Standard Bank’s profit climbs 45%

Standard Bank Limited posted a profit of Tk 112.58 crore in the financial year that ended on December 31, an increase of 45.2 per cent year-on-year.

The profit stood at Tk 77.53 crore in 2021. The bank reported consolidated earnings per share of Tk 1.06 for 2022 against Tk 0.73 a year earlier.

The consolidated net asset value per share rose to Tk 16.67 in 2022 from Tk 16.24 in 2021 while the consolidated net operating cash flow per share stood at a negative Tk 2.34 against Tk 8.28 negative in the previous year.

In a filing on the Dhaka Stock Exchange last week, Standard Bank said the increase in the cash flow was due to a collection of Tk 438.40 crore in new deposits in 2022.

Fee and commission receipts were up by Tk 46.76 crore and the income from investments in shares and securities rose by Tk 74.88 crore thanks to a spike in foreign trade business.

On the other hand, payments for the redemption of investment in subordinated bonds decreased by Tk 40 crore due to the adjustment of SBL 1st Subordinated Bond, said the filing.

The board of directors of the bank has recommended a 2.50 per cent cash and a 2.50 per cent stock dividend for 2022.

Standard Bank shares closed at Tk 8.80 on the DSE on Wednesday, unchanged from a day earlier.