POST TIME: 10 August, 2020 08:59:39 PM
Prime Bank announces half-yearly financial results
Staff Reporter, Dhaka

Prime Bank announces half-yearly financial results

Prime Bank has announced half-yearly financial results of 2020 demonstrating progress in key financial indicators including deposit growth, reining in NPL, and achieving best capital to Risk-Weighted Assets Ratio (CRAR) in Bangladesh banking industry and becoming one of leading performing banks in terms of disbursement under the government’s COVID-19 stimulus package, says a press release.

Earlier this year in its 25th Annual General Meeting, the bank declared a 13.50% cash dividend for its shareholders for the year 2019.

According to the media release, the bank’s total deposits jumped to Tk 22,616 crore as on June 30, 2020 from Tk. 21,644 crore at the end of December 2019, registering a growth of 4.49%.    

The bank made significant improvement on non-performing loans (NPL). NPL reported at 4.21% on June 30, 2020 which was 6.07% on the same day a year ago while the NPL coverage ratio reported at 129% at the end of H1 2020 which was 71% in the same date of last year, the press release added.   

Prime Bank has so far disbursed    Tk 70 crore under the government’s COVID-19 Stimulus Package for    MSMEs, which makes it one of the leading performing banks in terms of disbursement under the Stimulus Package.   

According to the press release, the bank has been able to maintain capital adequacy and liquidity position within the regulatory threshold and well ahead of industry peers showing stability and robust financial strength. The bank’s strong levels of capital and liquidity continue to protect it in times of uncertainty. Its ongoing digital transformation efforts and significant investments in technology backbone over the last few years have allowed the bank to provide seamless services to the customers during this difficult time.

During this difficult period of January-June 2020, the bank earned net profit of Tk 61.88 crore on a solo basis, which was Tk 99.27 crore in the corresponding period of last year. The bank has also reported operating profit of Tk 248.16 crore in H1 2020 on a solo basis which was Tk 332.47 crore in the same period of last year.

The bank’s Managing Director and CEO Rahel Ahmed and senior management officials presented the half-yearly financial results of 2020 through Earnings Disclosure Programme on August 3, 2020, which was broadcast live on the bank’s Facebook Page, and also answered questions from the local and foreign investment analysts, capital market experts, financial institution partners, and journalists, according to a press release.