MTB posts 59% jump in Q3 profit amid challenging market conditions
The bank recently announced its unaudited financial results for the third quarter of 2024
Mutual Trust Bank PLC's (MTB) operating profit rose by 22.49% to Tk2.54 billion during July-September of this year, while profit before tax surged by 59.15% to Tk1.62 billion.
The bank recently announced its unaudited financial results for the third quarter of 2024.
The Q3 2024 financial performance of the bank reflects an impressive Tk46 billion growth, or a 17.54% increase in deposits since December of last year, totaling Tk309 billion. Loans and advances registered an 11.33% increase, or Tk30 billion growth, reaching Tk291 billion during the same period.
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In the first nine months of 2024, the bank earned operating profit of Tk7.82 billion, a 33.38% YoY increase, while profit before tax stood at Tk3.53 billion, a rise of 9.35% over the corresponding period last year. Combined, these growth metrics steered earnings per share up by 6.7%, reaching Tk2.07 per share in the first nine months of 2024.
Additionally, MTB's capital to risk-weighted assets ratio (CRAR) stands at a robust 14.08%.
"Amid an industry-wide struggle with customer confidence, MTB has demonstrated strong financial performance, driven by record breaking growth in customer deposits and solid bottom-line growths," the bank says in a media release.
Syed Mahbubur Rahman, managing director and CEO of MTB, said, "We have delivered a strong performance in the third quarter, with profit before tax up 59.15% YoY, driven by record growth in customer deposits, efficient balance sheet management, and cost rationalisation."
Beyond its exceptional financial growth, MTB's achievements across its business operations have been widely recognised with over 20 national and international awards each year since 2022. Recent honours include a Top Sustainable Bank rating by Bangladesh Bank, Best Bank by the Indian Chamber of Commerce, Best Bank in Bangladesh by The Banker, Bangladesh's Best Digital Bank by Euromoney, Bangladesh's Best Bank for Diversity & Inclusion by Euromoney, Best CSR Bank Bangladesh by Business Tabloid Magazine, Most Innovative Digital Bank by International Finance, and Excellence in Consumer Financing by Global Business Magazine.
