Southeast Bank holds 28th AGM

The 28th Annual General Meeting (AGM) of Southeast Bank Limited was held virtually on Wednesday.

Alamgir Kabir, Chairman, Southeast Bank Limited presided over the meeting, says a press release.

Bank’s Vice-Chairperson Duluma Ahmed, Directors Jusna Ara Kashem, Rehana Rahman, Md Akikur Rahman, M Maniruz Zaman Khan (nominee of Bay Leasing & Investment Limited), Nasir Uddin Ahmed, Md Rafiqul Islam (nominee of Asia Insurance Limited), Anjuman Ara Shahid (nominee of Single Click IT Solution Pvt Limited), Independent Directors Syed Sajedul Karim and Mohammad Delwar Husain took part in the meeting virtually.

 Nuruddin Md Sadeque Hussain, Managing Director and AKM Nazmul Haider, Company Secretary also participated in the meeting. The bank’s sponsors and a large number of shareholders took part in the meeting through the digital platform.

Nuruddin Md Sadeque Hussain, Managing Director of Southeast Bank Limited, highlighted the bank’s operational performance in 2022 and outlined the future plans and strategies to further augment operational efficiency and asset quality of the bank.

The AGM witnessed a lively discussion on the bank’s operational performance. The bank earned an operating profit of BDT 1,042.99 crore in 2022 (consolidated). As on 31st December, 2022 bank’s total deposits amounted to BDT 37,114.34 crore and its total assets reached to BDT 49,309.28 crore, Earning Per Share (EPS) was BDT 1.42 (consolidated), Net Asset Value per share was BDT 24.87 (consolidated). The Price Earning Ratio of the bank was 9.02 times in 2022. The Capital and Reserves of the Bank was BDT 4,112.65 crore as on 31st December 2022. Southeast Bank Limited is considered as one of the most efficient Banks in the industry in terms of cost efficiency. Its cost to income ratio stood at 40.70%. The bank’s per employee profit was BDT 61 lac and per Branch profit was BDT 1.40 crore in 2022.

Credit Rating Information and Services Limited (CRISL) rated the Bank AA (Double A) for the long term and ST-2 for the short term based on the audited financial statements for the year ended on 31st December, 2022 and un-audited financial statements up to 31st March, 2023 of the Bank.

In the 28th (Virtual) Annual General Meeting, the shareholders by their unanimous votes approved 6% Cash Dividend and 4% Stock Dividend and the audited financial statements of the Bank for the year 2022.

The Chairman of Southeast Bank Limited highly appreciated the shareholders for their continuous co-operation and active support for sustainable growth of the bank.