AB Bank approves 20 pc cash, 25 pc stock dividends
Sunday, 18 July 2010
FE Report
AB Bank Limited has approved 20 per cent cash and 25 per cent stock dividends for its shareholders.
The approval came at the Bank's 28th Annual General Meeting (AGM) held at Bangabandhu International Conference Centre in the city Thursday.
The AGM also approved the Annual Report and the audited accounts of the Bank for the financial year 2009, showing a consolidated profit after tax at Tk.3.41 billion
In spite of a challenging market AB Bank Limited which turned 28 this year, concluded the 2009 financial year with good results. AB Bank's net profit in 2009 grew by 46% over 2008. Net Assets Value (NAV) of AB stood at Tk 100.9 billion in 2009 which is 50% higher than 2008. Earnings per share (EPS) stood at Tk 131.13 in end 2009 which was Tk 89.72 in 2008 i.e. a growth of 46%. Asset base stands at Tk.106.91 billion end 2009 which was at Tk.840.5 billion in 2008 meaning a growth of 27% .Operating Profit of AB Bank in 2009 registered a growth of 35% over 2008.
The Bank showed strong growth in loans and deposits. Deposit of the Bank rose by Tk. 1,453 crore i.e. 21 % while the diversified Loan Portfolio grew by over 25 % during the year and recorded a Taka 1,417 crore increase. Foreign Trade Business handled was Taka 966.0 billion in 2009.
The Bank maintained its sound quality of Credit in 2009. The Credit Rating Agency of Bangladesh Limited (CRAB) awarded the Bank an AA3(Bank rated AA3 in the long term belong to "Very strong capacity and Very high quality" cohort. Bank has very strong capacity to meet their financial commitments. Bank is judged to be of high quality and is subject to low credit risk) and ST-1 (Bank rated ST-1 in the short term is considered to have highest capacity for timely payment of obligations. Bank is characterized with excellent position in terms of liquidity, internal fund generation, and access to alternative sources of funds) rating in the short Term.
The AGM, presided over by the Chairman of the Bank, Mr. M. Wahidul Haque, witnessed a good turn-out of shareholders, patrons, clients and well wishers. President and Managing Director Mr. Kaiser A. Chowdhury was present along with other Directors of the bank.
AB Bank Limited has approved 20 per cent cash and 25 per cent stock dividends for its shareholders.
The approval came at the Bank's 28th Annual General Meeting (AGM) held at Bangabandhu International Conference Centre in the city Thursday.
The AGM also approved the Annual Report and the audited accounts of the Bank for the financial year 2009, showing a consolidated profit after tax at Tk.3.41 billion
In spite of a challenging market AB Bank Limited which turned 28 this year, concluded the 2009 financial year with good results. AB Bank's net profit in 2009 grew by 46% over 2008. Net Assets Value (NAV) of AB stood at Tk 100.9 billion in 2009 which is 50% higher than 2008. Earnings per share (EPS) stood at Tk 131.13 in end 2009 which was Tk 89.72 in 2008 i.e. a growth of 46%. Asset base stands at Tk.106.91 billion end 2009 which was at Tk.840.5 billion in 2008 meaning a growth of 27% .Operating Profit of AB Bank in 2009 registered a growth of 35% over 2008.
The Bank showed strong growth in loans and deposits. Deposit of the Bank rose by Tk. 1,453 crore i.e. 21 % while the diversified Loan Portfolio grew by over 25 % during the year and recorded a Taka 1,417 crore increase. Foreign Trade Business handled was Taka 966.0 billion in 2009.
The Bank maintained its sound quality of Credit in 2009. The Credit Rating Agency of Bangladesh Limited (CRAB) awarded the Bank an AA3(Bank rated AA3 in the long term belong to "Very strong capacity and Very high quality" cohort. Bank has very strong capacity to meet their financial commitments. Bank is judged to be of high quality and is subject to low credit risk) and ST-1 (Bank rated ST-1 in the short term is considered to have highest capacity for timely payment of obligations. Bank is characterized with excellent position in terms of liquidity, internal fund generation, and access to alternative sources of funds) rating in the short Term.
The AGM, presided over by the Chairman of the Bank, Mr. M. Wahidul Haque, witnessed a good turn-out of shareholders, patrons, clients and well wishers. President and Managing Director Mr. Kaiser A. Chowdhury was present along with other Directors of the bank.