Southeast Bank director to boost stake with 13 lakh share purchase

Jusna Ara Kashem, a sponsor director of Southeast Bank PLC, has decided to purchase 13 lakh shares of the bank to strengthen her existing holdings.

In a stock exchange filing today (17 October), she announced her intention to buy the shares at the prevailing market price through the Dhaka Stock Exchange (DSE).

Southeast Bank shares closed at Tk9.10 each today, valuing the total purchase at approximately Tk1.19 crore. According to the disclosure, the shares will be acquired by 31 October.

According to the bank's annual report, Jusna Ara owns 2.57 crore or 2% shares of the private sector lender as of December 2023.
Jusna Ara, an industrialist and business leader, is a director of Rose Corner (Pvt) Ltd, and vice chairman of M Kashem Trust, according to the company website.

In the first half of 2024, Southeast Bank's net interest income on investment increased to Tk199 crore, which was Tk103 crore in the same period of the previous year, according to its consolidated profit and loss account.

Its profit before loan provisioning was Tk566 crore, up from Tk410 crore in the January to June period of 2023.

However, its net profit after tax declined by 34% to Tk122 crore in the first half of 2024.

Its earnings per share (EPS) stood at Tk0.95. The bank in a disclosure said, its EPS decreased in the first half of 2024 due to an increase in provision against loans and a diminution in the value of investments as compared to the previous period.

The lender maintained Tk373.94 crore, which is a 129% increase from the same time of the previous year.

In the first half of 2023, it maintained Tk162.92 crore provision for loans and advances and investment, the reports said.

In 2023, it made a profit of Tk213 crore and paid 6% cash and 4% stock dividend to its shareholders.