NRB Bank’s IPO subscription begins 28 January

The initial public offering (IPO) subscription of NRB Bank will begin on 28 January 2024 and continue till 1 February.

Earlier, on 9 November, the bank received approval from the Bangladesh Securities and Exchange Commission (BSEC) to raise Tk100 crore through issuing new shares at Tk10 each under the IPO.

The bank will invest Tk92 crore in government securities, Tk4.17 crore in the secondary market and Tk3.83 crore to meet its IPO expenses.

According to the financial report of January to September of 2023, the consolidated net interest income of the bank stood at Tk72 crore, which was Tk96 crore in the same period of 2022.

In the same period, its consolidated net profit after tax stood at Tk16 crore and earnings per share Tk0.27, which was Tk55 crore and Tk0.94 respectively in 2022.

As on 30 September 2023, its net asset value per share stood at Tk12.72.

UCB Investment and Shahjalal Equity Management Ltd are working as the issue managers for NRB Bank's IPO.

Its authorised capital was Tk1,000 crore and paid-up capital Tk590.59 crore.

NRB Bank, established in 2013, launched a wide variety of products and services under different categories such as retail banking, SME banking, NRB banking, corporate banking, and e-banking.

As of 2023, the bank has 50 branches, 24 sub-branches, 50 ATM booth outlets, and 308 agent outlets across the country.

According to the prospectus of the bank, at the end of September 2023, its non-performing loan (NPL) ratio stood at 6.10% of the total outstanding, which was 3.22% a year ago.

At the end of September 2023, its capital adequacy ratio stood at 14.19%, which was 16.60% in 2022.

During the period, the total loans and advances of the bank stood at Tk5,697 crore, which was Tk4,949 crore at the end of December 2022.

Its total liabilities were Tk7,575 crore at the end of September 2023.