Global Islami Bank suffers Tk2,235cr loss in Jan–Sep

Global Islami Bank has reported a staggering loss of Tk2,235 crore for the January–September period of 2025.

According to the bank's financial statement submitted to the Dhaka Stock Exchange (DSE) today (29 October), the loss per share stood at Tk22.63 during the nine-month period, compared to earnings per share (EPS) of Tk0.43 in the same period of 2024.

For the July–September quarter alone, the bank posted a loss per share of Tk6.07, a sharp deterioration from Tk0.55 during the same quarter last year.

The bank's net operating cash flow per share (NOCFPS) also fell to Tk12.86 in January–September 2025, from Tk9.92 a year earlier. Meanwhile, its net asset value (NAV) per share dropped steeply to Tk44.40 as of 30 September 2025, compared to Tk9.14 a year earlier.

The bank attributed the heavy losses to an operating loss of Tk974.98 crore and provisioning charges amounting to Tk1,260.91 crore during the period.

NOCFPS declined mainly due to a reduction of Tk989.57 crore in investment income received in cash and an increase of Tk439.23 crore in profit paid on deposits compared to the previous year.

The sharp fall in NAV – down by Tk35.26 year-on-year – was also driven by the substantial provisioning, which led to negative retained earnings of Tk5,573.54 crore as of September 2025.

Under the S Alam Group's control, the bank reported profits until 2023. But after the change in political regime in August 2024, audits revealed a different picture.

Following the fall of the Awami League government on 5 August, the bank's board was dissolved on 29 August and replaced with five independent directors.

A special audit by the Bangladesh Bank and the bank itself revealed a stunning act of balance sheet manipulation, where the bank, despite incurring a substantial loss of Tk2,259 crore for 2023, falsely reported a net profit of Tk128 crore.