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NRBC Bank Reports 27% Surge in Profit on Reduced Provisions

Industry: Bank, Financial
Company: NRB Commercial Bank Ltd
Company Intelligence Tag: Business Insights

NRB Commercial Bank (NRBC) has exceeded expectations with its financial performance in Q1 of 2023, showing a 27% YoY surge in profit, reaching a net profit of Tk 81.12 crore. The profit is the highest in four years and is mainly due to lower provisions and good returns on investments. The bank has steadily grown in profit since 2019, with its Q1 2021 profit reaching Tk 31.56 crore.

The bank’s EPS for the Q1 2023 rose to Tk 1.02, and its loan loss provision and provision for unrealised loss decreased. The bank’s total loans disbursed till March 2023 reached Tk 13,764 crore, with deposit collection jumping by 17.64% YoY, reaching Tk 15,833 crore. The bank offers banking services through 103 branches, 1500 sub-branches, agent points, and ATM booths across the country. Sponsor-directors held 73.49% of the company’s total shares, while institutional investors owned 2.98%, and general investors 23.53% till April 30, 2023.

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