Southeast Bank holds 20th AGM, approves 15pc cash dividend

The 20th Annual General Meeting (AGM) of Southeast Bank Ltd. was held Sunday at city's Bashundhara Convention Centre-2.

Bank's directors, sponsors and a large number of shareholders attended the meeting presided over by Alamgir Kabir, FCA, Chairman of the Bank, said a statement.

Shahid Hossain, Managing Director of the Bank in his address of welcome in the AGM highlighted the Bank's operational performance in 2014 and outlined the future plans and programs undertaken by the Bank to enhance operational efficiency and profitability of the Bank.

The AGM witnessed a lively discussion on the Bank's operational performance. The Bank earned an operating profit of Tk.8,289.76 million in 2014 (consolidated). As on 31st December, 2014 Bank's total deposits amounted to Tk.189,472.54 million, its total assets reached Tk.236,608.40 million, Earning Per Share (EPS) was Tk.4.18 (consolidated), Net Asset Value per share was Tk.26.77 (consolidated) and Net Operating Cash Flow per share was Tk.6.09 (consolidated). The Price Earning Ratio of the Bank was 4.65 times in 2014. The Capital and Reserves of the Bank soared to a record high of Tk.27,462.09 million as on 31st December 2014. The Bank maintained a capital adequacy ratio at 12.41 percent (consolidated) as on 31st December, 2014 against requirement of 10 percent set by Bangladesh Bank.

Credit Rating Information and Services Limited (CRISL) rated the Bank AA- (Double A Minus) for the long term and ST-2 for the short term based on the financial statements of the Bank for the year 2013. Their rating for the long term remains valid up to 22nd June, 2015. It was disclosed in the meeting that the Credit Rating of the Bank for the year 2014 has been assigned to Credit Rating Information and services Limited (CRISL). Their rating will be disclosed to the regulators and in the print media as soon as it is received.

The shareholders by their unanimous votes in the AGM approved 15 per cent Cash Dividend for the shareholders and the financial statements of the Bank for the year 2014. They also elected directors and approved appointment of external auditors for the year 2015.