BRAC Bank posts BDT 1.34b profit in Q1

BRAC Bank has registered a Profit After-Tax (PAT) of BDT 1.34 billion in the first quarter (January-March) of 2022 on a standalone basis. On a consolidated basis, the bank generated a PAT of BDT 970 million during the first three months of 2022, according to a statement.

The bank announced its financial results for the first three months of 2022 along with other performance and operational achievements in a virtual earnings disclosure event recently.

Local and foreign investment analysts, portfolio managers and capital market experts joined the event which was broadcast live on social media for the bank's stakeholders.

BRAC Bank's Managing Director and CEO, Selim R. F. Hussain; DMD and Chief Financial Officer, M Masud Rana FCA; DMD and Chief Operating Officer, Md. Sabbir Hossain; DMD and Head of Corporate Banking, Tareq Refat Ullah Khan; DMD and Head of SME Banking, Syed Abdul Momen; DMD and Head of Treasury and FIs, Md. Shaheen Iqbal, CFA; Head of Retail Banking, Md. Mahiul Islam; and Head of Credit Risk Management, Ahmed Rashid Joy presented the financial results, operational achievements, bank's strength and outlined the Bank's strategic focus for the future.

Commenting on the financial results, the bank's Managing Director and CEO, Selim R. F. Hussain elaborated: "BRAC Bank's first quarter results show that the bank has been able to step up its customer acquisition and balance sheet growth plans as the economy recovers from the pandemic. Our strong customer base, wide network and digital channels have served us well."

"We plan to continue this growth momentum going forward. I want to thank the talented BRAC Bank Team for their commitment, the Board of Directors for their continuous guidance and the Bangladesh Bank for their pro-active regulatory support during the difficult time", he added.