DBBL share price up after posting record profit

The share price of Dutch-Bangla Bank Limited (DBBL) rose by 6.36% on Sunday after the company posted a record profit for the year of 2020.

The opening price of DBBL shares on the Dhaka Stock Exchange (DSE) was Tk62.90 each – which later rose to Tk66.90.

According to the DSE, 4.68 lakh shares of DBBL worth Tk3.10 crore were traded on the opening day of the bourse.

After the board of directors meeting on Saturday, DBBL announced that it made a record profit of Tk550 crore in 2020.

The company has recommended 15% cash and 15% stock dividends for its shareholders.

The earnings per share (EPS) stood at Tk10, which was Tk7.89 in 2019.

According to the unaudited financial statements, the bank profit is 26.68% higher than that a year ago. In 2019, it made Tk434.14 crore profit.

Dutch-Bangla Bank was listed on the stock exchange in 2001. The company was the first bank in Bangladesh to be automated.

It operates the nation's largest ATM fleet and has drastically cut consumer costs and fees by 80%.

According to the bank, its annual general meeting will be held on 26 April, virtually. The record date for the distribution of dividends is slated for 28 March.

Dutch-Bangla Bank Limited was established as a joint venture company at the initiative of the Netherlands Development Finance Company.

However, Netherlands Finance sold all its shares in 2019. The paid-up capital of the company is Tk500 crore.

As of 31 January, 2021, out of the total 55 crore shares: sponsors and directors hold 86.99%, institutional investors 5.04%, foreign investors 0.01%, and general investors 7.96%.