BRAC Bank posts BDT 5.55b net profit

BRAC Bank registered a Net Profit After-Tax (NPAT) of BDT 5.55 billion in FY 2021 with a growth of 22 per cent compared to NPAT in 2020 on standalone financials.

Consolidated financials, i.e., with all its subsidiaries, reflected a NPAT of BDT 4.65 billion with a year-on-year (YoY) increase of 15 per cent. The lower NPAT in consolidated financials mainly reflect the losses incurred by bKash as it continues to invest heavily in customer acquisition and market share growth in the MFS fintech market.

In a virtual earnings disclosure event on Wednesday, the bank's earnings for the FY 2021 were announced along with other financial and operational achievements. Local and foreign investment analysts, portfolio managers and capital market experts joined the event, broadcast live on social media for the bank's stakeholders.

Commenting on the financial results of FY 2021, BRAC Bank's Managing Director and CEO, Selim R.F. Hussain elaborated: "BRAC Bank's 2021 results show that the Bank is agile and resilient and has already stepped onto a strong growth path. Our sustainable banking and customer experience based business strategieshave served us well."

"Our 2021 performance, despite the unprecedented environmental challenges, indicate that the Bank is much stronger today, than it was two years ago when the pandemic started. I want to thank the BRAC Bank Team for their commitment, the Board of Directors for their continuous guidance and the Bangladesh Bank for their pro-active regulatory support. BRAC Bank is ready to step up to the next level", he added.