Prime Bank’s profit grows 45% in Q3

Prime Bank PLC posted a 45 percent year-on-year net profit growth in the July-September quarter of the current financial year.

The announcement came at the bank's board meeting at its head office in Dhaka today, the bank said in a press release.

The standalone net profit after tax was recorded at Tk 510 crore compared to Tk 351 crore in the same period of the previous year.

Earnings per share stood at Tk 4.51 as against Tk 3.10 in the corresponding period last year.

The net asset value per share and net operating cash flow per share were recorded at Tk 33.68 and Tk 2.30 respectively in the third quarter of this year, which were Tk 29.91 and Tk 4.27, respectively, in the corresponding period of last year.

The bank's total assets stood at Tk 53,215 crore at the end of September 2024, while loans and advances totalled Tk 32,389 crore, the press release also said.

Prime Bank's capital-to-risk weighted assets ratio stood at 18.26 percent, which is one of the highest in the banking industry.

The bank's non-performing loan coverage ratio was recorded at 137 percent.

Prime Bank is committed to providing innovative banking solutions and sustainable growth, the press release added.