NCC Bank holds 40th Annual General Meeting, approves 13% cash dividend

National Credit and Commerce Bank PLC has approved a 13% cash dividend for the year 2024 at its 40th Annual General Meeting (AGM), held virtually on Wednesday.

The meeting was presided over by the Chairman of NCC Bank, Alhaj Md Nurun Newaz. Also present were Vice-Chairman Abdus Salam, Director and Past Chairman Amjadul Ferdous Chowdhury, Director Syed Asif Nizamuddin, Past Vice-Chairman and Chairman of the Executive Committee Khairul Alam Chaklader, Director Md Moinuddin, Director Mohammed Sazzad Un Newaz, Independent Director and Chairman of the Audit Committee Meer Sajed-Ul-Basher FCA, Independent Director Md Amirul Islam, FCS, FCA, Managing Director M Shamsul Arefin, Additional Managing Director M Khurshed Alam, Deputy Managing Directors Md Mahbub Alam, Md Zakir Anam, Mohammed Mizanur Rahman, and Company Secretary Md Monirul Alam. A large number of shareholders also joined the meeting virtually and cast their votes online.

The audited financial statements of the bank for the year ending 31 December 2024, along with the auditors' report and directors' report, were presented before the shareholders and duly approved by majority vote.

Chairman Md Nurun Newaz noted the steady progress of NCC Bank's business, highlighting consistent growth in shareholders' equity and total assets, which has positively impacted the bank's credit ratings and CAMELS rating. He emphasised the bank's focus on maintaining asset quality, increasing low-cost and no-cost deposits, reducing the cost of funds, and enhancing commission-based income rather than pursuing aggressive expansion.

He added that the bank's continued growth is underpinned by transparency, accountability, advanced technological adoption, and a customer-centric approach—principles that will remain central to NCC Bank's strategy in the coming years.

Managing Director M Shamsul Arefin responded to shareholders' questions submitted online and reflected on NCC Bank's 32-year journey. He stated that the bank has built a reputation as a sound and trustworthy financial institution through robust financial performance and stakeholder confidence.

He outlined strategic priorities for the future, including digital expansion, financial inclusion, and sustainable banking. The bank aims to expand its SME and retail banking segments, promote Shariah-compliant Islamic banking, and boost foreign currency inflows through increased remittances and export financing.

He further noted that the bank is investing in AI-driven innovations, promoting cashless transactions, and scaling up sustainable financing—particularly for green and environmentally friendly projects. He also highlighted the importance of digital microfinance in reaching marginalised communities and deepening financial inclusion.

"We remain committed to earning the trust of our stakeholders through strategic planning, innovation, and customer-centric services," he concluded.