Prime Bank sees 28pc rise in consolidated net profit in H1

Consolidated net profit of Prime Bank Limited jumped by nearly 28 per cent in the first half (H1) of the year 2019 as the leading private commercial bank (PCB) managed its balance sheet efficiently.

The consolidated profit rose to Tk 1.02 billion during the January-June period of this calendar year from Tk 798 million in the same period of 2018, according to the latest statistics, released by the second generation PCB on Thursday.

The PCB announced its financial disclosures of the H1 of this year through arranging a progamme at its headquarters in Dhaka.

Local and foreign investment analysts and capital market experts took part at the event using internet via live broadcast.

Consolidated earnings per share (EPS) of the leading PCB rose by nearly 29 per cent to Tk 0.90 during the period under review from Tk 0.70 in the same period of the last year.

Consolidated NAV (net asset value) per share of the bank increased by more than 4.0 per cent to Tk 22.82 on June 30 from Tk 21.93 six months before, the bank's data showed.

Rahel Ahmed, managing director (MD) and chief executive officer (CEO) discussed the latest situation of the country's overall banking sector along with future plan of his bank at the earnings disclosure session.

M Habibur Rahman Chowdhury, DMD and chief financial officer (CFO) presented the financial performances at the programme.

"We've been able to control our operational expenses effectively," Mr. Chowdhury told the FE while explaining the latest financial health of the PCB.

He also said such strategies will be continued moving forward to make the improvement sustainable.

DMDs Golam Rabbani, Touhidul Alam Khan and Faisal Rahman along with other senior officials of the bank also attended the event.

Currently, the Prime Bank is operating its functions through 146 branches across the country. It started journey in 1995.

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