Sonali Bank profit grows amid challenges in 2024: MD

Sonali Bank has achieved significant growth in 2024 despite the year being challenging for the banking sector, said Shawkat Ali Khan, managing director of the state-owned lender. 

"Despite political instability and adverse business conditions, Sonali Bank achieved significant operating profit," he said at a media briefing today (2 January). 

"In 2024, our operating profit reached Tk5,634 crore, which is Tk1,788 crore higher than the previous year," he added.

The bank's deposits stood at nearly Tk1.65 lakh crore at the end of December 2024, reflecting an increase of Tk14,341 crore from the previous year.

Its loan portfolio reached Tk99,180 crore, though the outstanding figure saw a slight decrease due to adjustments of loans from government institutions towards year-end. The bank's advance deposit ratio now stands at 60%.

Shawkat also noted that Sonali Bank recovered Tk1,170 crore from non-performing loans and Tk59 crore from classified loans in 2024.

"We are taking legal action as per the central bank's circular to recover loans from major defaulters like Hallmark and TM Brothers Group," he added. 

Regarding other defaulters, the managing director said, "A large company of Beximco has become a defaulter, but their Shinepukur [Ceramics Ltd] company is in good condition."

Discussing plans for 2025, he stressed improving services and supporting economic growth.

"Our goal for 2025 is to move forward towards prosperity through trust and service. We aim to recover loans from defaulting customers and lend to good sectors," he said. "We have special plans for SMEs and export growth and will further enrich our digital banking services."  

Shawkat also mentioned that Sonali Bank had Tk2,500 crore in provisions taken from the central bank at the beginning of 2024.

"We hope to adjust a large portion of this with the operating profit earned in 2024," he said.