Eastern Bank Limited, despite struggling with higher foreign currency borrowing costs and expensive deposits, has posted a nearly 4% YoY growth in net profit on a solo basis in Q1 2023. The bank’s profit was mainly driven by significant growth in investment income and the release of provisions against its unrealized losses in listed securities. In the first quarter of 2023, many banks failed to manage YoY growth in revenue and profits due to the expensive cost of funds, both deposit and foreign currency borrowing costs. Eastern Bank’s capital-to-risk weighted assets ratio improved to 15.10% on 31 March 2023 from 14.61% in December 2023.
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