Dhaka Bank financial analysis: NPL 3.8%, deferral cleared, NII down 45% and 47% short of Tk2,000 crore paid-up (Oct 2026)

Investment considerations: cleaner books in 2025, but a squeezed margin, rising SMA and the Tk2,000 crore rule

Dhaka Bank PLC is a second-generation private commercial bank that listed on the DSE and CSE in 2000. At the end of 2025 it had 117 branches, 36 sub-branches, 120 ATMs and 2,145 employees, with deposits of BDT 338.8bn, loans of BDT 276.1bn and total assets of BDT 445.2bn [1 p.63] [1 p.64] [1 p.60]. It is a conventional lender to trade and industry with Islamic windows, and two subsidiaries in brokerage and investment (Dhaka Bank Securities and Dhaka Bank Investment), consolidated line by line in the group accounts [1 p.300] [3 p.21]. Textile and garments are its largest industry exposure at 24.7% of loans [1 p.344].

The bank's record over 2020-2025 is one of steady growth with thin returns. ROE ranged from 5.7% to 11.6% and ROA from 0.31% to 0.70% [1 p.64] [2 p.64]. 2024 was the low point: provisions took 67.5% of pre-provision profit, profit after tax fell to BDT 1,251m and BB allowed the bank to defer BDT 5,000m of required provision [1 p.63] [2 p.466]. 2025 was a rebound: profit after tax more than doubled to BDT 2,688m, the deferral was fully provided and the bank paid a 10% cash dividend [1 p.63] [1 p.345] [1 p.64]. The questions for an investor are whether the 2025 asset-quality numbers hold, what the falling net interest income of 2025-2026 says about the funding franchise, and what BB's new dividend rule leaves for shareholders.

Business model: a trade and corporate lender whose treasury book has tripled since 2020

Dhaka Bank earns money in three ways. First, the spread between what it charges borrowers and what it pays depositors: interest income of BDT 31,115m against interest expense of BDT 25,202m in 2025 [1 p.63]. Second, income on its government securities book, which more than doubled from BDT 50,886m in 2023 to BDT 116,969m in 2025 [1 p.63]. Third, fees on trade: the bank handled BDT 322.5bn of import business, BDT 228.5bn of export business and BDT 116.3bn of inward remittance in 2025 [1 p.63]. Commission, exchange and brokerage brought in BDT 4,362m [1 p.63].

The loan book is corporate and trade-heavy. Twenty-seven customers each had funded plus non-funded exposure above 10% of the bank's capital, together BDT 166.8bn at Dec-2025 [1 p.344]. By industry, textiles and garments were BDT 68.1bn, chemicals BDT 20.5bn, housing BDT 22.1bn and engineering including ship-breaking BDT 21.3bn [1 p.344]. Dhaka region urban branches held BDT 220.4bn of the BDT 276.1bn book [1 p.344]. SME lending was BDT 32.6bn and consumer credit BDT 8.6bn [1 p.344].

What changed over the last five years is the retail reach and the funding mix rather than the lending model. Deposit accounts doubled from 751,457 in 2023 to 1,555,099 in 2025, sub-branches rose from 21 in 2021 to 36 and ATMs from 75 to 120, while the number of loan accounts stayed near 32,000 [1 p.64]. The bank is collecting more small depositors but still lends mainly to a few large borrowers. Its reported customer retention ratio fell from 98.43% in 2023 to 82.62% in 2025, a figure the annual report does not explain [1 p.64]. Inward remittance grew from BDT 25.4bn in 2021 to BDT 116.3bn in 2025, which supports both foreign-exchange income and low-cost deposits [1 p.63]. Operating profit per branch rose from BDT 60.8m in 2021 to BDT 100.5m in 2025 [1 p.64].

Deposits and loans: deposits grew 13% in 2025 while loans grew 3%, then deposits shrank in H1 2026

Deposits grew every year from 2020 to 2025, by 5.6% to 15.9% a year [14]. Loans grew more slowly after 2022: 6.9% in 2023, 5.0% in 2024 and 2.7% in 2025 [14]. The loan-to-deposit ratio therefore fell from 98.5% in 2022 to 81.5% in 2025, and the surplus went into government securities: investments rose from 13.4% to 26.3% of total assets [14]. This is the same shift most Bangladeshi banks made in 2024-2025, when treasury yields rose and credit demand weakened.

The deposit mix leans on term money. Fixed deposits were 56.4% of deposits at Dec-2025, up from 54.1%, and grew 17.8% in the year [1 p.352] [14]. Current plus savings deposits were 24.9% of deposits [14]. Special notice deposits, often corporate cash, fell from BDT 40.7bn to 38.0bn [1 p.352].

H1 2026 reversed the deposit trend. Consolidated deposits fell 2.1% to BDT 331.3bn, term deposits fell by BDT 19.8bn, while loans rose 2.5% to BDT 283.8bn and borrowings from banks and agents rose from BDT 33.1bn to 50.1bn [3 p.2] [14]. The loan-to-deposit ratio rose back to 85.7%. Bills payable jumped from BDT 1.8bn to 8.3bn, which flatters the June current-account mix [3 p.2].

Margin and cost of funds: cost of fund reached 9.65% and net interest income fell 18% in 2025 and 45% in H1 2026

The cost of funds is the line that moved Dhaka Bank's earnings most. The bank's reported cost of fund rose from 6.25% in 2021 to 8.87% in 2024 and 9.65% in 2025 [1 p.64]. Interest expense rose 22% in 2025 while interest income rose 12%, so net interest income fell 18% to BDT 5,912m [1 p.63]. Interest expense absorbed 81.0% of interest income in 2025, against 68.3% in 2023 [14]. The driver is the mix: a deposit base that is 56% fixed deposits reprices to the high rates of 2024-2025, and borrowings of BDT 50.2bn at Dec-2024 added to the cost [1 p.352] [1 p.63].

The bank reports a net interest margin of 3.99% for 2025, up from 3.90% [1 p.64]. That figure includes investment income in the numerator; on the plain definition (interest income less interest expense) net interest income fell. We use the plain lines in this note. Each 1pp of cost of fund on 2025 average deposits of BDT 319bn equalled about BDT 3,192m of interest expense, against 2025 profit before tax of BDT 6,014m [14] [1 p.63].

H1 2026 shows the squeeze continuing. Interest income fell 5.7% to BDT 13,606m while interest expense rose 1.4% to BDT 12,382m, so net interest income fell 45% to BDT 1,223m [3 p.4] [14]. Interest income fell even as loans grew, which points to lower yields on the book or more interest moved to suspense. Investment income rose 33% to BDT 5,325m and kept operating income flat [3 p.4].

Refinance from Bangladesh Bank is a smaller cost line: interest paid on it was BDT 313m in H1 2026, down from BDT 363m, and interest on offshore-unit foreign-currency borrowing fell from BDT 349m to 290m [3 p.27]. Savings-account interest rose from BDT 298m to 472m as savings balances grew, while special notice deposit interest fell from BDT 1,347m to 1,042m [3 p.27]. The mix inside interest expense is shifting even where the total barely moved.

Line items: treasury income now carries the bank, and provisions and a 55% tax rate decide profit

Operating income has shifted from lending to treasury. Net interest income was 46.2% of operating income in 2023 and 30.0% in 2025; investment income rose from 28.8% to 45.4% [14]. Investment income of BDT 8,929m in 2025 included BDT 5,789m of interest on treasury bills and bonds, up from BDT 3,039m, as the securities book grew [1 p.367]. Fee income is tied to trade volumes: commission, exchange and brokerage peaked at BDT 5,949m in 2022 when exchange gains were high, and was BDT 4,362m in 2025 [1 p.63]. It fell 20% to BDT 1,851m in H1 2026 [3 p.4].

Operating expenses grew 7% in 2025 to BDT 7,928m, slower than income, so cost/income improved to 40.3% [1 p.63] [14]. Staff numbers rose from 1,979 to 2,145 [1 p.64]. In H1 2026 opex rose 8.4% while income was flat and cost/income rose to 48.2% [14].

Provisions are the swing line. They took 49.5% of pre-provision profit in 2023, 67.5% in 2024 and 48.8% in 2025 [14]. Provisions over average loans were 2.72% in 2024 and 2.11% in 2025 [14]. Tax is high: the effective rate was 63.7% in 2024, 55.3% in 2025 and 58.1% in H1 2026, because loan provisions are only partly deductible in Bangladesh [14]. This makes reported profit very sensitive to provisions: in 2025 a BDT 1,415m fall in provisions came with a 115% rise in profit after tax [1 p.63].

Asset quality: NPL 3.77% and the deferral cleared, but SMA loans doubled and stay-order loans stay unclassified

Reported asset quality improved in 2025. Classified loans fell from BDT 14,341m to 10,402m and the classified ratio from 5.33% to 3.77% [1 p.345] [1 p.64]. Bad/loss loans fell from BDT 11,648m to 8,658m [1 p.345]. The ratio had risen from 3.13% in 2020 to 5.08% in 2022 [2 p.64].

Two things qualify that improvement. First, special mention loans (overdue but not yet classified) more than doubled from BDT 8,239m to 18,107m, so classified plus SMA rose from 8.4% to 10.3% of loans [1 p.345] [14]. Second, a large part of the book is reported as unclassified only because of BB policy support and High Court stay orders: the notes say unclassified loans include loans rescheduled under policy support and under stay orders [1 p.345]. The bank holds provision at 20%, 50% and 100% rates against such unclassified and SMA loans: BDT 10,382m at Dec-2025, 54.2% of total required provision [1 p.345] [14]. The auditor's key audit matter names BRPD circulars 7/2025, 13/2024, 15/2024 and 16/2022 and a BB policy support letter, and says stay-order loans were kept unclassified as instructed [1 p.301].

The BB deferral is now behind the bank. At Dec-2024 required provision was BDT 24,576m and maintained BDT 19,576m; the BDT 5,000m gap was to be maintained in future under BB letter DoS(CAMS)1157/41(Dividend)/2025-3099 of 21-May-2025 [2 p.466] [1 p.345]. That gap was 22.7% of 2024 equity [14]. At Dec-2025 required and maintained provision were both BDT 19,145m [1 p.345]. Required provision fell by BDT 5,431m, mostly because high-rate provision on unclassified loans fell, so the deferral was closed partly by a lower requirement as well as by the year's BDT 5,740m charge [1 p.345] [1 p.63]. The auditor's opinion is unmodified, with an emphasis of matter on the basis of loan classification and provisioning under BB rules [1 p.300].

Capital: CRAR 13.4% at Dec-2025 with a thin Tier-1, and 12.66% by Jun-2026

CRAR was 13.39% at Dec-2025 and 13.41% at Dec-2024, down from 15.04% in 2023 [1 p.64]. Risk-weighted assets grew 10% in 2025 to BDT 290.2bn while total capital grew 9% to BDT 38.9bn [1 p.64]. Tier-1 capital is BDT 24.9bn, a Tier-1 ratio of 8.59%; it includes the BDT 2bn perpetual bond, so CET1 is about 7.9% [1 p.457] [14]. Capital above the 12.5% minimum with buffer is BDT 2,589m [14].

Tier-2 at Dec-2025 was almost all general provision; the subordinated bond counted nil in that return and BDT 2,616m at Jun-2026 [3 p.23]. The bank issued a BDT 4bn 4th subordinated bond, a 7-year non-convertible issue approved by BSEC in November 2024; the 1st (BDT 2bn), 2nd (BDT 3bn) and 3rd (BDT 5bn) bonds were redeemed in 2017, 2023 and 2025 [1 p.457]. The BDT 2bn perpetual bond pays the 20-year treasury bond rate plus 2%, within a 6-10% range, and converts to equity only if consolidated CET1 falls below 4.5% [1 p.457]. Subordinated bonds amortise out of Tier-2 in their last five years, so the bank will need a new issue or retained profit to hold CRAR as the 4th bond ages.

H1 2026 notes: CRAR fell to 12.66% and the capital surplus to BDT 467m

The H1 2026 notes add detail the face statements hide. On the solo basis, CRAR fell from 13.39% at Dec-2025 to 12.66% at Jun-2026, against a 12.50% requirement including the conservation buffer [3 p.23]. Total eligible capital fell from BDT 38,869m to 37,820m while risk-weighted assets rose from BDT 290,237m to 298,825m, so the capital surplus over the requirement shrank from BDT 2,589m to BDT 467m [3 p.23]. Tier-1 was 8.19% against an 8.50% requirement for Tier-1 including buffer, so Tier-2 is filling the gap [3 p.23]. Consolidated CRAR was 12.79% [3 p.24].

The composition of Tier-2 changed. General provision counted in Tier-2 fell from BDT 13,936m to 10,725m, and the subordinated bond counted BDT 2,616m at Jun-2026 against nil in the Dec-2025 return [3 p.23]. The general-provision drop matches the fall in the provision on loans and advances in other liabilities, from BDT 19,145m at Dec-2025 to BDT 16,712m at Jun-2026 [3 p.21]. Over the same half-year interest suspense rose from BDT 6,351m to BDT 7,948m [3 p.21]. A falling provision stock with rising interest suspense is the pattern of loans being written off or reclassified while more income goes unpaid; the quarterly notes we read do not give the classification table, so the H1 2026 NPL ratio is not known from the filing.

The interest-income note shows where the margin went. Interest on loans and advances fell from BDT 13,741m to 13,407m in H1 2026 although the book grew, with overdraft income down from BDT 3,643m to 3,126m and syndicated-loan income from BDT 472m to 358m [3 p.27]. Interest on call lending and placements fell from BDT 389m to 40m [3 p.27]. On the cost side, interest on term deposits eased from BDT 8,543m to 8,297m, but interest on repo and HTM/HFT securities funding rose from BDT 374m to 766m, and subordinated-bond interest rose from BDT 181m to 252m [3 p.27]. The bank is funding part of its treasury book with repo, so some of the investment-income gain is offset inside interest expense.

The subsidiaries are small. Dhaka Bank Securities added BDT 37m of interest income and BDT 663m of other liabilities to the group at Jun-2026, and Dhaka Bank Investment BDT 55m of liabilities [3 p.27] [3 p.21]. Consolidated profit of BDT 1,004m in H1 2026 is therefore driven by the bank itself. Deferred tax assets on classified-loan provisions rose, with the net deferred tax asset up from BDT 839m to 1,109m; the solo CRAR calculation deducts BDT 760m of deferred tax (BDT 515m at Dec-2025) [3 p.21] [3 p.23].

Returns and payout: ROE 12% in 2025, cash every year, and a 47% gap to the Tk2,000 crore rule

Returns are low and volatile. ROE was 10.5% in 2021, 5.7% in 2024 and 11.6% in 2025; ROA ranged from 0.31% to 0.65% [14]. Equity was 5.4% of assets in 2025 [14]. H1 2026 profit after tax fell 13% to BDT 1,004m; DSE-announced Q3 2026 EPS was BDT 0.17 and nine-month EPS BDT 1.12, with NAV per share of BDT 23.67 [3 p.4] [9].

The payout record is steady. The bank paid a cash dividend every year from 2020 to 2025: 6%, 12%, 6%, 10%, 5% and 10% of par, plus stock dividends of 6% in 2020 and 2022 and 5% in 2024 [1 p.64] [2 p.64]. Cash payout ranged from 26.5% to 58.1% of profit [14]. The FY2025 10% cash dividend was declared at the 28-Apr-2026 board meeting with a record date of 18-May-2026, before BB's 23-May-2026 circular, and approved at the AGM [9] [12].

BB SPCD Circular 06 of 23-May-2026 sets paid-up capital of Tk2,000 crore as a condition for banks to declare cash dividends [4 p.1]. Dhaka Bank's paid-up capital is Tk1,057 crore, so it is 47.2% short (1 - 1,057/2,000) [3 p.2] [14]. Authorised capital is exactly Tk2,000 crore [1 p.63]. Closing the gap needs BDT 9,431m of new capital: 3.5 years of FY2025 profit if all were retained and capitalised, or 6.7 years of 10% stock dividends [14]. A rights issue or merger would be the faster routes; the bank has announced neither. The rule applies from dividends for the year ending 31-Dec-2026; banks that qualify may pay at most 50% of total dividend in cash [4 p.1].

Balance sheet and peers: liquid, with BDT 220bn off balance sheet and above-peer funding cost

The balance sheet is liquid by the bank's own regulatory ratios. Statutory liquidity ratio rose from 17.86% at end-2023 to 24.80% in 2024 and 29.42% in 2025, and the cash reserve ratio was 4.06% at end-2025 [1 p.64]. That rise mirrors the growth of the treasury book: government securities absorbed deposits that loans did not. Cash and cash equivalents were BDT 27.1bn at end-2025, about the same as a year earlier [1 p.63]. Net current liabilities narrowed from BDT 80.0bn in 2023 to BDT 45.9bn in 2025 [1 p.63].

Off-balance-sheet exposure is large for a bank of this size. Acceptances, letters of credit, guarantees and other contingent items totalled BDT 219.9bn at Dec-2025 and BDT 219.1bn at Jun-2026, about half of total assets [3 p.3]. Acceptances and endorsements were BDT 76.7bn and letters of guarantee BDT 61.0bn at Jun-2026 [3 p.3]. These carry credit risk through forced loans if customers fail to pay on import bills, and the bank holds BDT 1,768m of provision against them [1 p.346]. Borrowings fell from BDT 50.2bn at end-2024 to BDT 33.1bn at end-2025 and rose again to BDT 50.1bn at Jun-2026, so wholesale funding is a moving part of the cost of funds [1 p.63] [3 p.2].

On the peer comparison, Dhaka Bank's reported NPL of 3.77% sits between Prime Bank (2.73%) and NCC Bank (4.12%) and far below Bank Asia (8.38%) [1 p.64] [6 p.286] [5 p.183] [8]. Its CRAR of 13.39% is about 2.0pp below the average of NCC and Bank Asia [14]. Its cost of fund of 9.65% is above NCC's 8.81% [5 p.184]; Jamuna reports only a cost of deposits (6.70%), which is not comparable [7 p.83]. The combination, middling asset quality, below-peer capital and above-peer funding cost, is the profile of a bank whose returns depend on keeping credit costs low.

Board and sponsors: a founder-led board holding 41% that stayed in place through 2024-2026

Sponsors and directors held 41.10% of shares at Dec-2025, down from 44.01%, while general public holdings rose from 41.63% to 47.16% and financial institutions fell from 14.36% to 11.74% [1 p.60]. No foreign investor holding is shown [1 p.60]. Twelve shareholder directors each held 2.0-4.3% at Dec-2025, the largest Khondoker Monir Uddin (4.293%) and Reshadur Rahman (3.434%); two independent directors hold none [1 p.385]. Vice-chairman Mohammed Hanif (3.159%) died in December 2024; Mirza Yasser Abbas's holding fell from 4.975% to 2.013% [1 p.385].

Abdul Hai Sarker held 2.281% at Dec-2025 [1 p.385]. Abdul Hai Sarker, described as the bank's founder chairman, was re-elected chairman for a further two years, The Daily Star reported on 2-Aug-2026, citing a bank press release [10]; he had previously been re-elected in June 2024, according to The Financial Express [11]. The chairman and the other continuing shareholder directors at Dec-2025 were also on the board at Dec-2024; the changes in the year were the death of the vice-chairman and the exit of two directors, with Mr. A.T.M. Hayatuzzaman Khan joining the list [1 p.385]. Loans to directors' allied concerns were BDT 28m at Dec-2025 [1 p.344]. The bank's market category is A [1 p.60].

For minority investors, three governance facts stand out. The free float rose: general public holdings increased by about 79m shares to 498m in 2025, partly as the 5% stock dividend was distributed and partly as sponsor and institutional holdings fell [1 p.60]. Number of shareholders stayed near 20,800 [1 p.64]. The board carries two independent directors among fourteen at Dec-2025, down from three at Dec-2024 [1 p.385]. Related-party lending is small on the reported numbers: advances to directors' allied concerns fell from BDT 39m to 28m, while advances to other senior executives were BDT 603m [1 p.344].

What's next: Q3 results, the FY2026 classification and the dividend rule

Several dated items will move the lines above. The Q3 2026 statements (announced 28-Oct-2026, EPS 0.17 for the quarter) will show whether interest expense kept rising against interest income; this moves net interest income [9]. The FY2026 annual report (the FY2025 report went to an AGM on 25-Jun-2026 [9]) will show SMA migration and whether stay-order and policy-support loans stay unclassified; this moves provisions. Any FY2026 dividend declaration falls under SPCD Circular 06, so a cash dividend is not possible unless paid-up capital reaches Tk2,000 crore; this moves payout [4 p.1]. Lower treasury yields would reduce investment income, now 60% of operating income; falling deposit rates would cut interest expense [14].

The capital line has its own dated signposts. The Q3 2026 return will show whether CRAR stayed above 12.5% after falling to 12.66% at Jun-2026 [3 p.23]. The H1 2026 interest note shows repo-funded treasury holdings growing, so the spread between treasury yields and repo cost matters for net income as much as the gross investment-income line [3 p.27]. On deposits, the bank lost BDT 19.8bn of term deposits in H1 2026 while savings deposits grew BDT 3.9bn; whether that shift continues will decide whether interest expense eases [3 p.2].

Risks: SMA migration, deposit costs and treasury yields matter most

The main risks tie to specific lines. SMA loans of BDT 18.1bn migrating to classified would raise provisions; each 10% of SMA moving to bad/loss at a 100% rate would need up to about BDT 1.8bn of extra provision before the provision already held on SMA, against 2025 profit before tax of BDT 6.0bn [1 p.345] [1 p.63]. Concentration is high, with 27 large exposures totalling BDT 166.8bn of funded and non-funded credit [1 p.344]. A sustained cost of fund above 9.5% keeps net interest income under pressure. A falling treasury yield would remove the income that replaced lending spread. And the dividend rule removes cash payout until paid-up capital rises.

Two further risks sit in the capital line. First, the solo surplus over the 12.5% requirement was only BDT 467m at Jun-2026, about 0.16% of risk-weighted assets [3 p.23] [14]. Risk-weighted assets grew BDT 8.6bn in six months; at the Jun-2026 CRAR, that growth alone needs roughly BDT 1.1bn of extra capital to hold the ratio [3 p.23]. Second, Tier-2 relies on general provision, which fell by BDT 3.2bn in the half-year, and on a subordinated bond that will count for less each year in its last five years [3 p.23] [1 p.457]. If profits are retained because cash dividends are barred, retained earnings would build Tier-1, which is the one offset the dividend rule provides [4 p.1].

Key questions: SMA, the margin, treasury dependence and the route to Tk2,000 crore

DHAKABANK at BDT 11.0 trades at 0.47x Jun-2026 consolidated NAV and 4.3x FY2025 EPS [13] [14]. Its year-end P/B was 0.49-0.66x over 2020-2025 [14]. These are facts about the price, not a view on it.

FAQ

What is Dhaka Bank's NPL ratio?

3.77% at 31-Dec-2025, down from 5.33% at Dec-2024 [1 p.64]. Special mention loans were a further 6.56% [14].

Does Dhaka Bank have a provision shortfall?

Not at Dec-2025. The BDT 5,000m shortfall BB allowed it to defer at Dec-2024 was fully provided [1 p.345] [2 p.466].

Can Dhaka Bank pay a cash dividend for 2026?

Not under SPCD Circular 06 while paid-up capital (Tk1,057 crore) is below Tk2,000 crore; it is 47.2% short [4 p.1] [14].

What is Dhaka Bank's capital adequacy?

CRAR 13.39% and Tier-1 8.59% at Dec-2025 [1 p.64].

Why did net interest income fall?

Cost of fund rose to 9.65% on a deposit base that is mostly fixed deposits, so interest expense grew faster than interest income [1 p.64] [1 p.352].

Which results does this report use?

Bank five-year data 2020-2025, the audited 2025 statements and the unaudited H1 2026 statements; Q3 2026 figures are the DSE announcement only, as the statements are not yet in our corpus.

Sources

1. Dhaka Bank PLC Annual Report 2025 (incl. audited financial statements, year to 31-Dec-2025) · link · accessed 2026-10-31
2. Dhaka Bank PLC Annual Report 2024 (five-year highlights 2020-2024, provision note) · link · accessed 2026-10-31
3. Dhaka Bank PLC unaudited consolidated and separate financial statements, six months to 30-Jun-2026 · link · accessed 2026-10-31
4. Bangladesh Bank SPCD Circular No. 06, 23-May-2026, dividend declaration policy for banks (Bangla) · link · accessed 2026-10-31
5. NCC Bank PLC Annual Report 2025 (peer NPL, CRAR, cost of funds) · link · accessed 2026-10-31
6. Prime Bank PLC Annual Report 2025 (peer NPL) · link · accessed 2026-10-31
7. Jamuna Bank PLC Annual Report 2025 (peer NPL, cost of deposits) · link · accessed 2026-10-31
8. Bank Asia PLC Annual Report 2025 (peer NPL, CRAR) · link · accessed 2026-10-31
9. DSE announcements via AnalystBro events: FY2025 board meeting 28-Apr-2026, record date 18-May-2026, AGM 25-Jun-2026, Q2 2026 results 2-Aug-2026, Q3 2026 results 28-Oct-2026 (EPS 0.17 for Q3, 1.12 for nine months, NAV 23.67) · link · accessed 2026-10-31
10. The Daily Star, 'Abdul Hai Sarker reelected chairman of Dhaka Bank' (2-Aug-2026) · link · accessed 2026-10-31
11. The Financial Express, 'Abdul Hai Sarker re-elected as Dhaka Bank chairman for next two years' (30-Jun-2024) · link · accessed 2026-10-31
12. The Daily Star, 'Dhaka Bank declares 10% cash dividend for 2025' (2026) · link · accessed 2026-10-31
13. AnalystBro price data (TradingView feed): DSE:DHAKABANK weekly bars to the week of 25-Oct-2026 · link · accessed 2026-10-31
14. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-10-31