Union Bank incurs record loss of Tk25,794cr in 2024
Earlier, the Bangladesh Bank announced that Union Bank is ineffective and appointed an administrator as it is going to be merged with four other banks.
Union Bank PLC has reported that it incurred a record loss of Tk25,794 crore in 2024, which ended on 31 December.
According to banking sector insiders, it would be the highest loss ever recorded by a particular bank in its history.
According to the price sensitive information filed on the Dhaka Stock Exchange website today (18 November), the bank's loss per share stood at Tk248.91, which was Tk2.82 a year ago.
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Due to the high loss, its net asset value per share dropped to negative Tk237.44.
Earlier this month, the Bangladesh Bank announced that Union Bank is ineffective and appointed an administrator as it is going to be merged with four other banks.
Following the announcement, the stock exchanges suspended the bank's share trading.
