Agrani Bank Ltd.'s net profit for the 2018 full year plunged year over year, dragged down by higher provisions.
The Bangladesh-based bank reported consolidated full-year net profit after tax of 1.10 billion taka from 6.94 billion taka in the year-ago period. EPS fell to 5.33 taka from 33.49 taka, according to the bank's 2018 annual report filed April 30.
Net interest income nearly doubled to 8.95 billion taka from 4.51 billion taka, while investment income fell to 12.30 billion taka from 15.20 billion taka. The bank's total operating income for 2018 amounted to 25.25 billion taka, up from 24.31 billion taka in 2017. Total operating expenses increased year over year to 16.76 billion taka from 15.81 billion taka.
Meanwhile, the bank booked total provisions of 4.84 billion taka, compared to a reversal of 2.77 billion taka a year earlier. The 2018 total included 1.29 billion taka as provisions for loans and advances, compared to reversals of 5.04 billion taka in 2017.
As of April 30, US$1 was equivalent to 84.47 Bangladeshi taka.