BRAC Bank records 35pc profit growth in 2017

FT ONLINE

BRAC Bank has recorded a growth of nearly 35 per cent in year-on-year consolidated net profit in 2017 over last year.

The bank reported a consolidated net profit after tax of BDT 5,498 million in 2017 which was BDT 4,076 million in 2016. The consolidated operating profit increased to BDT 9,422 million from BDT 8,611 million in 2016.

The disclosures were disseminated formally Wednesday in the city, said a statement.

Local and foreign Investment analysts and capital market experts participated in the event which was also broadcast live on the internet for overseas stakeholders.

Selim R. F. Hussain, Managing Director & CEO, BRAC Bank Limited, presented the financial results and then answered queries in a Q&A session. A. K. Joaddar, Deputy Managing Director & Chief Financial Officer; Chowdhury Akhtar Asif, Deputy Managing Director & CRO; and senior officials of the bank were present.

Hussain said the bank has achieved resounding success in the last 2 years under his leadership.

He stated "2017 was a record-setting year for BRAC Bank that was built upon significant investments in technology, processes, premises and most importantly people, keeping us firmly on the path of becoming the Best Bank in the country. Our values remain uncompromised and our journey continues on a path of moving from good to great, propelled by the power of our strategy and the passion of our people to become number one in all aspects."

The consolidated Earnings Per Share (EPS) of the bank rose to BDT 6.07 in 2017 from BDT 4.55 in 2016. The Earnings per Share (EPS) of the bank on solo basis rose to BDT 6.14 in 2017 from BDT 5.23 in 2016.