SIBL’s profit jumps 18% despite troubles

Social Islami Bank Limited made a Tk 206.83 crore profit in 2022, up more than 18 per cent a year earlier, despite alleged loan irregularities and abrupt resignations by the board chairman and a top official.    

The bank clocked a profit of Tk 174.77 crore in 2021.

SIBL, thus, reported consolidated earnings per share of Tk 2 for 2022 against Tk 1.69 in 2021.

Its consolidated net asset value per share rose to Tk 20.20 in the last financial year from Tk 18.76 in 2021.

But the consolidated net operating cash flow per share (NOCFPS) stood at Tk 1.05 negative against Tk 1.64, also negative.

The NOCFPS has slightly improved mainly due to higher cash inflow in respect of deposits and investment compared to the previous year, said SIBL in a filing on the Dhaka Stock Exchange yesterday.

The board of directors of the bank has recommended a 5 per cent cash and a 5 per cent stock dividend for 2022.

Shares of SIBL traded at Tk 12.30 on the premier bourse of the country yesterday, unchanged from a day earlier.

S Alam Group took over the bank in 2017, after which the financial health of the lender started to decline.

The bank recently faced a wide range of scams, which have eroded the depositor's confidence in the bank.

This prompted the central bank to supply cash support to SIBL so that it could meet the depositors' demand.

SIBL Chairman Md Mahbub Ul Alam resigned from the post on January 26, along with the bank's Additional Managing Director Abu Reza Md Yeahia.

Both of them had submitted their resignation letter for personal reasons, said Zafar Alam, managing director of the bank, at that time.