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City Bank holds 39th AGM virtually; approves 12.50pc cash, 12.50pc stock dividend

| Updated: June 15, 2022 10:01:39

City Bank holds 39th AGM virtually; approves 12.50pc cash, 12.50pc stock dividend

The 39th Annual General Meeting (AGM) of City Bank was held on Sunday on a virtual platform.

The Audited Financial Statements for the Bank for the year ended December 31, 2021, were placed before the AGM and some shareholders discussed the performance of the Bank.

The shareholders made various observations and suggestions on the performance of the bank for the year 2021, according to a press release.

Following the Board of Directors’ recommendation, 12.50 per cent cash and 12.50 per cent stock dividend were been declared. Those were approved by the shareholders.

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, Syeda Shaireen Aziz, Rebecca Brosnan; Independent Director Dr Salim Mahmud; MD and CEO Mashrur Arefin; Additional MD & CFO Md. Mahbubur Rahman; and a large number of shareholders and the Bank’s senior officials also attended the meeting on a virtual platform.

In his welcome speech, Chairman Aziz Al Kaiser mentioned the bank’s strategy, as manifested in the several transformation initiatives of the year 2021. This strategy is built on the pillars of financial inclusion and digital innovation.

He informed, “Profit after tax of the bank in 2021 increased by Tk 730 million or 18.2 per cent and stood at Tk 4.74 billion.

“As a result, return on equity increased to 15.8 per cent in 2021 from 14.8 per cent in 2020,” the city bank chairman was quoted as saying in the press release.

In his speech, Managing Director and CEO Mashrur Arefin talked about the growth trajectory of the bank, its core strategies and its need for higher capital adequacy to support that growth.

The shareholders also asked various questions regarding the Bank’s progress and performance, and these questions were answered in detail by the chairman and MD and CEO.

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