bKash Back in Boom: Fintech Giant Reports 131% Profit Surge
After three consecutive years of losses between 2019 and 2021, the country’s leading mobile financial services (MFS) provider, bKash Limited, has maintained a steady streak of profitability. The BRAC Bank–owned fintech firm, which holds a 51 percent share, posted a profit of Tk 504 crore in the first nine months (January–September) of this year.
According to the company’s financial report, this profit marks a 131 percent increase compared to the same period last year. During January–September, the revenue of the BRAC Bank subsidiary rose 33 percent to Tk 4,838 crore. In the third quarter (July–September) alone, the company’s revenue grew by 38 percent to Tk 1,632 crore, while net profit surged 80 percent to Tk 197 crore.
In the same quarter last year, bKash registered a net profit of Tk 218 crore—147 percent higher than the year before.
BRAC Bank owns 51 percent of bKash shares. Other major shareholders include Money in Motion LLC (16.45 percent), Alipay Singapore E-Commerce (14.87 percent), International Finance Corporation (10.36 percent), and SVF 2 Beam (DE) LLC (7.32 percent).
Data shows that bKash incurred losses from 2019 to 2021—Tk 62.5 crore in 2019, Tk 67 crore in 2020, and Tk 123 crore in 2021. The company rebounded in 2023, recording a net profit of Tk 103 crore. The profit earned in the first nine months of 2024 is nearly 17 times higher than that of the same period last year.
Sources indicate that bKash made strategic investments prior to 2021, later launching new initiatives and operational plans. As a result, it returned to profitability in 2023, when post-tax net profit surged 504 percent year-on-year to Tk 104 crore. In fiscal year 2022, the company posted an operating loss of Tk 76.66 crore, but within two years it turned around, recording an operating profit of Tk 30.79 crore in 2023. The upward trend continued through the first nine months of 2024, with operating profits nearing Tk 300 crore.
Statistics reveal that bKash’s total revenue stood at Tk 3,430.81 crore in 2022, rising to Tk 4,190.70 crore in 2023. In the first nine months of 2024, the subsidiary of BRAC Bank reported a revenue of Tk 3,545 crore.
