Nagad’s Losses Continue to Increase Despite Revenue Surge

Banks are facing a significant increase in provisioning shortfall, reaching Tk 162.98 billion as of March 2023, a surge of over 48% compared to figures from December 2022. The liquidity crunch in the banking industry and forex-market volatility are cited as the primary reasons behind this shortfall, as per banking executives.

Nagad, the fastest-growing mobile financial services (MFS) carrier in Bangladesh, is on track to become a profitable venture by 2025, driven by ongoing investments, technological advancements, customer acquisition, and expanded financial outreach

Indo-Bangla Pharmaceuticals Limited experienced a significant 91.65% decrease in profit, amounting to Tk 11.62 lakh, during the third quarter of the current financial year. In comparison, the company had earned a profit of Tk 1.39 crore in the same quarter of the previous year, 2021-22. The unaudited financial statements reveal that the earnings per share (EPS) for January-March 2022-23 stood at Tk 0.01, as opposed to Tk 0.12 in the corresponding quarter of 2021-22.

Banks in Bangladesh saw a significant increase in default loans during the first three months of 2023, with an accumulation of Tk 10,964 crore. Official figures from the Bangladesh Bank revealed that non-performing loans (NPLs) stood at Tk 131,621 crore as of March 31, 2023.

Active Fine Chemicals Limited experienced a significant decline in profit during the third quarter of the current financial year, with a year-on-year decrease of 50 percent to Tk 47.99 lakh. In comparison, the company's profit in the January-March quarter of 2021-22 was Tk 95.97 lakh. As a result, the earnings per share (EPS) also declined from Tk 0.04 in the third quarter of the previous financial year to Tk 0.02 in January-March of 2022-23, as indicated by the unaudited financial statements.

SMAC IT Limited (SIL) has unveiled its latest product innovation, "ProFund," a cutting-edge provident fund management software. The launch ceremony, attended by industry leaders and finance professionals, showcased the software's advanced features and benefits. ProFund is set to revolutionize the management of provident funds for organizations of all sizes. Developed and marketed by SIL, this software incorporates state-of-the-art technology and industry best practices to streamline and enhance the handling of employee provident funds.