BB resumes selling US dollar to stabilise exchange market
The central bank has resumed after one month the sales of US dollar to the commercial banks to provide them with foreign exchange support and stabilise the market, officials said.As part of the move, Bangladesh Bank (BB) sold US$ 20 million at market rate to two commercial banks directly on Thursday to meet the growing demand for the greenback in the exchange market.”We’ve sold the US dollar to facilitate the banks for making payments against import bills of petroleum products,” a senior official at the BB told the FE.He said the central bank might continue supporting the banks with the foreign currency subject to market requirement.
Financial Stability Report for the year 2016 is going to be unveiled at Bangladesh Bank (BB)’s headquarters in the city today. The bank’s governor Fazle Kabir is likely to be present as chief guest at the programme. The stability report contains report on banks’, overall health ranging from diagnosing the problems and providing treatment to the banks.
New tech to deepen financial inclusion: HSBC analysis
Bangladesh’s banks should not worry about the advancement in financial technology, also known as fintech, as it can create a huge opportunity for greater financial inclusion and expansion of basic services, according to an analysis of HSBC Bangladesh. The banking giant said the new wave of fintech is often portrayed as a disruptive force that threatens banks with new, agile and savvy competitors. But fintech is transforming the way people and companies connect with their banks, and the way banks manage their back-office operations, the bank said.“Fintech complements rather than threatens banking institutions,” said Francois de Maricourt, chief executive officer of HSBC Bangladesh, in a statement.“In my experience, banking has always been about technology, so today’s financial-technology innovation boom represents evolution rather than revolution for traditional banking. It is supplementing and diversifying the existing financial system – not replacing or disrupting it.”Fintech market in Bangladesh is at an early stage. However, it can be used as a powerful means to expand access beyond financial services to other sectors, including agriculture, transportation, water, health, education, and clean energy.
Banks’ EPS see upward trend in Q2
The earnings of most of the listed banks rose in April-June (Q2), 2017 compared to same period of the previous year.
According to the companies’ un-audited financial statement for the Q2, some banks’ consolidated earnings per share (EPS) jumped up to 320 per cent. Among the banks, Rupali Bank reported its consolidated EPS of Tk. 0.31 for April-June, 2017 as against Tk. 0.09 for April-June, 2016. The company’s consolidated EPS was Tk. 0.73 for January-June, 2017 as against Tk. 0.35 for January-June, 2016.The consolidated net asset value (NAV) per share was Tk. 47.91 as of June 30, 2017 and Tk. 42.87 as of December 31, 2016.
The 28th Meeting of the Board of Directors of Modhumoti Bank Limited
The 28th Meeting of the Board of Directors of Modhumoti Bank Limited was held at its head office in the city recently. Chairman of the Board of Directors Humayun Kabir, Chairman of Executive Committee Barrister Sheikh Fazle Noor Taposh and Managing Director & CEO of the bank Md. Shafiul Azam were present on the occasion.
SBAC Bank opens 56th branch
The 56th branch, at N S Road (Noor Tower) in Kushtia of South Bangla Agriculture & Commerce (SBAC) Bank Limited was opened Sunday. Mr. S.M Amzad Hossain, Chairman, Board of Directors of SBAC Bank Ltd inaugurated the branch as Chief Guest. Among others Eng. Md. Moklesur Rahman, Director of SBAC Bank Ltd, Mr. Syed Hafizur Rahman, Director of SBAC Bank Ltd, Mr. Md. Rafiqul Islam, Managing Director & CEO of SBAC Bank Ltd, Mr. Mostafa Jalal Uddin Ahmed, Additional Managing Director of SBAC Bank Ltd were present.