DBH approves 100pc stock dividend

FE Report The general shareholders of Delta Brac Housing Finance Corporation Ltd. (DBH) Tuesday unanimously approved 100 percent stock dividend (i.e. one bonus for each ordinary share held) for the fiscal 2010-11 as proposed by the Board of Directors. The approval came at the 15th Annual General Meeting (AGM) of the company held at the Army Golf Club in the city with its chairman Faruq A. Choudhury in the chair. The meeting was attended by its Directors, Dr. Syed Mukarram Ali, Mr. Nasir A. Choudhury, Mr. Nurul Huda, Mr. Mohammed Syedul Islam, Mr. Ishtiaq Mohiuddin, Mr. M. Muhibur Rahman and Mr. Q. M. Shariful Ala, Managing Director & CEO. While placing the financial statement Faruq Choudhury said the operating profit of DBH grew by 26 percent to Tk 1.0 billion and company's funds under management was in excess of Tk. 35 billion in the fiscal 2010-11. The earning per share (EPS) increased by 66 percent to Tk. 98 during the same, he said quoting the financial statement. Expressing satisfaction over the performance of DBH Faruq Choudhury said despite fierce competition from the commercial banks and overall slowed down in sales in the real estate sector, the Company's earning showed a robust growth in the fiscal 2010-11. The innovative investment policy and the initiatives to increase quality services undertaken by the management of DBH have contributed positively to grow its profit, he said hoping that this trend would continue in future also.