BRAC Bank records 50pc growth in profit in 9 months

Business Desk | Published: 22:31, Oct 26,2017 | Updated: 00:09, Oct 27,2017

 
 

BRAC Bank managing director and chief executive officer Selim RF Hussain presents the financial results of the bank in Dhaka on Thursday. — New Age photo

BRAC Bank has posted a 50 per cent year-on-year growth in profit after tax in the nine months to September 30, said the bank on Thursday.
The bank reported a consolidated PAT of Tk 1,552 million in Q3 of 2017 compared with that of Tk 910 million in Q3 of 2016. Consolidated PAT for the nine month period (January to September 2017) amounted to Tk 3,973 million against Tk 2,656 million recorded in the same period last year.
In comparison to the same period in 2016, the bank’s consolidated Q3 earnings per share improved from Tk 1.03 to Tk 1.76 in 2017. Similarly, consolidated EPS for the nine months ending September 30, improved from Tk 3.02 last year to Tk 4.42 in the current year.
BRAC Bank managing director and chief executive officer Selim RF Hussain presented the financial results and then followed up with a Q&A session at the bank’s head office in Dhaka. Bank’s DMD and CFO AK Joaddar and other senior officials of the bank were also present.
The consolidated net asset value per share of the bank at the end of September 30 stood at Tk 29.64, compared with Tk 29.61 recorded in the same period last year. This is after a 20 per cent stock dividend announced in April 2017.
Local and foreign Investment analysts and capital market experts participated in the programme which was also broadcast live on the internet for overseas investors.
Hussain said, ‘Over these past nine months, we have made good progress in the many infra-structure projects we have embarked on to both enhance the bank’s overall capacity and also enhance specific products and services. We are pleased to have, at the same time, also delivered a strong financial performance – this, too, against a backdrop of reducing margins and difficult market conditions.’
He said that BRAC Bank recently became the only bank in Bangladesh to cross the $1 billion market capitalisation threshold, which was another milestone for the bank on its journey to becoming the ‘Best Bank’ in Bangladesh.

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