Thursday, 8 December, 2022

BRAC Bank continues strong growth in customer deposits, loans in 2022

Despite a challenging business environment in 2022, BRAC Bank has grown its balance sheet strongly.

The consolidated BRAC Bank entity (i.e. BRAC Bank with all its subsidiaries) has earned a Net Profit After-Tax (NPAT) of Taka 380 crore in the first nine months of 2022, reflecting a growth of 12 percent compared to the same period of 2021. On a standalone basis, BRAC Bank's NPAT stood at Taka 392 crore, reports BSS.

The bank shared its financial results for third quarter (Q3) 2022 along with other performance and operational achievements in a virtual earnings disclosure program on November 16, 2022.

Local and foreign investment analysts, portfolio managers and capital market experts joined the event which was broadcast live on social media for the bank's stakeholders, said a press release today.

BRAC Bank's managing director and CEO Selim R. F. Hussain; DMD and chief financial officer M Masud Rana; DMD and chief operating officer Md. Sabbir Hossain; DMD and head of corporate banking Tareq Refat Ullah Khan; DMD and head of SME banking Syed Abdul Momen; DMD and head of treasury and financial institutions Md. Shaheen Iqbal; Head of alternate banking channels Nazmur Rahim; Head of branches Sheikh Mohammad Ashfaque; Head of credit risk management Ahmed Rashid Joy and Head of deposits & NFB, retail banking Sarah Anam presented the financial results and operational achievements.

A Q&A session was conducted at the end of the disclosure event.

Commenting on the financial results, the bank's managing director and CEO, Selim R.F. Hussain, elaborated: "The Bank's large physical distribution network allied with customer centric digital services and product innovation have underpinned our strong growth in 2022."

"I want to thank the talented BRAC Bank Team for their commitment, the Board of Directors for their continuous guidance and the Bangladesh Bank for their pro-active regulatory support during these difficult times", he added.