Uttara Bank has reported a notable 108% year-on-year profit growth, reaching Tk 1.37 billion in Q2 FY24, as per its unaudited financial report. For the first half of FY24, the bank’s earnings surged by 61% to Tk 1.94 billion compared to the same period last year. Iftekhar Zaman, the company secretary, attributed this success to robust performance across all segments and a focused approach on non-performing loans (NPL) recovery. The bank’s operations also showed improved cash flow, with this year’s cash flow from operations turning positive at Tk 5.45 billion compared to a negative Tk 4.95 billion last year. As of December 2023, Uttara Bank’s NPL ratio stood at 5.49%, slightly lower than the private commercial banks’ average of 5.93%. In FY23, the bank achieved a net profit of Tk 3.17 billion and declared 17.50% cash dividends along with 12.50% stock dividends for the year.
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