Mercantile Bank approves 20 per cent stock dividend
Wednesday, 1 April 2009
FE Report
Mercantile Bank Limited Tuesday approved 20 per cent stock dividend for its shareholders for the year 2008.
The approval came at the 10th Annual General Meeting (AGM) of the third generation private commercial bank at a city hotel on the day.
The earning per share of the bank increased to Tk 34.24 in 2008 compared to Tk 30.05 in 2007.
Mosharref Hossain, chairman of the bank, while presiding over the meeting said despite some impediments, the bank achieved significant growth in almost every sector of its operation in 2008.
Currently, the bank has 42 branches across the country. The bank has plans to enhance the number of branches to 50 at the end of the current year, Managing Director and CEO Dewan Mujibur Rahman said in his welcome speech.
He said some new SME service centres will also be opened in 2009 across the different important business hub of the country.
"Apart from these, we want to increase the number of ATM booths for meeting the demand of 24 hours cash withdrawal facilities of our customers," the chief executive said.
The AGM was told that the gross income of the bank increased by 23.68 per cent and reached to Tk 6877.50 million in 2008. Interest income has increased to Tk 5604.36 million, which is 25.92 per cent higher than that of 2007.
The bank mobilised deposit of Tk 49538.36 million till December 2008 compared to Tk 39348.00 million at the end of 2007, thanks to excellent customer services rendered by various attractive deposit schemes.
The total loans and advances stood at Tk 41993.95 million at the end of 2008 which was Tk 31877.86 million upto 2007 registering 31.73 per cent growth.
The foreign exchange business of the bank marked rapid growth in 2008. Import business stood at Tk 56528.80 million in 2008 against Tk 40380.10 million in 2007.
Mercantile Bank Limited Tuesday approved 20 per cent stock dividend for its shareholders for the year 2008.
The approval came at the 10th Annual General Meeting (AGM) of the third generation private commercial bank at a city hotel on the day.
The earning per share of the bank increased to Tk 34.24 in 2008 compared to Tk 30.05 in 2007.
Mosharref Hossain, chairman of the bank, while presiding over the meeting said despite some impediments, the bank achieved significant growth in almost every sector of its operation in 2008.
Currently, the bank has 42 branches across the country. The bank has plans to enhance the number of branches to 50 at the end of the current year, Managing Director and CEO Dewan Mujibur Rahman said in his welcome speech.
He said some new SME service centres will also be opened in 2009 across the different important business hub of the country.
"Apart from these, we want to increase the number of ATM booths for meeting the demand of 24 hours cash withdrawal facilities of our customers," the chief executive said.
The AGM was told that the gross income of the bank increased by 23.68 per cent and reached to Tk 6877.50 million in 2008. Interest income has increased to Tk 5604.36 million, which is 25.92 per cent higher than that of 2007.
The bank mobilised deposit of Tk 49538.36 million till December 2008 compared to Tk 39348.00 million at the end of 2007, thanks to excellent customer services rendered by various attractive deposit schemes.
The total loans and advances stood at Tk 41993.95 million at the end of 2008 which was Tk 31877.86 million upto 2007 registering 31.73 per cent growth.
The foreign exchange business of the bank marked rapid growth in 2008. Import business stood at Tk 56528.80 million in 2008 against Tk 40380.10 million in 2007.