Dhaka, Aug. 1 -- IFIC Bank's balance sheet looked solid, showing no signs of worry from 2010 through the political transition in August last year.

The lender, which had not sustained losses for more than 15 years, suddenly reported a loss of Tk 11.28 billion for the six months through June this year. The reason is that the bad loans that the bank tucked away, taking advantage of the political clout of its previous chairman, have come to light following the takeover by new leadership.

In consequence, net interest income, the core source of income of any bank, turned negative for IFIC Bank. The private commercial bank showed an interest income of Tk 11.82 billion for January-June while it paid interests amounting to Tk 21.61 billion. So, ...