BRAC Bank logs over Tk1,000cr profit in Jan-Sep
Its consolidated net profit jumped by 74% during the period
BRAC Bank posted a consolidated net profit of Tk1,010 crore in nine months of 2024.
The bank approved the unaudited financial statement for the January-September period, which was published on the Dhaka Stock Exchange on Tuesday (29 October).
According to the statement, its consolidated net profit jumped by 74% during the period, compared to the same period last year.
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At the end of September, its consolidated earnings per share stood at Tk4.92, which was Tk2.97 a year ago.
The bank said in its price-sensitive statement that the profits increased mainly from incremental investment income as well as commission and fee income.
According to the financial statement, BRAC Bank's earnings from investments in government securities – known as treasury bonds – soared 262% year-on-year to Tk1,228 crore in the first nine months of this year.
The lender's total income from investment including government securities and capital gains rose to Tk1,965 crore, marking a 112% year-on-year increase.
In the January-September period, BRAC Bank invested Tk26,484 crore in government securities, which is 46% higher than the previous year.
However, its net interest income dropped by 18% year-on-year to Tk1,258 crore during the period due to increased borrowing costs.
Its classified loans stood at Tk1,726 crore at the end of September, which was 8% lower than the previous year, and accounted for only 3% of total disbursements.
The private-sector lender was listed on the Dhaka Stock Exchange in 2007. Its shares closed at Tk49.90 on Tuesday, rising 4.18% from the previous session.
Earlier, BRAC Bank paid a 10% cash and 10% stock dividend to its shareholders for 2023, marking the highest payout in the last six years. During that year, its consolidated net profit was Tk761 crore.
