Brac Bank’s half-yearly profit down 12pc
Brac Bank’s consolidated profit dropped 12 percent in the first half of 2019 despite maintaining good growth in deposits and loans with superior asset quality and strong capital base, the bank said in a statement yesterday.
The bank’s half-yearly consolidated profit went down to Tk 253 crore from Tk 287 crore recorded in the same period a year ago. However, the bank’s deposit grew 17 percent, loans 16 percent and revenue 15 percent.
Selim RF Hussain, managing director and CEO, and Chowdhury Akhtar Asif, deputy managing director, presented the financial results at the bank’s head office in Dhaka on Monday.
Hussain said, “Brac Bank’s customer deposits and loans continued to grow at a rate well above the industry average.
The SME and retail asset portfolios continue to improve and major de-risking initiatives have also been taken in the corporate segment, all despite difficult market conditions.”
Corporate Banking Head Tareq Refat Ullah Khan, SME Banking Head Syed Abdul Momen and Treasury & FIs Head Shaheed Iqbal were also present.
