Global IME Bank Records Second Highest Net Profit in Q3 ➤

Global IME Bank Records Second Highest Net Profit in Q3

Bank Achieves Rs 3.30 Billion Net Profit Despite 24.13% Decrease

Global IME Bank (GBIME) has secured the position of earning the second-highest net profit in the third quarter of the current fiscal year, showcasing resilience amidst challenges.

During this period, the bank generated a noteworthy net profit of Rs 3.30 billion. Despite a decrease of 24.13 percent compared to the corresponding period of the last fiscal year, this achievement underscores the bank’s financial stability and operational efficiency.

Despite facing challenges, including increased impairment charges, Global IME Bank demonstrated robust performance in various key metrics. The bank witnessed a commendable 10.49 percent increase in net interest income and an impressive 35.59 percent growth in net fee and commission income. Additionally, its total operating income surged by 13.74 percent, reflecting its commitment to delivering value to stakeholders.

However, the bank encountered a rise in non-performing loans, with the ratio escalating to 4.74 percent from 3.96 percent. Consequently, impairment charges surged to Rs 5.26 billion, impacting net profit.

Furthermore, the bank’s Earnings Per Share (EPS) experienced a downturn, declining by Rs 4.88 to Rs 12.20. Despite this, Global IME Bank maintains a favorable Price/Earnings (P/E) ratio of 14.91 times and a robust net worth per share of Rs 160.92.

With a substantial paid-up capital of Rs 36.12 billion and a significant reserve fund totaling Rs 22 billion, Global IME Bank continues to uphold its financial stability and remains a trusted institution in the banking sector. Notably, the bank collected deposits amounting to Rs 459 billion and extended loans totaling Rs 366 billion during the period, reaffirming its pivotal role in facilitating economic activities and driving growth.

As Global IME Bank navigates through market challenges, strategic initiatives and prudent financial management will be pivotal in overcoming obstacles and sustaining long-term profitability.