Premier Bank Limited has opened its new branch at Ashkona in the city recently.

Abu Haniff Khan, additional managing director of the bank, inaugurated the new branch during a function at its premises on Thursday, said a press release.

Syed Nowsher Ali, senior vice-president (SVP) and head of GSD of the bank, local businessmen and elites were also present on the occasion.

While addressing the function, Abu Haniff Khan urged the residents of Ashkona to be entertained with the Premier Bank’s modern products and services.

                                                                                                                                        News: Daily Sun/Bangladesh/ July-04-2011

The Central Depository Bangladesh Limited (CDBL) has discarded 488,000 beneficiary owners (BO) accounts as the account holders did not pay the annual maintenance fees within the stipulated time.

The deadline for paying maintenance fees expired on June 30 this year as per the direction of the Securities and Exchange Commission (SEC).

An account holder has to pay a fee of Tk 500 per annum as maintenance fee for a single account.

The CDBL closed the accounts which does not hold any share and suspended which contain shares as they failed to pay fees in due time as per the instruction from the SEC, an official of CDBL said.

The suspended accounts will be active again once the account holders pay the fees.

The CDBL on March 18 sent letters to the brokers of twin bourses asking them to collect fees in advanced by June 30, being directed by the market regulator.

More than 3.1 million BO accounts are active under Dhaka and Chittagong stock exchanges as on Sunday, after renewal by June 30 this year, according to CDBL.

A total of 194,000 new BO account has been opened from January June 30 this year.

                                                                                                                                        News: Daily Sun/Bangladesh/ July-04-2011

Rejaul Karim Byron

Most private banks clocked up significant growth in profit in the six months to June despite a fall in contributions from the stockmarket although they claimed a liquidity crisis over the period.

Data from 23 private commercial banks shows that 16 of them logged profit growth ranging between 8 percent and 125 percent. Thirty private commercial banks operate in the country.

Three banks retained the same profit growth, while five profited less than in 2010 but they are still in the positive territory.

In the same period of last year, most banks made profit ranging from 30 percent to 90 percent.

In the final count, the percentage of profit growth may be a little higher or lower, said officials of different banks.

Although banks' earnings from the stockmarket dropped, their growth was led by high imports and credit growth.

The central bank's decision to withdraw the lending rate ceiling helped many banks charge high interest rates, fattening up their coffers in the process.

Shahjahan Bhuiyan, managing director of United Commercial Bank Ltd, said banks have increased both deposit and lending rates. The lending rate rise came into effect immediately, but the new deposit rate was enforced later, which may have contributed to widening the profit margins.

Bhuiyan said the banks whose profit base was smaller last year recorded high profit growth this year.

He however said as banks' profit from the share market fell their operating profit was also lower than last year.

This year's figures are satisfactory compared to the banks' high profit base in 2010, said a banker, asking not to be named.

A senior official of Pubali Bank said the profits of some PCBs may edge down, as the central bank enforced rules against various irregularities strictly.

Last year 47 banks made a total profit of Tk 16,000 crore. Of them, 28 banks made Tk 2,497 crore from the share market.

In the last six months, Social Investment Bank posted the highest profit of Tk 135 crore, up 125 percent from a year ago. Al-Arafah Bank's operating profit rose to Tk 177 crore from Tk 85 crore last year.

Islami Bank logged Tk 650 crore in profits, National Bank Tk 415 crore, Prime Bank Tk 405 crore and South East Bank Tk 325 crore.

UCBL made a profit of Tk 280 crore, while Basic Bank's profit stood at Tk 136 crore. Dutch Bangla Bank earned Tk 245 crore.

IFIC Bank posted a profit of Tk 185 crore, Uttara Bank Tk 170 crore, Shahjalal Bank Tk 156 crore, NCC Bank Tk 201 crore, First Security Bank Tk 78 crore and Dhaka Bank Tk 195 crore.

Bank Asia made a profit of Tk 215 crore, BRAC Bank Tk 230 crore, and AB Bank Tk 200 crore. The three banks earned the same amount in the first six months of 2010.

Five banks saw their profit growth decline between 1 percent and 50 percent.

News: The Daily Star/ Bangladesh/ July-03-2011

Palashbari branch of Sonali Bank Limited has achieved the top position in realizing classified
loan among its branches in the district during the last fiscal year. Official sources said the bank realized a total of Taka 1.11 crore as classified loan out of targeted one crore from the defaulters in last month through conducting two loan recovery camps in the upazila.
Of the total, Taka 70 lakh was realized in the last camp held on June 29 and TK 41 lakh in the first camp on June 09.
The bank took a decision to conduct campaign in the district to recover classified loan from the defaulters of 16 branches here last month to increase its capital.
As per the decision and the directions of the bank, M. Saidur Rahman, manager of the branch conducted the campaign and realized a good amount of classified loan from the defaulters during the month.
It had been possible to collect a huge amount of classified loan from the defaulters in active cooperation of the staff of the bank and Bangladesh Rural Development Board here, said Manager M. Saidur Rahman.

News: The Independent/ Bangladesh/ July-03-2011

BRAC Bank will introduce mobile banking service using cell phone as a tool to extend its services to the doors of the people.

The bank authority has unveiled the initiative at a press conference on the occasion of the bank’s 10th founding anniversary at Dhaka Reporters Unity yesterday, said a press release.

BRAC Bank Managing Director and CEO Syed Mahbubur Rahman, Deputy Managing Director Mohammad Mamdudur Rashid and Head of Corporate Affairs Zeeshan Kingshuk Huq, among others, were present on the occasion.

The bank will provide the banking service using coded VSAT technology platform through Bikash, a joint venture of the bank and US-based Money in Motion, speakers told journalists.

Syed Mahbubur Rahman hopped that the ‘Bikash’ will change the traditional banking process.

“When the mobile baking will be launched the customers will not come to the bank; instead the bank will go to doors of the customers,” he added.

News: Daily Sun/ Bangladesh/ July-03-2011