BRAC Bank 35pc growth in consolidated Net Profit After-Tax for for 2023

BRAC Bank achieved a 35 per cent growth in its consolidated Net Profit After-Tax (NPAT) for 2023 during challenging market conditions.

The bank's consolidated financials, which include all of its subsidiaries, showed an NPAT of BDT 8.28 billion (828 crore) in 2023, a significant increase from the BDT 6.14 billion (614 crore) reported in 2022, according to a media release. 

BRAC Bank standalone NPAT was BDT 7.3 billion (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, the release says.

In the first quarter (Q1) of 2024, BRAC Bank’s consolidated Net Profit After Tax (NPAT) stood at BDT 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 FY 2023 and Q1 2024 and earnings were unveiled during a virtual earnings disclosure event on May 13, 2024.

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, according to the release. 

BRAC Bank’s Managing Director and CEO, Selim R F 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, the release adds.