BRAC Bank PLC earned a record consolidated net profit of Tk 14.32 billion in 2024, securing a significant 73 per cent growth from Tk 8.28 billion in the year before, driven by substantial income from investments in government securities.
The third generation commercial bank’s consolidated earnings per share (EPS) stood at Tk 6.95 for the year, up from Tk 4.30 in the previous year.
The bank’s stand-alone net profit was Tk 12.14 billion, representing a 66 per cent increase from the previous year’s Tk 7.30 billion, the bank unveiled at a recent virtual earnings disclosure event for 2024 and the first quarter of 2025.
BRAC Bank’s Managing Director and CEO (Current Charge), Tareq Refat Ullah Khan, and other senior officials presented the financial results, operational achievements, and strength of the bank and outlined the Bank’s strategic focus for the future.
“Despite the stressed industry conditions, the BRAC Bank delivered strong balance sheet growth, significantly ahead of market average growth rates — with total deposits growing by 34 per cent and loans and advances increasing by 20 per cent,” reads the press release.
The bank’s loan portfolio grew by 20 per cent year-on-year, compared to average industry growth of around 7 per cent in 2024.
The bank’s standalone total deposits grew by 34 per cent year-on-year, compared to average industry growth of around 7 per cent.
The consolidated return on equity (RoE) and return on assets (RoA) stood at 19.80 per cent and 1.51 per cent respectively.
Total consolidated revenue increased by 39 per cent year-on-year in 2024, driven by higher net interest income resulting from loan growth, efficient fund management and higher non-funded income.
Total consolidated operating costs increased by 18 per cent compared to 2023 mainly driven by investment in people, technology and infrastructure to support its growth strategy.
The bank’s NPL (non-performing loans) reduced to 2.63 per cent in 2024 from 3.38 per cent in 2023 driven by initiatives in underwriting, monitoring and recovery.
Based on the profit growth, the board of directors declared a 25 per cent dividend (12.5 per cent cash and 12.5 per cent bonus shares) for 2024. This is also the highest dividend declaration since 2015. It had paid 25 per cent cash dividends for 2015.
Q1 financial performance
BRAC Bank’s first quarter consolidated net profit after tax (NPAT) stood at Tk 4.86 billion, an incredible 53 per cent year-over-year growth for January-March this year compared to the same period last year.
First quarter consolidated EPS grew to Tk 2.27 in Q1 2025 from Tk 1.54 in the corresponding quarter in the year before.
BRAC Bank’s standalone total deposit grew by 7 per cent in Q1 2025, showing strong alignment with its long-term growth strategy and customer confidence.
Its consolidated return on equity (RoE) and return on assets (RoA) stood at 19.93 per cent and 1.44 per cent respectively.
Total consolidated revenue increased by 28 per cent compared to the same quarter last year, driven by higher investment and non-funded income coupled with interest income.
The bank’s NPL ratio (non-performing loans) slightly moved up to 3.13 per cent in Q1 this year compared to 2.63 per cent in December 2024.
“Our success stands as a testament to our unwavering commitment to our customers, our community, and our country,” said Tareq Refat Ullah Khan, managing director of BRAC Bank and CEO (Current Charge), in a statement.
“Fuelled by the trust and confidence of our customers and stakeholders, we are poised to continue innovating, empowering, and contributing to the sustainable development of Bangladesh.”
“With consistent financial performance over the years, BRAC Bank is recognized by all stakeholders as a role-model for corporate governance, compliance & values-based banking in Bangladesh”.
The bank’s stock price rose 2.17 per cent to close at Tk 47 on Sunday on the Dhaka Stock Exchange.
https://today.thefinancialexpress.com.bd/stock-corporate/brac-banks-revenue-jumps-39pc-in-2024-1748804588
