BRAC Bank's Q1 post-tax profit grows by 9.0pc

BRAC Bank's profit after tax during the first quarter (Q1) of 2018 increased by 12 per cent to Tk 1,247 million on the solo basis against Tk 1,118 million in the corresponding period of last year.

During the January-March period of the current calendar year the consolidated profit after tax was recorded at Tk 1,383 million, up by 9.0 per cent compared to Tk 1,267 million in the first three months of 2017.

The figures were announced by the bank officials at an earnings disclosure programme at its headquarters in the city on Thursday evening.

Managing Director (MD) and Chief Executive Officer (CEO) of the bank Selim RF Hussain, its Deputy Managing Director and Chief Financial Officer (CFO) A K Joaddar and Head of Treasury and FI Md Shaheen Iqbal attended the programme, among others.

During the first three months of the current calendar year, the bank's Earnings Per Share (EPS) on the solo basis were registered at Tk 1.45 against Tk 1.13 in the corresponding period of 2017. The consolidated EPS also rose to Tk 1.48 from Tk 1.34.

At the end of March, 2018 the net asset value (NAV) of the bank on the solo basis was Tk 31.90, up from Tk 26.41 in the first three months of 2017. Similarly the consolidated NAV rose to Tk 32.64 in the first quarter (Q1) of 2018 from Tk 27.41 in the corresponding period of 2017.

Speaking on the occasion, Selim RF Hussain said the Q1 of 2018 had been a very challenging time for the country's overall banking sector.

"Under such circumstances, BRAC Bank had been able to post significant growth on the back of its dedicated and professional human resources," he said.

He also said, "The bank has achieved a notable milestone en route to its goal of becoming the country's best bank".

In response to a query on China-based Alipay's investment in the mobile financial service Bkash, he said the deal would help the country's financial sector become more digitalised and inclusive.

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