BASIC Bank hands over dividends to Adviser
Wednesday, 20 June 2007
FE Report
The 18th annual general meeting (AGM) of BASIC Bank Limited, a 100 per cent state-owned bank, was held at its head office in the city recently.
The AGM declared 38.35 per cent dividends (Tk 360.24 million) comprising 32.00 per cent (Tk 300.24 million) stock dividend and 6.35 per cent (Tk 60.00 million) cash dividend respectively for 2006.
The dividends were handed over to the Finance Adviser AB Mirza Azizul Islam by Industries Secretary and Chairman of the bank Md Nurul Amin along with its Managing Director AH Ekbal Hossain.
Finance Secretary Mohammad Tareque, DMD, directors and senior executives of the bank were also present on the occasion.
The finance adviser expressed his satisfaction on the performance of the bank and its involvement in financing labour-intensive industries and SMEs. He observed that the bank could keep its non-performing loan (NPL) to only 2.0 per cent.
BASIC Bank Ltd started its operations in 1989 with a paid-up capital of Tk 80 million only with a special mandate to provide 50 per cent of loanable fund to small and medium industries (SMEs) and had assumed the objective to boost SMEs through counselling and entrepreneurship development.
The bank regularly increased its profit from year to year and is the only state-owned bank that provides dividend to the government.
Besides, the bank paid cumulative cash dividend Tk 480 million and income tax Tk 2.25 billion to the government. Lending rate of the bank is lowest in the country and strong vigilance of present efficient administration decreased its NPL to 2.0 per cent.
The bank also provides micro-credit to poor people for poverty alleviation through NGOs. Finance Ministry nominated the bank and allocated Tk 600 million for financing agro-based small industries at a lower rate of interest. Asian Development Bank (ADB) has also selected the bank as its lead bank for financing smaller-sized agro-enterprises through NGOs.
The 18th annual general meeting (AGM) of BASIC Bank Limited, a 100 per cent state-owned bank, was held at its head office in the city recently.
The AGM declared 38.35 per cent dividends (Tk 360.24 million) comprising 32.00 per cent (Tk 300.24 million) stock dividend and 6.35 per cent (Tk 60.00 million) cash dividend respectively for 2006.
The dividends were handed over to the Finance Adviser AB Mirza Azizul Islam by Industries Secretary and Chairman of the bank Md Nurul Amin along with its Managing Director AH Ekbal Hossain.
Finance Secretary Mohammad Tareque, DMD, directors and senior executives of the bank were also present on the occasion.
The finance adviser expressed his satisfaction on the performance of the bank and its involvement in financing labour-intensive industries and SMEs. He observed that the bank could keep its non-performing loan (NPL) to only 2.0 per cent.
BASIC Bank Ltd started its operations in 1989 with a paid-up capital of Tk 80 million only with a special mandate to provide 50 per cent of loanable fund to small and medium industries (SMEs) and had assumed the objective to boost SMEs through counselling and entrepreneurship development.
The bank regularly increased its profit from year to year and is the only state-owned bank that provides dividend to the government.
Besides, the bank paid cumulative cash dividend Tk 480 million and income tax Tk 2.25 billion to the government. Lending rate of the bank is lowest in the country and strong vigilance of present efficient administration decreased its NPL to 2.0 per cent.
The bank also provides micro-credit to poor people for poverty alleviation through NGOs. Finance Ministry nominated the bank and allocated Tk 600 million for financing agro-based small industries at a lower rate of interest. Asian Development Bank (ADB) has also selected the bank as its lead bank for financing smaller-sized agro-enterprises through NGOs.