The country’s once-leading Islami Bank Bangladesh Limited (IBBL) has witnessed a significant drop in its half-yearly profits, following two major shake-downs in the IBBL management board. At the end of June, 2017, the defaulted loans reached to Tk3,528 crore, while the bank’s defaulted loan was Tk2,233 crore at the end of December, 2016. In the first six months of this year, the bank’s defaulted loans increased by Tk1,285 crore. Also Read – Ongoing row among Islami Bank board of directorsThe bank’s higher loan provision to compensate for rising defaulted loans has affected its profit. However, the process has failed to bring any fundamental change, but has had a negative effect on the bank’s financial performance.

Source: Dhaka Tribune September 25, 2017 13:52 UTC