Trust Bank declares higher dividend despite profit fall
In the first quarter of this year, it reported 11% growth in consolidated earnings per share to Tk1.01.
The Trust Bank Limited's consolidated earnings per share (EPS) fell by 12% to Tk2.80 for the financial year 2020, but still it has declared 10% cash and 10% stock dividends to the shareholders for that year.
The bank's board recommended the dividends, which was the highest in the last three years, at a board meeting held on Monday, according to the Dhaka Stock Exchange (DSE).
To approve the dividends with other stakeholders, the bank has set the annual general meeting date on 9 August. Its record date will be 7 July.
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The company said it recommended the bonus shares to strengthen the company's capital base to support its business growth. It declared the bonus shares out of its accumulated profit, not from the capital reserve or revaluation reserve.
In the first quarter of this year, it reported 11% growth in consolidated earnings per share to Tk1.01.
During that period, the company's consolidated net profit was Tk65 crore, which was Tk58.63 crore in the same period of 2019.
Its net asset value per share in the first quarter of 2021 was Tk28.37. its paid-up capital is Tk643.30 crore.
As of 30 May this year, the sponsors and directors jointly hold 60% shares, institutional investors 16.11%, foreign investors 0.32% shares, and general investors 23.57% shares of the company.
The company listed on the stock exchanges in 2007.
The last trading share price of the company at Dhaka Stock Exchange was Tk34.60 on Tuesday.
