City General Insurance Company Ltd reported a 34 per cent year-on-year growth in profit in 2022 on the back of higher premium incomes.

The insurer said it made a profit of Tk 15.34 crore last year, up from Tk 11.45 crore in 2021.

Thus, the company reported earnings per share of Tk 2.25 for last year, which was Tk 1.68 a year earlier.

"The EPS increased due to a significant rise in the company's premium income," said City General Insurance in a filing on the Dhaka Stock Exchange.

The net asset value per share, which is the value of an entity's assets minus the value of its liabilities, improved to Tk 18.57 from Tk 17.53 in 2021.

"The NAV per share went up because of a hike in the company's investments in shares, treasury bonds and fixed deposits," said the filing.

The net operating cash flow per share, which represents the cash impact of a company's net income from its primary business activities, more than doubled to Tk 5.59 in 2022 from Tk 2.75 a year earlier, driven by a sharp increase in premium incomes.

The board of directors of City General Insurance recommended a 10.50 per cent cash dividend for the year that ended on December 31.