South Bangla Agriculture & Commerce Bank declares 8% dividend

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In Wednesday’s trade, the closing price of each of his shares was Tk 21.8

The recently launched South Bangla Agriculture & Commerce Bank Limited has recommended a cash dividend of 4% and a stock dividend of 4% for the year ended 31 December 2020.

In a filing with the Dhaka Stock Exchange on Wednesday, the company reported consolidated earnings per share (EPS) of Tk 1.39 and consolidated net asset value (NAV) per share of Tk 13.59 for the year ended 31 December 2020, against Tk1.41 and Tk12.22 respectively for the same period of the previous year.

Considering its initial public offering (IPO), its consolidated EPS was Tk 1.21 and its consolidated net asset value per share was Tk 13.14.

The bank further informed that the free share was declared out of earnings and retained earnings and not out of a reserve.

He also said the reason for declaring the stock dividend is to meet the Basel-III requirement.

The bank’s annual general meeting (AGM), where dividends will be approved, is due to take place on October 21 via a digital platform.

The South Bangla Agriculture & Commerce Bank debuted on the Dhaka Stock Exchange on August 11, 2021. During Wednesday’s trading, the closing price of each of its shares was Tk 21.8.

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