Eastern Bank clocks over Tk 511 crore profit in 2022

Eastern Bank Limited posted a Tk 511.87 crore profit in 2022, an increase of 6.7 per cent from a year earlier.

Its profit stood at Tk 479.67 crore in 2021.

Thus, the private commercial lender reported consolidated earnings per share of Tk 4.77 for 2022 compared to Tk 4.47 (restated) in 2021.

A restatement is a revision of one or more of a company's previous financial statements to correct an error.

The consolidated net asset value per share of EBL rose to Tk 33.33 last year from Tk 29.48 a year ago while the consolidated net operating cash flow per share turned a negative Tk 0.39 in 2022 from Tk 12.54 in 2021.

The board of directors has recommended a 12.50 per cent cash and a 12.50 per cent stock dividend for the year that ended on December 31.

In a filing on the Dhaka Stock Exchange, EBL said the stock dividend has been recommended to strengthen the capital base in order to support projected business growth and improve certain regulatory ratios.