Bank Asia declares 15% cash dividend despite liquidity crisis

Bank Asia Limited has recommended a 15% cash dividend for 2022 for its shareholders despite the prevailing liquidity crisis in the country's banking sector.

During the year, the bank's consolidated earnings per share increased by 12% to Tk2.62, which was Tk2.34 in 2021.

The consolidated net profit of the private sector lender stood at Tk305.47 crore which was Tk273 crore in the previous year.

The bank registered the highest 770% or Tk177 year-on-year growth in its profit from foreign exchange dealings in the first six months of 2022.

At the end of 2022, several state-owned and private banks registered operating profits thanks to the central bank's relaxed policy that allowed lenders to show unrealised interests as profits and credit growth in the private sector.

But after excluding the operating expense and provisioning of default loans, the net profit of the bank came down normally.

Bank Asia, a third-generation public limited commercial bank, was incorporated in 1999 and was listed on the stock exchange in 2004.

The consolidated net asset value per share of the bank stood at Tk24.41 and its net operating cash flow per share was Tk13.82.

It will hold its Annual General Meeting (AGM) on 30 April. For the AGM, the record date has been fixed on 6 April.

Earlier in 2021, the bank recommended the same amount of cash dividend for its shareholders.

The bank has 129 branches, 11 sub-branches, four SME centres, four agri branches, and five Islamic windows across the country.

Until 28 February 2023, sponsors and directors held 53.35%, institutional, foreign, and general investors 35.72%, 0.21%, and 10.72%, shares in the bank, respectively.

The last trading price of its share was Tk20.70 on the Dhaka Stock Exchange on Sunday.