The board of directors of IFIC Bank has taken a decision to issue Tk 5.0 billion coupon-bearing subordinated bond to raise Tier-2 capital of the bank.
The bank will issue the non-convertible subordinated bond to help the bank meet its Basel III compliance in line with Bangladesh Bank guidelines on risk-based capital adequacy.
Basel III is an international regulatory accord that introduced a set of reforms designed to mitigate risk within the international banking sector by requiring banks to maintain proper leverage ratios and keep certain levels of reserve capital in hand.
The issuing of bonds is subject to the approval of the regulatory authorities - Bangladesh Bank (BB) and Bangladesh Securities and Exchange Commission (BSEC)--, the bank said in a filing with the Dhaka Stock Exchange (DSE) on Tuesday.
Each share of the bank, which was listed on the DSE in 1986, closed at Tk 16.50 on Tuesday, gaining 1.23 per cent over the previous day. Its share traded between Tk 8.80 and Tk 17.90 in the last one year.
The bank disbursed a 5.0 per cent stock dividend for the year ended on December 31, 2020. In 2019, the bank provided a 10 per cent stock dividend.
The bank's un-audited consolidated earnings per share (EPS) stood at Tk 0.91 for January-June 2021 as against Tk 0.51 for January-June 2020.
The consolidated net operating cash flow per share (NOCFPS) was Tk 4.64 for January-June 2021 as against minus Tk 3.99 for January-June 2020.
The consolidated net asset value (NAV) per share was Tk 17.21 as on June 30, 2021 and Tk. 16.00 as on June 30, 2020.
The bank's paid-up capital is Tk 17 billion, authorised capital is Tk 40 billion and the total number of securities is 1.70 billion.
The sponsor-directors own 4.11 per cent stake in the bank, while the government owns 32.75 per cent, institutions own 25.85 per cent, foreign investors 0.72 per cent and the general public 36.57 per cent as of July 31, 2021, the DSE data shows.
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