Shariah-compliant bank Islami Bank Bangladesh Limited (IBBL) has reported a 7.2% increase in profit for the April-June quarter of 2024.
The profit amounted to Tk307 crore whereas it was Tk286.22 crore in the same period last year, according to its unaudited financial statements.
It also highlights the bank's sustained profitability, following a profit of Tk 635.33 crore in 2023, its highest since 2019.
For the first half of the year, the bank's profit rose to Tk356.92 crore from Tk343.34 crore in the corresponding period of the previous year, Thus, consolidated earnings per share for the January-June period of 2024 stood at Tk 2.22, compared to Tk 2.13 in the same period last year.
IBBL's consolidated net operating cash flow per share registered a significant improvement, reaching Tk54.79 from Tk39.21 in the negative a year ago.
The bank's consolidated net asset value per share was Tk46.06 in the first six months of this year.
IBBL achieved a significant milestone last year by becoming the largest lender in the country by total deposits surpassing Sonali Bank, despite recent loan scandals.
It attracted deposits totalling Tk153,456 crore in 2023, reflecting a 9% year-on-year increase.
In comparison, Sonali Bank, the largest state-run lender, mobilised deposits worth Tk 150,606 crore, an increase of 6%.
This development positioned Islami Bank as the largest bank in Bangladesh in terms of deposits and loans (investments).
However, the non-performing loan (NPL) ratio of Islami Bank stood at 3.3% in 2022.
Established in 1983, Islami Bank Bangladesh has grown substantially, with a paid-up capital of Tk1,609.99 crore.
The bank operates 394 branches, 249 sub-branches, and 2,771 agent banking outlets across the country.
