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Islami Bank Bangladesh Q1 net profit drops YOY on higher provisions

Islami Bank Bangladesh Ltd. posted a year-over-year decline in net profit for the quarter ended March 31 as provisions rose.

Net profit attributable to equity holders dropped to 571.9 million Bangladeshi taka from 995.9 million taka, according to a quarterly earnings report recently obtained by S&P Global Market Intelligence.

EPS fell to 36 poisha from 65 poisha.

Net investment income increased to 6.64 billion taka from 6.18 billion taka, while commission, exchange and brokerage income slipped to 1.30 billion taka from 1.58 billion taka.

The bank recorded total provisions of 2.23 billion taka, up from 1.81 billion taka.

Total operating income for the period inched up to 8.78 billion taka from 8.63 billion taka. Total operating expenses also went up to 4.18 billion taka from 4.04 billion taka.

As of May 31, US$1 was equivalent to 83.79 Bangladeshi taka.