Southeast Bank Limited holds 28th AGM and approves 6% cash dividend, 4% stock dividend

Photo: Courtesy

The 28th Annual General Meeting of Southeast Bank Limited was held on Wednesday (5 July) at 11am virtually by using digital platform.

Alamgir Kabir, FCA, cairman, Southeast Bank Limited presided over the meeting. Bank's Vice-Chairperson Duluma Ahmed, Directors- Jusna Ara Kashem, Rehana Rahman, Md Akikur Rahman, M Maniruz Zaman Khan (nominee of Bay Leasing & Investment Limited), Nasir Uddin Ahmed, Md Rafiqul Islam (nominee of Asia Insurance Limited), Anjuman Ara Shahid (nominee of Single Click IT Solution (Pvt.) Limited), Independent Directors- Syed Sajedul Karim and Mohammad Delwar Husain took part in the meeting virtually. Nuruddin Md Sadeque Hussain, managing director and AKM Nazmul Haider, company secretary also participated in the meeting. Bank's sponsors and a large number of shareholders took part in the meeting through the digital platform.

Nuruddin Md Sadeque Hussain, managing director, Southeast Bank in his welcome address highlighted the Bank's operational performance in 2022 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's operational performance. The bank earned an operating profit of Tk1,042.99 crore in 2022 (consolidated). As of 31 December, 2022 Bank's total deposits amounted to Tk37,114.34 crore and its total assets reached Tk49,309.28 crore, Earning Per Share (EPS) was Tk1.42 (consolidated), Net Asset Value per share was Tk24.87 (consolidated). The Price Earning Ratio of the Bank was 9.02 times in 2022. The Capital and Reserves of the Bank was Tk4,112.65 crore as of 31 December 2022. Southeast Bank Limited is considered as one of the most efficient Banks in the industry in terms of cost efficiency. Its cost to income ratio stood at 40.70%. Bank's per employee profit was Tk61 lac and per Branch profit was Tk1.40 crore in 2022.

Credit Rating Information and Services Limited (CRISL) rated the Bank AA (Double A) for the long term and ST-2 for the short term based on the audited financial statements for the year ended on 31st December, 2022 and un-audited financial statements up to 31st March, 2023 of the Bank.

In the 28th (Virtual) 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 2022.

Mr. Alamgir Kabir, FCA, Chairman, Southeast Bank Limited 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.

The shareholders forwarded their comments/queries through online during the meeting where they appreciated the Board and the Management of the Bank for excellent performance, declaration of stable dividend to the shareholders and bringing out a most informative, comprehensive and impressive Annual Report-2022 of the Bank, with adequate disclosures for Stakeholders.