Home Economy Janata Bank Achieved A Net Profit of Tk. 300cr

Janata Bank Achieved A Net Profit of Tk. 300cr

Janata Bank Achieved A Net Profit of Tk. 300cr
Photo Collected From: Banik Barta

The state-owned Janata Bank was under pressure with some big loans. As a result, for the third year in a row, the net profit of the second-largest state-owned bank fell below Tk. 25 crore. However, in 2021, the profit situation of Janata Bank changed. The bank made an operating profit of Tk. 1,002 crore. Janata Bank has taken a net profit of Tk. 300 crore from this profit. The information was presented at the state-owned bank’s 15th Annual General Meeting (AGM). The article contains Janata Bank Achieved A Net Profit of Tk. 300cr.

In his speech, Janata Bank Chairman Dr. S. M. Mahfuzur Rahman said, “Janata Bank had once gone in the opposite direction. But the bank has made unprecedented improvements in the last three years. We do not want to take this achievement. For this, I would like to thank all the bank officials. This has improved due to their relentless efforts.” He urged to increase the distribution of loans in small and medium sectors without going for big loans.

Managing Director and CEO of Md. Janata Bank spoke at the meeting, highlighting the overall activities and financial situation of Janata Bank in 2021. Abdus Salam Azad. He said the bank’s deposits increased by 23.33 percent last year compared to 2020. As a result of this high growth in deposits, Janata Bank achieved the glory of deposits of Tk 1 lakh crore last year. In 2020, the bank’s EPS (earnings per share) was 64 coins. In 2021, it increased 20 times to 12 Tk. 98 coins. The loans and advances have increased by 15.58 percent and stand at around Tk. 70,000 crore. The rate of defaulted loans has come down from 22.69 to 17.61 percent. Prior year, Tk. 370 crores were recovered, including Tk. 283 crores from defaulted loans. In the meantime, due to increased surveillance and a tough stance against defaulters, defaulted loans will gradually decrease by the end of the year. The number of loss-making branches of the bank has come down from 51 to 39. He mentioned that in 2021, Janata Bank deposited a total of Tk. 906 crore in the government treasury for VAT and excise duty.

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