City Bank approves 17.50% cash and 5% Stock dividend
Colors Desk May 19, 2020: The 38th Annual General Meeting (AGM) of City Bank was held on Wednesday, May 19, 2020 through virtual platform. Aziz Al Kaiser, Chairman of the Bank, presided over the meeting. Vice Chairman Hossain Khaled; Directors: Tabassum Kaiser, Savera H. Mahmood, Hossain Mehmood; Rajibul Huq Chowdhury; Rafiqul Islam Khan; Syeda Shaireen Aziz; Savera H. Mahmood, Rebecca Brosnan, Independent Directors Mr. Farooq Sobhan; Dr. Salim Mahmud; Managing Director & CEO Mashrur Arefin, Deputy Managing Director & CFO Md. Mahbubur Rahman and large number of shareholders and the Bank’s senior officials also attended the meeting on virtual platform.
In his welcome speech, Chairman Aziz Al Kaiser mentioned the various challenges persisting in the banking sector due to Covid-19 pandemic and the consistent attempts to overcome those. He expressed his gratitude and pride, pointing to how the Bank aims to use its strong foundations to invest in achieving sustainable growth in the years ahead.
The Audited Financial Statements for the Bank for the year ended December 31, 2020 were placed before the AGM and a number of Shareholders discussed the performance of the Bank. The shareholders made various observations and suggestions on performance of the Bank for the year 2020.
Aziz Al Kaiser informed that, Profit After Tax (PAT) of the bank in 2020 increased by taka 154 crore or 62.3% from 2019 and stood at taka 401 crore. As a result, ROE increased to 14.8% in 2020 from 9.9% in 2019. However, the bank ended the year with extra provision apart from the regulatory requirement which resulted in higher NPL coverage ratio from 78% in 2019 to 95% in 2020 to strengthen the balance sheet to withstand any unforeseen situation in future.
Managing Director & CEO, Mashrur Arefin ardently stated in his speech about the wholesome approach of City Bank to serve the lives and financial purposes of people from all the sectors and spheres of societies. He appraised the diversity it brought to the Bank’s functionality in total.
The shareholders also asked various questions regarding the Bank’s progress and performance, and these questions were answered in detail by the chairman.
Following the Board of Directors’ recommendation, 17.5% cash and 5% Stock dividend was declared and approved by the shareholders.