Committed to PEOPLE'S RIGHT TO KNOW
Vol. 5 Num 1036 Tue. May 01, 2007  
   
Business


Bank Asia declares 25pc stock dividend
Bank Asia Limited has declared a 25 percent stock dividend for the shareholders for the year ending December 31, 2006.

The dividend was approved at the 8th annual general meeting of the bank held in Dhaka yesterday, says a press release.

Chairman of the bank M Syeduzzaman presided over the meeting. Vice Chairmen A Rouf Chowdhury and Arifur Rahman Sinha, other directors and President and Managing Director Syed Anisul Huq were also present.

The accounts of the bank for the year ending December 31, 2006 were placed in the meeting and the shareholders were happy to note that the activities of the bank increased significantly during the year under review.

The deposit of the bank increased 37 percent from Tk 18.50 billion in 2005 to Tk 25.28 billion in 2006, while the loans and advances increased by 25 percent to Tk 22.25 billion in 2006 from Tk 17.86 billion the previous year.

The operating profit increased by 34 percent to Tk 1,071 million in 2006 from Tk 801 million in 2005.

After making all requisite provisions, there remained a surplus of Tk 475 million, out of which the declaration of stock dividend at the rate of 25 percent was approved by the shareholders.

Farhana Haque Choudhury, Shameem Chowdhury and Shafique Uddin were elected new directors of the bank from the sponsors' group in the meeting.