CITY BANK'S OPERATING PROFIT SURGES 77PC: City Bank reported an operating profit of Tk 16.53 billion for the duration from January to September, representing a 77 per cent growth compared to the previous year. Due to high provisioning, the bank's consolidated profit after tax increased 19 per cent year-on-year to Tk 4.51 billion in the period. The results were announced at a virtual 'earnings disclosure' event. Additional Managing Director Mahbubur Rahman provided a detail presentation at the programme, while Managing Director Mashrur Arefin expressed his optimism that the company will surpass Tk 20 billion in operating profit by year end. City Bank reported an operating profit of Tk 16.53 billion for the duration from January to September, representing a 77 per cent growth compared to the previous year, according to a press release issued on Monday.
However, due to high provisioning, the bank's consolidated profit after tax increased only 19 per cent year-on-year to Tk 4.51 billion in the period.
City Bank announced the results at its earnings disclosure event on a digital platform, attended by investors from around the globe, along with researchers and analysts involved in the capital market.
The event began with a detailed presentation by the bank's Additional Managing Director and Chief Financial Officer Mahbubur Rahman.
City Bank's Managing Director and Chief Executive Officer Mashrur Arefin presented an analysis, expressing his optimism that the company will surpass Tk 20 billion in operating profit by year end.
The bank's deposits in Jan-Sept jumped by Tk 101 billion. It maintained the cost of deposits at just 4.5 per cent.
Mr Arefin also highlighted significant growth in interest income and income from investments in government securities.
Additionally, he pointed out that the bank's income has grown by 49 per cent, while costs increased by only 8.8 per cent, leading to a reduction in the cost-to-income ratio to 42 per cent.
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