The Financial Express

Mercantile Bank recommends 22pc dividend

| Updated: March 27, 2018 11:42:36

Mercantile Bank recommends 22pc dividend

The board of directors of Mercantile Bank has recommended 17 per cent cash dividend and 5.0 per cent stock dividend for the year ended on December 31, 2017.

The final approval of the dividend will come during the annual general meeting scheduled to be held on April 30 at 11am in Dhaka, said an official disclosure on Sunday.

The record date for entitlement of dividend is April 15.

The bank has also reported consolidated earnings per share (EPS) of Tk 3.89, consolidated net asset value (NAV) per share of Tk 22.74 and consolidated net operating cash flow per share (NOCFPS) of Tk 3.72 for the year ended on December 31, 2017 as against Tk. 2.87 (restated), Tk. 22.82 and Tk. 5.36 respectively for the same period of the previous year.

In 2016, the bank disbursed 15 per cent cash and 5.0 per cent stock dividend.

There will be no price limit on the trading of the shares of the company today (Sunday) following its corporate declaration.

Each share of the bank, which was listed on the Dhaka bourse in 2004, closed at Tk 21.50 on Thursday at the Dhaka Stock Exchange (DSE). Its price traded between Tk 15.10 and Tk 29.70 in the last one year.

The bank’s paid-up capital is Tk 7.76 billion and authorised capital is Tk 12 billion while the total number of securities is 766.11 million.

The sponsor-directors own 37.46 per cent stake in the bank, while the institutional investors own 16.58 per cent, foreign 7.45 per cent and the general public 38.51 per cent as on February 28, 2108, the DSE data shows.

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