SBAC Bank’s profit up 41pc in first quarter

Business Report :
SBAC Bank PLC’s profit surged 41 percent year-on-year to Tk 19.78 crore in the first quarter of 2024.

The profit was Tk 14.01 crore in the identical period of 2023.

The commercial private lender’s consolidated earnings per share (EPS) were Tk 0.24 in January-March, up from Tk 0.17 a year prior, according to a filing on the Dhaka Stock Exchange. SBAC attributed the increase in the EPS to an increase in net interest income, whereas its provision requirement declined.

While the profit went up, the bank’s net operating cash flow per share dived to Tk 1.72 in negative from Tk 0.43 in the negative, according to the unaudited financial statements.

The bank said the NOCFPS decreased due to rising outflows of loans, deposits and a decrease in net proceedings from trading securities.

SBAC Bank began its journey in 2013 and currently provides both conventional and Shariah-compliant banking services. It was listed on the DSE in 2021.

The bank has a network of 89 branches, 31 sub-branches, 63 ATMs, 10 Islamic banking windows, and 33 agent outlets. Shares of the bank were unchanged at Tk 7.7 as of 1pm on Sunday.