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The Financial Express

City Bank approves 15pc cash dividend

| Updated: August 13, 2020 17:15:45


City Bank approves 15pc cash dividend

The 37th Annual General Meeting (AGM) of City Bank was held on Thursday on virtual platform.

 

Aziz Al Kaiser, Chairman of the Bank, presided over the meeting.

 

Following the Board of Directors’ recommendation, 15 per cent cash dividend was approved by the shareholders.

In his welcome speech, Chairman Aziz Al Kaiser mentioned the various challenges persisting in the banking sector due to Covid-19 pandemic and the consistent attempts to overcome those. He expressed his gratitude and pride, pointing to how the Bank aims to use its strong foundations to invest in achieving sustainable growth in the years ahead.

 

The Audited Financial Statements for the Bank for the year ended December 31, 2019 were placed before the AGM and a number of Shareholders discussed the performance of the Bank. The shareholders made various observations and suggestions on performance of the Bank for the year 2019.

 

Total assets of the Bank as of 31 December, 2019 stood at Taka 35,468.90 crore compared to Taka 32,478.03 crore of 2018 registering a growth by Taka 2,990.87 crore or 9.21%. Loans and Advances of the Bank stood at Taka 24,694.37 crore at the end of 2019, a growth of 6.72% over Taka 23,139.15 crore at the end of 2018. The deposits grew by Taka 4,153.35 crore in 2019 from Taka 20,517.02 crore to Taka 24,670.37 crore showing a growth of 20.24% In 2019. Profit after tax (PAT) stood at Taka 247.16 crore compared to Taka 201.79 crore in 2018. During the year under review, earnings per share, attributable to shareholders, was Taka 2.43 compared to Taka 1.99 during the previous year.

 

Managing Director & CEO, Mashrur Arefin ardently stated in his speech about the holistic approach of City Bank to serve the lives and financial purposes of people from all the sectors and spheres of societies. He appraised the diversity it brought to the Bank’s functionality in total.

 

The shareholders also asked various questions regarding the Bank’s progress and performance, and these questions were answered in detail by the chairman.

 

 

Vice Chairman Hossain Khaled; Directors Tabassum Kaiser, Savera H. Mahmood, Hossain Mehmood; Rajibul Huq Chowdhury; Rafiqul Islam Khan; Syeda Shaireen Aziz; Savera H. Mahmood, Independent Directors Mr. Farooq Sobhan; Dr. Selim Mahmud; Managing Director & CEO Mashrur Arefin, Additional Managing Director Sheikh Mohammad Maroof and a large number of shareholders and the Bank’s senior officials also attended the meeting on virtual platform.

 -rmc/

 

 

 

 

 

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