BSRM’s Revenue Declines by 27% in FY24

Following the dissolution of its previous board on August 5, 2024, Social Islami Bank PLC, now led by an independent director and chairman, is undergoing significant reforms to address a liquidity crisis and restore stability. The Shariah-based lender has a total deposit of Tk 32,272.45 crore and investments of Tk 37,534.59 crore as of November 17, 2024

Global rating agency Moody’s has downgraded the long-term local and foreign currency deposit ratings of BRAC Bank, Mercantile Bank, and Premier Bank due to Bangladesh's recent sovereign downgrade to B2 on November 18, 2023. This marks the first downgrade in 14 years, reflecting heightened economic risks.

Monno Ceramic Industries Ltd, a prominent tableware manufacturer in Bangladesh, reported a steep 89% drop in profits for the first quarter (July-September) of FY 2024-25. The company’s earnings fell to Tk 30.17 lakh during this period, significantly lower than Tk 2.66 crore recorded in the same quarter of the previous year.

Doreen Power Generations and Systems faced a profit drop of over 17% in Q1 FY 2024-25 due to plant shutdowns and rising operational costs. The company's profit for July-September stood at Tk 26.95 crore, down from Tk 32.52 crore a year earlier. Earnings per share (EPS) fell to Tk 1.48 from Tk 1.80, according to unaudited financial statements released on November 20, 2024.

Bangladesh's steelmakers have presented a five-point demand to the interim government to alleviate challenges plaguing the industry. At a press briefing on November 18, the Bangladesh Steel Manufacturers Association (BSMA) urged for expedited infrastructure projects to mitigate the economic crisis affecting businesses.

The Bangladesh Securities and Exchange Commission (BSEC) has frozen 117 beneficiary owner (BO) accounts allegedly linked to Beximco Ltd’s owners following a request from the Bangladesh Financial Intelligence Unit (BFIU). On November 14, the BSEC instructed the Chittagong Stock Exchange to gather KYC forms and portfolio statements of these accounts within three days.