2024-03-28 10:38:54
Capital market-listed private City Bank has finalized its financial report for 2023. The consolidated net profit after tax of the bank was Tk 638 crore. Which is 33 percent more than the previous year.
This was announced at the bank’s board meeting on Wednesday (March 27). At the same time, the board of the bank has proposed to give 15 percent cash dividend and 10 percent bonus dividend on top of profit.
Citibank has reported a consolidated net profit after tax of Tk 638 crore for 2023. This profit is 33.5 percent higher than 478 crore rupees in 2022. The board meeting has also proposed 15 percent cash dividend and 10 percent bonus dividend on top of this profit, which will be presented for approval in the annual general meeting of the bank on May 30.
According to the financial report – in 2023, the foreign exchange income of Citibank fell by 74 percent from the previous year due to the dollar crisis, but the bank’s deposit expenses decreased. At the same time, there has been an increase in good loans and interest rates on loans are on the rise. Apart from this, the profit from government treasury bills or bonds increased slightly. Due to these reasons, the bank was able to make a total operating profit of Tk 1,391 crore last year, which was Tk 1,237 crore in 2022. And in 2023 City Bank has spent a total of Rs. 256 crore on provisioning against loans.
The bank’s return on equity or return against shareholders’ investment reached 17.7 percent due to net profit of Tk 638 crore. Two significant aspects of the bank’s income are – 26 percent of the total income comes from fees, commissions etc. and 40 percent of this income comes from the personal sector (retail, cards and micro loans).
The earnings per share (EPS) of the bank stood at Tk 5 21 paise with this net profit announcement, which was Tk 3 90 paise in 2022.