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The Financial Express

Bank Asia to form subsidiary for digital banking

| Updated: July 02, 2020 09:48:18


Bank Asia to form subsidiary for digital banking

The board of directors of Bank Asia Ltd has decided to form a subsidiary company to conduct digital banking activities subject to obtaining necessary approval from regulators.

The board of the bank has decided in principle to apply to Bangladesh Bank (BB) for license of forming a subsidiary company shortly, according to an official disclosure on Tuesday.

Each share of the Bank Asia, which was listed on the Dhaka Stock Exchange in 2004, closed at Tk 16.40 on Monday.

Recently, the board of directors of the bank has recommended 10 per cent cash for the year ended on December 31, 2019.

The annual general meeting (AGM) will be held on July 12 at 11:00am through a digital platform.

The bank has also reported consolidated earnings per share (EPS) of Tk 1.68, consolidated net asset value (NAV) per share of Tk 21.09 and consolidated net operating cash flow per share (NOCFPS) of Tk 22.94 for the year ended on December 31, 2019 as against Tk 1.92 (restated), Tk 19.89 and Tk 3.00 respectively for the same period of the previous year.

The bank also has informed that NOCFPS has been increased substantially mainly due to deposit inflow in terms of previous year.

In 2018, the bank disbursed 5.0 per cent cash and 5.0 per cent stock dividend.

The bank’s paid-up capital is Tk 11.65 billion, authorised capital is Tk 15 billion and the total number of securities is 116 billion.

Sponsor-directors own 51.20 per cent stake in the bank while the institutional investors own 33.64 per cent, foreign 0.37 per cent and general public 14.79 per cent as on February 29, 2020, the DSE data showed.

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