State-owned and listed Eastern Lubricants Blenders PLC has partnered with the authorised Bangladeshi distributor of US-based Ergon transformer oil as part of its strategy to diversify into higher-value speciality products.

According to a price-sensitive information (PSI) disclosure today (11 July), Eastern Lubricant signed a one-year agreement on 9 July with Premier Petroleum Products & Lubricants Limited (PPPLL), Ergon's authorised distributor in Bangladesh.

Under the agreement, the two companies will jointly market, sell and distribute Ergon-brand transformer oil to government organisations across the country.
The company's share price rose 0.94% to Tk1,889 on the Dhaka Stock Exchange on Saturday.

Transformer oil is a specialised insulating and cooling oil used in electrical transformers to dissipate heat and provide electrical insulation, helping improve the safety, efficiency and lifespan of transformers. It is widely used in power generation, transmission and distribution systems.

The company said the partnership would enable it to supply internationally recognised transformer oil to government institutions, strengthen its position in Bangladesh's specialised lubricant market, and support its broader expansion strategy.

A subsidiary of the Bangladesh Petroleum Corporation (BPC), Eastern Lubricants is the country's only state-owned lubricant manufacturer, producing, blending, marketing and distributing automotive, industrial, marine and specialised lubricants.

The company has been seeking to diversify beyond conventional lubricants in recent years. Industry observers view the Ergon partnership as a significant step towards that goal.

Market analysts said demand for transformer oil is expected to grow steadily as Bangladesh expands its electricity transmission and distribution network. Major public utilities, including the Bangladesh Power Development Board, Power Grid Bangladesh PLC, Bangladesh Rural Electrification Board and power distribution companies, require transformer oil to operate and maintain electrical equipment. Securing supply contracts with these organisations could support the company's revenue and long-term growth.

The company, however, did not disclose the agreement's financial value, expected sales volume or potential impact on earnings.

Earnings rise, cash flow weakens

Easter Lubricant also reported stronger financial performance for the first nine months of the current fiscal year.Earnings per share (EPS) rose to Tk28.64 in the July 2025-March 2026 period from Tk17.28 (restated) a year earlier. For the January-March quarter alone, EPS increased to Tk15.61 from Tk6.62 (restated).

Net operating cash flow per share (NOCFPS), however, fell to Tk34.77 from Tk57.68, which the company attributed to higher accounts receivable and increased cash payments to suppliers for product purchases.

Meanwhile, net asset value (NAV) per share rose to Tk162.91 as of 31 March 2026 from Tk139.60 (restated) as of 30 June 2025.According to the company, higher base oil sales and increased non-operating income drove the improvement in earnings during the reporting period.

The share price of Emerald Oil Industries surged by the maximum daily limit, jumping 9.62% on the Dhaka Stock Exchange (DSE) following the announcement that it is preparing to resume production at its factory, which has been shuttered for over two years.

Its factory remained shuttered down since 1 January 2024 due unavailability of gas. It also turned non-compliant as it stopped disclosing its quarterly and annual financials in January 2023.

It had published its half-yearly financials for FY23, and since then investors remained in the dark about the company.

In a disclosure today (8 July), in a bid to reverse its fortunes, Emerald Oil said its board authorised management to resume factory operations as well as repair and maintenance to return to operation."

"The company has also informed that as per decision of the management, it has already procured a new boiler machine, new transformer, electric power substation and the installation of these machines are under process."

"Moreover, the company is also repairing the refinery unit. The total amount of procurement and maintenance is worth Tk10 crore approximately," it said.

With the disclosure about resuming operation, driven by investor optimism, the stock jumped 9.62% to close at Tk26.20 apiece on the DSE.

Market data showed massive trading volume, with 7.62 lakh shares changing hands, generating a total turnover of Tk1.99 crore.

The prolonged operational freeze and reporting lapse led the DSE to downgrade Emerald Oil to the Z category on 2 December 2025, after operations had remained halted for over six consecutive months.

According to its financial data, it had made a profit of Tk6.60 crore in FY23, and paid a 10% cash dividend to its shareholders.

After a hiatus of four years, Emerald Oil had returned to full-fledged production thanks to fresh investment in January 2022 under new owners.

The investment, which came from Minori Bangladesh, a subsidiary of Japanese farming company Minori Co Limited, had brought hope among the shareholders, who are now hoping to get good returns from their investments.

With its signature product – the rice bran edible oil, branded as Spondon, Emerald Oil had been a profitable firm until 2016.

The following year, when a loan scam of its founder came to light, the company started losing business and operation was halted due to a shortage of working capital.

Facing corruption charges, the founder fled the country and it was the shareholders who suffered the effects of a share price drop.

The Bangladesh Securities and Exchange Commission (BSEC), as a part of its drive to resurrect the listed sick companies, in January 2021, dissolved the board and reconstructed it by appointing five independent directors.

As per the agreement, Minori Bangladesh owns 30% shares from the company's directors and sponsors.

Emerald Oil, incorporated in 2008, began production of its Spondon-branded rice bran oil in 2011 and entered the bourses in 2014.

The company raised Tk20 crore issuing two crore general shares at a face value of Tk10.

But, in a few years, it melted down both in its business and in the stock market as soon as the founder's loan scams unfolded.

Beximco Pharmaceuticals PLC reported a 13.1 percent year-on-year growth in its revenue in the first nine months of the 2025-26 financial year, outpacing its peers, according to an earnings update released by BRAC EPL Stock Brokerage yesterday.

The company recorded Tk 4,142 crore in net revenue during the July-March period of the 2025-26 financial year, up from Tk 3,662 crore a year earlier.

BRAC EPL Stock Brokerage Ltd said Square Pharma recorded a 12.5 percent year-on-year growth in revenue, while Renata posted more than 6.5 percent year-on-year growth in sales during the period.

"Domestic sales remained the primary growth driver, expanding 14.4 percent year-on-year. Export revenue grew a modest 1.2 percent in this financial year from a year ago," said the firm in the update.

Beximco Pharma was able to contain its cost of goods sold, which increased by 6.5 percent year-on-year.

BRAC EPL Stock Brokerage said this provided significant operating leverage to the company.

Beximco Pharma published its financials after the Bangladesh Securities and Exchange Commission (BSEC) allowed the company to hold a special board meeting to approve and publish its outstanding financial reports.

These included the third-quarter financial statements for the 2024-25 financial year, the audited annual report, and the first-, second- and third-quarter reports for the 2025-26 financial year.

The move cleared the company's reporting backlog of 15 months, allowing the London Stock Exchange to lift the suspension and resume trading of the global depositary receipts from June 26.

The pharmaceuticals maker had been unable to convene board meetings to approve and publish its financial statements due to ongoing legal proceedings before the High Court.

Beximco Pharma recorded a 32.7 percent year-on-year growth in profit after tax to Tk 694 crore in the first nine months of the 2025-26 financial year.

BRAC EPL said the earnings were driven by strong revenue momentum, disciplined direct cost management, and continued deleveraging.

BRAC EPL said Beximco Pharma delivered a solid 10.7 percent year-on-year revenue growth in FY25 despite operating under prolonged legal uncertainties throughout the year.

BRAC Bank PLC, founded in 2001 under the leadership of Sir Fazle Hasan Abed to serve the “missing middle” -- small and medium enterprises (SMEs) that had outgrown microfinance but lacked access to formal banking -- has grown into one of Bangladesh’s leading financial institutions.

Over the past 25 years, the bank’s market capitalisation has surpassed $1 billion, and last year it became the first local private commercial bank to earn more than Tk 2,000 crore in annual profit.

It has financed more than 20 lakh SME entrepreneurs, helping create over one crore jobs, according to Tareq Refat Ullah Khan, managing director and CEO of BRAC Bank PLC.

“The numbers show that BRAC Bank has not just provided banking services — it has helped build the economy,” Khan said in an interview with The Daily Star.

Today, the bank operates through more than 2,300 locations across Bangladesh. Its Astha app processes nearly Tk 25,000 crore in monthly transactions and supports a retail portfolio of more than Tk 52,000 crore.

Its subsidiary, bKash, serves around eight crore customers, while the CorpNet platform handles more than Tk 23,000 crore in corporate transactions every month.

The bank has also financed a $96 million standalone Aframax oil tanker, the largest single-bank financing in Bangladesh’s shipping sector.

“BRAC Bank aims to remain one of the country’s best-governed and most trusted banks by providing customer-focused financial services. It also aims to become Bangladesh’s most impactful bank and eventually the country’s first multinational bank with full-scale overseas banking operations,” Khan said.

GOVERNANCE, STABILITY AND DIGITAL TRANSFORMATION STRENGTHEN RESILIENCE

Explaining banking safety, Khan said rising concerns over liquidity, asset quality and governance have made customers more cautious about where they keep their money.

“In this environment, trust has become banking’s most valuable currency,” he said, adding that trust is built through governance, financial strength, regulatory compliance and consistent performance.

He noted that BRAC, one of the world’s largest development organisations, is the bank’s largest shareholder, while most of its directors are independent financial experts with no shareholder interests, ensuring objective oversight.

The bank is also the only one in Bangladesh with international credit ratings from both S&P Global and Moody’s.

At the end of 2025, Bangladesh’s banking sector non-performing loan (NPL) ratio stood above 30 percent, while BRAC Bank’s fell to 2.27 percent. Its advance-to-deposit ratio was 63 percent, reflecting strong liquidity.

The bank’s capital base crossed Tk 10,000 crore, and net profit after tax reached a record Tk 2,251 crore in 2025.

Customer confidence was reflected in deposit growth as well: while industry deposits rose 11.51 percent, BRAC Bank’s increased by nearly 27.5 percent, or more than Tk 21,000 crore.

Khan acknowledged early challenges in SME banking, saying, “In the beginning, SME banking was our biggest challenge because many of our employees came from the microfinance sector, while SME banking requires a different approach.”

The bank responded by strengthening credit assessment and monitoring systems, reducing SME NPLs to around 2 percent, and working with one of the Big Four consulting firms to further improve operations.

Nearly half of the bank’s 10,600 employees now work in SME banking. Although the segment has a high cost-to-income ratio, BRAC Bank built a strong retail business to support stable funding.

Alongside this, wholesale banking -- including treasury, corporate, commercial and transaction banking -- became a key growth driver after its expansion phase between 2017 and 2020, following entry into the segment in 2010.

Khan said the bank now operates an integrated model where SME, retail and wholesale businesses reinforce each other. “One client relationship creates multiple business opportunities and revenue streams,” he said.

Foreign investors hold 35.89 percent of the bank, while BRAC holds 46.16 percent. The bank has introduced collateral-free CMSME lending, built offshore banking assets worth $1.3 billion, and significantly expanded retail operations.

Around 30–35 percent of income comes from treasury operations. “Even without treasury income, we would invest in other assets,” he said, adding that investment opportunities remain limited due to Bangladesh’s underdeveloped capital market.

Foreign trade has also become a major business driver, rising from about $1.5 billion in 2017 to $7.12 billion last year, enabling financing of around 6 to 7 percent of Bangladesh’s annual trade.

Digital transformation has been central to growth, with the Astha app enabling most routine services without branch visits. The corporate digital platform, launched in 2019, processes Tk 23,000 to Tk 24,000 crore in monthly transactions.

More than 30 projects using artificial intelligence, machine learning, robotics and automation have improved efficiency, while staffing in operations has not increased in line with the balance sheet that expanded from Tk 50,000 crore to Tk 162,000 crore.

Its next focus is expanding financial inclusion by strengthening remote banking services, allowing customers in underserved areas to access banking through digital platforms, websites and call centres without visiting branches.

The bank also runs a strong agricultural lending programme through more than 3,000 service points, directly serving rural borrowers rather than relying heavily on microfinance institutions (MFI).

Khan said its agricultural loans are priced at about 14 percent compared to nearly 24 percent charged by many MFIs.

Sustainability remains central to strategy. BRAC Bank is Bangladesh’s highest-ranked bank in Bloomberg ESG ratings, with about 82 percent of lending supporting sustainable sectors and nearly 10 percent of its corporate portfolio in green finance.

As part of the Global Alliance for Banking on Values, the bank continues to emphasise responsible banking.

“Banking is not a one-year business. It is an institution that must endure for generations,” Khan said.

Looking ahead, BRAC Bank aims to become Bangladesh’s most impactful bank by delivering both financial and social value, targeting more than 10 percent market share while expanding convenient banking services to all economically active citizens, especially in underserved and unbanked communities.

Dhaka Bank has set out a broad strategy to join the top tier of Bangladesh’s private banks by strengthening digital banking, expanding green finance, improving profitability, and adopting artificial intelligence.

In an interview with The Daily Star, Dhaka Bank’s Managing Director and CEO Osman Ershad Faiz said, “My objective is straightforward. I want Dhaka Bank to be measured against the best private banks in the country on all key indicators -- return on equity, asset quality, capital efficiency, customer experience, and digital capability -- and I expect us to lead in most of them.”

As the bank marks its 31st anniversary, Faiz said his goals go beyond short-term gains.

“By the end of my tenure, I want to leave behind an institution that is stronger in every way -- financial performance, asset quality, digital strength, talent, and public trust -- than when I took charge.”

DIGITAL BANKING AND AI-LED TRANSFORMATION

Faiz said Dhaka Bank’s digital push is not limited to apps or online platforms.

“Anyone can launch an app and call it transformation. The real test is whether a customer can manage their entire banking needs without ever visiting a branch -- that is the standard I am setting,” he said.

A key example is e-Rin, a live product that enables instant loan approval and disbursement with minimal human involvement. The bank is now expanding this model to more retail and SME lending products.

It is also building a stronger technology workforce.

“A digital bank is built by engineers, data scientists, and product managers -- not just relationship bankers using new software,” Faiz said, adding that recruitment in these roles is underway.

Artificial intelligence and machine learning will play a central role in future operations. AI-based credit scoring is a priority, especially in the absence of a fully developed credit information system for small businesses and self-employed borrowers.

The bank plans to use alternative data such as mobile financial service transactions, payment records and mobile usage patterns to identify creditworthy customers.

AI will also be used for real-time fraud detection and customer analytics, allowing the bank to offer relevant products proactively instead of waiting for customer requests.

SME GROWTH, WOMEN ENTREPRENEURS AND GREEN FINANCE PUSH

The managing director said digital lending has significantly improved the economics of SME financing by reducing the cost of monitoring small loans.

He also highlighted women-led enterprises as a major untapped opportunity. “We are designing dedicated products and alternative credit assessment models for women entrepreneurs -- not because it looks good, but because the commercial opportunity is significant,” he said.

Green finance is being treated as a core business priority rather than a niche area. Faiz said future growth will depend heavily on financing renewable energy, climate-resilient agriculture, and sustainable manufacturing.

“The banks that build this expertise early will finance the country’s next generation of productive investments,” he added.

In 2025, Dhaka Bank disbursed Tk 580 crore in green finance, bringing its total green portfolio to Tk 660 crore, with plans for further expansion.

STRONG RESULTS, TARGETS AND BROADER ECONOMIC OUTLOOK

Despite a challenging sector environment, Dhaka Bank posted a record performance in 2025. Net profit rose 117 percent to Tk 279 crore, while return on equity more than doubled to 11.62 percent from 5.71 percent a year earlier.

“Doing this in one of the toughest years for the sector shows what this franchise can achieve with discipline,” Faiz said. “That is now the floor, not the ceiling.”

However, he acknowledged the bank still trails the country’s top performers and aims to close the gap over the next five years.

Targets include maintaining return on equity above 15 percent, keeping the non-performing loan ratio below 5 percent through the credit cycle, and ensuring most customer services can be completed digitally without branch visits.

Faiz, whose career includes roles at American Express, Standard Chartered across Asia, and AMTD Digital, said his outlook has been shaped by international experience.

“Having built businesses across several Asian markets, I have seen what separates fast-growing economies: a strong focus on skills, stable and consistent policies, and openness to global talent. Bangladesh has all the ingredients. What it lacks is not capability -- it is resolve,” he added.

Beyond banking, he pointed to pharmaceuticals as Bangladesh’s strongest long-term industrial opportunity, noting that it already meets 98 percent of domestic demand, grows at around 12 percent annually, and includes globally approved manufacturers, making it resilient as the country graduates from least-developed status.

Faiz also highlighted strong potential in IT services, driven by skilled labour rather than infrastructure, while calling renewable energy an economic necessity. The ready-made garment sector, he said, must move towards technical textiles, sustainability and higher-value production instead of volume expansion alone.

He added that remittance inflows should be channelled more into productive uses such as MSME financing and housing, rather than mainly into consumption.

On financial sector reforms, Faiz called for faster implementation of IFRS 9 -- the international accounting standard -- for earlier credit loss recognition, greater operational independence for Bangladesh Bank, full interoperability of mobile financial services under the National Payment Switch Bangladesh (NPSB), and the development of a strong corporate bond market.

“A functioning bond market would diversify funding sources, create new investment opportunities for institutional investors, and reduce concentration risk in the banking sector,” he said.

Shoeniverse Footwear Ltd, an export-oriented footwear manufacturer under the National Polymer Group, has signed an issue management agreement with LankaBangla Investments for its proposed initial public offering (IPO).

The agreement was signed by Riad Mahmud, managing director of Shoeniverse Footwear, and Iftekhar Alam, chief executive officer of LankaBangla Investments. The signing ceremony was attended by Syed Ahmed, chief financial officer of National Polymer Group, Estiuque Uddin, head of primary market services at LankaBangla Investments, along with senior officials from both organisations.

Established in 2017, Shoeniverse operates a green manufacturing facility in Mymensingh with a production area of around 231,718 square feet and a workforce of more than 2,700 employees. The company manufactures synthetic footwear for export markets, focusing on quality, innovation and sustainable production.

Riad Mahmud also serves as president of the Bangladesh Association of Publicly Listed Companies (BAPLC).Financial Planning Tools

The company is undertaking a major capacity expansion programme to increase production and strengthen its competitiveness in the global footwear market amid rising export demand.

Subject to approval from the Bangladesh Securities and Exchange Commission (BSEC), the proposed IPO is expected to support Shoeniverse’s expansion plans, enhance its production capacity and reinforce its position in Bangladesh’s growing footwear export industry.

LankaBangla Investments is one of the country’s leading investment banks and has been actively involved in managing IPOs and other capital market transactions.

Listed non-bank financial institution (NBFI) First Finance Limited has recommended no dividend for the year ended 31 December 2025 as mounting losses, negative shareholders' equity and a weakening financial position continued to weigh on the company.

The decision was approved at a meeting of the company's board of directors today (29 June), according to a price-sensitive information disclosure filed with the Dhaka Stock Exchange (DSE).

Following the declaration, the company's shares traded without a price limit. Despite this, the NBFI's stock fell 2.44% to Tk4 on the DSE.

According to the financial statements, First Finance reported a loss per share (EPS) of Tk6.66 for 2025, compared with a loss of Tk5.88 a year earlier, reflecting a further deterioration in its financial performance.

Its net asset value (NAV) per share also worsened, falling to negative Tk46.01 at the end of 2025 from negative Tk37.86 a year earlier, indicating a further erosion of shareholders' equity.

Meanwhile, net operating cash flow per share remained under pressure, standing at negative Tk0.74 for 2025 compared with negative Tk0.69 in the previous year.

The company's financial performance remained weak in the first quarter of 2026 as well.

For the January-March period, First Finance posted a loss per share of Tk1.87, compared with a loss of Tk1.27 in the corresponding period of 2025. Its net operating cash flow per share improved marginally to negative Tk0.06 from negative Tk0.09 a year earlier.

However, its net asset value per share deteriorated further to negative Tk47.88 as of 31 March 2026, compared with negative Tk39.13 in the same period of the previous year.

The company's annual general meeting (AGM) will be held on 17 September 2026 at 3pm through a hybrid format, allowing shareholders to participate both virtually and in person.

The physical meeting will take place at the Trading Corporation of Bangladesh (TCB) Auditorium in Karwan Bazar, Dhaka. The record date has been fixed for 22 July 2026.

Listed life insurer Meghna Life Insurance Company Limited has recommended a 15% cash dividend for the year ended December 31, 2025, matching the same payout made to shareholders the previous year.

The recommendation was approved at a meeting of the company's board of directors today (29 June), according to a price-sensitive information (PSI) disclosure filed with the Dhaka Stock Exchange (DSE).

The company's annual general meeting (AGM) will be held virtually on 20 August, 2026, with the record date set for 23 July, 2026. In line with stock exchange regulations, there was no price limit on the trading of the company's shares yesterday.

Despite the dividend announcement, the company's share price fell 2.30% to Tk59.50 on the Dhaka Stock Exchange today (29 June).

According to the disclosure, Meghna Life reported a negative net operating cash flow per share of Tk4.19 for the year ended 31 December 2025, compared with a negative Tk13.71 in the previous year. Although the figure remained negative, it marked a significant improvement in the company's operating cash flow.

The insurer also released its unaudited financial results for the first quarter of 2026, which showed that while the company remained in deficit, the shortfall narrowed substantially from a year earlier.

According to the consolidated life revenue account for the January-March 2026 period, the excess of total expenses, including claims, over total income stood at Tk45.91 crore, compared with Tk78.10 crore in the corresponding period of 2025.

The quarterly deficit thus declined by nearly Tk32.19 crore year-on-year, indicating an improvement in the company's operating performance, although expenses continued to exceed income.

Meanwhile, the company's Life Insurance Fund remained largely stable. As of 31 March 2026, the fund stood at Tk1,527.60 crore, compared with Tk1,527.30 crore a year earlier, reflecting a net increase of approximately Tk29.8 lakh.

However, operating cash flow weakened during the first quarter. Meghna Life reported a negative NOCFPS of Tk12.78 as of 31 March 2026, compared with a negative Tk10.39 in the corresponding period of the previous year.

For life insurers, the Life Insurance Fund is a key indicator of financial strength as it reflects the resources available to meet future policyholder obligations. While Meghna Life's fund remained stable, its continued operating deficit and negative operating cash flow suggest that the company is still facing financial pressures.

Nevertheless, the improvement in annual operating cash flow and the significant reduction in the first-quarter deficit indicate signs of a gradual recovery in the company's financial performance. The proposed 15% cash dividend will be subject to shareholders' approval at the AGM in August.

Veon, the parent company of Banglalink, has proposed a $1 billion investment initiative in Bangladesh, with an immediate commitment of $250 million, as the global digital operator seeks to expand its presence in the country’s digital economy.

The proposal was discussed during a meeting between Prime Minister Tarique Rahman and Veon Chairman Augie Fabela at the Prime Minister’s Office in Jatiya Sangsad Bhaban yesterday morning.

Called “Invest in Bangladesh NOW!”, the initiative is a joint public-private proposal with the Ministry of Post, Telecommunications and ICT aimed at attracting more foreign direct investment into the country’s digital sector.

According to a public official familiar with the discussions, the initiative will focus on next-generation digital infrastructure, digital services, digital banking, artificial intelligence and mobile financial services.

In general, the goal is to position Bangladesh as a leading destination for global digital investment, according to the official.

In a statement issued in the evening, Banglalink said that, beyond its own investment, Veon plans to use its global network to encourage other international investors to explore opportunities in Bangladesh’s rapidly growing digital economy.

Augie K Fabela II, founder and chairman of the Board of Veon Group, said, “We are a long-term partner in Bangladesh’s journey toward becoming a trillion-dollar economy. Through the ‘Invest in Bangladesh NOW’ initiative, Veon is prepared to serve as the anchor investor in an ambitious programme designed to help attract $1 billion in foreign direct investment.”

“Alongside our own investment, we will actively engage international partners to unlock Bangladesh’s tremendous potential. We are fully aligned with the government’s vision for digital and financial transformation and stand ready to support that vision through long-term investment, innovation, and partnership,” added the Veon board chairman.

During the meeting, Prime Minister Tarique Rahman urged Banglalink to make smartphones more affordable and consider further reducing internet prices so digital services become accessible to people from all walks of life.

According to a media release from the Prime Minister’s Press Wing, the PM stressed the need to expand digital inclusion by ensuring that people from all socioeconomic backgrounds can own smartphones and access affordable internet services.

Post, Telecommunications, Information Technology and Science and Technology Minister Faqir Mahbub Anam, Prime Minister’s Adviser on ICT Rehan Asif Asad, Veon Board Member Michiel Soeting and Banglalink Chief Executive Officer Johan Buse also attended the meeting.

The investment proposal comes as Veon seeks to expand its presence in Bangladesh through strategic partnerships and acquisitions.

In a recent letter to the prime minister, the Dubai-headquartered company expressed interest in a strategic combination with state-owned mobile operator Teletalk as part of its broader expansion plans. It also said it was prepared to significantly increase its investment in Bangladesh and requested discussions on potential collaborations involving strategic public assets.

The proposal also includes a possible acquisition of Nagad from the Bangladesh Post Office.

According to sources, Veon is among several foreign companies that have expressed interest in investing in or acquiring a stake in Nagad.

Veon said it has already applied for a digital bank licence and received a no-objection certificate from the Bangladesh Bank to operate as a payment service provider.

The company said it has invested more than $2.5 billion in Bangladesh over the past two decades through Banglalink and contributed more than $4 billion to the national exchequer during that period.

Bangladeshi agritech startup iFarmer has won a $250,000 award from the OPEC Fund for International Development for helping smallholder farmers gain access to finance, agricultural inputs, advisory services, weather information and markets.

The company received the "Innovation for Development Award" at the OPEC Fund Development Forum, held at Vienna's historic Hofburg Palace on June 23 as part of the organisation's 50th anniversary celebrations, according to a press release issued today.
With the award, iFarmer became the first private-sector organisation and startup from Bangladesh to receive the honour.Since its inception, iFarmer has supported more than 300,000 farmers across Bangladesh through its integrated digital platform, improving access to essential agricultural services.The OPEC Fund for International Development is a development finance institution that provides financial assistance to developing non-OPEC countries.Its annual development award recognises organisations making significant contributions to development."This recognition reflects the immense potential of Bangladeshi innovation to solve global development challenges," said Tahmid Hasan, vice president of revenue at iFarmer."We are honoured to represent Bangladesh on this global platform and remain committed to building resilient food systems by empowering smallholder farmers through technology," he added.iFarmer was the only Bangladeshi organisation among this year's award recipients. The recognition is expected to enhance the company's global visibility and create new opportunities for international partnerships and to scale its impact in sustainable agriculture.

Islami Insurance Bangladesh Limited has recommended a 16% cash dividend for shareholders for the financial year ended 31 December 2025, down from a 20% payout the previous year.

The decision was approved at a board meeting held today (24 June), at which the company also endorsed its audited financial statements, according to a price-sensitive disclosure.

The general insurer reported a decline in earnings, with earnings per share (EPS) falling 11% year-on-year to Tk3.04 in 2025. As of end-December, net asset value (NAV) per share stood at Tk23.62, while net operating cash flow per share was Tk0.40.

The company has scheduled its annual general meeting for 27 August, to be held via a digital platform, where shareholders will vote on the dividend and financial statements. The record date has been set for 20 July.

Listed on the Dhaka Stock Exchange in 2009, Islami Insurance saw its shares close at Tk59 today (24 June). According to its latest shareholding structure, sponsors and directors hold 45.61%, institutional investors 9.97%, and general investors the remaining 44.42%.

The company has also been under regulatory scrutiny. In November 2025, the Bangladesh Securities and Exchange Commission (BSEC) launched an investigation following allegations by six former sponsor directors against current chairman Mohammad Sayeed Khokon, a former Awami League lawmaker and ex-Mayor of Dhaka South City Corporation.

The complainants alleged that since assuming leadership in 2012, Khokon has exercised excessive control over company operations, and that several board members were removed without justification and replaced with family members and affiliated entities.

Beximco Pharmaceuticals, one of the country's leading drug makers, reported a robust net profit of Tk704 crore for the first nine months of fiscal 2025-2026, representing a 34% year-on-year surge driven by robust revenue growth, lower financing costs, and higher interest income.

According to the latest financial statements released today (24 June) with special approval from the Bangladesh Securities and Exchange Commission, revenue for the July-March period increased by 13% to Tk4,142 crore. This nine-month profit figure has already exceeded the company's total earnings for the entire previous fiscal year.

According to the financial statements, while Beximco Pharma, a concern of Beximco Group, maintained strong cash flow, Beximco Ltd, another group concern, has been grappling with a cash flow crisis that has halted its operations and impaired its ability to service debt.

As a result, the company is on the verge of defaulting on its outstanding Sukuk obligations and bank loans.

Regarding its business growth, Beximco Pharma, in its financial report, said the increase in net revenue compared with the corresponding prior period, together with improved gross margin, contributed positively to overall performance.

It said, "Finance costs declined due to stronger cash inflows, while other income increased, primarily due to interest income generated from the short-term investment of surplus cash. As a result, earnings per share (EPS) recorded a notable improvement during the reporting period.

"Additionally, reduced cash outflows associated with working capital supported an improvement in net operating cash flows per share."

Beximco Pharma's special approval from the BSEC helped it avert potential delisting from the London Stock Exchange.

In addition to its current fiscal year's financial statements, the company also published its annual financial statements for FY25 and the third-quarter financials for that year.

In a board of directors meeting held on Tuesday, Beximco Pharma published its last five quarters or 15-month overdue financials.

The regulator has permitted the Beximco Group to hold the meeting, mitigating the looming risk of a delisting from the London Stock Exchange.

Following the ousting of the Awami League-led government in August 2024, Salman F Rahman, the vice chairman of Beximco Pharmaceuticals, was arrested in connection with several cases.

Later, amidst leadership changes at the regulatory body during the interim government, the BSEC appointed nine independent directors to the board of Beximco Pharma, as well as to two other listed group entities- Beximco Ltd and Shinepukur Ceramics.

Beximco Pharma legally challenged the regulator's decision by filing a writ petition, which remains pending in court.

Citing the matter as sub-judice, the company has not allowed the BSEC-appointed independent directors to take their seats on the board.

Beximco Pharma recommended a 47.5% cash dividend to its shareholders for FY25.

During the fiscal year, its consolidated net profit stood at Tk699.88 crore, which was Tk586.67 crore a year ago.

To approve the audited financial statement and the dividend, the company will set the annual general meeting time and venue following the High Court order. It also set the record date for 2 August.

National Housing Finance PLC has recommended a 10% cash dividend for the year ended 31 December 2025, maintaining the same payout as the previous year despite ongoing challenges in Bangladesh's non-bank financial institution (NBFI) sector.

The decision was approved at a board meeting held today (24 June), according to a price-sensitive information (PSI) disclosure filed with the stock exchanges.

The company's annual general meeting (AGM) will be held virtually on 15 September at 12pm to seek shareholder approval for the dividend, while the record date has been fixed for 23 July.

Shares of the company rose 1.08% to Tk28.10 on the Dhaka Stock Exchange yesterday.

National Housing reported a significant improvement in profitability in 2025. Earnings per share (EPS) increased to Tk0.74 from Tk0.02 (restated) a year earlier.

Its financial position also strengthened, with net asset value (NAV) per share rising to Tk17.06 from Tk16.32 (restated). Net operating cash flow per share (NOCFPS) turned positive at Tk6.89, compared with a negative Tk19.70 (restated) in 2024.

Analysts said the turnaround in earnings and cash flow reflects an improvement in the company's core operations and financial health at a time when many NBFIs continue to face liquidity pressures, higher funding costs and slower credit growth.

The company also disclosed its first-quarter results for 2026. During the January-March period, EPS stood at Tk0.23, slightly higher than Tk0.22 (restated) in the corresponding quarter of the previous year.

However, NOCFPS declined to Tk4.77 from Tk8.61 (restated) over the same period. The company attributed the drop to lower customer deposits, which reduced operating cash inflows.

Despite the decline in cash flow, NAV per share increased further to Tk17.29 as of 31 March 2026, up from Tk17.06 at the end of December 2025.

Established in 1998, National Housing Finance is a specialised housing finance institution that provides loans for houses, apartments and residential plots. The company has also diversified into deposit mobilisation, SME financing, lease financing and project financing, helping broaden its revenue base beyond traditional mortgage lending.

The latest financial results show improvements in the company's profitability, asset base and cash flow position, while it maintained a stable cash dividend for shareholders. Sustaining earnings growth and strengthening deposit mobilisation are expected to remain important factors for the company's future performance.

Peoples Insurance PLC has approved a 10.5% cash dividend for the year ended 31 December 2025 at its 41st Annual General Meeting (AGM), held virtually today (24 June) in compliance with all regulations of the Bangladesh Securities and Exchange Commission (BSEC).

The meeting was chaired by the company's Chairman Jafar Ahmed Patwary and attended by more than 256 shareholders through a digital platform.

Representatives of the statutory auditor, scrutineer, observers from the Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE) and BSEC also joined the meeting virtually, according to a press release.

Shareholders approved the audited financial statements for 2025, the directors' report and the proposed 10.5% cash dividend.

They also endorsed decisions relating to the election and appointment of directors, as well as the appointment of statutory and compliance auditors for 2026.

The AGM was conducted by Company Secretary Sheikh Mohammad Sarfaraz Hossain FCS, who introduced the board members and outlined the voting procedures at the beginning of the session.

In his welcome address, Chief Executive Officer SM Azizul Hossain presented an overview of the company's operations and performance.

Addressing shareholders before the approval of the financial statements, Audit Committee Chairperson Rubaiyath Ara FCA said the company's operations had continued consistently since inception and that no extraordinary events had occurred during the reporting year.

She noted that all transactions with related parties were conducted on an arm's-length basis and under the same commercial terms applicable to third parties, in line with Bangladesh Accounting Standard (BAS) 24 on related-party disclosures.

She also said there were no significant deviations between the quarterly and year-end financial results, adding that the financial statements prepared by the management accurately reflected the company's operating performance, cash flows and changes in equity.

Beximco Pharmaceuticals has developed a generic version of a high-cost medicine used to treat cystic fibrosis, a rare genetic disorder that severely affects the lungs and digestive system and can significantly reduce life expectancy.

The first group of patients came to Bangladesh last week from several countries to receive the treatment, which the Bangladeshi drugmaker has made available at a price 96 percent lower than the patented version.

They received their medicines at a special event in Dhaka, according to a media release of Beximco Pharma. The drug is sold globally under the brand names Trikafta or Kaftrio, while Beximco’s version is called Triko.

Cystic fibrosis (CF) is a rare genetic illness people are born with. It damages the lungs and digestive system. In many cases, without diagnosis and treatment, patients may die in early childhood, while in other settings life expectancy remains limited.

US biopharmaceutical company Vertex Pharmaceuticals produces the original branded medicine for the treatment of the disease. In the United States, it costs around $370,000 per patient per year.

Although highly effective, the treatment remains out of reach for many patients globally due to its high cost, especially in low and middle-income countries. As a result, many continue to suffer or die even where treatment exists.

The generic version developed at Beximco Pharma’s facilities is priced at $6,375 per year for children and $12,750 per year for adults, marking a sharp reduction compared with the original branded treatment.

Among the first group of patients to receive the medicine last week was Simon Sevcik, who travelled with his father, Stanislav, from Slovakia. He said he experienced early signs of improvement shortly after starting the treatment.

“I felt the effect within an hour -- I started coughing and I knew it was working. My lungs were clearing,” he said. “This is an amazing moment for me -- I feel like my future has opened up. I hope every CF patient gets to experience this very, very soon. For most of my life, this medicine was not an option for me. Finally, there is effective, affordable treatment.”

Apart from Slovakia, patients from five countries, including South Africa, Qatar, the United States, the United Kingdom and Bangladesh, were among those who received the first doses of Triko last week.

Rabbur Reza, chief operating officer of Beximco Pharmaceuticals, said the drugmaker aims to address major gaps in access to essential medicines.

“At Beximco Pharma, we have always sought to address the unmet medical needs of patients, particularly in therapy areas characterised by severely limited access,” he said.

“We are deeply proud to be part of this meaningful initiative,” Reza added. “We believe that access to this life-saving treatment will have a truly transformative impact on the thousands of patients living with cystic fibrosis who are currently deprived of treatment due to the significant cost burden.”

Conventional banks outperformed Islamic banks in deposit collection, investment, and asset growth over the past year, mainly due to instability in the Islamic banking sector following the July 2024 uprising.

According to a recently released report by the Bangladesh Bank, deposits in conventional banks rose from Tk 15.22 lakh crore in April 2025 to Tk 17.16 lakh crore in April 2026, marking a year-on-year growth of 12.73 percent.

In contrast, deposits in Islamic banks increased from Tk 4.41 lakh crore to Tk 4.81 lakh crore over the same period, showing a moderate growth of about 8.98 percent.

“This steady growth in deposits in conventional banks can be primarily attributed to an unstable situation in the Islamic banking sector after the July 2024 uprising, which shifted depositor confidence towards conventional banks,” the BB report said.

The report added that following the July uprising, BB’s measures -- such as providing liquidity support, identifying weaknesses in banks and appointing administrators to improve management -- may help restore depositor confidence.

It also found that depositors mainly rely on Mudaraba-based deposits, which account for around 87.21 percent of the Islamic banking deposit base. As of April 2026, the deposit base is largely driven by the private sector, which makes up about 90.2 percent of total deposits.

In terms of assets, conventional banks recorded stronger and more consistent growth over the same period. Their assets rose from Tk 32.93 lakh crore in April 2025 to Tk 37.78 lakh crore in April 2026, a year-on-year increase of about 14.72 percent.

Islamic banks’ assets grew more slowly, increasing from Tk 9.14 lakh crore to Tk 9.56 lakh crore over the same period, reflecting a 4.58 percent rise.

The overall banking sector in Bangladesh saw strong investment growth between November 2023 and April 2026, with total investments increasing from Tk 18.99 lakh crore to Tk 24.45 lakh crore, a rise of 28.71 percent.

Within this, investments by conventional banks grew from Tk 16.73 lakh crore to Tk 18.53 lakh crore between April 2025 and April 2026, an increase of 10.71 percent.

Islamic banks’ investments rose from Tk 5.57 lakh crore to Tk 5.92 lakh crore over the same period, reflecting growth of about 6.26 percent.

“The year-on-year growth indicates gradual expansion, supported by rising demand for Islamic financing products, especially profit-and-loss sharing modes,” the report said.

From a sectoral perspective, the report added that Islamic banks’ investments were distributed across different areas of the economy, with the largest share going to industry and trade and commerce, highlighting their role in supporting productive and commercial activities.

Berger Paints Bangladesh Limited and its wholly-owned subsidiary, Jenson and Nicholson (Bangladesh) Limited, have decided to jointly invest Tk10 crore in a newly formed entity, Jenson and Nicholson Packaging Limited (JNPL).

According to a price-sensitive statement filed with the Dhaka Stock Exchange (DSE) recently, the country's leading multinational coatings manufacturer is expanding its footprint into the packaging sector to support its core operations and leverage emerging industrial opportunities.

The statement said Berger Paints will inject Tk5.10 crore in JNPL and the remaining Tk4.90 crore will be contributed by Jenson and Nicholson (Bangladesh) Limited.

Earlier, Berger Paints formed Jenson and Nicholson Packaging by acquiring a 51% stake through an investment of Tk5.10 crore, while Jenson and Nicholson (Bangladesh) invested Tk4.90 crore to acquire the remaining 49% stake in the packaging company.

JNPL is set to establish a manufacturing plant within the National Special Economic Zone to produce various plastic-based packaging products.

Berger officials noted that the company currently requires both metal and plastic containers for its paint products. While Jenson and Nicholson (Bangladesh) already manufactures metal containers for both internal use and commercial sale, the new venture will specifically address the growing demand for plastic-based packaging.

To facilitate the project, the Berger board has earlier approved an amendment to its land lease agreement with the Bangladesh Economic Zones Authority (Beza). Under the revised arrangement, 1.16 acres of land will be allocated to the new subsidiary, JNPL, while 38.25 acres will remain under the parent company out of the total 39.41 acres leased from Beza.

The company stated that setting up the plant within a special economic zone allows the venture to benefit from government-mandated tax holiday facilities. While the initial production is intended to meet Berger's internal requirements, the management envisions potential commercial expansion in the future.

The strategic move comes on the heels of a strong financial year for the paint giant. For the fiscal year ended 31 March 2026, Berger Paints Bangladesh reported a consolidated net profit of Tk372 crore, up 10% year-on-year. Buoyed by this robust performance, the company's board has recommended a 525% cash dividend – equivalent to Tk52.50 per share – for its shareholders.

Acting managing director of Islami Bank Md Altaf Hossain has said the bank received another Tk2,500 crore in liquidity support from the central bank today (15 June).

"We also received Tk2,500 crore in liquidity support from Bangladesh Bank yesterday. We have not yet had to use the funds received yesterday," he told reporters.

Altaf said he hopes that customers who have withdrawn their deposits will regain confidence in the bank and return.

The acting chief said the bank is already seeing signs of improving customer confidence.

"We have just received information from one of the bank's major branches showing that the number of account closures has fallen by 75% compared to previous levels," he said.

Bangladesh Bank yesterday dissolved the board of Islami Bank Bangladesh, including Chairman Md Khurshid Alam, as the bank grappled with an acute liquidity crisis fuelled by deposit flight and growing uncertainty among customers.

To stabilise the situation, the regulator appointed its executive director, Mohammad Zahir Hussain, as administrator of the country's largest shariah-based bank.

A group of Islami Bank customers today welcomed the decision to dissolve the bank's board of directors, urging the central bank to swiftly appoint a new board comprising competent, credible and politically neutral individuals.

Under the banner of the "Islami Bank Sachetan Grahok Forum," they congratulated Bangladesh Bank on the move and called for the restoration of sound governance at the bank.

They also urged the regulator to reconstitute the board with experienced individuals who were involved in the bank's management before its takeover by the S Alam Group, saying that such a move will help rebuild depositor confidence and strengthen the institution's governance framework.

Newly appointed Islami Bank administrator Zahir said today that efforts are underway to form a "completely neutral" board to strengthen governance and restore depositor confidence.

Speaking after assuming charge, he said his appointment is for a limited period and assured customers that banking operations and transactions will continue uninterrupted, urging them to carry on their banking activities without concern.

The crisis emerged quickly after Bangladesh Bank appointed former deputy governor Khurshid Alam as chairman of Islami Bank on 24 May, just hours after the previous chairman stepped down and immediately before the start of a week-long Eid-ul-Adha holiday.

The move raised swift concerns among stakeholders.

Following the holidays, protests broke out on 1 June outside the bank's Motijheel head office in Dhaka, where demonstrators under the banner of the Islami Bank Sachetan Grahok Forum demanded cancellation of Khurshid's appointment.

Berger Paints Bangladesh Limited has recommended a 525% cash dividend for the financial year ended 31 March 2026, subject to shareholder approval.

The proposed dividend means shareholders will receive Tk52.50 per ordinary share of Tk10.

The recommendation was approved at a meeting of the company's board of directors today (15 June), alongside the audited financial statements for the year.

According to the financial statements, Berger Paints posted a consolidated net profit of Tk372 crore during the financial year. Its consolidated earnings per share (EPS) stood at Tk76.83.

The company has scheduled its Annual General Meeting (AGM) for 24 August to seek shareholder approval for the dividend and the audited financial statements.

The record date has been fixed for 7 July. Shareholders whose names appear in the company's records on that date will be eligible for the dividend and entitled to participate in the AGM.

The entire Board of Directors of embroiled Islami Bank Bangladesh PLC, led by its new chairman, stands dissolved in a latest regulatory move aimed at safeguarding interests of the bank, its depositors and the public.Regional business directory

According to a statement issued Sunday, the central bank exercised its authority under Sections 45 and 47(3) of the Bank Company Act 1991 to cancel the appointments of all directors of the country's largest Shariah-based bank.

"The decision has been taken in the interest of the bank, depositors and overall public interest," says the Bangladesh Bank (BB) statement.

Under the Act, Mohammad Zahir Hossain, an Executive Director of the central bank, has been entrusted with exercising "all powers and carrying out all responsibilities of the Board of Directors".

A senior BB official told The Financial Express (FE) that Mr. Hossain will perform all functions and responsibilities of the Board of Directors until a new board is formed.

Earlier in the day, the Bangladesh Bank injected Tk 25 billion into the cash-strapped Islami Bank in a special loan to help mitigate its severe liquidity crunch after the Eid vacation.

This sum happens to be the first tranche of Tk 100 billion the Islamic lender last week sought in liquidity assistance from the banking regulator for overcoming the liquidity starvation, Islami Bank officials have said.

The central bank disbursed the financial support to the country's largest Shariah-based bank on Sunday, according to BB spokesperson Arief Hossain Khan.Personal finance e-book

The unconventional bank plunged into a severe trouble in terms of managing liquidity following days of unrest that erupted after the Eid-ul-Azha holiday over the appointment of its new chairman Md. Khurshed Alam.

A group of people who claimed to be clients of the bank started the protest on June 01 under the banner of 'Islami Bank Sachetan Grahok Forum (Islami Bank Conscious Customers' Forum)'.

The continuous agitation triggered panic among many of the depositors who keep withdrawing funds from the beleaguered bank.

As a matter of fact, Islami Bank's liquidity position deteriorated sharply in recent days, resulting in a struggle to meet growing withdrawal demands.

In spillover effect, the bank also reportedly failed to maintain the requisite Cash Reserve Ratio (CRR) with the central bank.

Later in the day, a delegation from Islami Bank met BB governor Md. Mostaqur Rahman at the central bank headquarters briefing him on the bank's current liquidity situation.Investment guide

The delegation comprised Islami Bank's managing director (current charge), two additional managing directors, and six deputy managing directors.

Seeking anonymity, an Islami Bank official says they informed the central bank governor that the trend of cash withdrawal keeps intensifying, leading to the struggle.

Despite the crisis, they managed to settle the cash-withdrawing demand. "That's why we appealed for the central bank, the lender of the last resort."

About the cash withdrawals, the Islami bank official says they have observed the net volume of cash withdrawal having reached around Tk 12 billion a day in the last couple of days.

"And the governor, during the meeting, wanted to know how the bank is using the funds provided to the bank in the meeting and they informed him in detail."