Brac Bank’s profit surges 74 pc in 2016

Brac Bank recorded a 74pc year-on-year jump in profit to Tk 406.2 crore last year. 

Selim RF Hussain, managing director, and AK Joaddar, chief financial officer, presented the financial results of the bank at a programme in Dhaka yesterday.

In a statement, the bank said it had consolidated after tax profit of Tk 233.9 crore in 2015. Operating profit stood at Tk 985.1 crore, which was Tk 808.4 crore in 2015.

The bank's consolidated earnings per share were Tk 5.47 in 2016, up from Tk 3.19 in the previous year.

Brac Bank's net asset value stood at Tk 30.18 per share at the end of 2016, compared to Tk 26.53 at the end of 2015.

Hussain said Brac Bank has, through its new customer-centric and one-bank vision, delivered a robust financial performance last year.

The bank has already achieved significant milestones on its journey to becoming the best bank in the country and is confident of continuing business momentum over the next few years.”

With more than 15 lakh customers, the bank is one the largest SME lenders in the country. Brac Bank employs 6,500 people and has 181 branches and 448 SME unit offices.