SBAC Bank financial analysis: 19.9% NPL, BDT 10.2bn BB-deferred provision shortfall and qualified audit (Oct 2026)

Investment considerations: NPL near 20%, a BB-deferred shortfall of 92% of equity and a qualified audit, against growing deposits and a better first half of 2026

SBAC Bank PLC (South Bangla Agriculture and Commerce Bank) is a fourth-generation private commercial bank. At the end of 2025 it had 90 branches, 32 sub-branches, 82 ATMs, 1,282 employees and consolidated total assets of BDT 133.0bn [1 p.98] [1 p.99]. Its shares trade on the DSE; sponsors and directors own 72.42% of the 824.19m shares, general shareholders 15.72% and financial institutions 11.82% [1 p.104]. It has one subsidiary, SBAC Bank Investment Limited, a brokerage in which the bank owns 99.90% [4 p.314] [2 p.18].

The filings show the following. Classified loans were 5.94% of loans at the end of 2023, 16.13% at the end of 2024 and 19.87% at the end of 2025 [1 p.99]. Profit after tax fell from BDT 546m in 2023 to BDT 113m in 2024 and BDT 7m in 2025 [1 p.72]. In both 2024 and 2025 the bank did not set aside the full provision that Bangladesh Bank (BB) rules require; BB letters allowed it to finalise the accounts with the gap left open [3 p.264] [1 p.281]. For 2025 the auditor issued a qualified opinion, and the board declared no dividend for the second year in a row, which moved the shares to the DSE's Z category [1 p.281] [9].

In the first half of 2026 the numbers moved in both directions. Net interest income rose 37.8% to BDT 746m and profit after tax rose to BDT 139m, while classified loans fell to 16.17% of loans after BDT 1,190m of write-offs and the shortfall narrowed to BDT 6,644m [2 p.4] [2 p.33] [2 p.35] [13]. At the same time special mention loans, the stage before classification, more than doubled from BDT 4,578m to BDT 10,023m [2 p.34]. The DSE-announced third-quarter figures show nine-month EPS of BDT 0.20 against BDT 0.15 a year earlier [9].

Business: an SME and trade lender whose classified loans went from nil in 2016 to 19.9% in 2025

SBAC Bank earns money in three ways: interest on loans to SMEs, traders, manufacturers and consumers; income from government securities and other investments; and fees, commission and exchange from trade and remittance business [1 p.72] [1 p.99]. The loan book at Jun-2026 was BDT 96.3bn. Small and medium enterprise financing was the largest line at BDT 29.8bn, followed by consumer credit (BDT 19.5bn), trade and commerce (BDT 10.4bn), other manufacturing (BDT 9.5bn) and agro-based processing (BDT 8.2bn) [2 p.33]. Urban Dhaka division branches had BDT 58.8bn of the loans [2 p.32].

Trade is the main fee source. Exports handled were BDT 23.4bn in 2025 against BDT 29.8bn in 2024, imports BDT 29.7bn against BDT 39.2bn and inward remittance BDT 6.9bn against BDT 11.5bn [1 p.99]. All three fell, and non-interest income fell from BDT 1,409m to BDT 950m [1 p.72]. Deposits are mainly term money: fixed deposits were 50.2% of deposits at Dec-2025 and current plus savings accounts 17.3% [1 p.326] [13]. "Other deposits" of BDT 18.0bn, a further 16.7%, sit outside both groups [1 p.326].

What changed over ten years. From 2016 to 2019 the bank grew fast: deposits rose from BDT 38.3bn to BDT 71.5bn and loans from BDT 30.2bn to BDT 56.0bn, with ROE of 12-16% and no classified loans in 2016 [4 p.108] [4 p.109] [13]. Classified loans first passed 6% in 2019 (6.09%) and stayed between 5.2% and 6.2% until 2023 [4 p.109] [1 p.99]. ROE fell below 6% from 2021 [1 p.72]. Then, in 2024, classified loans nearly tripled from BDT 5,150m to BDT 14,333m, and they rose again to BDT 18,815m in 2025 [1 p.99]. The 2026 notes cite BRPD Circular No. 15 of 27-Nov-2024 as the BB rule now used for provisions and interest suspense [2 p.16]. The filings do not split the 2024-25 rise between rule changes and new defaults.

Over 2016-2025 deposits grew at 12.2% a year and loans at 13.5%, while equity grew at 8.0% [13]. Equity therefore fell from 12.3% of total assets in 2016 to 8.4% in 2025 [13]. Paid-up capital went from BDT 4,335m to BDT 8,242m over the period and has been flat since 2023 [4 p.108] [1 p.98].

Line items: interest expense reached 89% of interest income, investment income passed half of revenue and tax took 97% of 2025 pre-tax profit

Interest income. Interest income was flat in 2025 at BDT 8,607m after rising 24% in 2024 [1 p.72]. The reported yield on advances fell from 11.42% to 9.18% [1 p.99]. Under BB rules interest on classified loans is not recognised as income but credited to an interest suspense account [2 p.16]; with classified loans at almost a fifth of the book at Dec-2025, interest on that fifth goes to suspense rather than to income. Interest income rose 10.5% in the first half of 2026 to BDT 4,850m [2 p.4] [13].

Interest expense. This is the line that moved most. Interest expense rose from BDT 5,244m in 2023 to BDT 6,650m in 2024 and BDT 7,670m in 2025, so it absorbed 76.0%, 77.4% and 89.1% of interest income in those years [1 p.72] [13]. The bank's reported cost of deposits rose from 5.50% (2023) to 6.78% (2024) and 7.33% (2025) [1 p.99] [1 p.117]. On the funding side, half of deposits are fixed-term and current plus savings accounts fell from 20.7% to 17.3% of deposits in 2025 [13]. In the first half of 2026 interest expense was 84.6% of interest income against 87.7% a year earlier [2 p.4] [13].

Net interest income. The result was a fall in net interest income from BDT 1,940m in 2024 to BDT 937m in 2025, the lowest in the ten years shown [1 p.72] [4 p.80]. History shows how sensitive the line is to the spread: in 2025 each 1pp of interest income absorbed by interest expense cost about BDT 86m of net interest income [13]. The first half of 2026 brought a partial recovery to BDT 746m, up 37.8% [2 p.4] [13].

Investment income. Income from government securities, shares and dealing was BDT 2,157m in 2025 and 53.3% of operating income, against 28.0% in 2019 [1 p.72] [13]. Measured against core revenue (net interest income plus investment income) it was 69.7% in 2025, against 26.5% in 2018 [13]. The bank added to these investments in 2026: government securities rose from BDT 21.9bn at Dec-2025 to BDT 32.5bn at Jun-2026 on the consolidated balance sheet [2 p.2]. Investment income was nonetheless 8% lower in the first half at BDT 1,053m [2 p.4].

Fees and other income. Commission, exchange, brokerage and other operating income fell from BDT 1,610m in 2023 to BDT 950m in 2025 [1 p.72]; export, import and remittance volumes also fell over the same years [1 p.99]. The first-half 2026 figure was BDT 436m against BDT 431m a year earlier [2 p.4].

Operating expenses. Costs were BDT 2,936m in 2025, close to 2024's BDT 2,960m, but with income down the cost/income ratio rose from 52.1% to 72.6% [1 p.72] [13]. 2021 was an outlier at BDT 3,402m [1 p.72]. First-half 2026 costs were BDT 1,474m, flat on the year, with salaries at BDT 984m [2 p.4].

Provisions. The charge was BDT 1,648m in 2024 and BDT 892m in 2025 [1 p.72]. These charges are what the bank booked, not what the rules required: the required provision exceeded the maintained balance by BDT 6,558m at Dec-2024 and BDT 10,236m at Dec-2025 [3 p.264] [1 p.72]. Provisions took 60.6% of profit before provisions in 2024 and 80.5% in 2025 [13]. In the first half of 2026 the bank booked BDT 514m, including BDT 430m of specific provision [2 p.4].

Tax. The tax charge was BDT 960m on profit before tax of BDT 1,073m in 2024 and BDT 209m on BDT 216m in 2025, effective rates of 89.5% and 96.7% [1 p.72] [13]. The 2025 directors' report quotes BB as saying the bank needed an additional BDT 13.69 crore of tax provision [1 p.100]. The filings do not itemise the disallowed expenses behind the high rate.

Asset quality: BDT 18.8bn classified, BDT 3.3bn provided against BDT 13.6bn required, and SMA loans up to 10% of the book

Classification. At Dec-2025 the bank reported BDT 18,815m of classified loans out of BDT 94,458m (solo), 19.92% of the book [2 p.34] [13]. The directors' report table gives 19.87% on the consolidated loan figure [1 p.99]. Bad/loss loans were BDT 17,244m, 91.6% of the classified total [2 p.34]. By Jun-2026 classified loans were BDT 15,573m (16.17%) and bad/loss BDT 14,452m [2 p.34]. Write-offs explain part of the fall: BDT 4,031m of loans were written off in 2025 and BDT 1,190m in the first half of 2026, and cumulative written-off loans were BDT 5,221m at Jun-2026, all under lawsuit [2 p.35].

Special mention. Loans one step before classification rose from BDT 2,016m (2.27% of loans) at Dec-2024 to BDT 4,578m (4.85%) at Dec-2025 and BDT 10,023m (10.41%) at Jun-2026 [3 p.264] [2 p.34] [13].

Required against maintained. The directors' report states: "Total provision requirement was 13,552.15 million against which Tk. 3,316.40 million provision has been maintained leaving a shortfall of Tk. 10,235.75 million" [1 p.72]. The bank kept 24.5% of what was required. A year earlier the BB letter of 27-Apr-2025 set the requirement at Tk1,143.01 crore against Tk487.17 crore maintained, and the Department of Off-site Supervision allowed the 2024 accounts to be finalised without the rest by letter DOS (CAMS)1157/41 (dividend)/2025-3115 of 22-May-2025 [3 p.264]. For 2025, BB letter BSD-5/106/2026-389 of 26-Apr-2026 set the loan requirement at Tk1,355.21 crore against Tk331.64 crore maintained, and the deferral came from BB's Bank Supervision Department-5, letter BSD-5/106/2026-403 of 28-Apr-2026 [1 p.281] [2 p.33].

What the shortfall means for book value. Solo equity was BDT 11,175m at Dec-2025. Deducting the BDT 10,236m loan shortfall leaves BDT 939m, or BDT 1.14 a share before any tax effect, against reported book of BDT 13.56 [1 p.104] [13]. Deducting the BDT 1,587m of matured NBFI deposits the auditor flagged as well takes the figure to BDT -648m [1 p.281] [13]. At Jun-2026 the loan shortfall alone was BDT 6,644m, 59.0% of equity, leaving BDT 4,617m or BDT 5.60 a share [2 p.8] [2 p.33] [13]. This is pre-tax arithmetic on the filed numbers; the filings do not give a tax-adjusted figure.

Why the requirement fell in 2026. The requirement dropped from BDT 13,552m to BDT 9,645m in six months while maintained provision fell from BDT 3,316m to BDT 3,001m [2 p.33]. The note shows the base for the bad/loss provision at BDT 7,087m against bad/loss loans of BDT 14,452m; the base is the loan less interest suspense and eligible collateral under BB rules [2 p.33]. Write-offs of BDT 1,190m and the lower bad/loss balance are the movements the note shows; it does not reconcile the BDT 3.9bn fall line by line.

NBFI deposits. The bank placed BDT 1,810.9m of term deposits with eight non-bank financial institutions: International Leasing & Financial Services (BDT 578.5m), FAS Finance (BDT 264.3m), Fareast Finance and Investment (BDT 257.5m), Bangladesh Finance and Investment Company (BDT 200.0m), Phoenix Finance (BDT 195.8m), Union Capital (BDT 172.9m), Premier Leasing and Finance (BDT 130.5m) and IIDFC (BDT 11.4m) [1 p.317]. The auditor wrote that BDT 158.66 crore "has matured long ago and is considered doubtful of recovery" and that the bank "has not maintained any provision" [1 p.281]. The note cites BRPD circular letter 97 of 3-Jan-2024, which exempted banks from keeping further provision on balances with financial institutions [1 p.317].

Audit: a qualified 2025 opinion on the BDT 1,023.57 crore shortfall, plus emphasis of matter on NBFI deposits and capital

The opinion. The 2025 auditor, Aziz Halim Khair Choudhury, Chartered Accountants, opened its report with "Qualified Opinion" and stated that, "except for the effects of the matters described in the 'Basis for Qualified Opinion' section", the statements give a true and fair view [1 p.281] [1 p.285]. The basis reads: "The required provision against classified, unclassified loans and advances, and off-balance sheet exposure was BDT 1,379.40 crore, against which the Bank has maintained a provision of BDT 355.83 crore only, resulting in a provision shortfall of BDT 1,023.57 crore" [1 p.281]. These figures include off-balance-sheet items; the loan-only figures in the notes are BDT 13,552m required and BDT 3,316m maintained [2 p.33].

Emphasis of matter. The auditor added three paragraphs. The first is the NBFI deposits above. The second says the bank reported a capital surplus of BDT 81.84 crore, but "considering the provision shortfall of BDT 1,023.57 crore, the Bank would have incurred a capital shortfall" and that CRAR "would have fallen below the minimum regulatory requirement" [1 p.281]. The third points to note 2 on the basis of preparation; the auditor states its opinion "is not modified in respect of this matter" [1 p.281].

Key audit matters. The auditor listed loan-provision measurement, valuation of treasury bills and bonds, and recognition of interest income. On provisions it compared "the amount of provision requirement as determined by Bangladesh Bank Bank Supervision Division-5 (BSD-5) team to the actual amount of provision maintained with the deferral permission" [1 p.282]. It also reported CRR and SLR as maintained at 31-Dec-2025 [1 p.285]. For 2024 the DSE notice refers to emphasis-of-matter paragraphs only [9].

Management's account. The directors' report states there are "no significant doubts" on going concern [1 p.98]. On dividends it says BB determined the bank "does not have sufficient profit (0.65 crore BDT)" to cover the Tk1,023.57 crore gap, made up of Tk1,009.88 crore of provision shortfall and Tk13.69 crore of additional tax provision, and that a "time-bound action plan approved by the Board" was to be submitted to BB to address the provision and capital deficits [1 p.100]. The plan itself is not in the filings.

Capital and dividends: 13.40% CRAR on the reported basis, no dividend for two years, Z category and a paid-up capital 59% below the cash-dividend line

Reported capital. Solo CRAR was 13.40% at Dec-2025, down from 13.80%, with CET1 capital of BDT 10,981m, Tier-2 of BDT 1,187m (all general provision) and risk-weighted assets of BDT 90,800m [1 p.332]. The surplus over the 12.5% requirement was BDT 818m [1 p.332] [13]. The bank has no additional Tier-1 or subordinated debt in the capital table [1 p.332]. The group-level CRAR in the five-year table fell from 18.59% in 2016 to 13.37% in 2025 [4 p.108] [1 p.98].

Capital after the shortfall. The auditor's statement can be shown in numbers. Deducting the BDT 10,236m deferred shortfall from total capital of BDT 12,168m and keeping risk-weighted assets unchanged gives 2.13%, against 6.11% on the same basis for 2024 [13]. This ignores tax effects and the change in risk weights, so it is an illustration of scale, not a regulatory figure.

Dividends. The board declared no dividend for 2024 (DSE, 29-May-2025) or for 2025 (DSE, 30-Apr-2026) [9]. The 2025 directors' report ties the decision to BB's letter and to DOS Circular No. 01 of 13-Mar-2025: classified loans above 10% and capital below the minimum after full provisioning bar any dividend [1 p.100]. On 30-Apr-2026 the DSE moved the shares from B to Z category for failing to declare a dividend for two consecutive years, and stock brokers and merchant bankers were asked to stop margin lending on the shares [9]. For 2020 the board had proposed 4% cash and 4% stock [4 p.109].

The Tk2,000 crore rule. BB's SPCD Circular No. 06 of 23-May-2026 says a bank with paid-up capital below Tk2,000 crore may not pay any cash dividend, and that eligible banks may pay at most 50% of a declared dividend in cash; it applies from the year ending 31-Dec-2026 [5 p.1]. SBAC's paid-up capital is Tk824.19 crore, 58.8% below the line [1 p.104] [13].

Balance sheet: deposits up 12% in six months, borrowings low, and the new money parked in government securities

Funding. Solo deposits were BDT 107.8bn at Dec-2025 and BDT 120.7bn at Jun-2026 [1 p.326] [2 p.8]. Fixed deposits made up half of the total in each period, and special notice deposits rose from BDT 10.6bn to BDT 13.5bn in the half [13]. Borrowings were small: BDT 1,525m at Dec-2025, of which BDT 790m was from BB's liquidity support facility (ALS) secured by treasury bonds, and BDT 2,322m at Jun-2026 [1 p.326] [2 p.8].

Uses. Loans were 87.7% of solo deposits at Dec-2025 and 79.8% at Jun-2026, as deposits grew faster than loans [13]. The bank's reported advance-deposit ratio for 2025 was 82.87% [1 p.99]. The extra deposits went into government securities, up BDT 10.7bn in the half on the consolidated balance sheet, and money at call, up from BDT 950m to BDT 1,600m [2 p.2].

Cash flow. Consolidated operating cash flow per share was BDT 0.20 for 2025 against BDT 7.62 for 2024; it was BDT 2.94 for the first half of 2026 and BDT 3.25 for the nine months to September [1 p.104] [9]. The company's DSE disclosures attribute the 2026 rise to deposit growth, fee receipts and loan recoveries [9].

Ratios: ROE from 16% to 0.06%, and the highest NPL and shortfall-to-loans of the four banks compared

Returns. ROE on average equity fell from 16.2% in 2017 to 5.4% in 2021, 1.02% in 2024 and 0.06% in 2025 [13]. The nine-year median (2017-2025) is 5.5% [13]. ROA followed the same path, from 1.88% to 0.01% [13]. The 2025 figures are after a provision charge that, by the bank's own disclosure, covered a quarter of the requirement [1 p.72].

Efficiency and credit cost. Cost/income was 47-49% in 2016-2019 and 72.6% in 2025 [13]. The booked credit cost was 1.88% of average loans in 2024 and 0.97% in 2025 [13]. Loans to deposits were 91-93% from 2021 to 2024 on the five-year tables and 87.9% in 2025 [13].

Peers. The table compares the bank with three listed private banks on their own Dec-2025 filings and each bank's printed provision label: Midland Bank ("Excess/(short) Provision"), Mercantile Bank ("Excess/(short) provision") and NRB Commercial Bank ("Excess/(Shortfall) of provision"); SBAC prints "Provision to be maintained (deficit)" in its Q2 2026 note, with the Dec-2025 amount matching the annual report [6 p.320] [7 p.266] [8 p.58] [2 p.33] [1 p.72]. Of the four, SBAC has the highest gross NPL (19.92%) and the largest shortfall relative to loans (10.84%) [13]. Mercantile's shortfall of BDT 21,393m is larger in taka; NRBC's BDT 10,061m was 73.7% of its reported net worth against SBAC's 91.6% [7 p.266] [8 p.58] [13]. Midland reported a BDT 27m excess [6 p.320]. SBAC's P/B on the Sep-2026 NAV is 0.49x and its own price range over the year was BDT 5.0-8.1 [12] [9].

Governance: 72% sponsor ownership, a new MD and chairman, director share sales and purchases, and no board dissolution notice

Ownership. Sponsors and directors owned 596.9m shares (72.42%) at 31-Dec-2025 [1 p.104]. Several directors are nominees of companies: the 2025 attendance table lists nominees of Contech Construction, Vicar International, Techno Electricals, Intec Solution and Meter D Tech [1 p.100]. The board met 17 times in 2025 [1 p.100].

Director share dealings on DSE. On 17-Jul-2025 NY Trading Ltd. said it intended to buy 16,486,086 shares and that its chairman, Ms. Sufia Begum, is a director of the bank [9]. On 6-Aug-2026 Vicar International, a corporate director, said it intended to sell 18,000,000 of its 34,821,563 shares through the block market [9].

Management and board. The board appointed Mr. S. M. Mainul Kabir as managing director and CEO on 15-Sep-2025; BB approved on 12-Oct-2025 and he took charge on 17-Dec-2025 [9]. Mr. Sk. Towhedur Rahman FCS has held the company secretary post in current charge since 26-Nov-2025 [9]. On 13-Sep-2026 the bank told the DSE that the board had elected Prof. Md. Maksudur Rahman Sarker FCMA as chairman [9]. The DSE news sweep for 31-Oct-2024 to 1-Nov-2026 contains no notice of a BB-ordered board dissolution [9].

Related parties. Loans to directors were BDT 1,124m at Dec-2025 and BDT 1,037m at Jun-2026, and loans to the CEO and senior executives BDT 400m [2 p.32]. Directors' loans were 9.2% of Jun-2026 solo equity [13]. The subsidiary SBAC Bank Investment Limited had BDT 195m of overdraft from the bank at Jun-2026, and its notes show a BDT 6.5m shortfall in margin-loan provision linked to negative-equity client accounts [2 p.76].

Reporting timeliness and rating. The FY2024 accounts were due for a board meeting on 29-Apr-2025, moved to 30-Apr-2025, postponed, and adopted on 28-May-2025; the FY2025 accounts were adopted on 29-Apr-2026 [9]. CRISL rated the bank A (long term) and ST-2 (short term) in June 2025 and A and ST-3 in June 2026, outlook stable [9].

What's next: FY2026 accounts and BB's call on the shortfall, the Tk2,000 crore dividend rule from 31-Dec-2026, and LDC graduation in 2029

Already announced. The board adopted the third-quarter accounts on 29-Oct-2026 and the DSE posted the figures on 1-Nov-2026: consolidated EPS of BDT 0.03 for July-September (BDT 0.01 a year earlier), BDT 0.20 for nine months (BDT 0.15) and NAV per share of BDT 13.80 [9]. The full Q3 statements, with the Sep-2026 classification and provision notes, are not yet in the filings corpus.

The dated items below are the ones the filings and announcements fix. Dates marked inferred come from the bank's own precedents: FY2024 accounts adopted at a board meeting on 28-May-2025 and FY2025 accounts on 29-Apr-2026; CRISL ratings posted 26-Jun-2025 and 25-Jun-2026 [9]. No board date for the FY2026 accounts has been notified. The line each item moves follows from where the filings book it.

Risks: the deferred shortfall, SMA migration, NBFI deposits and funding

The risks below are the ones the filings show, each tied to the line it moves. None is weighted against the share price.

Line by line: recognition of the deferred shortfall goes through the provision line and equity; SMA migration adds to classified loans, interest suspense and the required provision; an NBFI write-down goes through other provisions; deposit costs act on interest expense; lower treasury yields act on investment income, which was 53.3% of operating income in 2025; the tax rate acts on the tax line [13] [1 p.72] [1 p.281].

Key questions: the shortfall, SMA loans, NBFI deposits, BB's plan and the spread

FAQ

What is SBAC Bank's NPL ratio?

19.92% of loans (solo) at 31-Dec-2025 and 16.17% at 30-Jun-2026; the directors' report prints 19.87% on the consolidated loan figure [2 p.34] [1 p.99].

Does SBAC Bank have a provision shortfall?

Yes. BDT 10,236m at Dec-2025 (BDT 13,552m required, BDT 3,316m maintained) and BDT 6,644m at Jun-2026, carried under BB deferral letters [1 p.72] [2 p.33].

Was the 2025 audit opinion qualified?

Yes. The auditor qualified its opinion on the BDT 1,023.57 crore provision shortfall and added emphasis of matter on NBFI deposits and capital adequacy [1 p.281].

Did SBAC Bank pay a dividend?

No dividend for 2024 or 2025; the shares moved to Z category on 30-Apr-2026 [9].

Why is SBAC Bank in Z category?

The DSE cited failure to declare a dividend for two consecutive years under BSEC directive of 20-May-2024 [9].

What is SBAC Bank's capital adequacy ratio?

CRAR 13.40% (solo) at Dec-2025; the auditor states it would fall below the minimum if the shortfall were recognised [1 p.332] [1 p.281].

How much does the bank earn from treasury investments?

BDT 2,157m in 2025, 53.3% of operating income [1 p.72] [13].

Who runs SBAC Bank?

S. M. Mainul Kabir has been MD and CEO since 17-Dec-2025; Prof. Md. Maksudur Rahman Sarker FCMA was elected chairman in September 2026 [9].

Sources

1. SBAC Bank PLC Annual Report 2025 (year to 31-Dec-2025) · link · accessed 2026-11-01
2. SBAC Bank PLC unaudited financial statements, six months to 30-Jun-2026 · link · accessed 2026-11-01
3. SBAC Bank PLC Annual Report 2024 · link · accessed 2026-11-01
4. SBAC Bank Limited Annual Report 2020 (incl. five-year data 2016-2020) · link · accessed 2026-11-01
5. Bangladesh Bank SPCD Circular No. 06, 23-May-2026, dividend declaration policy for banks (Bangla) · link · accessed 2026-11-01
6. Midland Bank PLC Annual Report 2025 (peer classification and provision, p.320) · link · accessed 2026-11-01
7. Mercantile Bank PLC Annual Report 2025 (peer classification and provision, p.266) · link · accessed 2026-11-01
8. NRB Commercial Bank PLC audited financial statements 2025 (peer classification and provision, p.57-58) · link · accessed 2026-11-01
9. DSE news archive for SBACBANK, 31-Oct-2024 to 1-Nov-2026 (old.dsebd.org) · link · accessed 2026-11-01
10. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
11. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
12. AnalystBro price data (TradingView feed): DSE:SBACBANK weekly bars to the week of 1-Nov-2026 · link · accessed 2026-11-01
13. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-11-01