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Financial sector logs hefty profit
Sabadur Rahman
Bangladesh 's financial sector has recorded impressive profit growth in the first three quarters of2009, showing strong resilience against fallout from global recession.
Thesector- both banks and non-banks - posted 30 percent growth in net profit in the January-September period, compared to the same perioda year ago.
Sector people linked the growth to a booming capital market, growth in remittances and a revival of congenial investment climate in the third quarter.
"Institutions with operations in capital market have achieved substantial gains this year," said Mafizuddin Sarker, managing director of LankaBangla Finance, a joint venture leasing and finance company.
LankaBangla Finance's net profit grew nearly 45 percent to more than Tk 52 crore for the first three quarters, compared to the same period of2008.
Pubali Bank’s net profit rose 25 percent to Tk 90 crore in the first three quarters from the same period a year earlier.
“Capital market operation has contributed substantially to growth,” said Helal Ahmed Chowdhury, managing director of the bank, a relatively a new entrant to the capital market operations.
Most banks out of the 48 banks and 29 non-bank financial institutions have achieved significant growth during the period, offsetting fears that the global economic slowdown would cost Bangladesh and its financial sector heavily.
These financial institutions are the prime source of funding for investment in industries and trade.
AB Bank, one of the largest private banks, has logged Tk 210 crore in net profit in the Jan-Sept period of 2009, up
from Tk 181 crore in the same period a year ago.
Of the banks, Eastern, 1FIC, First Security, Prime, Mutual Trust and Mercantile also grew by double-digit rates during the period. Islami Bank's profit grew only 4 percent, which is negative for Premier Bank.
Eastern Bank's net profit increased by 60 percent to Tk 115 crore in the first three quarters of the current year from the same period of last year, while it is Tk 62 crore for IFIC Bank, up fromTk 50 crore a year ago.
First Security Islami Bank earned Tk 21 crore in net profit, up from Tk 8 crore in the same period a year ago.
Net profit of the non-banks that include IDLC, Union Capital, Phoenix Finance and Investment, Uttara Finance and Prime Finance and Investment grew significantly in the period.
IDLC's net profit increased by 55 percent to Tk 45 crore in the period. Prime Finance's profit rose to Tk 41 crore from Tk 24 crore, Union Capital rose to Tk 11.24 crore from Tk 9 crore, Phoenix rose to Tk 14.36 crore from Tk 9.15 crore, Uttara . Finance Tk 34.5 crore from Tk 23 crore.
"Banks and financial institutions have been optimising the still-untapped opportunities in the capital market," said Anis A Khan, managing director of Mutual Trust Bank that has recorded 252 percent growth in net profit during the first three quarters of2009.
Mutual Trust Bank's net profit reached nearly Tk 37 crore this year from Tk 10.5 crore a year ago. underserved compared to the total economy. There is ample scope to grow up," Khan said.
sajjad@thedailystar.net