City Bank profit surges 34% in Apr-Jun
City Bank has reported that its consolidated net profit jumped by 34% in the second quarter of this year.
According to the bank's statement filed on the Dhaka Stock Exchange (DSE) today, City Bank posted the consolidated earnings per share of Tk1.55 during the April-June quarter, which was significantly higher from Tk1.16 in the same quarter a year ago.
At the end of the first half of this year, the bank's consolidated earnings per share stood at Tk2.23, which was 20.54% higher from the previous year at the same time.
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In its statement, the bank said as a strategic initiative, the bank's substantial investment in government securities led to a marked increase in investment income. This gain effectively offset the decline in net interest income and helped cover rising operational expenses.
The bank shares closed 3.38% higher at Tk24.50 at the DSE today.
