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The board of directors of ICB Islamic Bank has recommended ‘no dividend’ for the year ended December 31, 2023 as the bank has been suffering losses for a long time.
The ‘problematic’ bank suffered a net loss of Tk 565 million further in 2023, which was 124 per cent higher than the previous year’s loss of Tk 252 million.
Accordingly, the listed bank reported a loss of Tk 0.85 per share in 2023, up from Tk 0.38 in the year before, according to a stock exchange filing on Sunday.
The bank’s net asset value per share stood at Tk 19.36 in the negative in 2023 from Tk 18.51 in 2022, while the net operating cash flow per share was Tk 0.82 from negative Tk 0.88 in the year before.
Owing to the deepening losses, the board of directors of the bank has declared no dividend for 2023.
Following the news, the stock price plunged 2.44 per cent on Sunday to close at Tk 4 each. The bank is trading under the Z category for mounting losses and has not declared any dividends for years.
The bank’s annual general meeting (AGM) will be held on July 11 at 10:30 am at Hybrid System at TCB Auditorium in Dhaka. The record date is set for May 9.
Incorporated in 1987, the bank has been running at a loss for the last few years.