Stocks
Rupali Life Insurance releases Q1, Q2 Financials & thier Dividends
Q1 Financials: Rupali Life Insurance has reported a deficit of Tk 274.06 million for the first quarter of 2024, marking a significant downturn compared to the same period last year. According to the company’s Life Revenue Account for January to March 2024, total claims and expenses exceeded total income, reversing the Tk 6.62 million surplus recorded in the first quarter of 2023.
As a result, the Balance of the Life Insurance Fund stood at Tk 4,736.49 million as of March 31, 2024, down from Tk 5,073.88 million on the same date in 2023, reflecting a net decrease of Tk 337.39 million.
Q2 Financials: The latest financial data from the life revenue account of the company reveals a surplus of BDT 28.41 million for the second quarter of 2024, a turnaround from the BDT 3.77 million deficit recorded in the same period of 2023. This positive result indicates an excess of total income over total claims and expenses for April to June 2024.
However, when examining the first half of 2024, the company faced a deficit of BDT 245.64 million, a stark contrast to the BDT 2.85 million surplus achieved in the corresponding period of 2023.
As of June 30, 2024, the Balance of the Life Insurance Fund was BDT 4,764.19 million, down by BDT 305.10 million from BDT 5,069.29 million as of June 30, 2023.
Dividends: Rupali Life Insurance Limited from Dhaka Stock Exchange (DSE) have disclosed their Dividends for the year ended June 30, 2024. This source is known from the DSE official website. The Company has recommended 13% cash Dividend for the year ending June 30, 2024. Record date: 26.09.2024. AGM: 30.10.2024.
One of the listed mutual fund, NCCBL Mutual Fund-1 discloses its financial reports for the second quarter, (April – June 24).
The company’s earnings per unit (EPU) was loss Tk 0.1273 paisa in Q2 of the current financial year (April – June 24). EPU was Tk. 0.33 for the same period last year. NAV per unit at market price was Tk. 9.40 and NAV per unit at cost price was Tk. 10.40 as on June 30, 2024.
One of the Listed companies, Eastern Housing Ltd. has recommended 19% Cash dividend for General Public for the year ended June 30, 2024.
It has reported Consolidated EPS loss of Tk 6.04 paisa, and Consolidated NAV per share loss of Tk. 83.62 for the year ended June 30, 2024.
The Annual General Meeting (AGM) of the company will be held on Ocotober 30, through the digital platform. The record date for this has been fixed at October 3.
Stocks
BSEC Orders Investigation Into Salman, S Alam Group Over Stock Market Scandal & Other Allegations
The Bangladesh Securities and Exchange Commission (BSEC) has ordered an investigation into Salman F Rahman, former private industry and investment adviser to the deposed prime minister, and other members of his family, as well as companies under his control. The investigation relates to allegations surrounding the stock market scandal and other accusations. The BSEC has also instructed an inquiry into whether any irregularities have occurred in the capital market involving activities of Saiful Alam, chairman of S Alam Group, his wife, son-in-law, relatives, and companies under his control.
This directive was issued in an order signed by Md Mahmudul Haque, director of BSEC, on Monday (9 September).
According to sources, BSEC has formed a four-member investigation committee to probe the allegations against Salman F Rahman and S Alam. The appointed officials include BSEC Director Mohammad Abul Hasan, Additional Director Md Nazrul Islam, Assistant Director Amit Kumar Saha, and Towhidul Islam Saddam.
The investigation committee has been instructed to submit its report to the commission within 60 working days.
The investigation was prompted by a report published in Prothom Alo on 14 August, which detailed allegations of irregularities involving Salman F Rahman and S Alam Group.
The Prothom Alo report mentioned that Salman F Rahman had been known as a top defaulter since the 1980s. His name surfaced during the 1996 stock market scandal. However, after the Awami League government came to power in 2009, companies under the Beximco Group, owned by Salman F Rahman, were removed from the defaulter’s list by receiving special privileges. In 2011, following another stock market scandal, an investigation committee led by Khondker Ibrahim Khaled pointed to Salman F Rahman’s influence on the regulatory body.
The report also noted that S Alam Group, a close ally of the recently ousted Awami League government, took control of Islami Bank Bangladesh PLC in 2017 through a political decision. Since then, nearly Tk50,000 crore has reportedly been siphoned off from the bank by S Alam Group and its affiliates, including Nabil Group from Rajshahi, under various aliases. This amount represents about one-third of the bank’s total loans. Officials believe that the actual amount of funds misappropriated could be higher than the reported figures.
The report alleged that funds were withdrawn from Islami Bank Bangladesh PLC under the names of S Alam Group’s chairman Saiful Alam, his wife, son-in-law, relatives, and several employees. Consequently, BSEC has also decided to launch an investigation into them.
