Dr. Abul Barakat, Chairman of Janata Bank Limited, speaks at the 5th AGM of the Bank at the Bank’s head office in Dhaka.

Janata Bank is looking for Tk 18 billion as operating profit in 2012 after earning Tk15.72 billion in 2011, the 5th Annual General Meeting of the bank revealed the figures Tuesday.

According to the meeting, the Bank in 2011 has also been able to keep classified loan as low as 5.60 per cent.

Among others, Chairman of Janata Bank Ltd Dr. Abul Barakat addressed the AGM held at the Bank’s head office in the city.

Joint Secretary of Banking Division Gokul Chandra Das also attended the function.

Dr. Barakat said the conception that the state-run organisations are not efficient in making profit now proved wrong. “The amount of profit earning of Janata proves that the state-run enterprises are not inefficient.”

He sought policy support from the government to continue business expansion of the country. “The government will not do business but ensure suitable environment for growing businesses.”

The noted economist also thinks that the government needs to have financial solvency which it can attain through the entities like state-run commercial banks.

Dr Barakat, also the President of Bangladesh Economic Association (BEA), said that the state-run banks not only hanker after profit, rather they have to serve social causes. “JBL holds 3rd position in conducting corporate social responsibility (CSR).”

The Bank’s chairman said JBL’s interest-free credit programmes at the areas affected by cyclones Aila and Sidr as well as in Monga-hit regions were very effective.

“Now the government is mulling to include interest-free credit programmes in national policy.

News: Daily Sun/Bangladesh/30-Aug-12

Md Ahsan Ullah, Executive Director of Bangladesh Bank, Muhammed Ali, Managing Director of SIBL, seen at a function at the SIBL’s Corporate Office in Dhaka recently.

Social Islami Bank Limited organized a workshop on ‘Remittance Payment Capabilities and Exchanging Service Standards’ at the Bank’s Corporate Office in Dhaka recently.

Md Ahsan Ullah, Executive Director of Bangladesh Bank, inaugurated the workshop as chief guest, said a press release Wednesday.

Muhammed Ali, Managing Director of the Bank presided over the programme.

News: Daily Sun/Bangladesh/30-Aug-12

Tofael Ahmed, MP, former minister and presidium member of Awami League, addresses a function marking the 37th death anniversary of Bangabandhu Sheikh Mujibur Rahman organised by Bangladesh Krishi Bank (BKB) at the BKB head office in Dhaka recently.

Bangladesh Krishi Bank (BKB) organised a discussion meeting marking the 37th death anniversary and National Mourning Day of Father of the Nation Bangabandhu Sheikh Mujibur Rahman at the Bank’s head office in Dhaka recently.

Tofael Ahmed, MP, former minister and presidium member of Awami League addressed the meeting while Khandker Ibrahim Khaled, Chairman of the Bank presided, said a press release Wednesday.

News: Daily Sun/Bangladesh/30-Aug-12

 MUMBAI: HSBC upgraded Wipro to “overweight” from “neutral”, saying the software services exporter was “competing effectively” for large deals, and adding the company is well positioned to improve sales after its “extensive restructuring.”

“We believe with continued investments in sales and client partners, deal wins will start to improve from 2QFY13 and results in terms of better growth should be visible in 2HFY13,” HSBC said in a note dated on Wednesday.

HSBC also upgraded its target price on the stock to 420 rupees from 380 rupees. Wipro shares were last up 0.1 percent at 363.90 rupees.

News: Daily Sun/Bangladesh/30-Aug-12

The Bangladesh Bank (BB) earned net profit worth Tk 34.8 billion in the immediate-past financial year (FY), according to the financial reports.

The growth in the operating profit was 122 percent over the previous FY, which was Tk 16.64 billion.

The board of directors of the central bank has approved the financial report in its Wednesday’s meeting.

The profit amount includes operating profit on providing services for monetary transfer and services and foreign currency revaluation profit.

According to the BB’s financial report, its total expenditure in the FY12 posted a 15.74 percent growth that stood to Tk 16.46 billion.

News: Daily Sun/Bangladesh/30-Aug-12