IBBL secures a top position in making operational profit in 2022

The Islami Bank Bangladesh Limited (IBBL) has secured a top position in making operational profit in 2022, according to a Bangladesh Bank report.

Despite criticism of mismanagement and loan scams, the IBBL has now the highest deposit holding in the country. The depositors rushed to withdraw their money from the bank amid reports of loan scams in last November and December.

A UNB report says Banks have prepared financial reports based on their branch office information on disbursed loans and their collection update. The BB report released late Saturday found that the operating profit of most of the banks increased in 2022, compared to the same period of the previous (2021) year.

According to the report, IBBL is at the top among the banks in gaining operational profit. In 2022 (January-December), the bank made an operating profit of Tk 2,646 crore.

In the previous year in 2021, the profit of the bank (IBBL) was Tk 2430 crore. In 2020, it was Tk 2350 crore.

Among other banks, in 2022, the state-owned Sonali Bank made an operating profit of Tk 2,520 crore. In 2021, it was Tk 2100 crore.

But operating profit is not the actual profit of the bank. Net profit will be calculated after saving provision or safety stock at fixed rate against debt from operating profit and payment of corporate tax. Net profit is the actual profit of the bank.

State-owned BASIC Bank could not make operating profit in 2022. On the contrary, they incurred a loss of Tk 371 crore; Last year also the loss was Tk 80 crore. Apart from this, Citizen Bank has made an operating profit of Tk 2.54 crore in six months. The bank started operations in mid of 2022.

According to the data of the Central Bank, in the quarter of September 2022, the defaulted loan amount in the banking sector of the country has increased to more than Tk1.34 crore, which is 9.36 percent of the total loan.

Of the dozen, the earnings of Rupali Bank Limited rose to Tk 2110 million in 2022 from Tk 1470 million a year before.

Union Bank with a 25 percent growth earned operating profit amounting to Tk 4.500 million in the just past year against Tk 3,600 million earned a year ago.

The state-owned Sonali Bank Limited records Tk. 25,000 million in 2022 in a rise from Tk 20,900 million a year before. The growth is around 20 per cent.

Another private bank named Jamuna Bank Limited secured 18.57 percent growth in making operating profit of Tk 8,300 million in 2022 against Tk. 7000 million earned in the previous year while Social Islami Bank Limited (SIBL) ear4ned Tk 5,500 million as operating profits in 2022 and the figure jumped by Tk 500 million from the 2021 earnings.

Meanwhile, the operating profits of Al- Arafah Bank Limited increased by Tk 500 million to Tk 8,100 million in 2022 while NRBC‍‍`s unaudited profit shot up by Tk 50 million to reach 4550 million in same year.