Midland Bank's subsidiary receives asset manager licence from BSEC

The Bangladesh Securities and Exchange Commission (BSEC) has granted a licence to Midland Bank Asset Management to act as an asset manager.

Midland Bank Asset Management is a subsidiary of Midland Bank PLC, a private sector lender in the country.

In a disclosure published on the stock exchanges' website on Sunday, the lender announced that it has obtained a registration certificate from the BSEC to operate as an asset manager.

Asset managers handle investment funds on behalf of clients through various structures, including mutual funds, ETFs, and private accounts.

According to the BSEC, it issued the certificate to Midland Bank Asset Management on 4 August.

As of now, the total number of asset managers licensed by the BSEC is 67.

Midland Bank was listed on the stock exchange in 2023, raising Tk70 crore from the market at Tk10 per share.

Incorporated in 2013, Midland Bank has emerged as a full-fledged commercial bank with a well-diversified portfolio, a strong financial base with shock absorption capability, and operational efficiency.

In 2023, it made a profit of Tk113 crore and paid a 5% cash dividend to its shareholders.

According to its half-yearly financials for June 2024, despite declining in net interest income by 18%, it reported a 29% growth in operating income to Tk190 crore compared to the same time of the previous fiscal year.

Basically, its total operating income increased riding on the higher income from investment, according to its half-yearly financials.

During the January to June period of 2024, its net profit increased by 22% to Tk28.53 crore, at the same time of the previous year, its net profit after tax was Tk23.27 crore.