LankaBangla Finance PLC. announcements
483 Dhaka Stock Exchange announcements for LankaBangla Finance PLC. (LANKABAFIN) since 2007: results, dividends, board meetings, AGMs, record dates and other price-sensitive information. Showing 2023 (44).
- Refer to their earlier news disseminated by DSE on 16.05.2023 regarding approval of board to issue Zero-coupon Bond, the
Refer to their earlier news disseminated by DSE on 16.05.2023 regarding approval of board to issue Zero-coupon Bond, the company has further informed that BSEC has approved issuance of 4th Privately Placed, Non-Convertible, Fully Redeemable, Unsecured, Zero-coupon Bond amounting to BDT 2,000 (two thousand) million in face value (divided in 2,400 units) by LankaBangla Finance PLC to meet its ongoing financial requirements. (cont.)
- (Cont. news of LANKABAFIN): The consent has been accorded subject to the condition that the company shall comply with th
(Cont. news of LANKABAFIN): The consent has been accorded subject to the condition that the company shall comply with the relevant laws and regulatory requirements and adhere with the conditions imposed under Section-2CC of the Securities and Exchange Ordinance, 1969. (end)
The first part of this announcement is missing from the archive. - (Q3 Un-audited): Consolidated EPS was Tk. 0.07 for July-September 2023 as against Tk. 0.28 for July-September 2022; Cons
(Q3 Un-audited): Consolidated EPS was Tk. 0.07 for July-September 2023 as against Tk. 0.28 for July-September 2022; Consolidated EPS was Tk. 0.39 for January-September 2023 as against Tk. 0.86 for January-September 2022. Consolidated NOCFPS was Tk. 3.43 for January-September 2023 as against Tk. (11.09) for January-September 2022. Consolidated NAV per share was Tk. 18.59 as on September 30, 2023 and Tk. 20.02 as on December 31, 2022. Reasons for deviation in EPS, NOCFPS and NAVPS: (Cont.)
- Q3 Financials
(Cont. news of LANKABAFIN): EPS has been decreased mainly due to the imposition of a rate cap by regulators, increased loan loss provision, and increased cost of funds on borrowing during the period. NOCFPS has been increased mainly due to relatively increased deposits from customers and increased received from investments income than the previous period. NAVPS has been decreased due to the sale of shares of subsidiaries and disbursement of dividends. (end)
The first part of this announcement is missing from the archive. - Board Meeting schedule under LR 16(1)
As per Regulation 16(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the Company has informed that a meeting of the Board of Directors will be held on October 29, 2023 at 5:30 PM to consider, among others, un-audited financial statements of the Company for the Third Quarter (Q3) period ended September 30, 2023.
- Board decision to sell out company property
The company has informed that the Board of Directors of the company has decided to sell out its property situated at plot # 23 and 24, Tejgaon Industrial Area, Dhaka along with the under construction multi-storied building (4 basements + ground floor + 11 floors) at a prevailing market price, subject to approval of the regulatory authorities.
- Name Change of the Company
Dhaka Stock Exchange Limited (DSE) has approved the proposed name change of the Company. Accordingly, the name of the Company will be 'LankaBangla Finance PLC' instead of 'LankaBangla Finance Limited' with effect from September 03, 2023. Other things (except name) will remain unchanged.
- Dividend Disbursement
The Company has informed that it has disbursed the cash dividend for the year ended December 31, 2022 to the respective shareholders.
- (Q2 Un-audited): Consolidated EPS was Tk. 0.17 for April-June 2023 as against Tk. 0.15 for April-June 2022; Consolidated
(Q2 Un-audited): Consolidated EPS was Tk. 0.17 for April-June 2023 as against Tk. 0.15 for April-June 2022; Consolidated EPS was Tk. 0.32 for January-June 2023 as against Tk. 0.58 for January-June 2022. Consolidated NOCFPS was Tk. 1.42 for January-June 2023 as against Tk. (3.67) for January-June 2022. Consolidated NAV per share was Tk. 18.53 as on June 30, 2023 and Tk. 20.02 as on December 31, 2022. Reasons for deviation: EPS reduced due to reduction of (cont.)
- Q2 Financials
(Continuation news of LANKABAFIN): interest income due to the imposition of rate cap by the regulator; increase of provision as slightly deteriorated assets quality; decrease in commission, exchange and brokerage income due to the declining average turnover in bourses. NOCFPS increased due to relatively less loan disbursement resulting in lower cash outflows than the previous year. NAVPS decreased due to the sale of shares of subsidiaries and disbursement of dividends. (end)
The first part of this announcement is missing from the archive. - Board Meeting schedule under LR 16(1)
As per Regulation 16(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the Company has informed that a meeting of the Board of Directors will be held on July 26, 2023 at 3:00 PM to consider, among others, un-audited financial statements of the Company for the Second Quarter (Q2) period ended June 30, 2023.
- Credit Rating Agency of Bangladesh Limited (CRAB) has assigned the surveillance rating of the Company as \"AA3\" in the
Credit Rating Agency of Bangladesh Limited (CRAB) has assigned the surveillance rating of the Company as \"AA3\" in the long term and \"ST-2\" in the short term along with Stable outlook in consideration of its audited financial statements up to December 31, 2022 and other relevant quantitative as well as qualitative information up to the date of rating declaration.
- Resumption after record date
Trading of the shares of the company will resume on 24.05.2023.
- Suspension for Record date
Trading of the shares will be suspended on the record date i.e., 23.05.2023 for EGM & AGM.
- Spot News
Trading of the shares of the company will be allowed only in the Spot Market and Block transaction will also be settled as per spot settlement cycle with cum benefit from 21.05.2023 to 22.05.2023 and trading of the shares will remain suspended on record date i.e., 23.05.2023 for EGM & AGM.
- (Q1 Un-audited): Consolidated EPS was Tk. 0.15 for January-March 2023 as against Tk. 0.43 for January-March 2022. Consol
(Q1 Un-audited): Consolidated EPS was Tk. 0.15 for January-March 2023 as against Tk. 0.43 for January-March 2022. Consolidated NOCFPS was Tk. (0.22) for January-March 2023 as against Tk. 3.49 for January-March 2022. Consolidated NAV per share was Tk. 19.41 as on March 31, 2023 and Tk. 20.02 as on December 31, 2022. (cont.)
- Approval of Board to issue Zero-coupon Bond
The company has informed that the Board of Directors of the company has approved issuance of 4th Zero-coupon Bond amounting to BDT 200 crore in a face value to generate liquidity to meet ongoing financing requirements, subject to approval of the Regulatory Authorities.
- Q1 Financials
(Continuation news of LANKAFIN): Reasons for deviation in EPS, NOCFPS and NAVPS: EPS decreased due to interest rate cap imposed by the regulator since 2nd half of 2022, deteriorated asset quality due to aftermath of COVID and less brokerage commission due to less turnover in both bourses. NOCFPS decreased as deposit settlement and other asset settlements resulted in higher cash outflows. NAVPS decreased due to sale of shares of subsidiaries. (end)
The first part of this announcement is missing from the archive. - The auditor of the LankaBangla Finance PLC has given the \"Emphasis of Matter\" paragraph in the Auditor\'s Report for t
The auditor of the LankaBangla Finance PLC has given the \"Emphasis of Matter\" paragraph in the Auditor\'s Report for the year ended 31 December 2022. \"Emphasis of Matter: We draw attention to notes 2.1, 2.34 and 18.2 of the financial statements, which describe the impact of departing from IAS 21, with the approval of Bangladesh Bank, for non-recognition of unrealized exchange loss related to foreign loan. The impact of recognition would result in a loss of BDT 480.19 million (cont. 1)
- (Continuation news of LANKABAFIN): which will be recognized from 2022-2026 as per Bangladesh Bank approval. Our opinion
(Continuation news of LANKABAFIN): which will be recognized from 2022-2026 as per Bangladesh Bank approval. Our opinion is not modified in respect of this matter.\" Note 2.1: Statement of compliance. The consolidated financial statements and separate financial statements of LankaBangIa have been prepared on a going concern basis following accrual basis of accounting except for statement of cash flows as per DFIM circular No # 11 dated 23 December 2009 (cont. 2)
The first part of this announcement is missing from the archive. - (Continuation news of LANKABAFIN): issued by Department of Financial Institutions and Market of Bangladesh Bank with ref
(Continuation news of LANKABAFIN): issued by Department of Financial Institutions and Market of Bangladesh Bank with reference to the provisions of Financial Institutions Act 1993 and Bangladesh Bank\'s other circulars and guidelines or directives and in accordance with Bangladesh Financial Reporting Standards (IFRS); the Companies Act 1994, the Financial Institutions Act 1993, the Securities and Exchange Ordinance 1969, the Securities and Exchange Rules 2020, (cont. 3)
The first part of this announcement is missing from the archive. - (Continuation news of LANKABAFIN): Bangladesh Securities and Exchange Commission Act 1993, Bangladesh Securities and Exc
(Continuation news of LANKABAFIN): Bangladesh Securities and Exchange Commission Act 1993, Bangladesh Securities and Exchange Commission (Public Issues) Rules 2015, Income Tax Ordinance and Rules 1984, Value Added Tax Act 1991, Financial Reporting Act, 2015, the Listing Rules of Dhaka and Chittagong Stock Exchanges and other applicable laws and regulations. In several cases, the laws, circulars, guidelines or directives of Bangladesh Bank differ from those of financial reporting standards (cont. 4)
The first part of this announcement is missing from the archive. - (Continuation news of LANKABAFIN): as promulgated by International Accounting Standards Body (IASB) and as adopted by na
(Continuation news of LANKABAFIN): as promulgated by International Accounting Standards Body (IASB) and as adopted by national standard setter, i.e., Financial Reporting Council (FRC), the requirements of Bangladesh Bank prevail and these financial statements have been prepared by departing from those requirements of IFRS with a view to comply with the regulatory requirements. The requirements of accounting standards as per IFRS that have been (cont. 5)
The first part of this announcement is missing from the archive. - (Continuation news of LANKABAFIN): the Company has departed para 23 and 28 of IAS 21 \"The Effects of Changes in Foreign
(Continuation news of LANKABAFIN): the Company has departed para 23 and 28 of IAS 21 \"The Effects of Changes in Foreign Exchange Rates\" which require to translate any monetary item at the end of reporting period and to recognize any difference between initial recognition and closing period measurement in profit or loss. This departure has been made in accordance with para 19 of IAS 1 which permits to departure of any requirement of IAS (cont. 7)
The first part of this announcement is missing from the archive. - (Continuation news of LANKABAFIN): (under extremely rare circumstances) if the management concludes that complying with
(Continuation news of LANKABAFIN): (under extremely rare circumstances) if the management concludes that complying with any requirement of IAS would be so misleading that it would conflict with the objectives of financial statements provided that relevant regulatory framework does not prohibit such a departure. LBFL has departed such requirement of IAS 21 in order to achieve a fair presentation and in order to avoid any confusion within the users of financial statements. (cont. 8)
The first part of this announcement is missing from the archive. - (Continuation news of LANKABAFIN): We have informed BB about such departure on October 6, 2022 and BB has given it\'s no
(Continuation news of LANKABAFIN): We have informed BB about such departure on October 6, 2022 and BB has given it\'s no objection regarding such departure on a letter dated November 09, 2022. The background and reason for such departure is outlined below in details: During the last few years, LBFL took foreign currency loans (USD 56 million) from different foreign lenders outstanding balance of which on 31 December 2022 is USD 29.75 million (cont. 9)
The first part of this announcement is missing from the archive. - (Continuation news of LANKABAFIN): (= BDT 3,034 million @ 102 BDT/ 1 USD). As dollar rate against taka was stable during
(Continuation news of LANKABAFIN): (= BDT 3,034 million @ 102 BDT/ 1 USD). As dollar rate against taka was stable during last few years and due to absence of proper hedging tools at affordable costs, the loan was not hedged. Due to unforeseen Russia-Ukraine war, wholesale sanction on Russia, supply-chain disruption, climate change and the economic consequences depreciate the BDT against USD by 19\% from 85.80 in 2021 to 102 in 2022 which is unpredictable (cont. 10)
The first part of this announcement is missing from the archive. - (Continuation news of LANKABAFIN): and beyond any risk management. Due to this we have realized a loss of BDT 115.77 mil
(Continuation news of LANKABAFIN): and beyond any risk management. Due to this we have realized a loss of BDT 115.77 million during 2022 while settling the foreign loans repayments and an unrealized loss of BDT 480.19 million as per IAS 21. Had we considered the unrealized loss of BDT 480.19 million as per IAS 21 which is to be realized during the remaining tenure of the loans from 2023 to 2026, the Company would have to be reported a net loss of BDT 301.70 million (cont. 11)
The first part of this announcement is missing from the archive. - (Continuation news of LANKABAFIN): instead of a net profit of BDT 178.49 million in Separate Financial statements and ne
(Continuation news of LANKABAFIN): instead of a net profit of BDT 178.49 million in Separate Financial statements and net profit of BDT 181.19 million instead of a net profit of BDT 661.38 million in Consolidated Financial statements. This would mislead the existing and potential lenders, depositors, investors and other stakeholders of the Company in making their decisions. This loss would be realized over next 4 years if current global situation exists. (cont. 12)
The first part of this announcement is missing from the archive. - (Continuation news of LANKABAFIN): However, we have reasons to believe that things will be back to normal sooner as arti
(Continuation news of LANKABAFIN): However, we have reasons to believe that things will be back to normal sooner as articulated by economists, Government and Central Bank. Thus, taking such a huge unrealized loss based on IAS 21 would have a dire impact on profitability of the Company and would jeopardize the confidence of its relevant stakeholders. To prevent that the Company has departed IAS 21 with the permission from Bangladesh Bank. (cont. 13)
The first part of this announcement is missing from the archive. - (Continuation news of LANKABAFIN): Note 2.34 Foreign currency transaction: Foreign currency transactions are translated
(Continuation news of LANKABAFIN): Note 2.34 Foreign currency transaction: Foreign currency transactions are translated into Bangladeshi Taka at exchange rates prevailing at the respective dates of transactions. Foreign currency monetary assets at the end of the period or year are to be reported at the rates prevailing on the Balance Sheet date. Exchange gains or losses arising out of the said conversions are to be recognized as income or expense for the period or year (cont. 14)
The first part of this announcement is missing from the archive. - (Continuation news of LANKABAFIN): and charged in the profit and loss account after netting off. Due to the Ukraine-Russ
(Continuation news of LANKABAFIN): and charged in the profit and loss account after netting off. Due to the Ukraine-Russia war, the country\'s foreign exchange rate is in volatile. Therefore, with the approval of The Bangladesh Bank vide Letter no; DFIM (c )1054/31/2022-3228, The LBFL has been recognized foreign currency (Liability) at spot rate (initially recognized rate) rather than closing rate. If the Foreign currency liability translated at closing rate, (cont. 15)
The first part of this announcement is missing from the archive. - (Continuation news of LANKABAFIN): Foreign currency liability and Foreign currency loss would have been charged BDT 480.
(Continuation news of LANKABAFIN): Foreign currency liability and Foreign currency loss would have been charged BDT 480.19 million more. This has been disclosed in details in note - 2.1. Note 18.2 Foreign term loan: Interest expenses on deposits and borrowings- Foreign term loan for LankaBangla Group and LankaBangla Finance Limited for the year 2022 and 2021 had been Tk. 303,196,050 and Tk. 104,991,079 respectively. Foreign exchange (cont. 16)
The first part of this announcement is missing from the archive. - (Continuation news of LANKABAFIN): loss on foreign loan includes only realized loss during 2022 during the settlement of
(Continuation news of LANKABAFIN): loss on foreign loan includes only realized loss during 2022 during the settlement of payment. Provision of IAS 21 requires to include unrealized loss for the amount of the loan. Such departure was made by conforming with IAS 1 and by taking approval) from Bangladesh Bank. Details are in Note 2.1 and 2.34. (end)
The first part of this announcement is missing from the archive. - Board Meeting schedule under LR 16(1)
As per Regulation 16(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the Company has informed that a meeting of the Board of Directors will be held on May 15, 2023 at 3:30 PM to consider, among others, un-audited financial statements of the Company for the First Quarter (Q1) period ended March 31, 2023.
- Emphasis of Matter
(Continuation news of LANKABAFIN): departed to comply with Bangladesh Bank requirements have been disclosed in detail in Note - 2.5. However, this departure with IFRS has been made by following all of the relevant provisions of IAS - 1 and the detailed disclosures are given in Note - 2.5 by following the provision of Para 20 of IAS - 1 (Presentation of Financial Statements). Besides the departures mentioned in Note - 2.5 due to compliance with regulator, (cont. 6)
The first part of this announcement is missing from the archive. - The Board of Directors has recommended 10\% Cash Dividend for the year ended December 31, 2022. Date of AGM: 21.06.2023,
The Board of Directors has recommended 10\% Cash Dividend for the year ended December 31, 2022. Date of AGM: 21.06.2023, Time: 11:15 AM, Venue: Digital Platform. Record Date: 23.05.2023. The Company has also reported Consolidated EPS of Tk. 1.21, Consolidated NAV per share of Tk. 20.02 and Consolidated NOCFPS of Tk. (12.59) for the year ended December 31, 2022 as against Tk. 2.38, Tk. 19.82 and Tk. (0.88) respectively for the year ended December 31, 2021. (cont.)
- The company has informed that the Board of Directors of the company has decided to change the name of the company to \'L
The company has informed that the Board of Directors of the company has decided to change the name of the company to \'LankaBangla Finance PLC\' from \'LankaBangla Finance Limited\' in accordance with the provisions of Companies Act, 1994 (amended in 2020) and to amend the related clause of the Memorandum & Articles of Association of the Company subject to approval (cont.)
- Regarding holding EGM to change name of the Company
(Continuation news of LANKABAFIN): of the regulatory authorities and the shareholders of the Company. Hence, the Board has decided to hold an EGM on June 21, 2023 at 11:00 AM. Venue of EGM: Digital Platform, Record date for EGM: May 23, 2023. (end)
The first part of this announcement is missing from the archive. - Dividend Declaration
(Continuation news of LANKABAFIN): Reasons for deviation in EPS, NOCFPS and NAVPS: EPS has been decreased due to decrease in income from share investments, and fee, exchange, and brokerage income, reduction of interest income and increase of interest expenses. NOCFPS has been decreased due to deposit settlement, loan disbursement, and other liabilities settlement which resulted in higher cash outflows. NAVPS has been increased due to the addition of current year's profit. (end)
The first part of this announcement is missing from the archive. - Price Limit Open
There will be no price limit on the trading of the shares of the Company today (30.04.2023) following its corporate declaration. However, the floor price shall be applicable accordingly.
- Board Meeting schedule under LR 19(1)
As per Regulation 19(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the Company has informed that a meeting of the Board of Directors will be held on April 27, 2023 at 2:30 PM to consider, among others, audited financial statements of the company for the year ended December 31, 2022.
- Refer to their earlier news disseminated by DSE on 08.12.2022 regarding approval of listing of LankaBangla Securities Lt
Refer to their earlier news disseminated by DSE on 08.12.2022 regarding approval of listing of LankaBangla Securities Ltd. under ATB of DSE, the company has further informed that trading of the ordinary shares of LankaBangla Securities Limited (LBSL) will be started under Alternative Trading Board (ATB) of Dhaka Stock Exchange (DSE) on January 04, 2023. (cont.)
- Trading of Shares of LankaBangla Securities Limited at ATB of DSE
(Continuation news of LANKABAFIN): The Board of LankaBangla Finance Limited has approved to offload 26,903,033 nos. of shares of LBSL out of total 248,368,326 nos. of shares. (end)
The first part of this announcement is missing from the archive.
Source: Dhaka Stock Exchange announcements. Some posts before 2014 have no title, and 2014–2020 coverage is incomplete.