City Bank approves 10% cash, 2% stock dividend to stakeholders

The Board of Directors’ of City Bank has recommended, 10 percent cash and 2 percent stock dividend.

The approval came during the 40th Annual General Meeting (AGM) of City Bank held on Tuesday, through a virtual platform.

Aziz Al Kaiser, chairman of the Bank, presided over the meeting. Vice Chairman Hossain Khaled, Directors Tabassum Kaiser, Savera H. Mahmood, Hossain Mehmood, Rajibul Huq Chowdhury, Syeda Shaireen Aziz, Rebecca Brosnan, Independent Director Matiul Islam Nowshad, MD & CEO Mashrur Arefin, AMD & CFO Md Mahbubur Rahman and a large number of shareholders and senior officials of the bank also attended the meeting.

In his welcome speech, Kaiser said that the net profit of the bank in 2022 is Tk 4,78 billion. City Bank’s financial results have proven its resilience and ability to reinvent in adversity which is the essence of a thriving business.

He also added that, during global crises for the outbreak of Covid-19 and the present war in Europe, City Bank formulated a prudent plan that resulted in a 23.6 percent growth in 2022 which is in line with the strategic objective of having a steadier and more vigilant risk-return structure.

“Our profit after tax has increased to Tk 4.5 billion in 2022 compared to the pre-Covid figure of Tk 2.5 billion in 2019,” he said.

The Audited Financial Statements for the Bank for the year ended December 31, 2022 were placed during the AGM and a number of shareholders discussed the performance of the Bank.

The shareholders made various observations and suggestions on performance of the bank for the year 2022.

Managing Director & CEO, Mashrur Arefin talked in his speech about the growth trajectory of the bank, its core strategies and its need for higher capital adequacy to support of that growth.

The shareholders also asked various questions regarding the bank’s progress and performance, and these questions were answered in detail by the chairman of the bank.