Bangladesh Bank’s recent directive to keep more provisioning against classified loans and losses from the capital market pulled Islami Bank Bangladesh Ltd’s net profit down significantly in the third quarter.
Islami Bank made Tk 0.20 crore net profit in the July-September quarter against Tk 83.23 crore in the same period of the previous year, a Dhaka Stock Exchange data showed.
The bank made net profit of Tk 193.94 crore in January-September period against Tk 504.84 crore in the same period of the previous year.
IBBL managing director Mohammad Abdul Mannan told New Age, ‘We made operating profit of Tk 1,224 crore in the January-September period while it was Tk 1,354 crore in the same period of the previous year.’
He said the figure of the operating profit indicated that they made enough profit during the period, but the net profit of the bank fell as they had complied with some defaulted loan-related directives issued by the Bangladesh Bank.
Another IBBL official told New Age that his bank had incurred losses of Tk 31 crore from the capital market during the period that was another reason for the fall in the net profit.
The ICB Islamic Bank, meanwhile, also incurred an increased loss of Tk 41.41 crore in the first nine months against Tk 16.85 crore during the same period of last year.
As per un-audited quarterly accounts for the third quarter ended on September 30, the bank also reported net loss after tax of Tk 32.7 crore as against Tk 8.43 crore for the same period of the previous year, said a notice posted on the DSE web site.
-With New Age input
