for robust industrialisation. To do so, they said the policy makers should focus on strengthening the capital market, setting up robust bond market and developing financial institutions that can provide long-term financing to industries.
Revenue collection target realistic given GDP growth
The revenue collection target set for the current fiscal year is achievable but evasion and payment of less than the actual amount of tax keep the collection lower, said the head of the National Board of Revenue yesterday. “The target we set is achievable given the existing economic activities in the country. But, the problem is that the tendency to pay less or no tax is more intense in our country,” NBR Chairman Md Mosharraf Hossain Bhuiyan. The NBR has been assigned to collect Tk 325,000 crore in tax this fiscal year and the target is 40 percent higher than the actual collection of fiscal 2018-19.
Seminar on financial literacy begins tomorrow
A four-day regional seminar on financial literacy will begin in Dhaka tomorrow. Bangladesh Securities and Exchange Commission (BSEC) and the Asian Development Bank (ADB) will jointly organise the event at Pan Pacific Sonargaon Dhaka. Saifur Rahman, an Executive Director of the stock market regulator, announced the programme schedule at a press meet at the BSEC office yesterday.
Sea Pearl Beach Resort to make debut on DSE, CSE Tuesday
Sea Pearl Beach Resort & Spa Ltd is set to make its share trading debut on Tuesday (July 09) on the bourses under ‘N’ category, according to officials. Sea Pearl Beach Resort & Spa Limited (the owner of “Royal Tulip Sea Pearl Beach Resort & Spa Cox’s Bazar”), a luxury resort & hotel in Bangladesh, started its commercial operation from 17 September, 2015. The Company raised a fund worth Tk 150 million from the capital market by floating 15 million ordinary shares at a face value of Tk 10 each using the fixed price method. The securities regulator — Bangladesh Securities and Exchange Commission — approved the IPO proposal of the Company on February 19 this year.
Mercantile Bank gets new Chairman
Lawmaker Morshed Alam has been elected Chairman of Mercantile Bank. The election took place at the 345th board meeting, the bank said in a statement yesterday. Mr. Alam is the founder Chairman of the Bengal Group of Industries, Chairman of private satellite television channel RTV and a former Chairman of National Life Insurance Company.
ACI Motors sponsors musical solution
ACI Motors, a subsidiary of ACI Limited is venturing into the world of musical solution for the first time in the company’s history. As the sole distributor of musical goods manufactured by Yamaha Corporation, Yamaha Music Bangladesh – ACI Motors Ltd. has launched their flagship music store at Jamuna Future Park in the East Court.
SJIBL inks MoU with RANGS Electronics
Shahjalal Islami Bank Limited signed a Memorandum of Understanding (MoU) with Rangs Electronics Limited (Sony Rangs) recently at Bank’s Corporate Head Office. Under this Memorandum of Understanding (MoU) all Credit Card Holders of Shahjalal Islami Bank Ltd. will be able to purchase different types of offered electronics goods for different tenure such as 3, 6 & 12months @ 0% profit rate.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|Nikkei 225|| 21,746.38||↑43.93||↑0.20%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 57.51||↑0.17||↑0.30%|
|Crude Oil (Brent)||$ 64.23||↑0.93||↑1.47%|
|Gold Spot|| $1,399.45|| ↓16.63|| ↓1.17%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.9030|
|GBP 1||BDT 103.7940|
|EUR 1||BDT 93.0528|
|INR 1||BDT 1.2103|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<