Al-Arafah Islami Bank recommends 17pc dividend

The board of directors of Al-Arafah Islami Bank Limited has recommended 15 per cent cash and 2.0 per cent stock dividend for the year ended on December 31, 2018.

The final approval of the dividend will come during the annual general meeting (AGM) scheduled to be held on June 22 June in Dhaka, said an official disclosure on Thursday.

The record date for entitlement of the dividend is May 19.

The banks has also reported consolidated EPS of Tk 2.35, consolidated NAV per share of Tk 20.80 and consolidated NOCFPS of Tk (13.18) for the year ended on December 31, 2018 as against Tk 3.00, Tk 19.88 and Tk 11.81 respectively for the same period of the previous year.

The bank noted that due to rearrangement of one of the components of cash out flow from operating activities to financing activities of Tk 1.99 billion, there is a change in NOCFPS cash flow from Tk 10.40 to Tk 11.81 in 2017.

In 2017, the company disbursed 15 per cent cash and 5.0 per cent stock dividend.

Each share of the bank, which was listed on the Dhaka bourse in 1998, closed at Tk 20.30 on Wednesday, losing 0.90 per cent over the previous day.

In the last one year, its share traded between Tk 17.90 and Tk 28 each.

The bank’s paid-up capital is Tk 10.44 million and authorised capital is Tk 15 billion while the total number of securities is 1.04 billion.

The sponsor-directors own 41.69 per cent stake in the bank, while the institutional investors own 19.69 per cent, foreign investors 3.28 per cent and the general public 35.34 per cent as on March 31, 2018, the DSE data shows.

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