City Bank’s half-yearly profit drops 5.0 per cent

Dhaka,  Sat,  23 September 2017
Published : 01 Aug 2017, 22:29:44

City Bank’s half-yearly profit drops 5.0 per cent

FE Report

City Bank Limited (CBL) registered a consolidated after tax profit of Tk 1.907 billion in the first half of this year (January-June), which was more than 5% lower than that of Tk 2.014 billion recorded in the same period of last year.

During the period, the bank's loans and advances, and deposits have grown by 15.2 per cent and 19.1 per cent respectively, while trade volume increased by 20 per cent.

The bank officials announced the figures at an 'earning disclosure' programme at the CBL headquarters in the capital Tuesday.

Managing director (MD) and chief executive officer (CEO) of the bank Sohail R. K. Hussain, its chief financial officer (CFO) Md. Mahbubur Rahman and representatives from different financial institutions were present at the programme.

Speaking on the occasion, the CEO highlighted the bank's achievement and initiatives in the recent years.

He said: "We have re-launched our brand and our vision and mission statements which are our guiding principles but just as importantly signaled a shift from the past traditional banking model to a much more adaptive performance, innovation, customer experience and technology-driven bank."

The sole franchise of the American Express credit cards in Bangladesh, he said, the city bank received license to do offshore banking and launched new subsidiaries to expand their reach in capital market operations and non-resident remittance businesses.

"With a new sense of commitment to business excellence and a dedicated, skilled workforce, in recent years, we have constantly beaten the average industry growth benchmarks in terms of balance sheet size, funds under management, profit and productivity ratios," he added.

Regarding the 'City Bank - IFC equity deal', he said the bank has received both BSEC and the central bank approvals.

"The equity deal with IFC will help us boost our capital base and also enhance procedures, ensure smooth transfer of technology, strengthen our digital banking capability and improve corporate governance," he added.

About overall financial sector of the country, he said the sector enjoyed their fair share of benefits from the recent economic growth that Bangladesh has experienced.

"Yet, challenges remain in areas like asset quality, interest spread, corporate governance, relevant reforms and, portfolio and revenue mobilisations," he added.
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