Among the 36 listed banking sector companies in the stock market, 18 banks have recently published their unaudited financial reports for the first six months of 2024. Among them, BRAC Bank has made the highest profit, amounting to Tk 552 crore.
Of the banks that have published their financial reports, five have seen a decrease in profit compared to the same period of the previous year, while two have incurred losses.
The banks that have managed to make a profit attributed this to an increase in their net interest income, investment income, commission, exchange income and other operating income during this period.
However, several banks that were unable to make a profit compared to the previous year cited reasons such as an increase in provision against loans and a diminution in the value of investments as compared to the previous period.
BRAC Bank led the pack with a profit of Tk 522.06 crore and an impressive Earnings Per Share (EPS) growth of 68.57 per cent compared to the same period of last year. The bank's EPS for H1 of 2024 stood at Tk 2.95, up from Tk 1.75 in H1 of 2023.
Pubali Bank followed closely with a profit of Tk 431.49 crore and an EPS growth of 54.77 per cent. The bank's EPS increased from Tk 2.41 in H1 of 2023 to Tk 3.73 in H1 of 2024.
The bank said cash inflow from customer deposits and other liabilities has increased by 53 per cent as well as mandatory contribution to statutory reserves were decreased by 39 per cent. Cash outflow from disbursement of loans and advance has also decreased by 4 per cent.
Islami Bank Bangladesh also showed robust performance with a profit of Tk 357.41 crore and an EPS of Tk 2.22, marking a 4.22 per cent increase from H1 of 2023. NOCFPS has significantly increased due to increase in placement from other banks and decrease of other assets.
The bank reported an EPS of Tk 1.91 for the second quarter (April-June) of 2024, a 7.30 per cent increase from Tk 1.78 in the corresponding quarter of 2023. And for H1 of 2024, the bank's NOCFPS surged to Tk 54.79, a substantial improvement from a negative Tk 39.21 in H1 of 2023.
Prime Bank and Jamuna Bank reported healthy profits of Tk 311.37 crore and Tk 308.09 crore, respectively. Prime Bank's EPS grew by 42.48 per cent to Tk 2.75, while Jamuna Bank's EPS rose by 19.93 per cent to Tk 3.79.
Dutch-Bangla Bank posted a moderate profit of Tk 203.83 crore with a slight EPS decline of 15.01 per cent to Tk 1.45. Premier Bank had a profit of Tk 194.88 crore, with a marginal EPS increase of 3.94 per cent to Tk 1.58.
Exim Bank saw a minor profit of Tk 165.02 crore but faced a small EPS drop of 5.78 per cent to Tk 1.14. United Commercial Bank (UCB) reported a profit of Tk 126.98 crore, with a decrease in EPS by 8.36 per cent to Tk 1.02.
UCB said EPS increased mainly due to higher interest income from loans and advances and higher commission and fees income. NOCFPS has decreased mainly due to higher disbursement of loans and advances to the customers while maintaining the liquidity ratio as per Bangladesh Bank guideline.
The bank’s consolidated NOCFPS was Tk 6.78 for H1 of 2024 as against Tk 27.57 for H1 of 2023. Consolidated NAV per share was Tk 28.69 as of June 30, 2024, and Tk 27.71 as of June 30, 2023.
Several banks experienced significant downturns. Southeast Bank reported a profit of Tk 122.16 crore but its EPS dropped by 34.02 per cent to Tk 0.95.
National Credit and Commerce Bank recorded a profit of Tk 74.39 crore, with an EPS decline of 52.81 per cent to Tk 0.67.
IFC Bank and Social Islami Bank had mixed fortunes.
IFC Bank's profit stood at Tk 60.4 crore, but its EPS fell by 41.07 per cent to Tk 0.33. Social Islami Bank had a profit of Tk 57.55 crore with an EPS increase of 15.21 per cent to Tk 0.55.
Midland Bank achieved a profit of Tk 28.78 crore, reflecting a stable EPS of Tk 0.45. ICB Islamic Bank reported a loss of Tk 27.91 crore, though it’s EPS improved by 7.69 per cent to Tk -0.42.
National Bank faced a severe downturn with a staggering loss of Tk 1,065.73 crore. Its EPS plummeted to Tk -3.31 from Tk -1.95, marking a significant drop of 269.74 per cent.
Al-Arafah Islami Bank and Union Bank showed positive trends with profits of Tk 112.97 crore and Tk 95.33 crore, respectively. Al-Arafah Islami Bank's EPS grew by 33.76 per cent to Tk 1.31, and Union Bank's EPS increased by 33.33 per cent to Tk 0.92.
