The BRAC Bank Ltd. registered a net profit after tax of Tk 454 crore on a standalone basis in the year of 2020, said a bank press release.
However, the figure comes around Tk 403 crore (consolidated) after considering financial situations of the bank’s various subsidiaries.
BRAC Bank disclosed its last year’s annual performance in a virtual disclosure program, on Monday.
“Bangladesh experienced the full brunt of the COVID-19 pandemic in the first half of 2020 but recovered strongly through a large Government stimulus programme and multiple monetary measures. Strong overseas remittances from the private sector and a rebound in local economic activities also provided relief,” said the press release.
The bank was able to successfully re-organize its operations very early on to embrace new Health and Safety measures, roll out a virtual operation platform and significantly expand its digital customer solutions, the release said.
Such initiatives allowed the bank to continue to serve its customers during the pandemic and leverage off the economic recovery in the second half of the year.
The virtual earning disclosure programme brought together many local and foreign investment analysts, portfolio managers and capital market experts and was also broadcast live on social media for overseas stakeholders.
Selim R. F. Hussain, BRAC Bank’s Managing Director and CEO, M. Masud Rana, DMD and Chief Financial Officer, Sabbir Hossain, DMD and Chief Operating Officer, Tareq Refat Ullah Khan, DMD and Head of the Corporate Banking Division and other Senior Business Heads presented the financial results, outlined the bank’s strategy and conducted a question and answer session.
