Standard Chartered Bangladesh (SCB) has reported a record net profit of Tk 3,300 crore for the financial year 2024, apparently the highest among banks operating in the country.

SCB's profit rose by 41 percent year-on-year, climbing from Tk 2,335 crore in 2023 to Tk 3,300 crore in 2024, according to financial statements published yesterday. 

The British multinational bank recorded a profit of Tk 1,655 crore in 2022, effectively doubling its earnings in Bangladesh within two years.

"The financial performance is a reflection of our good governance and advanced financial solutions," said SCB CEO Naser Ezaz Bijoy in an emailed reply.

He said the spike in profit after tax was driven by prudent risk management, efficient liquidity deployment, and tight cost control.

SCB's net interest income surged 33 percent year-on-year to Tk 2,717 crore in the year 2024.

The foreign bank said its operating income rose by 28.25 percent to Tk 5,506 crore, powered by strong growth in interest income, investment returns, and steady commission and exchange earnings.

SCB's earnings were much higher than the profits reported by HSBC Bangladesh, BRAC Bank, City Bank, Pubali Bank, Prime Bank and Dutch-Bangla Bank in 2024.

All these banks posted profits below Tk 1,500 crore in the financial year 2024, with BRAC Bank recording Tk 1,432 crore.

SCB said its Capital to Risk Weighted Asset Ratio (CRAR) stands at 43.33 percent against the regulatory requirement of 12.5 percent.

"This is not only the highest in the industry and mitigates risks on the horizon, but it has also helped us generate additional investment revenue from the surplus capital base," the SCB CEO added.