EBL’s profits double
Eastern Bank's earnings almost doubled year-on-year found in the July-September quarter despite lower interest salary amid the coronavirus pandemic.
Analysis of the one fourth demonstrates the listed lender's profits had soared 92 % to Tk 138.05 crore in the quarter. Similar net profit comparison of days gone by nine months demonstrates it has risen 28 %, more than the industry's 3.49 per cent.
The bank's profits rose riding on its higher income from currency markets investments, investment in government securities, and lower provisioning.
"The interest income was usual," explained EBL Managing Director and CEO Ali Reza Iftekhar. "This season, our interest cash flow was low as a result of 9 % lending rate."
The lender's net interest income dropped 24 % to Tk 151 crore in the quarter while that of the industry by 25 %.
Previously nine weeks, Eastern Bank's net interest income declined 27 per cent year-on-year to Tk 463 crore.
Cash flow from investments doubled to Tk 128.86 crore in the 3rd quarter of the year.
Its provisioning stood at Tk 3.72 crore in the negative. It was Tk 58.14 crore in the same period the prior year, shows the financial report.
"We have kept plenty of provisioning for the January-September period all together," said Iftekhar.
He said the bank, which started its voyage in 1992, had never failed to meet up with the provisioning requirement.
"In the next quarter, we could keep provision according to the central bank's route along with our judgement for the betterment of the bank," he said.
