Brac, Mercantile, Uttara banks post profit growth for 2021
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February 03, 2023

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FRIDAY, FEBRUARY 03, 2023
Brac, Mercantile, Uttara banks post profit growth for 2021

Banking

TBS Report
16 March, 2022, 08:20 pm
Last modified: 16 March, 2022, 08:27 pm

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Brac, Mercantile, Uttara banks post profit growth for 2021

All three banks recommended dividends for their shareholders

TBS Report
16 March, 2022, 08:20 pm
Last modified: 16 March, 2022, 08:27 pm
Representational Image. Photo: Collected
Representational Image. Photo: Collected

Brac Bank, Mercantile Bank, and Uttara Bank have registered decent profit growths for 2021.

The boards of the lenders have recommended dividends for their shareholders.

Brac Bank's consolidated earnings per share (EPS) increased by 24% to Tk3.93 in 2021 from Tk3.17 in 2020.

Md Shaheen Iqbal, head of Treasury and Financial Institutions of the bank, told The Business Standard, "2021 was a challenging year of course, but the bank managed its financial strength well."

Deposit cost was low, income from loan portfolios was decent, and returns from investments in treasury securities and publicly-traded shares were good which helped the bank register growth in its solo earning, he said.

Of the subsidiaries, Brac EPL Stock Brokerage and Brac EPL Investments Ltd made profits in 2021, but the mobile financial service subsidiary bKash continued with a moderate increase in losses as it is investing a lot for a better future, Iqbal added.

Despite the fact the SMEs have been the hardest hit in the Covid-19 pandemic, Brac Bank's SME loan portfolio was the best performing one in 2021, while corporate loans saw the weakest recovery.

The bank voluntarily made much more additional provisions against its loans despite the central bank requiring much less for the year 2021.

"The conservative approach helped Brac Bank have a rock-solid financial base in the troubled time," said Iqbal, also the president of CFA Society Bangladesh.

Brac Bank shareholders are set to avail 7.5% cash and 7.5% stock dividends.

Brac Bank shares closed 2.7% higher at Tk49.7 each against a Tk41.08 net asset value per share (NAVPS).

Uttara Bank's consolidated annual EPS inched up to Tk3.93, from Tk3.8, with NAVPS of Tk32.83 at the year-end.

Its stock price jumped 3.6% in the Dhaka Stock Exchange to Tk28.8 on Wednesday as the bank announced 14% cash and 14% stock dividends for 2021.

Mercantile Bank, on the other hand, posted the biggest earnings jump as its EPS grew to Tk3.46 from Tk2.16. Its NAVPS stood at Tk23.91 and stock price closed 1.1% higher at Tk17.8.

Mercantile Bank shareholders will avail 12.5% cash and 5% stock dividends for 2021.

Economy / Top News

Profit growth / BRAC Bank / Uttara Bank / Mercantile bank

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