SBAC Bank’s profits jump 158% in Q3

SBAC Bank PLC posted a significant profit growth in the July-September quarter of this year with earnings of Tk 40.38 crore, posting a 158 percent year-on-year rise.

The private bank's consolidated earnings per share (EPS) increased to Tk 0.49, up from Tk 0.19 in the same period last year, as per a recent disclosure on the website of Dhaka Stock Exchange.

SBAC said that the EPS boost was driven by increased investment income, cost-cutting measures in administrative expenses, and reduced tax provisions when its net interest income continued to climb. 

The bank also said its net asset value also increased as a result of the improved EPS. 

The bank recorded an EPS of Tk 0.95 for the nine months ending in September.

The consolidated net operating cash flow per share was Tk 1.38 in the January to September period, which the bank attributed to higher loan volumes and trading securities.

SBAC launched in 2013 offers both conventional and Shariah-compliant Islamic banking and it has 89 branches nationwide, as per the bank's website. 

After being listed at the DSE in 2021, the bank continues to grow its asset base and reach, now encompassing 63 automated teller machines, 10 Islamic windows, and 33 agent outlets across Bangladesh.