Bank Asia posts Tk 103 crore Q3 loss despite strong cash flow

Bank Asia PLC suffered a loss in the third quarter of 2024, despite an increase in cash flow because of a rise in deposits. 

The bank reported a Tk 103.13 crore loss in Q3, a sharp contrast to a Tk 27.74 crore profit in the same period last year. 

This shift led to a loss per share of Tk 0.89, compared to earnings per share (EPS) of Tk 0.18 a year earlier.

The bank attributed the drop in EPS to higher provisions maintained this quarter, as outlined in its recently published unaudited financial statements.

The January-September period's performance also took a hit when its profit fell 42 percent year-on-year to Tk 205.55 crore. 

However, the bank's consolidated net operating cash flow per share (NOCFPS) rose sharply to Tk 32.91 from Tk 17.06 in the first nine months of this year.

"NOCFPS increased mainly due to cash inflow by way of increase in deposit," the bank said.