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Islami Bank Bangladesh Q2 net profit up 8% YOY

Islami Bank Bangladesh Ltd. reported a 8% year-over-year increase in net profit for the quarter ended June 30, partly thanks to lower provisions.

The bank's consolidated net profit attributable to equity holders rose to 2.65 billion Bangladeshi taka from 2.46 billion taka in the prior-year period. EPS grew to 1.64 taka from 1.52 taka, according to an earnings report recently obtained by S&P Global Market Intelligence.

Net investment income for the period grew to 7.69 billion taka from 7.21 billion taka. Total operating income increased to 11.17 billion taka from 10.39 billion taka, while total operating expenses rose to 5.38 billion taka from 4.86 billion taka.

The bank booked total provisions of 892.7 million taka, down from 995.4 million taka a year earlier.

As of July 31, US$1 was equivalent to 84.50 Bangladeshi taka.