BRAC Bank (BRACBANK) Q2 2024 earnings summary

Executive summary

• Net profit after tax rose to BDT 5.22 billion (consolidated) for H1 2024, up from BDT 3.10 billion year-over-year, driven by higher investment and commission income.

• Total assets increased to BDT 940.6 billion from BDT 837.1 billion at year-end 2023, reflecting strong growth in deposits and loans.

• Earnings per share (EPS) improved to 2.95 (consolidated) and 2.93 (standalone) for H1 2024, compared to 1.75 and 1.71, respectively, in H1 2023.

Financial highlights

• Operating income (consolidated) for H1 2024 reached BDT 30.06 billion, up from BDT 22.04 billion year-over-year.

• Net interest income (consolidated) rose to BDT 8.63 billion from BDT 5.90 billion year-over-year.

• Investment income (consolidated) increased to BDT 6.55 billion from BDT 3.26 billion year-over-year.

• Net operating cash flow per share (NOCFPS) surged to 35.83 (consolidated) and 31.80 (standalone), compared to 19.61 and 6.23, respectively, in H1 2023.

• Total deposits grew to BDT 671.2 billion (consolidated) from BDT 588.4 billion at year-end 2023.

Outlook and guidance

• Management reports a stable outlook, with strong liquidity, profitability, and asset quality trends.

• Credit rating agencies reaffirmed 'AAA' long-term and 'ST-1' short-term ratings with a stable outlook.