NCC Bank gets nod for 20 Islamic branches

Bangladesh Bank has approved National Credit and Commerce Bank (NCC Bank) to convert 20 conventional banking branches into full-fledged Islamic banking branches.

According to a disclosure on the Dhaka Stock Exchange (DSE) website yesterday, the approval was issued through a Bangladesh Bank letter dated August 17.

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NCC Bank said it would take all necessary measures to comply with the central bank’s conditions and complete the conversion accordingly.

The move comes as Islamic banking continues to expand in Bangladesh. A recent Bangladesh Bank report showed that deposits with Islamic banks rose 3.31 percent year-on-year to Tk 4.67 lakh crore in June 2026 from Tk 4.52 lakh crore a year earlier.

Islamic bank investments also grew 7.37 percent to Tk 6.12 lakh crore from Tk 5.70 lakh crore over the same period, driven by rising demand for Islamic financing products, particularly profit-and-loss-sharing modes, the report said.

Meanwhile, NCC Bank reported a profit of Tk 116 crore for the April-June quarter of 2026, up 5 percent year-on-year, driven by higher investment income, according to its financial reports.

As of July 31, 2026, sponsors and directors held 42.10 percent of NCC Bank’s shares, while institutional investors held 21.35 percent, according to DSE data. The remaining shares were held by the public and foreign investors.