Brac Bank’s consolidated net profit after-tax (NPAT) registered a growth of 74% year-on -year (YoY) and reached Tk1,011 crore during the first nine months of 2024.
On a standalone basis, the bank registered a NPAT growth of 64% posting Tk827 crore. The bank sustained its growth trend and delivered a 26% annualized growth in its balance sheet.
While the bank’s customers’ deposits grew by 34% (annualized) to reach Tk61,602 crore, lending book recorded a growth of 14% (annualized) and stood at Tk57,413 crore at the end of September 2024.
Driven by growth in both business and investment, both funded & 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 non-performing loan (NPL) ratio coming down to 2.80% in September 2024 from 3.38% in December 2023.
Moreover, 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 has contributed immensely towards portfolio quality management.
Highlights of the bank’s performance:
- Consolidated Earnings Per Share (EPS) increased to Tk4.92 on September 30, 2024 compared to Tk2.97 in the corresponding period of 2023.
- Consolidated Net Operating Cash Flow Per Share (NOCFPS) rose to Tk49.51 on September 30, 2024 from Tk25.10 in same period of 2023.
- At Q3’24 end, consolidated Net Asset Value (NAV) per share stood at Tk42.38 compared to Tk37.60 in December 2023.
- Reflecting on the overall growth in profitability, both consolidated Return on Equity (RoE) and Return on Assets (RoA) improved and stood at 16.41% (2023: 11.92%) and 1.27% (2023: 1.02%) respectively.
As the bank aims to continue with its growth journey, significant focus has been given towards increasing the regulatory capital. With the issuance of subordinated bond, the bank’s regulatory capital reached Tk6,547 crore in September 2024 which was Tk5,509 crore in December 2023.
The bank’s managing director & CEO Selim RF Hussain stated: “Our overall performance highlights our ability to serve a growing customer base and cater to their ever-changing financial needs. It has always been the trust of our customers, which helped us to consistently grow at a pace higher than the industry’s average.”
“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.”
