Despite facing high inflation and a dollar crisis, six listed banks in Bangladesh reported significant profit growth in Q2 2024, driven by higher interest spreads and strategic investments in Treasury bills and bonds. The Bangladesh Bank reported an increase in the average interest rate spread to 5.86% in May 2024, nearly 3 percentage points higher than the previous year. This rise allowed banks to benefit from increased interest income, with lending rates at 11.28% and deposit rates at 5.42%.
ONE Bank led with a 245% year-on-year profit surge in Q2, reaching Tk 0.81 billion, and a 137% increase in half-yearly profit to Tk 1.24 billion. Standard Bank saw a 183% rise in net profit to Tk 0.19 billion in Q2 and a 146% increase in H1 profit to Tk 0.36 billion, citing increased deposits and reduced operating expenses. NRBC Bank and NRB Bank also returned to profitability in Q2, with NRBC’s half-yearly profit increasing by 43% to Tk 0.61 billion and NRB reporting a Tk 100 million profit in H1 2024, compared to a Tk 420 million loss the previous year.