Eastern Bank PLC has reported a significant 23% year-on-year decline in net profit for the third quarter of 2024, totaling Tk 140.91 crore, down from Tk 182.55 crore in the same period last year. This decline in profit is reflected in the earnings per share, which fell from Tk 1.35 to Tk 1.04. Despite this quarterly setback, the bank's profit for the first nine months of 2024 showed resilience, increasing by over 8% to Tk 462.73 crore compared to Tk 425.78 crore during the same period in 2023. The bank attributed the growth in profit for the nine-month period to the removal of the lending rate cap and an expansion of its loan portfolio. Furthermore, net interest income rose significantly to Tk 791.60 crore from Tk 582.24 crore, indicating improved earnings from lending activities. Investment income also saw a notable increase, rising by Tk 185.55 crore to reach Tk 789.36 crore. Additionally, the bank reported a surge in net operating cash flow per share, which jumped to Tk 13.36 from Tk 3.59. These figures suggest that while the third quarter faced challenges, the overall financial health of Eastern Bank remains robust, supported by strategic adjustments in its lending practices and a broader loan portfolio. [0dab5fba]