First Security Islami Bank incurs Tk 31 crore losses in Q3 

First Security Islami Bank PLC (FSIBL) suffered a loss in the third quarter of this year, as its investment income fell and cost of deposits increased.  

FSIBL reported a loss of Tk 31.31 crore in the July-September quarter during this financial year, reflecting a sharp reversal from Tk 38.41 crore profit posted in the same period last year.
 
Its losses per share was Tk 0.26 in the July-September quarter of this year compared to earnings of Tk 0.31 during the same period a year ago, according to the FSIBL's latest unaudited financial statements.

The Shariah-based bank, which saw board restructuring by the central bank in September, said its net profit declined 63 percent year on year to Tk 58.91 crore in the January-September period of the current year from Tk 159.67 crore the previous year. 

Majority owned by much-talked about S Alam Group, a beneficiary of the recently ousted Awami League government, FSIBL attributed the downturn in profit to a Tk 135.35 crore drop in net investment income, citing factors such as increased profit rates on deposits. 

The bank's consolidated net operating cash flow per share for January to September stood at a negative Tk 27.16. 

FSIBL said the cash flow declined because Tk 2,828.02 crore in interbank placements were paid off. 

Shares of FSIBL rose 4.76 percent to Tk 6.6 as of 12:54 pm today at the Dhaka Stock Exchange.