City Bank Signs Agreement with ADN Telecom

Sena Insurance PLC (SIPLC) reported a profit of Tk 3.88 crore for the third quarter of 2024 (July-September), representing a 17% decline compared to the same period last year. The earnings per share (EPS) decreased to Tk 0.97 from Tk 1.18 in the previous year, primarily due to a reduction in business income.

Bangladesh Bank has raised the key policy rate by 50 basis points to 10%, marking the 11th consecutive increase aimed at controlling persistent inflation. This adjustment, effective October 27, places the overnight repo rate above the inflation rate for the first time in years, reflecting the central bank's commitment to a contractionary monetary policy under Governor Ahsan H Mansur.

Over the past decade, nearly 70% of Bangladesh banks' $7.5 billion CSR spending was channeled to the Prime Minister's Relief Fund, shifting focus from social development to state-led initiatives like events and celebrations related to Sheikh Mujibur Rahman.

Prime Bank has teamed up with MetLife Bangladesh to provide comprehensive life and medical insurance for its employees and their dependents. This partnership will protect over 9,600 individuals against medical expenses, accidents, disabilities, and loss of life. The agreement was signed in a ceremony attended by senior officials from both organizations, including Hassan O. Rashid, Managing Director and CEO of Prime Bank, and Ala Ahmad, CEO of MetLife Bangladesh.

Bangladesh Bank has instructed NBFIs to allow a three-month deferral on loan installments for CMSMEs and the agricultural sector in flood-affected areas. Borrowers can postpone payments due between August and October 2024, with their loan tenure extended by three months and no extra fees or penalties imposed. Verification of borrowers' flood-related hardships is required, but they can opt to continue with their original repayment schedule if desired.

IDLC Finance PLC posted a 25.30% profit growth, with net profit reaching Tk 125.4 crore and EPS rising to Tk 3.02 in the first three quarters of 2024. Customer deposits grew 2.30% to Tk 82.32 billion, and the loan portfolio hit Tk 111.7 billion. Operating income rose 11.32%, while expenses increased by only 2.18%. Despite challenges, IDLC achieved a return on equity of 8.65% and maintained a non-performing loan ratio of 4.98%.