Annual EPS of BDT 19.4 meets our expectations, growing by c24% YoY. c31% dividend payment similar to our expected pay-out level of c30%. We reiterate Buy with TP BDT 370.0 (ETR 21.3%).

Bangladesh’s leading mobile money platform, bKash, posted a quarterly pre-tax profit for the first time in over 3 years. Investment to acquire merchants and boost e-wallet use has depressed profitability but the long-term strategy is sound. Digital p...

EPS of the company stood at BDT40.16 (NPAT BDT12,166mn) in FY22, implying c26% decline. Q4 FY22 EPS stood at BDT 13.1 against BDT 20.1 in Q4 FY21, thus implying c35% earnings decline yoy. WALTONHIL declared BDT 25/share cash dividend in FY22 for the....

BRAC Bank reported BDT 1,041mn NPAT (excluding minority interest) in Q2 CY22 against BDT 1,340mn reported in Q2 CY21. The lending portfolio of the core banking business increased by c32% YoY and c16% YTD. bKash’s net loss decreased by c41% YoY to BDT...

India and Pakistan mark their 75th anniversary of independence (Bangladesh, formerly East Pakistan, turned 50 in March). Mutual fear underpins messaging of dominant political powers, India's BJP and Pakistan's military, and obstructs trade. Very diff...

The latest UN FAO World Food Price index (published on 5 August) declined again from the March 2022 all-time high: down 8.6% in July, following 0.3%, 0.8% and 2.3% declines in April, May and June, respectively, but still up 13% yoy, and up 55% from t...