National Bank’s losses jump 145% in Q1

National Bank’s losses surged 145% year-on-year to Tk 766.29 crore in the first quarter of 2024, deepening the crisis-ridden bank’s financial woes. The bank cited non-recovery from defaulters, higher interest expenses on deposits and borrowings as reasons behind the massive loss. Its consolidated net asset value per share also plunged to Tk 4.92 from Tk 11.92 a year ago. The new board aims to improve the bank’s financial health through recovery drives and low-cost deposit mobilization amid its deteriorating condition with a high amount of classified loans.