BRAC Bank and its subsidiaries have earned a net profit after-tax (NPAT) of Tk 380 crore in the first nine months of 2022, reflecting a growth of 12 percent compared to the same period of 2021, a press release said Sunday.
On a standalone basis, BRAC Bank’s NPAT stood at Tk 392 crore.
The bank shared its financial results for third quarter (Q3) 2022 along with other performance and operational achievements in a virtual earnings disclosure program on November 16, 2022. Local and foreign investment analysts, portfolio managers and capital market experts joined the event which was 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 Banking Syed Abdul Momen; DMD and Head of Treasury and Financial Institutions Md. Shaheen Iqbal, CFA; Head of Alternate Banking Channels Nazmur Rahim; Head of Branches Sheikh Mohammad Ashfaque; Head of Credit Risk Management Ahmed Rashid Joy and Head of Deposits & NFB, Retail Banking Sarah Anam presented the financial results and operational achievements.
The bank’s deposits grew by Tk 4,621 crore (20% annualized), while loans & advances grew by Tk 7,380 crore (or 31% annualized) in the preceding nine months.
The bank’s non-performing loan (NPL) was 3.9 percent and has not increased from last year despite the removal of COVID forbearances. The bank has maintained a 114 percent NPL coverage to absorb possible shocks.
Total revenue grew by 15 percent (consolidated) and 8 percent (solo) compared to Q32021 -despite a 90bps drop in the Net Interest Margin (NIM) on account of higher deposit costs. Revenue growth is driven by new to bank customer acquisition and balance sheet growth.
Commenting on the financial results, Selim R.F. Hussain, said: “The Bangladesh economy, along with many other developing nations, has been heavily impacted by global economic challenges over the past nine months. During these difficult times, we are pleased to once again validate the sustainability of our business model.”
