bKash returns to profit
It made a profit of Tk 2.37 crore in Q2 of 2023
bKash, the largest mobile financial service provider of Bangladesh, returns to profit in the April to June period of 2023 thanks to higher revenue and larger finance income.
The company posted a profit of Tk 2.37 crore in the three months period while it incurred a loss of Tk 13.68 crore in the same period of the previous year.
The company's profits rose as its revenue soared along with higher finance income.
The subsidiary of Brac Bank published its financial reports today.
However, the MFS provider's revenue soared 22 percent year-on-year to Tk 1,051 crore in the April-June quarter.
In the quarter, its net finance income rose 46 percent year-on-year to Tk 41 crore, according to the financial statements.
The company has been incurring losses for several years due to higher investment. It returns to the profit this year.
During the January to June period of 2023, its profits stood at Tk 38 crore while it incurred a loss of Tk 42 crore in the same period of 2022.
The MFS company saw 23.5 percent higher revenue in the first six months of 2023. Its revenue was Tk 2,031 crore in the January to June of 2023, up from Tk 1,644 crore in the same period of 2022.