Mercantile Bank approves 22pc stock dividend

The shareholders of Mercantile Bank Limited approved 22 per cent stock dividend at the annual general meeting (AGM) held in the city on Monday. The meeting was presided over by the Chairman of the bank Md Abdul Jalil MP. The authorities of the bank have stated that, in the year 2010 bank earned operating profit of Tk 2.847 billion. Banks deposit and loans and advances were Tk 75.63 billion and Tk 66.37 billion respectively. Import and Export was Tk 89.52 billion and Tk 59.40 billion. Foreign inward remittance was Tk 5.10 billion and provision for taxes was Tk 1.01 billion. Tier one capital became Tk 2.86 billion raising Tk 7.10 billion from the early year and Tier two capital became Tk 824.6 million raising Tk 1.58 billion from the early year, said a company statement. Mr Jalil said the bank is emphasizing on agriculture, women entrepreneurs and SME sector intimate with the policy government and central bank to strengthen the economy of the country after recovering the effect of recession. He expected that, the bank will be able to face the challenges of 21st century by developing the quality of its services and human resources and implementing use of highest technology and managing risks. Managing Director and CEO of the bank AKM Shahidul Haque delivered the welcome address. M Amanullah Vice Chairman, Md Anwarul Haq Vice Chairman, Md Shahabuddin Alam -Chairman Executive Committee, Morshed Alam- Chairman Audit Committee, directors Dr Toufique Rahman Chowdhury, Golam Faruk Ahmed, Engr Md Monsuruzzaman, MS Ahsan, Al haj Akram Hussain (Humayun), Md Tabibul Huq, ASM Feroz Alam, Md Selim, AKM Shaheed Reza, Md Nasiruddin Choudhury, Syed Muhammed Abdul Mannan, MP, Al haj Mosharref Hossain, Sponsors Al haj SM Shakil Akhter, Subrota Narayan Roy, SM Shafiqul Islam (Mamun), Md Abdul Hannan and MA Khan Belal were present in the meeting. Deputy Managing Director Md Abdul Jalil Chowdhury, Deputy Managing Director and CFO Monindra Kumar Nath and senior executives of the bank were also present in the meeting. - FE Report