Al-Arafah Islami Bank, a prominent financial institution, has experienced a significant decline of over 60% in its net profit from the first quarter of 2023 to the same period in 2022. The bank’s earnings per share also witnessed a notable decrease from Tk0.48 to Tk0.19 in the January-March quarter of 2023.
The bank attributed the decline in earnings per share to a decrease in net investment income and an increase in operating expenses compared to the corresponding period last year. As a result of these factors, Al-Arafah Islami Bank’s shares were traded at Tk25.30 each, indicating a 0.78% decrease from the previous session at the Dhaka Stock Exchange (DSE).