B Mirror Desk : For the mobile financial services startup bKash, 2024 was a record year. For the first time, the company’s revenue surpassed the Tk 500 crore mark this year. For the first time, the profit also surpassed Tk 300 crore. The financial report of bKash, a subsidiary of BRAC Bank, was released last year. This report provided the details regarding bKash’s record income and profit.
By the end of last year, bKash’s revenue had risen to Tk 558 crore, according to the financial report. totaling Tk 4191 crore in 2023. Consequently, the revenue of bKash rose by Tk 867 crore, or 21%, in a single year. At the end of last year, the company also achieved a profit of Tk 316 crore for the first time.
bKash hasn’t made much money since it started. With a profit of Tk 99 crore in 2023, bKash achieved its greatest profit since its founding in 2011. It quickly reached the Tk 300 crore milestone last year. BRAC Bank has also generated a record profit of Tk 1,432 crore, building on the success of bKash. because BRAC Bank owns the majority of BKash.
In the meantime, an examination of bKash’s financial reports over the previous ten years reveals that the company’s revenue or operations have grown nine times over that time. Additionally, in the same period of time, its profit has grown 17 times. In 2014, ten years ago, bKash made Tk 573 crore. And that year, the company made a profit of Tk 19 crore. Both have now increased, making bKash a hugely profitable company.
BKash’s profit has been increasing continuously for three years. In 2021, the company lost Tk 117 crore. Then, in 2022, bKash made a profit of Tk 18 crore and in 2023, it made a profit of Tk 99 crore. However, the company’s business or income has increased every year since 2014. But since 2018, there has been a decline in profits. From 2014 to 2017, bKash’s profit had been increasing continuously. It decreased in 2018. Then, from 2019 to 2021, bKash was in loss for three years. There was a big jump in profits at the end of last year.
When asked, bKash’s Chief Financial Officer or CFO Moinuddin Mohammad Rahgir told Prothom Alo that as the country’s largest MFS company, bKash has always kept the goal of long-term capital investment and growth in mind to make the business sustainable. With a commitment to building a cashless country, bKash has continuously invested for a decade in increasing technological capabilities, expanding service infrastructure, and increasing digital education of its customers and stakeholders. This strategic initiative has brought stability to revenue growth in recent years. It has also paved the way for achieving sustainable and long-term growth in the future.
Since its founding as an MFS in 2011, bKash has grown to serve around 80 million clients. Throughout the nation, the firm operates 550,000 merchant points and 330,000 agents. bKash provides a number of services in addition to financial transactions, including deposit facilities, bill payment, and nanoloans. BRAC Bank, US-based Money in Motion, the International Finance Corporation (IFC) of the World Bank Group, the Gates Foundation, Ant International, and SoftBank are the company’s owners. The corporation paid 189 crore taka in taxes to the government last year, according to the financial report. And that year, the business received 190 crore taka in interest from the bank.
