Southeast Bank Ltd. holds 24th AGM, declares 10pc stock dividend

- A Monitor Desk Report 23 Jun, 2019 | 330 Views|-+
Dhaka: Southeast Bank Limited held its 24th Annual General Meeting today at Officers’ Club in the capital.

Alamgir Kabir, FCA, Chairman of the Bank presided over the meeting. Duluma Ahmed, Vice-Chairperson and M. Kamal Hossain, Managing Director were also present on the occasion, among the Directors, sponsors and shareholders of the Bank.

M. Kamal Hossain, Managing Director of Southeast Bank Ltd., in his welcome address, highlighted the Bank’s operational performance in 2018 and outlined the future plans and strategies to be undertaken to further augment operational efficiency and asset quality in the future.

The Bank earned an operating profit of BDT 9,782 million in 2018 (consolidated). As on December 31, 2018, the Bank’s total deposit amounted to BDT 2,98,334 million and its total assets reached BDT 3,81,575 million while the Earning Per Share was BDT 2.35 (consolidated), Net Asset Value per share was BDT 26.66 (consolidated) and Net Operating Cash Flow per share was BDT 3.37 (consolidated).

The Price Earning Ratio of the Bank was 6.72 times in 2018. The Capital and Reserves of the Bank soared to a record high of BDT 38,860.

The Bank maintained a Capital to Risk-Weighted Asset Ratio (CRAR) at 12.38 percent (consolidated) against requirement of 11.875 per cent set by the Bangladesh Bank.

The shareholders by their unanimous votes approved 10 per cent stock dividend to the shareholders and the audited financial statements of the Bank for the year 2018.

Alamgir Kabir, FCA, Chairman of the Bank, highly appreciated the shareholders for their continuous co-operation and active support for sustainable growth of the Bank. He assured them of gradually implementing their valuable suggestions put forward in the meeting to further augment the operational performance of the Bank including its brand image.

The shareholders who spoke in the meeting highly lauded the Board of Directors and the Management of the Bank for excellent performance, declaration of stable dividend to the shareholders and bringing out a most informative, comprehensive and impressive Annual Report-2018, with adequate disclosures for stakeholders.

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