Provati Insurance Company reported a fall in net profit for the year ending in December 2022. The Bangladeshi non-life insurer registered a 41% lower profit compared to the previous year. The company’s net profit dropped to Tk 10.16 crore ($1.2m) in 2022 from Tk 17.33 crore in 2021, according to a disclosure filed with the Dhaka Stock Exchange. The insurer reported a decline of 39% in the first quarter of 2023 on a year-on-year basis. The company’s shares remained unchanged at Tk 58.59 per share on the DSE trading board. Meanwhile, the Finance Division officials are forecasting an increase in power sector subsidies from Tk11,509 crore to Tk31,008 crore in FY22 and a potential increase to Tk40,000 crore in the current fiscal 2023. Agricultural subsidies in the country rose from Tk9,550 crore to Tk28,000 crore last year, and it is forecast to increase to Tk46,000 crore this fiscal year.
Provati Insurance profit fall by 41%
Industry: Financial, Insurance
Company Intelligence Tag: Business Insights
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