Jamuna Bank’s profit grows 18.25pc in 2024
The bank declares 17.5pc cash, 6.5pc stock dividend
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Jamuna Bank PLC posted an 18.25 per cent year-on-year increase to Tk 2.80 billion in 2024, driven by higher interest income amid the introduction of market-based interest rates in May last year.
The third-generation private commercial bank has reported a consolidated net profit of Tk 2.80 billion for the year, against Tk 2.36 billion in the year before.
Accordingly, consolidated earnings per share (EPS) stood at Tk 3.17 in 2024, up from Tk 2.68 in the previous year, according to its price-sensitive information published on Sunday.
Higher net interest income, the core source of earnings for the bank, along with gains from government securities, bolstered the lender's impressive earnings growth, even in a challenging business environment impacted by inflationary pressures.
Based on the profit growth, the board of directors of the company recommended a 17.5 per cent cash and 6.5 per cent stock dividend for the year.
The final approval of the dividend will come during the annual general meeting (AGM) scheduled to be held on June 24. The record date is set on May 14.
The net operating cash flow per share, a measure of a company's ability to generate cash from its operations, stood at Tk 24.61 per share, down from Tk 17.68 in the previous year.
The net asset value, which refers to the excess of total assets over total liabilities, stood at Tk 24.61 per share, from Tk 24.67 in the last year.
Listed in 2006, the bank’s stock price closed at Tk 19.5 on Sunday, rising 1.04 per cent over the day before.