In the first nine months of 2023, BRAC Bank witnessed a substantial year-on-year increase of 53% in its consolidated net profit, reaching Tk581 crore.
The bank has outlined plans to invest Tk300 crore in acquiring a piece of land for the construction of its new head office in Dhaka. This proposal received approval during a board meeting held on Thursday, as announced on the bank’s website. It’s noteworthy that BRAC Bank’s current head office is situated in the Tejgaon Industrial Area. However, the planned expenditure necessitates approval from the Bangladesh Bank.
The financial report for the January-September 2023 period reveals impressive figures for BRAC Bank, with interest income reaching Tk3,031 crore, marking a 33% year-on-year increase. The consolidated earnings per share for the first three quarters of 2023 stood at Tk3.26, reflecting a 38% rise compared to the previous year.
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As of September, the bank’s total deposits surpassed the Tk50,000 crore mark, reaching Tk53,902 crore, indicating a notable 27% increase from the same period in the previous year. BRAC Bank also reported disbursing a total of Tk48,771 crore in loans, with 2.52% classified as non-performing. This demonstrates an improvement from the 3.23% non-performing loans of the total disbursed loans.
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Looking back at 2022, BRAC Bank distributed 7.50% cash and 7.50% stock dividends to its shareholders. Enlisted on the Dhaka Stock Exchange in 2007, the bank earned Tk601 crore in consolidated net profit during the year, resulting in Tk4.02 earnings per share. The dividend yield for 2022 was 1.95%. As of Thursday, BRAC Bank’s shares closed at Tk43 on the DSE, with the price reaching its peak at Tk43.20 the previous year.
