Brac Bank's shareholders approve 15% dividend for 2022
The shareholders of Brac Bank Limited have approved a 15% dividend – 7.50% in cash and 7.50% in stock – for the year 2022.
The approval came at the 24th Annual General Meeting (AGM) held on a virtual platform on Wednesday (31 May).
A significant number of shareholders participated in the AGM.
Presided over by Chairperson Meheriar M Hasan, the AGM was also attended by Directors – Asif Saleh, Fahima Choudhury, Farzana Ahmed, Dr Zahid Hussain, Shameran Abed, Dr Mustafa K Mujeri, Faruq Mayeenuddin Ahmed and Salek Ahmed Abul Masrur.
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The bank's Managing Director and CEO Selim RF Hussain responded to the shareholders' queries and thanked them for their unwavering trust in the bank.
Company Secretary M Mahbubur Rahman, FCS, moderated the AGM.
The shareholders were informed that the bank registered Net Profit After-Tax (NPAT) of Tk612 crore in 2022 on a consolidated basis, with a growth of 32% from the Tk465 crore reported in 2021.
On a standalone basis, NPAT stood at Tk576 crore, with an increase of 3.90% compared to NPAT of Tk555 crore in 2021.
At the AGM, the shareholders also approved the enhancement of the company's authorised capital to Tk5,000 crore from Tk2,000 crore. They also endorsed changing the Bank's registered name to "Brac Bank PLC" from the existing 'Brac Bank Limited' in accordance with the Companies Act 1994 (amendment 2020).
In his remarks, Chairperson Meheriar M Hasan highlighted the bank's outstanding financial performance despite the challenges of global political and macroeconomic instability, post-pandemic impact, and bad news in the financial sectors.
He stated that the bank was on its path to recovery thanks to its coworkers' hard work and the continuous trust of the valued customers and shareholders.
The phenomenal growth in customer deposits and loans, and advances was the key highlight of 2022, the release adds.
He thanked the shareholders, regulators, employees and stakeholders for their continuous support during an unprecedented crisis.
He also expressed his strong optimism that the bank would grow exponentially in 2023 and beyond.
