Prime Bank's profit jumps 49pc in January-June

Prime Bank PLC reported a 49 per cent increase in net profit after tax (NPAT) for the first half of 2024, according to the bank's unaudited financial statements approved by the board on Tuesday.

Standalone NPAT reached Tk 329 crore, up from Tk 221 crore in the same period of 2023. Earnings per share climbed to Tk 2.91 from Tk 1.95.

Net asset value (NAV) and net operating cash flow per share (NOCFPS) stood at Tk 32.05 and Tk 8.71, respectively, in H1 2024, compared to Tk 28.69 and Tk 0.86 in H1 2023.

The bank's total assets reached Tk 51,181 crore at the end of June 2024, with loans and advances totalling Tk 32,632 crore.

Prime Bank's capital-to-risk-weighted assets ratio (CRAR) was 18.12 per cent, one of the highest in the banking industry. The bank's NPL coverage ratio stood at 142 per cent.