NRB Bank (DHA:NRBBANK) Beneish M-Score: -3.26 (As of Aug. 19, 2026)

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DHA:NRBBANK NRB Bank PLC DHA:NRBBANK
37 GF Score
Price BDT6.60
! 2 Warning Signs
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What is NRB Bank Beneish M-Score?

NRB Bank DHA:NRBBANK -4.35% 37 Beneish M-Score is -3.26 as of Aug. 19, 2026. GuruFocus rates DHA:NRBBANK with a GF Score™ of 37/100. The stock has 2 warning signs investors should review. Among 1,392 Banks companies, NRB Bank ranks better than 95.76% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -3.26 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for NRB Bank's Beneish M-Score or its related term are showing as below:

DHA:NRBBANK' s Beneish M-Score Range Over the Past 10 Years
Min: -3.26   Med: -2.65   Max: -2.3
Current: -3.26

During the past 3 years, the highest Beneish M-Score of NRB Bank was -2.30. The lowest was -3.26. And the median was -2.65.

DHA:NRBBANK
37GF Score
NRB Bank PLC DHA:NRBBANK
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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NRB Bank Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of NRB Bank for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1+0.528 * 1+0.404 * 1+0.892 * 0.9071+0.115 * 1.0553
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2578+4.679 * -0.130404-0.327 * 1.1646
=-3.26

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Jun26) TTM:Last Year (Jun25) TTM:
Total Receivables was BDT0 Mil.
Revenue was 923.044 + 793.827 + 1089.325 + 800.095 = BDT3,606 Mil.
Gross Profit was 923.044 + 793.827 + 1089.325 + 800.095 = BDT3,606 Mil.
Total Current Assets was BDT0 Mil.
Total Assets was BDT134,720 Mil.
Property, Plant and Equipment(Net PPE) was BDT561 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT152 Mil.
Selling, General, & Admin. Expense(SGA) was BDT155 Mil.
Total Current Liabilities was BDT0 Mil.
Long-Term Debt & Capital Lease Obligation was BDT8,276 Mil.
Net Income was 1.522 + 86.226 + 1524.584 + -535.264 = BDT1,077 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0 Mil.
Cash Flow from Operations was 16977.716 + -4688.469 + 7698.765 + -1342.899 = BDT18,645 Mil.
 Total Receivables was BDT0 Mil.
Revenue was 301.71 + 990.269 + 1809.822 + 873.967 = BDT3,976 Mil.
Gross Profit was 301.71 + 990.269 + 1809.822 + 873.967 = BDT3,976 Mil.
Total Current Assets was BDT0 Mil.
Total Assets was BDT107,283 Mil.
Property, Plant and Equipment(Net PPE) was BDT449 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT130 Mil.
Selling, General, & Admin. Expense(SGA) was BDT136 Mil.
Total Current Liabilities was BDT0 Mil.
Long-Term Debt & Capital Lease Obligation was BDT5,659 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(0 / 3606.291) / (0 / 3975.768)
=0 / 0
=1

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(3975.768 / 3975.768) / (3606.291 / 3606.291)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 560.8) / 134719.951) / (1 - (0 + 449) / 107283.231)
=0.995837 / 0.995815
=1

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=3606.291 / 3975.768
=0.9071

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(130.445 / (130.445 + 449)) / (152.079 / (152.079 + 560.8))
=0.225121 / 0.213331
=1.0553

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(154.612 / 3606.291) / (135.519 / 3975.768)
=0.042873 / 0.034086
=1.2578

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((8275.782 + 0) / 134719.951) / ((5658.923 + 0) / 107283.231)
=0.06143 / 0.052748
=1.1646

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(1077.068 - 0 - 18645.113) / 134719.951
=-0.130404

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

NRB Bank has a M-score of -3.26 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -3.26 mean?
NRB Bank (DHA:NRBBANK) has a Beneish M-Score of -3.26 as of Aug. 19, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on NRB Bank and its competitors. According to the industry distribution chart, NRB Bank ranks #59 out of 1392 companies in the Banks industry, placing it in the top 4.2%.
Is NRB Bank's Beneish M-Score too high?
NRB Bank's current Beneish M-Score is -3.26. Based on the distribution chart, NRB Bank ranks #59 out of 1392 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, NRB Bank has a GF Score™ of 37/100, reflecting its overall financial health beyond just this single metric.
How does NRB Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, NRB Bank ranks #59 out of 1392 companies for Beneish M-Score. This places NRB Bank in the top 4% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Banks company?
A good Beneish M-Score depends on the Banks industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on NRB Bank and its competitors. NRB Bank's current Beneish M-Score is -3.26. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is NRB Bank stock overvalued right now?
NRB Bank (DHA:NRBBANK) has a current Beneish M-Score of -3.26. The current Beneish M-Score is -3.26. NRB Bank's overall GF Score™ is 37/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For NRB Bank (DHA:NRBBANK), the current Beneish M-Score is -3.26 as of Aug. 19, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

NRB Bank Business Description

Address Road no. 130, Gulshan South Avenue, Baliaaree 4th Floor, House no. 30, Gulshan-1, Dhaka, BGD, 1212
NRB Bank PLC provides a comprehensive range of financial products and services, including personal and commercial banking, Islamic banking, cash management, treasury, securities, and custodial services to customers. NRB Bank reaches customers through numerous delivery channels, including Branch Banking, Agent Banking, Real-time Online Banking, Internet Banking, SMS/Alert, VISA Debit/Credit Card with international Access, and a Shared Network across the Country.
37GF Score

Get the complete analysis for DHA:NRBBANK

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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