Eastern Bank declares 25% dividend for 2023

12.5% will be cash dividend and 12.5% stock

Eastern Bank Limited has declared a 25% dividend for its shareholders for the year 2023 which ended on 31 December.

The dividend distribution will be 12.5% cash and 12.5% stock. The bank paid the same dividend to its shareholders in 2022.

According to its disclosure published on the Dhaka Stock Exchange (DSE), the consolidated earnings per share (EPS) stood at Tk5.07, which was Tk4.24 (restated) in 2022.

In 2023, the consolidated net asset value (NAV) per share stood at Tk33.57, up from Tk29.62 (restated).

During the year, its profit after tax stood at Tk612.07 crore, which was Tk512.06 crore in 2022.

Its consolidated net cash flow per share stood at Tk7.91 end of December 2023, which was Tk10.30 end of December 2022.

The private sector lender has fixed its annual general meeting on 29 April 2024. Its record date is also fixed on 2 April this year.

The bank said a stock dividend had been recommended to strengthen the capital base of the Company to support projected business growth and improve certain regulatory ratios.

It also recommended out of accumulated profit, not from capital reserve, revaluation reserve, or any unrealized gain.

On Monday, the share price of the bank increased by 0.32% to Tk31.60 on the Dhaka stock exchange.

The bank commenced operations on 16 August 1992 and at present it has 83 branches, 23 sub-branches, and 63 agent banking outlets across Bangladesh.

Eastern Bank was listed on the Dhaka Stock Exchanges in 1993. As of 29 February 2024, sponsors and directors jointly held 30.67% of shares, institutions 47.05%, foreign 0.08%, and general investors 22.20% of the company.


Source: The Business Standard

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Iram Hoque

Mohd. Iramul Hoque (Iram) completed his bachelor’s degree in Industrial Engineering in 2018 from Purdue University.

He joined Deloitte Consulting LLP as a Consulting Analyst based out of New York City having previously worked in similar roles at PricewaterhouseCoopers LLP & Landis+Gyr.

Iram left consulting and returned to Bangladesh to take up the family business. Realizing the opportunity in the capital market in Bangladesh, Iram worked relentlessly to found Columbia Shares & Securities Ltd in 2021.

Md Saiful Hoque

Md. Saiful Hoque received his bachelor’s degree in Civil Engineering from Columbia University in 1986 followed by a master’s degree from Texas A&M University in 1988. Upon completion of his Graduate Degree, he joined Gulf Interstate Engineering Company in Houston, USA serving as a Project Engineer.

He returned to Bangladesh in 1992 to join Columbia Enterprise Ltd., the family business of Shipping and Freight Forwarding services. In addition, he has built flourishing businesses manufacturing Garment’s Accessories and Fast-Moving Consumer Goods.