Sonali Bank earns Tk 15.04b profit
Thursday, 12 January 2012
The state-owned Sonali Bank Limited earned a record profit of Tk 15.04 billion in 2011. The amount was Tk 40.2 billion higher than last year's earnings with a 36.48 per cent growth, reports BSS.
"As the largest commercial bank of the country, it set a new record in profit with a significant expansion in business, loan, loan recovery, trade financing and opening of new branches," Sonali Bank Managing Director and Chief Executive Officer (CEO) Md Humayun Kabir told the news agency Wednesday.
He attributed the success to the skilled management, efficiency and sincerity of employees and cooperation from the clients.
According to a bank document, the investment made by the Sonali Bank increased by 23.52 per cent in 2011 when the total amount was Tk 138.02 billion against Tk 111.74 billion in 2010.
The growth in advances to import and export was 88.12 per cent and 6.50 per cent respectively with Tk 308.50 billion advances to imports and Tk 78.95 billion to exports.
In 2011, the bank cut down the amount of classified loan significantly by 16.98 per cent to Tk 57.61 billion from Tk 68.31 billion in 2010. The amount of capital also rose sharply at Tk 516.93 billion from Tk 478.13 billion in 2010.
The bank has the largest network across the country with a total of 1196 branches. Of the branches, 853 are situated in rural areas, 341 in urban areas with the rest two for foreign trade. A total 1,129 braches made profit in 2011 when the number of losing branches was only 65.
"As the largest commercial bank of the country, it set a new record in profit with a significant expansion in business, loan, loan recovery, trade financing and opening of new branches," Sonali Bank Managing Director and Chief Executive Officer (CEO) Md Humayun Kabir told the news agency Wednesday.
He attributed the success to the skilled management, efficiency and sincerity of employees and cooperation from the clients.
According to a bank document, the investment made by the Sonali Bank increased by 23.52 per cent in 2011 when the total amount was Tk 138.02 billion against Tk 111.74 billion in 2010.
The growth in advances to import and export was 88.12 per cent and 6.50 per cent respectively with Tk 308.50 billion advances to imports and Tk 78.95 billion to exports.
In 2011, the bank cut down the amount of classified loan significantly by 16.98 per cent to Tk 57.61 billion from Tk 68.31 billion in 2010. The amount of capital also rose sharply at Tk 516.93 billion from Tk 478.13 billion in 2010.
The bank has the largest network across the country with a total of 1196 branches. Of the branches, 853 are situated in rural areas, 341 in urban areas with the rest two for foreign trade. A total 1,129 braches made profit in 2011 when the number of losing branches was only 65.