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Manufacturers and wholesalers in Narayanganj are among the biggest suppliers of clothing items to retailers and wholesalers in the capital and other parts of the country. Though they supply products throughout the year, payments are usually cleared ahead of Eid-ul-Fitr. But the fire that gutted 3,845 shops in and around Bangabazar on April 4 has left the suppliers worried about the fate of the arrears. The photos were taken on Monday.

City Bank logged Tk 477cr profit in 2022
STAR BUSINESS REPORT
The City Bank Ltd made a profit of Tk 477.84 crore in the last financial year of 2022, down 13.10 per cent year-on-year.
Its profit stood at Tk 549.88 crore in 2021.
Thus, the private commercial bank reported consolidated earnings per share of Tk 3.98 in 2022 compared to Tk 4.58 (restated) in 2021.
A restatement is an act of revising one or more of a company’s previous financial statements to correct an error.
The consolidated net asset value per share of City Bank rose to Tk 28.21 in 2022 from Tk 27.27 (restated) in 2021 while the consolidated net operating cash flow per share slipped to Tk 11.65 from Tk 11.80 (restated) during the period.
Its board of directors has recommended a 10 per cent cash and a 2 per cent stock dividend for the year that ended on December 31, according to a filing on the Dhaka Stock Exchange.
Shares of City Bank were changed at Tk 21.80 on the bourse yesterday.

Narayanganj traders feel the heat of Bangabazar fire

Affected shops owe huge sums to suppliers
SAURAV HOSSAIN SIAM, Narayanganj
Narayanganj-based clothing traders have also been affected by the recent fire in Bangabazar and are passing days in uncertainty as wholesalers and retailers in the popular market in Dhaka owe a significant amount of money to their suppliers.
Narayanganj is one of the biggest producers of readymade clothing items used by local middle-income and lower-middle-income consumers.
More than 5,000 hosiery factories have been set up in several parts of the city, particularly in the sadar and Bandar upazilas. Clothes manufactured in the factories are sold all over the country.
Suppliers say a large number of clothes made in the industrial belt are sold to the shops in Bangabazar throughout the year but payments are largely made ahead of Eid-ul-Fitr.
Eid-ul-Fitr is one of the biggest religious festivals in Muslim-majority Bangladesh and the volume of sales increases several times ahead of the festival.
Traders say businessmen in the capital and other parts of the country such as Rajshahi, Cumilla, Faridpur and Chandpur come to buy clothes from Narayanganj at wholesale rates. Most of the traders in Bangabazar and Sadarghat of the capital also purchase clothes from here.
Hundreds of small and large producers in the city’s Nayamati, Tanbazar, Deobhogh areas are regular suppliers to the traders in Bangabazar.
But the fire incident in Bangabazar on the dawn of April 4 has left the businessmen in Narayanganj worried since they don’t know whether they would get the payments and if yes, when.
The fire at Bangabazar Shopping Complex and adjacent markets burnt down 3,845 shops.
There is a large hosiery market in Deobhog where readymade clothes are also sold to wholesale traders.
Md Selim, owner of Al-Mujib Garments in the Deobhog market, said he used to supply products to 30 wholesalers in Bangabazar before the fire broke out.
“They would take products from me throughout the year and payments usually remain due. All transactions are cleared at least 10 days before Eid. But all of the goods of my parties were burnt to ashes in the fire. Arrears of about Tk 1 crore have been unpaid now. But I can’t ask for the money in such a difficult situation.”
“But how can my employees go home before Eid if I don’t get the money and pay them the salaries?” he asked.
Al-Karim Garments owner Abdul Matin, Ruma Garments owner Mujibur Rahman, AK Fashion owner Abul Kalam and Awlad Garments owner Awlad Hossain, RP Garments owner Abdul Matin, and HK Fashion’s owner Hasibur Rahman echoed Selim. Traders of Bangabazar owe them from as low as Tk 2 lakh to as high as Tk 2 crore.
According to Nazmul Alam Sajal, president of the Bangladesh Hosiery Association, more than 200 traders in Narayanganj have been affected by the fire and they have more than Tk 100 crore in unpaid bills.
Rafikul Islam, owner of Mark Fashion in Nayamati, says they start selling Eid-oriented clothes 15 days before Ramadan begins and it continues until the 15th day of the fasting month.
“We receive payments before the Eid day. But this time everything has become uncertain.”
Md Fayez, owner of Kanak Fashion, said: “If our clients are unable to run their business, we will not get paid.”
Hundreds of traders in Tanbazar’s Habib Shopping Complex, River View Market and Farzana Tower are also feeling the pinch of the fire.
Moktar Hossain, treasurer of the central committee of traders of the Habib Shopping Complex, says some traders in the market have unrealised payments of Tk 1 lakh to 20 lakh.
“Traders in Bangabazar have taken Tk 40 lakh worth of products from me. These arrears were supposed to be settled before Eid. Now I don’t know when I will get the money.”
About 500 businessmen in Narayanganj have more than Tk 100 crore in arrears, he said.
Mujibur Rahman, vice-president of the Deobhog Market Owners Association, says traders of Bangabazar owe them more than Tk 40 crore.
“Now we are living days in uncertainty as the stores of our clients have been burnt to ashes.”
Members of the Bangladesh Hosiery Association held a meeting on Sunday.
“We are preparing a list of the businesses that have had arrears with the traders of Bangabazar and by how much,” said Sajal.
“After we complete the list, we will sit with the Bangladesh Knitwear Manufacturers and Exporters Association and the Federation of Bangladesh Chambers of Commerce and Industry to resolve the problem. The present government is business-friendly. I hope the government will stand by the affected traders.”