MTB posts 59pc profit growth

The bank continues strong performance amid industry challenges

FE Team | Published: November 07, 2024 23:57:19

Mutual Trust Bank PLC (MTB) recently announced its unaudited financial results for the third quarter of 2024, showcasing remarkable resilience and growth.
Amid an industry-wide struggle with customer confidence, MTB has demonstrated strong financial performance, driven by record breaking growth in customer deposits and solid bottom-line growths, says a statement.
MTB's strong financial performance in Q3 2024 reflects an impressive Tk 46 billion growth, or a 17.54 per cent increase in deposits since December of last year, totalling Tk 309 billion.
This outstanding growth is a testament to customer trust in MTB during this challenging time.
Loans and advances registered an 11.33 per cent increase, or Tk 30 billion growth, reaching Tk 291 billion during the same period.
Operating profit rose by 22.49 per cent to Tk. 2.54 billion, while profit before tax surged by 59.15 per cent to Tk 1.62 billion during the period from July to September 2024.
In the first nine months of 2024, the bank earned an operating profit of Tk 7.82 billion, registering a 33.38 per cent YoY increase, while profit before tax stood at Tk 3.53 billion, a rise of 9.35 per cent over the corresponding period last year.
Combined, these growth metrics steered earnings per share up by 6.7 per cent, reaching Tk. 2.07 per share in the first nine months of 2024.
Additionally, the bank's capital to risk-weighted assets ratio (CRAR) stands at a robust 14.08 per cent, further underpinning its stability and growth potential.
Beyond its exceptional financial growth, MTB's achievements across its business operations have been widely recognised with over 20 national and international awards each year since 2022.
Recent accolades include a 'Top Sustainable Bank' rating by Bangladesh Bank, 'Best Bank' by the Indian Chamber of Commerce, 'Best Bank in Bangladesh' by The Banker, 'Bangladesh's Best Digital Bank' by Euromoney, 'Bangladesh's Best Bank for Diversity & Inclusion' by Euromoney, 'Best CSR Bank of Bangladesh' by Business Tabloid Magazine, 'Most Innovative Digital Bank' by International Finance, and 'Excellence in Consumer Financing' by Global Business Magazine.
Syed Mahbubur Rahman, Managing Director & CEO, said, "We have delivered a strong performance in the third quarter, with profit before tax up 59.15 per cent YoY, driven by record growth in customer deposits, efficient balance sheet management, and cost rationalisation."
As MTB celebrates its 25th anniversary, it remains committed to delivering a strong financial performance for the remainder of the year, reflecting a forward-looking strategy that prioritizes customer trust and financial excellence.