IFIC Bank financial analysis: 61% NPL, BDT 216bn provision shortfall (sum of notes) deferred, CRAR 1.8% and negative equity (Oct 2026)

Investment considerations: a deposit franchise that still grows, carrying a loan book that is 61% classified and a deferred BDT 216bn provision gap

IFIC Bank PLC (International Finance Investment and Commerce Bank) is a DSE-listed commercial bank in which the Government of Bangladesh, through the Secretary of the Finance Division, holds 32.75% of the shares [1 p.88] [2 p.16]. It runs what it calls the largest banking network in the country: 189 branches and 1,224 uposhakhas (sub-branches), 1,413 service points in all, with 5,963 staff at the end of 2025 [1 p.109] [1 p.127]. At Dec-2025 it held deposits of BDT 517.2bn, loans of BDT 443.3bn and total assets of BDT 586.4bn on a solo basis [1 p.126].

This note describes a bank in deep stress, and it does so from the bank's own filings. Until 2023 IFIC looked like an ordinary mid-sized lender: NPL between 4% and 8%, CRAR of 11.8-13.1% and ROE of 7-12% on our calculation [5 p.133] [1 p.127] [16]. In 2024, the year its Beximco-linked chairman and vice chairman left and Bangladesh Bank (BB) dissolved the board, classified loans rose from BDT 33.0bn to 245.9bn [1 p.127] [3 p.73]. In 2025 they reached BDT 272.5bn, 61.47% of the book; the bank lost BDT 25.6bn; CRAR fell to 1.82%; and equity fell to BDT 5.7bn, before a provision gap that BB has let it defer [1 p.242]. In H1 2026 it lost a further BDT 16.7bn and consolidated equity turned negative [2 p.4] [2 p.2].

Business model: a 1,413-outlet retail deposit network funding a loan book that turned bad after the sponsor era

IFIC earns money in the usual four ways: interest on loans, income on government securities and shares, commission and exchange on trade and remittance, and small sums from subsidiaries (IFIC Investment, a merchant bank; IFIC Securities, a brokerage; IFIC Money Transfer (UK)) and the Oman Exchange joint venture [3 p.24] [1 p.256]. The bank's own timeline calls it 'the largest bank in the country in terms of business outlets' and marks the launch of the IFIC Aamar Account and its rise to market leader in home loans [1 p.19]. Its distinctive asset is distribution. Uposhakhas grew from none in 2018 to 285 in 2020 and 1,224 in 2025 [5 p.133] [1 p.127], and deposit accounts grew from 0.83m to 2.28m over the same years.

That network built a retail deposit base. In 2025 the bank added BDT 25,269m to its Monthly Income Scheme, BDT 8,031m to its Double Return Deposit Scheme and BDT 4,444m to the IFIC Aamar Account [1 p.112]. The flip side is cost: fixed deposits were 68.7% of deposits at Jun-2026 [16], and the reported cost of deposit rose from 4.74% in 2021 to 8.38% in 2025 [1 p.127].

On the lending side, the general-provision schedule shows what is still performing. Of BDT 131,281m of standard loans at Dec-2025, housing finance was BDT 38,625m, industrial credit BDT 34,257m and 'other credit' BDT 21,016m [1 p.208]. Housing loans are the one product line that still pays: they earned BDT 3,534m of interest in H1 2026, 48.0% of all interest income [2 p.17]. Overdraft interest, by contrast, fell from BDT 4,388m to 1,309m year on year [2 p.17].

What changed. From 2016 to 2023 loans grew 10-31% a year, NPL stayed under 8% and the bank paid stock dividends every year [16] [5 p.133] [1 p.127]. In 2023 Salman F Rahman, vice chairman of the Beximco Group, chaired IFIC; his son Ahmed Shayan Fazlur Rahman was vice chairman [4 p.24]. The bank held Beximco shares and Beximco Green-Sukuk at a cost of BDT 4,448m in 2024 and guaranteed the BDT 14,500m Sreepur Township zero coupon bond sold as the 'IFIC Aamar Bond' [3 p.250] [1 p.209] [16]. After August 2024 the board was replaced and the loan book was reclassified. The filings do not name the borrowers behind the 2024 jump in classified loans.

Line items: interest on bad loans goes to suspense, deposits still cost 8.4%, so net interest income is negative

Interest income is the line that broke. It rose from BDT 12,557m in 2016 to 40,145m in 2024, then fell to BDT 22,102m in 2025 [5 p.132] [1 p.126]. The cause is in note 15.7: when a loan is classified, interest accrued on it is moved to an interest suspense account instead of income. The bank moved BDT 17,157m to suspense in 2024 and BDT 22,314m in 2025; the suspense balance reached BDT 35,837m [1 p.210]. Interest income over average loans fell from 9.33% to 4.96% [16]. In H1 2026 interest income fell another 37.7% year on year to BDT 7,368m [2 p.4] [16].

Interest expense kept rising: BDT 24,478m in 2023, 37,412m in 2024, 44,197m in 2025 [1 p.126]. The bank's own explanation is 'higher cost of deposits amid liquidity pressure and competitive deposit mobilization' [1 p.43]. Interest expense over average deposits rose from 5.99% in 2023 to 8.91% in 2025 [16]. Each 1pp on the 2025 average deposit base of BDT 496bn was about BDT 4,959m of interest expense. The bank reports its NII spread at -3.59% for 2025 against +1.83% for 2024 [1 p.43].

Net interest income therefore turned negative: BDT 2,733m in 2024, BDT -22,095m in 2025 and BDT -15,424m in H1 2026 [16] [2 p.4]. Interest expense was 2.00x interest income in 2025 and 3.09x in H1 2026 [16]. This is mechanical: the bank pays interest on BDT 517bn of deposits but earns cash interest on only the performing part of the book. Until classified loans are recovered or written off against provisions, the line stays negative.

Investment income was BDT 7,251m in 2025, up from 3,895m in 2023, on investments that rose to BDT 66,843m [1 p.126]. The bank reports a 13.14% return on investment for 2025 [1 p.242]. In H1 2026 it was BDT 3,393m [2 p.4]. Commission, exchange and brokerage fell from BDT 3,041m to 2,365m in 2025, as imports fell from BDT 82,020m to 66,791m and exports from BDT 105,753m to 92,060m [1 p.126]. Trade business follows the bank's credit standing with correspondents.

Operating expenses grew with the network, from BDT 5,066m (2016) to 11,742m (2025) [5 p.132] [1 p.126]. Salaries were BDT 2,571m of BDT 5,967m in H1 2026; depreciation and repairs BDT 1,280m [2 p.4]. The cost base is fixed while income has collapsed, so cost/income is no longer a meaningful ratio (reported -98.58% in 2025) [1 p.127].

Provisions are the line that is missing. The P&L charge for loans and assets was BDT 2,533m in 2024 and nil in 2025, against BDT 1,139m in 2023 [1 p.126]. In H1 2026 total provision was BDT 30m [2 p.4]. The bank says it 'did not charge any additional provision in the Profit & Loss account due to the absence of operating profit' [1 p.43]; the required amount is deferred instead. Tax was a charge of BDT 1,962m in 2025 despite a pre-tax loss, mainly a BDT 1,642m deferred tax expense [1 p.126]. The H1 2026 note shows a BDT 1,823m write-down of the deferred tax asset on bad-loan provisions in 2025 [2 p.14].

How the lines fit together. In 2024 the bank still covered its costs before provisions: operating profit was BDT -5m, close to zero [1 p.126]. In 2025 the operating loss was BDT 23,655m. The swing of about BDT 23.6bn is almost entirely net interest income, which fell by BDT 24.8bn, while non-interest income rose by BDT 1.4bn and costs by BDT 0.2bn [1 p.43]. The bank's own summary puts it the same way: the loss was 'primarily due to negative Net Interest Income' [1 p.43]. The same pattern continued in H1 2026: net interest income was BDT 5.6bn worse than a year earlier, and the net loss was BDT 5.4bn larger [2 p.4] [16]. Reported CRR and SLR stayed above the requirements throughout, at 5.48% and 15.56% in 2025 [1 p.127], so the losses have shown up in capital rather than in regulatory liquidity.

Asset quality: BDT 272.5bn classified, 99% of it bad/loss, and a BDT 216bn provision gap BB let the bank defer

Classified loans were stable for years: BDT 7,251m (5.29%) in 2016, BDT 19,879m (5.61%) in 2022 and BDT 33,034m (7.99%) in 2023 [5 p.133] [1 p.127]. In 2024 they rose to BDT 245,856m (54.97%), and in 2025 to BDT 272,505m (61.47%) [1 p.242]. Almost all of it is in the worst bucket: of the BDT 221,551m base for specific provision at Dec-2025, BDT 219,237m is bad/loss and needs a 100% provision [1 p.208].

The shortfall. Note 15.1.1 shows specific provision required of BDT 220,110m against BDT 7,929m kept, a gap of BDT 212,181m (BDT 185,570m at Dec-2024) [1 p.208]. Smaller gaps sit in general provision (BDT 696m), off-balance-sheet provision (BDT 4m) and placements with banks and NBFIs (BDT 3,000m) [1 p.209] [1 p.210]. Together that is BDT 215,881m on our sum [16]. Each note carries the same line: 'Bangladesh Bank vide its letter no. BSD-10(21)/2026-424 dated 30 April 2026 allowed to deferral facility against the provision shortfall' [1 p.208]. The auditor's key audit matter gives a loan-provision shortfall of BDT 212,785m and states that the deferral was obtained [1 p.160]. The filings do not state the term of the deferral.

What it means for book value. Solo equity of BDT 5,658m less the BDT 215,881m shortfall is BDT -210,222m, or BDT -109.37 per share, before any tax effect [16]. By June 2026 the bank stated total provision required of BDT 234,432m against BDT 13,053m maintained [2 p.16], a gap of BDT 221,379m; on reported solo net assets of BDT -10,987m that is BDT -120.89 per share [2 p.18] [16].

Coverage. Specific provision kept was 2.9% of classified loans in 2025 (5.5% in 2024). Adding the BDT 35,837m interest-suspense balance gives 16.1% [16]. The provision balance fell in 2025, from BDT 15,527m to 9,934m, because it was used to write off loans [1 p.112]; BDT 2,534m of interest suspense was also written off [1 p.210]. Cash recoveries on written-off loans were BDT 94m in H1 2026 [2 p.17].

Other assets under strain. The bank holds Beximco Green-Sukuk at a cost of BDT 2,891m (BDT 2,091m in the bond book and BDT 800m under the special fund), with a market value of BDT 1,845m at Dec-2025, a loss of BDT 1,046m [1 p.226]. Under the same special fund, set up under BB DOS Circular 1 of 10-Feb-2020, it also holds Beximco Pharmaceuticals shares at a cost of BDT 782m against a market value of BDT 753m. It also holds 7,935 units of the Sreepur Township zero coupon bond at a cost of BDT 612m [1 p.226] [16]. It also holds an AB Bank perpetual bond of BDT 1,000m [1 p.226]. Placements with banks and NBFIs needed a further BDT 3,000m of provision [1 p.210].

Capital, audit and dividend: CRAR 1.82%, an unmodified opinion with emphasis of matter, and paid-up capital 4% under the Tk2,000 crore line

CRAR. The bank's capital to risk-weighted assets ratio was 11.82% in 2023, 7.27% in 2024 and 1.82% in 2025 [1 p.127]. Common equity tier 1 fell to BDT 2,446m, 0.42% of risk-weighted assets [1 p.126] [1 p.127]. The bank reports a capital deficit of BDT 47,988m [1 p.242], which matches the 10% minimum on BDT 586,315m of risk-weighted assets; against 12.5% including the conservation buffer the gap is BDT 62,646m [16]. Risk-weighted assets rose from BDT 356,583m to 586,315m in two years as classified loans carry higher risk weights [1 p.126]. The reported CRAR is computed on the deferred-provision balance sheet; the deferred shortfall would more than erase capital.

Audit opinion. Islam Jahid & Co. gave an unmodified opinion on the 2025 statements, with an emphasis of matter on notes 15.1.1, 15.2.1, 15.3.1, 15.5, 16.7 and 25, which cover the specific, general, off-balance-sheet and FDR provision requirements, CRAR and profit before provision. The auditor wrote 'Our opinion is not modified in this regard' [1 p.159]. Key audit matters were loan provisions, interest income recognition, loans and advances, and impairment of unquoted shares [1 p.159] [1 p.160]. The auditor notes that provisions 'are processed manually using the voluminous data extracted from the IT system' [1 p.160]. The statements are prepared on a going-concern basis [1 p.178].

Dividend rule. IFIC paid no dividend for 2024 or 2025; the last was a 5% stock dividend for 2023, and the last cash dividend 2.5% for 2022 [1 p.127]. BB SPCD Circular 06 of 23 May 2026 says that no cash dividend of any kind may be paid if paid-up capital is below Tk2,000 crore (para 3(ka)), caps cash at 50% of total dividend for banks that qualify (3(kha)), and applies from the year ending 31 December 2026 (para 4); it keeps DOS Circular 01 of 13 March 2025 in force (para 5) [6 p.1]. IFIC's paid-up capital is BDT 19,221m, Tk1,922 crore, so it is BDT 779m, or 3.9%, short of the line [2 p.16] [16]. Authorised capital is BDT 40,000m, so headroom is not the constraint [2 p.16]. The rule is academic while the bank reports losses, retained earnings of BDT -36,388m at Jun-2026 and a deferred provision gap [2 p.2].

Ratios and peers: NPL 57pp above the peer median and deposit cost 1.7-1.8pp above healthy peers

Returns. ROE on average equity was 12.4% in 2017, 7-10% in 2018-2023 (2.3% in 2020) and -3.3% in 2024; in 2025 it was -139.6% because equity collapsed [16]. The bank reports -139.59% [1 p.127]. ROA fell from 0.92% (2017) to -4.45% (2025) [16]. Growth. Loans grew 16.6% in 2023, 8.2% in 2024 and -0.9% in 2025; deposits grew in every year [16]. Leverage. Equity was 6-8% of assets until 2023, 5.5% in 2024 and 1.0% in 2025 [16].

Peers on the same basis. We compare IFIC with UCB, NCC Bank and Jamuna Bank, using each bank's own 2025 filing and quoting each label as printed. IFIC's 61.47% 'percentage of classified loan' compares with 15.50% at UCB, 4.12% at NCC and 3.94% at Jamuna; the gap to their median is 57.4pp [1 p.242] [7 p.340] [8 p.183] [9 p.83] [16]. UCB reports a 'Provision Surplus/(Deficit)' of BDT -55,949m, 9.1% of its loans; IFIC's shortfall is 48.7% of loans [7 p.340] [16]. On funding cost, IFIC's 'Cost of Deposit' of 8.38% is 1.68pp above Jamuna's 'Cost of deposit' of 6.70%, and IFIC's 'CoF (Avg. Deposit+Borrow. Based)' of 8.38% is 1.81pp above NCC's 'Cost of deposits & borrowings' of 6.57% [1 p.127] [9 p.83] [8 p.184] [16]. UCB's 'Cost of Fund' of 9.47% is not on the same definition and is shown for context only [7 p.340].

Deposits, liquidity and bonds: deposits still grow, but cash fell BDT 8bn in H1 2026 and the bank guarantees a BDT 14.5bn Beximco-linked bond

Deposits and liquidity. Deposits rose from BDT 474,592m to 517,162m in 2025 and to BDT 530,870m (consolidated) by Jun-2026 [1 p.126] [2 p.2]. Current deposits were BDT 142,100m and fixed deposits BDT 364,491m at Jun-2026 [2 p.2]. Retail deposits rose to 81.1% of the base in 2025; private-sector deposits fell to 12.4% and government deposits to 6.5% (8.4% in 2024) [1 p.112]. Borrowings fell to BDT 3,274m, mainly BB refinance lines being repaid, and a BDT 700m short-term borrowing at year end was repaid on 4 January 2026 [1 p.112]. The annual report says the bank never sought emergency liquidity support from BB [1 p.109]; we found no BB liquidity line in the borrowing notes [2 p.15].

Cash fell from BDT 48,304m to 40,060m in H1 2026 and operating cash flow was BDT -8,245m, against BDT +9,649m a year earlier [2 p.2] [2 p.18]. Deposits grew BDT 12,079m in the half, less than the BDT 16.7bn loss [2 p.18] [2 p.4]. Cash plus government securities were 18.4% of deposits at Jun-2026 [16].

Bonds. IFIC's own bonds are two BDT 5,000m floating-rate subordinated bonds issued in 2021 and 2022, redeemable in 2028 and 2029; BDT 7,000m was outstanding at Dec-2025 [1 p.112]. The 'IFIC Aamar Bond' was not IFIC's own bond. It was the 'IFIC Guaranteed Sreepur Township Zero Coupon Bond', issued by Sreepur Township Ltd and guaranteed by IFIC; the bank records a BDT 14,500m guarantee to Aamar Bond off balance sheet with a 5% required provision of BDT 725m [1 p.209] [1 p.226]. The Business Standard and The Daily Star both report that Sreepur Township, a Beximco Group company, raised Tk1,000 crore through it in 2023 with IFIC as guarantor, that the name gave investors the impression IFIC was the issuer, and that BSEC banned Salman F Rahman for life and fined him Tk100 crore and his son Tk50 crore [11] [12]. The Daily Star alone reports a Tk5 crore BSEC fine on former IFIC managing director Shah Alam Sarwar [12].

The funding mix shows where the deposit franchise has held and where it has not. Current deposits and other accounts were BDT 140,250m at Dec-2025 and BDT 142,100m at Jun-2026, while savings deposits rose from BDT 20,094m to 21,146m [2 p.2]. Fixed deposits still make up about two-thirds of the base, which is why the cost of deposits does not fall quickly when policy rates ease: each fixed deposit is repriced only when it matures. Interest paid on deposits was BDT 21,798m in H1 2026, up from 20,550m a year earlier, while interest paid on borrowings fell from BDT 1,016m to 935m [2 p.17]. Deposits from Islamic banking rose to BDT 2,147m from 1,464m in six months, still a small part of the total [2 p.15].

Governance: Beximco-era chairman and vice chairman out by September 2024, board replaced by BB, Government holds 32.75%

Ownership. The Government of Bangladesh holds 629,455,650 shares, 32.75%; the other 1,292,630,997 shares are held by sponsors, directors, institutions, foreign investors and the public [2 p.16] [16]. Shareholder numbers fell from 57,234 (2021) to 48,875 (2025) [1 p.127].

The sponsor era. The 2023 annual report names Salman F Rahman, vice chairman of the Beximco Group and then an adviser to the Prime Minister, as chairman of IFIC, and his son Ahmed Shayan Fazlur Rahman as vice chairman [4 p.24]. The 2024 report lists related-party dealings with 'Ex-Directors': software and services from Beximco Computers, Beximco Communication and Giga Tech, and investments in Beximco Pharmaceuticals (cost BDT 1,102m), Beximco Ltd (BDT 455m) and Beximco Green-Sukuk (BDT 2,891m). It states that Salman F Rahman and Ahmed Shayan Fazlur Rahman held office up to 3 September 2024 and 11 August 2024 [3 p.250]. IFIC and its subsidiary hold 3.32% of Beximco Pharmaceuticals and have nominated an IFIC independent director to its board [3 p.250].

BB board changes. BB dissolved the board by letter BRPD(BMMA)/651/9(4)DA/2024-7825 of 4 September 2024 and formed a new one by letter 7826 the same day [3 p.73]. Md. Mehmood Husain, a former managing director of National Bank, NRB Bank and Bank Asia, was appointed an independent director and elected chairman at the 894th board meeting on 8 September 2024; Md. Ebtadul Islam, a former BB executive director, joined as independent director [3 p.24]. Mr Husain signs the 2025 chairman's statement, and Syed Mansur Mustafa is managing director [1 p.34]. The board says that in 2025 it was 'deeply engaged in identifying the lapses and causes for the failure' [1 p.34].

The board's stated plan. The chairman's statement lists the priorities for the coming years: cautious reduction of fund cost to improve net interest income; cautious lending to export businesses, micro and SME, agriculture and retail home loans and cards; stronger regional offices; recovery and resolution of bad assets; capital and liquidity planning; risk management and internal controls; and digitalisation [1 p.34]. The statement speaks of 'governance reforms, balance sheet discipline, and operational strengthening' and of 'continued regulatory support' [1 p.34]. It gives no numbers, no dates and no capital plan, so none of these can be tracked against a target. What can be tracked is in the quarterly accounts: the interest-suspense balance, the provision gap, deposits and cash. The H1 2026 figures show the suspense balance still rising and the provision gap still widening [2 p.15] [2 p.16].

What's next: Q3 2026 results, the first year end under SPCD Circular 06, and subordinated bond redemptions in 2028-2029

These are the dated events we can source. We give no figures for the future; each row says which line moves.

The term of BB's provision deferral is not disclosed, so we cannot date when it lapses [1 p.208]. The trade-fee line depends on export business, BDT 92,060m in 2025 [1 p.126]; the later LDC date, now 24 November 2029 [13] [14], pushes back the loss of LDC trade preferences for the bank's export customers.

Risks: the deferral, more suspense, deposit cost and capital action

The risks are the ones the filings already show. We tie each to the line it moves.

Two of these outweigh the rest. The deferral is a regulatory choice, not an accounting one, and the auditor's emphasis of matter points readers to it [1 p.159]. Capital action is the other: with CRAR at 1.82% and book equity negative by June 2026, any fresh capital or any action by BB under its bank-resolution powers would change who owns the bank and on what terms. The filings do not describe a capital plan beyond 'strengthening capital and liquidity planning' [1 p.34].

Key questions: the deferral term, the shortfall trend, recoveries, deposits and capital

IFIC closed at BDT 5.0 in the week of 25-Oct-2026 [15].

FAQ

What is IFIC Bank's NPL ratio?

61.47% at 31-Dec-2025 (BDT 272,505m of BDT 443,295m loans), up from 54.97% in 2024 and 7.99% in 2023 [1 p.242] [1 p.127].

How large is IFIC's provision shortfall?

BDT 215,881m across four notes at Dec-2025, mostly specific provision (BDT 212,181m). BB letter BSD-10(21)/2026-424 of 30-Apr-2026 allowed it to be deferred [1 p.208] [16].

What is IFIC's CRAR?

1.82% at Dec-2025, against the 12.5% requirement including the buffer; the bank reports a capital deficit of BDT 47,988m [1 p.127] [1 p.242].

Did the auditor qualify the 2025 accounts?

No. Islam Jahid & Co. gave an unmodified opinion with an emphasis of matter on the provision requirements, CRAR and profit before provision [1 p.159].

Who owns IFIC Bank?

The Government holds 32.75%; the rest is held by sponsors, directors, institutions, foreign investors and the public [2 p.16].

What was the IFIC Aamar Bond?

A zero coupon bond issued by Sreepur Township Ltd and guaranteed by IFIC; the bank shows a BDT 14,500m guarantee [1 p.209] [11] [12].

Can IFIC pay a dividend?

It paid none for 2024-2025 and reports losses. SPCD Circular 06 also bars cash dividends while paid-up capital (Tk1,922 crore) is under Tk2,000 crore [6 p.1] [1 p.127].

Sources

1. IFIC Bank PLC Annual Report 2025 (year to 31-Dec-2025, audited) · link · accessed 2026-10-31
2. IFIC Bank PLC condensed interim financial reports, six months to 30-Jun-2026 (unaudited) · link · accessed 2026-10-31
3. IFIC Bank PLC Annual Report 2024 · link · accessed 2026-10-31
4. IFIC Bank PLC Annual Report 2023 (directors' profile) · link · accessed 2026-10-31
5. IFIC Bank PLC Annual Report 2020 (five-year data 2016-2020) · link · accessed 2026-10-31
6. Bangladesh Bank SPCD Circular No. 06, 23-May-2026, dividend declaration policy for banks (Bangla) · link · accessed 2026-10-31
7. United Commercial Bank PLC Annual Report 2025 (peer highlights) · link · accessed 2026-10-31
8. NCC Bank PLC Annual Report 2025 (peer five-year data) · link · accessed 2026-10-31
9. Jamuna Bank PLC Annual Report 2025 (peer highlights) · link · accessed 2026-10-31
10. DSE announcements via AnalystBro events: Q2 2026 results (30-Jul-2026), spot market from 18-May-2026, Q3 2026 board meeting 29-Oct-2026 · link · accessed 2026-10-31
11. The Business Standard, 'Amar Bond, Sukuk scam: Salman F Rahman, Shibli Rubayat banned from market for life' (30-Jul-2025) · link · accessed 2026-10-31
12. The Daily Star, 'Former IFIC Bank MD fined Tk 5 crore for Aamar Bond scam' (4-Nov-2025) · link · accessed 2026-10-31
13. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-10-31
14. The Business Standard, 'Bangladesh gets 3 more years before LDC graduation' (30-Oct-2026) · link · accessed 2026-10-31
15. AnalystBro price data (TradingView feed): DSE:IFIC weekly bars to the week of 25-Oct-2026 · link · accessed 2026-10-31
16. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-10-31