Sonali Bank records Tk5,634cr operational profit in 2024

Sonali Bank PLC reported a significant operational profit of Tk5,634 crore for 2024, marking a Tk1,788 crore increase from the previous year.
The country's largest commercial bank has claimed that its EBIT (Earnings Before Interest and Tax), or operating profit, will be the highest among all banks for the recently concluded calendar year.
The state-owned bank's operating profit was over Tk1,788 crore higher than the previous year, despite challenges faced by the banking sector, including a dollar shortage, liquidity constraints, loan-related irregularities, and political instability.
Sonali Bank Managing Director and Chief Executive Officer Md Shawkat Ali Khan shared the bank's financial performance for the year 2024 at a press briefing at the bank's Motijheel headquarters in Dhaka on Thursday.
He said the bank registered such a significant rise in its operating profit due to the growth in performing loans, a decrease in non-performing loans (NPLs), an expansion in SME loans and advances, and increased earnings from various services.
In 2024, Khan said, their operating profit reached Tk5,634 crore, which is Tk1,788 crore higher than the previous year.
The bank's net interest income increased to Tk1,425 crore in 2024 from Tk476 crore in 2023.
Sonali Bank's deposits for 2024 stood at Tk1,64,959 crore, reflecting an increase of Tk14,341 crore from the previous year.
The bank’s loan disbursement reached Tk99,180 crore, although the outstanding figure saw a slight decrease due to adjustments made with government institutions at the end of the year.
The advance to deposit ratio (A/D) stood at 60.12% in 2024, which was slightly lower compared to previous years because of the instability in the political arena.
Shawkat also noted that Sonali Bank recovered Tk1,170 crore from non-performing loans and Tk59 crore from classified loans in 2024.
He said, "We are taking legal action as per the central bank's circular to recover loans from major defaulters like Hallmark and TM Brothers Group."
Regarding other defaulters, he said, "A large company-- Beximco has defaulted, but their Shinepukur Ceramics Ltd remains in good condition."
Sonali Bank records Tk5,634cr operational profit in 2024
Outlining plans for 2025, Shawkat said, “Our goal for 2025 is to advance toward prosperity through trust and service. We aim to recover loans from defaulters and focus on lending to promising sectors. Special initiatives are planned for SMEs and export growth, and we will further enhance our digital banking services.”