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Agrani Bank swings to FY'17 net profit

Bangladesh-based Agrani Bank Ltd. swung to a net profit for the fiscal year ended Dec. 31, 2017.

The bank reported a consolidated fiscal full-year net profit after tax of 6.94 billion Bangldeshi taka, compared to a net loss after tax of 6.91 billion taka in the same period the prior year.

EPS for the full year came to 33.49 taka, compared to a loss per share of 33.35 taka.

Net interest income surged to 4.51 billion taka from 965.4 million taka. Investment income slipped to 15.20 billion taka from 15.73 billion taka.

Total operating income rose to 24.31 billion taka from 21.32 billion taka, while total operating expenses inched up to 15.81 billion taka from 15.65 billion taka. Profit before provision and tax climbed to 7.17 billion taka from 4.34 billion taka.

The company reported a reversal for loans and advances of 5.04 billion taka for the full year, compared to a provision of 8.17 billion taka in the prior-year period.

As of April 30, US$1 was equivalent to 84.32 Bangladesh taka.