Prime Bank has earned net profit of Tk 61.88 crore on solo basis, which was Tk 99.27 crore in the corresponding period of last year.
The bank has also reported operating profit of Tk 248.16 crore in the first six months of the running year on solo basis, which was Tk 332.47 crore in the same period of last year.
Prime Bank has announced its half yearly financial results of 2020 on August 3 virtually.
The private commercial bank, listed with both Dhaka and Chattogram Stock Exchanges, organized its Earnings Disclosure event which was broadcast live on the bank’s Facebook Page, according to a press release issued today (Friday).
The bank’s Managing Director and CEO Rahel Ahmed and senior management officials presented the half yearly financial results of 2020 and answered questions from the local and foreign investment analysts, capital market experts, financial institution partners and journalists.
The press release said that Bank's operating profit and net profit after tax in H1 2020 witnessed a drop by 25 percent and 38 percent respectively compared to same period of 2019 mainly due to impact of COVID-19 pandemic, a host of COVID-19 regulatory waivers on EMI, interest and fees and interest rate capping.
The bank reported earning per share (EPS) of Tk 0.55 for the half year ended on June 30, 2020 on solo basis which was Tk 0.88 in the corresponding period of 2019.
Its net asset value (NAV) per share on solo basis was Tk 24.21 as on June 30, 2020 which was Tk 22.75 in the same period a year ago.
Commenting on the occasion, Managing Director and CEO Rahel Ahmed, said: “During this critical time, we are more focused on keeping our employees and customers safe, and customers served with essential financial services with safety and convenience to what matters most in their lives. We were one of first responders to chalk out fightback initiative as early as January 2020 when COVID-19 started unfolding and quickly adapted our operations to continue delivering critical services to meet the evolving needs of our customers living to the bank’s long history of standing by the customers in challenging times.”
The bank’s DMD and CFO Mohammad Habibur Rahman Chowdhury; DMD and CRO Md. Touhidul Alam Khan; 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; Head of Treasury SK. Matiur Rahman, Chief Operating Officer Abdul Halim; Head of ICC Mohammad Jashim Uddin and Head of Brand and Communications Nazmul Karim Chowdhury joined the virtual event.
David Hagerbro has been appointed as the head of Ericsson Malaysia, Sri Lanka and Bangladesh units, and global customer unit of Axiata.
Earlier David was the Head of Strategy, Technology, and Government and Industry Relations for Southeast Asia, Oceania, and India.
Nunzio Mirtillo, Head of Ericsson Southeast Asia, Oceania, and India, said “The markets of Malaysia, Sri Lanka, and Bangladesh are key markets for us at Ericsson. David has strong track record of leading and developing Ericsson’s business across this region. I am confident he will deliver on Ericsson’s commitments in these markets.”
David Hagerbro has over 20 years of experience in leadership and technology roles and he joined Ericsson in 2008, said a press release.
Commenting on his appointment, David said, “I look forward to working closely with our customers in the markets, bringing them the latest solutions and technology to support their business success.”
Ericsson’s portfolio spans Networks, Digital Services, Managed Services, and Emerging Business and is designed to help our customers go digital, increase efficiency and find new revenue streams.
Ericsson’s investments in innovation have delivered the benefits of telephony and mobile broadband to billions of people around the world.
Mohammad Hanif Chowdhury has been re-elected as the chairman of the Board of Directors of Republic Insurance Company Limited in its 125th Meeting of Board of Directors.
Besides, SM Shafiul Hoque was elected as Vice Chairman, said a press release.
Chowdhury, a renowned businessman, started his business career in 1980 in the garments sector and later explored his business in Textile sector.
Presently, he is the Group Chairman of Unitex Group and Chairman of Unitex Spinning Ltd (Unit-1 & Unit-2), Unitex Composite Mills Ltd, HS Composite Textile Ltd, Unitex LPG Ltd and Unitex Synthetic Ltd. He is also the founder of Al-Madrasatul Islamia Jamiatul Ulom Bhingrol.
SM Shafiul Hoque is a Sponsor Director of Republic Insurance Company Limited since its establishment. Shafiul is also the Chairman of Bangladesh Garments Manufacturers and Exporters Association BGMEA airport cell Chattagram.
He has served as the Vice President of Chattagram Chamber of Commerce and Industries (CCCI) for the term 2009-2010.
He is the Vice Chairman for Projonmo Chattagram regional board and active member of BSCIC Shilpo Malik Samity Kalurghat in Chattagram.
Islami Bank Bangladesh Limited has inaugurated its Wireless Moor sub-branch under Mouchak Branch in the capital.
Zaman Ara Begum, the director of Padma Islami Life Insurance Ltd and a distinguished academician, inaugurated the sub-branch as chief guest on Monday, said a press release on Wednesday.
Presided over by Md Altaf Hossain, senior executive vice President, head of Dhaka Central Zone, the programme was addressed by Md Aynul Haque, director, SIM Group, Mir Zahangir Alam, director, Intefa and Md Humayun Kabir Humayun, proprietor, Noor Steel Pipes as special guest.
Muhammad Zakir Hussain, senior vice president and head of Mouchak Branch, delivered the welcome speech.
Md Nurnnnobi, in-charge of the sub-branch thanked the audience.
Businesspersons, professionals and social elites were present a the function.
Bangladesh Small and Cottage Industries Corporation (BSCIC) on Tuesday assured that there is no shortage of salt for preserving and processing rawhides of sacrificial animals.
“There’s a stock of 1.16 million MTs salt against the requirement of only 100,000MT for preserving rawhide,” said a press release from BSCIC.
The salt is enough to meet the country’s demand for the next seven to eight months after rawhide is preserved this year.
Meanwhile, salt cultivation will begin in the country only after four months in November.
According to the Department of Livestock Services, the demand for salt was 81,820MT during the last Eid-ul-Azha.
According to the BSCIC press release, 186 registered factories have been producing salt to ensure sufficient supply from eight zones in the country for rawhide preservation and process.
Among those, four factories in Dhaka, 34 in Narayanganj, two in Chandpur, 57 in Chattogram, 34 in Potiya, 35 in Cox’s Bazar, eight in Khulna while 12 salt factories are in Jhalakathi.
The average salt production capacity is about 340,000MT against the country’s demand, the BSCIC release said.
BSCIC has opened a three-tier monitoring system at its offices at salt zones, regional office and central office to ensure smooth salt production and supply during Eid-ul-Azha.
A control room has been opened at the BSCIC central office.
Salt-related information will be available at BSCIC’s hotline numbers- 02-9573505 and 1911838200.
The list of upazila and district based salt dealers and wholesale sellers was prepared in cooperation with respected district administrations, BSCIC release said.
The list will be given to organisations related to salt preserving activities, it said.