BRAC Bank posts strong balance sheet performance for the first nine months of the year
-
- - Newsroom -
- Editor --
- 12 November, 2024
BRAC Bank's consolidated Net Profit After-Tax (NPAT) registered a growth of 74% year-on-year (YoY) and reached TK 1,011 crore during the first nine months of 2024.
On a standalone basis, the bank registered an NPAT growth of 64%, posting TK 827 crore. The bank sustained its growth trend and delivered a 26% annualised growth in its balance sheet.
While the bank's customers' deposits grew by 34% (annualised) to reach TK 61,602 crore, the lending book recorded a growth of 14% (annualised) and stood at TK 57,413 crore at the end of September 2024. Driven by growth in both business and investment, both funded and non-funded income also grew significantly, registering a 35% YoY growth in overall revenue.
Along with business growth, significant improvement in portfolio quality was ensured, resulting in the non-performing loan (NPL) ratio coming down to 2.80% in September 2024 from 3.38% in December 2023. Moreover, the NPL coverage ratio increased to 131% in September 2024 from 115% in December 2023 to absorb any unforeseen shock. The bank's well-defined risk appetite statement and continuous collection efforts have contributed immensely towards portfolio quality management.
As the bank aims to continue its growth journey, significant focus has been given to increasing regulatory capital. With the issuance of subordinated bonds, the bank's regulatory capital reached TK 6,547 crore in September 2024, compared to TK 5,509 crore in December 2023.
Reflecting on the financial outcomes, the bank's Managing Director and CEO, Selim R. F. Hussain, stated: "Our overall performance highlights our ability to serve a growing customer base and cater to their ever-changing financial needs. Our customers' trust has always helped us grow consistently at a pace higher than the industry average. We aspire to continue this growth journey with sustainability as a priority."
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 farsighted 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."
RELATED NEWS
.jpg)
