BRAC Bank PLC delivered strong H1 2026 results, with consolidated profit after tax rising 57% year-on-year to Tk 1,423 crore and consolidated EPS increasing 64% to Tk 5.07. However, Empire Capital Research projects more moderate earnings growth over 2027–2028 as lending spread regulations, treasury-income sustainability and credit-quality risks influence the outlook. With foreign ownership declining to 32.39% in August 2026 and uncertainty surrounding the proposed bKash Digital Bank, our research maintains a HOLD / NEUTRAL analytical assessment. The report examines profitability forecasts, valuation sensitivities, income quality and the key developments investors should monitor.
| BRAC BANK PLC EQUITY NOTE | EXECUTIVE SUMMARY 9 October 2026 • DSE: BRACBANK • Reference price: Tk 66.40 (8 Oct 2026) |
INSTITUTIONAL INVESTMENT RESEARCH | NOT INVESTMENT ADVICE
HOLD / NEUTRAL | 12–18-month conditional assessment | No assured price target |
Investment conclusion
Central judgement. BRAC Bank’s H1 2026 performance is strong, but 2027–2028 earnings growth is modest in Empire Capital’s base case. The Tk 66.40 reference implies moderate forward P/E multiples; nevertheless spread regulation, treasury-income normalisation, provision risk and unverified bKash Digital Bank economics warrant a balanced stance.
Operating evidence. H1 consolidated PAT was Tk 1,423 Cr (+57% YoY); consolidated EPS Tk 5.07 (+64%). Standalone…
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