Brac Bank posts Tk 134cr profit

Its net asset value per share rose to Tk 37.15 in the Q1 of 2022 compared to Tk 30.72 in the Q1 of 2021

Brac Bank logged a profit after tax of Tk 134 crore in the January-March period of 2022 on a stand-alone basis.

On a consolidated basis, the bank generated a profit of Tk 97 crore during the first three months of the current year, according to a press release.

The bank announced its financial results for the quarter, along with other performance and operational achievements in a virtual earnings disclosure event on May 30.

Earnings per share (EPS) stood at Tk 0.89 on a stand-alone basis while EPS was Tk 0.94 in the corresponding period of 2021.

The net asset value per share rose to Tk 37.15 in the quarter compared to Tk 30.72 in the first quarter of 2021.

Net operating cash flow per share jumped to Tk 5.17 due to higher deposit mobilisation and additional funds borrowed in 2022, said the press release. 

The bank's non-performing loan was 4.1 per cent in the first quarter of 2022, as compared to 3.9 per cent in December 2021.

"We plan to continue this growth momentum going forward," said Selim RF Hussain, managing director of Brac Bank.

M Masud Rana, Md Sabbir Hossain, Tareq Refat Ullah Khan, Syed Abdul Momen and Md Shaheen Iqbal, deputy managing directors of the bank, and Md Mahiul Islam, head of retail banking, and Ahmed Rashid Joy, head of credit risk management, attended the event.