City Bank's half-yearly profits fall - Share market analysis of dhaka stock exchange, Bangladesh

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02 August, 2017 10:09 AM Source: The Daily Star Bangladesh

City Bank's net profit fell 5.3 percent year-on-year to nearly Tk 191 crore in the first half of 2017, the first generation lender said yesterday.

The bank's earnings per share went down to Tk 2.18 in January-June from Tk 2.30 in the same period a year earlier.

Sohail RK Hussain, managing director of City Bank, disclosed the performance of the bank at a media briefing at its headquarters in Dhaka.

In the first six months, its loan portfolio grew 15.2 percent and deposits 19.1 percent while trade volume also increased by 20 percent.

City Bank shares have witnessed an upward trend in the last several days, ending at Tk 42.30 yesterday.

In fact, its stocks have remained buoyant since March this year when it received nod to sell 5 percent of its shares to the International Finance Corporation, the private sector lending arm of the World Bank Group.

The IFC bought a City Bank share at Tk 28.3, including Tk 18.3 as premium.

Mahbubur Rahman, chief financial officer of City Bank, gave an overview of the recent financial performance of the lender during the programme.

Most banks have reported higher half-yearly profits this year riding on an increased business activity amid a stable political situation and a boost in investors' confidence.


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