Prime Bank Limited has earned a net profit of Tk 51 crore in the first quarter (Q1) of 2020 on solo basis, registering a growth of 18 percent over the corresponding period of 2019.
The bank also made an operating profit of Tk 162 crore in Q1 2020 on solo basis which was Tk 139 crore in the same period of last year, registering a growth of 17 percent.
The bank reported EPS of Tk 0.45 for the quarter ended on March 31, 2020 on solo basis which was Tk 0.38 in the corresponding period of 2019.
Its net asset value (NAV) per share on solo basis was Tk 24.11 during January-March 2020 which was Tk 23.50 in the same period a year ago.
The bank’s net operating cash flow per share (NOCFPS) on solo basis stood at Tk 2.17 on March 31, 2020 which was Tk 1.74 in the corresponding period of 2019.
The private commercial bank, listed with both Dhaka and Chattogram stock exchanges, organized its Earnings Disclosure on Thursday which was broadcast live on the bank’s Facebook Page and YouTube Channel.
In view of the COVID-19 outbreak, the bank conducted the event through Zoom Webinar webcast to maintain social distancing, according to a press release.
The bank’s Managing Director and CEO Rahel Ahmed and senior management officials presented the financial results of the first quarter of 2020 and answered questions from the local and foreign investment analysts, capital market experts, financial institution partners and journalists.
Managing Director and CEO Rahel Ahmed said that Prime Bank has fared reasonably well in the first quarter of 2020 against the backdrop of COVID-19 pandemic that slowed down business and economic activities.
"At the time of crisis, we have put highest priority on health safety and wellbeing of our employees, customers and community.”
He said that the Bank is running our branches with minimum staff and allowing staff to avail work from home in care of their safety and wellbeing.
"However, we in no way will compromise on our services to the valued customers," he added.
"We are confident to regain business momentum once the crisis in over” he added.
DMD and CFO Mohammad Habibur Rahman Chowdhury; DMD and CBO Faisal Rahman; Head of Consumer Banking ANM Mahfuz; Head of MSME Banking Syed M. Omar Tayub; Head of TB, SFD and ID Shams Abdullah Muhaimin; COO Abdul Halim; Head of Treasury SK. Matiur Rahman, Head of ICC Mohammad Jashim Uddin and Head of Brand & Communications Nazmul Karim Chowdhury joined the event.
Bangladesh Garment Manufacturers and Exporters Association (BGMEA), in association with Diabetic Association of Bangladesh (DAB), has recently taken initiatives to establish some technologically advanced labs with PCR (Polymerase Chain Reaction) machines required to test for COVID-19 in Chandra, Tongi and Narayanganj.
As these labs are going to be technologically advanced, these will be able to proficiently perform a significantly higher amount of tests and provide adequate reports in great proportions, the organization expects.
Among these labs, the first one at Chandra will be the most advanced one, - the organization said via a press release on Thursday.
Banglalink is going to introduce the largest online stay-home-concert ever held in the country on its digital entertainment platform ‘Toffee’.
Staying safely at home, music lovers will be able to enjoy four hours of non-stop musical performances by eleven popular singers and seven top musicians from different genres and bands, said a press release.
Bappa, Elita, Dora, Adit, Topu, Pritom, Zohad, Towfique, Lincoln, Tashfee, Rafa and the seven musicians will be performing live on ‘Toffee’ from 7 pm Friday.
Any Android phone and TV user can enjoy the stay-home-concert for free bydownloading ‘Toffee’ from Google Play Store or https://toffeelive.page.link/V9uh.
The app is free for all users.
Dhaka Chamber of Commerce & Industry (DCCI) has opened a separate ‘SME Development Department’ operating from June 1 to facilitate its members of cottage, micro, small and medium enterprises sector.
DCCI is relentlessly works for the development of cottage, micro, small and medium enterprises for more than six decades, said a press release.
“The contribution of cottage, micro, small and medium enterprises (CMSMEs) to our overall economy is undeniable. Amid coronavirus pandemic, the government of Bangladesh has already announced stimulus packages for the development of affected CMSMEs. But there may be a few affected small entrepreneurs who might be deprived of getting this stimulus fund due to lack of completing proper documentation processes. Considering the issue, DCCI will guide its CMSME members through this department by providing necessary information to prepare proper documentation processes needed for getting stimulus from banks including other related advisory services,” said the release.
PRAN is continuing to provide support to its contract farmers amid corona outbreak so that they do not face any obstacle to sell their produce.
As part of the initiative, country’s leading agro processor is collecting mung bean from its contractual farmers of different district directly maintaining necessary safety, said a press release.
This year, PRAN is collecting mung bean from Natore, Bhola, Patuakhali and Barguna for manufacturing PRAN fried mung dal, PRAN mung dal, dal mix and PRAN Haleem Mix.
The company sets target to collect 5 thousands metric ton mung dal for this season.
The collection has started from May and will continue till first week of July.