National Bank's loss jumped 214% in Jan-Sep

One of the largest private banks in the country, National Bank incurred a loss of Tk1,123 crore in the January-September period of 2023, which was 214% higher than the previous year at the same time.

As a result, its loss per share stood at Tk3.49 at the end of September this year, according to the Dhaka Stock Exchange (DSE).

In the third quarter of this year, it incurred a loss of Tk500 crore, which was Tk184 crore a year ago.

National Bank said in its price-sensitive statement, that due to the liquidity crunch in the market for the inflation in the world economy as well as in Bangladesh, borrowers could not repay the instalments in time and become classified. Interest on such loans and advances could not be taken to income. Consequently, profitability has decreased significantly.

The bank did not incur a loss till 2021. But in 2022, it posted a Tk3,261 loss due to higher default loans.

National Bank shares were traded at Tk8.30 each, which was below its face value of Tk10 each, at the Dhaka bourse.