Prime Bank posts impressive profit growth in Q3
In this quarter, the bank’s consolidated net profit reached Tk184.52 crore, a 46% increase from Tk126.57 crore in the same quarter of 2023
Prime Bank Limited posted a 46% year-on-year growth in consolidated profits for the July-September quarter, driven by an increase in net investment income.
In this quarter, the bank's consolidated net profit reached Tk184.52 crore, a 46% increase from Tk126.57 crore in the same quarter of 2023. Its consolidated earnings per share (EPS) stood at Tk1.61, up from Tk1.12 a year ago.
The private sector lender attributed this profit increase to higher net interest income, investment income, as well as commission, exchange, and brokerage income.
However, its net operating cash flow per share declined due to increased investments in government treasury bills or bonds, and loans & advances.
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Investment income surged by 87% to Tk266.13 crore in the said quarter compared to the same quarter last year.
Over the first nine months of 2024, the bank's consolidated net profit reached Tk495.41 crore, up from Tk345.18 crore a year earlier, with a consolidated EPS of Tk4.38.
As of yesterday (29 October), Prime Bank's share price was Tk22.30 on the Dhaka Stock Exchange.
On a solo basis, Prime Bank's net profit in the July-September quarter was Tk180.85 crore, compared to Tk130 crore a year ago.
For the January to September period, its net profit stood at Tk510.22 crore, up from Tk351.15 crore in the same period last year, with EPS rising to Tk4.5 from Tk3.10 a year earlier.
Last year, the bank paid a 17.5% cash dividend to shareholders.
Prime Bank began operations in April 1995 with a single branch under a Bangladesh Bank licence. The bank provides a wide range of commercial banking services through its branches and SME centres across Bangladesh and offshore banking services through its three Offshore Banking Units.
As of September, the bank has 146 branches, including 18 SME centres, one booth at Dhaka Club, and 88 agent banking units. Of these, five branches and one sub-branch are designated as Shariah-compliant branches.
In addition, Prime Bank operates five subsidiary companies.
As of September, sponsor-directors hold 40.35% of the bank's shares, institutional investors 36.57%, foreign investors 2.36%, and the general public 20.72%
