AB Bank’s annual net profit jumps 233%
The bank’s board of directors also recommended a 5% stock dividend for the shareholders for last year
AB Bank, a private sector lender, has posted a staggering 233% year-on-year growth in the consolidated earnings per share to Tk0.50 in the financial year 2020.
The bank's board of directors also recommended a 5% stock dividend for the shareholders for last year.
The board also decided to issue right shares to the ratio of 1R:6 – one right share for existing six shares – at a face value of Tk10 each. The bank took the decision to strengthen the equity capital base.
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Record date for entitlement of dividend and right share is set on 19 May and the annual general meeting will be held on 10 June through a digital platform.
Earlier on 3 June last year, the Bangladesh Securities and Exchange Commission (BSEC) refused to approve AB Bank's right share offer, saying the lender did not submit any updated documents about the right share issue.
In 2017, the bank proposed rights issue 3:2R – two right shares against existing three shares – with a face value of Tk10 each.
Meanwhile, in the first quarter of this year, the bank's consolidated earnings per share stood at Tk0.16, which was 100% higher from the same quarter of the previous year.
