TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK

TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK


TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK

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Rate last updated: 02/01/2014 11:15:04 AM

Important Business News Extracts October 16, 2018

Global FDI dips 41pc in Jan-Jun BD receives higher inflow in final count

The inflow of foreign direct investment (FDI) globally declined sharply in the first half of the current calendar year. The amount is estimated at $470 billion in the January-June period of 2018 while it was $794 billion during the same period of 2017. Investment Trend Monitor, released by the United Nations Conference on Trade and Development (UNCTAD) on Monday, revealed this declining trend in the global FDI. The sharp decline is attributed to the large repatriation of multinational entities based in the United States. Against this backdrop, the net FDI inflow in Bangladesh jumped by around 44 per cent in the first half of 2018. The latest statistics, released by the central bank last week, showed the net FDI inflow here stood at $1.42 billion in the January-June period of 2018. The amount was $0.99 billion in the corresponding period last year. The Bangladesh Bank data further showed that the net FDI inflow in the past fiscal year (FY) increased by 5.11 per cent over the fiscal before that. In FY ’18, the country received $2.58 billion as net FDI against $2.45 billion in FY ’17. Net FDI is derived by deducting disinvestment from gross inflow of foreign investment. In FY ’18, gross FDI stood at $3.29 billion while the amount of disinvestment was $0.71 billion. Nevertheless, the final value of the FDI falls far short of $5.87 billion projected for FY ’18 in the Seventh Five-Year Plan.

Source: http://today.thefinancialexpress.com.bd/first-page/global-fdi-dips-41pc-in-jan-jun-1539626868

IDLC net profit sees 1.0pc growth in Q3

IDLC Finance Limited reported net profit after tax of BDT 1,821.51 million in the first 9 months of 2018, posting a 1.0 per cent growth from the same period last year. Earnings per share stands at BDT 4.83 as against BDT 4.90 in the 9 months ending September 2017, said a statement. Annualized ROE and ROA have been 18.76 per cent and 2.35 per cent against 22.90 per cent and 2.75 per cent respectively in the equivalent prior period. Book value per share rose to BDT 35.24, from BDT 32.17at the Q3 2017. Since September, 2017 loan assets grew by 12.72% to BDT 79.59bn.The loan book growth was primarily driven by corporate portfolio, which grew by above 35% over the last twelve months and now accounts for 22.66 per cent of the company’s total portfolio. SME loans still hold the lion’s share of the portfolio, at 41.83%, followed by consumer, which makes up 33.51 per cent of the company’s portfolio. The remaining 2.0 per cent reflects margin loans, which contributed 3.0 per cent at the end of September, 2017. NPL rates have dropped by 16 basis points from almost 2.83% in Q3 2017 down to 2.67% at the end of the quarter in review. In fact, advance preparation from 2017 has been a key factor in enabling us to comfortably manage our liquidity condition throughout 2018.

Source: http://today.thefinancialexpress.com.bd/trade-market/idlc-net-profit-sees-10pc-growth-in-q3-1539625207

New DMD of AB Bank

Mr. Tarique Afzal has recently been appointed as Deputy Managing Director and Head of Corporate Affairs, Legal & Regulatory concerns in AB Bank. Prior to the appointment, he was the Chief Executive Officer of Sonali Polaris Financial Technology Limited, a joint venture of Sonali Bank & Polaris, India. Mr. Tarique Afzal started his banking career during the late 1980s in London, UK, later served in Credit Union in Canada, ANZ Grindlays Bank, Standard Chartered Bank in Bangladesh. He also served in BRAC Bank, Bank Alfalah and was also the CEO for Dun & Bradstreet Rating Agency in Bangladesh.

Source: http://today.thefinancialexpress.com.bd/trade-market/new-dmd-of-ab-bank-1539625441

Comply with int’l standards for quality and safety

Industries Minister Amir Hossain Amu has asked the Bangladesh Standards and Testing Institution (BSTI) to follow global standards in testing products and certifying quality and safety so that local products can compete in the international market. Testing of products in compliance with the international standards will enable exporters to compete in the global market in the era of fourth industrial revolution and give enough impetus to the economy through expanding export basket. Amu made the remarks while speaking at a discussion marking the World Standards Day at the BSTI headquarters in the capital on Monday. This year, the BSTI, a national standards body, and its regional offices are observing the day with various activities across the country. The quality of industrialization and public health depend on the activities of this organization. If the BSTI resorts to dishonesty and biasness, this can be a serious threat to the nation.

Source: http://today.thefinancialexpress.com.bd/trade-market/comply-with-intl-standards-for-quality-and-safety-1539625404

Stocks tumble amid sale pressure

The indices and turnover value declined on Monday as all major sectors witnessed correction on the premier bourse. Following investors’ less participation, the turnover dropped below Tk 5.0 billion, lowest in last nine sessions. Around 67 per cent of the listed securities, traded on the day, went into the red on the Dhaka Stock Exchange (DSE). At the end of the session, The DSE broad index DSEX settled at 5,384.41 points with a loss of 1.13 per cent or 61.99 points. The shariah based index DSES shed 1.13 per cent or 14.33 points to close at 1,248.41 points. The DS30 index comprising blue chip securities went down by 1.19 per cent or 23 points to close at 1,899.91 points. On the Chittagong Stock Exchange (CSE), the benchmark index CASPI declined 1.30 per cent or 219.25 points to close at 16,582.15 points. Of 238 issues traded, 47 advanced, 177 declined and 14 were unchanged. At the end of the session, the turnover stood at Tk 221.51 million on the port city bourse CSE.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/stocks-tumble-amid-sale-pressure-1539624913

Mir Akhter holds IPO road show tomorrow

Mir Akhter Hossain Limited, a construction and engineering company, has moved to go public under the book building method. The company will raise a capital worth Tk 1.25 billion, said a release of IDLC Investments. As part of going public, the company will hold its IPO (initial public offering) road show in the capital tomorrow (Wednesday), according to IDLC Investments. It said the company will utilize the IPO proceeds to purchase equipments and repay bank loans. IDLC Investments is working as the issue manager of the company. Mir Akhter Hossain Limited has over fifty years of experience with a proven track record in the construction industry of Bangladesh.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/mir-akhter-holds-ipo-road-show-tomorrow-1539624957

Rescheduled loans jump in Q2

Banks went on a loan rescheduling spree once again in the second quarter of 2018 after holding back in the first quarter. Between the months of April and June, default loans amounting to Tk 5,879 crore were rescheduled, in contrast to Tk 1,458 crore three months earlier, according to data from the central bank. Of the total amount rescheduled by banks, two banks accounted for 42.69 percent: state-run Sonali rescheduled Tk 1,340 crore and Islami Tk 1,169 crore. Bangladesh Bank officials said the large scale rescheduling of non-performing loans would not bring any good to the chaotic banking sector as most of the default loans were regularised bypassing the central bank’s instructions. For instance, Sonali rescheduled more than Tk 1,200 crore of classified loans of a controversial business group by taking only 1 percent down payment. As per central bank instructions, banks would have to take down payment of 10 percent to 50 percent when rescheduling the toxic loans. Last year, Islami Bank also rescheduled Tk 3,099 crore and it has also kept the same track this year. Despite huge loan rescheduling, NPLs in the banking sector surged Tk 89,340 crore in June this year, up from Tk 74,149 crore a year earlier.

Source: https://www.thedailystar.net/business/news/rescheduled-loans-jump-q2-1647598

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DSEX 5,384.41199 ↓ 61.9974 ↓1.14%
Nikkei 22522,407.54↑136.24↑0.61%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 71.87↑0.09↑0.13%
Crude Oil (Brent)$ 81.02↑0.24↑0.30%
Gold Spot$ 1,225.82↓1.24↓0.10%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 83.9534
GBP 1BDT 110.3483
EUR 1BDT 97.1761
INR 1BDT 1.1370





Dear Valued Patrons,

At the very onset, let me express my heartiest gratitude for allowing us to serve you and I also wanted to reach out to you directly with an assurance that Dhaka Bank is fully equipped to support you during this difficult time.

Last couple of weeks ago we all were living in a peaceful condition, performing our daily tasks freely and perfectly. Entire economy and business environment was also in a good shape, until COVID-19 put a forceful stoppage to the overall life style and economy of the world. We all know that social distancing and cleanliness are the keys to prevent this pandemic. Hence, we urge your conscious effort to limiting public interaction and suspending wherever possible.

In this current situation, Dhaka Bank and its employees are beside you where we are fully online, either working from home or at our offices under a robust Business Continuity Plan (BCP) to serve you with limited branch banking and a full-fledged alternate delivery channel services.

Our state of the art Mobile App, Dhaka Bank GO (Click https://bit.ly/2WVfieu) and Internet Banking - Dhaka Bank Direct gives you the freedom of banking online anytime from anywhere. You can check the balance and transfer money to any designated Banks including any Dhaka Bank or bKash Account, make utility bill payments and mobile top-up through our Mobile App and Internet Banking Services. Our ATMs are also running efficiently with availability of sufficient cash for your convenience where you can make cash withdrawals whenever the need arises. Mentionable, the withdrawal of cash from any ATMs within Bangladesh with Dhaka Bank Debit Cards are absolutely free of charges up till April 30, 2020 (Dhaka Bank will bear the cost). Our corporate customers can also use our completely safe and secured online platform Dhaka Bank C-Solution for Payments, Inter Bank Fund Transfers, etc.

Moreover, to fulfill your urgent requirement, we have a limited no. of branches up and running by ensuring all kinds of precautionary and safety measures for you.

In case of extreme emergency and facing difficulties in conducting banking transactions, please let us know through our 24/7 Contact Center number 16474 (or, dial +8809678016474 for ISD/Overseas Calls). We are always with you to combat your difficulties.

As you know we are going through a critical phase and the situation is novel to all of us. We are getting lot of new information from various sources everyday about COVID-19 which will be shared at www.dhakabankltd.com.

Thank you for your trust and continued support to us. I firmly believe that jointly we will be able to combat this situation and win against all the odds.

Please stay home, stay safe and take care of yourself and family.

Best regards,

Emranul Huq
Managing Director & CEO
Dhaka Bank Limited