Brac Bank’s profit jumps 25% in Jan-Mar

Brac Bank Limited posted a nearly 25 per cent year-on-year increase in profit in the January-March quarter of 2023.

Its consolidated earnings per share stood at Tk 0.96 in the first quarter of the financial year against Tk 0.77 in the same quarter in 2022, according to the unaudited financial statements.

The consolidated net operating cash flow per share dipped to Tk 1.85 from Tk 7.20, due to higher loan disbursements, said the private commercial bank in a filing on the Dhaka Stock Exchange.

The consolidated net asset value per share rose to Tk 41.86 on March 31 this year from Tk 38.94 on the same day last year.

In another filing, Brac Bank said it has received consent from the Bangladesh Securities and Exchange Commission (BSEC) to give a 7.5 per cent stock dividend for 2022.

The BSEC has accorded its consent for raising the paid-up capital through the issuance of a 7.50 per cent stock dividend for the year that ended on December 31.

Brac Bank has decided to increase the authorised capital from Tk 2,000 crore to Tk 5,000 crore.

The authorised capital is the maximum amount of share capital that a company is allowed to issue to its shareholders as per its constitutional documents.

The bank clocked a Tk 601.63 crore profit in the last financial year of 2022, up 10.14 per cent year-on-year. The board of directors has recommended a 7.50 per cent cash and a 7.50 per cent stock dividend for the year.

Brac Bank shares traded at Tk 38.50 on the DSE yesterday.