BRAC Bank MD to offload 4.85 lakh shares

Selim RF Hussain, the managing director and CEO of BRAC Bank, has announced his intention to divest his ownership of 4.85 lakh shares in the bank at the current market price through public trading. 

In a disclosure released by the bank on the stock exchanges yesterday, it was revealed that Selim possesses 4.95 lakh shares of the bank. He announced his intention to sell all of his holdings, except for 10,000 shares, through the Dhaka Stock Exchange (DSE) within the next 30 working days.

BRAC Bank shares rose by 1.06% to close at Tk38 at the DSE yesterday.

Selim RF Hussain told TBS, "I am going to sell my holdings due to personal reasons. It has nothing to do with my profession in the bank."

Meanwhile, the private sector lender achieved a remarkable 35% growth in profit, reaching Tk827.50 crore in 2023, marking its highest-ever profit in history, according to the bank's annual financial statement.

The bank achieved this milestone primarily propelled by interest income, Selim RF Hussain told TBS earlier.

He said the bank's loan disbursement and deposit collection saw growth surpassing the banking sector average, which was made possible through the development of digital banking services.

The bank's board also recommended 10% cash and 10% stock dividend to its shareholders for 2023, marking the highest payout in the last six years.

The bank said in the statement that the stock dividend has been recommended to strengthen the capital base of the bank to support business growth.

To approve the dividend and the audited financial accounts, it will conduct the annual general meeting scheduled for 30 May, with the record date set as 7 May.

At the end of 2023, its consolidated earnings per share was Tk4.73, up from Tk3.75 in 2022.