Sunday, 1 October, 2023

Rupali Bank posts record biannual profit

Rupali Bank Limited, a state-owned commercial bank, registered the highest ever biannual profit in 52 years of its establishment fetching over Tk 3.4 billion operating revenue in the first half of this year.

The operating profit is six times higher than the Tk 570 million in the corresponding period of last year, according to sources at the bank.

The deposit and advance of Rupali Bank also increased by Tk 140 billion and Tk 70 billion respectively since incumbent managing director Mohammad Jahangir took office as chief executive of the state-run lender.

Regarding the operating profit, Rupali Bank managing director Mohammad Jahangir declined to comment on the issue as the lender is listed with the stock markets.

“I think the confidence over the government reflects on the deposit growth of the state-owned bank. The bank will keep good performance in all indicators if the deposit can be utilised perfectly,” he said.

Rupali Bank’s growth gained momentum in the first half of the year, backed by earnings from interest and treasury, according to the sources concerned at the bank.               The officials claimed that continuous effort to remittance and finance to small and export-oriented businesses also helps the bank to boost profit.

Bank officials attributed the credit to the 100-day and 150-day work planning of the incumbent managing director to gain the success.

The performance of Rupali Bank can be followed by other state-owned lenders to gain success by maintaining compliance issues as listed companies.