At the end of 2024, one-fifth of the total loans in the banking sector turned sour, mainly as the true extent of embezzlement by willful defaulters is now coming to light.
Says Md Mehmood Husain, independent director and current chair of the bank
Companies linked to the controversial S Alam Group took out 56 percent of the total disbursed loans of First Security Islami Bank (FSIB), one of six Shariah-based lenders controlled by the Chattogram-based business giant.
SIBL, in which Chattogram-based S Alam Group holds a majority stake, hid Tk 7,924 crore of its defaulted loans, according to an inspection by the central bank.
Eight state-owned enterprises (SOEs) of Bangladesh had a combined default loan of Tk 183.62 crore in February, official figures showed.
The BB said this will come into effect from September 30 this year.
The verdict so far is that the year will see slow GDP growth but also experience lower inflation.
To overcome the economic crisis, no doubt, the country needs strong economic leadership, backed by strong political will.
The system of selling insurance services to bank customers will ultimately expand financial inclusion.
Finance Minister AHM Mustafa Kamal today told the parliament that as of March this year, the amount of defaulted loans in the country was Tk 126,369 crore.
The total amount of default loan in the country now stands at Tk 1,11,347 crore, Finance Minister AMA Abdul Muhith tells parliament.
