BRAC Bank Distribution Network achieves Tk8,000+ crore net deposit growth in 2023

The Distribution Network of BRAC Bank has achieved a deposit growth of more than Tk8,000 crore in the recently concluded year, which is a record in a single year, according to a press release. 

The deposit growth at this scale is unprecedented in the Bangladesh banking industry, the release added. 

"The growth achieved by the business vertical can be attributed to a countrywide network of 187 branches, ever growing sub-branch network, establishment and relocation of branches as per customer convenience, top class customer service, continuous customer engagement, and expansion of digital banking services," read the release.  

Managing Director & CEO Selim RF Hussain, Head of Branches Sheikh Mohammad Ashfaque joined with the leaders of Distribution Network in celebrating the milestone of record deposit growth at a ceremony on 9 January. 

Senior Zonal Heads - Taher Hasan Al Mamun and AKMTareq, and Regional Heads, Cluster Managers and Branch Managers were present. 

Commenting on the deposit growth, Selim RF Hussain, said, "The phenomenal growth in customer deposits in 2023 reflects on our ability to grow our balance sheet and customer numbers at a pace well above industry average, even during difficult times. The bank's consistent deposit growth in challenging market scenarios is a testament to customers' reliability and trust in the bank. The bank's good governance, credit rating, transparency and compliance play a part in achieving customer trust. This growth will be a stepping stone towards our goal of doubling business within 2025."