The 12th branch of NRBCB (NRB Commercial Bank Limited) was inaugurated at Agnagar, Keranigonj, Dhaka on Thursday.

Mohammed Manjurul Islam, Director of the bank inaugurated the branch, said a press release.

Md Adnan Imam, Chairman, Audit Committee, Dr. Nuran Nabi, Director, Syed Shahjahan, Alternate Director, A M Saidur Rahman among others were present on the occasion.

WASHINGTON: The World Bank yesterday projected an economic growth rate of 5.7 per cent in fiscal year 2014 for India on the back of a more competitive exchange rate and many large investments going forward.

“The region’s largest economy, India, would see growth rise to 5.7 per cent in fiscal year 2014 from 4.8 per cent last fiscal year with activity receiving a boost from a more competitive exchange rate and many large investment projects going ahead,” the World Bank said in its latest edition of ‘South Asia Economic Focus’.

Another multilateral agency IMF had Tuesday forecast that Indian economy would recover from 4.4 per cent growth in 2013 to 5.4 per cent in 2014. The estimate triggered a rally on Indian bourses, with BSE benchmark Sensex surging close to 360 points to all-time closing high of 22,702.34.

The Indian rupee, which plunged to all-time low of 68.85 in August last year, has since then recovered to trade in 60-levels against the US dollar. —PTI

 Mutual Trust Bank Limited (MTB) has approved 10 percent stock dividend for its shareholders for the year 2013.

The announcement came at the 15th Annual General Meeting (AGM) of the bank held at the Bashundhara Convention Center 2 in the city on Thursday.

Rashed A. Chowdhury, Chairman of the bank presided over the meeting.

The AGM approved stock dividend for the shareholders.

Syed Manzur Elahi, Founding Chairman, M. A. Rouf JP, Vice Chairman, Dr. Arif Dowla, Hedayetullah, Md. Abdul Malek, Md. Wakiluddin, Khwaja Nargis Hossain, QAFM Serajul Islam, Directors, Anwarul Amin, Sultan Hafeez Rahman, Independent Directors, Anis A. Khan, Managing Director and CEO, Quamrul Islam Chowdhury, Deputy Managing Director and Company Secretary and a large number of shareholders attended the meeting.

MTB Chairman hailed the shareholders for attending the AGM and thanked all including shareholders, customers, patrons, well-wishers, regulators, directors and staff for their support extended during the year.

In 2013, MTB earned net profit after tax amounting to Tk 573 million which was 74.84 percent higher than 2012 and the value of earning asset was Tk 85,323.09 million. The bank’s earning per share (EPS) grew to Tk 2.05 from Tk 1.17.

 BRAC Bank Limited has announced 10 percent cash and 10 percent stock dividends (bonus shares) for its shareholders for the year 2013.

The announcement came at the bank’s 15th Annual General Meeting (AGM) held at BRAC-CDM at Savar in Dhaka on Thursday.

Chaired by Sir Fazle Hasan Abed, Chairman of BRAC Bank Limited, the meeting was attended, among others, by Directors Muhammad A. (Rumee) Ali, Shib Narayan Kairy, Tamara Hasan Abed, Dr. Hafiz G. A. Siddiqi, Zahida Ispahani, Managing Director and CEO Syed Mahbubur Rahman and Company Secretary Rais Uddin Ahmad.

Chairman of the bank informed the shareholders at the AGM that the bank earned Tk 5,925 million operating profit and Tk 1,246 million profit-after-tax during the year 2013.

Addressing the AGM, the bank’s Chairman expressed his gratitude to the shareholders, stakeholders and management for their continuous support to the company.

A large number of shareholders also attended the AGM. 

 ONE Bank will arrange syndicated finance worth Tk 2110 million for financing Argon Spinning Limited for setting up a specialized spinning mill.

M. Fakhrul Alam, Managing Director of ONE Bank Limited, and Anwar-ul Alam Chowdhury, Managing Director of Argon Spinning Limited signed the agreement on behalf of their respective sides in the city recently.

Other senior officials of both organizations were present on the occasion.

ONE Bank, a leading commercial bank of the country, being equipped with an experienced syndication unit has so far led a number of syndicated financing for the country’s leading business groups like BSRM, MI Cement, PRAN, Sinha, Sunman, Aman, Alltex and Northeast Medical.

Evince Group, a fastest growing business conglomerate of the country having concentration in textile and clothing has undertaken a specialized spinning mill at Hobigonj in the name of Argon Spinning Limited, mainly to meet its captive yarn requirement.

In this connection, they have mandated ONE Bank to act as Lead Arranger, Facility Agent and Security Agent of the proposed syndicated finance of Tk 2110 million for the project.

The project is expected to come into commercial operation by September 2015.