Prime Bank reported a robust 25% year-on-year profit increase, equivalent to Tk 0.69 billion, in the first nine months of 2023. The bank’s unaudited earnings report revealed a profit of Tk 3.51 billion, up from Tk 2.82 billion in the same period the previous year. This surge was attributed to higher investments in government securities, primarily Treasury bonds.
The bank’s CFO noted that they earned an extra Tk 900 million in interest income from Treasury bonds compared to the previous year, primarily due to a Tk 30 billion increase in government securities investments. Investment income increased by 31% year-on-year to Tk 3.78 billion in January–September, with 79% coming from Treasury securities. The rise in interest rates on Treasury bills also contributed to the bank’s improved performance.
The EPS rose to Tk 3.05 for the nine months ending in September, 2023 compared to Tk 2.47 in the same period the previous year. The consolidated net operating cash flow per share and consolidated NAV per share also showed positive growth. In the previous fiscal years (FY21 and FY22), the bank reported profits and paid cash dividends to shareholders.
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