বৃহস্পতিবার, ১৮ এপ্রিল ২০২৪, ০৫:০৬ অপরাহ্ন

BRAC Bank posts strong balance sheet growth in H1 ‘23

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Update : শুক্রবার, ১৮ আগস্ট, ২০২৩

Staff Reporter, Dhaka : BRAC Bank’s consolidated Net Profit After-Tax (NPAT) grew by 75% supported by strong balance sheet growth in the first half of 2023.

For January-June 2023, the bank’s consolidated financial data, accounting for all subsidiaries, registered an NPAT of BDT 334 crore. This figure stands in comparison to BDT 191 crore during the same span in 2022.

BRAC Bank’s individual NPAT for the first half of 2023 was BDT 303 crore, up from BDT 254 crore the previous year. Between January and June 2023, the bank had a 29% rise in its annualized standalone loan portfolio and a 28% increase in customer deposits compared to December 2022.

BRAC Bank came up its financial achievements and operations for the first six months of 2023 at a virtual earnings disclosure event on August 10, 2023. 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, its operational milestones, and detailed their future strategic direction. The event concluded with a Q&A session.

Highlights of the Bank’s January-June 2023 performance:
Consolidated Earnings per share (EPS) increased to BDT 1.93 in H1 2023 compared to BDT 1.37 in the corresponding period of 2022;

The bank’s consolidated Net Asset Value (NAV) per share raised to BDT 38.92 on 30 June 2023 from BDT 38.01 in December 2022;

BRAC Bank’s annualized standalone loan portfolio and customer deposit grew by 29% and 28% respectively in H1 2023 compared to December 2022 showing strong alignment with its long-term growth strategy and customer confidence;

The Bank has improved its standalone Non-Performing Loan (NPL) ratio significantly to 3.51% in H1 2023, which was 3.72% in December 2022 that reflects bank’s strength over non-performing asset management;

The Bank maintained 115% NPL coverage to absorb any future shocks;

Consolidated Return on equity (RoE) and Return on assets (RoA) stood at 10.01% and 0.88% respectively;

Total consolidated revenue increased by 25.87% compared to H1 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 18.77% compared to H1 2022 mainly driven by staff costs, inflationary impact on other operating cost, and the Bank’s continuous investment in people, technology and infrastructure to support its growth strategy;

Consolidated Net Operating Cash Flow per share (NOCFPS) for the period of January to June 2023 has ascended to BDT 21.57 from BDT 7.38 due to higher deposit mobilization from customers.

Reflecting on the financial outcomes, Selim R. F. Hussain, stated: “The results for BRAC Bank’s first half highlight our ability to serve growing customer base and expand balance sheet over the industry’s average. It is a testament to the trust our customers place in us and our sustainability. We aim to maintain and amplify this growth journey. Such strong growth is a clear indicator of our long-term ambition of doubling our business by 2025.”

He further expressed, “My gratitude goes out to the dedicated BRAC Bank Team for their relentless effort, our Board of Directors for their consistent direction, and the Bangladesh Bank for their timely regulatory guidance in these challenging times. Our steady growth can be attributed to the enduring trust and unwavering support we receive from our customers and stakeholders.”

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


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