City Bank to invest Tk855cr in building multi-storied office in Gulshan

City Bank PLC has decided to construct a multi-storied office at Gulshan-2 in the capital at an estimated cost of Tk855 crore.

The bank announced the decision through a disclosure filed with the Dhaka Stock Exchange (DSE) on Thursday.

According to the disclosure, the bank's board of directors, in a meeting held on 7 January, decided to purchase approximately 20 katha of land on Gulshan Avenue to facilitate the construction. The purchase price for the land is Tk345 crore, inclusive of all related expenses.

This newly acquired land is adjacent to the bank's existing 20-katha plot in Gulshan. By combining these two parcels of land, the bank will now have a total of approximately 40 katha at the site, where the multi-storied building will be constructed.

The land purchase received approval from the Bangladesh Bank on 6 January 2026.

The bank stated that the project is subject to obtaining all necessary approvals from relevant regulatory authorities and ensuring full compliance with the guidelines and conditions stipulated by the central bank.

Following the disclosure, City Bank's share edged down by 0.396% to close at Tk25.80.

Earlier, City Bank has posted a remarkable surge in profits for the first nine months of 2025, as the lender strategically shifted towards risk-free investments in government securities amid an uncertain economic environment.

The bank's consolidated net profit rose 60% year-on-year to Tk720 crore in the January-September period, from Tk450 crore a year earlier. Earnings per share (EPS) climbed to Tk4.75, up from Tk2.96, reflecting strong earnings momentum across its investment portfolio.

"As a strategic initiative, City Bank's substantial investment in government securities led to a marked increase in investment income, effectively offsetting the decline in net interest income and supporting the coverage of escalating operational expenses," the bank said in its statement.