City Bank profit rises 5pc in H1

Business Report :
City Bank’s consolidated net profit for the first half of 2024 increased by 5 per cent to Tk250 crore compared to the same period last year.
According to the price-sensitive information of the private sector lender, its consolidated earnings per share (EPS) for the January-June period was Tk1.85, up from Tk1.76 a year ago.
As of 30 June, the bank’s consolidated net asset value per share stood at Tk28.12, and the consolidated net operating cash flow per share was Tk2.88.
In the April-June quarter, its consolidated net profit was Tk157 crore, marking a 6 per cent growth from the same period the previous year. During this quarter, the consolidated EPS was Tk1.17, up from Tk1.10 a year ago.
The bank has declared a 15 per cent cash dividend and a 10 per cent stock dividend for the financial year ending 31 December 2023. Last year, its net profit was Tk638 crore, a 33 per cent increase from the previous year.
Its shares closed at Tk24.30 on Thursday at the Dhaka Stock Exchange, having surged over 23 per cent in the last three trading sessions to reach a year-high.
The bank’s market capitalisation stood at Tk3,030 crore at the end of the last week.