Shahjalal Islami Bank's first-quarter profit up 28%

Shahjalal Islami Bank (SIBL) reported a 28 percent year-on-year increase in profit in the January-March quarter.

Its profit was Tk 20 crore in the first quarter, up from Tk 15.58 crore a year earlier.

The jump in profit increased the consolidated earnings per share to Tk 0.18 from Tk 0.14, the lender said in a filing to the Dhaka Stock Exchange today.   

The bank registered strong growth in its consolidated net operating cash flow per share. It was Tk 0.82 in the negative against Tk 5.55 in the negative.  

SIBL said in its unaudited financial statement that a lower cash outflow in deposit and investment compared to the previous year's first quarter was helpful in improving the cash flow.

The first quarter profit growth follows on the back of SIBL's net profit of Tk 362.48 crore for the year ended December 31,2023, the highest in five years.

The profit for 2023 marked a nearly 3 percent increase from Tk 352.5 crore in 2022.

Founded in 2001, SIBL has a network of 140 branches across the country and 132 ATM booths. Its authorised capital stands at Tk 1,500 crore and the paid-up capital at Tk 1,029 crore.