BRAC Bank's profit up 77pc in H1

BRAC Bank's net profit after tax (NPAT) soared 77 per cent year-over-year to Tk 591 crore in the first six months of 2024, according to a press release saying the performance was driven by robust deposit and revenue growth.

On a standalone basis, the bank's customer deposits surged 34 per cent on an annualised basis, increasing from Tk 49,132 crore to Tk 57,511 crore in the first half of 2024.

Revenue climbed 37 per cent year-over-year from Tk 1,510 crore to Tk 2,061 crore.

"The results for BRAC Bank's first half highlight our ability to serve a growing customer base and expand our balance sheet faster than the industry average. This is a testament to the trust our customers place in us," said BRAC Bank Managing Director & CEO Selim RF Hussain.

Including all subsidiaries, the bank's consolidated NPAT reached Tk 591 crore in the first half of 2024 compared to Tk 334 crore in 2023.

Standalone NPAT for the same period was Tk 519 crore, up 71 per cent from Tk 303 crore in the prior year.

"We aim to maintain and accelerate this growth trajectory. Such strong growth is a clear indicator of our long-term ambition to double our business by 2025," said the BRAC Bank MD.

In the January-June period, the bank's consolidated earnings per share (EPS) rose to Tk 2.95 from Tk 1.75 in the corresponding period of 2023. Consolidated net asset value (NAV) per share increased to Tk 39.95 on June 30, 2024, from Tk 37.60 on December 31, 2023.

The bank improved its standalone non-performing loan (NPL) ratio to 2.89 per cent in H1 2024 from 3.38 per cent in December 2023.