Prime Bank advanced in digital innovation & implementing stimulus package

Business Desk

Prime 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. The bank’s strong levels of capital and liquidity continue to protect it in times of uncertainty, the data was revealed on Thursday while the bank made an announcement of it’s half yearly financial results of 2020. 

The reports said that the bank is going through 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.

The bank has played an active role in implementing the government’s COVID-19 Stimulus Package emerging as one of the leading banks in loan disbursement under the business rescue initiative injecting much needed capital and helping businesses return to pre-pandemic capacity.

The bank’s proactive safeguard measures has earned the bank prestigious international recognition as of the best COVID-19 responders in Asia. The Euromoney’s 'Excellence in Leadership in Asia 2020 Award' is a unique feat for Prime Bank as it is the only bank from South Asia to earn the title in 2020.

As part of accelerating digital transformation roadmap, the bank undertook strict vigilance measures to ensure cybersecurity and fraud prevention to keep fraudsters at bay, facilitating customers to avail banking without in-person persence at branch during this turbulent months. 

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.

Banks 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 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.” 

The bank’s DMD and CFO Mohammad Habibur Rahman Chowdhury; DMD and CRO Md. Touhidul Alam Khan; DMD and CBO Faisal Rahman; Head of Consumer Banking ANM Mahfuz; Head of MSME Banking Syed M. Omar Tayub also joined the virtual event among others.