Islami Bank’s half-yearly profit grows 7%

Islami Bank Bangladesh Ltd (IBBL) has registered a 7% year-on-year growth in its consolidated net profit during the January-June period of 2021.

According to its unaudited financial statement, the consolidated net profit stood at Tk334.64 crore and the earnings per share (EPS) at Tk2.08.

At the corresponding period of the previous year, the private sector lender's consolidated net profit was Tk312.35 crore and EPS stood at Tk1.94.

The board of the bank, which got listed on local stock exchanges in 1985, approved the January-June financials at a virtual meeting on Saturday.

In the April-June quarter, the bank's net profit rose 7.71% compared to the same period of the previous year.

In this period, the consolidated net profit stood at Tk261.50 crore and EPS at Tk1.61, which was Tk242.76 crore and Tk1.50, respectively, in the corresponding period a year ago.

The bank said its net operating cash flow per share on a solo basis has significantly increased Tk15.77 per share compared to the previous corresponding period.

It is mainly due to a positive net cash flow from customer deposits, deposits from other banks and less disbursement to investment clients as well as net cash outflows for placement from other banks during the period.

In 2020, the bank reported a profit of Tk479.55 crore and recommended a 10% cash dividend for its shareholders.