MTFE Ponzi App Collapses

Mohammad Zahid Hossain has been appointed as the chairman of Bangladesh Krishi Bank. Previously, he served as a principal economist for the South Asia Department at the Asian Development Bank (ADB), where he managed Bangladesh Country Programming and economic analysis.

Bank Asia PLC is offering home finance through its Islamic Banking services at a record-low 10.50% profit rate, with no compounding profit or pre-maturity fees. Salaried applicants need employment documents, while business owners must provide trade and financial records. Additional documents, like agreements with developers or construction approvals, are required based on the purpose.

LafargeHolcim Bangladesh reported a 45% year-on-year profit drop for Q3 2024, with sales declining 2% to Tk 6.27 billion, due to macroeconomic challenges and high inflation impacting the construction sector. EPS fell from Tk 1.38 to Tk 0.76.

Bangladesh Bank will reduce repo auctions to one day per week starting November 1 to enhance monetary policy implementation. The change follows a previous cut from daily to twice weekly, linked to a $4.7 billion IMF loan condition.

Premier Cement Mills PLC returned to profitability with a Tk 74.23 crore profit for FY24, following two years of losses, and announced a 21.5% cash dividend, its highest in nine years. The turnaround, attributed to reduced foreign exchange losses and a new efficient production unit, saw EPS rise to Tk 7.04 from a loss of Tk 7.99 the previous year.

Far East Knitting & Dyeing reported a 3.7% profit increase to Tk 35.87 crore for FY24, with EPS rising to Tk 1.64 and NOCFPS surging to Tk 6.36, driven by stronger cash inflows. The board proposed a 14% cash dividend, the highest in 10 years, reflecting growth in serving major brands like Zara and Mango.