IBBL registered operational profit in 2022 despite mismanagement

Business Report :
Despite criticism of mismanagement and loan scams, the Islami Bank Bangladesh Limited (IBBL) has secured a top position in making operational profit in 2022.
The IBBL has now the highest deposit holding in the country, according to a Bangladesh Bank report.
Depositors rushed to withdraw their money from the bank amid reports of loan scams in last November and December.
Banks have prepared financial reports based on their branch office information on disbursed loans and their collection update.
The BB report, released late Saturday, found that the operating profit of most of the banks increased in 2022, compared to the same period of the previous year, reports UNB. According to the report, IBBL is at the top among the banks in gaining operational profit.
In 2022 (January-December), the bank made an operating profit of Tk2,646 crore.
In 2021, the profit of the bank was Tk2,430 crore. In 2020, it was Tk2,350 crore.
Among other banks, in 2022 state-owned Sonali Bank made an operating profit of Tk2,520 crore.
In 2021, it was Tk2,100 crore.
But operating profit is not the actual profit of the bank.
Net profit will be calculated after saving provision or safety stock at fixed rate against debt from operating profit and payment of corporate tax. Net profit is the actual profit of the bank.
State-owned Basic Bank could not make operating profit in 2022.
On the contrary, they incurred a loss of Tk371 crore; Last year also the loss was Tk80 crore.
Apart from this, Citizen Bank has made an operating profit of Tk2.54 crore in six months. The bank started operations in mid 2022.
Economist and former adviser of caretaker government ABM Mirza Azizul Islam told UNB: “Bangladesh Bank is giving special benefits to the defaulters and showing the interest of such loans to the income sector. In this case, the financial report of the bank is being shown well on paper.”