City Bank approves 22.5% dividend
BI report || BusinessInsider
38th Annual General Meeting of City Bank. Photo : Courtesy
City Bank has approved 17.5% cash and 5% stock dividend in its 38th Annual General Meeting (AGM).
The meeting was held on Wednesday virtually and the Chairman of the bank Aziz Al Kaiser presided over it, reads a press release.
In his welcome speech, he mentioned the various challenges persisting in the banking sector due to the Covid-19 pandemic and the consistent attempts to overcome those.
A large number of shareholders and bank’s senior officials also attended the meeting on a virtual platform.
Aziz Al Kaiser further informed that profit after tax of the bank in 2020 increased by Tk 154 crore or 62.3 percent from 2019 and stood at Tk 401 crore. As a result, ROE increased to 14.8 percent in 2020 from 9.9 percent in 2019.
However, the bank ended the year with extra provision apart from the regulatory requirement which resulted in a higher NPL coverage ratio from 78 percent in 2019 to 95 percent in 2020 to strengthen the balance sheet to withstand any unforeseen situation in future.
