BRAC Bank Strengths and Achievements

BRAC Bank is a remarkable institution that has made a significant impact in Bangladesh's financial sector. With a strong focus on digital banking, BRAC Bank has successfully introduced mobile banking services, allowing customers to access their accounts and make transactions from the comfort of their own homes.

BRAC Bank's commitment to innovation has led to the development of a robust online banking platform, enabling customers to manage their finances with ease. This platform has been well-received by customers, with over 2 million registered users taking advantage of its features.

BRAC Bank's dedication to customer service has earned it a loyal customer base, with a high customer satisfaction rate of 90%. This is a testament to the bank's ability to provide excellent service to its customers.

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BRAC Bank was founded on 4 July 2001 to serve the large number of unbanked people in Bangladesh.

Fazle Hasan Abed, the founder of BRAC and BRAC University, was the mastermind behind the bank's creation to facilitate Small and Medium Enterprises.

The bank established BRAC Afghanistan Bank in 2006 as a greenfield venture.

BRAC Bank purchased a majority stake in GSP Finance Company (Bangladesh) Limited in May 2008.

Muhammad A. (Rumee) Ali, a deputy governor of Bangladesh Bank, was appointed chairman of BRAC Bank Limited in 2008.

BRAC Bank sponsored Wasfia Nazreen's seven summit expedition.

The bank received US$30 million from International Finance Corporation in April.

In September 2022, Bangladesh Bank ordered BRAC Bank to spend 50 per cent of their profits from Foreign Exchange trading on corporate social responsibility programs.

BRAC Bank opened its 800th agent banking branch in September 2022, a significant milestone in its expansion efforts.

The bank had a total asset of 611 billion BDT as of 2022.

BRAC Bank launched a digital loan app called Shubidha.

On 11 January 2023, BRAC Bank borrowed US$50 million from the German Investment Corporation.

The bank donated 40 million BDT to Prime Minister Sheikh Hasina's Ashrayan-2 project in January 2023.

BRAC Bank opened its 1000th agent banking outlet in February 2023, marking another major achievement in its growth journey.

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BRAC Bank has a well-established ATM network with 457 ATMs across the country.

It's also a part of the OMNIBUS shared ATM network, which is a collaborative effort between banks to provide a neutral and centralized gateway for ATM and POS transactions.

The OMNIBUS network is formed by member institutions, including banks of Bangladesh and companies listed in the DSE 30 Index.

BRAC Bank has made significant strides in its financials, with a total asset value of Tk 1,44,111 crore as of 2020. This impressive figure reflects the bank's steady growth and expansion.

The bank has received numerous recognitions for its outstanding performance, including being ranked as one of the top 10 banks in Bangladesh by The Banker magazine in 2020.

BRAC Bank officially announced its financial figures in a virtual meeting held on Monday, with a profit after taxes of Taka 285 crore on a standalone basis and Taka 215 crore on a consolidated basis in the January-June period of 2021.

The virtual meeting was attended by BRAC Bank Managing Director and CEO Selim RF Hussain, along with other senior business heads, shareholders, local and foreign investment analysts, and capital market experts.

BRAC Bank's growth is mainly driven by efficient balance sheet management, improved net interest margin, outstanding CASA growth, strong treasury performance, technology-driven cost management, and a very conservative loan provisioning.

The bank's cost to income ratio improved to 51 per cent, and its non-performing loan (NPL) ratio stands at 3.6 per cent with a credit coverage of 138 per cent.

BRAC Bank's return on equity (ROE) and return on assets (ROA) also improved to 12.15 per cent and 1.44 per cent respectively, with an earnings per share (EPS) of BDT 2.04 on a standalone basis and BDT 1.85 on a consolidated basis.

The bank's net asset value (NAV) per share stood at BDT 33.59 on a standalone basis and BDT 34.73 on a consolidated basis.

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