The consolidated financial results of City Bank for 2023 were announced, with dividend proposed and Price Sensitive Information notified to Bangladesh Securities & Exchange Commission.

The bank declared in its Board Meeting held today a consolidated net profit after tax of Tk638 crore for 2023.

This shows a 33.5% rise in net profit over Tk478 crore of 2022.

The board also recommended 15% cash and 10% stock dividend to its shareholders based on this superior financial performance.

The recommendation will be presented to the forthcoming AGM of the bank to be held on May 30, 2024 for shareholders’ approval.

The accounts show that due to foreign currency crisis in 2023 its foreign exchange income dropped by 74% from the previous year.

However, the bank was still able to produce an operating profit of Tk1,391 crore -- which is up from Tk1,237 crore of 2022 -- as a result of being able to contain its cost of deposit, grow its performing loan book, and earn substantially from its investments in government securities.

In 2023, the bank also took a loan provision related cost hit of Tk256 crore.

The net profit of Tk638 crore has resulted in an impressive 17.7% return on equity (RoE) for City Bank in 2023.

One notable feature of the bank's earnings was that 26% of its total income came from fees and commissions, while 40% of that income was generated by its retail, cards, and small & micro lending businesses.

Consolidated earnings per share of City Bank stood at Tk5.21, up from Tk3.90 in 2022.

City Bank's notable expansion across all business lines, together with its commitment to sustainable and environmentally friendly goals and its focus on going fully digital have garnered significant attention from investors worldwide in recent years.