They were found in Raisota ghat area under Banshkhali upazila of Chittagong district on Saturday.
The victims were identified as Jannatul Mawa, daughter of Sirajul Islam, and Hanifa Akhter, daughter of Mostak Ahmed, residents of Juidandi area under Anwara upazila.
Jannatul was a class VI student while Hanifa of class VII at Nurain Senior Fajil Madrasa in Banshkhali.
“Locals spotted the bodies afloat near the capsize spot in the morning and informed police. We have already handed over their bodies to the family members,” said Anwara police station OC Dulal Mahmud.
On Thursday, the boat carrying about 19 passengers capsized in the Shangkha River at the ghat owing to overload. However, 17 students managed to swim ashore, but the duo remained missing.
Divers from Bangladesh Coast Guard (East Zone) and Fire Service started a rescue operation but their efforts ended in vain.
Police detained the boatman named Parvej in this connection.
OC Dulal told the Dhaka Tribune: “The boatman has been produced before the court. No case was filed in this regard.”