City Bank held its 3rd quarter Earnings Disclosure event on a digital platform, announcing its results for the first nine months of 2024, says a press release.
Investors from around the globe, along with researchers and analysts involved in the capital market, attended the event.
The bank reported a consolidated operating profit of Tk 1,653 crore, representing a 77% growth compared to Tk 932 crore during the same nine-month period last year.
However, due to a highly cautious approach toward loan provisioning, the bank鈥檚 consolidated profit after tax increased by 19%, amounting to Tk 451 crore in 2024, up from Tk 379 crore in the same period last year.
The event began with a detailed presentation by Mahbubur Rahman, AMD & CFO of the bank. This was followed by an analysis from Mashrur Arefin, MD & CEO, who expressed his optimism about surpassing Tk 2,000 crore in operating profit by year-end.
Discussing the reasons behind the 77% profit growth, he noted that over the nine-month period, the bank鈥檚 deposits increased by Tk 10,100 crore while maintaining the cost of deposits at just 4.5%. He also highlighted significant growth in interest income and income from investments in government securities. Additionally, he pointed out that the bank's income has grown by 49%, while costs increased by only 8.8%, leading to a commendable reduction in the cost-to-income ratio to 42%, down from 54.5% last year.
Regarding the modest increase in profit after tax, Mashrur explained that management chose to maintain a substantial amount of additional provision (67% of the total loan provision in 2024) on a subjective basis, which may be reassessed at year-end.
Also present at the event were Mesbaul Asif Siddiqui, DMD and Chief Risk Officer; AKM Saif Ullah Kowchar, DMD and HoICC; and Shah Alam, Head of Treasury.
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