BKash Limited reported a remarkable 2,100% increase in profit, reaching Tk88 crore during the first nine months of 2023. This substantial profit surge was primarily driven by higher revenue, with a 21.90% growth to Tk3,050 crore, largely attributed to interest earnings. The company’s CFO noted that improved yields in government securities and increased operational efficiency contributed to revenue growth.
During the same period in 2022, bKash had a profit of Tk4 crore and revenue of Tk2,854 crore. Notably, the company achieved an operating profit of Tk12 crore, a significant improvement from a negative Tk61 crore in the previous year. Net finance income also increased by 39% to Tk122 crore. After accounting for contributions to the Workers’ Profit Participation Fund and income tax, bKash’s net profit for January to September 2023 stood at Tk88 crore.
This financial turnaround followed a period of losses between 2019 and 2021, during which the company was heavily investing in business expansion and new services. bKash is a subsidiary of Brac Bank, and it has attracted equity partners and non-voting preference shareholders from notable entities like Alipay, the Bill & Melinda Gates Foundation, and SoftBank.
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