BRAC Bank’s consolidated Net Profit After-Tax (NPAT) grew by 53.1% year-on-year at the end of the third quarter (Q3) 2023, supported by strong balance sheet growth.
For January-September 2023, the bank’s consolidated financial data, accounting for all subsidiaries, registered an NPAT of BDT 581.4 crore. This figure stands in comparison to BDT 379.8 crore during the same span in 2022.
BRAC Bank’s individual NPAT at the end of the Q3 of 2023 was BDT 503.47 crore, up from BDT 392.4 crore in the corresponding period of the previous year. At the end of September 2023, the bank had an 18.5% rise in its standalone loan portfolio and a 20.3% increase in customer deposits compared to December 2022.
BRAC Bank presented its financial achievements and operations for the Q3 of 2023 at a virtual earnings disclosure event on November 07. This online event, which was streamed live on social media platforms, saw participation from investment analysts, portfolio managers, and financial market specialists both locally and internationally.
Selim R. F. Hussain, BRAC Bank’s Managing Director and CEO, alongside other top officials, shared insights on the bank’s performance and operational milestones and detailed their future strategic direction. The event concluded with a Q&A session.
Reflecting on the financial outcomes, Selim R. F. Hussain, stated: “The results for BRAC Bank’s first nine months of 2023 reflect our ability to grow our balance sheet and customer numbers at a pace, well above industry average, even during difficult times. BRAC Bank today is a role model for the Bangladesh Banking Industry and these strong results validate the Bank’s sustainable business model, based on the SME, Corporate & Retail customer segments and grounded on Governance, Transparency and Ethics.”
He further expressed, “Our gratitude goes out to the dedicated BRAC Bank Family for their relentless efforts, our Board of Directors for their direction, and the Bangladesh Bank for their regulatory guidance in these challenging times. Our strong growth has been possible because of the enduring trust and unwavering support we receive from our customers and stakeholders.”
