BRAC Bank to invest Tk300cr on land for new head office
Consolidated net profit in first nine months of 2023 rose year-on-year by 53% to Tk581cr
BRAC Bank plans to invest Tk300 crore in purchasing a piece of land for constructing its new head office in Dhaka.
A proposal regarding this was approved at a board meeting held on Thursday, the lender posted on its website.
At present, BRAC Bank's head office is located in the Tejgaon Industrial Area.
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However, the planned spending will require an approval from the Bangladesh Bank.
In its financial report for January-September period of 2023, the private lender showed Tk3,031 crore interest income, marking a 33% year-on-year increase.
Consolidated net profit in the period rose significantly by 53% to Tk581 crore compared to that of the previous year.
In the first three quarters of 2023, BRAC Bank's consolidated earnings per share was Tk3.26, a 38% rise year-on-year.
The bank's total deposits crossed Tk50,000 crore threshold to reach Tk53,902 crore at the end of September, reflecting a 27% increase over the same period a year earlier.
As of September, BRAC Bank disbursed a total Tk48,771 crore loans with 2.52% classified as non-performing.
It was an improvement from 3.23% NPLs of the total disbursed loans.
BRAC Bank had paid 7.50% cash and 7.50% stock dividends to the shareholders in 2022. It was enlisted on the Dhaka Stock Exchange in 2007.
During the year, the lender earned Tk601 crore in consolidated net profit to post Tk4.02 earnings per share. The dividend yield was 1.95% for 2022.
Its shares closed at Tk43 on Thursday at the DSE. The price reached its peak at Tk43.20 last year.
