Business

BRAC Bank earns Tk 555 cr post-tax profit in 2021 FY


Published : 02 Apr 2022 01:14 AM | Updated : 02 Apr 2022 02:46 PM

BRAC Bank has posted strong financial results for FY 2021 shrugging off the impact of the pandemic.  The bank registered a Net Profit After-Tax (NPAT) of BDT 555 crore with a growth of 22 per cent compared to NPAT in 2020 on standalone financials, according to a press release. 

Consolidated financials, i.e., with all its subsidiaries, reflected anNPAT of BDT 465 crore with a year on year (YoY) increase of 15 per cent. The lower NPAT in consolidated financials mainly reflect the losses incurred by bKash as it continues to invest heavily in customer acquisition and market share growth in the MFS fintech market.

In a virtual earnings disclosure event on Wednesday, the bank’s earnings for the FY 2021 were announced along with other financial and operational achievements. Local and foreign investment analysts, portfolio managers and capital market experts joined the event, broadcast live on social media for the bank’s stakeholders.

BRAC Bank’s Managing Director and CEO, Selim R. F. Hussain; DMD and Chief Financial Officer, M Masud Rana FCA; DMD and Chief Operating Officer, Md. Sabbir Hossain; DMD and Head of Corporate Banking, Tareq Refat Ullah Khan; DMD and Head of SME, Syed Abdul Momen; Head of Retail Banking; Md. Mahiul Islam; Head of Treasury and FIs, Md. Shaheen Iqbal and Head of Credit Risk Management, Ahmed Rashid Joy and Head of Branches, Sheikh Mohammad Ashfaque presented the financial results, operational achievements, bank’s strength and outlined the Bank’s strategic focus  for the future. 

Commenting on the financial results of FY 2021, BRAC Bank’s Managing Director and CEO, Selim R.F. Hussain elaborated: “BRAC Bank’s 2021 results show that the Bank is agile and resilient and has already stepped onto a strong growth path. Our sustainable banking and customer experience based business strategieshave served us well.”

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