DSE : MERCANBANK
Mercantile Bank PLC. — Financial statements
Commercial Banks · Bangladesh
Last price 6.4 BDT (At close: Oct 29, 2026) · Market cap 7.08B
Latest research: Mercantile Bank (MERCANBANK) financial analysis: 15% NPL, Tk2,139 crore provision shortfall, NII near zero (Oct 2026) · Mercantile Bank: classified loans at 15.19%, a Tk2,139 crore provision shortfall carried under Bangladesh Bank forbearance, and net interest income near zero
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Financial statements
Income statement
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Interest Income on Loans | 31.37B | 27.63B | 23.47B | 20.42B | 19.13B | 18.34B |
| Interest Paid on Deposits | 33.64B | 27.38B | 22.75B | 17.48B | 14.26B | 13.57B |
| Net Interest Income | -2.27B | 246.86M | 711.44M | 2.93B | 4.87B | 4.77B |
| Gain (Loss) on Sale of Investments | -27.10M | -27.10M | -76.98M | -57.46M | ||
| Other Non-Interest Income | 13.60B | 13.90B | 13.77B | 11.17B | 10.89B | 9.11B |
| Total Non-Interest Income | 13.57B | 13.87B | 13.69B | 11.12B | 10.89B | 9.11B |
| Revenues Before Loan Losses | 11.30B | 14.12B | 14.40B | 14.05B | 15.76B | 13.88B |
| Provision for Loan Losses | 3.69B | 3.67B | 4.38B | 2.55B | 3.67B | 1.33B |
| Revenue | 7.61B | 10.45B | 10.03B | 11.50B | 12.09B | 12.55B |
| Salaries and Employee Benefits | 3.97B | 4.13B | 4.22B | 4.23B | 4.28B | 4.13B |
| Occupancy Expenses | 1.51B | 1.48B | 1.55B | 1.48B | 1.51B | 1.30B |
| Selling, General & Administrative | 557.59M | 694.48M | 642.86M | 502.30M | 526.75M | 421.71M |
| Other Non-Interest Expense | 1.72B | 2.23B | 2.27B | 2.49B | 2.34B | 1.63B |
| Total Non-Interest Expense | 7.76B | 8.53B | 8.68B | 8.70B | 8.66B | 7.47B |
| EBT Excluding Unusual Items | -149.99M | 1.92B | 1.34B | 2.80B | 3.44B | 5.08B |
| Other Unusual Items | -249.00M | -650.00M | ||||
| Pretax Income | -149.99M | 1.92B | 1.34B | 2.80B | 3.19B | 4.43B |
| Income Tax Expense | 387.90M | 692.92M | 693.68M | 739.47M | 834.20M | 851.66M |
| Earnings From Continuing Operations | -537.90M | 1.23B | 649.57M | 2.06B | 2.35B | 3.58B |
| Minority Interest in Earnings | -5.73M | -3.69M | -2.77M | -3.65M | -3.35M | -5.23M |
| Net Income | -543.63M | 1.22B | 646.79M | 2.05B | 2.35B | 3.57B |
| Net Income to Common | -543.63M | 1.22B | 646.79M | 2.05B | 2.35B | 3.57B |
| Basic Shares Outstanding | 1.11B | 1.11B | 1.11B | 1.11B | 1.11B | 1.11B |
| Diluted Shares Outstanding | 1.11B | 1.11B | 1.11B | 1.11B | 1.11B | 1.11B |
| EPS (Basic) | -0.49 | 1.10 | 0.58 | 1.86 | 2.12 | 3.23 |
| EPS (Diluted) | -0.49 | 1.10 | 0.58 | 1.86 | 2.12 | 3.23 |
| Dividend Per Share | 1.00 | 0.98 | 1.17 | |||
| Effective Tax Rate | 36.10% | 51.64% | 26.43% | 26.17% | 19.22% |
Balance sheet
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 11.08B | 26.90B | 29.08B | 11.80B | 8.54B | 7.22B |
| Investment Securities | 136.63B | 86.64B | 65.59B | 65.91B | 57.18B | 56.42B |
| Trading Asset Securities | 41.20B | 23.52B | 10.73B | 5.13B | 7.61B | |
| Total Investments | 136.63B | 127.84B | 89.11B | 76.64B | 62.32B | 64.03B |
| Gross Loans | 305.85B | 290.13B | 304.05B | 288.61B | 300.50B | 282.73B |
| Allowance for Loan Losses | -16.02B | -12.53B | ||||
| Net Loans | 305.85B | 290.13B | 304.05B | 288.61B | 284.48B | 270.20B |
| Property, Plant & Equipment | 3.14B | 3.41B | 3.70B | 4.10B | 4.45B | 4.72B |
| Other Intangible Assets | 30.94M | 46.22M | 75.02M | 124.52M | 168.08M | |
| Accrued Interest Receivable | 3.75B | 2.24B | 2.08B | 1.82B | 2.05B | |
| Other Receivables | 78.43M | 83.40M | 83.29M | 85.72M | 75.19M | |
| Restricted Cash | 17.42B | 21.53B | 13.23B | 12.34B | 13.16B | 10.96B |
| Other Current Assets | 333.80M | 333.00M | 391.87M | 427.23M | 329.57M | |
| Other Real Estate Owned & Foreclosed | 1.01B | 1.01B | 45.08M | 45.08M | 36.77M | 36.03M |
| Other Long-Term Assets | 9.04B | 5.96B | 5.66B | 8.67B | 9.04B | 1.52B |
| Total Assets | 484.17B | 480.98B | 447.58B | 404.85B | 384.48B | 361.31B |
| Accounts Payable | 578.78K | 1.15M | 711.44K | 270.70K | ||
| Accrued Expenses | 315.35M | 333.32M | 599.96M | 543.00M | 480.45M | |
| Interest Bearing Deposits | 259.29B | 268.95B | 218.78B | 196.07B | 191.25B | 187.65B |
| Non-Interest Bearing Deposits | 103.43B | 107.68B | 120.32B | 107.23B | 87.86B | 79.14B |
| Total Deposits | 362.72B | 376.64B | 339.10B | 303.31B | 279.12B | 266.78B |
| Short-Term Borrowings | 3.91B | 1.56B | 2.65B | 6.96B | 9.23B | |
| Current Income Taxes Payable | -3.99B | -3.64B | -3.35B | -2.48B | -1.97B | |
| Accrued Interest Payable | 14.60B | 12.14B | 10.28B | 7.46B | 3.88B | |
| Other Current Liabilities | 27.60B | 3.20B | 3.64B | 3.65B | 2.69B | 3.67B |
| Long-Term Debt | 3.63B | 14.68B | 18.18B | 23.07B | 31.99B | 28.72B |
| Long-Term Leases | 260.29M | 443.31M | 646.26M | 864.80M | 1.10B | |
| Long-Term Deferred Tax Liabilities | -286.67M | -243.31M | -208.90M | -159.73M | -150.83M | |
| Other Long-Term Liabilities | 35.72B | 44.69B | 49.80B | 37.77B | 31.78B | 24.87B |
| Total Liabilities | 457.29B | 454.03B | 421.30B | 378.40B | 358.76B | 336.60B |
| Common Stock | 11.07B | 11.07B | 11.07B | 11.07B | 10.85B | 10.33B |
| Retained Earnings | 14.44B | 14.38B | 13.54B | 14.40B | 14.00B | 13.58B |
| Comprehensive Income & Other | 1.26B | 1.39B | 1.56B | 890.56M | 774.85M | 694.79M |
| Total Common Equity | 26.77B | 26.84B | 26.17B | 26.35B | 25.62B | 24.61B |
| Minority Interest | 114.95M | 110.80M | 107.11M | 104.52M | 100.88M | 100.61M |
| Shareholders' Equity | 26.88B | 26.95B | 26.28B | 26.46B | 25.72B | 24.71B |
| Total Liabilities & Equity | 484.17B | 480.98B | 447.58B | 404.85B | 384.48B | 361.31B |
| Total Debt | 31.25B | 18.86B | 20.18B | 26.36B | 39.82B | 39.04B |
| Net Cash (Debt) | -20.17B | 49.25B | 32.42B | -3.83B | -26.14B | -24.21B |
| Net Cash Per Share | -18.22 | 44.50 | 29.30 | -3.46 | -23.63 | -21.88 |
| Filing Date Shares Outstanding | 1.11B | 1.11B | 1.11B | 1.11B | 1.11B | 1.11B |
| Total Common Shares Outstanding | 1.11B | 1.11B | 1.11B | 1.11B | 1.11B | 1.11B |
| Book Value Per Share | 24.19 | 24.25 | 23.65 | 23.81 | 23.15 | 22.24 |
| Tangible Book Value | 26.77B | 26.81B | 26.13B | 26.28B | 25.50B | 24.44B |
| Tangible Book Value Per Share | 24.19 | 24.23 | 23.61 | 23.75 | 23.04 | 22.08 |
Cash flow statement
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -543.63M | 1.22B | 646.79M | 2.05B | 2.35B | 3.57B |
| Depreciation & Amortization | 490.52M | 538.45M | 618.82M | 651.73M | 689.36M | 594.95M |
| Other Amortization | 26.75M | 26.75M | ||||
| Change in Trading Asset Securities | -9.07B | -39.15B | -10.20B | -17.78B | 2.29B | -11.35B |
| Accrued Interest Receivable | -1.42B | -1.50B | -161.93M | -274.41M | 221.10M | 1.15B |
| Change in Other Net Operating Assets | -28.59B | -5.89B | -16.61B | -1.77B | -19.95B | -18.22B |
| Other Operating Activities | 18.37B | 14.77B | 15.01B | 10.42B | 9.70B | 5.02B |
| Operating Cash Flow | -20.74B | -29.99B | -10.70B | -6.70B | -4.70B | -19.23B |
| Capital Expenditures | -225.96M | -254.35M | -189.84M | -251.22M | -374.06M | -1.05B |
| Investment in Securities | -13.06B | 396.68M | 333.23M | -897.69M | -449.82M | -2.09B |
| Other Investing Activities | 1.00 | |||||
| Investing Cash Flow | -13.29B | 142.33M | 143.39M | -1.15B | -823.88M | -3.14B |
| Long-Term Debt Repaid | -600.00M | -600.00M | -600.00M | -600.00M | -1.20B | |
| Net Debt Issued (Repaid) | -600.00M | -600.00M | -600.00M | -600.00M | -600.00M | -1.20B |
| Common Dividends Paid | -1.11B | -1.08B | -1.29B | -984.02M | ||
| Net Increase (Decrease) in Deposit Accounts | 24.15B | 36.57B | 30.40B | 12.00B | 9.83B | 22.51B |
| Other Financing Activities | -31.24M | -36.53M | -67.33M | -88.81M | -106.48M | -159.83M |
| Financing Cash Flow | 23.52B | 35.93B | 28.62B | 10.23B | 7.83B | 20.16B |
| Foreign Exchange Rate Adjustments | 9.38M | 39.03M | 90.23M | 60.15M | 1.22B | 18.31M |
| Net Cash Flow | -10.50B | 6.13B | 18.16B | 2.44B | 3.52B | -2.19B |
| Free Cash Flow | -20.97B | -30.24B | -10.89B | -6.95B | -5.08B | -20.28B |
| Free Cash Flow Margin | -275.52% | -289.37% | -108.57% | -60.40% | -41.98% | -161.50% |
| Free Cash Flow Per Share | -18.95 | -27.33 | -9.84 | -6.28 | -4.59 | -18.32 |
| Cash Interest Paid | 2.51B | 1.31B | 10.59B | 7.16B | 6.75B | 9.63B |
| Cash Income Tax Paid | 836.89M | 105.78M | 972.78M | 1.62B | 1.32B | 864.77M |
Ratios
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 7.08B | 8.30B | 11.40B | 14.72B | 14.75B | 17.67B |
| Last Close Price | 6.40 | 7.50 | 10.30 | 12.17 | 11.31 | 12.55 |
| PE Ratio | 6.79 | 17.62 | 7.16 | 6.28 | 4.94 | |
| PS Ratio | 0.84 | 0.79 | 1.14 | 1.28 | 1.22 | 1.41 |
| PB Ratio | 0.26 | 0.31 | 0.43 | 0.56 | 0.57 | 0.71 |
| Debt / Equity Ratio | 1.16 | 0.70 | 0.77 | 1.00 | 1.55 | 1.58 |
| Net Debt / Equity Ratio | 0.75 | -1.83 | -1.23 | 0.14 | 1.02 | 0.98 |
| Net Debt / FCF Ratio | -0.96 | 1.63 | 2.98 | -0.55 | -5.15 | -1.19 |
| Return on Equity (ROE) | -1.97% | 4.61% | 2.46% | 7.89% | 9.34% | 15.25% |
| Return on Assets (ROA) | -0.11% | 0.26% | 0.15% | 0.52% | 0.63% | 1.03% |
| Earnings Yield | -5.57% | 14.73% | 5.67% | 13.96% | 15.93% | 20.23% |
| FCF Yield | -380.88% | -364.37% | -95.51% | -47.20% | -34.41% | -114.76% |
| Dividend Yield | 7.52% | 7.35% | 7.31% | |||
| Payout Ratio | 171.09% | 52.80% | 54.95% | 27.53% | ||
| Buyback Yield / Dilution | 0.00% | 0.00% | ||||
| Total Shareholder Return | 0.00% | 7.52% | 7.35% | 7.31% |