Bay Leasing reports Tk440cr loss

Business Desk :

Bay Leasing and Investment Ltd, a non-bank financial institution, reported a loss of Tk440 crore in 2024, which was 429 per cent higher than the previous year’s loss.

Bay Leasing faced a loss for the first time in 2021, and since then, it has been unable to return to profitability.

According to the price sensitive statement filed on the Dhaka Stock Exchange (DSE), during last year, the company’s core business, which is net interest income, experienced a significant decline due to several large loan defaults.

Besides, the gradual increase in the cost of borrowing further contributed to the company’s financial losses.

Following the skyrocketing loss, the board of Bay Leasing failed to recommend any dividends for the year 2024.

However, despite posting a loss and no dividend declaration, Bay Leasing shares jumped by 4.88 per cent to reach Tk4.30 on Sunday at the DSE.