IFIC Bank’s Net Profit Surges by 94%

The Dhaka Stock Exchange (DSE) saw a turnover of Tk 296 crore, the lowest in two and a half months, as cautious investors sold shares to avoid further losses, marking a 6.83% decrease from the previous day. The benchmark DSEX index fell by 49.75 points (0.93%) to 5,316, while the DSES and DS30 indices also declined.

The interim government has opted not to proceed with an agreement with US-based Excelerate Energy for a new regasification plant for liquefied natural gas (LNG), following the cancellation of a similar deal with Summit Group for a third floating storage and regasification unit (FSRU).

Dhaka Electric Supply Company Ltd (Desco) reported a loss of Tk 505.7 crore for FY24, its second consecutive year in the red. The loss per share improved to Tk 12.7 from Tk 13.61 in FY23, thanks to higher distribution revenue and lower foreign exchange losses.

United Commercial Bank (UCB) is conducting a forensic audit to investigate the actions of its previous board of directors and management, announced new chairman Sharif Zahir. This audit follows the reconstitution of the bank's board by the Bangladesh Bank on August 27 and the resignation of managing director Arif Quadri.

Excelerate Energy, a US-based company, plans to increase its investments in Bangladesh's energy sector and decarbonization efforts, said CEO Steven Kobos. In a meeting with Chief Adviser Professor Muhammad Yunus, Kobos reaffirmed Excelerate’s commitment to enhancing LNG supply, noting that its two offshore regasification units already provide 34% of the country’s daily gas needs.

In the first three months of the current fiscal year, the Bangladesh government nearly doubled its borrowing from commercial banks, increasing it to Tk47,209 crore from Tk24,474 crore last year, a 93% rise. This spike is primarily due to lower revenue collection and attractive high interest rates on treasury bills and bonds, as demand for private sector loans declines.