Eastern Bank declares 25pc cash dividend for 2019

The board of directors of Eastern Bank Limited (EBL) has recommended 25 per cent cash dividend for the year ended on December 31, 2019, officials said.

A meeting of board of directors of the bank was held on Sunday at its head office in Dhaka, considered and approved the Audited Financial Statement for the year and recommended the cash dividend for the shareholders.

The final approval of the dividend, however, will come during the annual general meeting (AGM) scheduled to be held on May 19 in the capital.

The bank said as per the securities regulator’s order dated on March 24, the board of directors has decided to conduct the AGM through digital platform (virtual meeting) due to ongoing pandemic coronavirus in the country and its risk spreading among the participants of the AGM.

The record date for entitlement of dividend is May 3, 2020.

The bank has also reported consolidated earnings per share (EPS) of Tk 4.92, consolidated net asset value (NAV) per share of Tk 31.98, and consolidated net operating cash flow per share (NOCFPS) of Tk 23.64 for the year ended on December 31, 2019 as against Tk 3.83, Tk 28.79, and Tk 14.66 respectively for the previous year.

In 2018, the company disbursed 20 per cent cash and 10 per cent stock dividend.

Each share of the bank, which was listed on the Dhaka bourse in 1993, closed at Tk 31.10 on March 25, the last session before the government holiday.

The bank’s share traded between Tk 28 and 43.50 in the last one year.

The bank’s paid-up capital is Tk 8.11 billion and authorised capital is Tk 12 billion, while the total number of securities is 811.79 million.

The sponsor-directors own 31.56 per cent stake in the bank, while the institutional investors own 44.50 per cent, foreign 0.32 per cent and the general public 23.62 per cent as on February 29, 2020, the DSE data shows.