Shareholders of Brac Bank have approved a 15 percent dividend - 7.5 percent in the form of cash and 7.5 percent in the form of stock, for the financial year 2019.
Hence, the dividend that the bank's board recommended earlier in April remains unchanged.
Brac Bank Limited held its 21st Annual General meeting (AGM) on a virtual platform due to Covid-19 pandemic situation. This is for the first the bank had to go for a virtual meeting with its shareholders.
The AGM began at 11am on the digital platform where all the participants, including the bank's shareholders and board of directors, joined with their unique credentials. The bank had communicated every detail of the virtual AGM with its shareholders as a precaution due to this exceptional arrangement.
Members whose names appeared in the Members'/Depository Register on Record Date, June 3, 2020, were eligible to participate and vote in the AGM.
The AGM was chaired by Dr Ahsan H Mansur, chairman of the Board of Brac Bank. Other members of the board - Asif Saleh, Fahima Choudhury, Farzana Ahmed, Kaiser Kabir, Kazi Mahmood Sattar and Nihad Kabir were also present at the AGM.
Brac Bank's Managing Director and CEO Selim R F Hussain, who also participated in the meeting, responded to the queries of the shareholders and thanked them for their unwavering trust on the bank.
Brac Bank's Company Secretary Rais Uddin Ahmad moderated the session.
Dr Ahsan H Mansur, in his concluding remarks, highlighted the bank's performance to the shareholders.
He said that, in 2019, the bank earned net profit after tax of Tk458 crore (consolidated) and Tk565 crore (standalone), which were Tk567 crore and Tk555 crore respectively in 2018.
This resulted in a consolidated Earnings Per Share (EPS) of Tk4.01 in 2019 against Tk4.50 in the preceding year.
EPS of the bank on standalone basis rose to Tk4.58 in 2019 which was Tk4.50 in 2018.
Dr Mansur also informed that the consolidated operating profit of the bank decreased to Tk896 crore in 2019 compared to Tk940 crore in 2018.
However, the standalone operating profit of the bank surged to Tk995 crore in 2019 from Tk882 crore in 2018 witnessing a YoY growth of 13 percent.
Reappointment of Asif Saleh, nominated director by Brac, was also approved by the shareholders in the AGM.
Dr Mansur expressed his gratitude to all the shareholders, customers and other stakeholders for their continuous support to the bank and reiterated the board's commitment to continue responsible and sensible business practices and returns to the shareholders.
The AGM was dedicated to the memory of Sir Fazle Hasan Abed KCMG, founder of the bank who passed away last year.
The audience observed a minute of silence for Sir Fazle at the beginning of their first virtual AGM.