Prime Bank posts Tk 345 crore profit in January-September

Prime Bank Ltd registered a 23 percent year-on-year increase in profit to Tk 345.17 crore in the January-September period of 2023.

The private commercial lender made a profit of Tk 279.54 crore in the identical period of 2022.

Thus, the bank reported consolidated earnings per share (EPS) of Tk 3.05 in the first nine months this year against Tk 2.47 last year, according to the unaudited financial statements.

Prime Bank, in a disclosure on the Dhaka Stock Exchange (DSE), said the EPS improved thanks to an increase in net interest and investment income.

The interest income surged by Tk 451 crore on the back of volumes and yields of loans and advances. Interest expenses increased by Tk 398 crore due to a rise in deposits and associated costs. The changes resulted in an increase in net interest incomes by Tk 53 crore.

The consolidated net operating cash flow per share increased to Tk 4.47 in the nine months from the previous year's Tk 1.09.

Prime Bank said its operating cash flow rose because of a spike in operating income, deposits and a decrease in loans and advances during the period.

Prime Bank's share dipped 0.98 percent to Tk 20.30 on the DSE today.