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The Financial Express

Prime Bank to pay 13.50pc cash dividend

Record date for entitlement of dividend on June 21


FE Report | Published: May 16, 2020 09:51:11 | Updated: May 20, 2020 10:14:51


Prime Bank to pay 13.50pc cash dividend

The board of directors of Prime Bank Ltd has recommended 13.50 per cent cash dividend for the year ended on December 31, 2019.

The board of directors of the bank in a meeting held through digital platform on Thursday approved the audited financial statements for the year ended on December 31, 2019 and recommended the said dividend.

The final approval of the dividend will come during the annual general meeting (AGM) scheduled to be held on July 9 at 11am. The meeting to be arranged through digital platform, the bank said in a disclosure on Friday.

The record date for entitlement of the dividend is June 21.

However, the bank will not be able to disburse dividend until September 30 this year as the central bank recently instructed banks not to give any cash dividend to both sponsors and investors until September 30.

The Bangladesh Bank took the decision to boost banks capacity to absorb the strain on their capital base from the ongoing economic fallout due to Covid-19 pandemic.

The Prime Bank's consolidated earnings per share (EPS) fell 26.86 per cent year-on-year in 2019.

The bank has reported consolidated EPS of Tk 1.47 for the year ended on December 31, 2019 which was Tk 2.01 in the previous year.

Its consolidated net asset value (NAV) per share was Tk 23.46 for the year ended on December 31, 2019 which was Tk 23.25 a year ago.

The bank's consolidated net operating cash flow per share (NOCFPS) was Tk 1.64 for the year ended on December 31, 2019 which was Tk 2.91 in negative in the previous year.

In 2018, the bank disbursed 12.50 per cent cash dividend.

Each share of the bank, which was listed on the Dhaka bourse in 2000, closed at Tk 14.60 on March 25 on the Dhaka Stock Exchange, the last session before government holidays started.

In the last one year, its share traded between Tk 13.50 and Tk 19.90 per share.

The company's paid-up capital is Tk 11.32 billion, authorised capital is Tk 25 billion and the total number of securities is 1.13 billion.

Sponsor-directors own 38.92 per cent stake in the bank while institutional investors 27.02 per cent, foreign investors 3.51 per cent and general public 30.55 per cent as on February 29, 2020, the DSE data showed.

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