Pubali Bank profit surges 43%
This growth was largely driven by a significant rise in investment income, commissions, exchange, and brokerage, as well as an increase in interest income
Pubali Bank, a private sector lender, reported an impressive 43% growth in its consolidated profit, reaching Tk877 crore in the first nine months of 2024.
This growth was largely driven by a significant rise in investment income, commissions, exchange, and brokerage, as well as an increase in interest income, according to a disclosure published on the stock exchange's website yesterday (24 October).
The bank's consolidated operating income surged by approximately 49.75% to Tk1,796 crore during the January-September period of 2024.
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As a result of this significant profit growth, Pubali Bank's shares increased by 9.64% to Tk27.30 apiece at the Dhaka Stock Exchange.
With this growth, Pubali Bank's nine-month profit surpassed its total annual profit for 2023, which stood at Tk695 crore.
However, the full quarterly report for the nine-month period has yet to be published on its website.
According to its half-yearly report for 2024, the bank had total consolidated investments of Tk17,147 crore, of which Tk14,019 crore was invested in government securities and bonds, while the rest was allocated to stocks and bonds issued by private banks.
Pubali Bank's consolidated net asset value rose to Tk5,600 crore, driven by growth in retained earnings, paid-up capital, statutory reserves, and the revaluation of government securities.
Its NAV stood at Tk4,708 crore in the first nine months of 2023, according to its financials.
Additionally, its consolidated net operating cash flow per share reached Tk7.30, a notable improvement from the negative Tk2.27 recorded during the same period in 2023.
