City Bank held its 3rd quarter Earnings Disclosure event on a digital platform, announcing its results for the first nine months of 2024. 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’s 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’s 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& 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.
