Southeast Bank PLC’s 29th virtual AGM: 6% cash dividend and 4% stock dividend approved
The 29th (Virtual) Annual General Meeting of Southeast Bank PLC. was held on Wednesday, September 25, 2024, at 11.00 a.m. through a digital platform. Mr. Alamgir Kabir, FCA, Chairman of the Bank, presided over the meeting. Attendees included Mr. Md. Akikur Rahman, Vice Chairman; Mr. M. A. Kashem, Founder Chairman and Sponsor Director; Mr. Azim Uddin Ahmed, Ex-Chairman and Sponsor Director; Mrs. Duluma Ahmed, Sponsor Director; Mrs. Jusna Ara Kashem, Sponsor Director; and other Directors, such as Mrs. Rehana Rahman, Mr. Nasir Uddin Ahmed, Mr. Md. Rafiqul Islam (nominee of Asia Insurance Limited), and Independent Director Mr. Mohammad Delwar Husain. Mr. Nuruddin Md. Sadeque Hossain, Managing Director, and Mr. A.K.M. Nazmul Haider, Company Secretary, also participated, along with a large number of shareholders via the digital platform.
In his welcome address, Mr. Nuruddin Md. Sadeque Hossain, Managing Director, highlighted the Bank's operational performance in 2023 and outlined future plans and strategies to enhance operational efficiency and asset quality.
The AGM featured a lively discussion on the Bank's operational performance. The Bank earned an operating profit of BDT 8,857.63 million in 2023 (consolidated). As of 31st December 2023, the Bank's total deposits amounted to BDT 386,402.44 million, and its total assets reached BDT 510,864.24 million. The Earnings Per Share (EPS) stood at BDT 1.66 (consolidated), with a Net Asset Value per share of BDT 24.92 (consolidated). The Price-Earnings Ratio was 8.18 times in 2023. The Bank's Capital and Reserves soared to a record high of BDT 45,940.17 million as of 31st December 2023.
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Southeast Bank PLC. is recognised as one of the most cost-efficient banks in the industry, with a cost-to-income ratio of 47.21%. The Bank's per employee profit was BDT 0.67 million, and the per branch profit was BDT 15.49 million in 2023. 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 2023 and unaudited financial statements up to 30th June 2024.
During the 29th (Virtual) AGM, shareholders unanimously approved a 6% Cash Dividend and a 4% Stock Dividend, as well as the audited financial statements for the year 2023.
Mr. Alamgir Kabir, FCA, Chairman of the Bank, expressed his gratitude to shareholders for their continued cooperation and support in ensuring the sustainable growth of the Bank. He assured them that their valuable suggestions from the virtual meeting would be gradually implemented to further improve the Bank's operational performance and brand image.
Mr. M. A. Kashem, Founder Chairman and Sponsor Director of the Bank, thanked the shareholders for their participation in the AGM and emphasised the importance of working in unity.
A significant number of shareholders sent their queries and comments online, praising the Board of Directors and Management for the Bank's excellent operational results, stable dividend declaration, and the release of an information-rich, integrated, and attractive Annual Report 2023.
