Nov 23
Daily News Head Line
Nonperforming loans on the rise PDF Print E-mail

Nonperforming loans in the banking sector are on the rise this year on the back of increasing tendency of habitual defaulters to file writ petitions, which stall the loan recovery process.

At the end of last year, the sector's NPL ratio stood at 9.23 percent, which crept up to 10.53 percent at the end of March.

The ratio dipped to 10.13 percent over the following three months, only for it to shoot up to 10.67 percent at the end of September.

BB data shows the defaulted loans increased by Tk 6,159 crore to Tk 80,307 crore in September compared to the figure a quarter ago.

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Ailing Farmers Bank gets Tk 96cr from BB PDF Print E-mail

Cash-strapped Farmers Bank yesterday got a shot in the arm after the Bangladesh Bank agreed to provide short-term loan amounting to Tk 96 crore by way of repo to meet its instant liquidity demands.

Repo is a short-term loan from the central bank of a country to a commercial bank in the event of any shortfall of funds. A bank has to count 6.75 percent interest if it takes loans through the repo from the Bangladesh Bank.

The last time the instrument was used by the Bangladesh Bank was back in August 8 last year, when a bank took out a loan for Tk 47.50 crore.

“Farmers Bank had to take the loan because of acute liquidity crunch,” said a BB official. For instance, on Monday, the bank had just Tk 65 lakh in its current account with the central bank, according to BB.

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Western Marine to spend Tk 500cr on expansion PDF Print E-mail

Western Marine Shipyard, the leading shipbuilder of Bangladesh, has decided to invest Tk 500 crore in expansion.

The board of directors of the company approved the shipbuilder's expansion plan to build special types of vessels, according to a disclosure posted on the Dhaka Stock Exchange website yesterday.

Md Sakhawat Hossain, managing director of the shipbuilder, told The Daily Star that the company would issue rights shares to raise a portion of the funds to be invested.

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164 businesses get CIP cards PDF Print E-mail

The government yesterday honoured 131 exporters with CIP (commercially important person) cards for their extraordinary performance in 2014.

The commerce ministry and the Export Promotion Bureau also awarded CIP cards to 33 business-persons from different business chambers and trade bodies under the ex-officio category.

Commerce Minister Tofail Ahmed handed the CIP cards at a ceremony held at the Pan Pacific Sonargaon Hotel in Dhaka.

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Banglalink's revenue falls 4.57pc in Q3 PDF Print E-mail

Banglalink's revenue in the third quarter of the year declined 4.57 percent to Tk 1,170 crore -- the lowest in nine quarters -- due to stiff competition and the growing tendency among subscribers to use multiple connections.

But it was not disclosed if the operator made any profit during the quarter in the financial report released by its parent company Veon on Thursday.

Banglalink's data revenue rose 28 percent to Tk 170 crore in the third quarter of the year on the back of acceleration of active data customer growth of 17.1 percent year-on-year.

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