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The Financial Express

Pubali Bank AGM approves revised dividend for 2017

| Updated: May 13, 2018 15:23:04


Chairman of Pubali Bank Limited Habibur Rahman presiding over the 35th annual general meeting of the bank held at the bank's auditorium on Thursday Chairman of Pubali Bank Limited Habibur Rahman presiding over the 35th annual general meeting of the bank held at the bank's auditorium on Thursday

The shareholders of Pubali Bank Limited have 'unanimously' approved the company's revised dividend offer for the year ended on December 31, 2017.

As per the revised offer, the bank will disburse 5 per cent cash and 5 per cent stock dividend as approved by Bangladesh Bank instead of 10 per cent stock dividend declared earlier by the board of directors.

The central bank earlier imposed restriction on disbursement of 10 per cent cash dividend as the bank had a provision shortfall worth above Tk 1.73 billion.

The shareholders have also approved the financial statement changed in line with the revised dividend offer.

The approvals came at the annual general meeting (AGM) on Thursday.

The company's consolidate earnings per share (EPS) has declined significantly following the provisioning. The consolidated EPS stood at Tk 0.06 from Tk 1.89 calculated before revising the financials for the year ended on December 31, 2017.

The company, however, has not witnessed any significant decline in consolidated net asset value (NAV) per share and consolidated net operating cash flow per share (NOCFPS).

M A Halim Chowdhury, managing director and CEO of the bank, said the dividend offer was revised following the suggestion of the central bank.

"The central bank has lifted restriction from dividend offer as we fulfilled provision shortfall with the profits kept in retention account," Mr. Halim said.

He said the bank also revised dividend offer as per the suggestion of the central bank.

The company's financials were changed following the change brought in dividend offer for the year ended on December 31, 2017.

The revised consolidated EPS is Tk. 0.06, while consolidated NAV per share is Tk. 25.29 and consolidated NOCFPS is Tk. 1.57 for the year ended on December 31, 2017. Earlier, the EPS was declared as Tk. 1.89 while NAV per share of Tk. 27.12 and NOCFPS of Tk. 1.57 respectively.

The revised financial statements reflecting the above changes have been submitted to the auditors of the company for issuance of audit report on the revised financial statements, the company said.

Pubali Bank, an 'A' category company, was listed with the stock exchanges in 1984.

The company's share trading closed at Tk 22.20 with a marginal loss of 1.78 per cent or Tk 0.4 per share on Thursday.

mufazzal.fe@gmail.com

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