City Bank's half-yearly profits fall

Posted by BankInfo on Wed, Aug 02 2017 08:06 am

City Bank's net profit fell 5.3 percent year-on-year to nearly Tk 191 crore in the first half of 2017, the first generation lender said yesterday.

The bank's earnings per share went down to Tk 2.18 in January-June from Tk 2.30 in the same period a year earlier.

Sohail RK Hussain, managing director of City Bank, disclosed the performance of the bank at a media briefing at its headquarters in Dhaka.

In the first six months, its loan portfolio grew 15.2 percent and deposits 19.1 percent while trade volume also increased by 20 percent.

City Bank shares have witnessed an upward trend in the last several days, ending at Tk 42.30 yesterday.

In fact, its stocks have remained buoyant since March this year when it received nod to sell 5 percent of its shares to the International Finance Corporation, the private sector lending arm of the World Bank Group.

The IFC bought a City Bank share at Tk 28.3, including Tk 18.3 as premium.

Mahbubur Rahman, chief financial officer of City Bank, gave an overview of the recent financial performance of the lender during the programme.

Most banks have reported higher half-yearly profits this year riding on an increased business activity amid a stable political situation and a boost in investors' confidence.  

News:Daily star/2-Aug-2017

Grameen Bank wants power back to elect borrower-directors

Posted by BankInfo on Wed, Aug 02 2017 07:58 am

The head of Grameen Bank board is seeking changes to the electoral rules of the microcredit lender so it can pick nine directors from the borrowers -- like it did since its inception.

If the changes are approved by the government, the Nobel Peace Prize-winning organisation would get back its power to elect directors -- an exercise that has been taken over by the government in 2014.

Three government-appointed directors are running Grameen Bank since February 2015 after the tenure of the nine elected directors came to an end.

Although the rules for the election of directors were changed in 2014, no election has taken place since.

Subsequently on July 16, Grameen Bank Chairman K Mozammel Haque wrote a letter to Finance Minister AMA Muhith seeking approval to change some of the electoral provisions.

“What I have said in the letter is that Grameen Bank should be allowed to run in the way it was allowed to run in the past,” Haque told The Daily Star yesterday.

He said his proposals sought to appoint one of its officials to oversee the elections of the directors and the directors would be picked through the three-tier elections.

The letter said the proposed changes aim to help solve the current complexity as the new rules are not being applied.

If the proposed amendments to the provisions are approved, the election of the directors could be organised in the quickest possible time, it said. 

“This will ensure formation of the full board. At the same time, this will diminish the importance of the ongoing case in courts.”

The GB board is a 12-member body. Nine board members are directly elected by shareholders and borrowers of the bank, while the rest, including the chairman, are nominated by the government.

When the electoral rules were framed in April 2014, it gave the central bank the task to form a three-member commission to elect the nine directors.

The rules stipulated that the election has to be held within six months after it comes into effect.

But the central bank objected to the additional responsibility.

Later, the banking division of the finance ministry amended the rules in October 2014, saying the government itself would form a three-member committee to elect the directors.

The rules said the committee will have two deputy managing directors, one from a state-owned commercial bank and another from Palli Karma-Sahayak Foundation. A former district judge will serve as the chief election commissioner.

The amended rule also changed the timeframe for electing the board of directors: it gave 12 months from the date of formation of the election commission as opposed to six months from the activation of the rules.

But still the election has not taken place.

Meanwhile, the nine elected directors demanded that their directorship in the board had remained intact as the election schedule was not announced and the election did not take place as per the new rules. They filed a writ petition in court in 2015.

The case is under trial, said the Grameen Bank chairman in the letter.

Haque's letter said many important tasks remain stuck at a financial organisation if there is an absence of a full board for a long time. This disrupts the running of all activities in a disciplined way.

If the changes are approved, the election of the directors would take place like in the past, according to a senior official of Grameen Bank.

“It would be good for the bank if the election is held,” he said, seeking anonymity as he is not authorised to make comments on issues relating to the board.

As per the previous rule, the Grameen Bank board picked an official of the bank to conduct the elections.

News:Daily star/2-Aug-2017

Modhumoti Bank opens Digital Point in Gazipur

Posted by BankInfo on Wed, Aug 02 2017 07:38 am

Modhumoti Bank Managing Director and CEO Md Shafiul Azam inaugurates the Modhumoti digital points at Sreepur in Gazipur on Tuesday.

Modhumoti Bank opened ‘Modhumoti Digital Banking’ at Mawna, Barmi, Telihati, Kaoraid and Gazipur UDC agent points on Tuesday.

The launching ceremony was held at Sreepur Upazila Parishad auditorium in Gazipur, said a press release.

Md Shafiul Azam, Managing Director and CEO of Modhumoti Bank Limited inaugurated the Modhumoti digital points as chief guest, said a press release.

Rahana Akter, Upazila Nirbahi Officer, Sreepur, Gazipur presided over the ceremony.

Alhaj Abdul Jalil, Chairman of Sreepur Upazila Parishad, Md. Shaheen Howlader, Head of SME and Retail Banking Division of Modhumoti Bank Limited, Moklesur Rahman, Senior Vice President, Agent Banking Division, local UP Chairman’s and elites were present as special guests.

 Modhumoti Bank took the initiative of agent banking through signing an agreement with the program Access to Information (a2i) of Prime Minister's Office, where the entrepreneurs of Union Digital Center (UDC) shall be the agent of the bank.

News:Daily sun/2-Aug-2017

StanChart signs deal with BSH

Posted by BankInfo on Wed, Aug 02 2017 07:31 am

Standard Chartered Bank Head of Retail Products and Segments Makam E Mahmud Billah and Bangladesh Specialized Hospital Managing Director MA Kabir exchange documents after signing an agreement at the bank’s head office at Gulshan in the city recently.

Standard Chartered Bank and Bangladesh Specialized Hospital Limited (BSH) signed a Memorandum of Understanding (MoU) at the bank’s head office at Gulshan in the city recently.
Under the MoU, Bangladesh Specialized Hospital will offer discounts on pathological and radiological tests to all Standard Chartered cardholders, said a press release.
 Apart from that, all Standard Chartered credit cardholders will also enjoy 0 percent InstaBuys (EMI) facilities with up to 12 months tenure.
Makam E Mahmud Billah, Head, Retail Products and Segments, Lutful Habib, Head, Client Acquisition, Razimul Haque, Director, Rewards and Alliances, Standard Chartered Bank and MA Kabir, Managing Director, Dr. Ahmed Zahid Hossain, Director (operation), Bangladesh Specialized Hospital were present on the occasion.

News:Daily sun/2-Aug-2017

Standard Bank opens haj booth at Ashkona

Posted by BankInfo on Wed, Aug 02 2017 07:21 am

Standard Bank Deputy Managing Director Md Motaleb Hossain inaugurates a Haj booth at Haj Camp at Ashkona in the capital on Sunday.

Standard Bank Limited inaugurated its Haj Booth at Haj Camp, Ashkona, Dhaka on Sunday.
Deputy Managing Director of the Bank Md. Motaleb Hossain formally inaugurated the Haj Booth, said a press release.
 SBL distributed umbrella, prayer mat, waist belt and mina bag among 1,500 Haji.
Sharif Zahirul Islam, Head of Cards and Mejba Uddin Ahmed, Public Relations Officer of SBL were present on the occasion.

News:Daily sun/2-Aug-2017
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