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The Financial Express
Swasti Lankabangla Swasti Lankabangla

Prime Bank sees 'robust financial strength' in H1

| Updated: August 11, 2020 09:48:55


Rahel Ahmed, Managing Director and CEO of Prime Bank Limited, and senior management officials presented the half yearly financial results of 2020. Rahel Ahmed, Managing Director and CEO of Prime Bank Limited, and senior management officials presented the half yearly financial results of 2020.

Prime Bank Limited has announced its half yearly (H1) financial results of 2020.

"The bank has been able to maintain capital adequacy and liquidity position within regulatory threshold and well ahead of industry peers showing stability and robust financial strength," said a statement.

The bank's strong levels of capital and liquidity continue to protect it in times of uncertainty. Its ongoing digital transformation efforts and significant investments in technology backbone over the last few of years have allowed the bank to provide seamless services to the customers during this difficult time.

During this difficult period of January-June 2020, the bank has earned net profit of Tk 61.88 crore on solo basis, which was Tk 99.27 crore in the corresponding period of last year. The bank has also reported operating profit of Tk 248.16 crore in H1 2020 on solo basis which was Tk 332.47 crore in the same period of last year.

The bank's operating profit and net profit after tax in H1 2020 witnessed a drop down by 25% and 38% respectively compared to same period of 2019 mainly due to impact of COVID-19 pandemic, a host of COVID-19 regulatory waivers on EMI, interest and fees and interest rate capping.

The bank reported EPS of Tk 0.55 for the half year ended on June 30, 2020 on solo basis which was Tk 0.88 in the corresponding period of 2019. Its net asset value (NAV) per share on solo basis was Tk 24.21 as on 30 June 2020 which was Tk 22.75 in the same period a year ago. The bank's net operating cash flow per share (NOCFPS) on solo basis stood at Tk 0.75 on June 30, 2020 which was Tk 0.84 in the corresponding period of 2019.

The leading private commercial bank, listed on DSE and CSE, organized its earnings disclosure event recently which was broadcast live on the bank's Facebook Page. In view of the COVID-19 outbreak, the bank conducted the event through Zoom Webinar webcast to maintain social distancing.

The bank's Managing Director and CEO Rahel Ahmed and senior management officials presented the half yearly financial results of 2020 and answered questions from the local and foreign investment analysts, capital market experts, financial institution partners and journalists.

Commenting on the occasion, Managing Director and CEO Rahel Ahmed, said: "During this critical time, we are more focused on keeping our employees and customers safe, and customers served with essential financial services with safety and convenience to what matters most in their lives. We were one of first responders to chalk out fightback initiative as early as January 2020 when COVID-19 started unfolding and quickly adapted our operations to continue delivering critical services to meet the evolving needs of our customers living to the bank's long history of standing by the customers in challenging times."

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