BRAC Bank logs 73% year-on-year profit growth

BRAC Bank has reported a remarkable 73 percent year-on-year growth in consolidated net profit after tax (NPAT) for 2024, despite prevailing challenges in the market environment.

According to a press release, the bank's consolidated financial statements which include its subsidiaries, reflected an NPAT of Tk 1,432 crore in 2024, a substantial increase from Tk 828 crore in 2023.

On a standalone basis, the bank recorded an NPAT of Tk 1,214 crore for 2024, marking a 66 percent rise from Tk 730 crore the previous year.

Notwithstanding stressed industry conditions, the bank achieved robust balance sheet expansion, significantly outperforming market averages. Total deposits grew by 34 percent, while loans and advances increased by 20 percent.

In the first quarter (Q1) of 2025, the bank continued its strong trajectory, reporting a consolidated NPAT of Tk 486 crore, a 53 percent year-on-year increase compared to the same period in 2024.

BRAC Bank unveiled its financial and operational results for FY2024 and Q1 2025 during a virtual earnings disclosure event, which was streamed live on social media platforms.

The event was attended by investment analysts, portfolio managers, and capital market professionals from both domestic and international markets.

Tareq Refat Ullah Khan, managing director and CEO (current charge) of the bank, presented the results alongside other senior executives, highlighting the bank's performance, strategic direction, and commitment to long-term value creation.

Commenting on the financial results, Khan stated, "Our success stands as a testament to our unwavering commitment to our customers, our community, and our country."

"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."

He further remarked, "With consistent financial performance over the years, BRAC Bank is recognised by all stakeholders as a role model for corporate governance, compliance, and values-based banking in Bangladesh."