BRAC Bank Limited has made a profit after tax of Tk 454 crore in 2020 despite the corona epidemic. This information was given by the bank in a press release on Wednesday (April 21).
BRAC Bank has registered a post-tax net profit (NPAT) of Tk 454 crore in 2020 on a single basis and Tk 403 crore in 2020 on an integrated basis (including all affiliates). Earnings per share (EPS) stood at Tk 3.42 on a single basis and Tk 3.33 on an integrated basis.BRAC Bank’s profit
The bank’s board of directors has proposed a 10 percent cash dividend. A 5 percent stock dividend to be formally accepted at the bank’s annual general meeting on May 27, 2021. The annual growth of customer deposits has increased from 9 percent and the deposit mix from 43 percent to 55 percent.
In 2020, BRAC Bank was very cautious about the consumer loan portfolio. In this case, the growth is 3 percent per year. Consumers affected by the epidemic even after a strong start in lending. Although credit growth in the small and medium (SME) sector was 17 percent per annum. It was very sensitive to credit growth in corporate, commercial and retail banking.BRAC Bank’s profit
BRAC Bank has been able to maintain strict control over its operating expenses. Despite spending tk 24 crore on health-care measures related to Covid-19. Allowances set by the central bank during the epidemic. The Bank’s Single Cost-Earnings Ratio (CIR) was 58 percent in 2020. While the CIR ratio of consolidated companies was 71 percent.
On a consolidated basis, the bank’s net asset value (NAV) per share was tk 36.63 as of December 2020. Which was tk 35.41 on a single basis.BRAC Bank’s profit
BRAC Bank Limited launch in 2001 with the vision of prioritizing small and medium enterprise (SME) financing, one of the fastest-growing banks in the country so far. With 187 branches, 374 ATM booths, 456 SME unit offices, and a large workforce of over 8,000 people, BRAC Bank is also providing services in the corporate and retail segments. With more than 11 lakh customers, BRAC Bank has established itself as the largest unsecured SME financing bank in the country in the last 20 years.
In this regard, BRAC Bank Managing Director and CEO Selim Reza Farhad Hossain said that the reputation of BRAC Bank among its customers and stakeholders has increased many times over the years due to its impeccable performance during the epidemic. He expressed his gratitude to the 9,500 employees of the bank for showing the highest standard of work with professionalism and sincerity even in the most difficult of circumstances.