BRAC Bank distribution network saw Tk 8,000cr deposit growth in 2023

BRAC Bank's distribution network alone has achieved a deposit growth of more than Tk 8,000 crore in 2023, which is a record in a single year in Bangladesh's banking industry.

The growth can be attributed to its countrywide network of 187 branches, ever growing sub-branch network, establishment and relocation of branches as per customer convenience, and expansion of digital banking services.

The bank's distribution network organised a programme to celebrate the milestone recently in Dhaka, attended by Selim RF Hussain, managing director and CEO of the bank, and Sheikh Mohammad Ashfaque, head of branches.

Commenting on the deposit growth, Hussain said: "The phenomenal growth in customer deposits in 2023 reflects our ability to grow our balance sheet and customer numbers at a pace well above industry average, even during difficult times.

"The bank's consistent deposit growth in challenging market scenarios is a testament to customers' reliability and trust in the bank. The bank's good governance, credit rating, transparency and compliance play a part in achieving customer trust. This growth will be a stepping stone towards our goal of doubling business within 2025."

Taher Hasan Al Mamun and AKM Tareq, senior zonal heads, along with regional heads, cluster managers and branch managers were present.