Brac Bank profit surges 75% in Jan-Jun

Brac Bank's consolidated net profit after-tax (NPAT) grew by 75 percent supported by strong balance sheet growth in the first half of 2023.

For January-June 2023, the bank's consolidated financial data, accounting for all subsidiaries, registered an NPAT of Tk 334 crore compared to Tk 191 crore during the same period of 2022.

The bank revealed its financial achievements and operations for the first six months of 2023 at an earnings disclosure event, which was held virtually recently, said a press release.

The lender' individual NPAT for the first half of 2023 was Tk 303 crore, up from Tk 254 crore the previous year.

Between January and June 2023, the bank had a 29 percent rise in its annualised standalone loan portfolio and a 28 percent increase in customer deposits compared to December 2022.

"It is a testament to the trust our customers place in us and our sustainability. We aim to maintain and amplify this growth journey. Such strong growth is a clear indicator of our long-term ambition of doubling our business by 2025," said Selim RF Hussain, managing director and CEO of the bank.