Banks of Bangladesh experience sharp drop in profits

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Banks of Bangladesh experience sharp drop in profits
« on: November 02, 2013, 02:34:55 PM »
Almost all banks — from Mutual Trust to Dhaka Bank, SIBL, Eastern Bank and AB Bank — saw their net profits fall drastically during the first nine months this year compared to the same period last year.
However, data from third quarter and first nine months of the fiscal year show that Bank Asia, United Commercial Bank, Southeast Bank and IFIC Bank performed well compared to the same time last year.
Bankers attributed the erosion in profit to new loan classification and rescheduling rules by the central bank and the presiding anti-business climate in the run-up to national elections.

Despite good business in the third quarter this year, the nine months’ profit figure for Jamuna Bank brought down its earnings per share to Tk 0.59 from Tk 1.73 at this time a year ago.
The nine-month net profit for EBL also witnessed a sharp fall to Tk 104 crore this year from Tk 123 crore a year ago. For the third quarter, the bank’s net profit stood at Tk 6.56 crore and earnings per share at Tk 0.11 against Tk 34.42 crore and Tk 0.56 respectively for the same period last year.
[Source: The Daily Star-November 02, 2013]

Sayed Farrukh Ahmed
Assistant Professor
Faculty of Business & Economics
Daffodil International University

« Last Edit: November 02, 2013, 02:37:16 PM by munna99185 »