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The board of directors of Islami Bank Bangladesh Limited has decided to issue “IBBL Third Mudaraba Redeemable Non-Convertible Subordinated Bond” of Tk 12 billion under Mudaraba Principle of Islamic Shari’ah.
The board has taken the decision to issue the bond to raise the Tier-II Capital of the bank under Basel-III. The tenure of the bond is seven years, said an official disclosure on Wednesday posted on the DSE website.
The issuing of bonds is subject to the approval of the regulatory authorities — Bangladesh Bank (BB) and Bangladesh Securities and Exchange Commission (BSEC), the disclosure said.
Each share of the bank, which was listed on the Dhaka Stock Exchange (DSE) in 1985, closed at Tk 24.20 on Tuesday.
In the last one year, its share traded between Tk 21.90 and 28.40 each.
The company declared 10 per cent cash dividend for the year ended on December 31, 2018 which was approved at the annual general meeting on Tuesday.
In 2017, the bank also disbursed 10 per cent cash dividend.
The bank’s un-audited consolidated earnings per share (EPS) stood at Tk 0.40 for January-March 2019 as against Tk 0.36 for January-March 2018.
The consolidated net operating cash flow per share (NOCFPS) was Tk 15.52 for January-March 2019 as against negative Tk 13.33 for January-March 2018.
The consolidated net asset value (NAV) per share was Tk 34.87 as on March 31, 2019 and Tk 31.83 as on March 31, 2018.
The bank’s paid-up capital is Tk 16.10 billion, authorised capital is Tk 20 billion and the total number of securities is 1.60 billion.
The sponsor-directors own 47.85 per cent stake in the bank, while institutions own 12.16 per cent, foreign investors 24.12 per cent and the general public 15.87 per cent as of May 31, 2019, the DSE data shows.