BRAC reported BDT5,465mn in 2021, implying c24% YoY Growth. Its loan book size expanded by c18% YoY in CY21
The spread has improved by 24bps as the cost of deposit was brought down to 2.2% in CY21 from 4.3% in CY20.
We reiterate Buy as BRAC is currently trading at 0.5x of its banking business NAV adjusting our bKash valuation
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