Mobile financial service provider bKash logged a profit of Tk 103.9 crore in 2023, up by a massive 504 percent year-on-year.

The company made a profit of Tk 17.2 crore in 2022. 

Last year's jump in profit was impressive considering the fact that bKash suffered losses for three years in a row, from 2019 to 2021. The BRAC Bank subsidiary returned to profit in 2022. 

"The surge in profit was attributed to its continued strategic investments over the years," said BRAC Bank in its audited annual financial statement. 

The "very satisfactory financial performance" of bKash further strengthened its superior position and acceptability in the market, it said. 

The MFS company registered a 22 percent year-on-year increase in revenue to Tk 4,190 crore from the previous year's Tk 3,430 crore.

Users went up to 7.4 crore, a growth of 13.3 percent from 6.53 crore in the previous year. Among the customers, 53.1 percent were active, meaning they made at least one transaction in the last 90 days. 

In 2023, bKash added 23,000 agents to further expand its reach. This takes the number of its agents to 3.64 lakh.  

BRAC Bank, which currently holds a 51 percent equity stake in the company, formed bKash in 2010 and it started its operation in 2011. 

The MFS company had a string of investments from foreign entities. Notable among them are the Bill & Melinda Gates Foundation, Alipay Singapore E-Commerce Private Ltd, and SoftBank.