NRBC Bank Reports 27% Surge in Profit on Reduced Provisions

Singer Bangladesh Limited reported a 60% decline in net profit for H1 2024, attributing it to rising business costs due to the forex crisis and increased interest rates. Net profit fell to Tk23.59 crore from Tk58.31 crore, with earnings per share at Tk2.37. Sales revenue rose 9% to Tk1,185 crore in H1. In Q2, revenue increased by 10% to Tk785 crore, but net profit dropped 47% to Tk25 crore.

The securities regulator instructed 57 stock brokers and dealers of the Dhaka Stock Exchange to return Tk 4 billion to their core business within three months. The funds had been diverted to real estate, violating the Securities and Exchange Rules 2020. The core business involves trading securities from their own dealer accounts.

"Paperfly", Bangladesh's biggest logistics company, bought back its 82% interest from Indian investor Ecom Express for a price that was not disclosed. This comes after Ecom Express faced problems in the global investment market, pushing them to withdraw from a planned second round of funding.

A five-day internet outage in Bangladesh caused a sharp decline in digital banking transactions, revealing the sector's heavy reliance on stable internet connectivity. Following the launch of 4G and the Covid-19 pandemic, cashless transactions had surged.

Banks and NBFIs have been instructed by the central bank to waive fees and interest on delayed repayments for loans, savings schemes, and credit card bills from July 18 to July 25 due to recent country-wide unrest. This directive aims to support clients who may have missed payments amidst internet shutdowns and curfews.

NRB Bank has launched an offshore banking unit (OBU) with the slogan "Banking Beyond Boundary", inaugurated by chairman Mohammed Mahtabur Rahman at the bank's corporate head office in Dhaka, attended by vice-chairmen Golam Kabir and Mohammed Jamil Iqbal.