Research

The 2024 accounts arrived ten months late with four emphasis-of-matter paragraphs, no dividend for the first time since listing, and a BB-approved deferral of BDT 4,265m of loan provisions. The FY2025 annual and every 2026 interim are still unfiled; the last filing is September 2025.

A lower NPL and higher capital ratio than IDLC, NHFIL and LankaBangla earns a declining return: ROE fell from 22% (2018) to 9.8% (2025) as equity piled up and deposit costs rose, treasury income carried 2025 profit, and in 2026 DBH shrank its balance sheet by 9% to cut funding costs.

Fair value range BDT 13–34 (base 22) against a price of 21.3. Deposits grew 41% in a year at rising cost, and paid-up capital of Tk1,213 crore bars cash dividends under the new Tk2,000 crore rule.

Bangladesh Bank let ONE Bank defer Tk3,903 crore of required provisions for 2025. Without that permission the auditor says equity would be minus Tk1,025 crore. Classified loans have risen from 5.3% to 19.6% of loans since 2017, the cost of fund is 10.06%, CRAR is 11.12% against a 12.5% requirement, and the shares are in the Z category after a second year without a dividend.

Deposits grew 2.5 times in eight years and the classified-loan ratio stayed near 3%, but interest paid exceeded interest income in 2025, government-securities income was 104% of operating income, and paid-up capital of Tk679 crore bars cash dividends from FY2026 under Bangladesh Bank's new rule.