BB seeks banks’ updated bad loan, provisioning status
The central bank yesterday asked banks to send their figure of defaulted loans and provisioning of the first quarter of this year within tomorrow. Banks have been also asked to provide their announced interest rate on both loans and savings for March, April and May within the next day, according to a Bangladesh Bank letter sent out to all managing directors of lenders. The central bank earlier asked banks to provide the data within 10 days after completion of the ongoing general holidays declared by the government to tackle the spread of the coronavirus pandemic. In a separate move, the central bank said employees of banks will not get special incentive after May 28. The BB asked banks on April 12 to provide the incentive to their employees who are working during the shutdown. As per the central bank instruction, bankers will get a month’s basic salary if they work at least 10 days during the ongoing shutdown. The special incentive will range from a minimum of Tk 30,000 and a maximum of Tk 100,000 a month during the shutdown. But the latest central bank notice said that the government had taken different initiatives to revive the economy. As part of the move, the central bank has moved to extend the banking hours instead of limited banking.
Islam named new BSEC chair
The government yesterday appointed Shibli Rubayat Ul Islam as the chairman of the Bangladesh Securities and Exchange Commission (BSEC) for four years. He is the seventh chairman of the stock market regulator and replaces M Khairul Hossain, who helmed the position for nine years. Islam is the professor and dean of the business studies faculty at the University of Dhaka and chairman of state-run Sadharan Bima Corporation. He has been in the field of finance and banking education for more than two decades.
Govt instructs shipping lines to waive container detention charges
The Department of Shipping yesterday instructed foreign shipping lines and their local agents not to impose container detention charges on the import containers because of the coronavirus pandemic. It also asked them to return the charges that have already been collected. The decision came in a meeting with stakeholders chaired by Syed Ariful Islam, director general of the Department of Shipping. Representatives of the Bangladesh Containers Shipping Association, the Bangladesh Garments Manufacturers and Exporters Association, the Federation of Bangladesh Chambers of Commerce and Industry, foreign shipping lines and local shipping agents attended the meeting. Detention charges include the money that merchants pay for the use of container within the terminal beyond the free period and the fee that merchants pay for the use of container outside of the terminal or depot beyond the free period. Usually, containers can stay from five to 21 days without incurring any charges depending on the contracts with shipping companies. After that, $5 to $120 are charged for a container per day in detention charges.
Padma Bank holds 58th Board Meeting
The board of directors of Padma Bank arranged an online board meeting to ensure banking services in the wake of the Corona pandemic. The directors attended the online meeting from home on Saturday.The board meeting was held under the chairmanship of Chowdhury Nafeez Sarafat.
IDLC Finance’s net profit slumps 43pc in Q1
IDLC Finance’s net profit dipped more than 43 per cent year-on-year in the first quarter for January-March, 2020 amid bearish stock market and Covid-19 pandemic. The consolidated financial statements are comprised of the financials of IDLC Finance and its wholly owned subsidiaries: IDLC Securities, IDLC Investments and IDLC Asset Management. The board of directors of the company in a virtual meeting on Thursday last approved the consolidated first quarter (Q1) un-audited financial statements of the company. As per the official disclosure, the company’s net profit after tax stood at Tk 292.63 million in Q1 for January-March, 2020, which was Tk 515.34 million in the same quarter last year. The consolidated earnings per share (EPS) stood at Tk 0.78 for January-March 2020 which was Tk 1.37 for January-March 2019. However, IDLC Finance’s (solo) EPS rose to Tk 1.15 for January-March 2020 which was Tk 1.09 for January-March 2019.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|↑ 60.08||↑ 0.25 %|
|FTSE100||5799.77||↑ 58.23||↑ 1.01 %|
|Nikkei 225||20163.73||↑ 126.26||↑ 0.63 %|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 30.75||↑ 1.32||↑ 4.49 %|
|Crude Oil (Brent)||$ 33.58||↑ 1.08||↑ 3.32 %|
|Gold Spot||$ 1763.72||↑ 20.05||↑ 1.15 %|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.3343|
|GBP 1||BDT 100.797|
|EUR 1||BDT 90.1260|
|INR 1||BDT 1.10573|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<