NRBC Bank now in ‘A’ category

The NRB Commercial Bank (NRBC) has been shifted to ‘A’ category from ‘N’ category as it has met the requirement of disbursing minimum 10 per cent dividend to the shareholders.

The shift is effective from Tuesday, the bank said in a news posting to the Dhaka Stock Exchange (DSE) on Monday.

As per Bangladesh Securities and Exchange Commission (BSEC) regulations, companies that are regular in holding the annual general meetings and have declared dividend at the rate of 10 percent or more in the previous year will be under ‘A’ category.

In the year ended on December 31, 2020, the NRBC Bank disbursed 7.50 per cent cash and 5 per cent stock dividends to the shareholders.

In the DSE disclosure, the company also requested the stock brokers and merchant bankers to abstain from providing loan facilities to purchase security of the NRBC Bank in the next 30 trading days, due to the change in category.

At the same time, it disclosed that it had already credited the bonus shares to the respective shareholders’ BO Accounts and disbursed the cash dividend to the shareholders.

As a new company, the NRBC Bank began share trading under the ‘N’ category on March 23 this year. The DSE included the bank to its key index (DSEX) on July 17 as it met all the criteria of quarterly IPO addition.

Earlier, the NRBC, as a first bank in a span of 12 years, had received

approval for Initial Public Offering (IPO) on November 18 last year. It issued 12 crore shares at a face value of Tk 10 to raise Tk 120 crore from the stock market.

The company’s share price stood at Tk 28.6 on Monday. It recorded highest price at Tk 38.9 on July 21 after start the trading in bourses.