Brac Bank sees 32% profit growth

Brac Bank achieved a 32 per cent growth in its net profit for 2022.

The private bank and its subsidiaries recorded a profit of Tk 612 crore in the last financial year, up from Tk 465 crore in 2021, Brac Bank said in a statement.

Brac Bank's standalone net profit after tax was Tk 576 crore, representing a 3.90 per cent increase from the previous year's earnings.

Despite the stressed industry conditions, the bank delivered strong balance sheet growth, with customer deposits growing 24 per cent and loans and advances increasing 28 per cent, it said.

Brac Bank Managing Director and CEO Selim RF Hussain said the growth in deposits and loans is well above the industry average and this, is a testament to the customer's trust in the bank and its long-term sustainability.