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Eastern Bank’s consolidated profit declined by 10%

Industry: Bank, Financial
Company: Eastern Bank Limited (EBL)
Company Intelligence Tag: Business Insights

Eastern Bank’s consolidated profits, including its subsidiaries, have declined by 10% year-on-year to Tk 106.9 crore in the first quarter of 2023. However, the bank’s standalone profits have increased by 3.56% to Tk 107.5 crore. Despite challenges such as higher foreign currency borrowing costs and expensive deposits, Eastern Bank’s solo performance was boosted by significant growth in investment income and the release of provisions on the diminution of value of quoted securities.

However, Eastern Bank saw a 47% increase in investment income through investments in government treasury bills/bonds, preference shares, and quoted securities. This resulted in a 12% increase in operating income and earnings per share of Tk 1 compared to Tk 0.97 in the same period last year.

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