TDS Desk:

Bangladesh Bank achieved a record profit in the fiscal year 2023-24, fueled by significant US dollar sales from reserves and a sharp rise in short-term lending to commercial banks.

The central bank’s final balance sheet for the year reveals a total profit of Tk 40,000 crore, with a net or actual profit of Tk 15,100 crore. This marks a substantial increase from the previous fiscal year, when net profits stood at Tk 10,748 crore. Of this, Tk 10,652 crore was transferred to the government treasury.

The surge in profits is largely attributed to Bangladesh Bank’s income from short-term loans provided to various banks, particularly through repos and special repos.

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Additionally, the bank capitalized on the sale of US dollars from its foreign exchange reserves, a move that bolstered its earnings.

The financial statement was approved during a meeting of the Bangladesh Bank’s board of directors last Wednesday. At this meeting, it was also decided that central bank officials would receive a bonus equivalent to five and a half months’ basic salary.

In the last fiscal year, Bangladesh Bank extended a total of Tk 32.21 lakh crore in loans to commercial banks, surpassing the cumulative amount lent over the previous seven years. Moreover, the bank sold US $12.79 billion from its foreign exchange reserves to local banks throughout the fiscal year.

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Following all expenditures, Tk 15,100 crore from the net income was deposited into the government treasury, reflecting the central bank’s robust financial performance.