BRAC Bank's consolidated net profit after tax (NPAT) registered a growth of 74 per cent year-on -year (YoY) to reach Tk 10.11 billion during the first nine months of 2024.
On a standalone basis, the bank saw a NPAT growth of 64 per cent, posting Tk 8.27 billion. The bank sustained its growth trend and delivered a 26 per cent annualized growth in its balance sheet, says a statement.
While the bank's customers' deposits grew by 34 per cent (annualized) to reach Tk 616.02 billion, lending book recorded a growth of 14 per cent (annualized) and stood at Tk 574.13 billion at the end of September 2024.
Driven by growth in both business and investment, both funded & non-funded income also grew significantly -- registering a 35 per cent YoY growth in overall revenue.
Along with business growth, significant improvement in portfolio quality was ensured, resulting in non-performing loan (NPL) ratio coming down to 2.80 per cent in September 2024 from 3.38 per cent in December 2023.
Moreover, NPL coverage ratio increased to 131 per cent in September 2024 from 115 per cent in December 2023 to absorb any unforeseen shock.
The bank's well-defined risk appetite statement and continuous collection efforts has contributed immensely towards portfolio quality management.
Reflecting on the financial outcomes, the bank's Managing Director & CEO Selim R. F. Hussain said: "Our overall performance highlights our ability to serve a growing customer base and cater to their ever-changing financial needs. It has always been the trust of our customers which has helped us to consistently grow at a pace higher than the industry's average. Our aspiration remains to continue this growth journey, with sustainability being a priority."
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