Eastern Bank : EBL Q1 Financial Statement 2024 (Unaudited)

QUARTERLY FINANCIAL STATEMENTS FIRST QUARTER 2024 (UNAUDITED)

GOOD GOVERNANCE

KEEPS US GOING

Eastern Bank PLC. and its subsidiaries

Condensed Consolidated Balance Sheet (Unaudited)

as at 31 March 2024

			Amount in BDT
Particulars	31-03-2024	31-12-2023
PROPERTY AND ASSETS
Cash
Cash in hand (including foreign currencies)	6,651,932,137	5,558,590,040
Balances with Bangladesh Bank and its agent bank(s) (including	16,497,060,829	15,381,788,929
foreign currencies)
	23,148,992,965	20,940,378,969
Balances with other banks and financial institutions
In Bangladesh	4,512,046,045	7,189,372,713
Outside Bangladesh	7,468,357,569	12,026,142,551
	11,980,403,614	19,215,515,264
Money at call and on short notice	2,539,000,000	3,100,000,000
Investments
Government	84,568,878,510	70,339,401,798
Others	27,499,513,659	27,321,218,976
	112,068,392,170	97,660,620,773
Loans and advances
Loans, cash credits, overdraft etc.	332,090,146,271	318,673,232,509
Bills discounted and purchased	29,506,980,166	37,231,661,887
	361,597,126,437	355,904,894,396
Fixed assets including land, building, furniture and fixtures	8,514,038,596	8,582,233,669
Other assets	10,380,315,740	8,354,488,660
Non banking assets	-	-
TOTAL ASSETS	530,228,269,522	513,758,131,734
LIABILITIES AND CAPITAL
LIABILITIES
Borrowing from other banks, financial institutions and agents	83,186,645,753	75,666,791,626
Deposits and other accounts
Current deposits & other accounts etc.	56,101,591,174	61,508,377,092
Bills payable	1,059,854,599	2,198,324,105
Savings bank deposits	81,354,101,620	80,525,188,456
Fixed deposits	180,978,768,192	169,066,601,996
Special notice deposits (SND)	51,518,647,414	51,466,835,725
Bearer certificates of deposits	-	-
	371,012,962,998	364,765,327,373
Other liabilities	35,572,427,014	32,800,088,291
TOTAL LIABILITIES	489,772,035,766	473,232,207,291
SHAREHOLDERS' EQUITY
Paid up capital	12,072,347,150	12,072,347,150
Statutory reserve	12,072,347,150	12,072,347,150
Dividend equalisation reserve	356,040,000	356,040,000
Assets revaluation reserve (Land & other assets)	2,589,367,046	2,602,828,136
General reserve	632,597,423	619,656,770
Actuarial remeasurement gain/(loss)	(226,424,063)	(226,424,063)
Foreign currency translation gain/(loss)	(111,799,796)	(111,035,008)
Surplus in profit and loss account	13,071,758,847	13,140,164,307
TOTAL SHAREHOLDERS' EQUITY	40,456,233,756	40,525,924,443
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	530,228,269,522	513,758,131,734
OFF-BALANCE SHEET ITEMS
Contingent liabilities
Acceptances and endorsements	56,071,752,620	65,894,652,512
Letters of guarantee	58,909,901,717	60,601,051,774
Irrevocable letters of credit	64,195,287,624	53,626,364,704
Bills for collection	19,841,558,461	17,713,324,276
	199,018,500,423	197,835,393,266
Other commitments
Documentary credits and short term trade-related transactions	-	-
Forward assets purchased and forward deposits placed	104,273,128	-
Undrawn note issuance and revolving underwriting facilities	-	-
Undrawn formal standby facilities, credit lines and other	1,400,000,000	1,400,000,000
commitments
	1,504,273,128	1,400,000,000
TOTAL OFF-BALANCE SHEET ITEMS	200,522,773,551	199,235,393,266
Net asset value (NAV) per share	33.51	33.57

Eastern Bank PLC. and its subsidiaries

Condensed Consolidated Profit and Loss Account (Unaudited)

for the first quarter ended 31 March 2024

				Amount in BDT
Particulars		01 January 2024		01 January 2023 to
	to 31 March 2024		31 March 2023
Interest income		8,239,044,352	5,886,780,016
Less: Interest paid on deposits and borrowings	5,892,209,068		4,174,814,174
Net interest income		2,346,835,284	1,711,965,842
Income from investments		2,195,694,057	1,827,138,722
Fees, commission and brokerage		1,377,689,677	1,110,289,237
Other operating income		76,310,718		69,296,829
		3,649,694,452		3,006,724,787
Total operating income		5,996,529,736	4,718,690,629
Salary & allowances (excluding those of MD)	1,706,267,863	1,442,980,624
Rent, taxes, insurance, utilities etc.		141,739,671	120,912,963
Legal & professional expenses		13,891,236	24,113,622
Postage, stamp, telecommunication etc.		64,947,421	44,942,850
Stationery, printing, advertisement, business promotion etc.	157,889,140	126,458,823
Managing director's salary and allowances (bank only)	9,317,227	9,178,371
Directors' fees & expenses		1,005,669	1,073,161
Repairs, maintenance and depreciation		335,288,879	323,971,721
Other operating expenses		192,420,952		234,658,432
Total operating expenses		2,622,768,058		2,328,290,566
Profit before provisions		3,373,761,678	2,390,400,063
Provision for loans and off-balance sheet exposures:
Specific provision (net off w/off recovery)	381,661,942	175,915,242
General provision		178,975,203		305,157,387
		560,637,145	481,072,629
Other provision		342,013,695		(39,799,930)
Total provisions		902,650,840		441,272,700
Profit before tax for the period		2,471,110,838		1,949,127,364
Provision for tax made for the period		1,049,332,484	934,364,756
Deferred tax income (net)		(31,800,231)		(54,605,227)
Total provision for taxation		1,017,532,253		879,759,529
Profit after tax for the period		1,453,578,585		1,069,367,835
Earnings per share (EPS) (restated)		1.20	0.89
Chief Financial Officer	Company Secretary	Acting Managing Director
Director				Director
Dhaka, 14 May 2024

Eastern Bank PLC. and its subsidiaries

Condensed Consolidated Cash Flow Statement (Unaudited)

for the first quarter ended 31 March 2024

				Amount in BDT
		01 January 2024 to		01 January 2023 to
		31 March 2024		31 March 2023
A)	Cash flows from operating activities
	Interest receipts in cash	7,891,082,900	5,323,866,249
	Interest payments	(4,447,173,636)	(3,342,107,732)
	Dividend receipts	102,950,758	123,764,969
	Fees and commission receipts in cash	1,377,689,677	1,110,289,237
	Income from investment (other than dividend received)	1,805,262,958	1,461,794,218
	Recovery on loans previously written off	69,931,242	68,769,697
	Cash payment to employees (including directors)	(1,610,042,557)	(1,280,716,855)
	Cash payment to suppliers	(469,985,708)	(405,684,659)
	Income taxes paid	(716,021,338)	(988,355,255)
	Receipts from other operating activities	76,310,718	69,296,829
	Payments for other operating activities	(192,420,952)		(234,658,432)
	Cash generated from operating profit before changes in	3,887,584,063	1,906,258,266
	operating assets and liabilities
	Increase/(decrease) in operating assets & liabilities
	Net sale/(purchase) of trading securities	(6,158,882,838)	(4,425,580,983)
	Loans and advances to customers (other than banks)	(5,369,254,782)	5,401,128,144
	Other assets	(1,713,362,546)	(525,723,572)
	Deposits/borrowings from other Banks	7,465,803,676	(1,863,277,026)
	Deposits from customers (other than banks)	5,370,019,609	(1,216,875,715)
	Liability for tax	(301,510,915)	108,595,726
	Liabilities for provision	(972,582,082)	(510,042,397)
	Other liabilities	622,679,683		(463,931,785)
	Cash generated/(used in) from changes in operating	(1,057,090,196)	(3,495,707,609)
	assets and liabilities
	Net cash received from/(used in) operating activities	2,830,493,867	(1,589,449,342)
B)	Cash flows from investing activities
	Net sale/(purchase) of non-trading securities	(8,241,035,266)	(321,952,969)
	Net sale/(purchase) of property, plant and equipment	(175,575,566)		(197,600,191)
	Net cash received/(used in) from investing activities	(8,416,610,832)	(519,553,160)
C)	Cash flows from financing activities
	Net issuance/(redemption) of subordinated bond	-	260,000,000
	Dividend paid (cash dividend)	-		-
	Net cash (used in)/received from financing activities	-		260,000,000
D)	Net increase/(decrease) in cash (A+B+C)	(5,586,116,965)	(1,849,002,502)
E)	Effects of exchange rate changes on cash and cash	(764,788)	(13,727,763)
	equivalents
F)	Opening cash and cash equivalents	43,259,556,233		40,197,681,281
G) Closing cash and cash equivalents (D+E+F)*	37,672,674,480	38,334,951,016
	*Closing cash and cash equivalents consist of:
	Cash in hand (including foreign currencies)	6,651,932,137	4,839,042,056
	Balances with Bangladesh Bank and its agent bank (s)	16,497,060,829	13,144,872,878
	Balances with other Banks and Financial Institutions	11,980,403,614	15,598,271,082
	Money at call and on short notice	2,539,000,000	4,750,000,000
	Prize bonds	4,277,900		2,765,000
		37,672,674,480	38,334,951,016

Eastern Bank PLC.

Condensed Balance Sheet (Unaudited)

as at 31 March 2024

			Amount in BDT
Particulars	31-03-2024	31-12-2023
PROPERTY AND ASSETS
Cash
Cash in hand (including foreign currencies)	6,651,580,665	5,558,469,189
Balances with Bangladesh Bank and its agent bank(s) (including	16,497,060,829	15,381,788,929
foreign currencies)
	23,148,641,493	20,940,258,118
Balances with other banks and financial institutions
In Bangladesh	4,315,451,746	6,658,363,659
Outside Bangladesh	7,033,815,583	11,394,935,677
	11,349,267,329	18,053,299,336
Money at call and on short notice	2,539,000,000	3,100,000,000
Investments
Government	84,559,149,970	70,339,401,798
Others	23,160,092,256	23,683,427,773
	107,719,242,227	94,022,829,570
Loans and advances
Loans, cash credits, overdraft etc.	332,634,975,935	319,911,853,079
Bills discounted and purchased	26,253,289,275	33,445,079,214
	358,888,265,210	353,356,932,292
Fixed assets including land, building, furniture and fixtures	8,457,026,196	8,517,304,302
Other assets	12,630,305,937	10,563,437,836
Non banking assets	-	-
TOTAL ASSETS	524,731,748,393	508,554,061,455
LIABILITIES AND CAPITAL
Liabilities
Borrowing from other banks, financial institutions and agents	78,822,473,383	71,667,842,383
Deposits and other accounts
Current deposits & other accounts etc.	56,928,856,731	62,260,915,018
Bills payable	1,059,854,599	2,198,324,105
Savings bank deposits	81,354,101,620	80,525,188,456
Fixed deposits	180,981,253,277	169,066,601,996
Special notice deposits (SND)	51,560,631,180	52,052,696,112
Bearer certificates of deposits	-	-
	371,884,697,407	366,103,725,686
Other liabilities	34,268,017,075	31,015,047,378
TOTAL LIABILITIES	484,975,187,866	468,786,615,447
SHAREHOLDERS' EQUITY
Paid up capital	12,072,347,150	12,072,347,150
Statutory reserve	12,072,347,150	12,072,347,150
Dividend equalisation reserve	356,040,000	356,040,000
Assets revaluation reserve (Lands & other assets)	2,514,918,623	2,517,409,769
General reserve	603,493,370	603,493,370
Actuarial remeasurement gain/(loss)	(226,424,063)	(226,424,063)
Foreign currency translation gain/(loss)	(229,117,864)	(229,117,864)
Surplus in profit and loss account	12,592,956,161	12,601,350,495
TOTAL SHAREHOLDERS' EQUITY	39,756,560,526	39,767,446,008
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	524,731,748,393	508,554,061,455
OFF-BALANCE SHEET ITEMS
Contingent liabilities
Acceptances and endorsements	56,071,752,620	65,894,652,512
Letters of guarantee	58,909,901,717	60,601,051,774
Irrevocable letters of credit	64,195,287,624	53,626,364,704
Bills for collection	19,841,558,461	17,713,324,276
	199,018,500,423	197,835,393,266
Other commitments
Documentary credits and short term trade-related transactions	-	-
Forward assets purchased and forward deposits placed	104,273,128	-
Undrawn note issuance and revolving underwriting facilities	-	-
Undrawn formal standby facilities, credit lines and other	1,400,000,000	1,400,000,000
commitments
	1,504,273,128	1,400,000,000
TOTAL OFF-BALANCE SHEET ITEMS	200,522,773,551	199,235,393,266
Net asset value (NAV) per share	32.93	32.94

Chief Financial Officer

Company Secretary

Acting Managing Director

Chief Financial Officer

Company Secretary

Acting Managing Director

Chief Financial Officer

Company Secretary

Acting Managing Director

Director

Director

Dhaka, 14 May 2024

Director

Director

Dhaka, 14 May 2024

Director

Director

Dhaka, 14 May 2024

Eastern Bank PLC. and its subsidiaries

Condensed Consolidated Statement of Changes in Equity (Unaudited)

for the first quarter ended 31 March 2024

																			Amount in BDT
	Particulars		Paid up capital		Statutory		Dividend equalisation		Asset revaluation reserve		General reserve		Actuarial remeasurement		Foreign currency		Retained earnings		Total
			reserve		reserve		(land and other assets)			gain/(loss)		translation gain/(loss)
	Balance as on 1 January 2024		12,072,347,150		12,072,347,150		356,040,000		2,602,828,136		619,656,770		(226,424,063)		(111,035,008)		13,140,164,307		40,525,924,443
	Profit after tax for the period		-		-		-		-		-		-		-		1,453,578,588		1,453,578,588
	Transfer to statutory reserve		-		-		-		-		-		-		-		-		-
	Cash Dividend transfer to Dividend Payable Account		-		-		-		-						-		(1,509,043,395)		(1,509,043,395)
	Dividend from subsidiary		-		-		-		-		-		-		-		-		-
	Reserve for revaluation of treasury securities (HFT)		-		-		-		15,557,971		-		-		-		-		15,557,971
	Reserve for amortisation of treasury securities (HTM		-		-		-		(18,049,117)		-		-		-		-		(18,049,117)
	Foreign currency translation gain/(loss)		-		-		-		-		-		-		(764,788)		-		(764,788)
	Reserve for fair value of TRECs to EBLSL and Shares of DSE and CSE		-		-		-		(10,969,944)		-		-		-		-		(10,969,944)
	Transfer to capital reserve (applicable for EBL-SL)		-		-		-		-		12,940,653		-		-		(12,940,653)		-
	Balance as at 31 March 2024		12,072,347,150		12,072,347,150		356,040,000		2,589,367,046		632,597,423		(226,424,063)		(111,799,796)		13,071,758,847		40,456,233,756
	Balance as at 31 March 2023		10,730,975,250		10,730,975,250		356,040,000		2,715,263,171		607,534,220		(367,924,063)		(89,474,504)		12,113,298,123		36,796,687,446
Chief Financial Officer		Company Secretary						Acting Managing Director						Director				Director
Dhaka, 14 May 2024
																	100 Gulshan Avenue, Dhaka-1212.

QUARTERLY FINANCIAL STATEMENTS FIRST QUARTER 2024 (UNAUDITED)

GOOD GOVERNANCE

KEEPS US GOING

Eastern Bank PLC.

Condensed Profit & Loss Account (Unaudited)

for the first quarter ended 31 March 2024

			Amount in BDT
Particulars	01 January 2024		01 January 2023
to 31 March 2024		to 31 March 2023
Interest income	8,169,774,914	5,834,702,699
Less: Interest paid on deposits and borrowings	5,772,273,841	4,119,607,167
Net interest income	2,397,501,073	1,715,095,533
Income from investments	2,198,776,104	1,826,867,747
Fees, commission and brokerage	1,279,575,281	1,021,864,204
Other operating income	76,207,389	68,978,021
	3,554,558,774	2,917,709,972
Total operating income	5,952,059,847	4,632,805,504
Salary & allowances (except those of MD)	1,659,715,500	1,403,879,260
Rent, taxes, insurance, utilities etc.	138,484,567	118,480,195
Legal & professional expenses	13,539,825	23,992,767
Postage, stamp, telecommunication etc.	63,426,503	42,770,826
Stationery, printing, advertisement, business promotion etc.	156,844,700	124,032,433
Managing director's salary and allowances (Bank only)	9,317,227	9,178,371
Directors' fees & expenses	917,669	935,661
Depreciation and repair of bank's assets	324,456,765	313,243,063
Other operating expenses	188,744,549	230,373,901
Total operating expenses	2,555,447,305	2,266,886,476
Profit before provisions	3,396,612,542	2,365,919,029
Provision for loans and off-balance sheet exposures
Specific provision (net off w/off recovery)	374,579,971	175,915,242
General provision	178,975,203	296,047,014
	553,555,174	471,962,257
Other provisions	342,013,695	(38,971,277)
Total provision for taxation	895,568,869	432,990,980
Profit before tax for the period	2,501,043,673	1,932,928,049
Current tax expense for the period	1,030,853,059	911,089,014
Deferred tax income (net)	(30,458,446)	(54,051,719)
Total provision for taxation	1,000,394,613	857,037,295
Profit after tax for the period	1,500,649,060	1,075,890,754
Earnings per share (EPS) (restated)	1.24	0.89

Chief Financial Officer

Company Secretary

Acting Managing Director

Director

Director

Dhaka, 14 May 2024

Eastern Bank PLC.

Condensed Cash Flow Statement (Unaudited)

for the first quarter ended 31 March 2024

				Amount in BDT
		01 January 2024 to		01 January 2023 to
		31 March 2024		31 March 2023
A)	Cash flows from operating activities
	Interest receipts in cash	7,823,115,613	5,247,978,252
	Interest payments	(4,327,238,409)	(3,286,950,712)
	Dividend receipts	131,528,558	186,426,070
	Fees and commission receipts in cash	1,271,964,367	968,710,818
	Income from investment (other than dividend received)	1,779,767,205	1,398,862,142
	Recoveries on loans previously written off	69,931,242	68,769,697
	Cash payment to employees (including directors)	(1,544,950,395)	(1,241,493,291)
	Cash payment to suppliers	(461,980,483)	(396,784,633)
	Income taxes paid	(711,342,636)	(967,395,417)
	Receipts from other operating activities	76,207,389	68,978,021
	Payments for other operating activities	(188,744,549)	(230,373,901)
	Cash from operating profit before changes in operating
	3,918,257,903	1,816,727,046
	assets and liabilities
	Increase/(decrease) in operating assets & liabilities
	Net sale/(purchase) of trading securities	(5,457,252,637)	(4,545,330,114)
	Loans and advances to customers (other than banks)	(5,208,585,357)	5,227,809,464
	Other assets	(1,747,865,106)	(375,844,953)
	Deposits/borrowings from other Banks	7,100,580,549	(1,762,670,824)
	Deposits from customers (other than banks)	4,903,355,704	(1,114,578,042)
	Liability for tax	(289,051,977)	110,358,122
	Liabilities for provision	(965,500,111)	(501,760,677)
	Other liabilities	1,105,557,338	(685,797,590)
	Cash generated/(used in) from changes in operating
	(558,761,597)	(3,647,814,614)
	assets and liabilities
	Net cash received from/(used in) operating activities	3,359,496,306	(1,831,087,568)
B)	Cash flows from investing activities
	Net sale/(purchase) of non-trading securities	(8,241,035,266)	(301,952,971)
	Net sale/(purchase) of property, plant and equipment	(174,493,771)	(195,537,973)
	Net cash (used in) investing activities	(8,415,529,037)	(497,490,944)
C)	Cash flows from financing activities
	Net issuance/(redemption) of subordinated bond	-	260,000,000
	Dividend paid (cash dividend)	-	-
	Net cash (used in)/received from financing activities	-	260,000,000
D)	Net increase/(decrease) in cash (A+B+C)	(5,056,032,730)	(2,068,578,512)
E)	Effects of exchange rate changes on cash and cash	-	(21,592,934)
	equivalents
F)	Opening cash and cash equivalents	42,097,219,454	39,452,285,719
G)	Closing cash and cash equivalents (D+E+F)*	37,041,186,723	37,362,114,274
	*Closing cash and cash equivalents consist of:
	Cash in hand (including foreign currencies)	6,651,580,665	4,838,911,610
	Balances with Bangladesh Bank and its agent bank (s)	16,497,060,829	13,144,872,878
	Balances with other Banks and Financial Institutions	11,349,267,329	14,625,564,786
	Money at call and on short notice	2,539,000,000	4,750,000,000
	Prize bonds	4,277,900	2,765,000
		37,041,186,723	37,362,114,274

Chief Financial Officer

Company Secretary

Acting Managing Director

Director	Director
Dhaka, 14 May 2024

Eastern Bank PLC. and its subsidiaries

Selected explanatory notes

for the first quarter 2024 (01 January to 31 March)

• Activities of the Bank
  The principal activities of the Bank are to provide a comprehensive range of financial products (loans & deposits) and services, personal and commercial banking, trade services, cash management, treasury and custodial services.
  The Bank does have a separate Offshore Banking Unit under corntrol and supervision of Offshore Banking Operation (OBO) since 19 May 2004. The activities of the unit is to give loans (on and off-balance sheet exposures) and take deposits only in freely convertible foreign currencies to and from non-resident person/institutions, fully foreign owned EPZ companies etc. as per Offshore Banking Act, 2024.
  Subsidiaries of the Bank
  The Bank has four fully owned and operational subsidiaries: EBL Securities Limited, a securities borkerage firm, 'EBL Investments Limited', a merchant bank , 'EBL Finance (HK) Limited', a foreign subsidiary for trade finance & offshore banking business in Hong Kong, and 'EBL Asset Management Limited', an asset management company for fund management, capital market operation, equity investment etc.

• Basis of Preparation and Significant Accounting Policies
  Basis of preparation, accounting policies and estimates applied in these financial statements as at and for the first quarter ended 31 March 2024 are same as those applied in the annual audited financial statements for the year ended 31 December 2023. Certain selected explanatory notes are given below:
  Basis of Preparation
  2.01 Statement of compliance
  The consolidated financial statements of the group (parent and its subsidiaries) and the separate financial statements of the Bank (parent company) as at and for the first quarter ended 31 March 2024 have been prepared under the historical cost convention except land which gets revalued fulfilling BB & BSEC requirements and Govt. treasury securities (bills/bonds) classified as held for trading (HFT) which are measured at fair value, and in accordance with International Financial Reporting Standards (IFRSs), the "First Schedule" (section 38) of the Bank Company Act 1991 (as amendment upto date), BRPD Circular no. 14 dated 25 June 2003, other Bangladesh Bank Circulars, the Companies Act 1994, the Securities and Exchange Rules 2020, Dhaka and Chittagong Stock Exchange's listing regulations and other laws and rules applicable in Bangladesh. In case the requirement of provisions and circulars issued by Bangladesh Bank differ with those of other regulatory authorities and accounting standards, the provisions and circulars issued by Bangladesh Bank shall prevail.

2.02 Functional and presentation currency

These consolidated financial statements of the group and the separate financial statements of the Bank are presented in BDT which is the Group's and the Bank's functional currency except OBU & EBL Finance (HK) Ltd. where functional currency is US Dollar (USD) & Hong Kong Dollar (HKD) respectively. All financial information presented in BDT has been rounded to the nearest integer, except when otherwise indicated.

2.03 Use of estimates and judgements

The preparation of the consolidated financial statements of the Group and the separate financial statements of the Bank in conformity with IFRSs require management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amount of assets, liabilities, incomes and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future period affected.

Significant accounting policies

The accounting policies set out have been applied consistently to all periods presented in these finacial statements, and have been applied consistently by group entities, except otherwise instructed by the Bangladesh Bank as prime regulator.

The financial statements of subsidiaries which are included in Consolidated Financial Statements of the Group have been prepared using uniform accounting policies of the Bank (Parent) for transactions and other events in similar nature.

Certain comparative amounts of previous period/date presented in these financial statements have been reclassified and rearranged to conform to the current period/date's presentation.

2.04 Revenue Recognition

The revenue during the period is recognised following all conditions of revenue recognition as prescribed by IFRS 15 and Bangladesh Bank guidelines.

2.05 Cash Flow Statement

Cash Flow Statement is prepared in accordance with International Accounting Standard (IAS) 7 'Cash Flow Statement' and under the guideline of Bangladesh Bank BRPD Circular No.14 dated 25 June 2003. The Statement shows the structure of changes in cash and cash equivalents during the period.

2.06 Statement of Changes in Equity

Statement of changes in equity is prepared in accordance with International Accounting Standard (IAS) 1: Presentation of Financial Statements and relevant guidelines of Bangladesh Bank.

2.07 Earnings per share

Earnings per share (EPS) has been computed by dividing profit after tax (PAT) by the number of ordinary shares outstanding as on 31 March 2024 as per IAS- 33 "Earnings Per Share". Diluted earnings per share was not required to calculate as there were no dilution possibilities during the period.

2.08 Credit Rating of the Bank

As per BRPD circular no. 6 dated 5 July 2006, the bank has done its credit rating by Credit Rating Agency of Bangladesh Ltd. (CRAB) based on the financial statements as at and for the year ended 31 December 2022. The following ratings have been awarded:

Particulars	Periods	Date of Rating	Surveillance Rating
			Long Term	Short Term
Entity Rating (CRAB)	January to December 2022	21-Jun-23	AAA	ST-1
Entity Rating (CRISL)	January to December 2021	28-Jun-22	AA+	ST-1
Entity Rating (CRISL)	January to December 2020	17-Jun-21	AA+	ST-1

1. General
   Reporting Period
   The reporting period of these financial statements of the Group and the Bank is 01 January 2024 to 31 March 2024.
   Review and authorization of the Financial Statements
   These financial statements were reviewed by the Audit Committee of the Board of EBL in the meeting held on 14 May 2024 and was subsequently authorized by the Board in the meeting held on the same date.
2. Additional Disclosure in compliance with BSEC notification dated 20 June 2018: Significant deviation between two reported quarters and reasons therefor:

				Figures are in BDT Crore
	Group	Increase/
Particulars			Reasons
January to	January to	(Decrease)
	March, 2024	March, 2023
NII (Net Interest				Net interest income (NII) in Q1, 2024 increased mainly
234.68	171.20	63.49	due to removal and replacement of lending rate cap by
Income)
			SMART and increase of loan portfolio.
Income from				Income from investments has increased due to
219.57	182.71	36.86	increase of gain from govt. securities and interest on
investments
			bonds during this period.
Specific provision				Specific provision charged in Q1, 2024 is significantly
38.17	17.59	20.57	higher due to increase of CL by BDT 148 crore in Q1,
(expense)
			2024.
General provision				General provision charged in Q1, 2024 was lower
17.90	30.52	(12.62)	due to shifting of classification status of certain loan
(expense)
			accounts to SS/DF/BL.
				DSEX index dropped significantly in Q1, 2024 compared
				to that of year-end 2023 mainly due to withdrawal of
				floor price restriction and overall subdued confidence in
				the market. As a result, significant amount of provision
Other provision	34.20	(3.98)	38.18	was charged against diminution of value of quoted
securities in Q1, 2024. On the contrary, DSEX index
				in Q1, 2023 end was almost same as that of year-end
				2022. Besides, market value of certain scrips was in
				upward trend. So a substantial amount of provision
				was released in Q1, 2023.

Number of ordinary shares with face value and date of issues:

Number of ordinary shares as on 31 March 2024 was 1,207,234,715 with a face value of BDT 10 per share. However, details history of raising capital and number of shares issued are available in the Annual Report 2023.

Calculation of NAV per share:

Particulars	Group	Bank
	31-Mar-24	31-Dec-23	31-Mar-24	31-Dec-23
Net Asset Value (NAV) in BDT crore	4,045.62	4,052.59	3,975.66	3,976.74
Net Asset Value per share (NAVPS) in BDT	33.51	33.57	32.93	32.94
Calculation of NAVPS:	Net Assets Value
No of shares outstanding
Calculation of EPS and NOCFPS:
	Group	Bank
Particulars	January to March	January to March	January to March	January to March
	2024	2023	2024	2023
Earnings Per Share (EPS) in BDT (restated)	1.20	0.89	1.24	0.89
Net Operating Cash Flow per share (NOCFPS)	2.34	(1.32)	2.78	(1.52)
in BDT (restated)

Calculation of EPS:

Profit After Tax

No of shares outstanding

Calculation of NOCFPS:

Eastern Bank PLC.

Condensed Statement of Changes in Equity (Unaudited)

for the first quarter ended 31 March 2024

Net Operating Cash Flow

No of shares outstanding

																		Amount in BDT
Particulars		Paid up capital		Statutory reserve		Dividend equalisation		Asset revaluation reserve		General reserve		Actuarial remeasurement		Foreign currency		Retained earnings		Total
			reserve		(land and other assets)			gain/(loss)		translation gain/(loss)
Balance as on 1 January 2024		12,072,347,150		12,072,347,150		356,040,000		2,517,409,770		603,493,370		(226,424,063)		(229,117,864)		12,601,350,495		39,767,446,008
Profit after tax for the period		-		-		-		-		-		-		-		1,500,649,060		1,500,649,060
Transfer to statutory reserve		-		-		-		-		-		-		-		-		-
Cash Dividend transfer to Dividend Payable Account		-		-		-		-		-		-		-		(1,509,043,395)		(1,509,043,395)
Reserve for revaluation of treasury securities (HFT)		-		-		-		15,557,971		-		-		-		-		15,557,971
Reserve for amortisation of treasury securities (HTM		-		-		-		(18,049,117)		-		-		-		-		(18,049,117)
Foreign currency translation gain/(loss)		-		-		-		-		-		-		-		-		-
Balance as at 31 March 2024		12,072,347,150		12,072,347,150		356,040,000		2,514,918,623		603,493,370		(226,424,063)		(229,117,864)		12,592,956,161		39,756,560,526
Balance as at 31 March 2023		10,730,975,250		10,730,975,250		356,040,000		2,629,844,804		603,493,370		(367,924,063)		(185,876,326)		11,581,633,399		36,079,161,685

Chief Financial Officer	Company Secretary	Acting Managing Director	Director	Director
Dhaka, 14 May 2024
				100 Gulshan Avenue, Dhaka-1212.