Islami Bank profit goes up on high capital market return

The year-on-year consolidated profit of the Islami Bank Bangladesh Limited has spiralled by 65.49% in the third quarter this year thanks to higher capital market returns.

In Q3, Islami Bank posted its consolidated profit of Tk94.96 crore, which was Tk57.38 crore in the same period of 2020.

During the July to September period, the bank raked in Tk102.94 crore, which is around 265% higher than the corresponding period of the previous year, in return from the investment in shares and securities.

Islami Bank Bangladesh Limited is a joint venture public limited company engaged in a commercial banking business based on Islamic Shari'ah. It has a total 375 branches, 196 sub-branches, and 2,306 agent outlets in Bangladesh. It was established in 1983 as the first Islamic bank in South East Asia.

In the July to September quarter, its consolidated earnings per share was Tk0.59, which was Tk0.36 in the same period of the previous year.

During the period, the bank's core business income reduced by 10% to Tk567 crore.

In the first nine months (January to September) of the current year, the consolidated net profit was Tk429.61 crore, which was Tk369.73 crore in the same period of the previous year.

During the period, its consolidated earnings per share was Tk2.67, which was 2.30 in the same period of the previous year.

The consolidated net asset value per share stood at Tk40.59 as of 30 September 2021. The bank was listed on the Dhaka stock exchange in 1985.

The current paid-up capital of the bank is Tk1610 crore. The last trading share price at the Dhaka stock exchange was Tk30 on Thursday.

As of 30 September this year, sponsors and directors jointly held 51.32%, institute 16.25%, foreign investors 20.32% and general investors 12.11% of the company shares.