Corporate Focus
Bank Asia’s Q1 profit down 41pc due to higher provisions
Business Report :
Bank Asia PLC’s profit plunged 41 percent year-on-year to Tk 77.88 crore in the first quarter of 2024.
The private commercial bank logged a profit of Tk 132.9 crore in the January-March quarter of 2023.
Therefore, the earnings per share (EPS) dived to Tk 0.67 from Tk 1.14, according to the unaudited financial statements.
Bank Asia attributed the decline in the EPS mainly to higher provisions that it had to maintain in the quarter compared to the previous year’s identical period.
The net operating cash flow per share went up to Tk 17.44 from Tk 13.77, thanks to an increase in cash inflows, a spike in deposits, and a lower growth of loans.
The net asset value per share increased to Tk 25.85 from Tk 23.98.
Bank Asia was established in 1999 and it acquired the business operations of the Bank of Nova Scotia in Dhaka, the first of its kind in the country. It also took over the Bangladesh operations of Muslim Commercial Bank Ltd.
Last month, its board approved the private commercial lender’s plan to acquire the local unit of Bank Alfalah Limited.
Bank Asia operates 135 branches. It pioneered the agent banking service in Bangladesh and currently has 5,000 agent banking outlets across the country.
Bata Shoe sees 35pc profit surge in Jan-Mar
Business Report :
Bata Shoe Company Bangladesh Limited reported a 35% increase in profit for the January-March quarter this year compared to the same period last year.
According to its statement filed with the Dhaka Stock Exchange, the company posted earnings per share of Tk13.42 for the first quarter, up from Tk9.96 a year ago.
The company attributed the significant profit increase to revenue growth driven by Eid businesses, school, winter seasons, and other promotional activities.
As of the first 30 minutes of trading on Tuesday, its shares were priced at Tk955.10, marking a 0.89% decline from the previous year.
BAT Bangladesh’s profit drops 9pc in Jan-Mar
Business Report :
British American Tobacco Bangladesh reported that its profit dropped over 9% in the January-March of this year compared to the previous year in the same quarter.
The company said in a statement filed on the Dhaka Stock Exchange, its earnings per share was Tk7.65 during the first quarter, lowering from Tk8.44 in the same quarter previous year.
The company said in the statement, profit decreased from same period last year driven by volume de-growth and lower leaf export. Its shares closed at Tk368 in the first trading session on Tuesday, lowering by 1.31% from the previous session.
Green Delta logs
Tk 8 crore profit in Q1
Business Report :
Green Delta Insurance Ltd reported a profit of Tk 8 crore in the first quarter of 2024, an increase of 8 percent year-on-year. The insurer booked a profit of Tk 7.4 crore in the corresponding period of 2023.
The earnings per share were Tk 0.8 in January-March, up from Tk 0.74 in the first quarter of last year, according to the unaudited financial statements.
Green Delta also registered a higher net operating cash flow of Tk 0.13 per share. It was Tk 0.02 previously. Although the profit and the cash flow increased, the net asset value per share decreased because of a decline in the investment value of shares trading on the stock market, said Green Delta in a disclosure.
IDLC Finance’s profit surges 2pc in Jan-Mar
Business Report :
The country’s leading non-bank financial institution IDLC Finance reported that its profit rose over 2% in the January-March quarter of this year. During the quarter, its consolidated earnings per share was Tk0.85, higher from Tk0.83 at the same time a year ago. Its share price rose by 2.39% to reach Tk34.30 in the opening session on Monday at the Dhaka Stock Exchange.
