Six associations to form Bangladesh Financial Market Forum

Six associations related with capital market and money market on Monday decided to form Bangladesh Financial Market Forum with a view to work for their common interest on financial issues.

The decision came at a meeting on the day organised by the Dhaka Stock Exchange Brokers Association of Bangladesh held at the DSE headquarters.

The six associations includes: DSE Brokers Association of Bangladesh, Bangladesh Insurance Association, Association of Bankers Bangladesh, Association of Asset Management Companies, Bangladesh Merchant Bankers Association and Bangladesh Leasing and Finance Companies Association.

DSE Brokers Association convener Ahsanul Islam presided over the meeting where Association of Bankers Bangladesh chairman Ali Reza Iftekhar, Bangladesh Insurance Association president Sheikh Kabir Hossian, Association of Asset Management Companies president Md Fayekuzzaman, Bangladesh Merchant Bankers Association vice-president Md Moniruzzaman, Bangladesh Leasing and Finance Companies Association member Akter Hossain Sannamat, DSE Brokers Association members Mizanur Rahman Khan, Minhaz Mannan Emon, Khugesta Nur-E-Naharin, Mostaque Ahmed Sadeque, M Moazzam Hossain and Md Zahirul Islam were present.

Ahsanul after the meeting told reporters that the representatives of the six associations have agreed to work jointly for the development of capital and money markets.

‘We will advocate to the government and regulatory bodies regarding issues and problems that should be addressed and resolved,’ he said.

The number of members of the forum may increase in the coming days if other associations become interested to join the forum.

Bangladesh Insurance Association presided Sheikh Kabir Hossian said that the forum will initially work for the development and restoration of investors’ confidence over the capital market, but gradually it will work for overall economy.

ICB managing director Md Fayekuzzaman said that the overall economic development is related with both capital market and money market, that is why the forum will work for both the markets.

Speaking about the development, Fayekuzzaman said that the high cost of fund has made it difficult for the merchant banks and brokerage houses to invest in the market.

Low interest loans for the brokerage houses and merchant banks can solve the problem and enhance their capability to take part in market development, Fayekuzzaman, also president of Association of Asset Management Companies, said. (Source: New Age, March 31, 2015)

Dhaka stocks slide on fresh political worries

Dhaka stocks went negative on Monday after investors’ heavy buying spree in last two trading sessions amid enforcement of 48-hour strike by the BNP-led allies that made investors skeptical about the party’s stance on city corporation elections.

The key index of Dhaka Stock Exchange, DSEX, fell by 1.07 per cent, or 48.79 points, to close at 4,509.28 points on the day.

Investors became skeptical about BNP’s stance on the city corporation elections as the party on Sunday evening called a 48-hour strike from Monday excluding Dhaka and Cittagong, market operators said.

Investors since the declaration of election schedule for three city corporations have been keeping close eye on BNP’s stand regarding elections, they said.

Operators said that investors were thinking that BNP’s participation might ease the political situation while their boycott of the election might result in extension of the political unrest.

Investors on Sunday went for heavy buying of shares as the main opposition did not declare any strike on Saturday breaking last three months’ trend of their movement.

The market was on the decline for last three months as the BNP-led alliance since January 5, the first anniversary of the one-sided elections, continued to enforce strikes except the weekly holidays supplementing countrywide nonstop blockade.

DS30, the blue-chip index of the bourse, declined at 1,717.48 points, adding 1.17 per cent or 20.39 points on Monday.

The Shariah index of DSE, DSES, closed at 1,096.69 points, slipping by 1.30 per cent or 14.54 points.

Turnover of DSE declined to Tk 314.93 crore on Monday compared with that of Tk 393 crore in the previous trading session.

Of the 306 shares and mutual funds traded on the day, 76 advanced, 198 declined and 32 remained unchanged.

Grameenphone led the turnover chart on the day as its shares worth Tk 28.54 crore changed hands.

ACI Limited, Shasha Denims, Lafarge Surma Cement, IFAD Autos, MJL Bangladesh, Pharma Aids, Western Marine Shipyard, Square Pharmaceuticals and ACI Formulations were among other turnover leaders.

Pharma Aids gained the most with a 7.46-per cent increase in its share prices, while One Bank was the worst loser, shedding 18.59 per cent. (Source: New Age, March 31, 2015)

Bangladesh banks asked not to open LCs of unlicensed traders

Bangladesh Bank has asked banks not to open letters of credit for duty-free import of industrial raw materials under bonded warehouse system in favour of the businesspeople who do not have licence or renew them from the Customs Bond Commissionerate.

The BB on Monday issued a letter to managing directors and chief executive officers of all banks in line with directions given by the Customs Bond Commissionerate asking them (banks) to take required measures in this regard to tackle duty dodging.

A BB official told New Age on Monday that the Customs Bond Commissionerate had issued a letter to the central bank on March 25, requesting it to ensure the government revenue as some banks frequently opened LCs for the duty-free back-to-back imports in favour of some businesspeople who did not have licence.

The Customs Bond Commissionerate offered the licence for due-free raw material imports to the businesspeople who use the products to produce export-oriented goods, he said.

But, some businesspeople sell the imported raw materials in the local market without using the products to produce the export-oriented goods, the official said.

The Customs Bond Commissionerate in its letter said that it had already created a web site in which the list of the licence-holders, who are considered to enjoy the duty-free facility, was attached.

The banks should follow the web site before opening the letters of credit for the duty-free imports, the letter said.

Besides, the banks will have to issue Proceed Realisation Certificate after ensuring the export worth’s repatriation, the Customs Bond Commissionerate said.

The banks give the certificate to the exporters after they repatriate the worth of the exported products to the country, the BB official said.

Some banks, however, provide the certificate without ensuring the repatriation worth of the exported products, he said.

The Customs Bond Commissionerate earlier suspended a number of licences of the businesspeople as they were found selling the back-to-back imported-products in the local market after enjoying the duty-free facility illegally.

For this reason, the Customs Bond Commissionerate has also attached the list of businesspeople with its web site whose licences were earlier cancelled or suspended.

The central bank earlier unearthed that some persons patronised by the ruling parties had managed the licence to enjoy the duty-free import although they had not played any role in export-oriented business, the BB official said.

‘After selling the products in the local market, the persons never went for any import again meaning that they did so just to evade the duty’, he said.

The central bank will take punitive measures against the banks which will open such type of LCs to facilitate the businesspeople illegally, the central banker said. (Source: New Age, March 31, 2015)

More low-cost financing sought from Alliance for small RMG factories

Garment factory owners on Monday sought more low-cost financing from the North American retailers’ group for the remediation work of the small and medium factories.

In a meeting with high officials of Alliance for Bangladesh Worker Safety and factory authorities Bangladesh Garment Manufacturers and Exporters Association vice-president Shahidullah Azim said a good member of factory owners had been suffering from fund crisis and the remediation work in their units were being progressed slowly.

‘I will request the Alliance to arrange more fund as the remediation work is very costly and small and medium factories could not bear the cost,’ he said.

The BGMEA arranged the meeting with the Alliance and factory authorities after getting a list of 110 factories that did not conduct Detailed Engineering Assessment in their factory buildings as per recommendation made by Alliance inspection teams.

Recently, the Alliance has sent the list to the BGMEA saying that implementation of Corrective Action Plan in the factories are going in a slow pace due to lack of DEA report.

The BGMEA informed the meeting that a total of 67 factories had completed the DEA and rest of the factories were in the process.

Following the initial safety assessment the Alliance has so far conducted remediation verification visits in 141 factories and found progress is not satisfactory, Alliance managing director M Rabin said at the meeting.

‘Even we found only one per cent progress in some factories,’ he said.

Rabin said 50 per cent of the Alliance member factories in Chittagong achieved remediation progress below 30 per cent in four months.

He said the Alliance was going to launch a new credit facility for the factory owners and the programme might be launched by end of April.

Rabin told New Age that the amount of the fund might be around $37 million.

After the accident of Rana Plaza building collapse in April 2013 that killed more than 1,100 people, mostly garment workers, the North American retailers established the Alliance.

The initiative launched inspection programmes in the Bangladeshi RMG factories from where their members procure products and completed primary safety assessments in its listed factories of more than 600 in number by July 2014. (Source: New Age, March 31, 2015)

Bangladesh revenue collection shortfall swells to Tk 2,968cr in July-Feb

Shortfall in revenue collection target by the National Board of Revenue swelled to Tk 2,968 crore in the first eight months of the current fiscal year 2014-2015 mainly due to political unrest-hit sluggish economic activities in the country, officials of the NBR said.

They said that the ongoing continuous non-stop blockade and frequent hartals since early January enforced by NBP-led opposition parties severely affected revenue collection as domestic consumption fell drastically and overall economic activities slowed down in the period.

According to official statistics of the revenue board published on Monday, taxmen managed to collect Tk 79,978 crore in July-February of the current financial year against the collection target of Tk 82,946 crore for the period.

Despite better performance in collection of customs duty, revenue earnings witnessed a huge shortfall in the period mainly due to gloomy performance by the value-added tax and income tax wings of the revenue board as both the wings faced significant shortfall in the period.

In July-February, VAT collection alone lagged behind the target by Tk 2,940 crore as the receipts stood at Tk 30,734 crore against the target of Tk 33,675 crore for the period, the data showed.

VAT collection which mostly depends on domestic consumption of products and services, and economic activities including production and investment were severely affected in the period, causing such a significant shortfall in collection in the period, the officials said.

The situation will worsen if the political turmoil continues, they warned.

Income tax collection also fell short by Tk 1,063 crore in the period on lower collection of corporate tax and tax at sources on sluggish economic activities.

Collection in customs duties, however, succeeded its target by around Tk 1,035 crore.

Taxmen managed to collect Tk 25,466 crore in income tax including travel tax and other direct taxes in July-February period of the fiscal year against the collection target of Tk 26,529 crore.

Revenue board collected Tk 23,777 crore in customs duties in the period against the target of Tk 22,742 crore.

The officials said that the revenue board would have to collect Tk 69,742 crore or 46.58 per cent of total target of Tk 1,49,720 crore for the entire fiscal year in the remaining four months to achieve the goal.

They said that achieving the revenue collection target would be totally impossible task in the prevailing economic and political situation in the country.

Under the circumstances, like previous year, the finance ministry may curtail the target by a significant amount after getting proposal from the revenue board, they said.

According to the data, revenue collection grew by 16.42 per cent in July-February months of the year compared with the same months of the last fiscal year when the NBR had collected Tk 68,698 crore in income tax, customs duties and VAT.

Revenue collection growth in the period also remained much behind the target for the entire fiscal year which was set at 24 per cent.

According to the data, income tax, customs duty and VAT collection grew by 17.76 per cent, 12.91 per cent and 17.32 per cent respectively in the months compared with the collection of the same months of last fiscal year. (Source: New Age, March 31, 2015)

FBCCI president demands VAT net expansion to rural level

Federation of Bangladesh Chambers of Commerce and Industry president Kazi Akram Uddin Ahmed on Monday demanded that the National Board of Revenue expand the VAT net up to rural level to increase revenue collection and reduce pressure on businesses in urban areas.

At a seminar on ‘New Value-Added Tax and Supplementary Duty Act-2012,’ he urged the tax officials and business people to create awareness among the traders to pay VAT properly instead of creating panic on the new VAT act.

Customs Excise and VAT Commissinerate, Dhaka (West) organised the seminar at Mirpur in Dhaka to create awareness among traders on the new VAT act which is scheduled to come into effect from July 2016.

Kazi Akram also reiterated business community’s demand for not imposing single rate VAT for all sectors at 15 per cent.

‘We are negotiating with the government for adjustment of VAT rate,’ he said.

The FBCCI president said, ‘In recent years, businesses have also been flourishing in rural areas. So, the revenue board should pay their attention to rural areas for expanding the VAT net.’

At the meeting, businessmen from different sectors raised their concern about the single VAT rate and sought explanations on some issues related to implementation of the new law.

Top officials of the revenue board replied to their queries and presented positive aspects of the law.

They said the traders would be able to complete all procedures starting from getting registration to payment VAT to receiving refund and rebate online and they would not need to visit VAT office for any purposes.

The VAT payment procedures will become easy after implementation of the law as it will make non-obligatory many measures including maintaining current account register and declaration of prices of goods which usually created hassle for traders, they said.

NBR member Firoz Shah Alam, LTU (VAT) commissioner Shahnaz Parveen, Customs Excise and VAT Commissionerate, Dhaka (West) Saiful Islam, additional commissioner Mustoba Ali, joint commissioner Shameem Ara Begum and local traders and representatives from different trade associations also  spoke at the meeting. (Source: New Age, March 31, 2015)

Approval sought for project connecting to 2nd submarine cable

The post and telecommunication division has submitted a proposal to the cabinet economic affairs committee seeking approval of its March 2014 proposal for a project to connect the nation to a second submarine cable, known as SEA-ME-WE 5.

The SEA-ME-WE 5 would feature state-of-the-art 100G technology and Bangladesh will obtain 1300Gbps capacity in its internet service.

An international consortium comprising 17 countries has been implementing the Southeast Asia-Middle East - Western Europe 5 Cable System project as an alternative and also supplementary to the existing SEA-ME-WE 4

The cable landing station would be located in Kuakata of Patuakhali district.

Bangladesh became a member of the SEA-ME-WE 4 connecting 13 countries through 15 companies signing an agreement over a decade ago in 2004, and has been availing its services in the information communication technology (ICT) sector. The service contract will expire in 2025.

Increasing troubles in the service of SEA-ME-WE 4 prompted the member countries to move for undertaking the SEA-ME-WE 5 submarine cable project as its alternative and supplementary, to ensure an uninterrupted and secure ICT service, said officials at the Post and Telecom Division.

An official document obtained by UNB shows that according to the deal titled Construction and Maintenance Agreement the consortium would erect 20,000 km undersea cable system by 2016 to connect 17 countries from Asia, Africa and Europe.

To implement the project in Bangladesh, the state-owned Bangladesh Submarine Cable Company Ltd has to spend a total of Tk 660 crore.

Of the total amount, the government would provide Tk 166 crore as equity while Tk 142 crore would come from the company’s own fund and the remaining Tk 352 crore would come in the form of project aid.

Meanwhile, the BSCCL has already signed an agreement with the Islamic Development Bank to secure a $44 million loan for the project.

Other members of the SEA-ME-WE 5 consortium include China Mobile Communications Corporation, China Telecommunications Corporation, China United Network Communications Group Company, Chunghwa Telecom, Emirates Integrated Telecommunications Company, France Telecom SA, Network i2i Limited, Pakistan Telecommunication Company Ltd, PT Telekomunikasi Indonesia International, Saudi Telecom Company, Singapore Telecommunications Ltd, Telstra Corporation, and TOT Public Company. (Source: New Age, March 31, 2015)

Samsung Galaxy S6, Galaxy S6 Edge pre-booking begins in Bangladesh

Samsung Mobile Bangladesh has launched the pre-booking offer for its entirely redefined smartphones, the Galaxy S6 and Galaxy S6 edge. Creating a new standard for design, craftsmanship and performance, the Galaxy S6 and Galaxy S6 edge seamlessly blend premium materials with the most advanced Samsung technology to offer consumers an unmatched mobile experience. Pre-bookers of the phone will get free wireless charger, flexible EMI facilities, along with telecom operator offers.

Carefully crafted from metal and glass, the Galaxy S6 and Galaxy S6 edge blend purposeful design with powerful features. The thin (6.8 mm/7.0mm edge) and lightweight (138g /132g edge) Galaxy S6 and Galaxy S6 edge integrate the most advanced, cutting-edge, Samsung core technology available today. The world’s first 14nm mobile processor with 64-bit platform, new LPDDR4 memory system and UFS 2.0 flash memory provides higher performance and enhanced memory speed with lower power consumption. Moreover, the world’s first mobile 1440P/VP9 hardware based decoder enables users to enjoy high resolution streaming video while also using less power. In addition, the 5.1-inch Quad HD Super AMOLED screen offers users the highest pixel density of 577ppi. Enhanced outdoor visibility with a brighter display (600cd/mm) lets consumers experience content without compromise – anywhere, any time.

The smartphones are equipped with an incredibly vivid, bright and fast front and rear camera. The F1.9 lenses and high resolution sensors on both front (5MP) and rear (16MP) cameras provide the most superior image quality in a smartphone, even in the dark.

With fully embedded WPC and PMA certified wireless charging technology, the Galaxy S6 and Galaxy S6 edge are setting a new industry standard for universal wireless charging. The pre-bookers will get a wireless charger free with the device, using which they can easily charge their devices, no additional charging cover is required. The phones also sport incredibly fast wired charging, providing about 4 hours of usage after only 10 minutes of charging.

 To ensure state-of-the-art security, both the smartphones accommodate upgraded Samsung KNOX, end-to-end secure mobile platform, offering defense-grade features for real-time protection from potential malicious attacks.

Price of Galaxy S6 will be BDT 69,900 while S6 edge will cost BDT 79,900. Interested pre-bookers will have to deposit BDT 10,000 to confirm their pre-booking. The Samsung Galaxy S6 and S6 edge is available in three color options – Black Sapphire, Gold Platinum and White Pearl. Pre-bookers will get wireless charger free. EMI facilities are also available for all leading Credit Cards.

Grameenphone customers pre-booking any of the flagship smartphones will also receive a clear back cover and exciting offers. Robi and Banglalink customers will receive attractive packages and special offers on data and talk time.

For more information, customers can call 09612-300300 (8AM-10PM, 7 days) or visit the official Facebook page of Samsung Mobile Bangladesh or the nearest Samsung Smartphone Café. (source: press release)

Grameenphone revamps internet packages

Grameenphone Ltd has re-configured its internet services into seven packages to better cater to the needs of the different customer segments. The packages are expected to support the company’s effort to provide “Internet for All” in Bangladesh.

Details of the packages were disclosed at a press meet today at a local hotel.

Allan Bonke, Chief Marketing Officer of Grameenphone introduced the packages.

Speaking on the occasion Alan Bonke said, “These packages are designed to cater the needs of different segments of the society. They are affordable and ensure efficient use of Internet. So our customers will be able to choose according to their needs.”

Grameenphone’s internet package sizes range from 4 MB small packs, for entry level users, to 20 GB packs for heavy users. The 4MB pack costing BDT 2 has a validity of two days. A 75 MB pack, priced BDT 30, has a 7-day validity. The 1 GB pack, designed for heavier users, will cost BDT 275 with a validity of 28 days.

Among the other packages introduced was a 250 MB pack, priced at BDT 99, a 2 GB pack for BDT 350, a heavy browsing pack for BDT 950, and a 20 GB pack for BDT 2000. While the 20 GB pack has a validity of 30 days, the other three packages have a validity of 28 days.

Subscribers need to dial *5000# or send an SMS to 5000 with the specified package code to activate the packages. Packages will be applicable for both 3G and 2G coverage areas. All packages, except the 20 GB pack, will enjoy 1 Mbps speed while in a 3G-network area, while the users of the 20 GB package will get 2 Mbps speed with 3G coverage areas. Outside 3G coverage areas all packages will be limited to 2G speeds.

Commenting on the company’s ‘Internet for All’ ambition, the CMO added “our ambition is not only to make sure that every person in Bangladesh has access to the internet, but that each person can find relevant content for themselves when they explore. The sky is the limit on what we can accomplish given the opportunity to reach for it.”

Grameenphone has an ambition to provide Internet for All in Bangladesh. The company believes that Internet is an empowering tool and data connectivity can help the customers pursue their respective goals more effectively. Also the spread of broadband internet directly effect the positive growth of GDP. Therefore the company put special emphasis on taking quality Internet around the country and making it useful and affordable for the people. (source: press release)

Fareast Finance Declares 12.50% Dividend

Fareast Finance & Investment Limited, a financial institution licensed by Bangladesh Bank declared 12.50% dividend in the form of 10% cash and 2.50% stock for the year 2014. The dividend was approved and declared in the presence of the company’s Honourable Directors, Shareholders, Auditors, Managing Director and Company Secretary at the fourteenth Annual General Meeting of the company held at Bashundhara Convention Center-2, Block-C, Umme Kulsum Road, Bashundhara Residential Area, Baridhara, Dhaka-1229, Bangladesh on March 25, 2015.

MA Wahhab, Chairman of the Board of Directors of the company was in the chair. The meeting disclosed that in the year 2014 the company earned a net profit after tax of Tk.308.45 million and disbursed Tk.3,457.49 million in the form of lease and term finances. The total investment portfolio of the company on outstanding basis at the end of the year 2014 stood at Tk.10,330.71 million, which at the end of the year 2013 was Tk.8,697.73 million. Growth rate in the year 2014 was 18.77% over the previous year. (source: press release)

Walton wins International Market Leadership Award

Walton Hi-Tech Industries Limited has been awarded with the prestigious Market Leadership Award in Malaysia. This award has been given considering the predominance of products in world market from 50 (fifty) countries.  Asian Confederation of Businesses has recognized Walton with this Market Leadership Award.

This award has been handed over to the representatives of Walton in a gorgeous ceremony hosted at Luxurious Prince Hotel & Residence in Kuala Lumpur, the capital city of Malaysia, in the “The Golden Globe Tigers Summit-2015”. Representatives of United Kingdom, Japan & Korea took part in this program along with the participants, Corporate Heads & Brand Specialists from 50 countries. This award has been given in 13 categories to corporate and after sales service providing organizations of different countries of the world. Among the award receiving organizations Walton, Siemens, Nestle, Nokia Malaysia, British American Tobacco, Samsung India and DHL Express are mention worthy.

 The award is given to Walton on “Excellence & Leadership in Brand and Marketing.” Organizers of the function said,” This leadership award is given to Walton considering mostly the predominance of products in markets, brand value, brand image and for maintaining the highest quality of its products. They also pointed out that image of Bangladesh & Bangladeshi Brand has become brighter in the international market.

Md Humayun Kabir, Executive Director and Firoj Alam, Sr Deputy Director, Walton received the award on behalf of Walton  Hi-Tech Industries Limited from  Dr. R L Bhatia, founder of  World CSR  Day &  World Sustainability Congress and World Women Leadership  Congress .

Chief speaker of this gorgeous ceremony was Professor Dr. Roslan Joynal Abedin, President & Vice- Chancellor of Kuala Lumpur Infrastructure University. In this ceremony top brand specialists, marketing experts, researchers and entrepreneurs of 50 countries were present. It reveals from the observation of Asian Confederation of Businesses that Bangladesh Walton has achieved the unimaginable success in the production of Hi-Tech Products. They have achieved the consumer’s maximum confidence by providing the best quality products and after sales service. As a result Walton brand becomes very popular rapidly. Import dependent Bangladesh now is getting production oriented and self sufficient. Walton products are being exported to different countries meeting the local demands and captured the major market shares. If this trend is continued Walton will be able to place among the topmost brands in the world in future and it is confirmed that Walton will be the genuine representative of Bangladesh in the world market.

 It is to be noted that Walton has been adorned by many national and international awards in the past. On 31st July, 2014 World Brand Congress awarded Walton with the world’s best brand award in recognition of achieving the confidence of consumers.

Mr. Md. Humayun Kabir, Executive Director, Walton said the honorable customers of Walton deserve this award & their spontaneous support is the key to this success. This award has increased our responsibility to a greater extent. Now our vision is to manufacture high standard & hi-tech best quality products with innovative designs to keep up with present time and need. At the same time we have expanded Walton’s market in international arena.

Mr. Firoj Alam, Sr. Deputy Director, Walton said by attending this summit we could be able to evaluate our brand and international capability of our product’s quality. On the other hand, we have received the right evaluation of Walton products in this regard. Market Leadership Award mostly is the return of consumer’s confidence. That’s why this award is the contribution of the innumerable customers of Walton scattered all over the world.

Mainly Walton is manufacturing Refrigerator & Freezer, Air Conditioner, Motorcycles, Electrical Appliances of attractive colors & designs in Bangladesh. Moreover, Walton is marketing Mobile phones, Home & Kitchen appliances and other type of products in a wider range. Walton products are being exported to different countries after meeting local demands. Walton, an ISO Standard factory is manufacturing its best quality products using hi-tech technology and providing acknowledgeable after sales service to its valued customers. (source: press release)

IFIC Bank Disburses Loans to Women Entrepreneurs

IFIC Bank disbursed loans to a group of women entrepreneurs during the “Banker-Women Entrepreneurs Meet and Loan Disbursement Program-2015” held Friday at Cox’s Bazar.

As Chief Guest of the program, Governor of Bangladesh Bank Atiur Rahman handed over the cheque to the women entrepreneurs.

The program was attended, among others, by Deputy Managing Director & CFO of IFIC Bank SM Abdul Hamid and EVP & Head of SME Division TIM Rawshan Zadeed.

Earlier IFIC Bank also disbursed TK 3.5 million to women entrepreneurs in different parts of the country. (source: press release)

NCC Bank Limited opens Baridhara Branch

NCC Bank Limited opened its Baridhara Branch at Gulshan North/East Avenue, Dhaka on Sunday. Chairman of the Bank Md Nurun Newaz Salim formally inaugurated the branch as chief guest.

Managing Director Golam Hafiz Ahmed presided over the function while Vice Chairman A.S.M. Mainuddin Monem, Chairman of the EC Committee S. M. Abu Mohsin, Directors M. A. Awal, Abdus Salam, Khairul Alam Chaklader, Md. Abul Bashar and K. A. M. Haroon attended as special guests. Senior Executive Vice President A. Z. M. Saleh gave the vote of thanks.

Chairman Md. Nurun Newaz Salim in his speech emphasized on extending modern banking facilities to the clients. He also stressed on social responsibility of the Bank and said that the Bank is not only a profit earning organization but also working for social welfare which will continue in future.

Managing Director Golam Hafiz Ahmed in his welcome speech cited various schemes of the Bank and said that NCC Bank is continuing its progress by acquiring satisfaction & trust of the clients. He emphasized on rendering best possible services to the business community of the area and requested the businessmen to avail of the services being offered by the bank. (source: press release)

Mutual Trust Bank (MTB) approves 20% stock dividend

The 15th Extra Ordinary General Meeting (EGM) and 16th Annual General Meeting (AGM) of Mutual Trust Bank Limited (MTB) were held on March 30, 2015 at the International Convention City, Bashundhara, in the capital. MTB Chairman Rashed A Chowdhury, presided over both the meetings. MTB Vice Chairman MA Rouf, JP, Directors Dr. Arif Dowla, Md. Abdul Malek, Md. Wakiluddin, Khwaja Nargis Hossain,Q. A. F. M. Serajul Islam, Independent Directors, Anwarul Amin, Sultan Hafeez Rahman, Managing Director,& CEO Anis A Khan, Additional Managing Director, Md. Hashem Chowdhury and a large number of shareholders also attended the meetings. 

In the EGM, a special resolution was adopted on issuance of BDT 3,000 million coupon bearing non-convertible redeemable Subordinated Bond eligible as Bank’s Tier II capital. The shareholders attending the MTB AGM, approved 20% stock dividend for 2014. At the beginning, the MTB Chairman welcomed all the shareholders who attend the two meetings. In his address, he expressed his gratitude to the valued shareholders for keeping their faith on the board of directors and management, and requested for continued support and encouragement so that the bank can perform better in the future. A number of shareholders spoke at the meeting on the banks performance and raised various queries which were later on responded to by the Managing Director & CEO.

In 2014, MTB earned net profit after tax amounting to BDT962 million which was 67.74% higher than 2013 and the value of earning assets was BDT98,025.82 million. Earnings per share (EPS) grew to BDT3.12 from BDT 1.86. The bank's balance-sheet footing increased by14.95%, as at the end of 2014, compared to the previous year. Deposits grew by 15.09%, Loans and Advances rose by 29.54%. The Capital Adequacy Ratio (CAR) was maintained at 10.77%, compared to the required rate of 10%. MTB has expanded its network to 103 branches, 181 ATMs, 8 Kiosks, 1,900 Point of Sale (POS) devices including SMS and Internet banking and 24/7 Contact Centre till date. (source: press release)

Meghna Bank signs agreement with COAST

Meghna Bank Limited has signed Remittance payment Agreement with Coastal Association for Social Transformation Trust (COAST) at a simple ceremony at Meghna Bank Head Office on March 30, 2015. Under this arrangement 64 branches of COAST Trust will act as Remittance distribution channel of Meghna Bank Limited to facilitate Inward remittance of expatriates Bangladeshis residing abroad.     

Mr. Rezaul Karim Chowdhury, Executive Director of COAST Trust and Mr. A.F. Shabbir Ahmad, SEVP and Head of Operations of Meghna Bank Limited signed the Agreement on behalf of their respective Organizations.  Mr. Mohammed Nurul Amin, Managing Director and CEO of Meghna Bank Limited, Mr. Md. Mohashin Miah, AMD, Mr. Arif Quadri, DMD, Mr. Md. Nazrul Hossain, DMD, Mr. Md. Mojibar Rahman Khan, SVP and Head of Corporate Affairs and other Officials from both organizations were present at the ceremony. 

Dutch-Bangla Bank holds 19th AGM

The 19th Annual General Meeting (AGM) of Dutch-Bangla Bank Limited (DBBL) was held on March 30, 2015 at Pan Pacific Sonargaon Hotel, Dhaka under the Chairmanship of Sayem Ahmed, Chairman, the Board of Directors of the Bank. The honorable Chairman welcomed the honorable Shareholders’ present in the AGM.

The Bank declared Cash Dividend @ 40% (i.e. Taka 4 per share of Taka 10 each). A lot of Shareholders’ participated in the discussion on the overall performance of the Bank in the AGM.

Among others, honorable Directors of the Board including Abedur Rashid Khan (Chairman, Executive Committee of the Board of Directors), Mr. Md. Fakhrul Islam, Mr. Md. Nazim Uddin Bhuiyan, FCMA (Chairman, Audit Committee of the Board of Directors), Mr. Mohd. Khorshed Alam, the Managing Director of the Bank Mr. K. S. Tabrez and Company Secretary Mr. Md. Monirul Alam, FCS participated in the meeting.     Mr. M. Sahabuddin Ahmed, Founder of Dutch-Bangla Bank & Chairman of Dutch-Bangla Bank Foundation was also present at the AGM.

The Audited Financial Statements of the Bank for the year ended December 31, 2014 were placed before the meeting and the members discussed the performance of the Bank. The honorable members expressed their satisfaction with the activities of the Bank during the year 2014.

Total assets of the Bank as at 31 December 2014 stood at Taka 215,993.5 million compared to Taka 185,537.3 million of 2013 registering a growth by Taka 30,456.2 million or 16.4%. Loans and advances of the Bank stood at Taka 124,423.0 million at the end of 2014, a growth of 16.9% over Taka 106,422.8 million at the end of 2013. The deposits grew by Taka 21,532.2 million in 2014 from Taka 145,230.1 million to Taka 166,762.3 million showing a growth of 14.8%.

In 2014, profit before tax increased by 27.4% and stood at Taka 4,518.8 million compared to Taka 3,547.0 million in 2013. Profit after tax increased by 10.3% and stood at Taka 2,206.6 million compared to Taka 2,000.8 million in 2013. During the year under review, earnings per share attributable to shareholders amounted to Taka 11.0 compared to Taka 10.0 during the previous year. Capital Adequacy Ratio (CAR) under Basel II stood at 13.8% against the Bangladesh Bank minimum requirement of 10.0%.

The meeting unanimously reappointed M/s. Hoda Vasi Chowdhury & Co. as the auditor of the Bank for the year 2015.