Bank Asia PLC's profit plunged 41 percent year-on-year to Tk 77.88 crore in the first quarter of 2024.  

The private commercial bank logged a profit of Tk 132.9 crore in the January-March quarter of 2023. 

Therefore, the earnings per share (EPS) dived to Tk 0.67 from Tk 1.14, according to the unaudited financial statements. 

Bank Asia attributed the decline in the EPS mainly to higher provisions that it had to maintain in the quarter compared to the previous year's identical period. 

The net operating cash flow per share went up to Tk 17.44 from Tk 13.77, thanks to an increase in cash inflows, a spike in deposits, and a lower growth of loans.

The net asset value per share increased to Tk 25.85 from Tk 23.98.

Bank Asia was established in 1999 and it acquired the business operations of the Bank of Nova Scotia in Dhaka, the first of its kind in the country. It also took over the Bangladesh operations of Muslim Commercial Bank Ltd.

Last month, its board approved the private commercial lender's plan to acquire the local unit of Bank Alfalah Limited.

Bank Asia operates 135 branches. It pioneered the agent banking service in Bangladesh and currently has 5,000 agent banking outlets across the country.