Bay Leasing declares 5% stock dividend

Bay Leasing & Investment Limited has recommended a 5 percent stock dividend for its shareholders for the year ended on December 31, 2021.

The dividend payout was recommended at the company’s board of directors meeting.

However, final approval regarding the dividend will come during the Annual General Meeting (AGM) scheduled for October 30, 2022, on digital platform, said the company in a filing with the Dhaka Stock Exchange on Thursday.

The record date for the distribution of the declared dividend among the shareholders has been fixed as October 6, 2022.

Along with this, such stock dividend shall be subject to the approval of the regulatory authorities Bangladesh Securities and Exchange Commission (BSEC).

Accordingly, record date for entitlement of stock dividend will be notified later after getting approval from BSEC.

The company has reported consolidated EPS of Tk (0.99), consolidated NAV per share of Tk 17.82 and consolidated NOCFPS of Tk (0.48) for the year ended December 31, 2021 as against Tk 1.14, Tk 19.80 and Tk 5.94 respectively for the same period of the previous year.

The company has also said that consolidated EPS has decreased due to Profit after tax has drastically fallen because of increase of provision by 1343.01 percent though increase of operational income by 68.36 percent.

Total provision has been kept against Lease/Loans and investment in share of Tk 97.72 crore (additional 57.72 crore has been added for the year end 2021).

Consolidated NOCFPS has also decreased by 91.12 percent due to poor recovery from Lease/Loans and encashment of Bank Deposits/Treasury placements.