BGIC Net Profit Drops 20% in 2022

Heidelberg Cement Bangladesh Limited, a leading multinational in the cement sector, reported an increase in net profit after tax for the first quarter of fiscal year 2024 compared to the previous year, attributed to higher selling prices per ton and reduced production costs. Sales amounted to Tk 480.70 crore, down from Tk 567.88 crore in the same period last fiscal year, while production costs decreased

Matin Spinning Mills experienced a remarkable surge in profit, jumping by 790 percent year-on-year to Tk 9.55 crore in the January-March quarter, with earnings per share (EPS) climbing to Tk 0.98 from Tk 0.11 in the same period last year. However, the company's performance over the first nine months of the financial year showed a different trend, as EPS for the July 2023-March 2024 period declined to Tk 1.56

Prime Bank PLC posted a notable profit of Tk 131.34 crore in the January-March quarter of the current financial year, marking a 26 percent increase from Tk 104.17 crore in the same period of 2022-23. This growth led to consolidated earnings per share (EPS) of Tk 1.16 in Q3 of 2023-24, compared to Tk 0.92 in the corresponding quarter of FY23, driven by increased income from net interest and investment, as reported

Idex Biometrics is extending its reach in Asia by supplying fingerprint biometric technology for payment cards to Mutual Trust Bank (MTB) in Bangladesh. The cards, based on Idex Pay solution, aim to attract new customers and enhance card usage among existing ones, fostering financial empowerment in Bangladesh.

Prof MA Baqui Khalily, a renowned academician and economist, has been elected as the chairman of the board audit committee of Bank Asia PLC. He also serves as an independent director of the bank. With a distinguished career spanning over 37 years, Prof Khalily previously taught at the University of Dhaka's Department of Finance and held administrative roles including Acting Vice-Chancellor at Presidency University. He earned his degrees from the University of Dhaka and Ohio State University, specializing in Finance and Development. Prof Khalily's expertise and experience make him a valuable addition to Bank Asia PLC's leadership team. Currently, he serves as Professor and Dean of the School of Business at the University of Asia Pacific.

The High Court has temporarily halted the appointment of an administration by IDRA at Sonali Life Insurance Company, responding to a writ petition filed by the insurance company. This decision comes after an audit conducted by IDRA, based on a report submitted by former CEO Rashed Bin Aman, which led to allegations of corruption, forgery, and ethical misconduct.