Research: Demand for CSR among Millennials

Banks’ CSR Spending Decreased by Tk163cr in six months

Corporate Social Responsibility (CSR) expenditure in the Banking sector has dropped by Tk163 crore in the last six months of 2021 compared to the first half of the year with nine banks making no CSR spending during the period.

According to central bank statistics, banks spent a total of Tk297.79 crore from July to December, down from Tk461.42 crore in the first half of the year.

The disaster management category received the largest funding – Tk132.23 crore – while the health sector received Tk74.12 crore.

The non-banking financial institutions spent Tk3.38 crore for CSR with the highest Tk1.43 crore in the health sector. The second-highest spending – Tk68 lakh – was for the cultural sector, followed by Tk62 lakh for education. 

A total of nine banks – National Bank of Pakistan, Commercial Bank of Ceylon, Padma Bank, Madhumati Bank, Community Bank, Bengal Commercial Bank, Bangladesh Commerce Bank, Bangladesh Krishi Bank and Rajshahi Krishi Unnayan Bank – made no CSR expenditure in the last six months.

Md Ismail Hossain, Managing Director of Krishi Bank, stated, “Profit is used to fund CSR initiatives. Because Krishi Bank was not profitable, no expenditures were made in accordance with the requirements.”

According to Sirajul Islam, executive director of Bangladesh Bank, banks that do not invest in CSR are not profitable.

“Those who were qualified performed their share,” he continued, referring to the central bank’s circular.

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