BRAC Bank PLC saw its net profit after tax soar 77 percent year-on-year to Tk 591 crore in the first six months of 2024, with officials saying their improved financial indicators helped secure higher earnings.

"This result highlights our ability to serve a growing customer base," said Selim RF Hussain, managing director and chief executive officer of BRAC Bank.

"It is also a clear indicator of our long-term ambition of doubling our business by 2025," he added while thanking the lender's customers and stakeholders for their unwavering trust and support.

On an annual basis, deposits at the private commercial bank rose 34 percent to Tk 57,511 crore while its revenue grew 37 percent to Tk 2,061 crore in the January-June period, shows a press release.

Also, BRAC Bank's earnings per share rose to Tk 2.95 from Tk 1.75 while its net operating cash flow per share surged to Tk 35.83 from Tk 19.61 driven by higher customer deposit mobilisation.

Besides, the lender improved its non-performing loan ratio to 2.89 percent in the first half of 2024, down from 3.38 percent as of December 2023.

"My gratitude goes out to the dedicated BRAC Bank team for their relentless effort," Hussain said while also thanking Bangladesh Bank for taking timely regulatory measures amid the economic downturn.