Business Report :
Shahjalal Islami Bank posted a profit of Tk 167.05 crore in the April-June quarter of 2024, which is slightly higher than last year same period’s Tk 166.79 crore.
In the first half of 2024, the shariah-based bank made a profit of Tk 288.86 crore, up 5 percent year-on-year, the bank said in its financial statement.
The bank’s consolidated earnings per share for this period increased to Tk 2.59 from Tk 2.45 a year earlier.
“Our financial performance in the first six months was satisfactory as we maintained higher provisions against loans to mitigate risk and increase the strength of the bank’s capital,” said a top official of the bank preferring anonymity.
Additionally, the bank’s consolidated net operating cash flow per share (NOCFPS) surged to Tk 12.48 in the January-June period, from Tk 6.48 of the previous year’s first six months.
The bank gave credit for the rise in NOCFPS to the increased placements from other banks and institutions as well as a jump in customer deposits.
“Our customers are confident of keeping their deposits at the bank, as our cost of deposits is one of the lowest among all the banks,” said the official regarding the increase in deposit.
He also mentioned recording growth in investment in the first half of the financial year.
Founded in 2001, Shahjalal Islami Bank operates under Islamic shariah principles.
It has an authorised capital of Tk 1,500 crore and a paid-up capital of Tk 1,029 crore, according to the bank’s website.
The bank’s network consists of 140 branches and 132 ATM (automated teller machine) booths across Bangladesh.
Shares of the bank rose 0.56 percent to Tk 18 at the Dhaka Stock Exchange on Thursday.