By fishing, Rafique Majhi earns about Tk 500 on a good day, if luck favours him. The income has barely changed over the years. After the pandemic, when the cost of daily essentials began to surge, food was the first item he cut back on.

At Mahipur in Patuakhali district, his family began seeing fish or eggs on their plates less frequently.

Over time, that has worsened rather than improved. When catches fail or fishing bans are imposed, borrowing has become more frequent. Each day, Rafique’s struggle is to secure three meals, often only rice and vegetables.

After weeks of disrupted fishing due to fuel shortages, he is now anxious about surviving the next fishing ban from mid-April. “Prices of everything have gone up, but income has remained the same,” said the 52-year-old fisherman.

Like him, many low-income households across the country are under pressure as earnings fail to keep pace with rising prices. The difference between income growth and inflation have driven real incomes down.

Official data show real incomes have remained negative for four consecutive years.

“It’s impossible to cover all basic needs,” said Kabir Hossain, an employee at a fish depot at Mohipur Fish Landing Centre in the same southern district.

He said his children often ask for better meals, but he cannot afford them. To manage daily expenses, he relies on borrowing almost every month. The upcoming fishing ban is also a major concern.

According to the Bangladesh Bureau of Statistics (BBS), inflation has outpaced wage growth for 50 consecutive months up to March, despite a gradual rise in pay since February 2022.

The wage growth rate stood at 8.09 percent in March, 0.62 percentage points below inflation of 8.71 percent, according to the Wage Rate Index. In the previous month, the gap between inflation and wage growth was 1.05 percentage points.

Unlike Rafique or Hossain, Prashanna Kumar Roy, a farm labourer at Rajpur union in Lalmonirhat, is not concerned about fishing bans. But his pressure comes from rising farming costs, which he said have reduced his income.

Roy, who used to earn Tk 15,000 to Tk 20,000 a month during the farming season, said it is now difficult to earn even Tk 14,000.

After cutting all possible expenses, including exhausting the very small family savings and skimping on nutritious food, the 45-year-old labourer said any emergency, such as medical needs, now forces him to take loans, adding to existing debt.

These people belong to the country’s informal sector, which makes up about 84 percent of the total employed population of 6.9 crore. A large share of them are now at risk of falling into poverty or is already below the poverty line.

COMPROMISING NUTRITION INVITES LASTING CONSEQUENCES

Mohammad Lutfor Rahman, professor of economics at Jahangirnagar University, said low-income households are cutting back on protein-rich foods such as fish, meat, eggs, milk and fruit, relying instead on basic calorie intake just enough to work the next day.

He said such compromises could have long-term consequences.

“A malnourished workforce cannot remain productive, and their physical capacity declines over time,” Prof Rahman said, adding that children in low-income families risk falling behind in cognitive development.

He said weak labour demand is adding further pressure.

Several sectors, including construction, have recorded weak or negative growth in recent months, reducing demand for labour.

“At the same time, more people are entering the labour force, creating excess supply and pushing wages down.”

The prof also pointed to sluggish public spending. “ADP implementation has been among the lowest in decades, cutting off an important source of income for workers,” he added.

In its latest monthly update, the General Economics Division (GED) warned that rising energy and utility costs could further increase real income pressures as households face higher spending on electricity, gas and transport, disproportionately affecting lower-income groups.

“This divergence underscores intensifying real income pressures, as households face rising costs without corresponding wage adjustments,” said the report.

It added that stagnant wages in this context highlight the erosion of purchasing power, particularly among lower-income groups whose spending is dominated by essentials.

The February assessment suggested inflationary pressures are rising faster than wage adjustments, widening the mismatch between incomes and expenditure.

“This identifies a need for coordinated wage and price management, as inflationary pressures continue to undermine real income stability,” the report said.

In March, wage growth in agriculture stood at 8.10 percent, up 0.01 percentage points from February. Industrial wages rose to 8.02 percent, while services recorded 8.23 percent.

The Wage Rate Index tracks wages of informal daily workers across 63 occupations in agriculture, industry and services.

To ease pressure, Prof Rahman called for targeted intervention. “The government should expand subsidised food distribution and consider compensation measures so low-income households can at least maintain minimum nutrition and purchasing power.”

Bangladesh Bank reported a slight rise in nominal wage growth in the second quarter of fiscal year 2025-26, with the wage index increasing to 8.07 percent in December 2025 from 8.02 percent in September, although still below the previous fiscal year.

All major sectors saw marginal gains, with agriculture at 8.16 percent, industry at 7.91 percent and services at 8.24 percent, supported partly by Aman harvest demand. However, wage growth continued to lag inflation, keeping real wages negative and steadily eroding household purchasing power.

WAR SHOCKS COMPLICATE INCOME OUTLOOK FURTHER

Last week, the World Bank projected weaker economic growth for Bangladesh in the current fiscal year, saying an additional 12 lakh people will remain below the poverty line mainly due to the impact of the US-Israel war on Iran.

Before the conflict in the Middle East, about 17 lakh people were expected to move out of poverty this year. That figure has now dropped to 5 lakh.

At the $3 international poverty line, an additional 14 lakh people are projected to fall into poverty over the same period, it added.

The Washington-based multilateral lender said the conflict is likely to affect Bangladesh’s economy materially, compounding existing vulnerabilities, including high inflation, financial sector stress, limited policy space and weakened confidence.

Top finance officials from around the world will convene in Washington this week under the shadow of the war in the Middle East, which has delivered a third major shock to the global economy after the COVID pandemic and Russia's full-scale invasion of Ukraine in 2022.

Top International Monetary Fund and World Bank officials last week said they would downgrade their forecasts for global growth and raise their inflation predictions as a result of the war, warning that emerging markets and developing countries will be hit hardest by higher energy prices and supply disruptions.

Before the Iran war broke out on 28 February, both institutions had expected to lift their growth forecasts given the resilience of the global economy - even in the wake of major tariffs imposed by US President Donald Trump beginning last year. But the war has delivered a series of shocks that will slow progress on recovering growth and beating back inflation.

The World Bank's baseline estimate now projects growth in emerging markets and developing economies of 3.65% in 2026, down from 4% in October, but sees that number dropping as low as 2.6% if the war lasts longer. Inflation in those countries was now forecast to hit 4.9% in 2026, up from the previous estimate of 3%, and could spike as high as 6.7% in the worst case.

The IMF warned last week that ⁠about 45 million additional people could also face acute food insecurity if the war persists and continues to disrupt fertilizer shipments needed now.

The IMF and World Bank are racing to respond to the latest crisis and support vulnerable countries at a time when public debt levels have reached record levels and budgets are tight.

The IMF said it expects demand for $20 billion to $50 billion in near-term emergency support to low-income and energy-importing countries. The World Bank has said it could mobilize some $25 billion through crisis response instruments in the near-term, and up to $70 billion in six months, as needed.

But economists are urging governments to use only targeted and temporary steps to ease the pain of higher prices for their citizens, since broader measures could fuel inflation.

"Leadership matters, and we've come through crises in the past," World Bank President Ajay Banga told Reuters, lauding work on fiscal and monetary controls that had helped economies weather previous storms. "But this is a shock to the system."

Countries now face a tough balancing act managing inflation while keeping an eye on growth and the longer-term challenge of creating enough jobs for the 1.2 billion people who will reach working age in developing countries by 2035.

IMF and World Bank also face a far different global landscape with tensions running high between the United States and China, the world's largest economies, and the Group of 20 major economies hobbled in its ability to coordinate a response.

The United States currently holds the rotating presidency of the ⁠G20, which also includes Russia and China, but it has excluded another member - South Africa - from participation, complicating the group's ability to coordinate on this crisis.

"You're trying to operate on consensus when there's no consensus in the world right now on anything," said Josh Lipsky, chair of international economics at the Atlantic Council.

Lipsky said statements by the IMF, World Bank and other multilateral lenders about their readiness to support countries hit hard by the war were clearly aimed at reassuring markets.

"It's a signal to private creditors. This is not a time to flee countries that are in problematic waters. They will have support from the multilateral development banks and the international financial institutions. This is not going to be COVID. This is something that we can handle."

TOUGHER CONDITIONS FOR MANY

Mary Svenstrup, a former senior US ⁠Treasury official now with the Center for Global Development, said many emerging market and developing economies entered the crisis worse off than just a few years ago, with lower buffers, higher debt vulnerabilities and lower reserves.

"We need to have this crisis be a catalyst for IMF stakeholders to really rethink how the Fund supports vulnerable countries with the recognition that we're going to be seeing more global shocks," she said. "We can't ask them to sacrifice growth and development for the sake of rebuilding buffers."

Svenstrup said countries should pursue more ambitious reforms if ⁠they received fresh funds. "There probably does need to be more financial support from the (international financial institutions) but it needs to be affordable, and it needs to be in the context of reform programs and potentially broader debt relief," she said.

Martin Muehleisen, a former IMF strategy chief who is now with the Atlantic Council, agreed, saying the IMF should work with donor countries to accelerate debt restructuring for borrowers and "get them off the debt cycle." New lending should be tied to a credible ⁠debt-reduction road map, he said.

Eric Pelofsky, vice president at the Rockefeller Foundation, said low-income and lower middle-income countries paid twice the amount to service their debts in 2025 than before COVID, limiting funds for education, health care and other critical social programs. Half were now in or near debt distress, up from a quarter, just a few years ago.

"This new conflict threatens any recovery that occurred since the pandemic or the Ukraine war, and it takes countries that have basically been treading water, trying to stay away from default, and keeps them in a long term debt-growth-investment trap," he said.

With a trillion?dollar economy in vision by 2034, the new government plans a big budget worth Tk 9.30 trillion for the next fiscal year for augmented funding of critically important sectors.Economic Forecast Report

In order to finance the substantially raised annual spending plan, the government has set a target to collect some Tk 7.95 trillion as revenue in the fiscal year 2026-27, officials say.

The decisions were made at a meeting of the committee for coordination on fiscal, monetary, and currency exchange on Friday night, as the budgeting exercise is getting in gear with little over two months left before the current fiscal year ends.

Official sources say the new government will have to make large allocations to fulfill a number of its electoral pledges in the next fiscal year, face the impacts of the ongoing conflict in the Middle East, and enhance salary of employees partially, and so the budget size is going to be increased significantly.

"The Middle East conflict alone is eating up a big portion of government subsidies now, but its impacts on the economy will be much bitter in the next fiscal year," says one official.

As such, he adds, the government is giving big target to the National Board of Revenue (NBR) for collecting revenue to meet the growing expenditure.

Also, the high revenue target is set as Bangladesh's tax-to-GDP ratio remains one of the lowest in the world by many accounts. The International Monetary Fund has pushed Bangladesh to increase the ratio to 9.20 per cent in the next fiscal year from the current rate of around 6.6.

In the new budget, sources have said, the size of the Annual Development Programme (ADP) is going to be Tk 3.0 trillion, significantly higher then the current development budget amounting Tk 2.3 trillion.Local Business Directory

The GDP-growth target has been set at 6.5 per cent for the next fiscal year while the government targets to keep inflationary pressure below 7.5 per cent then.

According to officials concerned, of the total ADP worth Tk 3.0 trillion for the next fiscal year, Tk 1.9 trillion, equivalent to 63.33 per cent of the total outlay, is set to be financed from government exchequer, while the remaining Tk 1.1 trillion is expected to be managed from external sources, mainly in the form of project loans and grants.

For the current fiscal year, the government initially approved an ADP of Tk 2.3 trillion, which was later revised down to Tk 2.0 trillion, comprising Tk 1.28 trillion from domestic resources and Tk 0.72 trillion from external financing.

The proposed allocation for the next fiscal year represents an increase of 48.44 per cent in domestic financing and 52.78 per cent in external financing.

According to Implementation Monitoring and Evaluation Division (IMED) data, ministries and divisions together spent Tk 591.34 billion up to February, accounting for 30 per cent of the total revised allocation.Personal Finance Software

The proposed ADP breakdown shows, Local Government Division (LGD) is set to receive the highest chunk of Tk 366.20 billion in the next fiscal, followed by the Road Transport and Highways Division (RTHD) with Tk 329.03 billion.

Health Services Division is likely to see a significant jump in allocation to Tk 206.08 billion, more than six-fold compared to its revised allocation of Tk 31.28 billion in the current fiscal, elevating its position to third from the 15th.

Power Division is expected to receive the fourth-highest allocation at Tk 191.86 billion, followed by the Ministry of Science and Technology with Tk 173.66 billion.

Among other sectors, Primary and Mass Education is set to receive Tk 168.48 billion in development budget, while Secondary and Higher Education Division is likely to get Tk 138.36 billion.

Sources say Finance and Planning Minister Amir Khasru Mahmud Chowdhury, who chaired the meeting, discussed the challenges now the country's economy faces due to the Middle East turmoil, especially the high import costs of fuel oils and gas and the possible way of their funding.

Also, he asked the finance officials to keep in mind "long-lasting impacts of the war fallouts on the economy, the inflationary pressure, and government's electoral pledges alongside gradual deregulation of the economy" while preparing the budget.

K&Q Bangladesh Limited has entered into a direct operator billing agreement with Robi Axiata Limited to facilitate voucher sales for digital services such as Netflix, Google Pay and other platforms, a move expected to strengthen its revenue base and accelerate growth in the digital services segment.

According to disclosures from the Dhaka Stock Exchange, the partnership will allow the company to tap into Robi's extensive subscriber network, significantly enhancing its reach in the rapidly expanding digital payments and content ecosystem.

In addition to the latest agreement, the company has been actively expanding its footprint in the digital and technology space.

Earlier this year, K&Q Bangladesh signed an agreement with Bangladesh Satellite Company Limited to act as an authorised partner and sales agent for Starlink satellite-based internet services in Bangladesh. Under this arrangement, the company will handle nationwide marketing, sales, implementation, and operational activities for the service.

Separately, the company has also entered into an Application-to-Person (A2P) aggregator agreement with Robi Axiata, enabling it to provide SMS and notification delivery services for various applications and digital platforms. These services will be offered under a license issued by the Bangladesh Telecommunication Regulatory Commission.

In the first half of the 2025-26 fiscal year, the company reported earnings per share (EPS) of Tk5.83, marking a sharp increase from Tk1.67 in the same period a year earlier. Its net asset value per share (NAVPS) stood at Tk107.55 as of 31 December 2025.

For the FY2024-25, the company posted EPS of Tk9.49, a significant jump from Tk0.67 in the previous year, reflecting a notable turnaround in profitability. The board declared a 4% cash dividend for shareholders, while NAV per share rose to Tk101.72 at the end of June 2025.

The Asian Development Bank (ADB) has cut Bangladesh’s economic growth further to 4 percent for the current fiscal year 2025–26 from its previous projection of 4.7 percent amid a fuel price spike and disruption in global supply chains due to the war in the Middle East.

The ADB said the economy might pick up and grow by 4.7 percent in the next fiscal year 2026–27, according to the latest Asian Development Outlook (ADO) April 2026 released today.

This is the third time the ADB has revised down its Gross Domestic Product (GDP) growth forecast for Bangladesh.

The Manila-based lender in December forecast 4.7 percent GDP growth in the current fiscal year, down from its September forecast of 5 percent. In April last year, the ADB had projected 5.1 percent growth for the same year.

The current growth outlook reflects a recovery in consumption and investment as political uncertainty eases after the general election. Temporary supply chain disruptions linked to conflict in the Middle East affected activity in the last quarter, but their impact is expected to fade, the ADB said in a press release.

“Bangladesh is facing a difficult economic environment, shaped by global uncertainties, domestic structural constraints, and pressures on the external and financial sectors,” said ADB Country Director in Bangladesh Hoe Yun Jeong.

Inflation is projected to remain elevated at 9 percent in FY26, despite some easing, reflecting persistently high global energy prices and ongoing supply disruptions. It is expected to moderate to 8.5 percent in FY27 as external shocks subside and domestic supply conditions improve.

“Downside risks to the outlook remain substantial, particularly if the conflict prolongs,” it said.

Disruptions to global energy markets, shipping routes, and supply chains could drive sustained increases in oil and gas prices, intensifying domestic inflationary pressures and complicating ongoing disinflation efforts, thereby constraining macroeconomic policy flexibility, it said.

“Higher energy prices could also widen the fiscal deficit, especially if energy-related subsidies increase or the pass-through to consumers is delayed.”

The ADO report said external sector pressures may rise as exports and remittances soften amid slower economic activity in key Persian Gulf economies, while elevated import costs and freight rates would further strain the current account amid already tight external liquidity.

Overall, the balance of risks is firmly tilted to the downside, underscoring Bangladesh’s vulnerability to external shocks in a context of still-fragile macroeconomic conditions. Climate-related shocks remain an additional, persistent risk.

The ADB said the current account deficit, the record of a country's international transactions with the rest of the world, is anticipated to be 0.5 percent of Gross Domestic Product in FY26, widening slightly to 0.6 percent in FY27, driven by stronger import demand and a broader trade deficit.

The dollar slipped on Friday, putting it on track for its largest weekly drop ​since January, as investors sold safe-haven assets on the assumption that oil shipping will resume if a ceasefire holds in the ‌Gulf.

The dollar had towered in March as one of the few bastions of safety as the Iran war sent oil prices surging and hit stocks and gold, while inflation worries pressured bonds.

But since a fragile ceasefire was reached on Tuesday, those positions are being unwound.

The euro has rallied 1.8 percent this week to trade at $1.173, while sterling ​has gained 2 percent since Monday to $1.347.

The risk-sensitive Australian and New Zealand dollars are set for weekly rises of nearly 3 percent on ​the dollar, with the Aussie trading just above 70 cents.

MARKETS ARE OPTIMISTIC EVEN THOUGH CEASEFIRE IS FRAGILE

“The market still seems generally optimistic, despite some of the ceasefire fraying,” said Marc Chandler, chief market strategist at Bannockburn Global Forex.

Data on Friday showed ​that US consumer prices rose by the most in nearly four years in March as the Iran war boosted oil prices and the pass-through from tariffs ​persisted.

The increase was largely in line with expectations and the markets’ direction is more likely to hinge on the outcome of weekend peace talks between the US and Iran in Islamabad, analysts said.

“People were buying the US dollar when the war was at its most intense moment and now they’re selling as the tail risk ​of a really bad outcome has faded quite a bit,” said Jason Wong, senior strategist at BNZ in Wellington.

“Even though it still looks ​a bit shaky, the ceasefire removing that tail risk is important from a sentiment point of view,” he said, adding that the mood could turn very quickly ‌if the ⁠anticipated weekend peace talks fail to deliver progress.

Asia’s biggest liquefied petroleum gas (LPG) importers, including India and China, are racing to replace disrupted Middle East supplies with cargoes from the ​Americas, driving spot premiums to record highs, analysts and traders said.

LPG exports from the Middle East, Asia’s top supplier of the ‌fuel used for cooking and feedstock for petrochemical plants, have plunged since the US-Israeli war with Iran started in late February.

The supply shock is squeezing Asian petrochemical producers’ margins, forcing them to cut output, and raising costs for millions of Asian households, analysts and traders said. India and China are the biggest importers of LPG from the Middle East.

Middle Eastern ​LPG exports tumbled 73 percent to 419,000 barrels per day (bpd) in March from the previous month, data from analytics firm Kpler showed,

The supply shock ​drove spot premiums for propane and butane loading in April from the Gulf to record highs of $250 per metric ton to March Saudi contract price swaps on March 30, according to pricing agency Argus.

Saudi Aramco sharply raised its April official selling prices amid the supply crunch. The ​April propane price rose by $205 per ton to $750, while butane increased by $260 per ton to $800.

“Key importers such as India are actively diversifying their sourcing strategies, increasing ​procurement from the United States, Norway, Canada, and other regions alongside remaining Gulf supplies,” said Vasudev Balagopal, global head of petrochemical trading at financial services platform Marex.

ALTERNATIVE SUPPLY

To meet Asia’s shortfall, US LPG exports are expected to surge to a record 2.7 million bpd in April, with about 1.8 million bpd headed to Asia, 14 percent higher than March, preliminary Kpler ​data showed. That drove US Gulf spot terminal fees for propane and butane to a record $273.525 and $240.09 per ton, respectively, on March 19, Argus data ​showed.

“We saw some additional propane still being offered to Asia for May arrivals,” said Marex’s Vasudev.

However, Greg Bower, a broker at New Stone, said the US cannot replace the ‌Middle East fully, adding that export terminals were already operating close to capacity before the conflict.

According to US Energy Information Administration data, the country had 48.4 million barrels of ready-for-sale propane as of March 27.

Moreover, transit times from the US Gulf Coast to Asia take more than 30 days, significantly longer than a two-week voyage from the Middle East, traders said, adding to supply strains amid uncertainty over when Iran will allow the strategic Strait of Hormuz to reopen as part of a fragile ​ceasefire deal.

Last year, the Middle East ​accounted for about 48 percent of total Asian LPG imports at 1.54 million bpd, while the US sent about 39 percent or 1.26 million bpd, Kpler data showed.

LOSS IN DEMAND

Insufficient LPG supply led to demand destruction in March, analysts said.

Consultancy Rystad Energy estimated LPG demand loss from ​regional steam crackers at about 135,000 barrels per day in March from February levels, with a further 35,000 ​bpd decline expected in April and 11,000 bpd in May.

In China, propane dehydrogenation (PDH) plants, already operating at around 60 percent to 65 percent before the conflict because of poor margins, are expected to trim runs by a further five percentage points in April due to feedstock shortages, according to Rystad. Such plants product propylene, a key building block for plastics and other chemicals.

For ​cooking gas, India’s demand dropped around 205,000 bpd in March.

“The supply situation in India is ​gradually improving but shortages persist even as long-haul cargoes arrive in India from as far as Argentina and the US,” Rystad analyst Manish Sejwal said.

Rystad expects Indian LPG demand to recover from April, ​with losses narrowing by about 70,000 bpd.

Wall Street stocks rose sharply over the week and oil prices fell as a fragile truce was struck between the United States and Iran, with ceasefire talks due to start in Islamabad on Saturday.

For the week, all three major US indices advanced by more than three percent. Oil prices retreated once again on Friday. For the week, they tumbled by approximately 13 percent.

The New York Stock Exchange closed mixed for the day Friday -- the Dow Jones shed 0.6 percent, the Nasdaq gained 0.4 percent, and the broader S&P 500 index was flat, slipping 0.1 percent.

"Markets are trading on a cautious tone ahead of the US-Iran ceasefire talks," Elias Haddad of Brown Brothers Harriman (BBH) said in a note.

"For financial markets, the key issue is whether peak shipping security fear is now behind us."

Official sources say the talks in Islamabad will cover Iran's nuclear enrichment and the free flow of oil through the Strait of Hormuz.

Since the ceasefire took effect, US President Donald Trump has voiced displeasure at Iran's handling of the strategic strait, which was meant to be reopened.

"The key issue for the oil market is whether ship traffic through the Strait of Hormuz will resume," Carsten Fritsch of Commerzbank said in a note. "So far, there are no signs of this happening."

Inflation in the United States rose sharply in March, government data showed Friday, as higher energy prices due to the war hit Americans hard. Prices rose 3.3 percent from a year earlier.

White House spokesperson Kush Desai responded by saying the US economy "remains on a solid trajectory."

In Europe, London and Frankfurt closed virtually flat as Paris added 0.2 percent.

The Dhaka Stock Exchange (DSE), the primary regulator of listed companies, has approved the transfer of 8.10 lakh shares of Shahjalal Islami Bank PLC sponsor-director Anwer Hossain Khan to Bangladesh Finance.

The DSE approved the share transfer outside of a gift transaction under Listing Regulation 47(1) (d) and other applicable laws, according to a disclosure published today (9 April).

Under this regulation, share transfers are allowed in cases of confiscation or loan default.

Based on the latest closing share price of Tk17.90 per share, the market value of the transferred shares amounts to Tk1.45crore.

The shares are to be transferred within the next 30 working days.

Anwer Hossain Khan is one of the sponsors and a former chairman of Shahjalal Islami Bank PLC.

According to the bank's 2024 annual report, he is also the chairman and managing director of Anwer Khan Modern Medical College & Hospital Limited, Modern Diagnostic Centre Limited, Anwer Khan Modern Nursing College, and Hazi Sakawat Anwara Modern Eye Hospital Limited, among others.

According to the shareholding report as of December 2025, Anwer Hossain Khan owns 3.02 crore shares, or a 2.71% stake, in the company.

In October last year, the DSE approved the transfer of 30.62 lakh shares of Shahjalal Islami Bank held by Anwer Hossain Khan to LankaBangla Finance.

In 2025, Shahjalal Islami Bank reported a sharp rise in profitability, driven by strong growth in investment income and improved operational performance, while announcing a higher cash dividend for shareholders.

According to the bank's latest financials, its consolidated net profit surged 118% year-on-year to Tk368 crore in 2025, up from Tk169 crore in the previous year.

On the back of this improved performance, the board of directors recommended a 13% cash dividend for the year, up from 10% in 2024.

The bank attributed the strong profit growth mainly to higher net investment income, increased earnings from shares and securities, and a rise in other operating income.

Improved cash flow was supported by higher investment income and increased placements with banks and financial institutions.

Renewed geopolitical tensions in the Middle East unsettled Bangladesh's stock market today, as the sudden collapse of the Iran–US ceasefire erased investor optimism and triggered broad-based selling across sectors.

The Dhaka Stock Exchange (DSE) witnessed a broad-based decline, with the DSEX shedding 60 points to close at 5,257. Of the 390 traded securities, 306 issues declined, 70 advanced, and 14 remained unchanged, reflecting heightened investor caution.

According to EBL Securities, the market opened sharply lower as panic selling gripped investors early in the session.

Although a brief wave of bargain hunting provided temporary support, selling pressure intensified as the session progressed, driven by fading confidence and persistent uncertainty surrounding the evolving Iran–US conflict.

Turnover also took a hit, dropping 22% to Tk776 crore from Tk991 crore in the previous session, indicating reduced participation as cautious investors refrained from taking fresh exposure.

Sector-wise, engineering stocks dominated turnover, accounting for 15.9% of the total, followed by pharmaceuticals at 12.7% and textiles at 9.3%. Despite relatively high activity in these sectors, most ended in negative territory.

Mutual funds, travel, and life insurance stocks recorded the steepest corrections, reflecting the broader risk-off sentiment. A handful of sectors, including services and tannery, managed to post marginal gains, but these advances were insufficient to offset the overall market decline.

Among individual stocks, Khan Brothers PP Woven Bag topped the turnover chart, followed by Acme Pesticides, Lovello Ice-Cream, and Dominage Steel.

On the gainers' side, Bengal Windsor Thermoplastic led the rally, while Prime Finance, Familytex, Bangladesh Industrial Finance Company (BIFC), and Generation Next emerged as the worst performers of the day.

The bearish sentiment extended to the Chittagong Stock Exchange (CSE), where both key indices closed lower. The CSCX declined by 20 points, while the CASPI fell by 44.2 points, mirroring the cautious stance of investors across the country's equity markets.

As part of efforts to stabilise the market, the government is considering retaining existing taxes and duties on fuel imports even if retail fuel prices are raised.

For instance, the government currently earns around Tk38 per litre of petrol priced at Tk120. Under the proposed approach, the tax component would not be changed even if the retail price is adjusted to Tk140, instead of rising proportionately to about Tk45.

This would effectively prevent a Tk7 increase in consumer prices. Although the move would reduce government revenue, the authorities are pursuing a strategy of keeping fuel prices slightly lower in May and June to help contain inflation.

Officials said any upward adjustment in fuel prices would add to inflationary pressure, given its wide impact on overall costs. However, keeping taxes unchanged would help limit the extent of that pressure.

Finance Minister Amir Khosru Mahmud Chowdhury has asked the National Board of Revenue (NBR) to submit an urgent report analysing the potential impact of such a move on state revenue collection.

The directive was issued yesterday at the second meeting of the Fiscal, Monetary and Exchange Rate Coordination Council for the 2025-26 fiscal year. Several senior officials told TBS that the council also discussed broader measures aimed at easing inflationary pressure in the economy.

These include instructions to reduce additional costs faced by importers at ports, measures to lower cost build-up in pricing calculations across various commodities through directives to the commerce ministry.

The council further decided to explore the creation of a large fund to revive sick and closed industrial units. The proposed fund would be formed through a combination of loans from development partners and resources from the central bank's own financing mechanisms.

The virtual meeting, chaired by the finance minister, was attended by the governor, finance secretary, secretary of the Financial Institutions Division, NBR chairman, Economic Relations Division secretary, commerce secretary, and senior finance division officials, along with other ministry representatives.

Speaking to TBS after the meeting, Commerce Secretary Mahbubur Rahman said the coordination council had decided to reduce value-added tax and import duties on essential commodities.

"No country in the world imposes such high levels of duties and taxes on essential goods. These duties and VAT rates will be gradually reduced." he said. He added that discussions also focused on preventing traders from engaging in unjustified price hikes.

No need for fuel price hike if duties unchanged

Finance officials said that more than 32% in various duties, taxes and VAT are currently imposed on imported fuel oil. The NBR collects around Tk15,000 crore annually from this sector.

Due to the conflict in the Middle East, the government is now importing fuel at nearly double the previous prices, which has also doubled the volume of revenue collection.

"The BPC and Petrobangla sell fuel and gas at prices lower than their import cost. The Energy Division has long argued that the duties, taxes and VAT imposed by the NBR on fuel imports are unjustified. However, the NBR has not moved due to concerns over revenue loss," said one finance division official.

He also mentioned that the IMF has been pressing Bangladesh to reduce subsidies. In that scenario, fuel prices would need to be raised, which would significantly increase inflation. Against this backdrop, he said keeping existing duties, taxes and VAT on fuel imports could help the public.

"Fuel prices are adjusted by the government at the end of each month. Therefore, the finance ministry has asked the NBR to submit an analysis report before the end of May, ahead of the next price adjustment, on the likely impact of such keeping taxes unchanged," said another finance official.

Fund to revive sick industries

Finance ministry officials said a large fund will be created in the next fiscal year's budget to revive closed and sick industries, a commitment reflected in the BNP's election manifesto.

To this end, the council has instructed the Economic Relations Division to seek loan assistance from the Asian Development Bank, the Asian Infrastructure Investment Bank, and the World Bank.

"The fund will be formed by combining resources from development partners with financing from Bangladesh Bank," said a ministry official.

However, amid the ongoing conflict in the Middle East, the government has not taken any decision to increase incentives to boost remittance inflows. Instead, the focus will be on simplifying remittance transfer processes and ensuring that banks can disburse funds to recipients' families as quickly as possible.

The Bangladesh Bank has been tasked with taking necessary measures in this regard.

Tk9.2 lakh crore FY27 budget

Finance officials said the ministry at the Coordination Council meeting proposed a large budget of over Tk9.20 lakh crore for FY27, as the government moves to contain inflation and create jobs.

They said higher spending will be driven mainly by global economic risks, rising subsidies and increased allocations for social protection. Additional interest payments and a planned partial salary adjustment for government employees are also contributing to the expansion of the budget.

Officials noted that total revenue mobilisation for the next fiscal year may be set at around Tk6.90 lakh crore. Of this, more than Tk6 lakh crore is expected to come from the NBR.

In the current fiscal year's original budget, the NBR was tasked with collecting nearly Tk5 lakh crore. The Centre for Policy Dialogue (CPD) has warned that the shortfall could reach Tk1 lakh crore by year-end. Despite this, the revised budget has already raised the revenue target by an additional Tk20,000 crore.

Rising subsidy burden, economic outlook

Higher global fuel prices are expected to raise subsidy requirements by Tk36,000 crore, the finance minister said on Thursday. The original allocation for gas and electricity subsidies stood at Tk42,000 crore.

Officials said the additional pressure has pushed the government to increase revenue targets.

Inflation for the next fiscal year is being targeted at 7.5%. Finance officials said easing geopolitical tensions in the Middle East and stabilising fuel prices could help bring inflation closer to the target.

The GDP growth estimate has not yet been finalised, with officials considering a range of 6.2% to 6.5%. International agencies, however, have projected Bangladesh's growth at around 3.9% for the current fiscal.

The finance minister, finance secretary and ERD secretary travelled to Washington on Friday night to attend IMF meetings. An official present at the Coordination Council meeting said discussions were concluded early due to the visit. Budget deliberations are expected to resume after their return.

In a statement to parliament on 10 April, the finance minister said budget preparations are underway amid multiple economic pressures. He said the objective is not only growth, but also a sustainable, transparent and inclusive economy, while acknowledging public expectations and inherited constraints.

Fiscal framework and financing mix

The FY26 budget was set at Tk7.90 lakh crore, later revised to Tk7.88 lakh crore following cuts in development spending and higher allocations for subsidies and operating costs.

Officials said the FY27 budget deficit is projected at around Tk2.70 lakh crore, within 5% of GDP. Of this, around Tk1.50 lakh crore is expected from domestic borrowing, while Tk1.20 lakh crore will come from external sources, largely as budget support.

The finance minister has directed the NBR to prepare a plan to raise the tax-to-GDP ratio to 10% by FY28. Measures to reduce the cost of doing business and revive closed industries were also discussed at the coordination meeting.

Spending priorities, welfare programmes

Around 67% of expenditure in the next budget is expected to go towards operating costs, while 33% will be allocated to development spending. Officials said large-scale new development projects are unlikely in the near term.

The government also plans to introduce a "Family Card" programme covering 50 lakh families, along with separate cards for farmers, fishermen and livestock producers. A youth sports initiative will provide scholarships for talented athletes aged 12 to 14.

Salary increases for public sector employees and expanded job creation commitments are expected to cost nearly Tk1 lakh crore in the next fiscal year.

The latest amendment to the labour law has sparked concern among experts and labour leaders, who warn that key provisions introduced during the interim government have been rolled back, potentially depriving many employees of benefits and protections.

The Labour (Amendment) Bill 2026, passed in the parliament on Thursday, has removed provisions that had brought officials and employees under the definition of workers, raising concerns that many will now be excluded from benefits such as gratuity, provident fund and other service entitlements.

The bill was passed in parliament by voice vote after being placed by State Minister for Expatriates' Welfare and Overseas Employment Md Nurul Haque on behalf of Labour and Employment Minister Ariful Haque Chowdhury.

The earlier amendment had been introduced through an ordinance issued on 17 November 2025 by the interim government.

Experts said the removal of officials and employees from the worker definition would leave many without access to benefits guaranteed under the labour law. They also noted that the new amendment modifies a previous provision that stated workers could not be blacklisted, replacing it with a clause that workers cannot be "unfairly blacklisted."

In addition, several fundamental rights of trade unions and collective bargaining agents have been curtailed, including their ability to file cases in court or represent workers in certain forums. Provisions related to the formation of provident funds have also been made stricter, according to experts.

Syed Sultan Uddin Ahmed, chairman of the Labour Reform Committee during the interim government, told TBS that the changes do not align with earlier commitments. "Several agreed provisions from the tripartite committee have not been included in the new amendment," he said.

He added that the committee had recommended including officials and employees under the labour law framework so they could access service benefits similar to workers. "Now these people will be deprived," he said.

Criticising the changes, Nazma Akhter, general secretary of Bangladesh Labour Congress, said the decision to exclude officials and employees is not justified. "After working for 10 to 15 years or more, they receive no benefits beyond salary. The previous inclusion should not have been withdrawn," she said, urging reconsideration.

She also opposed the revised clause on blacklisting, arguing that the issue concerns workers' rights rather than questions of fairness. "Blacklisting itself deprives workers of their rights," she said.

Nazma further warned that limiting the authority of collective bargaining agents undermines workers' representation and violates Bangladesh's commitments under international labour standards. "This is a violation of Bangladesh's commitments to the ILO Convention."

TBS attempted to contact M Humayun Kabir, additional secretary at the Ministry of Labour and Employment, for comment. However, he did not answer the call, and there was no response to a text message detailing the enquiries by the time of publication.

BKMEA hails the move

The amendment comes after the Bangladesh Knitwear Manufacturers and Exporters Association called for the removal of officials and employees from the worker definition, among other demands.

The organisation welcomed the passage of the bill, stating that earlier changes introduced ambiguity and could have created unrest in the industrial sector. It also warned that such provisions risked sending negative signals to foreign buyers.

Khalilur Rahman, Bangladesh's foreign minister, said the country is pursuing a "slowly but surely" approach to strengthening bilateral relations with India, emphasising patience and incremental confidence-building following the formation of a new government.

In an interview, Rahman described the future of ties through the prism of a "slowly but surely" concept, signalling a preference for gradual progress over rapid diplomatic breakthroughs. He characterised the current atmosphere in New Delhi as one of convergence, noting that both neighbours are "willing to engage, talk and take initiatives" after Tarique Rahman assumed office, says NDTV.

He said Dhaka's strategy centres on gradual normalisation rather than accelerating negotiations, stressing the importance of "patient confidence-building" to rebuild trust and sustain long-term cooperation.

Energy cooperation has emerged as a key indicator of improving ties, Rahman said, pointing to India's support during global energy disruptions. "We have a pipeline and India is supplying diesel to Bangladesh," he said, referring to ongoing supplies during the Middle East crisis.

Water sharing and climate resilience are also expected to play a central role in future engagement. With the Ganga Water Treaty due for renegotiation later this year, Rahman described equitable water management as a "civilizational bond". "Water is finite. Ganga means life," he said, underscoring the importance of the river system.

He also highlighted shared environmental challenges, saying, "People are people. Whether it is in India or Bangladesh, we are facing exactly the same type of climate crisis," and called for a climate-resilient framework that could underpin bilateral relations for decades.

On broader strategic and economic relations, Rahman said Bangladesh's foreign policy is not a "zero-sum game". "Our relationship with other countries is not a problem," he said, referring to ties with partners such as China, which he said are driven by market forces rather than strategic alignment against India. He characterised India as a "structural presence" in Bangladesh's development, particularly in regional infrastructure and economic integration.

Rahman also highlighted the importance of people-to-people connections, citing shared cultural and geographic links, including borders and rivers. He said improving visa systems would be key to facilitating greater mobility and delivering tangible benefits for citizens in both countries.

An amendment to the Bank Resolution Ordinance has created a legal pathway for former owners to reclaim control of distressed banks currently under resolution.

The amendment specifically impacts the ongoing merger of five distressed institutions – First Security Islamic Bank, Social Islamic Bank, Union Bank, Global Islamic Bank, and Exim Bank – which were being consolidated into Sammilito Islami Bank under the previous interim government's reforms.

Under the new provision passed in the parliament on Friday, former owners can apply to the Bangladesh Bank to reacquire their shares, assets, and liabilities, potentially leading to the dissolution of the newly merged entity.

Of the five banks, four were controlled by the S Alam Group chairman and controversial businessman Saiful Alam, while Exim Bank was under the control of Nassa Group Chairman Nazrul Islam Mazumder.

Experts have criticised the amendment, warning that it undermines the credibility of banking sector reforms and effectively allows those responsible for financial distress to regain control.

Conditions for ownership recovery

The government amended the ordinance by introducing Section 18A. Under the new regulations, applicants seeking to regain control must submit a formal undertaking. This includes a pledge to repay all funds as determined by the government or the central bank, provide fresh capital, and restore financial solvency.

They are also required to settle all liabilities to depositors and creditors, pay outstanding taxes, and reconstruct risk management and compliance frameworks.

Financial terms for the recovery include an initial pay-order of at least 7.5% of the total determined amount within three months of approval. The remaining 92.5% must be paid over two years with a 10% simple interest rate.

Following approval, the Bangladesh Bank will supervise the institution for two years before a special committee conducts a final investigation into compliance, with the option to revoke approval in case of failure.

Government defends 'market solution'

Finance Minister Amir Khosru Mahmud Chowdhury described the move as a "market solution" aimed at ensuring fairness, equity, and investment protection.

He explained that the government has already invested approximately Tk80,000 crore into weak banks and may need another Tk1 lakh crore – a financial burden he described as unsustainable in the current global economic climate.

"This new arrangement places the obligation of recapitalisation and liability settlement on the applicants, reducing the pressure on the government and the Deposit Insurance Fund," the minister stated.

He added that the option remains open to any suitable party deemed fit by the central bank, not just former shareholders, and argued that keeping banks operational preserves asset value and protects employment.

Experts warn of 'credibility destruction'

The move has drawn sharp criticism from experts who were involved in drafting the original resolution framework.

Zahid Hussain, former lead economist of the World Bank's Dhaka office and a member of the interim government's banking reform task force, warned that the amendment destroys the credibility of the reform process.

"A clear roadmap has been provided for former owners to re-occupy banks that were distressed due to their own mismanagement and the siphoning of funds," he told The Business Standard.

The economist estimated that for the five merged banks, the total required payment would be roughly Tk35,000 crore. He expressed concern that the terms are so lenient that former owners could easily pay the initial 7.5% and borrow the remainder from the banking sector itself.

Uncertain future for Sammilito Islami Bank

According to Zahid, the future of Sammilito Islami Bank now rests entirely on the discretion of the returning owners. "If they choose to operate the five banks as separate entities once again, the merged institution will cease to exist."

He noted that the move sends a signal to the market that individuals responsible for financial irregularities can still return to positions of ownership.

India has further ​raised a windfall tax on exports of ‌diesel and aviation turbine fuel it imposed last month to ensure adequate domestic supply.

In a government notification on ​Saturday, India's finance ministry increased the tax ​on diesel exports to 55.5 rupees per ⁠litre from 21.5 rupees per litre, and on ​exports of aviation turbine fuel to 42 rupees ​per litre from 29.5 rupees per litre, effective immediately.

India also last month cut excise duty on petrol and diesel by ​10 rupees ($0.11).

Separately, to control a rise in airfares, ​it has also capped a monthly increase in aviation turbine ‌fuel ⁠prices for domestic airlines at 25% in April. Jet fuel accounts for up to 40% of an airline's expenses.

Global oil prices have surged past $100 ​per barrel ​as the ⁠flow of oil through the Strait of Hormuz, which serves as a conduit ​for 40% of India's crude oil ​imports, ⁠remains heavily restricted due to the US-Iran war.

India, which ranks among the top five refining nations globally and ⁠is ​also the world's third-biggest oil ​importer and consumer, relies heavily on overseas supplies.

Eastern Bank PLC (EBL) has signed a memorandum of understanding (MoU) with the Mongla Port Authority (MPA) to introduce advanced digital banking services at Mongla port.

Md Jabedul Alam, head of transaction banking at the bank’s corporate banking division, and AKM Anisur Rahman, member (engineering and development) of MPA, signed the MoU recently at Mongla port in Bagerhat, according to a press release.

The partnership aims to improve the efficiency of financial transactions at the port by implementing secure, modern and seamless digital payment and collection solutions.

Under the initiative, EBL and MPA will jointly develop a comprehensive digital ecosystem, enabling port users to carry out transactions smoothly through the bank’s digital banking platform.

Among others, Captain Mohammad Shafiqul Islam, harbour master of the MPA; Md Kamal Hossain, deputy secretary (director, traffic); Md Mahfuzur Rahman, deputy chief finance and accounting officer; Md Fazle Alam, chief audit officer; Lt Col Md Arif Billah, chief engineer (mechanical and electrical); and Mohammad Arif Chowdhury, head of cash management at EBL’s transaction banking division, were also present at the event.

Amid the prolonged fallout from the Russia-Ukraine conflict and emerging geopolitical risks from Iran-US tensions, Bangladesh's capital market is standing at a critical crossroads. For years, the narrative of our equity market centred on expansion and "new projects". However, in a high-interest-rate environment where the Taka's depreciation has inflated project costs, the priority must shift from growth to survival.

To revitalise our thinning IPO pipeline, the newly appointed adviser to the Prime Minister on Investment and Capital Markets, Tanvir Ghani, along with the Bangladesh Securities and Exchange Commission (BSEC), needs to rethink a fundamental constraint: the utilisation of IPO proceeds for debt repayment.

A market in retreat

The numbers tell a sobering story. Since the brief post-pandemic surge in 2021, appetite for Initial Public Offerings has sharply declined – from 13 IPOs in 2021 to zero in 2025. This stagnation is not merely a symptom of "poor quality" companies. Many robust, Tier-1 firms are currently over-leveraged, burdened by heavy debt taken for capital expenditure over the last four to five years. In the current climate, these firms cannot feasibly justify further expansion, yet they are bleeding from double-digit interest rates. The problem is structural, not reputational.

The BSEC deserves credit for its recent efforts in modernising the valuation process for IPOs with premiums. By refining these methods to reflect intrinsic value, the Commission has finally addressed long-standing valuation anomalies. However, the next logical step – to truly breathe life into the market – is providing these corporates the flexibility to repair their balance sheets.

The 30% ceiling: A barrier to consolidation

On 30 December 2025, BSEC finalised the Public Offer of Equity Securities Rules, 2025. While the commission amended valuation methods, one particular clause remains a bottleneck: a maximum of 30% of IPO or RPO proceeds may be used for repayment of outstanding loans or investments. While the rule ensures that loans being repaid were used for legitimate BMRE (Balancing, Modernisation, Replacement, and Expansion) purposes, the 30% cap is increasingly out of touch with corporate reality.

For a company with a high debt-to-equity ratio, an IPO that only clears 30% of its debt does not move the needle on its credit rating or profitability. If a firm is forced to deploy the remaining 70% of proceeds into new projects it does not need – or cannot afford to operate due to soaring energy costs – the IPO becomes a burden rather than a blessing. The rule, intended to protect the market, is instead keeping quality issuers away from it.

A concrete illustration

Consider a mid-sized Bangladeshi textile manufacturer – call it company ABC – that invested Tk400 crore in factory expansion between 2020 and 2022, financed primarily through term loans at rates that have since risen to 13-14%. Today, company ABC is profitable at the operating level: it generates positive EBITDA, its plant runs at 70% capacity, and its export receivables are regular. But its interest burden consumes nearly half of its operating profit, leaving little room for retained earnings or dividend distribution.

Company ABC wishes to raise Tk250 crore through an IPO. Its debt repayment need is Tk200 crore. Under the current rule, only Tk75 crore may go toward debt repayment. The remaining Tk175 crore must fund "new projects" – yet company ABC has no immediate CAPEX pipeline, no additional capacity need, and no appetite to add fixed costs in an uncertain energy environment. The result: either company ABC walks away from the exchange entirely, or it lists with an artificially constructed use-of-proceeds that satisfies the regulator but serves no genuine business purpose.

Had the cap been set at 80% or eliminated for qualifying firms, company ABC could reduce its interest burden by Tk200 crore, improve NPAT by an estimated Tk26-28 crore annually, and emerge as a fundamentally stronger listed entity – one that attracts institutional investor confidence rather than undermining it.

Why a higher threshold makes sense

Allowing a significantly higher proportion of IPO proceeds to be used for debt repayment offers several systemic benefits. First, firms replace high-cost bank debt with permanent equity capital, immediately boosting NPAT and improving return on equity. Second, by migrating corporate debt from the banking sector to the capital market, we reduce pressure on a banking system already struggling with non-performing loans. Third, in a volatile global economy, a lean and deleveraged company is more resilient than an over-extended one. Finally, a company with a repaired balance sheet – lower gearing, stronger interest coverage – is fundamentally more investable, and far more likely to sustain its listing price post-IPO.

What peer markets tell us

This is not an untested idea. India's SEBI imposes no numerical ceiling on the proportion of IPO proceeds directed toward debt repayment. Its 2025 amendment to the ICDR framework explicitly recognised capex-loan repayment as equivalent to capital expenditure – acknowledging that paying off a factory loan is economically indistinguishable from building one. Malaysia's securities commission similarly sets no regulatory cap, focusing instead on disclosure and time-bound deployment. Across the globe, the philosophy is consistent: disclose the intended use of proceeds, and let the market determine whether the proposed capital restructuring is acceptable.

Bangladesh's 30% statutory cap is an outlier in this landscape, substituting regulatory prescription for investor judgment.

A workable reform

The BSEC should consider a temporary three-to-five-year window during which the cap is lifted for companies meeting clear eligibility criteria: positive operating cash flow for at least two of the three preceding fiscal years; an auditor's certificate confirming that loans proposed for repayment were used for BMRE-eligible purposes; a pre-IPO debt-to-equity ratio exceeding 2.0x; no default classification with any scheduled bank or financial institution; and a 24-month undertaking against drawing new bank financing for overlapping CAPEX purposes. These criteria preserve the spirit of the original rule while creating a transparent, operationally credible pathway for genuinely over-leveraged but fundamentally sound firms.

The path forward

To bring the market back to life, we must stop viewing debt repayment as a "waste" of IPO funds. If a company used bank loans to build a factory three years ago, that factory is already a national asset. Paying off that loan with public equity is simply a change in capital structure – not a loss of value. Our peer regulators in India and Malaysia understand this. Without this flexibility, IPO activity will remain subdued, and our best corporate houses will continue to stay away from the exchanges – preferring to suffer under the weight of bank interest rather than enter a market that does not give them room to breathe.

It is time to prioritise financial stability over forced expansion.

State-owned National Tubes Ltd, the country's only government-run steel pipe manufacturer listed on the stock exchanges, has reported a sharp decline in performance, with sales nearly halving in the first nine months of FY2025–26 amid weakening demand.

According to company disclosures approved by the board on Thursday, the firm's net sales dropped 50% year-on-year to Tk18.15 crore during the July–March period, down from Tk36.24 crore in the same period of the previous fiscal year.

The steep fall in revenue pushed the company into losses, reversing its profit trend from a year earlier.

National Tubes posted a net loss of Tk5.57 crore for the nine-month period, compared to a profit of Tk2.66 crore in July–March of FY25. Its loss per share stood at Tk1.60.

Operating cash flow also deteriorated significantly, with net operating cash flow per share falling to Tk0.17 as of March 2026, compared to Tk1.09 in the same period a year earlier.

The company's net asset value was recorded at Tk473 crore, according to its financial statements.

In the third quarter alone (January–March), National Tubes incurred a loss of Tk1.31 crore, a sharp reversal from a profit of Tk1.42 crore in the same quarter of the previous fiscal year. Quarterly revenue also declined by 40% to Tk8.12 crore from Tk13.51 crore a year earlier.

The company attributed the downturn to a broader fall in demand for steel pipes across key industrial and utility sectors.

National Tubes supplies pipes to major gas distribution and utility operators, including Titas Gas, Bakhrabad Gas Distribution Company, Jalalabad Gas Transmission and Distribution System, BAPEX, WASA, Fire Hydrant Company, and various manufacturing and real estate firms, according to its website.

Established in 1964 as a private-sector enterprise, National Tubes was nationalised in 1972 and placed under the Bangladesh Steel and Engineering Corporation (BSEC). It was later converted into a public limited company in 1989, with 49% of its shares offloaded to the general public.

City Bank PLC has reported a record-breaking financial performance for 2025, posting a consolidated net profit of Tk1,324 crore, which represents a robust 31% growth from the Tk1,014 crore recorded in the previous year.

The record profit was driven largely by a sharp rise in investment income from government securities.

Reflecting the strong earnings, the bank's board of directors has recommended a 30% dividend for 2025, comprising 15% cash and 15% stock, up from the previous year's 25% total dividend, which included 12.5% cash and 12.5% stock. The annual general meeting is scheduled for 7 June, while 3 May has been set as the record date, according to a disclosure filed on the bank's website.

The bank's latest financial disclosures reflect a remarkable turnaround over the past five years, with profits steadily climbing from Tk549 crore in 2021 to over Tk1,300 crore in 2025, underscoring its strengthening earnings base despite a challenging economic environment.

Its earnings per share rose in tandem with profitability, increasing by 31% to Tk8.71, while net asset value per share surged by 33% to Tk40.67. Its net operating cash flow per share stood at Tk47, indicating strong liquidity support for the bank's operations.

Despite the headline profit growth, the bank's core banking income faced pressure during the year. Its interest income from loans increased by around 22% to Tk5,471 crore, up from Tk4,501 crore a year earlier.

However, this growth was overshadowed by a much steeper rise in interest expenses on deposits, which surged by 71% to Tk5,186 crore. As a result, the bank's net interest income remained relatively modest at Tk285 crore, reflecting narrowing spreads amid rising funding costs.

The bank's record profit was instead powered by its non-core income streams, particularly investments in government Treasury bills and bonds. Income from treasury instruments more than doubled during the year, jumping 114% to Tk3,562 crore. Overall income from investments, fees, commissions, exchange, and brokerage activities reached Tk4,506 crore, significantly higher than the previous year's Tk1,661 crore.

This surge in investment income played a pivotal role in offsetting the pressure on traditional lending operations and helped push operating profit up by 16% to Tk2,727 crore from Tk2,351 crore in 2024.

City Bank's performance aligns with a broader trend in the banking sector, where several listed banks have reported record profits for the year despite subdued private sector credit growth.

Earlier, Prime Bank PLC and Shahjalal Islami Bank PLC also announced strong earnings, posting profits of Tk910 crore and Tk368 crore, respectively.

Market insiders said the banking sector faced weak demand for private sector loans in 2025 amid a sluggish business environment. As a result, many banks shifted their focus toward fixed-income instruments such as Treasury bills and government bonds, where yields rose to double-digit levels during the year.

This strategic reallocation of funds enabled banks like City Bank to capitalise on higher returns from relatively risk-free investments, compensating for the decline in traditional interest-based income. Analysts, however, caution that sustained reliance on such income sources may not be viable in the long run if interest rate conditions change.

Runner Automobiles Limited, a listed motorcycle manufacturer, is witnessing a continued divestment by its foreign investment partner, Brummer Frontier PE II (Mauritius) Limited.

In its latest move, the investment firm, a concern of Sweden-based Brummer & Partners, has declared its intention to sell 50 lakh shares of the company within a specified timeframe at prevailing market prices.

According to disclosures published on the Dhaka Stock Exchange, Brummer Frontier will dispose of the shares from its existing holdings through the market. Based on the current market price, the total value of these shares stands at around Tk20 crore.

However, this is not a new development. The share sale is part of the investor's long-term, phased exit strategy.

A transaction of this size has naturally had an impact on the market. In the short term, selling pressure weighed on the stock, leading to a 6.30% decline in its price. Yesterday, the share closed at Tk38.70 on the DSE.

Previously, on 27 April 2022, the investment firm had announced the sale of 1 crore shares from its holdings. At one point, Brummer Frontier held 24.93% of Runner Automobiles' total shares.

Currently, the investor holds 1,83,04,347 shares, representing around 16% of the company's total shareholding. The planned sale of 50 lakh shares will come from this remaining stake.

Speaking to The Business Standard, a top official of Runner Automobiles said that the decision to sell shares lies entirely with the board of the investment firm.

He explained that after the post-IPO lock-in period expired, Brummer Frontier obtained regulatory approval to sell its shares. Based on that approval, the firm has been gradually offloading its stake.

The official further noted that decisions regarding the timing and volume of share sales are determined solely by the investor's board, taking into account market conditions, share price, and internal investment strategies.

He also clarified that Runner Automobiles' management or board has no role in this matter, adding, "This is part of the investor's exit strategy and is not directly related to the company's operations or performance."

Brummer Frontier first invested in Runner Automobiles in 2013, injecting around Tk105 crore to acquire a significant stake. The objective was to accelerate the company's growth, strengthen corporate governance, and eventually secure a profitable exit.

Later, in 2019, Runner Automobiles was listed on the stock exchange through an initial public offering (IPO). While this opened up ownership to general investors, Brummer Frontier's shares were subject to a lock-in period. Following the expiry of that period, the investor began gradually reducing its stake.

There are several logical reasons behind Brummer Frontier's ongoing share sales, most of which are aligned with the typical lifecycle of private equity investments.

Firstly, private equity funds do not invest permanently. They aim to exit after a certain period by realising returns. Brummer Frontier's fund has now crossed a decade, making it necessary to return capital to its investors.

Secondly, during its tenure, Brummer Frontier contributed to significant improvements in Runner Automobiles, including enhancements in corporate governance, management structure, and environmental and safety standards. Having achieved these milestones, the firm is now in the phase of monetising its investment.

Thirdly, portfolio rebalancing is another key factor. Global investment funds frequently adjust their portfolios to explore new opportunities across sectors and geographies.

Meanwhile, Runner Automobiles has recently signed an agreement with Chinese electric vehicle manufacturer BYD Auto Industry Company.

However, the company has stated that the final investment size and potential financial impact under the Master Supply and Manufacturing Agreement (MSMA) have not yet been determined.

According to Runner, the MSMA serves as a framework for vehicle production under the Completely Knocked Down model, where components will be imported and assembled locally.

The company noted that a comprehensive feasibility assessment is currently underway. This includes determining the investment size, evaluating production capacity, analysing supply chain requirements, assessing market potential, and projecting revenues and costs.

However, no final commercial or financial terms have been established under the MSMA so far.