National Bank postpones AGM
The lender will announce a new date, venue, and time, later
National Bank Limited – the first private sector bank fully owned by Bangladeshi entrepreneurs – has postponed its annual general meeting (AGM) for 2020.
The bank in its disclosure on Thursday said due to unavoidable circumstances, the AGM, which was scheduled for 30 September, has been postponed.
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A new date, venue, and time of the AGM will be announced later, it added.
Earlier, on 5 July, the private sector lender had set the date and time for the AGM.
The Business Standard tried to communicate with National Bank officials for comments on reasons for the postponement, but they did not answer the phones calls
Earlier, Rick Haque Sikder lost his director post at the bank due to his loan defaulter status.
The development came as the Bangladesh Bank refused to extend the directorship for not having a CIB (Credit Information Bureau) clearance.
According to its financial statements, in 2020, the bank's net profit after tax went down 12.41% to Tk361.14 crore compared to the previous year.
The profit was Tk412.32 crore in 2019.
The earnings per share (EPS) for 2020 stood at Tk1.18, which was Tk1.34 a year ago.
The bank declared a 5% stock dividend for its shareholders for 2020, compared to 5% cash and 5% stock dividend in the previous year.
The private sector lender said the stock dividend has been declared to utilise its retained funds as capital for business expansion.
The National Bank was listed on stock exchanges in 1984.
Sponsors and directors held 30.99%, institutional investors 21.26%, foreign shareholders 0.95%, and general shareholders 46.80% shares, of the company.
