BRAC Bank has posted upbeat financial results for the third quarter (Q3) of 2021, said a press release.
The Bank registered a Net Profit After-Tax (NPAT) of BDT 138 crore with a growth of 8 per cent compared to the same quarter of 2020 (YoY) on standalone basis. On a consolidated basis, i.e., with all its subsidiaries, the NPAT stood at BDT 123 crore with YoY decrease of 14 per cent.
The bank’s Q3 earnings were announced on a virtual platform on November 8, 2021. 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 Syed Abdul Momen, Head of Retail Banking Md. Mahiul Islam and Head of Treasuryand FIs Md. Shaheen Iqbal and Head of Credit Risk Management Ahmed Rashid Joy presented the financial results and outlined the Bank’s strategy. A Q&A session was conducted at the end of the disclosure event.
BRAC Bank’s Managing Director and CEO, Selim R.F. Hussain said: “BRAC Bank’s key financial indicators are showing sign of returning to normalcy and catching up business momentum. Retail business led the revenue stream driving growth of loans and advances by 5 per cent. Non-funded income, net interest income and CASA mix improved further showing a silver lining for the bottomline.”
Selim R.F. Hussain added: “Rise in RoE, RoA and CAR manifeststhe bank’s strong fundamentals and financial stability, a solid backbone the shareholders can keep their trust on. S&P’s upholding of ‘B+’ credit rating for five consecutive years despite unprecedented challenges shows real strength that sets BRAC Bank apart in Bangladesh banking industry.”
