Dhaka,  Monday
24 June 2024

BRAC Bank logs 35pc NPAT growth in 2023

Staff Reporter, Dhaka 

Published: 09:13, 22 May 2024

BRAC Bank logs 35pc NPAT growth in 2023

Photo: Courtesy

BRAC Bank achieved a 35 per cent growth in its consolidated Net Profit After Tax (NPAT) for 2023 during challenging market conditions. Its consolidated financials, which include all of its subsidiaries, showed an NPAT of Tk 828 crore in 2023, a significant increase from the Tk 614 crore reported in 2022.  

BRAC Bank standalone NPAT was Tk 730 crore, representing a 27 per cent increase from the previous year. Despite the stressed industry conditions, the bank delivered strong balance sheet growth, with deposits growing by 34 per cent, and loans and advances increasing by 26 per cent, says a press release.  

In the first quarter (Q1) of 2024, BRAC Bank’s consolidated Net Profit After Tax (NPAT) stood at Tk 318 crore, after an incredible 91 per cent year-over-year growth compared to the same period last year.

The bank's financial and operational accomplishments for FY23 and Q1 of 2024 and earnings were unveiled during a virtual earnings disclosure event on May 13. 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 RF Hussain and other senior officials presented the financial results, operational achievements, and strength of the bank and outlined the bank’s strategic focus for the future. At the end of the disclosure event, a Q&A session was conducted.

Selim commented that the bank has achieved strong growth in line with its medium-term strategy. “BRAC Bank's growth in deposits and loans is well above the industry average, and this is a testament to the customer's trust in the bank and its long-term sustainability. The bank has significantly upgraded its services and customer propositions in the last year through digital technology and customized products. 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 and values-based banking in Bangladesh. We would like to thank our Chairperson 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.