Eastern Bank posts record Tk750cr profit in 2024
Highlights:
- 17.50% cash, 17.50% stock dividends declared
- Consolidated net profit Tk660cr
- Consolidated NAV per share Tk31.63
- AGM scheduled for 21 May
- Record date set for 23 April
Eastern Bank, one of the country's leading private sector lenders, has achieved a historic milestone by reporting a standalone net profit of Tk750 crore in 2024 – its highest ever.
The bank's standalone profit surged by 23% from Tk611 crore in 2023, driven by robust growth across core business segments.
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However, losses of Tk90 crore from its subsidiaries slightly offset the gains, bringing its consolidated net profit to Tk660 crore – still a record high.
At the end of the last year, its consolidated earnings per share stood at Tk4.86, which was Tk4.51 a year ago.
Following the robust growth in profit, the bank increased the dividend recommendation. Its board declared a 35% dividend for the last year, which will be the highest payout since 2020.
The dividend comprises 17.50% cash and 17.50% stock, reflecting the lender's robust financial health and commitment to rewarding shareholders, according to its price-sensitive statement disclosed on the Dhaka Stock Exchange.
The bank had previously paid a 25% dividend in 2023 that comprises 12.5% cash and 12.5% stock.
The private sector lender has fixed its annual general meeting on 21 May for approving the declared dividend and audited financial statement. Its record date is also fixed on 23 April this year.
According to the bank, a stock dividend has been recommended to strengthen the company's capital base, support projected business growth, and improve certain regulatory ratios.
It also recommended out of accumulated profit, not from capital reserve, revaluation reserve, or any unrealised gain.
On Tuesday, the share price of the bank increased by 1.92% to Tk26.50 on the Dahak bourse.
The bank commenced operations on 16 August 1992 and listed in the capital market in 1993. As of 28 February 2025, sponsors and directors jointly held 30.67% of shares, institutions 44.34%, foreign 0.49%, and general investors 24.50% of the company.
