Prime Bank discloses half yearly financial results
Publish- August 07, 2020, 08:38 PM
UNB NEWS - UNB NEWS
Prime Bank has earned net profit of Tk 61.88 crore on 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 the first six months of the running year on solo basis, which was Tk 332.47 crore in the same period of last year.
Prime Bank has announced its half yearly financial results of 2020 on August 3 virtually.
The private commercial bank, listed with both Dhaka and Chattogram Stock Exchanges, organized its Earnings Disclosure event which was broadcast live on the bank’s Facebook Page, according to a press release issued today (Friday).
The bank’s Managing Director and CEO Rahel Ahmed and senior management officials presented the half yearly financial results of 2020 and answered questions from the local and foreign investment analysts, capital market experts, financial institution partners and journalists.
The press release said that Bank's operating profit and net profit after tax in H1 2020 witnessed a drop by 25 percent and 38 percent respectively compared to same period of 2019 mainly due to impact of COVID-19 pandemic, a host of COVID-19 regulatory waivers on EMI, interest and fees and interest rate capping.
The bank reported earning per share (EPS) of Tk 0.55 for the half year ended on June 30, 2020 on solo basis which was Tk 0.88 in the corresponding period of 2019.
Its net asset value (NAV) per share on solo basis was Tk 24.21 as on June 30, 2020 which was Tk 22.75 in the same period a year ago.
Commenting on the occasion, Managing Director and CEO Rahel Ahmed, said: “During this critical time, we are more focused on keeping our employees and customers safe, and customers served with essential financial services with safety and convenience to what matters most in their lives. We were one of first responders to chalk out fightback initiative as early as January 2020 when COVID-19 started unfolding and quickly adapted our operations to continue delivering critical services to meet the evolving needs of our customers living to the bank’s long history of standing by the customers in challenging times.”
The bank’s DMD and CFO Mohammad Habibur Rahman Chowdhury; DMD and CRO Md. Touhidul Alam Khan; DMD and CBO Faisal Rahman; Head of Consumer Banking ANM Mahfuz; Head of MSME Banking Syed M. Omar Tayub; Head of TB, SFD and ID Shams Abdullah Muhaimin; Head of Treasury SK. Matiur Rahman, Chief Operating Officer Abdul Halim; Head of ICC Mohammad Jashim Uddin and Head of Brand and Communications Nazmul Karim Chowdhury joined the virtual event.