BB now appoints 3 independent directors at ICB Islami Bank
These regulatory measures are part of the central bank's ongoing efforts to ensure good governance, strengthen oversight, and stabilise the management of problem-ridden and financially weak banks
Highlights:
- Retained earnings become negative at Tk2,145cr till Nov 2025
- Retained earnings become negative at Tk2,145cr till Nov 2025
- Tk46cr loss incurred in nine months of 2025
- Investment income surged to Tk21.74cr
- Interest payment against deposit surges to Tk44.88cr
A month after appointing an administrator, Bangladesh Bank (BB) has reconstituted the board of ICB Islamic Bank PLC by appointing three independent directors in a move aimed at strengthening governance and oversight at the troubled private commercial bank.
The newly appointed independent directors are- A. K. M. Ehsan, ex-executive director of Bangladesh Bank, Muhammad Hafizur Rahman, a chartered accountant and also a partner of KM Hasan and Company, and Mahmudul Amin Masud, ex-deputy managing director of Agrani Bank PLC, according to a disclosure published on the stock exchanges today (18 May).
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These regulatory measures are part of the central bank's ongoing efforts to ensure good governance, strengthen oversight, and stabilise the management of problem-ridden and financially weak banks.
In April, the central bank had appointed Mamunur Rahman, executive director of Bangladesh Bank as administrator of the bank to exercise the powers and responsibilities of the managing director.
ICB Islami Bank's majority stake is controlled by Switzerland-based Investment Company ICB Financial Group Holdings AG.
According to its shareholding status as of 1 January, 2026, ICB Financial Group Holdings A.G held 52.76% stake, general shareholders 26.61%, and the rest held by institutional investors and others.
Through a share sale and purchase agreement in 2028, ICB Financial Group Holdings AG took control in the bank buying majority stakes.
The bank has been incurring losses for years, till September 2025, its accumulated loss stood at Tk2,145.80 crore.
In 2024, it had incurred a loss of Tk94.50 crore, and did not pay any dividends for its shareholders. The year 2025 ended, but the bank has yet to publish its annual financials.
Its financial statements until September, it incurred a loss of Tk46.08 crore in the first nine months 2025 with per share loss of Tk0.69, the same time of the previous year, it incurred a loss of Tk46.96 crore and per share loss was Tk0.71, its report showed.
Its report also stated that in the January to September period, its investment income surged 80% to Tk21.74 crore but due to increasing interest payment against deposits, its net investment income became negative at Tk23.13 crore.
Its interest payment surged by 36% to Tk44.88 crore. It got listed on the stock exchanges in 1990. Its shares are placed under the Z category. Today, its shares closed at Tk2.70 each, a 3.85% increase over the previous trading session.
