NRB Commercial Bank posts lower profit

NRB Commercial Bank Limited posted a 14.35 per cent year-on-year decline in profit in 2022 owing to an additional provision that was set aside and an extra tax burden.

The private commercial bank reported consolidated earnings per share of Tk 2.44 for 2022 against Tk 2.85 in 2021.

The EPS decreased compared to the previous year for keeping additional provisions and extra tax burden, said NRB Commercial Bank in a filing on the Dhaka Stock Exchange today.

The consolidated net asset value per share improved to Tk 16.73 in the last financial year from Tk 15.12 in 2021 while the consolidated net operating cash flow per share surged to Tk 9.45 from a negative Tk 0.82 during the period.

The NAV per share increased due to a rise in the statutory reserve and stock dividend issued in the previous year. The NOCFPS rose due to a spike in cash flow from operating activities, said the post. 

The board of directors has recommended a 7.50 per cent cash and a 4.50 per cent stock dividend for the year that ended on December 31.

The retained amount of the declared stock dividend will be used to strengthen the capital base as per BASEL III which will also help increase the business capacity of the bank, added the filing.