40th annual general meeting of City Bank held virtually

The 40th Annual General Meeting of City Bank was held on Tuesday (4 July) virtually. 

Aziz Al Kaiser, chairman of the Bank, presided over the meeting, said a press release.

Vice Chairman Hossain Khaled, Directors Tabassum Kaiser, Savera H. Mahmood, Hossain Mehmood, Rajibul Huq Chowdhury, Syeda Shaireen Aziz, Rebecca Brosnan, Independent Director Matiul Islam Nowshad, MD & CEO Mashrur Arefin, AMD & CFO Md. Mahbubur Rahman, shareholders and the bank's senior officials also attended the meeting on virtual platform.

In his welcome speech, Chairman Aziz Al Kaiser said that the net profit of the bank in 2022 is Tk4.78 billion. City Bank's financial results have proven its resilience and ability to reinvent in adversity which is the essence of a thriving business. 

He also said during global crises such as the Covid-19 pandemic and the present war in Europe, City Bank formulated a plan that resulted in a 23.6% growth in loans in 2022 which is in line with the strategic objective of having a steadier and more vigilant risk-return structure. Our profit after tax has increased to Tk4.5 billion in 2022 compared to the pre-Covid figure of Tk2.5 billion in 2019. 

The audited financial statements for the bank for the year ended 31 December 2022 were placed before the meeting and a number of shareholders discussed the performance of the bank. 

The shareholders made various observations and suggestions on performance of the Bank for the year 2022. 

Managing Director and CEO Mashrur Arefin talked about the growth trajectory of the bank, its core strategies and its need for higher capital adequacy to support that growth.

The shareholders also asked various questions regarding the Bank's progress and performance, and these questions were answered in detail by the Chairman and MD & CEO.

Following the Board of Directors' recommendation, 10% cash and 2% Stock dividend were declared. Those were approved by the shareholders.