Uttara Bank Limited yesterday revised its recent dividend declaration for the 2019 financial year, following a recent circular of the central bank.
Now the bank will pay 7 percent cash and 23 percent stock dividend instead of 10 percent cash and 25 percent stock dividend for the same period.
The banks can declare highest 15 to 30 percent dividend including a 7.5 to 15 percent cash as per their ability while maintaining some other obligations for the 2019 financial year, according to the Bangladesh Bank circular.
The central bank on May 11 suspended the payment of cash dividends by the banks until September 30 this year.
However, Dutch Bangla Bank, Eastern Bank and NCC Bank are yet to revise their declared dividends.
Uttara Bank posted a net profit of Tk187.46 crore in the last financial year. Net profit of the bank rose to 42 percent in the last six years.
"The whole banking sector has been struggling for the last few years owing to a huge number of defaulted loans and high-interest rates. Our bank performed better amid the squeeze," Iftekhar Zaman, company secretary of Uttara Bank, told The Business Standard.
The bank will hold its annual general meeting on June 25 through a digital platform, where its recommended dividends and financial report will be approved.
The date of record will be June 3 instead of earlier scheduled April 27.
The earnings per share (EPS) of the bank stood at Tk4.59 and its net asset value per share amounted to Tk38.36 by the end of the 2019 financial year.
Meanwhile, Uttara Bank's EPS increased by 79 percent, to Tk1.65, in the first quarter of the current financial year.
The bank decided to raise its authorised capital to Tk1,000 crore from Tk600 crore. Its paid-up capital is now Tk408 crore.
Sponsors and directors together had 30.54 percent stake in the bank, institutional investors 19.62 percent, foreign investors 2.81 percent, and general investors 47.03 percent till last February.
Meanwhile, Exim Bank also recommended a dividend to its shareholders yesterday. It will pay a 10 percent cash dividend for the 2019 financial year. The EPS of the bank stood at Tk1.69 during this time.
The bank will hold its annual general meeting on August 25, where its recommended dividends and financial report will be approved. The date of record will be June 25.