Brac Bank again posts strong deposit, revenue growth
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- - নিউজ রুম -
- এডিটর --
- 30 July, 2024
Brac Bank’s consolidated net profit after-tax (NPAT) in first six months of 2024 grew by 77% year-on -year to Tk591 crore supported by strong deposit and revenue growth.
On a standalone basis, bank’s customer deposits grew by 34% on annualized basis, from Tk49,132 crore to Tk57,511 crore in the first half of 2024 and 37% increase in revenue from Tk1,510 crore to Tk2,061 crore year-on-year.
On consolidated basis including all subsidiaries, the bank, registered an NPAT of Tk591 crore in the first half of 2024 compared to Tk334 crore in 2023.
Brac Bank's standalone NPAT for the first half of 2024 was Tk519 crore, up from Tk303 crore in last year, registering a 71% growth.
Consolidated Earnings per share (EPS) increased to Tk2.95 in H1 2024 compared to Tk1.75 in the corresponding period of 2023.
The bank’s consolidated Net Asset Value (NAV) per share raised to TK39.95 on 30 June 2024 from Tk37.60 in December 2023.
Consolidated Net Operating Cash Flow per share (NOCFPS) for the period of January to June 2024 ascended to Tk35.83 from Tk19.61 due to higher deposit mobilization from customers.
The Bank improved its standalone non-performing loan (NPL) ratio significantly to 2.89% in H1 2024, which was 3.38% in December 2023 that reflects bank's strength over non-performing asset management.
The bank also maintained 135% NPL coverage to absorb any future shocks.
Consolidated return on equity (RoE) and return on assets (RoA) stood at 15.22% and 1.17% respectively.
Reflecting on the financial outcomes, the bank’s managing director & CEO Selim RF 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. 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.”
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