SBAC Bank posts 28% rise in Q3 earnings

South Bangla Agriculture and Commerce Bank’s (SBAC)’s earnings per share (EPS) increased 28 per cent in the third quarter (July-September) from the same period a year earlier.

Its consolidated EPS stood at Tk 0.54, up from Tk 0.42 during the period, said the bank in a filing with the Dhaka Stock Exchange (DSE).

Net interest income of the bank increased by 28.98 per cent during the period ended on September 30, 2021 mainly due to a decrease in the cost of deposits, said the bank.

The company’s net operating cash flow per share (NOCFPS) was Tk 12.62 in negative from Tk 5.21 in negative during the period.

“The NOCFPS changed by 142.03 per cent during the period ended 30 September 2021, compared to the corresponding period due to withdrawal of deposits by banks and disbursement of loans and advances and investments in the trading securities,” said the company.

The scam-hit fourth generation bank entered in capital market with a huge burden of default loans.

Bangladesh Financial Intelligence Unit (BFIU) blocked the account of the chairman SM Amzad Hossain and his family members who are on the board of directors of SBAC. Amzad Hossain resigned from the chairman post, in September.

The bank got IPO approval from Bangladesh Securities and Exchange Commission in May this year.