NCC Bank chairman's firm to buy 2.17cr shares of bank
NCC Bank shares are being traded at Tk11.20 today
Newaz International Limited, owned by NCC Bank Chairman Nurun Newaz, has announced plans to buy 2.17 crore or around 1.95% shares of the bank.
According to a disclosure filed on the Dhaka Stock Exchange (DSE) on Tuesday (6 May), Newaz International will buy the shares at the prevailing market price through the Dhaka bourse.
NCC Bank shares closed 0.89% higher at Tk11.30 on Tuesday. At that price, the deal value would be around Tk25 crore.
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Newaz is the managing director of the company. He is also the chairman of Electro Mart Limited. According to the annual report for 2024, Newaz owns 2.62 crore shares in the bank.
Earlier, the bank recommended a 13% cash dividend to its shareholders for last year.
To approve the dividend, it will conduct the annual general meeting on 2 July, and 26 May has been fixed as the record date.
During the last year, NCC Bank posted the consolidated net profit of Tk232.67 crore, which was 1.12% higher than the previous year.
Its consolidated earnings per share stood at Tk2.10, which was Tk2.07 a year ago.
In its financial statement, the bank stated that profit growth was primarily driven by an increase in interest income and higher investment returns from government securities.
However, the overall profit did not rise to the expected level, as the bank had to maintain a substantial provision against classified loans.
During the year, it set aside Tk546 crore in provisions — an increase of 72% compared to the previous year.
As of December 2024, the bank's total classified loans stood at Tk1,759 crore, accounting for approximately 7.30% of its total disbursements, marking a 36% increase from the previous year.
