AB Bank approves 12.50% Stock dividend


AB Bank Limited approved 12.50 percent Stock Dividend for its shareholders at the 31st Annual General Meeting (AGM) of the Bank held on July 07, 2013 (Sunday) at the Bashundhara Convention Centre-2, Bashundhara R/A, Baridhara, Dhaka.  The AGM also approved the Annual Report and the audited accounts of the Bank for the year 2012.

AB Bank Limited completed its 31st years of successful banking on April 12, 2013. Net Asset Value (NAV) stood at Tk.1,622 crore in 2012 which is 8% higher than 2011. Earnings Per Share (EPS) was Tk.3.32 in 2012 which was Tk.3.15 in 2011. Total Asset of the Bank stood at Tk.17,552 crore at the end of 2012 reflecting a growth of 14%.

Deposit of the Bank rose by Tk.13,991 crore i.e. 21% while its diversified loan portfolio grew by Tk.1,119 crore i.e. around 11%. Foreign Trade Business handled by the Bank reached Taka 16,615 crore in 2012 showing a growth of 21%.

The Credit Rating Agency of Bangladesh Limited (CRAB) awarded the Bank an AA3 in the Long Term and ST-2 Rating in the Short Term indicating the Bank’s very strong capacity to meet financial commitments and its commendable position in terms of liquidity and internal fund generation.

The Bank invested in developing it’s Alternate Delivery Channel with a network of 231 ATMs across the country and is aiming to increase it to 300 by 2013. The Bank will also introduce Credit Cards in 2013. The Bank also went for Off-shore Banking automation in 2012.

AB Bank in the year 2012 contributed significantly to the Government Exchequer by paying tax of Tk.370 crore.

During last 31years AB Bank extended services at home and abroad. Currently AB Bank has 86 local branches, one foreign branch in Mumbai, India; 6 subsidiary companies including one exchange company in UK, Off-shore Banking Unit and Custodial services. The Bank re-opened the Bank’s Representative Office at Yangon, Myanmar and at London, UK extending its foreign operations.

Beside sustainable business growth AB Bank also focus on socially responsible activities through prioritizing export promotion, employment generation, import substitution, development of agriculture, women entrepreneurs and standing beside people through Corporate Social Responsibility (CSR) in health, education, sports and natural disasters.

The 31st AGM was presided over by the Chairman of the Bank, Mr. M. Wahidul Haque. Vice Chairman Mr. Salim Ahmed and other Directors, President and Managing Director Mr. M. Fazlur Rahman were present at the Annual General Meeting which witnessed a good turn-out of shareholders, patrons, clients and well-wishers.