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City Bank’s profit jumps 18% in 9 months

  • Published at 09:36 pm November 2nd, 2020
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The bank attracted much attention from investment communities across the globe in recent years through its noticeable presence

City Bank's net profits surged 17.7% year-on-year to nearly Tk308.6 crore in the first nine months (January to September) of 2020 as the bank deftly navigated the pandemic storm.

The bank organized an earnings disclosure webcast on Monday, on its third quarter 2020 financial performances, based on its un-audited financial statements for the period ended on September 30.

Consolidated earnings per share (EPS) of the bank were recorded at Tk3 for the same period against Tk2.6 during the same period last year.

Consolidated the net asset value (NAV) per share was Tk26.9 as on September 30 and Tk24.1as on December 31, 2019.

Md Mahbubur Rahman, chief financial officer (CFO) of the bank, announced the financial performances, followed by the bank's chief executive officer (CEO) Mashrur Arefin, who discussed about their current strategic positioning.

They said that the bank attracted much attention from investment communities across the globe in recent years through its noticeable presence and growth in the private commercial banking industry in the country.

Talking to Dhaka Tribune, Arefin said that the significant rise of earnings was due to the bank reducing the deposit costs, as it now stood at 5 per cent, which was 5.4% previously, as well as reducing its operating costs.

He stated in his speech about the holistic approach of City Bank to serve the lives and financial purposes of people from all the sectors and spheres of societies. 

Arefin appraised the diversity it brought to the bank’s functionality in total.

The bank was listed in 1987 at the DSE.

Each share of the bank closed at Tk25.10 on Monday, up by 3.25% from the previous day.