Prime Bank's earnings up by 22pc in 2019

The Bank holds earnings disclosure event via video-conferencing

FE DESK | May 19, 2020 00:00:00

Prime Bank Limited has recorded operating profit of Tk 6.95 billion in 2019 on solo basis which was Tk 5.72 billion in the previous year, registering a growth of 22 per cent.

The bank has also recorded a net profit after tax of Tk 2.0 billion in 2019 on solo basis, which was Tk 2.19 billion in 2018.

The bank reported EPS of Tk 1.77 for the year ended on December 31, 2019 on solo basis which was Tk 1.93 in the previous year. Its net asset value (NAV) per share was Tk 23.65 in 2019 which was Tk 23.12 a year ago. The bank's net operating cash flow per share (NOCFPS) was Tk 0.98 in 2019 which was Tk 2.86 in negative in 2018.

The leading private commercial bank, listed on both Dhaka Stock Exchange and Chittagong Stock Exchange, organized its Earnings Disclosure event on Monday which was broadcast live on the bank's Facebook page.

In view of the Covid-19 outbreak, the bank has held the event through virtual media to maintain social distancing.

The bank's Managing Director and CEO Rahel Ahmed and senior management officials presented the financial results of 2019 and answered questions from the local and foreign investment analysts, capital market experts and financial institution partners.

DMD and CFO Mohammad Habibur Rahman Chowdhury; DMD and CRO Md. Touhidul Alam Khan; DMD and CBO Faisal Rahman; Head of Consumer Banking ANM Mahfuz; Head of MSME Banking Syed M. Omar Tayub; Head of TB, SFD and ID Shams Abdullah Muhaimin; COO Abdul Halim; Head of ICC Mohammad Jashim Uddin and Head of Brand & Communications Nazmul Karim Chowdhury joined the event.

Commenting on the occasion, Managing Director and CEO Rahel Ahmed, said: "Prime Bank has maintained consistency in delivering outstanding financial results in 2019, faring noticeably well in key financial parameters. It is encouraging to see that our emphasis on exploring new markets, product diversification, process simplification and technological innovation is bearing fruit. The consistency in growth momentum, that too against a backdrop of reducing margins and difficult market conditions, keep us firmly on the path to become the Best Bank in the country."