AB Bank – the first private sector bank in Bangladesh – has registered an impressive 35% year-on-year growth in its consolidated net profit in the first half of 2022.
In stock exchange filings on Monday, the lender, which got listed on the capital market in 1983, said the profit rose to Tk36.16 crore, which was Tk26 crore in the corresponding period of the previous year.
Its earnings per share (EPS) stood at Tk0.42 in the January-June period, up from Tk0.31 a year ago.
The bank mentioned in its financial statement that the recovery of its loan instalments has increased following the rebound in economic activities after the Covid-19 pandemic.
At the same time, the bank also logged a significant increase in its income from a record growth in its foreign currency dealings to settle export-import bills, which are also known as letters of credit (LCs).
In the second quarter, its consolidated net profit soared 50% to Tk21 crore from Tk13.02 crore a year ago.
During the period, the EPS stood at Tk0.24, an increase from Tk0.16 in the corresponding period of 2021.
In 2021, the bank made a profit of Tk39.40 crore and paid a 5% stock dividend to its shareholders.
As of 30 June 2022, sponsors and directors jointly held 31.67%, the government 0.57%, institutions 23.57%, foreign investors 0.79%, and the general public 43.40% shares of the company.
The bank's shares closed 2.04% higher at Tk10 each on the Dhaka Stock Exchange on Monday.