City Bank’s Q3 profit surges 41%

City Bank PLC saw a sharp 41 percent increase in profit in the third quarter of 2024 thanks to a substantial growth in investment income and commission earnings. 

The bank reported a profit after tax (PAT) of Tk 200.71 crore in July-September, a significant jump from Tk 141.44 crore during the same period last year. 

The bank's consolidated earnings per share (EPS) rose to Tk 1.49 from Tk 1.05 year-over-year, as disclosed on the Dhaka Stock Exchange (DSE) website. 

"EPS growth resulted from substantial gains in investment income, commission, exchange, and brokerage, leading to higher operating profits and PAT," City Bank stated.

Additionally, the consolidated net operating cash flow per share (NOCFPS) turned positive, hitting Tk 42.38 in the January-September period of 2024, a substantial improvement from a negative Tk 5.20 in the same period last year. 

City Bank attributed this positive cash flow to lower cash outflows for loan disbursements relative to cash inflows from deposits and borrowings, indicating a strategic approach to cash management.

Shares of the private commercial lender rose 2.88 percent to Tk 21.40 as of 1:36 pm today at the DSE.