SBAC Bank’s Q3 profit jumps 158%

SBAC Bank PLC posted a 158 percent year-on-year rise in profit in the July-September quarter of this year.

The profit amounted to Tk 40.38 crore.

The private bank's consolidated earnings per share (EPS) increased to Tk 0.49, up from Tk 0.19 in the same period last year, as per a recent disclosure on the website of Dhaka Stock Exchange.

SBAC said the EPS boost was driven by an increase in investment income, cost cutting measures in administrative expenses and reduced tax provisions alongside rising net interest income. The bank said its net asset value also increased as a result of the improved EPS.

The bank recorded an EPS of Tk 0.95 for the nine months ending in September this year.

The consolidated net operating cash flow per share was Tk 1.38 in the January-September period, which the bank attributed to an increase in outstanding loans and in the trade of securities.

Launched in 2013 and listed at the DSE in 2021, SBAC offers both conventional and Shariah-compliant Islamic banking through 89 branches nationwide, as per the bank's website.

The bank continues to grow its asset base and currently has 63 automated teller machines, 10 Islamic windows, and 33 agent outlets across Bangladesh.