The family stake of Salman F Rahman – an eminent business personality – is increasing at the IFIC Bank, a publicly traded commercial bank.
One of the largest conglomerates in Bangladesh, BEXIMCO Group Vice-Chairman Salman F Rahman’s son Ahmed Shayan Fazlur Rahman on Monday declared the purchase of 3.85 crore shares, or 2 per cent of the IFIC Bank.
Shayan Fazlur Rahman was appointed as a director to the Board of IFIC Bank as the representative of New Dacca Industries Ltd, and he is currently the vice chairman of this bank.
After the purchase process, he will hold 7.71 crore shares, or over 4 per cent of the total paid-up shares of this listed bank on the stock exchanges.
Shayan is the eminent young businessman who represents the Beximco Group as executive director, the largest conglomerate in Bangladesh.
As per the Dhaka Stock Exchange’s (DSE) disclosure, the share purchase process will be completed from the secondary or block market of the Dhaka bourse at the prevailing market price.
According to the disclosure, Shayan Fazlur Rahman will buy those shares within the next 30 days.
Meanwhile, the bank’s Chairman Salman F Rahman, held 3.66 crore shares of the bank in April 2024. He is a member of parliament and the prime minister's private industry and investment advisor.
Shares of the IFIC Bank, which got listed on the Dhaka bourse back in 1986, were traded at Tk 9.20 on Monday. As per the share price, they are holding 11.38 crore share of the bank including new declarations, which present market price of Tk 104.70 crore.
The IFIC Bank is presently an “A” category company on the Dhaka bourse.
The bank’s sponsor-directors hold 6.14 per shares, the government 32.75 per cent, institutes 20.74 per cent, foreigners 0.65 per cent, and general shareholders 39.72 per cent shares until April 30, 2024.
In a recent disclosure, the IFIC Bank had reported that its profit fell by 13 per cent in the year 2023, compared to the previous year. Its profit was Tk 300.21 crore last year.
Despite the fall, it was the bank’s second-highest profit in the last five years. The private commercial lender made a profit of Tk 344.14 crore in 2022.
The bank’s net operating cash flow per share (NOCFPS) rose to Tk 3.53 last year on the back of higher deposit growth, compared to Tk 1.25 the year before. Its consolidated earnings per share stood at Tk 1.64, compared to Tk 1.88 in 2022.
For the last year, the bank recommended a 5 per cent stock dividend to its shareholders.
According to its website, the IFIC Bank is a banking company incorporated in the People's Republic of Bangladesh with limited liability.
It was set up at the instance of the government in 1976 as a joint venture between the Bangladesh government and sponsors in the private sector, with the objective of working as a finance company within the country and setting up joint venture banks abroad.
In 1983 when the government allowed banks in the private sector, IFIC was converted into a full-fledged commercial bank.
The number of branches has crossed 150, and the number of uposhakhas stood at around 285 spread across the country's districts, upazilas, cities, and villages. It has one-stop service and full banking services through its own staff.
