Exim Bank’s profit declines by 9%, declares 10% cash dividends for 2023

The consolidated profit of Exim Bank dropped by 9% in 2023 compared to the previous year, according to its financial statement published on the stock exchanges today.

Despite the decline in profit, Exim Bank's share price rose by 3.30% to Tk9.40 each at the Dhaka Stock Exchange (DSE).

According to its financial statement, the consolidated earnings per share (EPS) declined to Tk2.33 for 2023, down from Tk2.57 in 2022.

The statement mentioned that the profit decrease was mainly due to an increase in provisions for investments.

Additionally, the bank declared a 10% cash dividend for its shareholders for 2023.

Its consolidated net asset value (NAV) per share increased to Tk23, and its net operating cash flow per share (NOCFPS) to Tk5.94 at the end of 2023.

In contrast, its NOCFPS was negative at Tk13.20 and NAV per share was Tk22.02 at the end of 2022.

The disclosure indicates that NOCFPS increased mainly due to an increase in deposits from customers and trading liabilities (borrowings) compared to the previous period.

The private sector lender has called for an annual general meeting (AGM) on 24 June through the digital platform to identify its shareholders. The record date has been fixed on 26 May.

In March, Exim Bank decided to merge with Padma Bank, which was deemed at risk as a going concern.

In 2022, the bank made a profit of Tk372.14 crore and paid a 10% cash dividend to its shareholders.