Prime Bank achieves 45% growth in Q3 net profit, reaching Tk. 510 crore
Prime Bank PLC, one of the country's leading commercial banks, has reported a 45% year-on-year growth in Net Profit after Tax (NPAT) for the third quarter (Q3) ending September 30, 2024. The bank's Board of Directors adopted the Q3 unaudited financial statements at its board meeting on October 28, 2024.
In Q3 2024, Prime Bank's standalone NPAT rose to Tk. 510 crore from Tk. 351 crore in the same period last year, with Earnings per Share (EPS) at Tk. 4.51, up from Tk. 3.10. The Net Asset Value (NAV) per share reached Tk. 33.68, while the Net Operating Cash Flow per Share (NOCFPS) was Tk. 2.30, compared to Tk. 29.91 and Tk. 4.27, respectively, in Q3 2023.
As of September 2024, the bank's total assets stood at Tk. 53,215 crore, with loans and advances amounting to Tk. 32,389 crore. Prime Bank's Capital to Risk-Weighted Assets Ratio (CRAR) was 18.26%, one of the highest in the banking industry, and the Non-Performing Loan (NPL) coverage ratio was recorded at 137%.
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