Prime Bank approves 35pc stock, 5pc cash div
FE Report | Monday, 28 March 2011
FE Report
Prime Bank Limited Sunday approved 35 per cent stock and 5 per cent cash dividends. The approval came at the 16th annual general meeting held in the city. Azam J Chowdhury, Chairman of the Board of Directors presided over the AGM. The chairman informed that the Bank continued to remain strong in all key areas of capital adequacy, asset quality, earning and liquidity. The Bank earned net profit after tax (audited) of Taka 3.0 billion. Bank's deposit rose to 124.52 billion at the end of the year 2010 as against Taka 106.96 billion in 2009 registering a growth of 16 per cent, while loan portfolio increased to 111.17 billion as on December 31, 2010 from Taka 89.25 billion in 2009 registering a 25 per cent growth. The foreign exchange business volume also increased by 42 per cent to reach at Taka 283.08 billion as on December 31, 2010 from Taka 199.00 billion in the preceding year. Capital Adequacy Ratio stood at 11.69% against the statutory requirement of 9% at the Balance Sheet date. The ratio of non-performing loans to total credit also remained in comfortable position at 1.23% in the year 2010. Return on asset was 2.16%, thus Bank's performance of 2010 may be termed as excellent in comparison to industry average. Meanwhile, the chairman informed that Prime Bank Limited will open its own exchange house in Hong Kong very soon, after UK and Singapore. "We have already five exchange houses---three in UK's three major cities, namely- London, Birmingham and Manchester and two in Singapore and we will open another exchange house in Hong Kong as soon as possible," Mr Azam J Chowdhury said. Mr Chowdhury also informed that apart from setting up exchange houses, the bank is also looking to open its own branches aboard, specifically targeting the regions with high concentration of Bangladeshi expatriates. "Currently we are exploring regions like Middle East for our next overseas branch expansion move where largely of Bangladeshi expertise lived," said Mr Chowdhury. The AGM started with observance of one minute silence in respect of the memory of the martyrs of the Liberation War 1971. Vice Chairperson of the Board Mrs. Shahnaz Quashem, Vice Chairperson of Executive Committee Mrs. Hasina Khan, Audit Committee Chairman Prof. Ainun Nishat, Directors- Mohammad Aminul Haque, Qazi Saleemul Huq, Md. Shirajul Islam Mollah, Khandker Mohammed Khaled, M.A Khaleque, Mrs. Muslima Shirin, Mafiz Ahmed Bhuiyan, Mrs. Meherunnesa Haque, Mrs. Razia Rahman, Manzur Murshed, Prof. Mohammed Aslam Bhuiyan and Mohammad Delwar Hossain were present at the AGM. Managing Director M. Ehsanul Haque, deputy managing directors M. Reazul Karim, Ahmed Kamal Khan Chowdhury, I B Chowdhury and Md. Golam Rabbani and a large number of shareholders attended the AGM.
Prime Bank Limited Sunday approved 35 per cent stock and 5 per cent cash dividends. The approval came at the 16th annual general meeting held in the city. Azam J Chowdhury, Chairman of the Board of Directors presided over the AGM. The chairman informed that the Bank continued to remain strong in all key areas of capital adequacy, asset quality, earning and liquidity. The Bank earned net profit after tax (audited) of Taka 3.0 billion. Bank's deposit rose to 124.52 billion at the end of the year 2010 as against Taka 106.96 billion in 2009 registering a growth of 16 per cent, while loan portfolio increased to 111.17 billion as on December 31, 2010 from Taka 89.25 billion in 2009 registering a 25 per cent growth. The foreign exchange business volume also increased by 42 per cent to reach at Taka 283.08 billion as on December 31, 2010 from Taka 199.00 billion in the preceding year. Capital Adequacy Ratio stood at 11.69% against the statutory requirement of 9% at the Balance Sheet date. The ratio of non-performing loans to total credit also remained in comfortable position at 1.23% in the year 2010. Return on asset was 2.16%, thus Bank's performance of 2010 may be termed as excellent in comparison to industry average. Meanwhile, the chairman informed that Prime Bank Limited will open its own exchange house in Hong Kong very soon, after UK and Singapore. "We have already five exchange houses---three in UK's three major cities, namely- London, Birmingham and Manchester and two in Singapore and we will open another exchange house in Hong Kong as soon as possible," Mr Azam J Chowdhury said. Mr Chowdhury also informed that apart from setting up exchange houses, the bank is also looking to open its own branches aboard, specifically targeting the regions with high concentration of Bangladeshi expatriates. "Currently we are exploring regions like Middle East for our next overseas branch expansion move where largely of Bangladeshi expertise lived," said Mr Chowdhury. The AGM started with observance of one minute silence in respect of the memory of the martyrs of the Liberation War 1971. Vice Chairperson of the Board Mrs. Shahnaz Quashem, Vice Chairperson of Executive Committee Mrs. Hasina Khan, Audit Committee Chairman Prof. Ainun Nishat, Directors- Mohammad Aminul Haque, Qazi Saleemul Huq, Md. Shirajul Islam Mollah, Khandker Mohammed Khaled, M.A Khaleque, Mrs. Muslima Shirin, Mafiz Ahmed Bhuiyan, Mrs. Meherunnesa Haque, Mrs. Razia Rahman, Manzur Murshed, Prof. Mohammed Aslam Bhuiyan and Mohammad Delwar Hossain were present at the AGM. Managing Director M. Ehsanul Haque, deputy managing directors M. Reazul Karim, Ahmed Kamal Khan Chowdhury, I B Chowdhury and Md. Golam Rabbani and a large number of shareholders attended the AGM.