The parliament yesterday (30 April) passed two separate bills removing the maximum age limits for the post of chairmen and commissioners of the Bangladesh Securities and Exchange Commission (BSEC), as well as the chairman and members of the Insurance Development and Regulatory Authority (IDRA).

Previously, the age limits stood at 65 years for the BSEC and 67 years for the IDRA. With the passage of these amendments, the government will now be able to appoint individuals of any age to lead these two key financial regulatory bodies.

Finance Minister Amir Khosru Mahmud Chowdhury, who moved the bills, argued that the amendments were intended to make the laws more time-appropriate by allowing the recruitment of highly qualified, experienced, and skilled professionals.

He said that when the securities law was originally enacted in 1993, the average life expectancy in Bangladesh was around 57 years, whereas it now stands at 72 years. He stated that retaining the earlier age limits would prevent capable individuals from contributing effectively to the financial sector.

However, the bills faced strong resistance from opposition and independent lawmakers.

Independent lawmaker Rumeen Farhana called for the bills to be opened to public scrutiny, highlighting that retail investors suffered massive losses during the 1996 and 2010 market crashes, while over Tk1 lakh crore was allegedly siphoned off over the past 15 years.

Opposition lawmaker Akhter Hossen questioned whether the amendment was genuinely intended to find capable leaders or merely to facilitate the appointment of favoured individuals. Leader of the Opposition Shafiqur Rahman alleged that lawmakers were not given adequate time to review the documents.

Despite the opposing calls to send the bills to a standing committee for further review, the bills were ultimately passed by voice vote.

More than half of the country’s scheduled banks will not be able to pay dividends this year, as rising bad loans and provisioning shortfalls continue to erode their financial strength.

This follows a dividend payout policy introduced by the Bangladesh Bank (BB) in March last year, which has tightened eligibility rules for profit distribution.

Under the policy, banks using provisioning deferrals are not allowed to issue dividends from 2024. From 2025 onwards, commercial lenders with non-performing loans (NPLs) above 10 percent of their total loan portfolio are also disqualified, regardless of profitability.

As of December last year, 29 banks, both state-owned and private, had double-digit NPL ratios. This accounts for nearly half of all scheduled banks. Of them, 17 listed lenders will be unable to pay dividends this year solely due to high defaulted loans.

Banks are required to finalise their balance sheets by April 30 under regulatory rules, and many have already announced dividend plans.

However, the central bank has withheld approval for more than 20 banks due to high levels of bad loans and the use of deferral facilities to meet provisioning requirements.

Some lenders even met the BB governor seeking approval, but failed to secure permission.

All state-owned banks are ineligible to pay dividends because of their high bad loan ratios. These include Krishi Bank, Agrani Bank, Janata Bank, Sonali Bank, Rupali Bank, Rajshahi Krishi Unnayan Bank, Probashi Kallyan Bank, BASIC Bank and Bangladesh Development Bank.

A large number of private commercial banks have also failed to qualify.

These include AB Bank, Modhumoti Bank, NRBC Bank, Al-Arafah Islami Bank, Standard Bank, One Bank, IFIC Bank, Islami Bank Bangladesh, ICB Islamic Bank, NRB Bank, Mercantile Bank, Global Islami Bank, EXIM Bank, First Security Islami Bank, Social Islami Bank, Union Bank, SBAC Bank, Padma Bank, United Commercial Bank, Shimanto Bank, National Bank, Premier Bank, Meghna Bank, Bangladesh Commerce Bank and Citizens Bank.

They have been disqualified due to elevated bad loans and reliance on provisioning deferral facilities. Some of these banks are still seeking approval to declare at least stock dividends and are continuing discussions with the central bank.

Tarek Reaz Khan, managing director and chief executive of NRB Bank PLC, said the bank will not be able to declare a dividend this year due to the BB policy.

“We are reducing our provisioning shortfall, and other financial indicators of the bank are improving,” he added.

Sharif Zahir, chairman of United Commercial Bank (UCB), said the bank’s financial position is improving.

“We submitted a three-year plan to the central bank and are working in line with it. However, we are still unable to pay dividends this year,” he said.

Md Touhidul Alam Khan, managing director of NRBC Bank, said the lender has improved across several indicators, including governance, but is unable to pay dividends due to the use of provisioning deferral facilities.

As per the BB rules, a bank may only pay cash dividends from the net profit of the relevant financial year and cannot use accumulated profits. Even then, payouts are capped at 30 percent of paid-up capital or 50 percent of net profit, whichever is lower.

Despite the restrictions, a small group of listed banks have declared dividends.

These include City Bank, BRAC Bank, Pubali Bank, Dhaka Bank, Uttara Bank, Eastern Bank, Prime Bank, NCC Bank, Dutch-Bangla Bank, Mutual Trust Bank, Bank Asia, Jamuna Bank, Shahjalal Islami Bank, Southeast Bank, Trust Bank and Midland Bank.

Outside of the listed category, Community Bank and Bengal Commercial Bank have declared dividends.

Bangladesh is set to issue its eighth government investment Sukuk worth Tk 59 billion (Tk 5,900 crore) to finance the construction and development of important bridges on rural roads under a revised project, according to an official statement.
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The seven-year “CIBRR-1 Socio-Economic Development Sukuk” will be issued under the project titled Construction of Important Bridges on Rural Roads (1st Revised). The prospectus and Shariah declaration of the Sukuk have already been finalised with approval from the Shariah Advisory Committee under the Debt Management Department.

The auction for the Sukuk will be held for the first time on May 13, 2026, using Bangladesh Bank’s in-house Shariah Securities Module (SSM) system.

According to the prospectus, Sukuk will be issued through an auction-based lease structure with a face value of Tk 59 billion (Tk 5,900 crore), maturing on May 14, 2033.

Investors will receive a total rental return of Tk 42.95 billion (Tk 4,295.20 crore) over seven years, equivalent to an annual return of 10.40 percent, payable on a semi-annual basis.

Banks and financial institutions having current or Al-Wadiah accounts with Bangladesh Bank will be eligible to participate directly in the auction. In addition, domestic and foreign individual investors, corporate bodies, investment companies, insurance companies, provident funds and deposit insurance funds may also participate through eligible banks and financial institutions maintaining accounts with Bangladesh Bank.

Investors will be able to submit bids online through the SSM system using their Sukuk Investor (SI) ID in multiples of Tk 10,000 between 10:00am and 3:00pm on May 13, 2026.

New investors must complete their SI ID registration through their respective banks by May 12, 2026.

The successful bidders will be informed of their allotted Sukuk amount through their respective accounts at 4:00pm on the auction day, the statement said.

Many of the worst-performing companies have outpaced market leaders in price gains in the secondary market over the past four months, as investors focus on short-term returns amid limited investment options.
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Apart from retailers, many institutional investors have not fixed any long-term investment strategy amid the liquidity crisis.

Ahead of the national election held on February 12, investors had been uncertain about the future market direction. After the election, investors' expectations regarding market stability faded as the US and Israel jointly struck Iran and waged war at the end of February.

As a result, the market outlook has become elusive, and investors remain fixated on speculative stocks in the hope of short-term gains.

This is the backdrop in which Dominage Steel Building Systems, despite a significantly negative P/E (price-to-earnings) ratio and one of its factories being shut, has continued its rally on the stock exchanges.

Dominage Steel registered a 131 per cent market price appreciation as of Thursday since January 1, while well-performing multinational company Linde BD experienced a 14.5 per cent decline during the period.

The board of Dominage Steel Building Systems last week disseminated price-sensitive information regarding the sale of their ownership stakes to Akij Resources and two individuals.

Some market operators said insiders, who were aware of the company's intention to sell ownership to the Akij conglomerate, might have played a role in the company's rally.

The rally of Dominage Steel does not reflect any fundamental strength.

Of the other non-performing companies that outperformed market leaders on the bourses, BBS Cables experienced a 30.3 per cent appreciation over the last four months.

The company distributed no dividends and reported a loss of Tk 856 million in FY25, increased from a loss of Tk 133 million in FY24. It has remained in the red in the last three quarters too.

The unjustified rally of BBS Cables, along with other non-performing companies, indicates that investors are hooked on short-term gains from speculative stocks.

Md. Ashequr Rahman, managing director of Midway Securities, said some groups had influenced the rallies of speculative stocks for short-term gains.

The financial performance of some of the companies that have seen a rally is better than that of other poor performers, but that is insignificant compared to blue-chip stocks that experienced correction.

"The absence of any new IPO is another reason why the secondary market has lost its buoyancy," Mr Rahman added.

The country's capital market has seen no new listings since March 2024.

The latest conflict between Iran and the US-Israel alliance disrupted fuel supply through the blockade of the Strait of Hormuz.

Local manufacturers said their profitability would be seriously affected due to the abrupt rise in production costs induced by fuel price hikes.

Apprehension over profit decline has been reflected in stock movements.

For example, the stock price of Unilever Consumer Care closed at Tk 2,163.6 each on April 6, which fell further to Tk 2,065.80 by Thursday.

Meanwhile, the stock price of ACI fell to Tk 193.80 each share on Thursday, which was Tk 211.6 on April 15.

Islami Bank Bangladesh PLC has posted a consolidated profit of Tk136 crore for the year ended December 2025, but the earnings were overshadowed by a staggering Tk84,615 crore provision shortfall against its classified investments, highlighting continued strain in its balance sheet.

Despite the profit, the bank's financial health remains under pressure, according to a price-sensitive disclosure filed with the Dhaka Stock Exchange (DSE).

The lender's result was largely supported by a regulatory deferral facility from Bangladesh Bank, which allowed the provision gap to be spread over 20 years under a recovery plan submitted last October.

However, key indicators point to weakening fundamentals. Net operating cash flow dropped by Tk5,107 crore in 2025, while investment recovery slowed. Deposits from banks and financial institutions also declined by Tk9,662 crore, reflecting liquidity pressure.

The bank's earnings trajectory has also remained weak, falling from Tk635 crore in 2023 to Tk108 crore in 2024 before edging up to Tk136 crore in 2025.

At the end of 2025, consolidated earnings per share stood at Tk0.85, while net asset value per share rose slightly to Tk44.52 from Tk44.36 a year earlier.

A major concern, according to banking sources, remains the bank's exposure to S Alam Group, which along with its affiliates reportedly borrowed over Tk73,000 crore almost half of the bank's total investment portfolio.

Although assets worth around Tk20,000 crore linked to the group have been attached, recovery has been slow due to weak auction response.

The bank has also skipped dividend payments for the second consecutive year and has been downgraded to the 'Z' category on the stock exchange for the first time, reflecting heightened financial stress.

Following the disclosure, the bank's share price fell over 4% to Tk33.30.

The AGM has been scheduled for 25 June, with the record date set for 21 May.

Meanwhile, management reshuffles are underway, with Managing Director Md Omar Faruk Khan sent on extended leave and Md Altaf Hossain appointed as acting MD amid ongoing regulatory oversight and restructuring efforts.

The Investment Corporation of Bangladesh (ICB), which is mandated to invest in the capital market, is struggling itself to stay afloat amid an unprecedented financial crisis.

According to its audited financial statements for FY25, the state-owned non-bank financial institution incurred a record loss of Tk588 crore in the first nine months of the current fiscal year. This marks a 111% year-on-year surge in losses, driven largely by prolonged volatility in the capital market.

The report also shows that ICB's bank borrowing costs rose by more than 31%, with interest payments increasing significantly during the period, disclosed in the audited financial statements for FY25.

Investment Corporation of Bangladesh (ICB), the country's largest stock market investor, primarily earns through trading shares—generating capital gains from buying and selling equities, as well as dividend income from listed companies.

In addition, the corporation generates revenue through fees, commissions, and service charges by offering various financial services via its subsidiaries.

As of June 2025, ICB's consolidated investment in stocks stood at Tk13,508 crore at cost value. However, the market value of this portfolio declined to Tk8,256 crore, resulting in a deficit of Tk5,252 crore. This represents a loss of approximately 38.88% relative to the cost price, according to its data.

Officials attribute the decline in earnings to the prolonged volatility in the capital market over the past years. This instability was driven by political uncertainties surrounding the general election, adverse macroeconomic conditions, and continued bearish sentiment influenced by global factors, including tensions related to the US-Iran war situation.
ICB Chairman Professor Abu Ahmed told The Business Standard that the company's core operations are closely tied to the performance of the capital market, further noting that during the reporting period, the market did not perform well due to various factors, which hit the institution badly.

Capital gains—once generated from buying and selling shares—fell sharply as the institution was unable to offload stocks amid a bearish market trend. At the same time, ICB faced increased financial pressure due to higher interest payments on deposits and borrowings from banks and other institutions, which drove up overall borrowing costs, he said.

Previously, the interest rate on funds borrowed for market investments was around 7 percent, but it has now risen to 10 percent or more, significantly increasing expenses. As a result, the institution incurred substantial losses.

When asked about the way forward, the ICB chairman said a major portfolio overhaul is essential, as considerable value has already been eroded. Many shares were acquired at high prices, while their current market value has dropped sharply. In addition, high-cost borrowings must be repaid, potentially with government support.

"We are considering raising capital through the issuance of rights shares to repay borrowings. Once implemented, this plan will reduce liabilities and lower interest expenses, providing ICB with much-needed breathing space," he said.

"We are considering raising capital through a rights issue to repay borrowings. Once implemented, this plan will reduce liabilities and lower interest payments, providing ICB with some financial breathing room," he said.

Capital gains fell by 67%:

According to its quarterly financial statements, during the July–March period, ICB's capital gains fell by 67% as it was unable to sell shares due to a volatile capital market. Its capital gains stood at Tk67 crore at the end of March, significantly down from Tk201 crore.

Its dividend income, generated from payouts by listed companies, declined by 19% to Tk236 crore, compared to Tk294.84 crore during the same period of the previous fiscal year.

Income from fees, commissions, and service charges also declined significantly over the same period.

As its core income decreased while interest payments on deposits and borrowings increased, the company incurred an operational loss of Tk406.12 crore.

Interest payments surge by 31%:

Financial statements of the Investment Corporation of Bangladesh (ICB) show that it incurred Tk914.86 crore in interest expenses on deposits and borrowings during the first nine months of the current fiscal year.

In the same period of the previous fiscal year, the amount stood at Tk699 crore—marking a sharp increase of over 31%.

According to its financial disclosures, ICB's total deposits and borrowings reached Tk7,195 crore as of June 2025. Of this, Tk4,058 crore came from banks, Tk3,125 crore from other institutions, and the remainder from deposits collected from the general public.

Including deposits, borrowings, government loans, bonds, and other liabilities, ICB's total liabilities stood at Tk18,063 crore at the end of March.

Once a highly profitable state-owned investment bank, ICB reported a historic loss exceeding Tk1,000 crore for the first time in its history in FY25. The loss of Tk1,213.86 crore in fiscal year 2024–25 was driven by higher provisioning linked to poor investment decisions in several weak non-bank financial institutions (NBFIs), erosion of its investment portfolio amid a volatile capital market, and reliance on high-cost bank borrowings to finance market activities.

Although ICB had previously faced quarterly losses due to market volatility, such a significant annual loss is unprecedented, according to internal sources.

As a result of the substantial losses, the company did not declare any dividend for shareholders for FY2025.

Jamuna Bank has reported that its consolidated net profit jumped by 100% in 2025 compared to the previous year.

According to the bank's price-sensitive statement, its consolidated net profit of Tk558 crore and earnings per share stood at Tk5.92, which was Tk279 crore and Tk2.97 respectively a year ago.

The bank said earnings per share increased due to an increase in income from government securities and a decrease in provisions as compared to the previous year.

The board of the bank also recommended a 29% cash dividend to its shareholders for the year of 2025 ended 31 December.

To approve the dividend and audited financial statement, the bank has scheduled the annual general meeting date for 27 July, and the record date is set for 3 June.

Renata PLC, one of the leading drug-makers, maintained a robust 28% year-on-year increase in consolidated profit, maintaining double-digit growth, while revenue rose 6.46% in the first nine months of the current fiscal year, driven primarily by higher sales volume.

According to its financial statements, during the July to March period, its consolidated profit surged to Tk233.9 crore with an earnings per share (EPS) of Tk20.39, and its revenue surged to Tk3,362 crore at the end March.Its data showed that Renata maintains strong earnings momentum for the third consecutive quarter of double-digit profit growth.
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In the third quarter, Renata saw 33% growth while it already delivered 26% growth in Q2 and 24.6% in Q1.

Despite fewer selling days during the quarter due to the National Election and Eid-ul-Fitr, revenue remained resilient, led by a 10.5% growth in the core domestic pharmaceutical segment, along with steady contributions from exports, Renata PLC said in a press release."Profitability improved on the back of better gross margins, efficient procurement, and tight control over expenses, including stable factory overheads and lower financing expenses through strategic capital restructuring," it said.The company further advanced its long-term growth strategy by investing in capacity expansion, automation, renewable energy, and an expanding pipeline of bio-equivalent products, reinforcing both its domestic leadership and international presence.

While emerging global risks may put pressure on input and logistics costs, Renata remains committed to efficiency and prudent cost management to sustain its growth trajectory and continue delivering value to stakeholders, the press release said.

Md Jubayer Alam, company secretary at Renata, said, "During this period, Renata has demonstrated resilient performance driven by sustained revenue growth, operational efficiency, and disciplined financial management.""Despite prevailing economic challenges, we have maintained strong momentum across our core business segments. Our continued focus on cost optimisation, product portfolio expansion, and market development has contributed to improved profitability and value creation for our stakeholders," he said.
"We remain committed to strengthening our market position, enhancing operational excellence, and pursuing sustainable growth in the coming periods," he said.

Walton Hi-Tech Industries PLC reported a notable decline in both revenue and profit in the January–March quarter of FY26, reflecting mounting cost pressures and intense market competition.

According to the company's latest financial disclosure, revenue dropped by 13% year-on-year to Tk1,786 crore in the third quarter, while net profit plunged by 29% to Tk279.60 crore.

Earnings per share (EPS) also fell to Tk8.39 from Tk11.76 in the same period a year earlier, indicating a significant contraction in profitability.

The downturn extended to the nine-month period from July to March of FY26, during which Walton's revenue edged down to Tk4,548 crore.

Net profit for the period declined by 8% to Tk642.94 crore, compared to the corresponding period of the previous fiscal year. EPS stood at Tk19.29, down from Tk20.90 a year earlier.

The company attributed the weaker financial performance primarily to a sharp increase in output value-added tax (VAT) on key products. The VAT rate doubled from 7.5% to 15%, significantly raising costs. However, due to stiff competition in the consumer electronics market, Walton was unable to pass on the additional tax burden to customers through higher prices.

To remain competitive and protect its market share, the company increased rebate offerings, which further squeezed profit margins. This combination of rising tax expenses and pricing constraints weighed heavily on the company's bottom line during the period, the company added.

Despite the decline, Walton remains one of the country's leading electronics manufacturers. Industry analysts say its long-term performance will depend on how effectively it manages tax pressures and competes in the domestic market.

Walton share price fell by 1.19% on Wednesday to close at Tk364.30 at the Dhaka Stock Exchange.

Square Pharmaceuticals PLC reported a slight decline in profit in the January–March quarter of FY26, despite posting steady revenue growth during the period.

According to the company's latest financial disclosure, consolidated revenue rose 8% year-on-year to Tk2,170.37 crore in the third quarter. However, consolidated net profit slipped 1.40% to Tk596.64 crore, indicating mild pressure on earnings. Consequently, earnings per share (EPS) stood at Tk6.73, down from Tk6.83 in the same quarter of the previous year.

Despite the modest quarterly dip, the company delivered strong performance over the nine-month period from July to March of FY2026. Consolidated revenue increased 13% to Tk6,508 crore, while net profit grew 10% to Tk2,064 crore. EPS for the period rose to Tk23.29, compared to Tk21.15 in the corresponding period of the previous fiscal year.

The unaudited financial statements for the third quarter were approved at a board meeting held today (29 April).

The marginal decline in quarterly profit, despite higher revenue, points to possible increases in operational costs or margin pressures, though the company did not provide detailed explanations. Nevertheless, the overall nine-month results highlight resilience in earnings growth, supported by sustained demand and operational efficiency.

Finance Minister Amir Khosru Mahmud Chowdhury yesterday placed two amendment bills in the parliament proposing the removal of age limits for appointing the heads and members of two of the country’s key financial regulators.

The Bangladesh Securities and Exchange Commission (Amendment) Bill, 2026 seeks to abolish the existing maximum age limit of 65 years for appointing the chairman and commissioners of the Bangladesh Securities and Exchange Commission (BSEC).

Also placed the same day, the Insurance Development and Regulatory Authority (Amendment) Bill, 2026 proposes scrapping the current age cap of 67 years for appointing the chairman and members of the Insurance Development and Regulatory Authority (Idra).

Placing the bills before the House, the finance minister recommended that they be sent to a special parliamentary committee for scrutiny, with a report to be submitted within one day.

In the statement of objectives and reasons, the minister said the proposed amendment to the securities commission law aims to make it more suitable for present circumstances by allowing the appointment of experienced, skilled and knowledgeable individuals to top positions.

Regarding the amendment to the Insurance Development and Regulatory Authority Act, 2010, he noted that the existing provision, which sets the maximum appointment age at 67 years, has limited the opportunity to recruit capable and experienced individuals to leadership roles in the insurance sector.

He argued that removing this restriction is necessary in the public interest to strengthen decision-making in the sector.

Earlier, on April 23, the cabinet approved the draft amendments to both laws.

IPDC Finance PLC, the country's first private sector financial institution, recorded a robust 25% year-on-year growth in net profit for the year 2025, navigating persistent macroeconomic challenges through strategic diversification and disciplined cost management.

According to its audited financial statements approved on Tuesday, the company's net profit after tax rose to Tk45.5 crore in 2025. Following this strong performance, the board of directors has recommended a 10% dividend for the shareholders, comprising 5% cash and 5% stock.

The growth was largely driven by a massive surge in investment income, which skyrocketed by 93% to reach Tk132.4 crore. This jump was fuelled by higher treasury yields and effective portfolio management within the capital market.

Additionally, gross interest income grew by 9% to Tk956 crore, supported by a prudent expansion of the company's lending portfolios.

Despite a broader economic slowdown, IPDC's operating income increased by 7% to Tk348.4 crore. The company maintained a strict grip on its operational costs, with expenses rising by a moderate 10%, resulting in an operating profit of Tk185.3 crore.

On the balance sheet side, IPDC continued to gain depositor trust. Total deposits grew by 15% to Tk6,224.9 crore, securing a 12% market share in the industry. Meanwhile, loans, leases, and advances stood at Tk7,462.2 crore, marking a 7% increase from the previous year.

Key financial indicators also showed significant improvement. Earnings per share (EPS) rose to Tk1.11, and the Net asset value (NAV) per share climbed to Tk17.85. The company's net operating cash flow per share (NOCFPS) stood at a healthy Tk9.94, indicating strong cash generation from its core business operations. The return on equity (ROE) improved to 6.74%.

Managing Director of IPDC Finance Rizwan Dawood Shams attributed the success to "disciplined execution and strategic resilience."

"Despite a challenging environment, we strengthened our earnings base through diversified income streams and prudent cost management. Our focus on portfolio quality and strong risk governance enabled us to deliver sustainable profitability while reinforcing our balance sheet," he said.

He further added that the company remains committed to creating long-term value for stakeholders through financial stability and responsible growth.

Bata Shoe Company (Bangladesh) Limited reported a dramatic fall in profit for the year ended 31 December 2025, with earnings declining by 96% year-on-year amid sustained business challenges.

According to its price sensitive disclosure, the company's earnings per share dropped sharply to Tk0.85 in 2025, down from Tk21.62 in the previous year. The steep decline reflects a difficult operating environment, with the company slipping into losses for much of the year.

Financial data show that Bata began incurring losses from the second quarter of 2025. During the April-December period, the company posted a cumulative loss of Tk35.67 crore. However, strong performance in the first quarter, when it recorded a profit of Tk36.82 crore, helped it narrowly return to profitability, ending the year with a net profit of Tk1.15 crore.

Despite the sharp drop in earnings, the company declared a substantial dividend for shareholders. Bata recommended a 105% final cash dividend, in addition to a 143% interim cash dividend already paid earlier in the year, taking the total payout to 248% for 2025.

The company has scheduled its annual general meeting for 30 June, with the record date set for 19 May to approve the audited financial statements and dividend.

On the stock market, Bata's shares closed 2% lower at Tk818.70 today (28 April) at the Dhaka Stock Exchange.

Bata has been operating in Bangladesh since 1962 and runs two manufacturing facilities in Tongi and Dhamrai, with a combined daily production capacity of around 160,000 pairs of shoes. The company sells approximately three crore pairs annually.

The Bangladesh operation is a subsidiary of Bafin (Nederland) BV, which holds a 70% stake and is part of the global Bata Shoe Organisation, overseeing the brand's international business.

In a press release, the company said it achieved a total turnover of Tk916 crore, demonstrating resilience despite a backdrop of macroeconomic volatility, political uncertainty, and global geopolitical pressures.

"As consumers became increasingly cautious with discretionary spending, the company pivoted toward a consumer-centric strategy, prioritising high-growth categories. Significant progress was made in the casual, sneaker, and premium segments, which aligned effectively with evolving market trends," it said.

"This strategic evolution was bolstered by the expansion of an omnichannel network, providing a seamless experience across digital and physical platforms. By maintaining a lean organisational framework and focusing on operational efficiency, Bata Bangladesh is balancing necessary structural adjustments with continued investment in innovation. This proactive stance ensures the brand is well-positioned to capitalise on emerging opportunities as the economic environment stabilises," reads the press release.

Beacon Pharmaceuticals PLC posted a remarkable rise in its profitability in the third quarter of fiscal year 2025-26, mainly driven by strong operational performance and higher growth in earnings.

According to the company's price-sensitive information (PSI) disclosed on Sunday (26 April), the pharmaceutical manufacturer witnessed over a 335% year-on-year increase in the net profit for the January-March quarter of FY2025-26 compared to the same period of the previous fiscal year.

The share price of the company increased by 3.79% to Tk104 on the Dhaka stock exchange on Tuesday.

In the third quarter, the company earned revenue worth Tk380 crore, which is 25.83% higher from Tk302 crore compared to the same period of the previous year.

The company's earnings per share (EPS) stood at Tk1.22 for the third quarter, significantly higher than Tk0.28 recorded in the corresponding quarter a year earlier.

For the first nine months of the fiscal year, from July to March, Beacon Pharmaceuticals reported an EPS of Tk5.95, marking a 59% increase compared to the same period of the previous fiscal year.

In this period, its revenue stood at Tk1202 crore, which was Tk900 crore a year ago. Besides, its net profit after tax stood at Tk138 crore, which was Tk87 crore a one year ago.

The company also reported a significant improvement in its net operating cash flow per share (NOCFPS) during the reporting period.

Explaining the reasons behind the strong financial performance, the company stated that revenue growth in the corresponding period of the previous year was affected by socio-political instability, which also negatively impacted operating cash flows.

However, business operations recovered in the third quarter of the current fiscal year, leading to strong revenue growth. Consequently, improved cash collections significantly increased Net Operating Cash Flow Per Share, reflecting stronger operational performance and better liquidity compared to the same period a year ago.

According to market analysts, the substantial growth in quarterly earnings reflects improved business performance, higher sales revenue, and operational efficiency amid rising demand for pharmaceutical products in both local and export markets.

The strong earnings growth attracted attention from investors in the capital market, as the pharmaceutical sector continues to remain one of the more resilient industries despite broader economic challenges, including inflationary pressure, foreign exchange volatility, and rising production costs.

Beacon Pharmaceuticals is one of the listed pharmaceutical companies on the Dhaka Stock Exchange (DSE). The company manufactures a wide range of generic medicines, including oncology, antiviral, and specialised healthcare products.

Olympic Industries, the country's leading branded biscuit manufacturer, reported a significant 34% decline in net profit for the January–March quarter of the 2025-26 fiscal year, mainly due to higher taxes and increased raw material costs fueled by geopolitical tensions.

According to the company's unaudited financial statements, net profit for the third quarter (Q3) fell to Tk28.47 crore, down from the same period a year earlier. Although revenue grew 9% to Tk708.81 crore, the cost of goods sold rose at a faster pace—up 13% to Tk555 crore—eroding margins. As a result, gross profit declined 4% to Tk153.80 crore.

The company attributed the erosion of its bottom line to two key factors: a heavier tax burden and rising costs of imported raw materials. Import expenses surged amid supply chain disruptions and heightened market volatility triggered by the Iran–US–Israel conflict, which has disrupted energy flows and driven up global input costs. Consequently, Olympic's income tax payment skyrocketed by 104% during the quarter, reaching Tk26.22 crore.

The nine-month performance (July–March FY26) also reflected a similar trend of rising costs. Although total revenue grew by 5% to Tk2,256 crore, the cumulative net profit for the period fell by 7% to Tk148.18 crore.

At the end of the first three quarters, the company's earnings per share (EPS) stood at Tk7.41, while its net asset value (NAV) per share was recorded at Tk60.26.

Investor sentiment on the bourse remained cautious after the disclosure, with Olympic Industries' shares closing at Tk143.30 on Tuesday at the Dhaka Stock Exchange.

The manufacturer had earlier delivered strong results in FY2024–25, reporting a net profit of Tk201 crore and rewarding shareholders with a 30% cash dividend.

National Credit and Commerce (NCC) Bank shares jumped in the opening session as it recommended record cash dividend to its shareholders for the year of 2025.

During the opening session till 10:50 am, its share price jumped by 12.59% to Tk16.10.

According to its price sensitive statement filed on the Dhaka bourse, the bank recommended a 17% cash and 4% stock dividend for 2025.

According to the company, the declared cash dividend is become highest so far in its listing history.

To approve the dividend and audited financial statements, the bank has scheduled the annual general meeting date for 24 June and the record date for 21 May.

In the last year, its consolidated earnings per share of Tk4.29, which was Tk3.94 a year ago.

Investment Corporation of Bangladesh (ICB), a state-owned non bank financial institution, has incurred Tk588 crore consolidated loss in the first nine months of the current fiscal year.

The ICB approved the nine months financials at its board of directors meeting held today (28 April).

The losses almost doubled over the same time of the previous fiscal year as it had incurred loss of Tk277 crore, its data showed.

Regarding the loss, ICB attributed lower capital gains from buying and selling shares and increasing interest rate for deposits.

Its quarterly data showed, during the July to march period, its loss per share stood at Tk6.79.

The Bangladesh Securities and Exchange Commission (BSEC) has banned three audit firms and four auditors from auditing listed companies for several years after they failed to audit the financial reports of two listed firms properly.

In separate orders issued on April 23, the commission banned Mahfel Huq & Co Chartered Accountants, Ata Khan & Co Chartered Accountants, and Shiraz Khan Basak & Co Chartered Accountants. It also banned four auditors who are current or former partners of these firms.

The action comes amid long-standing criticism that auditors often go unpunished despite failing to detect irregularities in listed firms. As a result of inaccurate financial reporting, many investors were misled into buying shares and later suffered significant losses.

All three audit firms failed to properly audit the financial reports of Ring Shine Textiles for three separate years, according to BSEC.

During the pre-IPO period, Ring Shine Textiles distributed shares free of cost through a private offer, which was described as a clear act of forgery. The company also issued stock dividends to shareholders who had not paid for their shares. These allotments increased its paid-up capital without any actual money being received.

Later, in 2019, the company raised Tk 150 crore from the stock market to buy machinery and repay bank loans.

However, none of these irregularities was reported by the auditors.

MAHFEL HUQ & CO

Mahfel Huq & Co was banned for three years for failing to properly audit the financial statements of Ring Shine Textiles for the year which ended on June 30, 2018.

The audit did not provide reasonable assurance that the financial statements showed a true and fair view of the company’s financial position and performance, as required under auditing and reporting standards.

An enquiry committee formed by the BSEC found major irregularities in key items such as assets, retained earnings, and net profit. It also found that the firm issued an unmodified audit opinion without obtaining sufficient and appropriate audit evidence.

As a result, BSEC barred the firm from auditing any listed securities for three years from the date of the order.

The firm was also banned for one year for failing to properly audit Fareast Islami Life Insurance for 2018. A special audit found material irregularities, inadequate disclosures, and deficiencies in the financial reports, leading to the suspension.

In addition, Md Abdus Sattar, a former partner of the firm, was prohibited from auditing any listed securities issuer for five years.

Md Abu Kaiser, another former partner, was barred for two years.

ATA KHAN & CO

Ata Khan & Co faced action after a BSEC inquiry committee found material irregularities and anomalies in key financial statement items, including the assets and net profit of Ring Shine Textiles for the year ended June 30, 2019.

The firm issued an unmodified audit opinion without obtaining sufficient and appropriate audit evidence to support the reported figures.

It, along with its engagement partner, was found jointly and severally responsible for failing to conduct the audit in line with securities laws, resulting in financial statements that did not present a true and fair view of the company’s position and performance.

As a result, Ata Khan & Co was barred from inclusion in the BSEC auditors’ panel for three years, while Maqbul Ahmed, a partner of the firm, was barred from the panel for five years.

SHIRAZ KHAN BASAK & CO

Shiraz Khan Basak & Co audited Ring Shine Textiles for the year ended June 30, 2020, with Ramendra Nath Basak serving as the engagement partner, although he was not enlisted in the BSEC auditors’ panel.

A BSEC inquiry committee found material irregularities and anomalies in key financial statement items. The firm issued an unmodified audit opinion without obtaining sufficient and appropriate audit evidence to support the figures in the financial statements.

The audit failed to ensure that the financial report presented a true and fair view in line with International Financial Reporting Standards. The firm and its engagement partner were found to have failed to comply with securities laws.

As a result, Shiraz Khan Basak & Co was made ineligible for inclusion in the BSEC auditors’ panel for three years, while Ramendra Nath Basak was barred from the panel for five years.

The Daily Star emailed all the audit firms on Monday, but received no response before the report went to print. It also tried to contact Wasequl H Reagan, a partner of Mahfel Huq & Co, through phone calls and text messages, but he did not respond.

Apex Footwear PLC, the country's leading footwear manufacturer and exporter, reported a staggering turnover of Tk616 crore during the January-March quarter of the 2025-26 fiscal year, yet managed to retain only Tk1.06 crore as net profit.

This disparity reflects a razor-thin profit margin of just 0.17%, a figure that trails significantly behind industry peers such as Bata Shoe.

The company's latest unaudited financial statement reveals that despite a 14% growth in revenue compared to the same period last year, the bottom line was heavily weighed down by a combination of surging finance costs, higher tax burdens, and rising operational expenses.

During the third quarter, spanning January to March 2026, Apex Footwear's revenue climbed to Tk615.96 crore from Tk540 crore in the corresponding period of the previous year. While the net profit saw a modest 9% year-on-year increase, it reached only Tk1.06 crore, yielding an earnings per share of Tk0.54.

The financial data indicates that the cost of doing business has escalated sharply, with the cost of goods sold rising by 10% to Tk488 crore.

Furthermore, marketing, selling, and distribution expenses grew to Tk93.37 crore, while finance costs – primarily driven by rising interest rates on loans – jumped by 16% to reach Tk16.99 crore.

On a broader scale, the company's performance for the first nine months of the current fiscal year (July-March) showed a similar trend of high volume but constrained profitability. Cumulative revenue for the nine-month period reached Tk1,559 crore, up from Tk1,369 crore in the previous year.

Cumulative net profit for the period stood at Tk8.91 crore, compared with Tk6.99 crore in the same period of the previous financial year, indicating improved earnings but continued pressure on margins.

Despite the thin margins, the company maintained a strong financial position, with a net asset value per share of Tk351.89 and net operating cash flow per share of Tk122.92 as of March 2026.

The significant squeeze on profit margins has been attributed largely to the current taxation framework governing export proceeds.

A senior official of the company said the sharp decline in margins has been worsened by the nature of tax deduction at source (TDS).

He noted that in the export business, banks deduct tax at the source immediately upon the receipt of export proceeds. "Because these deductions are not strictly tied to the export revenue of a specific accounting period, the tax cost often appears disproportionately high relative to the quarterly profit."

Industry insiders further elaborated that footwear exporters are required to pay 1% of their total export value as TDS. Although this amount can be adjusted against final income tax at the end of the year, it is not refundable.

This creates a systemic hurdle for companies operating on low margins; if the final calculated tax on income is lower than the amount already deducted as TDS, the company cannot claim a refund, effectively turning the deduction into a final tax that erodes the actual profit.

Following the disclosure of these financial results, investor sentiment on the Dhaka Stock Exchange remained cautious. Shares of Apex Footwear closed 0.83% lower at Tk202.60 today.

Based on the latest quarterly data, the company's price-to-earnings ratio stands at 33.47, while its dividend yield is 1.23%.

Runner Automobiles PLC saw its share price fall after a key sponsor announced plans to divest his entire stake, raising concerns among investors amid the company's ongoing transition toward electric vehicles (EVs).

Taslim Uddin Ahmed, a sponsor and former director of the company, has declared his intention to sell all 27.09 lakh shares he currently holds.

According to a regulatory filing with the Dhaka Stock Exchange today (27 April), Ahmed plans to complete the sale by 30 April through both public and block markets at the prevailing market price.

Following the announcement, Runner's share price declined by 4.66%, closing at Tk38.90.

The move comes shortly after a similar decision by major foreign investor Brummer Frontier, which on 9 April announced plans to offload 50 lakh shares from its holding of 1.83 crore shares. The simultaneous exits by a sponsor and a foreign shareholder have sparked unease among market participants.

The sell-off is notable given the company's recent strategic development. On 24 March, Runner announced a Master Supply and Manufacturing Agreement (MSMA) with BYD Auto Industry Company to explore local production of electric vehicles. While the partnership marks a significant step forward for Bangladesh's automotive sector, the company noted that the final investment size and financial impact are yet to be determined.

Financially, the company is facing mixed performance. The runner reported a net profit of Tk 2.93 crore for the first half of the current fiscal year (July–December), but posted a loss of Tk 1.41 crore in the October–December quarter.

Despite this volatility, revenue remains strong. The company recorded a 31% year-on-year increase in revenue to Tk592.18 crore in the first half, driven by solid demand in the truck, pickup, and tractor segments.#####