SBAC Bank Q2 profit more than doubles

South Bangla Agriculture and Commerce (SBAC) Bank's profits in the April-June quarter of this year more than doubled compared to the same period last year, due to lower provisions against loans and higher interest income.
The private lender reported a net profit of Tk 196 million for April-June 2023, a significant increase from Tk 78 million in the same quarter of the previous year.
Consequently, the bank's consolidated earnings per share (EPS) stood at Tk 0.23 in the June quarter, up from Tk 0.10 in the same quarter a year before, according to a regulatory filing on Wednesday.
For the first half of the year (January-June), the bank's profit growth reached Tk 336 million, compared to Tk 261 million in January-June of the previous year.
The bank attributed the increase in EPS to a reduced provision requirement compared to the same period last year, as stated in Wednesday's regulatory filing.
The private commercial bank's provision for loans declined sharply by 74 per cent year-on-year to Tk 50.83 million, while net interest income increased by 18 per cent to Tk 358 million in the April-June quarter.
The bank's consolidated net operating cash flow per share turned positive to Tk 3.18 for January-June 2023, compared to a negative Tk 1.12 (restated) for the same period a year before. The bank credited this improvement to increased income from operating activities.
SBAC Bank's operating income also rose by 6.42 per cent year-on-year to Tk 1.13 billion in the April-June quarter.

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