Uttara Bank's annual profit grows by 22%

Uttara Bank Ltd has posted 21.92% year-on-year growth in its consolidated net profit for 2022.

The publicly traded commercial bank, along with its subsidiaries, generated Tk270.6 crore in net profit after taxes in 2022, which was Tk222 crore in the previous year.

Earnings per share (EPS) jumped to Tk4.2 from Tk3.45, according to a price sensitive information disclosure by the bank on Monday.

At the end of last December, Uttara Bank's consolidated net asset value per share stood at Tk31.79.

A parent company holds half or more shares of its subsidiary company.

Uttara Bank's board of directors recommended 14% stock dividends alongside 14% cash for 2022.

At 11 am on 18 May, the bank will arrange its annual general meeting online. To identify the shareholders to be entitled for the general meeting participation and dividends, the bank set 26 April as the record date.

On the record date, company shares are not traded on the bourses.

The bank's shares, having a face value of Tk10 each, closed 0.85% higher at Tk23.6 apiece on Monday.

Uttara Bank went public in 1984 and its shares had long been popular among stock investors.

However, following the 2010 market crash, the banking stocks gradually embraced depression in the bourses and the overall sector lacked a major rally.

Based on the latest unaudited earnings, Uttara Bank shares were trading at a price less than six times of their annualised EPS. The lower the multiple is, the cheaper a stock is considered to be.

Uttara Bank's paid up capital is Tk643.7 crore and sponsor-directors own 30.56% of the company, while institutional investors hold 32.09% shares, foreigners 0.72% and the general public hold the remaining 36.63% shares.