Jamuna Bank has announced a significant 23 percent year-on-year increase in profit for the first quarter of 2024, driven by higher incomes from net interest, investment, and commission activities.

In its unaudited quarterly financial statements, the bank reported a profit of Tk 164.23 crore for the January-March period of 2024, an increase from Tk 133.62 crore in the same period of the previous year. 

The rise in profit is reflected in the consolidated earnings per share, which rose to Tk 2.02 in the first quarter of 2024, compared to Tk 1.64 during the same period in 2023.

Jamuna Bank’s net operating cash flow per share saw a notable increase, reaching Tk 31.32 in the January-March period of 2024, up from Tk 24.28 in the same timeframe last year. This improvement is attributed to enhanced operational activities and a growth in deposits.

The bank also reported an increase in its net asset value, driven by the growth of retained earnings, highlighting the bank’s strengthened financial position and capacity for future investments.

In a strategic move to support its business expansion, Jamuna Bank’s board of directors has approved the issuance of “Jamuna Bank Short Note.” This new financial instrument is a non-convertible, redeemable, unsecured, and tradable short-term bond with maturities of 91 days, 182 days, and 364 days. 

The bank plans to raise Tk 500 crore through this bond issuance, subject to necessary regulatory approvals. The proceeds will fuel business growth and diversify the bank’s product offerings.

The increase in profit and the planned bond issuance reflect Jamuna Bank’s proactive approach to enhancing its financial stability and market presence. 

The bank’s ability to generate higher incomes from various streams, such as net interest and commission, coupled with strategic initiatives like the bond issue, positions it well for sustained growth.