Islami Bank will turn around by end of 2017, Chairman Arastoo says after EPS plunge

Islami Bank Bangladesh Limited or IBBL’s earnings per share or EPS have dropped in nine months after the government rang in changes to its ownership and management, but its Chairman Arastoo Khan believes things will change for the better by the end of the year.

“Wait until December,” he said in response to a query on Thursday at a news conference on an upcoming international workshop of the bank in Dhaka.

Islami Bank, the largest private commercial bank of Bangladesh, saw its July-September EPS drop year-on-year like the two previous quarters.

The bank’s EPS dropped from Tk 2.45 to Tk 1.85 in January-September period, marking a nearly 24.5 percent plunge.

“Islami Bank’s profits are shown to have fallen temporarily due to proper provisioning, but it’s good for the bank,” he said.

He added that they could have shown “less provision and higher profits’ within the law if they wanted, but they did not”.

“There is no window-dressing in our financial statement,” he said.

The bank is organising the workshop titled ‘Revival of Waqf for Socio-Economic Development’ on Nov 4 and 5 at Sonargaon Hotel in Dhaka.

President Md Abdul Hamid is expected to inaugurate the workshop. Finance Minister AMA Muhith will be the chief guest at the closing ceremony.

It was said in the news conference that researchers and specialists from Bangladesh and 10 other countries would present 28 articles at the workshop.

The bank is organising the workshop in association with Islamic Development Bank’s Islamic Research and Training Institute, and the Centre for Zakat Management.