Bank Asia PLC has announced a significant year-on-year decrease in profit, amounting to 31.7 percent, reaching Tk 2.08 billion in 2023. This decline follows a profit of Tk 3.05 billion reported in the previous year, as per a filing on the Dhaka Stock Exchange.

Consequently, Bank Asia’s consolidated earnings per share (EPS) for the year ending December 31 were reported at Tk 1.79, compared to Tk 2.62 in the previous year. The bank attributed this decrease in EPS primarily to maintaining a higher provision.

Despite the decline in profit, Bank Asia’s consolidated net asset value per share showed a modest increase, rising to Tk 25.22 from Tk 24.41.

However, the net operating cash flow per share experienced a notable drop to a negative Tk 5.69 last year from Tk 13.82 in 2022. This decrease was primarily attributed to adjustments in borrowings from other banks, financial institutions, and agents.

Despite the challenging financial performance, Bank Asia’s stocks slightly increased, rising by 1.09 percent to Tk 18.50 on the Dhaka Stock Exchange today.