Brac Bank’s profits grow 15pc in 2021

Brac Bank posted a 15 per cent higher profit year-on-year to Tk 465 crore in 2021 as its business momentum gained pace, mainly in the second half.

The earnings include income of all the subsidiaries of the private lender.

Brac Bank's standalone profit stood at Tk 555 crore in 2021, which was 22 per cent higher from that a year ago, it said in a press statement after a virtual event on Wednesday to disclose the earnings.

The bank's lower profit in consolidated financials was mainly due to losses incurred by bKash as it continues to invest heavily in customer acquisition and market share growth in the MFS fintech market, said the bank.

Managing Director and Chief Executive Officer Selim RF Hussain said Brac Bank's 2021 results show that the bank was agile and resilient and has already stepped onto a strong growth path.

"Our sustainable banking and customer experience based business strategies have served us well," he said.

"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," he added.

Chief Financial Officer M Masud Rana, Chief Operating Officer Md Sabbir Hossain and Head of Corporate Banking Tareq Refat Ullah Khan also spoke at the event.