Shahjalal Islami Bank recommends 10% dividend

Shahjalal Islami Bank Limited has recommended 5 percent stock and 5 percent cash dividends to its shareholders for the 2019 financial year.

The dividend payout was recommended at the bank's board of directors meeting on Wednesday evening.

However, the final approval of dividends will come during the Annual General Meeting (AGM) slated for August 12 in Dhaka. The record date is July 2, 2020.

The DSE website stated that the bank has reported consolidated earnings per share (EPS) of Tk1.78 in the 2019 financial year. EPS of the bank rose 34 percent than the previous year.

The net asset value (NAV) per share amounted to Tk17.70 for the year ended on June 30, 2019.         

The bank's paid-up capital is currently Tk933.42 crore. In the meantime, the bank has decided to raise its authorized capital to Tk1,500 crore from Tk1,000 crore. 

An extra general meeting of the shareholders slated for August 12 will bring required changes to the Memorandum of Articles, allowing the bank to raise the volume of its authorized capital. 

Sponsors and directors jointly own 43.22 percent shares of the bank, the institutional investors own 17.52 percent, foreign investors 0.26 percent and general investors 39 percent shares till February 2020.

The closing price of the bank shares was Tk19.20 on Thursday at the Dhaka Stock Exchange, while the bank's shares hit their highest – Tk26.50 within one year.