City Bank has defied economic headwinds by posting record profits in 2023. Despite a national economic slowdown, the bank reported a consolidated net profit after tax of Tk638 crore, marking a remarkable 33.5% increase from the previous year. This achievement is credited to the bank’s effective business policies and strategies. Despite a 74% drop in foreign exchange income due to currency crises, City Bank managed to achieve an operating profit of Tk1,391 crore by controlling deposit costs, expanding its loan book, and generating revenue from government securities investments.
Consequently, the bank recommended a 15% cash dividend and a 10% stock dividend, highlighting its commitment to shareholders. Notably, City Bank’s robust financial performance translated into an impressive return on equity (ROE) of 17.7% in 2023, showcasing its resilience and adaptability in challenging times.
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