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Islami Bank Bangladesh Q2 net profit falls on higher expenses, provisions

Islami Bank Bangladesh Ltd. posted a 28.2% year-over-year decline in net profit for the second quarter as expenses and provisions increased.

The bank reported a fall in consolidated second-quarter net profit after tax attributable to equity holders to 1.91 billion Bangladeshi taka, or 1.18 taka per share, from 2.66 billion taka, or 1.65 taka per share, according to an earnings release recently obtained by S&P Global Market Intelligence.

Net investment income rose to 6.31 billion taka from 6.16 billion taka. Operating income rose to 13.91 billion taka from 13.46 billion taka, while total operating income climbed to 8.98 billion taka from 8.63 billion taka.

Total operating expenses rose to 4.59 billion taka from 3.83 billion taka. Total provisions for the quarter totaled 719.0 million taka, up from 266.3 million in the prior-year quarter.

For the first half, the bank posted a 16.2% year-over-year decline in net profit after tax attributable to equity holders to 2.91 billion taka, or 1.80 taka per share, from 3.47 billion taka, or 2.15 taka per share.

As of July 31, US$1 was equivalent to 81.38 Bangladeshi taka.