Syed Asif Nizamuddin, director of NCC Bank, has announced to buy 10 lakh shares of the bank within the next 30 days to strengthen his existing holdings.
As per a disclosure filed with the Chittagong Stock Exchange (CSE) yesterday, he will buy these shares at the prevailing market price through the Dhaka Stock Exchange (DSE).
On the day, NCC Bank shares ended 1.92% lower at Tk10.20 on the Dhaka bourse.
On 6 May, Newaz International Limited, owned by NCC Bank Chairman Nurun Newaz, had announced plans to buy 2.17 crore or around 1.95% shares of the bank.
Earlier, NCC Bank paid a 13% cash dividend to its shareholders for last year.
During the last year, the bank posted a consolidated net profit of Tk232.67 crore, which was 1.12% higher than the previous year.
Its consolidated earnings per share stood at Tk2.10, which was Tk2.07 a year ago.
In its financial statement, the bank stated that profit growth was primarily driven by an increase in interest income and higher investment returns from government securities.
However, the overall profit did not rise to the expected level, as the bank had to maintain a substantial provision against classified loans.
In the first quarter of this year, its net profit jumped by 67% to Tk28.22 crore compared to the previous year at the same time.
As of December 2024, the bank’s total classified loans stood at Tk1,759 crore, accounting for approximately 7.30% of its total disbursements, marking a 36% increase from the previous year.
Source: The Business Standard
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