Bank CSR spending drops over 12% in first half of year
CSR expenditure on environmental and climate change mitigation-adaptation decreased by nearly 50% compared to the previous six months
Banks have reduced their Corporate Social Responsibility (CSR) spending by 12.46% in the first six months of this year compared to the same period in 2022, according to a report published by Bangladesh Bank.
A total of Tk309 crore was spent on CSR as of June.
The report, released on the central bank's website today (21 October), highlighted significant cuts in spending on education, health, and climate change adaptation initiatives. Notably, CSR allocations for environmental and climate change-related projects saw nearly a 50% drop compared to the previous six months.
Keep updated, follow The Business Standard's Google news channel
During this period, banks allocated Tk63 crore to the education sector, making up 20.58% of total CSR spending. The health sector received Tk71.98 crore, while Tk7 crore was spent on environmental and climate change adaptation efforts.
Other sectors, including disaster management and infrastructure development, accounted for Tk166 crore, or 53.76% of total CSR expenditure, according to the report.
The report also revealed that banks contributed to various sub-sectors, such as disaster management, infrastructure development, sports, and culture.
Of theTk 138 crore allocated for disaster management, funds were used for distributing blankets to the poor in colder regions and providing relief to flood-affected families.
Out of the 61 banks operating in Bangladesh, eight did not allocate any funds for CSR during this period. Premier Bank led the spending with Tk46 crore, followed by EXIM Bank with Tk28 crore and Islami Bank with Tk26 crore.
Private banks contributed 96% of total CSR expenditure, while state-owned banks accounted for only 1%. Foreign commercial banks made up 2%, as per the report.
