Islami Bank chairman to offload entire shareholding worth Tk64 lakh
According to the disclosure filed with the DSE today (3 September), Rahman plans to offload 1.49 lakh shares in the public market at prevailing prices within the next 30 working days.
Highlights
- Chairman Zubaidur to sell all 1.49 lakh shares via DSE within 30 days
- Sale could fetch around Tk64 lakh at Tk42.80 per share
- He became chairman on 23 July; shares bought over a decade ago
- Bank's profit down 81% in H1 2025, default loans soared to 40%
- No dividend declared for 2024, first in 32 years
Zubaidur Rahman, the recently appointed chairman and independent director of Islami Bank Bangladesh PLC, has announced his intention to sell his entire shareholding in the bank through the Dhaka Stock Exchange (DSE).
According to the disclosure filed with the DSE on Wednesday (3 September), Rahman plans to offload 1.49 lakh shares in the public market at prevailing prices within the next 30 working days. At Wednesday's closing price of Tk42.80 per share, the total sale proceeds would amount to nearly Tk64 lakh.
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Islami Bank shares edged up by 0.47% on the day to close at Tk42.80 each.
Rahman, who was elected chairman of Islami Bank's board on 23 July following the resignation of former chairman Obayed Ullah-Al Masud, was earlier appointed to the bank by Bangladesh Bank on 27 March as an independent director, and formally joined in April.
Interestingly, the bank's monthly shareholding report for April showed Rahman holding no shares in the institution. However, the July report showed that he owned 1.49 lakh shares.
A senior official from the bank's share department explained that Rahman had purchased the shares more than a decade ago, but discrepancies in documentation led to them being excluded from earlier reports. The issue was later resolved, and the shares were formally recorded in his name.
In the first half of 2025, the bank reported an 81% year-on-year drop in consolidated net profit, while default loans soared to 40%, compared to just 3% in 2023.
The unprecedented surge created a staggering provision shortfall of Tk69,770 crore. Due to the shortfall, the bank was unable to declare any dividend for 2024 — the first such instance in its 32-year history.
Its consolidated net profit stood at Tk67.40 crore during the January-June period of this year, down steeply from Tk356.92 crore in the same period a year earlier. Earnings per share also plunged to Tk0.42 from Tk2.22 a year ago, reflecting the worsening profitability.
