The shareholders of BRAC Bank Limited approved 25% stock dividend for the year 2017 at the 19th Annual General Meeting (AGM) of the Bank held at BRAC-CDM, Savar Thursday, said a statement.
Prior to the AGM on the day, the 10th Extra-ordinary General Meeting (EGM) of the Bank was also held at the same venue. The shareholders, at the EGM, approved enhancement of the authorized share capital of the company to BDT 20,000 million from BDT 12,000 million.
Chaired by Sir Fazle Hasan Abed, KCMG, Chairman of BRAC Bank Limited, the meeting was attended, among others, by Directors Mr. Shib Narayan Kairy, Mr. Kazi Mahmood Sattar, Mr. Kaiser Kabir, and Mr. Asif Saleh, Managing Director & CEO Mr. Selim R. F. Hussain and Company Secretary Mr. Rais Uddin Ahmad.
The Chairman of the Bank informed the shareholders at the AGM that the bank earned BDT. 9,422 million operating profit on a consolidated basis in 2017 which was BDT. 8,611 million in 2016 registering a growth of 9%. The Bank recorded BDT. 5,498 million as the consolidated profit-after-tax during the year 2017 which was BDT. 4,076 million in 2016 marking a growth of 35%.
The consolidated Earnings Per Share (EPS) of the Bank rose to BDT 6.07 in 2017 from BDT 4.55 in 2016. The net asset value (NAV) per share on a consolidated basis at the end of December 2017 stood at BDT 31.10, compared to BDT 25.90 at the end of December 2016.
Addressing the AGM, the Bank's Chairman expressed his gratitude to the shareholders, customers, stakeholders and management for their continuous support to the company.