AB Bank declares 5% stock dividend

AB Bank, the first generation bank, has recommended a 5 percent stock dividend to its shareholders for the year ended on December 31, 2020.

The dividend payout was recommended at the bank's board of directors meeting, said the company in a filing with the Dhaka Stock Exchange on Wednesday.

However, the Annual General Meeting for the dividend approval is scheduled for June 10 on a digital platform.

The record date for the entitlement of the dividend is May 19.

The company reported its consolidated earnings per share (EPS) was Tk 0.16 for January-March 2021 as against Tk 0.08 for January-March 2020.

Its consolidated net asset value (NAV) per share was Tk 32.36 as on March 31, 2021 and Tk 31.72 as on March 31, 2020.

The board of directors has also recommended for issuance of rights share at a ratio of 1R:6 (1 rights share against every existing 6 shares) at an issue price of Tk 10 each (per share).

The fund to be raised through rights share will be used for strengthening the capital base of the bank at a sustainable level.