Jamuna Bank PLC has reported that its consolidated net profit jumped by 22% in the first half of this year.

According to its price-sensitive statement approved at a board meeting today (22 July), the bank posted a consolidated net profit of Tk378.29 crore in January-June of 2026, significantly higher than Tk311.25 crore recorded in the same period of 2025.

During the first half, its consolidated earnings per share stood at Tk4.03, which was Tk3.31 a year ago.

The bank said net profit increased due to higher investment income and lower provisions against loans and advances compared to the previous period.

Bangladesh Foreign Minister Dr Khalilur Rahman met his counterparts from China, Russia, and the US on the margins of the ASEAN Regional Forum Foreign Ministers' Meeting on Wednesday in the Philippine capital, Manila.

These meetings covered a broad spectrum of bilateral relations, including trade, investment, energy and connectivity, as well as regional and international issues. During these meetings, the Bangladesh side underlined that the ‘Bangladesh First’ policy will guide Bangladesh’s external relations, a spokesman for the foreign ministry said on Wednesday.

The adviser to the prime minister for foreign affairs, Mr. Humaiun Kobir, is accompanying the foreign minister.

At the bilateral meeting with Chinese Foreign Minister Wang Yi, both sides resolved to advance a comprehensive cooperative partnership to jointly build a China-Bangladesh Community for a shared future. The two foreign ministers discussed further cooperation in regard to the repatriation of forcibly displaced Myanmar nationals, multi-modal transport corridors, trade and investment, and energy cooperation.

During the Bangladesh-Russia bilateral meeting, the Russian Foreign Minister Sergey Lavrov congratulated the Foreign Minister of Bangladesh on his election as the President of the 81st UN General Assembly. Both sides agreed to enhance cooperation in the energy sector.

Later in the afternoon, US Secretary of State Marco Rubio received the Bangladeshi foreign minister and discussed further strengthening US-Bangladesh ties. Foreign Minister Rahman invited Secretary Rubio to visit Bangladesh.

The Bangladesh foreign minister is leading the Bangladesh delegation to the 33rd ASEAN Regional Forum Foreign Ministers meeting and the 50th anniversary of the Treaty of Amity and Cooperation of Southeast Asia.

The Executive Committee of the National Economic Council (ECNEC) on Wednesday approved eight development projects involving an estimated cost of Tk 14,411.21 crore.

Of the total project cost, Tk 10,494.21 crore will come from the government's own funds, while Tk 3,550.44 crore will be financed through project loans.

The approvals came at an ECNEC meeting held at the Cabinet Division in the Bangladesh Secretariat, chaired by Prime Minister and ECNEC Chairperson Tarique Rahman.

Of the eight projects, three are new and five are revised.

The meeting was attended by Finance and Planning Minister Amir Khasru Mahmud Chowdhury, Local Government, Rural Development and Cooperatives Minister Mirza Fakhrul Islam Alamgir, Industries, Textiles and Jute and Commerce Minister Khandaker Abdul Muktadir, Law, Justice and Parliamentary Affairs Minister Md. Asaduzzaman, Home Affairs Minister Salahuddin Ahmed, Disaster Management and Relief Minister Asadul Habib Dulu, Power, Energy and Mineral Resources Minister Iqbal Hasan Mahmud, Water Resources Minister Md. Shahiduddin Chowdhury Annie, State Minister for Local Government, Rural Development and Cooperatives Mir Shahe Alam, State Minister for Planning Md. Jonayed Abdur Rahim Saki, and senior government officials.

Among the approved projects, three belong to the Local Government Division: the General Social Infrastructure Development-2 (GSIDP-2) (First Revised) project, the Greater Dinajpur (Dinajpur, Thakurgaon and Panchagarh) Integrated Development Project, and the Rural Road Maintenance and Employment Project.

Other approved schemes include the Disaster Shelter Construction, Renovation and Development Project (Third Revised) under the Ministry of Disaster Management and Relief; the Dhaka-Ashulia Elevated Expressway Construction Project (Second Revised) under the Road Transport and Bridges Ministry; the Power Distribution System Development Project, Sylhet Division (Third Revised) and the Drilling of one appraisal-cum-development well (Begumganj-5) and two exploration wells (Begumganj-6 and Sunetra-2) under the Power, Energy and Mineral Resources Ministry; and the Kidney Dialysis Centre Expansion Project (Second Revised) under the Health and Family Welfare Ministry.

The ECNEC meeting was also informed that Planning Minister Md. Jonayed Abdur Rahim Saki had approved 11 development projects, each costing less than Tk 50 crore, under delegated authority. The projects include regional offices for the National University, transport infrastructure, electricity transmission facilities, airport mobile network installation and vocational education institutes.

Oil prices rose to a near six-week high on Wednesday, with Brent crude surpassing $95 a barrel, on mounting concerns about disruptions to Middle Eastern supply routes because of escalating hostilities between the US and Iran and threats to shipping by the Iran-backed Houthi militia in Yemen.

Brent crude futures were up $3.82, or 4.2 percent, at $94.83 a barrel at 0938 GMT after hitting a session high of $95.24.

US West Texas Intermediate crude climbed $3.65, or 4.33 percent, to $87.99. Both benchmarks touched their highest levels since June 11.

The US military said it carried out an 11th consecutive night of attacks on Iran. The US attacks came a short while after the Kuwaiti army said its air defences were intercepting Iranian drones.

As well as the renewed conflict over control of the Strait of Hormuz, the Iran-aligned Houthis have opened a new front in the war by threatening to target vessels carrying Saudi oil in the Bab el-Mandeb strait and announced a naval blockade of Saudi Arabia.

“The energy market now has the dual-strait worry, with the Bab el-Mandeb Strait looking like it could join the Strait of Hormuz as a hot spot, as traders closely watch shipping numbers in the Red Sea,” said Tim Waterer, chief market analyst at KCM Trade.

Bab el-Mandeb at the southern entrance to the Red Sea has become an increasingly important route for Saudi Arabian crude exports as traffic through the Strait of Hormuz has fallen sharply again since a ceasefire between the United States and Iran collapsed earlier this month.

Three oil tankers loaded with Saudi crude for China and India made U-turns in the Red Sea on Tuesday, heading towards the Suez Canal rather than braving the Yemeni coast.

“The (Houthi) threat has led tankers to divert which could further pressure the physical market and Saudi exports, contributing to push prices to the upside,” said Frank Walbaum, market analyst at trading platform Naga.com.

In response to the Houthi warnings, Asian refiners are seeking to ship crude oil from Saudi Arabia’s Red Sea port of Yanbu through the Suez Canal and around Africa.

While global oil stockpiles have drawn amid the conflict, the latest US data is showing some building of inventories.

Data from the American Petroleum Institute showed that US crude and distillate inventories rose last week, while gasoline stockpiles fell, market sources said.

The inventory data comes ahead of official figures from the US Energy Information Administration on Wednesday.

A United Arab Emirates-based investment company has expressed interest in investing more than $2.0 billion in Bangladesh's priority sectors, signalling renewed foreign investor interest in the country's infrastructure and capital market.

Abu Dhabi-based Equiline Finance signed a memorandum of understanding (MoU) with Prime Bank Investment on Monday to jointly explore investment opportunities and develop bankable projects across key sectors, according to a statement.

The proposed investment pipeline covers government-backed projects in energy, transport, healthcare, ports and logistics, agriculture and agro-processing, waste and water management, tourism, digital infrastructure and other priority sectors.

Market operators said the partnership comes at a time when Bangladesh is actively seeking to diversify sources of foreign investment amid pressure on external financing and rising demand for long-term capital to support infrastructure development.

Under the agreement, Prime Bank Investment, a wholly owned subsidiary of Prime Bank PLC, will act as Equiline Finance's local investment banking partner by identifying investment opportunities, conducting bankability assessments, structuring transactions and facilitating capital market financing and regulatory processes.

The collaboration is expected to create a structured platform for mobilising institutional foreign capital into Bangladesh's infrastructure and capital market while strengthening investment ties between Bangladesh and the United Arab Emirates.

"Bangladesh continues to attract serious international capital for infrastructure, energy transition and sustainable development," said Syed M Omar Tayub, Managing Director and Chief Executive Officer of Prime Bank Investment.

He said the partnership would combine Equiline Finance's global financing capability with Prime Bank Investment's domestic market expertise to transform investment interest into well-structured, bankable projects capable of attracting long-term capital.

Equiline Finance Chief Executive Officer Salah Al Nasser said Bangladesh offers strong economic fundamentals and a clear development agenda, making it an attractive destination for sustainable investments.

"Partnering with Prime Bank Investment strengthens our local interface for project origination, structuring and market execution as we explore high-impact investments across priority sectors," he said, adding that the partnership would help establish a durable platform for sustainable and structured finance in Bangladesh.

Prime Bank Investment has over 16 years of experience in Bangladesh's investment banking industry, providing debt and equity capital market services, corporate advisory, portfolio management and trustee services.

Equiline Finance specialises in structured project finance, export finance, sustainable and impact investments, capital structuring, risk management, mergers and acquisitions, and institutional advisory.

If the proposed investment programme materialises, it could become one of the largest recent foreign investment initiatives in Bangladesh, providing a major boost to infrastructure financing, expanding foreign participation in the capital market and deepening the country's economic ties with Gulf investors, market insiders say.

Bangladesh Bank (BB) today (Wednesday) issued a circular easing foreign exchange transactions for freelancers and individual service exporters, in a move aimed at further supporting the country’s growing digital services sector.

The new guidelines allow freelancers to receive payments based on electronic evidence—such as platform statements, emails, and other digital communications—removing reliance on conventional export documentation and making the process more adaptable to digital trade, BSS reports citing a press release.

To facilitate small-value transactions, inward remittances up to US$ 20,000 can be credited without formal declaration requirements. Payments through Online Payment Gateway Service Providers (OPGSPs) are permitted up to $10,000 per transaction, with provisions ensuring timely repatriation of funds to Bangladesh.

The circular also enables issuance of dual-currency freelancer cards and expands the use of Mobile Financial Service Providers (MFSPs) and Payment Service Providers (PSPs), thereby widening access to convenient and efficient digital payment channels.

In addition, freelancers in ICT sectors may retain up to 50% of their export earnings in foreign currency accounts, commonly known as Exporters’ Retention Quota (ERQ), while other service exporters may retain up to 30%, providing greater flexibility in managing international business expenses.

Market participants view the move as a timely and forward-looking step, aligning the regulatory framework with the evolving nature of digital trade and freelance work.

By simplifying procedures and expanding access to formal payment channels, the circular is expected to encourage greater formalization of service export earnings, improve transparency, and strengthen foreign exchange inflows.

As per business insiders, the initiative is expected to enhance ease of doing business for freelancers, promote formal remittance channels, and further integrate Bangladesh’s service exporters into the global digital economy, while also supporting the country’s broader ambition of building a robust knowledge-based and digitally driven export ecosystem.

Listed non-bank financial institution (NBFI) Union Capital Limited reported a wider loss in the first half of 2026 as lower interest income and weaker recoveries from non-performing and written-off loans weighed on its earnings.

According to the company's unaudited financial statements published on the Dhaka Stock Exchange (DSE) website, its consolidated loss per share (EPS) widened to Tk2.12 for the January-June period, compared with a loss of Tk1.60 in the corresponding period last year.

Despite the weaker financial performance, the company's share price rose 8.70% to Tk5 on the DSE today (22 July).

The company's quarterly performance, however, showed some improvement. For the April-June quarter, Union Capital posted a consolidated loss per share of Tk1.18, down from a loss of Tk1.53 in the same quarter of 2025.

Its operating cash flow also deteriorated during the period. Consolidated net operating cash flow per share (NOCFPS) turned negative at Tk0.18 for the first six months of 2026, compared with a positive Tk0.89 a year earlier, reflecting weaker cash generation from core operations.

Union Capital's financial position weakened further, with its consolidated net asset value (NAV) per share falling to negative Tk67.61 as of 30 June 2026 from negative Tk65.49 at the end of December 2025, indicating a further erosion of shareholders' equity.

The company attributed the weaker earnings to lower recoveries from non-performing loans, which reduced both interest income and provision releases during the first half. Recoveries from previously written-off loans also declined, further hurting profitability.

Union Capital has remained under financial strain for several years due to high levels of default loans, liquidity constraints and sluggish lending. Although it has been working to improve asset quality and strengthen loan recoveries, the latest results suggest limited progress.

Listed on the stock market in 2007, Union Capital provides lease finance, term loans, SME financing, corporate finance and other financial services.

The broader NBFI sector in Bangladesh has been under pressure in recent years amid rising default loans, weak corporate governance, funding shortages and slower business growth, leaving many institutions with mounting losses and deteriorating capital positions.

The Cabinet Committee on Government Purchase (CCGP) on Wednesday approved two procurement proposals worth about Tk 303.16 crore involving the import of muriate of potash (MOP) fertiliser and the purchase of sacks for the Directorate General of Food.

The approval came at a meeting held at the Secretariat with Finance Minister Amir Khosru Mahmud Chowdhury in the chair.

The committee recommended approving a proposal from the Ministry of Agriculture to import 40,000 (±10%) tonnes of MOP fertiliser under the 12th (second optional) lot of a state-level agreement between the Canadian Commercial Corporation (CCC) and the Bangladesh Agricultural Development Corporation (BADC).

The fertiliser will be imported at a total cost of Tk 192.10 crore, with the price fixed at US$388.55 per tonne.

The committee also recommended approving a proposal from the Ministry of Food for the procurement of 1.6 crore sacks, each with a capacity of 30 kg, through 80 packages under the electronic government procurement (e-GP) system for the Directorate General of Food.

The procurement will cost Tk 111.06 crore, with contracts to be awarded to 21 bidders selected across the 80 packages.

The country's premier bourse returned to negative territory today (22 July) as a sharp final-hour sell-off erased early intraday gains.

The benchmark DSEX index, which had successfully scaled past the 5,900-point threshold during the mid-session, ultimately succumbed to broad-based selling pressure, ending a volatile day with a 27-point decline.

The DSEX settled at 5,871 points, reflecting the growing anxiety among investors regarding proposed regulatory changes and escalating geopolitical tensions in the Middle East.

The blue-chip DS30 index followed suit, edging down by 3 points to close at 2,216.

Despite the fall in indices, market participation remained healthy, with turnover rising by 7% to reach Tk1,211 crore.

The insurance margin controversy

The market's volatility was primarily driven by controversy over the Bangladesh Securities and Exchange Commission's (BSEC) proposal to tighten margin lending rules for the insurance sector.

The draft rules, recently released for public feedback, have divided market participants.

The managing director of a leading brokerage firm told The Business Standard that influential investors, who have historically driven rallies in insurance stocks, are unhappy with the proposal.

"Rumours that the stricter rules are already a done deal have triggered panic among investors holding insurance scrips," he said.

However, more conservative investors support the move, arguing that excessive margin lending was a key factor behind the 2010 stock market crash.

Amid growing concerns, the BSEC recently clarified in a press release that the rules remain in the draft stage and will be finalised only after reviewing public feedback.

Market pulse and sectoral movement

According to the daily market review by EBL Securities, the market pulse was positive for most of the day, with the DSEX briefly reclaiming the 5,900-mark.

However, the sentiment soured in the final hour of trading.

"Investor caution prevailed due to unsettled policy uncertainties and the renewed escalation of conflict in the Middle East, which continues to weigh on the global risk appetite," the brokerage house stated.

The market breadth remained bearish, with 245 issues declining compared to 100 that managed to advance, while 44 remained unchanged.

The general insurance sector was the day's biggest laggard, dropping by 2.4%, followed by travel and life insurance.

In contrast, the mutual fund sector provided a rare silver lining, surging by 3.8%, while the food and telecommunication sectors posted marginal gains.

Top movers and draggers

The day's downturn was driven by corrections in heavyweight scrips, including LafargeHolcim Bangladesh, Square Pharmaceuticals, Walton, BSRM Limited, and Power Grid.

Textile stocks led turnover, accounting for 16.6% of the day's volume, followed by pharmaceuticals and mutual funds.

Among individual stocks, MBL First Mutual Fund hit the 10% upper circuit, followed by Prime Finance, BIFC, and Exim Bank First Mutual Fund. Premier Bank was the day's worst performer, losing 8.77%, followed by Usmania Glass and Sonar Bangla Insurance.

The bearish mood also prevailed at the Chittagong Stock Exchange (CSE), where the Selective Categories' Index (CSCX) fell 19 points to 9,633 and the All Share Price Index (CASPI) dropped 20 points to 15,778. Turnover at the port city bourse also remained subdued.

A technical glitch at one of the country’s floating LNG terminals has cut gas supply to the national grid by around 450 million cubic feet per day (mmcfd), or nearly 17 percent, worsening an already acute supply crunch across the country.

According to Petrobangla data, total gas supply was around 2,620 mmcfd against demand of nearly 3,800 mmcfd before the problem was detected on Tuesday.

Following the shutdown of the affected floating storage and regasification unit (FSRU), supply has dropped to 2,170 mmcfd.

The disruption has affected industries, power plants, and CNG (compressed natural gas) filling stations in different parts of the country.

In some areas, including Dhaka and its surrounding areas, lower gas pressure has prevented CNG stations from receiving adequate supplies, resulting in long queues and public suffering.

The government said relevant agencies and technical experts were working to fix the FSRU problem. However, it did not say when the terminal would return to normal operations.

At a briefing at the Secretariat yesterday, Monir Hossain Chowdhury, a joint secretary of the Energy Division, said the immediate gas supply disruption was linked to the FSRU malfunction rather than the Middle East conflict.

He said there was no crisis in fuel supply and accused some people of spreading “fake news” in this regard.

The country currently has around 344,000 tonnes of diesel in stock, while another 180,000 tonnes are expected to arrive by July 31, he said.

The stock is enough to meet national demand for about 48 days, he added.

Moreover, another 240,000 tonnes of diesel are scheduled to arrive in August, the joint secretary said.

Bangladesh’s dependence on the Middle East for fuel imports is limited, with crude oil being the main area of reliance.

“We used to bring fuel through the Red Sea, but we have found alternative routes,” he said, adding that there was no immediate risk of a fuel supply crisis.FSRU glitch cuts gas supply by 17%

Star Business Report

A technical glitch at one of the country’s floating LNG terminals has cut gas supply to the national grid by around 450 million cubic feet per day (mmcfd), or nearly 17 percent, worsening an already acute supply crunch across the country.

According to Petrobangla data, total gas supply was around 2,620 mmcfd against demand of nearly 3,800 mmcfd before the problem was detected on Tuesday.

Following the shutdown of the affected floating storage and regasification unit (FSRU), supply has dropped to 2,170 mmcfd.

The disruption has affected industries, power plants, and CNG (compressed natural gas) filling stations in different parts of the country.

In some areas, including Dhaka and its surrounding areas, lower gas pressure has prevented CNG stations from receiving adequate supplies, resulting in long queues and public suffering.

The government said relevant agencies and technical experts were working to fix the FSRU problem. However, it did not say when the terminal would return to normal operations.

At a briefing at the Secretariat yesterday, Monir Hossain Chowdhury, a joint secretary of the Energy Division, said the immediate gas supply disruption was linked to the FSRU malfunction rather than the Middle East conflict.

He said there was no crisis in fuel supply and accused some people of spreading “fake news” in this regard.

The country currently has around 344,000 tonnes of diesel in stock, while another 180,000 tonnes are expected to arrive by July 31, he said.

The stock is enough to meet national demand for about 48 days, he added.

Moreover, another 240,000 tonnes of diesel are scheduled to arrive in August, the joint secretary said.

Bangladesh’s dependence on the Middle East for fuel imports is limited, with crude oil being the main area of reliance.

“We used to bring fuel through the Red Sea, but we have found alternative routes,” he said, adding that there was no immediate risk of a fuel supply crisis.

At a meeting on alternative financing chaired by Finance Minister Amir Khosru Mahmud Chowdhury on June 20, the Bangladesh Bank governor proposed that the country’s first international sovereign bond should be a $50 million panda bond in China’s onshore market. An inter-ministerial committee will weigh it against a conventional dollar Eurobond.

The obvious objection is arithmetic. Against a Tk 9.38 lakh crore budget and external repayments heading towards $6 billion a year, $50 million would fund the government for only a matter of hours. But raising money is the wrong test for a debut. I argued last month that Bangladesh’s problem is not solvency but the absence of any market channel once the concessional cushion thins. The question is not how much to borrow, but what a first transaction is designed to achieve.

A well-designed debut produces things that money cannot buy later. The first is a price: a market rate for Bangladeshi sovereign risk, set by investors rather than inferred from a rating letter. The second is an apparatus: the disclosure and reporting machinery that a bond requires. None of this exists today. A debut is also a rehearsal: the ministry’s first order book and first pricing call, at a size where a mistake becomes a lesson rather than a crisis.

Pakistan has just shown what this looks like. In May, it became the first South Asian sovereign to issue a panda bond: about $258 million, priced with a 2.5 percent coupon and more than five times oversubscribed, more than five percentage points below the average on its outstanding dollar bonds. The difference was structure, not creditworthiness. Partial guarantees from the Asian Development Bank and the Asian Infrastructure Investment Bank lifted the instrument to a domestic AAA rating. Having worked on the privatisation of Pakistan’s state oil and gas companies a decade ago, I recognise the pattern. Its access to international capital has always depended on structure. Indonesia is pricing its own debut this week at around $1 billion, but it is investment grade and needs no guarantee. Bangladesh, rated B+ with a negative outlook, appears to investors much like Pakistan, and the same template applies: a small, credit-enhanced issue with proceeds ring-fenced for a named project.

The standard warning against sovereign bonds invokes Sri Lanka and Argentina. What undermined those borrowers was scale and purpose: billions raised at market rates to plug fiscal deficits, unhedged. A $50 million guaranteed instrument is a controlled experiment that makes failure less likely because the alternative is a debut done in a hurry, at scale, when repayments force the government’s hand.

The caveats should be on the record. A yuan bond will be seen by some as a tilt towards Beijing. A small instrument guaranteed by multilateral banks is a market transaction, not a political alignment, and the dollar Eurobond should remain under consideration in parallel. Yuan debt also creates a currency mismatch because Bangladesh earns dollars, not renminbi. A swap line or hedging against Chinese imports should therefore be built in from the start. And this would genuinely be a first. The Bangla Bond listed in London in 2019 was issued by IFC on its own balance sheet, and the sovereign’s signature has never been tested in international markets.

The committee’s terms of reference should define success in terms of capability rather than proceeds: engage the rating agencies before any mandate is awarded, and negotiate a partial guarantee with the ADB or AIIB based on the Pakistani model. A published debt strategy should identify a benchmark transaction and set a date. The governor’s $50 million figure is right, for better reasons than caution. The first bond is not the financing. It is the door.

Textile millers yesterday urged the government to introduce a special refinancing scheme for existing loans to export-oriented primary textile industries with a maximum interest rate of 5 percent.

The millers made the demand during a meeting with Prime Minister Tarique Rahman at his secretariat office in Dhaka. Bangladesh Textile Mills Association (BTMA) President Showkat Aziz Russell led the delegation.

They also urged the government to quickly implement the announced Tk 20,000 crore working capital support package through simplified procedures, project-based Credit Information Bureau (CIB) assessments, and temporary relaxation of CIB requirements for closed or partially operational industrial enterprises.

The manufacturers made the demand during a meeting with Prime Minister Tarique Rahman at his secretariat office
They also sought the adoption of a competitive policy framework through a coordinated tariff and tax structure, financial support measures, and export promotion policies for the primary textile and export-oriented readymade (RMG) industries in line with those of competing countries.

They also urged the Prime Minister’s Office to ensure the prompt and efficient delivery of government services to export-oriented industries.

In response, the prime minister directed the formation of a high-level committee comprising the commerce minister, the prime minister’s adviser on finance and planning, and the Bangladesh Bank governor, according to a BTMA statement.

The committee will convene its first meeting within one week to review the existing challenges facing the primary textile sector and submit its recommendations.

At the meeting, the BTMA handed over a Tk 5 crore cheque to the prime minister’s relief and welfare fund.

Meanwhile, a delegation of the board of directors of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), led by its president, Mahmud Hasan Khan, met with the prime minister yesterday.

The BGMEA leaders demanded an uninterrupted supply of gas and electricity to keep factories operational and ensure the timely shipment of export orders.

The delegation highlighted the adverse impact of the recent energy crisis on production and the increased operating costs incurred by factories due to their reliance on alternative power sources.

BGMEA also strongly requested the establishment of a dedicated mechanism under the Prime Minister’s Office to facilitate the prompt resolution of issues relating to customs, banking, gas, electricity, and other government services for export-oriented industries, according to a BGMEA statement.

The association also proposed that the prime minister introduce a permanent policy under which annual customs bond audits would be conducted by leading professional audit firms to eliminate the complexities associated with frequent audits by the National Board of Revenue and bond authorities.

In view of the inadequate cargo handling capacity at Hazrat Shahjalal International Airport, which has led to increased lead times, BGMEA requested urgent measures to construct a temporary cargo shed.

The leading trade body also requested the allocation of suitable government land in Gazipur, the country’s largest apparel manufacturing hub, to establish a modern specialised hospital for garment workers, ensuring affordable, quality healthcare services for millions of workers.

Power distribution and petroleum import are set to be privatised under sweeping reforms in Bangladesh's hard-up energy sector as the new government aims to cut subsidies and bring efficiency in the vital field.

Officials say the revamping plan comes as the sector has suffered from years of weak planning and growing dependence on imported fuels.

Power, Energy and Mineral Resources Minister Iqbal Hasan Mahmood disclosed the plans while addressing a policy conclave titled 'Energy Security & Transformation of Bangladesh' organised by Bonik Barta at the Pan Pacific Sonargaon in Dhaka on Wednesday.

The minister said the government received the prime minister's approval in principle to move ahead privatising electricity-distribution companies.

"I want to privatise all our distribution companies," he said. "The government can generate electricity and sell it in bulk, but retail distribution should be handled by the private sector."

He invited local entrepreneurs to submit proposals, saying that private operators would improve accountability, strengthen bill collection and reduce government's financial burden. Referring to India, he said electricity distribution in cities like Kolkata, Mumbai and Delhi was successfully managed by private companies, adding that Bangladeshi firms should also be capable of performing the same role.

Mahmood also said the government was considering allowing private companies to import petroleum products to encourage competition and reduce the state's role in fuel import.

The minister has described Bangladesh's energy sector as one that has been left without an effective long-term strategy over the past 17 years. While power-generation capacity had expanded to around 28,000 megawatts, he said, domestic fuel supplies had failed to keep pace.

"Not a single gas well has been drilled in the country over the past 17 years," he told the meet, adding that Bangladesh had become increasingly dependent on fuel imports.

He mentioned that three gas-fired power plants in the Khulna region remained idle because gas supply had not been secured, while construction of a pipeline from Bhola was continuing.

Referring to the recent disruption to one of the country's two floating LNG-import terminals, Mahmood said gas pressure had fallen across several regions, disrupting household supplies and compressed natural gas stations and triggering protests.

He stresses that Bangladesh must simultaneously increase domestic gas exploration and strengthen LNG-import infrastructure to ensure long-term energy security.

The minister said the government was trying to create greater opportunities for private investment across the energy sector.

He also announced plans to install 10,000 megawatts of solar power during the current government's tenure through utility-scale projects and cluster-based rooftop solar systems operated by private investors under net-metering arrangements.

Building owners installing rooftop solar facility would receive municipal tax rebates, while those unwilling to adopt solar power could face additional taxes.

Land has already been identified for large-scale solar projects, with tenders expected in August or September, he added.

State Minister for Planning Md Zonayed Abdur Rahim Saki attended the conclave as special guest.

Bangladesh Energy Regulatory Commission Chairman Jalal Ahmed warned that Bangladesh's domestic energy resources were steadily depleting.

He said domestic gas production had fallen from around 2,600-2,700 million cubic feet per day in 2016-17 to about 1,700 million cubic feet per day, while uncertainty remained over the country's remaining reserves.

Jalal Ahmed notes that Myanmar recently discovered an estimated 100 trillion cubic feet of offshore gas and India about 29 trillion cubic feet off Andhra Pradesh, whereas Bangladesh had not conducted offshore exploration in the Bay of Bengal for 17 years.

"Even if surveys began immediately," he said, "it would still take at least five years before any commercial discoveries could be confirmed."

During a panel discussion, East Coast Group Chairman Azam J. Chowdhury criticised a lack of transparency in policymaking, particularly changes to tax incentives for the solar sector.

He said investors required a predictable regulatory framework and argued that once businesses committed substantial capital, the government had a moral responsibility to ensure energy connections. Frequent supply disruptions, he added, were affecting industrial production and the wider supply chain.

World Bank Country Director for Bangladesh and Bhutan Jean Pesme described energy as a key driver of private investment, economic growth, employment, competitiveness and fiscal sustainability.

While acknowledging Bangladesh's achievements in expanding electricity access, he said the sector remained vulnerable because of its dependence on imported fuels and the persistent gap between supply costs and consumer tariffs.

According to Pesme, imports now account for around 30 per cent of Bangladesh's gas demand, 95 per cent of fuel-oil demand and 90 per cent of coal demand, exposing the economy to global price volatility and supply disruptions.

He added that declining domestic gas production and expensive power-generation contracts were placing increasing pressure on public finances.

Simeen Rahman, Chief Executive Officer of Transcom Group and Vice-President of the Metropolitan Chamber of Commerce and Industry, said industries required not only adequate electricity but also reliable and high-quality power supplies.

She said voltage fluctuations, outages and unreliable electricity disrupted production, increased operating costs and weakened competitiveness. Rising energy prices also pushed up the costs of running generators, transporting raw materials and distributing finished products, while many companies were unable to pass those additional costs on to consumers because of intense international competition.

Trust Bank Managing Director Ahsan Zaman Chowdhury said commercial banks became heavily exposed to industrial projects affected by gas shortages.

He said Trust Bank alone had between Tk 70 billion and Tk 80 billion invested in projects whose operations had been delayed because of inadequate gas supplies.

The Bangladesh Securities and Exchange Commission (BSEC) met with a visiting International Monetary Fund (IMF) technical assistance mission yesterday to discuss developing Bangladesh’s green and sustainability bond markets as part of efforts to strengthen sustainable finance.

The meeting, held at the BSEC building in Dhaka, was attended by Commissioner Tanwir Habib Rahman and senior BSEC officials. The IMF delegation was led by Suphachol Suphachalasai, team leader of the Climate Policy Diagnostic Technical Assistance Mission, according to a BSEC press release.

Discussions covered progress on a sustainable finance taxonomy, verification processes for bond issuance, impact reporting, external reviews, raising awareness among potential issuers, and identifying investor demand.

The two sides also discussed strengthening the regulatory framework for thematic bonds and agreed to improve coordination between BSEC and the IMF in these areas.

According to the press release, the meeting highlighted the role of the capital market in mobilising long-term financing for sustainable and climate-resilient investments in Bangladesh.

The participants also discussed ways to enhance the capital market’s capacity to channel funds into green investments and strengthen market infrastructure to support sustainable economic growth.

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US President Donald Trump unveiled 50 per cent tariffs on a wide range of imports from Canada on Monday in response to ​what the US administration called its discriminatory treatment of American-made cars, alcohol and dairy goods, threatening a new front in a global trade war.
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In slapping import taxes on goods ranging from ‌wine to cement and ice hockey gear, Trump invoked Section 338 of the Tariff Act of 1930, which permits a president to impose punitive tariffs of up to 50 per cent against trading partners deemed to have discriminated against US goods. That marked the law's first known usage in nearly a century of existence.

The new tariffs, set to take effect in 30 days, would also apply to dairy products, swimming pools, furniture, fishing rods, seeds, clothing and wigs, among other items.

The US Trade Representative's office said that the tariffs would ​apply to nearly $20 billion of imports from Canada. That's about 5.2 per cent of the $382 billion worth of goods that the US imported from Canada in 2025, according to US Census Bureau data.

"While the Administration continues ​to secure fair and reciprocal trade deals with our trading partners, Canada, unlike other partners and allies, continues to retaliate against the United States for its efforts to ⁠rebalance trade and protect U.S. industry in national-security sensitive sectors," US Trade Representative Jamieson Greer said in a statement.

Canadian Prime Minister Mark Carney said in a statement that his government has made comprehensive proposals to resolve trade ​disputes with Washington, asserting that Trump's past tariffs violated the North American trade pact.

"This trade dispute has raised costs for families, particularly in the U.S.," he said. "Canada stands ready to engage intensively to address outstanding issues with the U.S. ​to the mutual benefit of our citizens."

The Trump administration has long complained that Canada and China implemented retaliatory measures in response to the barrage of tariffs Trump has tried to impose since returning to the White House last year.

Greer has pointedly left Canada out of negotiations under way with Mexico on changes the US wants in the US-Mexico-Canada Agreement on trade. He holds bilateral talks on USMCA in Mexico City this week.

When Trump and Carney met at the FIFA World Cup Final in New Jersey on Sunday, ​Trump demanded that Carney take action to contain wildfires that have sent smoke billowing across swaths of the US. The US president last week threatened to add the "incalculable cost" of dealing with the pollution to existing tariffs on ​Canadian goods.

FIRST USAGE

The Tariff Act of 1930 and its Section 338 are better known for massive US tariff increases and subsequent retaliation that economic historians say worsened the Great Depression of the 1930s.

Section 338 was intended to ensure countries apply tariffs ‌equally and don't ⁠give preferential rates to some countries at the expense of US exports, said John Veroneau, a US trade official in President George W. Bush's administration who has extensively researched the statute.

He said that some presidents, including Franklin D. Roosevelt, considered imposing tariffs under Section 338, but no record could be found of any president taking such action until Trump's proclamations on Monday.

"It is ironic, to say the least, to use this authority to impose tariffs to retaliate against tariffs that were imposed in response to actions taken by the U.S.," said Veroneau, senior counsel with the Covington and Burling law firm.

"These tariffs may be lawful under Section 338, but they at a minimum violate the spirit ​of Section 338, which was to create a world ​where countries apply the same tariffs on the ⁠same goods to all countries," he said, adding Trump has moved away from this principle "in a maximalist way."

After World War Two, major countries created the "most-favored-nation" tariff system through the General Agreement on Tariffs and Trade to try to prevent a return to the pre-war "beggar-thy-neighbor" economic policies marked by competitive trade restrictions and currency devaluations.

Trump's new levies are ​set to take effect on August 19 and apply regardless of whether goods qualify for tariff exemptions under USMCA, although Trump exempted a range of key goods ​including energy, potash, fish, critical ⁠minerals and products already covered by Section 232 tariffs.

Among grounds for the tariffs, the White House cited Canada's "protectionist" dairy supply management system as well as tariffs and quotas on cars imported to Canada from the U.S. but not from other countries. Carney said that Canada "as is its right, merely matched" US tariffs on the auto sector that were in violation of the USMCA.

Washington also highlighted that most Canadian provinces have halted the sale of US alcohol, which they did in response ⁠to prior US ​tariffs.

The White House said Canadian imports of US motor vehicles dropped by 22 per cent and of US alcoholic beverages by 81 per cent over the ​past year.

Diamond Isinger, a former senior adviser to ex-Prime Minister Justin Trudeau on US-Canada relations, said Carney would have limited ability to compel provinces to start selling American alcohol again.

“Unless there are some sort of extraordinary measures invoked here, the premiers of those provinces are the ones ​who decide whether to restock alcohol,” Isinger said.

Bangladesh's GDP growth slowed to 2.22% year-on-year at constant prices in the third quarter (January-March) of FY2025-26, down from 4.53% in the corresponding quarter of the previous fiscal year.

The Bangladesh Bureau of Statistics (BBS) released the third-quarter GDP estimates for FY26 today (20 July).

According to the quarterly data, the economy grew by 4.96% and 3.03% in the first and second quarters of FY26, respectively, compared with 3.91% and 3.53% in the corresponding quarters of the previous fiscal year.

At current prices, the size of the economy reached Tk15.391 trillion in the third quarter of FY2025-26, up from Tk14.192 trillion in the same quarter a year earlier.

BBS data show that growth slowed across all three major sectors – agriculture, industry and services – compared with the same period of the previous fiscal year.

Agricultural sector growth declined to 1.74% in the third quarter, from 4.61% a year earlier. The sector had grown by 2.11% and 3.68% in the first and second quarters of the current fiscal year, compared with -0.12% and 1.90% in the corresponding quarters of FY2024-25.

The industrial sector recorded negative growth of 0.28% in the third quarter, a sharp reversal from 3.33% growth in the same period last year. However, the sector had expanded by 6.82% and 1.27% in the first and second quarters of FY2025-26, compared with 4.80% and 5.78% in the corresponding quarters of the previous fiscal year.

Growth in the services sector slowed to 3.52% in the third quarter from 7.32% a year earlier. During the first and second quarters of the current fiscal year, the sector grew by 4.51% and 4.45%, compared with 4.49% and 5.84%, respectively, in the same quarters of FY2024-25.

Economists said the slowdown across all three major sectors in the third quarter, particularly the contraction in industry, signals growing concerns for the economy.

Dr Sayema Haque Bidisha, professor of economics at the University of Dhaka, said it would be inappropriate to draw policy conclusions based on GDP growth data from a single quarter.

"Quarterly growth figures are heavily influenced by the base effect – the level of growth recorded in the same quarter of the previous year. If growth was unusually high or low in the base period, the current year's growth rate may appear disproportionately different. Therefore, one quarter's data alone should not be used to assess the overall state of the economy," she said.

Bidisha added that the broader economic context of the January-March quarter should also be considered.

"National elections were held during this period, which may have affected normal economic activity and, consequently, GDP growth," she said.

However, she identified the negative growth in the industrial sector as the most worrying development.

"This is a warning signal for the economy and calls for prompt policy intervention. While very high agricultural growth is not expected, post-election changes in supply chains may also have had some impact," she said.

According to Bidisha, the performance of the industrial sector in the April-June quarter will be crucial. "If growth remains weak, major policy and strategic measures will be needed to revive the sector, as industrial growth is directly linked to employment, industrialisation and the country's overall economic expansion," she said.

Regional bloc Bimstec is pursuing alternative mechanisms to boost trade and investment among its seven member-states while negotiations on a long-pending free-trade agreement (FTA) continue, says its chief executive.
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The forum's Secretary-General, Indra Mani Pandey, explained the trade-promotion programme to journalists on Tuesday during an interaction with members of the Diplomatic Correspondents Association of Bangladesh (DCAB) at the headquarters of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (Bimstec) in Dhaka.

He said the FTA negotiations remained a complex process involving multiple countries with differing priorities, but expressed optimism that progress could be made on several constituent agreements in the coming months and years.

The Bimstec FTA framework agreement was signed in 2004. Subsequently, a Trade Negotiation Committee (TNC) was established along with six working groups to negotiate six constituent agreements covering different areas of the proposed trade pact.

"The working groups have been meeting from time to time, and in some subgroups we have made significant progress. We are quite hopeful that in the coming months and years we will see progress in the finalisation of some of the constituent agreements," Pandey said.

He noted that multilateral trade negotiations naturally take longer than bilateral FTAs because member-countries seek to balance regional trade liberalisation with their respective national priorities and concerns.

"FTA is one mechanism for enhancing trade, but it is not the only mechanism."

To strengthen economic cooperation while the negotiations continue, Bimstec is promoting several complementary initiatives aimed at facilitating business and investment across the region.

Among the proposals are establishing a Bimstec Chamber of Commerce and Industry to strengthen business-to-business links, creating a platform for investment-promotion authorities to encourage cross-border investment, and exploring cooperation on common standards to reduce non-tariff barriers to trade.

Pandey said differences in standards remain a significant obstacle to expanding intra-regional trade, and member-states are examining whether greater harmonisation could help facilitate commerce.

"The goal is very clear. We need to have more trade and investment in our region. There are many opportunities to pursue, and that's where Bimstec is fully focused."

Bangladesh, which recently assumed the Bimstec chairmanship, intends to accelerate the negotiation process by convening meetings of the Trade Negotiation Committee and its working groups more frequently to provide "the much-needed push" towards concluding the pending agreements, he told the reporters.

On regional connectivity, Pandey said member-states are also working on a visa-facilitation scheme to promote business travel, tourism and people-to-people exchanges.

An expert group on visa measures agreed last year to work towards such a framework. However, discussions are continuing as the members have yet to reach a consensus on the specific provisions of the proposed scheme.

"All member-states fully understand that if we need to have more trade, more travel, more tourism and more exchanges among our member-states, ease of travel through visa facilitation is very important," he observed.

Looking ahead, Pandey has noted that Bangladesh's second year as Bimstec chair in 2027 will coincide with the organisation's 30th anniversary, raising the possibility that the next Bimstec Summit could also serve as a platform to commemorate the milestone.

He notes that Bimstec continuously reviews the implementation of its programmes through regular meetings of experts, senior officials and ministers.

Action plans are updated periodically to incorporate new areas of cooperation, with all initiatives undertaken on the basis of consensus among the seven member-states.

The Bangladesh Bank (BB) has allowed National Bank to lease out its under-construction Twin Tower building in Dhaka’s Panthapath area, which was originally planned to become the private lender’s headquarters.

In a notification issued yesterday, the central bank said it has exempted the bank from the relevant provision of the Bank Companies Act until 2031, allowing it to lease the property.
The NBL Twin Tower was intended to become the bank’s head office. As per the law, such a building cannot normally be leased out.However, after years of losses, National Bank received the special facility, which is expected to support the efforts to improve its financial position.The bank has posted losses every year since 2022. Its accumulated losses reached nearly Tk 8,900 crore, driven by a high volume of non-performing loans and financial irregularities.National Bank began construction of the 12-storey Twin Tower in Panthapath nearly a decade ago after the Sikder family, owners of the Sikder Group, took control of the bank in 2009. The family has faced allegations of financial irregularities, including approving loans in breach of rules and regulations.Construction was suspended for several years after a 2015 accident in which the shore pile bracing and retaining wall collapsed.

According to the bank’s financial statements, work resumed in 2020 after the necessary approvals were secured from the relevant authorities.The structural work on both towers has now been completed up to the 12th floor. The bank said the 11kV electricity connection had already been installed.

It added that approval has also been obtained for water and sewerage connections.According to the bank, the floor plans and layouts have been completed, while network installation and internal power connection work are under way. It said the interior decoration of the second floor of one tower has already been completed, and the Card Division and several other divisions would be moved there soon.

National Bank posted a loss of Tk 2,431 crore in the 2025 financial year, up 42 percent from about Tk 1,700 crore a year earlier, according to its financial statements.The Daily Star sought comment from the bank’s Managing Director Adil Chowdhury, but he did not answer phone calls or respond to messages.

The government is preparing an ambitious five-year trade and investment strategy to support a smooth transition from least developed country (LDC) status, targeting a 75% rise in per capita income to $5,000 by 2031 through higher investment, stronger export competitiveness, and wide-ranging regulatory reforms.

It also hopes to make significant progress in reducing economic vulnerability while improving human assets and social development indicators under the plan.

The targets are outlined in the Country Programme Document 2026-2031, prepared by the commerce ministry with financial support from the World Trade Organisation (WTO).

The programme aligns with the BNP's election manifesto and the "Smooth Transition Strategy" prepared during the previous Awami League administration.

Under the plan, Bangladesh aims to increase services exports to $10 billion within five years while expanding the number of exportable products by 60%. It also seeks to raise export-oriented investment from 0.65% of GDP to 1%.

The strategy comes at a time when Bangladesh's financial sector remains under pressure, private sector investment growth is at its lowest level on record, and many businesses are unable to start production despite making investments because of energy shortages.

The plan also follows decades of limited progress in export diversification and efforts to improve the investment climate.

The Country Programme places strong emphasis on modernisingtrade infrastructure, attracting FDI and reducing Bangladesh's heavy dependence on the ready-made garments sector.

Prepared jointly by the Ministry of Commerce and the WTO's Enhanced Integrated Framework (EIF), the report stresses the need to make the business and investment environment simpler and more modern, alongside wide-ranging regulatory reforms.

The programme has initially identified 52 projects to help achieve its objectives. It also outlines the expected financial and technical support from development partners, alongside the respective roles of the government and business organisations.

Investment constraints

Mahmud Hasan Khan Babu, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said higher public, private and foreign investment would be essential if Bangladesh was to achieve its 2031 targets.

"Private investment is currently at its lowest level in history. This is due to the gas and electricity crisis, infrastructure bottlenecks and high bank lending rates," he told The Business Standard after reviewing the programme.

"If reliable gas and electricity supplies cannot be ensured and lending rates are not brought down to single digits, investment will not increase and these targets will remain beyond reach."

Implementation key to success

The commerce ministry held a validation workshop on Sunday to finalise the five-year programme.

At the event, Commerce Secretary Md Ataur Rahman Khan said preparing policies and research reports alone would not be enough, stressing that successful implementation would determine whether the programme achieved its objectives.

Former additional secretary and EIF consultant Md HafizurRahman said development partners would provide financial and technical assistance to support implementation. "If the government takes the right decisions at the right time and implements them effectively, achieving these targets will become much easier."

The programme also states that Bangladesh's progress will be assessed against various international benchmarks to measure both the implementation of reforms and improvements in the country's overall capacity.

Preparing for post-LDC challenges

Government reports have warned that once Bangladesh graduates from LDC status, it will gradually lose duty-free and quota-free market access, simplified rules of origin and flexibilities under the WTO's Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS), with potential implications for exports and investment.

Bangladesh is officially set to graduate from its LDC status on 24 November 2026.

However, citing global economic uncertainty and persistent structural vulnerabilities, the government has sought a three-year extension of the preparatory period until 2029. The request has been endorsed by the UN Committee for Development Policy (CDP) and is awaiting final approval from the UN General Assembly.

To address the challenges, the government plans to sign free trade agreements (FTAs) or economic partnership agreements (EPAs) with nine countries over the next five years.

Bangladesh currently has an EPA only with Japan. Negotiations are under way with India, China, South Korea, Singapore, Indonesia, the United Arab Emirates, the European Union and several other trading partners.

The action plan targets an increase in per capita income from $2,820 in 2026 to $5,000 by 2031. It also aims to double services exports from $5 billion to $10 billion.

The document also describes Bangladesh's services export earnings as disappointing.

"More than 56% contribution in the GDP is coming from service sectors. But the exports in these sectors are minimal; they are not more than $7 billion. Product-based export earnings have limits to be explored," it says.

"Poor logistics efficiency, inadequate tourism infrastructure and limited strategic foreign investment in service industries reduce competitiveness. As Bangladesh transitions from LDC status, the service sector will face stronger international competition, making regulatory reform, skills upgrading, digital transformation and a long-term service trade development roadmap critical for sustainable growth," it adds.

Export diversification, reforms

The programme places strong emphasis on export diversification, noting that Bangladesh currently exports around 500 products worth more than $1,000 each. It aims to increase that number to 800 within five years.

The commerce ministry also plans to raise export-oriented investment from 0.65% of GDP to 1%.

The report says Bangladesh is currently utilising only 71% of the trade preferences available to it as an LDC because of limited export diversification. The government aims to increase that utilisation rate to 80% over the next five years.

Alongside trade and investment targets, the programme gives priority to regulatory reforms.

Bangladesh currently scores 25.7 on the Regulatory Quality Index. The government aims to raise that score to 40 within five years, saying the target is achievable because of strong political commitment at the highest levels to implement regulatory reforms.

The government also plans to improve the country's score on the Investment Facilitation Index from 65.6 to 80 over the next five years through its reform agenda.

According to the Global Economic Diversification Index, Bangladesh scored 95 on the Trade Diversification Index in 2025. The programme aims to raise that score to 130 by 2031 by encouraging greater private sector diversification and higher value addition.

The board of directors of Rupali Life Insurance Company Limited has recommended a 12% cash dividend for the year ended 31 December 2025, maintaining shareholder returns despite reporting an underwriting deficit in the first half of 2026.

The recommendation was disclosed today (21 July) through the Dhaka Stock Exchange (DSE). The insurer paid a 10% cash dividend for 2024.

Shareholders will vote on the proposal at the company's annual general meeting (AGM), scheduled for 24 September 2026 at 10:00am on a digital platform. The record date has been set for 20 August 2026.

In line with stock exchange regulations, the company's shares traded without a price limit yesterday following the dividend declaration. The share price of the insurer rose 1.21% to Tk91.70 on the DSE.

The dividend recommendation comes despite continued pressure on the insurer's core underwriting business.

According to its life revenue account, Rupali Life posted a Tk7.09 crore deficit in the January-March quarter of 2026, improving from a Tk15.05 crore deficit a year earlier.

The trend, however, reversed in the April-June quarter, when the company reported a Tk8.11 crore deficit, compared with a Tk0.15 crore surplus in the same period of 2025.

As a result, the insurer recorded a first-half cumulative deficit of Tk15.21 crore, slightly higher than the Tk15 crore deficit in the corresponding period last year.

Despite the underwriting losses, Rupali Life continued to strengthen its policyholders' fund. Its Life Insurance Fund stood at Tk486 crore as of 30 June 2026, up from Tk480 crore a year earlier, an increase of Tk5.76 crore.

The fund had reached Tk494 crore at the end of March 2026, compared with Tk480 crore a year earlier, reflecting steady growth in long-term policyholders' assets despite fluctuations in quarterly operating performance.

Life insurers in Bangladesh typically determine dividends based on their overall financial position, including actuarial valuation, investment income, accumulated life fund and regulatory capital requirements, rather than quarterly underwriting performance alone.

As a result, temporary deficits in the life revenue account do not necessarily prevent dividend payments if regulatory requirements are met and the insurer remains financially sound.

The final dividend is subject to shareholders' approval at the AGM.