Brac Bank declares 10pc cash, 5.0pc stock dividend

FE ONLINE REPORT | Tuesday, 13 April 2021

The board of directors of Brac Bank has recommended 10 per cent cash and 5.0 per cent stock dividend for the year ended on December 31, 2020.

The final approval of the dividend will come during the annual general meeting (AGM) scheduled to be held on May 27 at 11:00 am through the digital platform.

The record date is set for May 4, the company said in a filing with the Dhaka Stock Exchange (DSE) on Tuesday.

The bank has also reported consolidated EPS of Tk. 3.33, consolidated NAV per share of Tk. 36.63 and consolidated NOCFPS of Tk. 24.90 for the year ended on December 31, 2020, as against Tk. 3.73, Tk. 30.61 and Tk. 19.46 respectively for the same period of the previous year.

The bank has also informed that bonus shares have been recommended to strengthen the capital base of the company to support its business growth.

Bonus shares are declared out of accumulated profit and not declared from the capital reserve or revaluation reserve or any unrealised gain or out of profit earned prior to incorporation of the company or through reducing paid up capital or through doing anything so that the post dividend retained earnings become negative or a debit balance, said the bank.

In 2019, the bank disbursed 7.50 per cent cash and 7.50 per cent stock dividend.

Each share of the bank, which was listed on the DSE in 2007, closed at Tk 41.70 on Monday.

The bank’s shares traded between Tk 31.90 and Tk 52 in the last year.

The company’s paid-up capital is Tk 13.25 billion and authorised capital is Tk 20 billion, while the total number of securities is 1.32 billion.

The sponsor-directors own 46.24 per cent stake in the company while the institutional investors own 9.11 per cent, foreign investors 39.02 per cent and the general public 5.63 per cent as on February 28, 2021, the DSE data show.

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