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First Security Islami Bank has disclosed an unprecedented loss of Tk 575.8 billion for the first nine months of 2025, laying bare the true extent of its financial distress after a directive from Bangladesh Bank forced the lender to revise its accounts.

In a stock exchange filing on Sunday, the bank reported a loss per share of Tk 476.57 for January–September 2025, a dramatic reversal from a profit of Tk 0.48 per share in the same period a year earlier. Industry insiders say the figure is likely the largest loss ever recorded by a single bank in Bangladesh.

The revised numbers come after Bangladesh Bank withdrew a regulatory facility that had allowed the bank to defer adjustments for deficit provisions. In a letter dated November 25, the central bank instructed First Security Islami Bank to fully adjust provisions when preparing financial statements from the third quarter ended September 30, 2025, and onward.

Until then, the bank had reported a much smaller loss of Tk 37.5 billion for the first nine months of the year, leaving investors unaware of its actual financial position. The latest disclosure shows the bank’s net asset value per share has plunged to negative Tk 460.18.

First Security Islami Bank, which was listed in 2008 and reported a profit of Tk 3.28 billion as recently as 2023, is now at the centre of a sweeping restructuring of troubled Islamic banks.

Last month, Bangladesh Bank declared the bank’s board ineffective, appointed an administrator and suspended trading of its shares ahead of a planned merger. First Security Islami Bank is set to merge with Global Islami Bank, Union Bank, Social Islami Bank and EXIM Bank to form a new entity, Sammilito Islami Bank.

The central bank dissolved the boards of the five banks on November 5, citing massive non-performing loans and allegations of mismanagement. The governor has said a significant portion of their capital had been siphoned off abroad, leaving consolidation as the only viable option to safeguard the wider banking system.

The forced restatement has intensified concerns about transparency and governance in the banking sector, while highlighting the scale of losses now confronting regulators as they move to stabilise weak institutions.