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BRAC Bank PLC has organised its 25th Annual General Meeting (AGM) where the shareholders approved a 10 per cent cash dividend and 10 per cent stock dividend for the year 2023 ended on December 31.
The bank arranged the AGM on a virtual platform on Thursday, says a media release.
A significant number of shareholders participated in the meeting, said the release.
Presided over by Chairperson Meheriar M. Hasan, the AGM was also attended by Vice Chairperson Faruq Mayeenuddin Ahmed and Directors- Asif Saleh, Fahima Choudhury, Farzana Ahmed, Dr Zahid Hussain, Shameran Abed, Dr Mustafa K. Mujeri, Salek Ahmed Abul Masrur, Anita Ghazi Rahman, Chowdhury MAQ Sarwar and Lila Rashid.
The bank's Managing Director and CEO Selim R . Hussain responded to the shareholders' queries and thanked them for their unwavering trust and confidence in the bank. Company Secretary M Mahbubur Rahman, FCS, moderated the AGM.
The shareholders were informed that the bank registered a Net Profit after tax (NPAT) of Tk 8.28 billion in 2023 on a consolidated basis, with a growth of 35 per cent from the Tk 6.14 billion reported in 2022.
On a standalone basis, NPAT stood at Tk 7.30 billion, with an increase of 27 per cent compared to NPAT of Tk 5.76 billion in 2022.
In his remarks, Chairperson Meheriar M Hasan highlighted the bank's outstanding financial performance despite macroeconomic challenges.
The key highlight of 2023 was the remarkable growth in customer deposits, loans, and advances. He thanked the shareholders, regulators, coworkers, and stakeholders for their continuous support and trust and expressed his strong optimism that the bank would grow even more in 2024 and beyond.