Islami Bank postpones AGM
In a disclosure filed with the Dhaka Stock Exchange (DSE) on Wednesday, the bank said the AGM was postponed due to “unavoidable circumstances,” adding that a revised schedule will be announced later.
Islami Bank Bangladesh Limited, the country's largest private-sector lender, postponed its annual general meeting (AGM) for the 2024 financial year, which was scheduled to be held today (19 November).
In a disclosure filed with the Dhaka Stock Exchange (DSE) on Wednesday, the bank said the AGM was postponed due to "unavoidable circumstances," adding that a revised schedule will be announced later.
Habibur Rahman, company secretary of Islami Bank, told The Business Standard that the AGM could not be held on time because of a pending High Court case related to a share settlement issue. "We are trying to resolve the case as soon as possible," he added.
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Earlier, the bank decided not to declare any dividend for 2024, pending shareholders' approval at the AGM.
Islami Bank reported a consolidated net profit of Tk108 crore in 2024, an 83% decline from the previous year. The bank attributed the drop in profitability to higher deposit costs and increased provisioning requirements against bad investments.
It further stated that Bangladesh Bank instructed the bank to approve its audited financial statements for the year while maintaining a provision shortfall of Tk69,770 crore against classified investments.
Once the country's most profitable lender, Islami Bank has shown signs of recovery in the third-quarter (July–September) of 2025, posting a consolidated net profit of Tk32.37 crore, marking a strong turnaround from a loss of Tk89.21 crore in the same period last year.
Its consolidated earnings per share (EPS) rose to Tk0.20 during the quarter, reflecting improved operational performance and better management of investment income and provisions.
Despite the Q3 rebound, the bank's cumulative nine-month performance in 2025 remains weak. Consolidated net profit fell 62.7% to Tk99.77 crore, while consolidated EPS dropped by the same rate to Tk0.62.
Again, standalone profit declined by 67.7% to Tk78.77 crore, largely due to higher operating expenses and slower investment growth in the first two quarters.
Its share closed 3.68% higher at Tk36.60 today.
