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Dutch-Bangla Bank records Tk 8.02b profit in 2023

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Dutch-Bangla Bank Ltd (DBBL) made a record profit of Tk 8.02 billion in 2023 – the highest since listing with the stock market in 2001 – riding on higher interest income and earnings from government securities.

The listed bank’s profit rose by 42 per cent compared to the previous year, according to a price-sensitive statement published on Wednesday on its website.

Accordingly, its earnings per share stood at Tk 10.72 in 2023, up from Tk 7.57 a year before.

Mobile Financial Service (Rocket) also showed fabulous acceptance that it provides financial services to unbanked communities efficiently and at an affordable cost.

A Dutch-Bangla bank official said the bank has had the highest profit recorded in its history, backed by its strong foundation. It has never made this much profit before.

Based on the record profit, the bank board declared 17.5 per cent cash and 17.5 per cent stock dividend for 2023. In 2022, the second generation bank provided 25 per cent dividends –17.5 per cent cash and 7.5 per cent stock.

To approve the dividend and audited financial statement, the bank will hold an annual general meeting on June 9, with the record date set for May 9.

The bank said in the statement that stock dividend has been declared to increase the paid-up capital and also to comply with the Bangladesh Bank’s circular regarding the maximum limit of declaration of dividend which is 35 per cent, out of which cash dividend is a maximum of 17.50 per cent.

The retained amount will be used to strengthen capital, which helps to increase the business capacity of the bank.

Dutch-Bangla Bank was listed on the stock exchange in 2001. Its stock price closed at Tk 54.20 on Wednesday, losing 0.55 per cent. Yet its stock price is the highest among all listed banks.

According to the Dutch-Bangla Bank website, it was the first bank in Bangladesh to be fully automated. Dutch-Bangla Bank also operates the nation’s largest ATM fleet.

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