BRAC Bank has posted strong financial results for FY 2021 shrugging off the impact of the pandemic.
The bank registered a Net Profit After-Tax (NPAT) of BDT 555 crore with a growth of 22 per cent compared to NPAT in 2020 on standalone financials. Consolidated financials, i.e., with all its subsidiaries, reflected anNPAT of BDT 465 crore with a year on year (YoY) increase of 15 per cent. The lower NPAT in consolidated financials mainly reflect the losses incurred by bKash as it continues to invest heavily in customer acquisition and market share growth in the MFS fintech market.
In a virtual earnings disclosure event on 30 March, 2022, the bank’s earnings for the FY 2021 were announced along with other financial and operational achievements. Local and foreign investment analysts, portfolio managers and capital market experts joined the event, broadcast live on social media for the bank’s stakeholders.
BRAC Bank’s Managing Director and CEO, Selim R. F. Hussain; DMD and Chief Financial Officer, M Masud Rana FCA; DMD and Chief Operating Officer, Md. Sabbir Hossain; DMD and Head of Corporate Banking, Tareq Refat Ullah Khan; DMD and Head of SME, Syed Abdul Momen; Head of Retail Banking; Md. Mahiul Islam; Head of Treasury and FIs, Md. Shaheen Iqbal and Head of Credit Risk Management, Ahmed Rashid Joy and Head of Branches, Sheikh Mohammad Ashfaquepresented the financial results, operational achievements, bank’s strength and outlined the Bank’s strategic focus for the future. A Q&A session was conducted at the end of the disclosure event.
Commenting on the financial results of FY 2021, BRAC Bank’s Managing Director and CEO, Selim R.F. Hussain elaborated: “BRAC Bank’s 2021 results show that the Bank is agile and resilient and has already stepped onto a strong growth path. Our sustainable banking and customer experience based business strategieshave served us well.”
“Our 2021 performance, despite the unprecedented environmental challenges, indicate that the Bank is much stronger today, than it was two years ago when the pandemic started. I want to thank the talented BRAC BankTeam for their commitment, the Board of Directors for their continuous guidance and the Bangladesh Bank for their pro-active regulatory support. BRAC Bank is ready to step up to the next level”, he added.
