IBBL registers dip in profit

Business Report :
Islami Bank Bangladesh Ltd (IBBL) on Sunday said its earnings slumped 32 per cent year-on-year in the first quarter of 2023.

The largest Shariah-based bank in terms of deposit recorded Tk 0.35 earnings per share in January-March, down from Tk 0.52 a share the same period a year ago, according to a disclosure by the bank in the Dhaka Stock Exchange (DSE) news board.

The net operating cash flow of the private bank became negative in the first quarter of the current year.

Islami Bank said its net operating cash flow per share significantly decreased due to an increase in net cash outflows against investment to customers and less deposits mobilisation from customers.

Islami Bank saw its earnings per share grew 28 per cent year-on-year to Tk 3.83 in 2022 from Tk 2.99 a year ago.

Islami Bank declared 10 per cent cash dividend for the year that ended on December 31.

Share price of IBBL remained unchanged at Tk 32.80 at 12.30 pm in the DSE.