Bizdata Insights Main Logo

BizData Insights

IFIC Bank’s Net Profit Surges by 94%

Industry: Bank, Financial
Company: IFIC Bank Ltd.
Company Intelligence Tag: Business Insights

IFIC Bank, a leading financial institution in Bangladesh, reported a 94% rise in net profit for the first quarter of 2023, largely driven by the strong earnings of its subsidiary companies. The bank’s earnings per share during the quarter were Tk0.35, up from Tk0.18 in the same period last year. In a statement filed with the stock exchanges, the company credited the performance of one of its subsidiaries for the significant increase in profits.

Source for more details:

Related News

MTB Seeks Bangladesh Bank Approval for Land Acquisition

June 13, 2024

Mutual Trust Bank (MTB)  plans to acquire three bighas (60 khata) of land in Beraid, Dhaka, for constructing its own head office. The bank has applied to Bangladesh Bank for necessary approvals. Financially, MTB reported a consolidated earnings per share (EPS) of Tk 2.91 for the fiscal year 2023, marking a 20.75% increase from the previous year's revised figure of Tk 2.41. The bank's consolidated net asset value per share (NAVPS) stood at Tk 24.52 as of December 31, 2023, up from Tk 21.70 (revalued) in the prior year. MTB distributed a 10% cash dividend for the year, continuing its dividend payout tradition.

NRBC Bank’s AGM Deferred by High Court Decision

June 13, 2024

The High Court has postponed NRBC Bank's annual general meeting following a writ petition alleging irregularities. The court also instructed the Bangladesh Securities Exchange Commission (BSEC) to explain why its senior officials should not oversee the AGM to ensure transparency.

Number of Tk1 Crore Bank Accounts Decreases by 1,018

June 13, 2024

The number of bank accounts with at least Tk1 crore dropped by 1,018 in the first quarter of 2024, driven by high inflation and the dollar crisis, which increased production costs and reduced business deposits. According to Bangladesh Bank, deposits in these accounts decreased by Tk1,316 crore to Tk740,150 crore by the end of March.

Bangladesh Bank Allows Officials to Attend Foreign Business Meetings

June 13, 2024

The Bangladesh Bank has eased travel restrictions for bank officials, allowing them to attend crucial business meetings abroad with foreign banks, provided they secure permission from their bank authorities. This marks a slight relaxation of the 2022 policy aimed at reducing dollar spending, which had banned bank-funded foreign travel for training, seminars, workshops, and study tours, while permitting travel for medical treatment, hajj, and fully sponsored professional engagements by foreign agencies.

Islamic Banks Issue Loans 9.5 Times Greater Than Monthly Deposits

June 13, 2024

Bangladesh's fully Shariah-compliant banks disbursed loans amounting to 9.5 times the deposits received in a single month, triggering liquidity issues, as per a Bangladesh Bank report. The ten Islamic banks, including Islami Bank Bangladesh and Social Islami Bank Limited, saw a deposit increase of Tk 449 crore in March, while loans surged by Tk 4,302 crore.

Prime Bank Forms Climate Resilience Partnership

June 13, 2024

Prime Bank PLC has signed a memorandum of understanding (MoU) with the British Asian Trust and SAJIDA Foundation at its Gulshan corporate office. This partnership allows Prime Bank to provide funding to support agricultural innovations in Bangladesh that enhance climate resilience.

Related News

MTB Seeks Bangladesh Bank Approval for Land Acquisition

June 13, 2024

Mutual Trust Bank (MTB)  plans to acquire three bighas (60 khata) of land in Beraid, Dhaka, for constructing its own head office. The bank has applied to Bangladesh Bank for necessary approvals. Financially, MTB reported a consolidated earnings per share (EPS) of Tk 2.91 for the fiscal year 2023, marking a 20.75% increase from the previous year's revised figure of Tk 2.41. The bank's consolidated net asset value per share (NAVPS) stood at Tk 24.52 as of December 31, 2023, up from Tk 21.70 (revalued) in the prior year. MTB distributed a 10% cash dividend for the year, continuing its dividend payout tradition.

NRBC Bank’s AGM Deferred by High Court Decision

June 13, 2024

The High Court has postponed NRBC Bank's annual general meeting following a writ petition alleging irregularities. The court also instructed the Bangladesh Securities Exchange Commission (BSEC) to explain why its senior officials should not oversee the AGM to ensure transparency.

Number of Tk1 Crore Bank Accounts Decreases by 1,018

June 13, 2024

The number of bank accounts with at least Tk1 crore dropped by 1,018 in the first quarter of 2024, driven by high inflation and the dollar crisis, which increased production costs and reduced business deposits. According to Bangladesh Bank, deposits in these accounts decreased by Tk1,316 crore to Tk740,150 crore by the end of March.

Bangladesh Bank Allows Officials to Attend Foreign Business Meetings

June 13, 2024

The Bangladesh Bank has eased travel restrictions for bank officials, allowing them to attend crucial business meetings abroad with foreign banks, provided they secure permission from their bank authorities. This marks a slight relaxation of the 2022 policy aimed at reducing dollar spending, which had banned bank-funded foreign travel for training, seminars, workshops, and study tours, while permitting travel for medical treatment, hajj, and fully sponsored professional engagements by foreign agencies.

Islamic Banks Issue Loans 9.5 Times Greater Than Monthly Deposits

June 13, 2024

Bangladesh's fully Shariah-compliant banks disbursed loans amounting to 9.5 times the deposits received in a single month, triggering liquidity issues, as per a Bangladesh Bank report. The ten Islamic banks, including Islami Bank Bangladesh and Social Islami Bank Limited, saw a deposit increase of Tk 449 crore in March, while loans surged by Tk 4,302 crore.

Prime Bank Forms Climate Resilience Partnership

June 13, 2024

Prime Bank PLC has signed a memorandum of understanding (MoU) with the British Asian Trust and SAJIDA Foundation at its Gulshan corporate office. This partnership allows Prime Bank to provide funding to support agricultural innovations in Bangladesh that enhance climate resilience.

BUSINESSMONITOR

Connect with


Dont Have Account? Please register Here