Shahjalal Islami Bank posts highest profit in 5 years

Shahjalal Islami Bank PLC reported a net profit of Tk 362.48 crore for the year ended December 31, the highest in five years.

The profit for 2023 marked a nearly 3 percent increase from Tk 352.5 crore in 2022. As a result, the earnings per share (EPS) increased to Tk 3.26 from Tk 3.17, according to its audited financial statement. 

The Shariah-based lender attributed the spike in the EPS to the growth in net investment income, income from investments in shares and securities, and other operating incomes.

Shahjalal Islami Bank also reported a significant increase in its net operating cash flow per share (NOCFPS), which soared to Tk 10.08 from Tk 3.49. 

The NOCFPS rose significantly due mainly to the rise in deposits from customers, decline in placement with other banks and financial institutions, as well as an increase in investment income, said the bank.

The net asset value per share stood at Tk 21.3 in 2023 against Tk 19.65 the previous year. The bank credited the increase in the net profit for the improvement.

Founded in 2001, Shahjalal Islami Bank has a network of 140 branches across the country and 132 ATM booths. Its authorised capital stands at Tk 1,500 crore and the paid-up capital at Tk 1,029 crore. 

The bank's shares closed unchanged at Tk 19.8 on the Dhaka Stock Exchange today.