BRAC Bank posts strong deposit, revenue growth again

BRAC Bank’s consolidated Net Profit After-Tax (NPAT) in first six months of 2024 grew by 77% year-on -year to TK 591 crore supported by strong deposit and revenue growth. 

On a standalone basis, bank’s customer deposits grew by 34% on annualized basis, from TK 49,132 crore to TK 57,511 crore in the first half of 2024 and 37% increase in revenue from TK 1,510 crore to TK 2,061 crore year-on-year. 

On consolidated basis including all subsidiaries, the bank, registered an NPAT of TK 591 crore in the first half of 2024 compared to TK 334 crore in 2023.  

BRAC Bank's standalone NPAT for the first half of 2024 was TK 519 crore, up from TK 303 crore in last year, registering a 71% growth. 

Highlights of the Bank’s January-June 2024 performance:

• Consolidated Earnings per share (EPS) increased to TK 2.95 in H1 2024 compared to TK 1.75 in the corresponding period of 2023

• The bank’s consolidated Net Asset Value (NAV) per share raised to TK 39.95 on 30 June 2024 from TK 37.60 in December 2023

• Consolidated Net Operating Cash Flow per share (NOCFPS) for the period of January to June 2024 ascended to TK 35.83 from TK 19.61 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 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 R. F. 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.”

He further expressed, “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 timely 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.”