বৃহস্পতিবার, ২০ জুন ২০২৪, ০২:৪৪ পূর্বাহ্ন

BRAC Bank posts 32% higher consolidated net profit underpinned by strong balance sheet growth

Reporter Name / ২৫ Time View
Update : বুধবার, ৩ মে, ২০২৩

Staff Reporter, Dhaka : BRAC Bank achieved a 32% growth in its Net Profit After-Tax (NPAT) on a consolidated basis for the year 2022 during challenging market conditions. The bank’s consolidated financials, which include all its subsidiaries, showed an NPAT of BDT 612 crore in 2022, a significant increase from the BDT 465 crore reported in 2021.

BRAC Bank standalone 2022 NPAT was BDT 576 crore, representing a 3.90% increase from the previous year’s BDT 555 crore. Despite the stressed industry conditions, the Bank delivered strong balance sheet growth, with customer deposits growing by 24% and loans and advances increasing by 28%.

The bank’s financial and operational accomplishments for FY 2022 and earnings were unveiled during a virtual earnings disclosure event on April 30, 2023. The event, broadcast live on social media, was attended by investment analysts, portfolio managers, and capital market experts from local and foreign markets who were the bank’s stakeholders.

BRAC Bank’s Managing Director and CEO, Selim R. F. Hussain and other senior officials presented the financial results, operational achievements, bank’s strength and outlined the Bank’s strategic focus for the future. A Q&A session was conducted at the end of the disclosure event.

Highlights of the Bank’s performance in FY 2022:
Earnings per share (EPS) increased to BDT 4.02 on a consolidated basis in 2022 from BDT 3.65 in 2021;
The bank’s consolidated net asset value (NAV) per share raised to BDT 40.86 from BDT 38.21 compared to last year;
BRAC Bank’s loan portfolio grew by 28% YoY , compared to average industry growth of 14.2%;
Customer Deposits grew by 24% YoY; compared to average industry growth of 5.7%
Consolidated Return on equity (RoE) and Return on assets (RoA) stood at 10.16% and 1.02% respectively;
Total consolidated revenue increased by 20% YoY in 2022, driven by higher net interest income resulting from loan growth, efficient fund management and higher non-funded income;
Total consolidated operating costs increased by 23% compared to 2021 mainly because of higher staff costs on implementation of regulatory minimum salary for entry level staff, inflationary impact on other operating cost, and the Bank’s continuous investment in people, technology and infrastructure to support its growth strategy;
The bank’s NPL (non-performing loans) improved from 3.90% in 2021 to 3.72% in 2022 driven by initiatives in underwriting, monitoring and recovery.

Regarding BRAC Bank’s financial results for FY 2022, Selim R. F. Hussain, the bank’s Managing Director and CEO, commented that the Bank has delivered strong growth in line with its medium term strategy. BRAC Bank’s growth in deposits and loans are well above the industry average and this, is a testament to the customers’ trust in the bank and its long term sustainability. In the last year, the Bank has significantly upgraded its digital services and customer propositions. We plan to continue this momentum and double our business by 2025.

“BRAC Bank is recognized by all stakeholders as a role-model for corporate governance, compliance & values based banking in Bangladesh. We would like to thank our Chairman and Board of Directors for their counsel, the Central Bank for their guidance and our customers for their unwavering trust in BRAC Bank,” he added.

The details of the financial result are available on the BRAC Bank website: https://www.bracbank.com/en/investor-relations#financialStatements.


আপনার মতামত লিখুন :

Leave a Reply

Your email address will not be published. Required fields are marked *

More News Of This Category