Eastern Bank Posts 4% Growth in Net Profit

Mercantile Bank Limited has introduced a global debit card service for its customers, marking the 24th anniversary of its operations. The bank's chairman highlighted the bank's achievements and emphasized future action plans, acknowledging the challenges posed by the Covid-19 pandemic and the Ukraine-Russia war.

Eastern Bank Limited (EBL) has extended a Tk1 crore startup loan to ShareTrip, a prominent travel booking site in Bangladesh. This funding initiative is part of EBL's "EBL Startup Explorer" program, which collaborates with Startup Bangladesh, a venture capital company under the Ministry of ICT in Bangladesh, to provide loans to startups. The loan disbursement ceremony took place at EBL's head office in Dhaka, attended by key figures including the Director of Bangladesh Bank, as the chief guest.

A private initiative has successfully established the country's first floating solar power plant in Chapainawabganj Sadar. The power plant, located within a factory's pond, aims to generate electricity while also supporting fish farming. The project, funded by Jools Power Limited, has connected the generated electricity to the national grid.

Lankan Alliance Finance Ltd has officially changed its name to Alliance Finance PLC, following the directive from the central bank. The move comes in response to the recent directive by the Bangladesh Bank, instructing non-bank financial institutions (NBFIs) to adopt the suffix "PLC" (Public Limited Company) instead of "Limited" in their company names.

Heidelberg Cement Bangladesh Limited has achieved remarkable financial results in Q1 of the current financial year 2022-2023. The company's net profit after tax soared by an impressive 39% compared to the previous year.

The IDCOL has financed Bangladesh's first large-scale grid-connected floating solar PV project, with a capacity of 784 kWp. The project utilizes artificial water bodies previously used for fish farming and aims to address land scarcity challenges while diversifying the energy mix and promoting decarbonization.