SBAC Bank’s profit soars 28%

Profit of South Bangla Agriculture & Commerce (SBAC) Bank Ltd soared 28 per cent in the first six months of the current financial year that will end in December as the lender was able to bring down its provision against defaulted loans.

The private bank recorded profit of Tk 33.6 crore in January-June period this year, up from Tk 26 crore in the same period a year ago.

Earnings per share (EPS) rose to Tk 0.41 during January-June from Tk 0.32 in the same period of 2022, according to the unaudited financial statement of the bank.

The private bank's earnings more than doubled to Tk 19.5 crore in the April-June period of the current financial year from Tk  7.8 crore in the same period a year ago.

The bank said its income from operating activities has increased in the first half of 2023 taking the net operating cash flow to positive territory.

Shares of SBAC Bank closed unchanged at Tk 10.5 at the Dhaka Stock Exchange yesterday.