First Security Islami Bank Posts Tk 31 Crore Loss in Q3

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.

Bangladesh Bank (BB) has raised the foreign currency endorsement limit at money exchange houses for travelers to $2,000, doubling the previous cap of $1,000. The new policy, announced on November 19, 2024, aims to ease currency access for Bangladeshis traveling abroad. A senior BB official stated that travelers could now purchase up to $2,000 in cash from money changers, increasing convenience.

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.

Md Jashim Uddin has been appointed as the Managing Director and CEO of Bangladesh Development Bank PLC, effective November 20, 2024. Before this role, he served as Deputy Managing Director at Janata Bank PLC, where he began his banking career in 1988 as a senior officer. Over the years, he held several key positions, including branch manager, zonal head, divisional office head, and general manager of various departments

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.