Jamuna Bank sees 34% drop in quarterly profits

Jamuna Bank Ltd has posted a 34 percent drop in its consolidated net profit in the second quarter that ended on June 30 this year. 

The bank's net profit decreased to Tk48.97 crore during the period because of reduced banking hours during the countrywide general holidays in April and May imposed to curb the spread of coronavirus.

Its earnings per share stood at Tk0.65 in this period.

According to its un-audited financial statements, Jamuna Bank exhibited a 103 percent growth in its net profit in the first quarter of 2020.

In the first half of the current financial year – January to June – the bank posted 23 percent net profit growth and its consolidated earnings per share stood at Tk2.07.

Jamuna Bank had declared a 15 percent cash dividend for its shareholders for the 2019 financial year. However, the final approval of the dividends will come during the annual general meeting slated for August 27 this year.

According to the Dhaka Stock Exchange (DSE), the bank reported consolidated earnings per share of Tk3.38 in the 2019 financial year, which is 10 percent higher than that of the previous year.

The bank's paid-up capital is Tk749.22 crore.

As of February this year, sponsors and directors jointly owned 48.46 percent shares, institutional investors had 4.32 percent, foreign investors held 1.69 percent and general investors owned 45.53 percent shares of the bank.

The closing price of each of the bank's shares was Tk16.80 on Sunday at the DSE. Its shares hit their highest price of Tk19.90 within the last one year.