Southeast Bank PLC in Bangladesh held its 29th annual general meeting virtually and approved 6% cash dividend, 4% stock dividend on Wednesday, says a press release.
Alamgir Kabir, FCA, chairman of the bank, presided over the meeting.
Md Akikur Rahman, vice chairman; M A Kashem, founder chairman and sponsor director; Azim Uddin Ahmed, Ex-chairman and sponsor director; Duluma Ahmed, sponsor director; Jusna Ara Kashem, sponsor director; and other directors Rehana Rahman, Nasir Uddin Ahmed, Md Rafiqul Islam (nominee of Asia Insurance Limited), independent director Mohammad Delwar Husain participated in the meeting virtually by using digital platform.
Nuruddin Md Sadeque Hossain, managing director and A K M Nazmul Haider, company secretary of the bank also participated in the meeting.
The bank鈥檚 sponsors and a large number of shareholders took part in the meeting through the digital platform.
The managing director of the bank in his welcome address highlighted the bank鈥檚 operational performance in 2023 and outlined the future plans and strategies to further augment operational efficiency and asset quality of the bank.
The AGM witnessed a lively discussion on the bank鈥檚 operational performance. The bank earned an operating profit of BDT 8,857.63 million in 2023 (consolidated). As on December, 31, 2023 the bank鈥檚 total deposits amounted to BDT 3,86,402.44 million and its total assets reached BDT 5,10,864.24 million, Earning Per Share (EPS) was BDT 1.66 (consolidated), Net Asset Value per share was BDT 24.92 (consolidated).
The price earnings ratio of the bank was 8.18 times in 2023. The capital and reserves of the bank soared to a record high of BDT 45,940.17 million as on December 31, 2023.
Southeast Bank PLC is considered as one of the most efficient banks in the industry in terms of cost efficiency. Its cost to income ratio stood at 47.21%. banks per employee profit was BDT 0.67 million and per branch profit was BDT 15.49 million in 2023.
Credit rating information and services limited rated the bank AA (Double A) for the long term and ST-2 for the short term based on the audited financial statements up to December, 31, 2023 and un-audited financial statements up to June, 30, 2024 of the bank.
In the 29th annual general meeting, the shareholders by their unanimous votes approved 6% cash dividend and 4% stock dividend and the audited financial statements of the bank for the year 2023.
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 implementing gradually the valuable suggestions put forward by them in the virtual meeting to accelerate the operational performance of the Bank including its brand image.
M A Kashem, founder chairman and sponsor director of the bank thanked the shareholders of the bank for their participation in the AGM.
He emphasised that everyone works in unity.
A significant number of shareholders sent their valuable queries and comments online. They lauded the board of directors and management authority of the bank for the excellent operational results, stable dividend declaration and release of information-rich, integrated and attractive Annual Report-2023.
