As of December 2024, the bank’s general provision stands at TK1,447.62 crores, according to a qualified opinion from auditors. This includes TK53.81 crores set aside for unclassified loans and TK1,393.81 crores for classified loans and advances.
A private sector bank, known as One Bank, reported an 11.30% profit increase in 2024, achieving an after-tax net income of TK127.97 crores. However, auditors noted that the bank would have faced a substantial net loss of TK995.43 crores if it had followed the full provisioning as mandated by the central bank.
The auditor’s report stated that, as of December 2024, the bank held a general provision amounting to TK1,447.62 crores, with TK53.81 crores for unclassified loans and TK1,393.81 crores for classified loans.
Following the Bangladeshi Bank Directive from April 29, 2024, the required provision for loans was TK3,345.07 crores. Consequently, a shortfall of TK1,797.45 crores emerged, which the bank did not disclose in its financial reports.
This recognition of the shortfall was allowed under a letter from Bangladesh Bank dated May 21, 2024, which permitted the bank to delay the necessary provisions.
The auditor indicated that had full provisions been made, the bank would have posted a net loss after tax of TK995.43 crores—this would translate to a loss per share of TK9.34, affecting its net worth dropping to TK1,223.29 crores, compared to reported earnings per share (EPS) of TK1.20 and a total net worth of TK2,345.41 crores.
Concerns regarding transparency and the bank’s actual financial health have been raised by market analysts due to the significant disparity between reported profits and real financial obligations.
Attempts to contact the bank’s secretary, John Salker, were unsuccessful as he did not respond to phone calls.
On the Dhaka Stock Exchange, the bank’s stock closed at TK6.90 on Thursday.
Despite financial hurdles, the board has authorized the issuance of a subordinated bond. This requires approval from relevant regulatory authorities.
The bank aims to raise TK600 crores through the bond, which will have a tenure of seven years. The funds from this bond will be categorized as Tier II capital and are intended to fortify the bank’s capital base, aligning with Bangladesh Bank’s risk-based capital adequacy guidelines under the Basel III framework.
In 2024, the bank’s net interest income rose to TK608 crores, climbing from TK452 crores the previous year.
During the first quarter of 2025, private sector lenders reported net profits of TK64 crores, up from TK41 crores from the same period last year.
However, net interest income for the first quarter of 2025 declined from TK130 crores in the same quarter of the previous year to TK78 crores.
Investment revenues doubled, reaching TK202 crores in the first quarter of 2025, compared to TK102 crores a year ago.
Earnings per share (EPS) also rose from TK0.38 year-over-year, with a net asset value per share at TK22.32 at the end of March 2025.
As of December 31, 2024, One Bank had a total of 112 branches, including two Islamic banking branches, along with 45 sub-branches, 19 collection booths, and 177 ATM booths across the country.
Additionally, the bank operates two offshore banking units, located in Dhaka and Chatogram.
One Bank has two subsidized companies: One Securities Limited and One Investment Limited.
