Investors exchanged the stock valued Tk3.3 crore at the last trading session of the week

Shares of state-owned Rupali Bank Limited saw a price hike of 10% at Dhaka Stock Exchange yesterday.

Investors exchanged the stock valued Tk3.3 crore at the last trading session of the week.

Brokers attributed the price hike with the bank’s better performance and strong fundamentals.

The management disclosed a profit of Tk5.64 crore in its unaudited third quarterly report ending in September last year against a loss of Tk26.7 crore in the same period of 2012. Negative net interest income during the third quarter of 2012 is the reason for the downfall of the bank.

Nevertheless, the bank showed higher net interest income during the first nine months of 2012 than the same period of 2013.

The management failed to book higher profit in the first nine months of 2013 than a year earlier due to higher provision in 2012.

Bank’s consolidated net profit was Tk80.2 crore after tax during the first nine months of 2013, which is higher than Tk45 crore profit after tax same period in 2012.

In November 24 last year, the bank informed that it has signed a trust deed on November 21, 2013 regarding “vanguard AML Rupali Bank balanced fund” with ICB.

“It may be mentioned that Rupali Bank Limited approved a proposal to invest in a Mutual fund totalling Tk200 crore. Rupali Bank will provide an amount of 40 crore as sponsor,” added the disclosure posted on the DSE website.

As of 2012 year-end, the stocks had a restated net asset value of Tk64.27 each whereas the current closing of the stocks price is Tk78.1 each.