The Financial Express

Southeast Bank approves 15pc stock dividend

| Updated: July 02, 2018 11:46:39

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Photo collected from internet has been used for representational purpose only Photo collected from internet has been used for representational purpose only

The 23rd annual general meeting (AGM) of Southeast Bank Ltd approved 15 per cent stock dividend for the year 2017.

Chairman of the bank Alamgir Kabir, FCA presided over the meeting in the capital, attended by directors, sponsors and shareholders, according to a statement.

Managing Director M. Kamal Hossain in his address of welcome highlighted the bank's operational performance in 2017 and outlined the future plans and programmes undertaken 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 9,062.30 million in 2017 (consolidated).

As on 31st December, 2017, the bank's total deposits amounted to Tk 269,828.08 million, total assets reached Tk 339,288.05 million, earnings per share (EPS) Tk 1.27 (consolidated), net asset value per share Tk 28.16 (consolidated) and net operating cash flow per share T 1.87 (consolidated).

The price earnings ratio was 17.48 times in 2017. The capital and reserves of the bank soared to a record high of Tk 33,765.13 million as on 31st December 2017. The bank maintained a capital adequacy ratio at 10.84 per cent (consolidated) as on 31st December, 2017 against the requirement set by Bangladesh Bank.

Credit Rating Information and Services Limited (CRISL) rated the bank AA (Double A) for the long term and ST-2 for the short term based on the audited financial statements up to 31st December, 2017 and un-audited financial statements up to 31st March, 2018 of the bank.

The shareholders approved 15 per cent stock dividend and the audited financial statements of the bank for the year 2017.

The bank's chairman highly appreciated the shareholders for their continuous support and co-operation to the significant growth of the bank. He assured them of implementing gradually the constructive suggestions put forward by them in the meeting to enhance the bank's revenue and image globally.

The shareholders lauded the board of directors and the management of the bank for its performance, declaration of good dividend and bringing out a most informative and decent Annual Report-2017 of the bank with adequate disclosures.

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