Eastern Bank approves 20pc cash, 25pc stock dividends
Thursday, 14 June 2007
FE Report
The Eastern Bank Limited (EBL) approved 20 per cent cash dividend and 25 per cent stock dividend (bonus share) for its shareholders for the year that ended on December 31 last.
The dividends were approved at the 15th annual general meeting (AGM) of the bank by its shareholders at the BDR Darbar Hall in the city Tuesday.
Chaired by EBL board of directors Chairman AQI Chowdhury, the meeting was attended, among others, by directors AM Shaukat Ali, Ahmed Jamal, Mahbuba Hossain, Asif Mahmood, and Meah Mohammad Abdur Rahim, Managing Director and Chief Executive Officer (CEO) K Mahmood Sattar and Company Secretary Safiar Rahman.
A large number of shareholders of the bank attended the meeting.
EBL Chairman AQI Chowdhury presented the directors' report and financial statements for the year 2006 before the shareholders.
K Mahmood Sattar replied to the shareholders' queries.
Amid intense competition among the existing banks, EBL continued to maintain its growth both in terms of business volume and profitability.
The year 2006 saw an impressive growth in operating profit by about 28.64 per cent and total assets of the bank stood at Tk 35.97 billion at the end of 2006 which was 31.28 per cent higher than that of the previous year.
During the year, the profit before tax (PBT) grew by 17.27 per cent to Tk 1,134.44 million and profit after tax (PAT) stood at Tk 513.20 million showing a decline of 6.09 per cent due mainly to compliance of Bangladesh Bank's new provisioning requirement.
During the discussions, the shareholders praised the board, management and especially the managing director for such a laudable business result, operational and financial performances and also for declaring both cash and stock dividends.
The Eastern Bank Limited (EBL) approved 20 per cent cash dividend and 25 per cent stock dividend (bonus share) for its shareholders for the year that ended on December 31 last.
The dividends were approved at the 15th annual general meeting (AGM) of the bank by its shareholders at the BDR Darbar Hall in the city Tuesday.
Chaired by EBL board of directors Chairman AQI Chowdhury, the meeting was attended, among others, by directors AM Shaukat Ali, Ahmed Jamal, Mahbuba Hossain, Asif Mahmood, and Meah Mohammad Abdur Rahim, Managing Director and Chief Executive Officer (CEO) K Mahmood Sattar and Company Secretary Safiar Rahman.
A large number of shareholders of the bank attended the meeting.
EBL Chairman AQI Chowdhury presented the directors' report and financial statements for the year 2006 before the shareholders.
K Mahmood Sattar replied to the shareholders' queries.
Amid intense competition among the existing banks, EBL continued to maintain its growth both in terms of business volume and profitability.
The year 2006 saw an impressive growth in operating profit by about 28.64 per cent and total assets of the bank stood at Tk 35.97 billion at the end of 2006 which was 31.28 per cent higher than that of the previous year.
During the year, the profit before tax (PBT) grew by 17.27 per cent to Tk 1,134.44 million and profit after tax (PAT) stood at Tk 513.20 million showing a decline of 6.09 per cent due mainly to compliance of Bangladesh Bank's new provisioning requirement.
During the discussions, the shareholders praised the board, management and especially the managing director for such a laudable business result, operational and financial performances and also for declaring both cash and stock dividends.