Prime Bank to issue Tk 600cr bond

The board of directors of Prime Bank Limited has decided to raise Tk 600 crore by issuing an unsecured, non-convertible, redeemable subordinated bond for seven years to cement its capital base.

The issuance of the bond is subject to regulatory approvals, said a filing posted on the website of the Dhaka Stock Exchange (DSE) on Sunday.

The private commercial bank paid a 17.5 per cent cash dividend to its shareholders for the year ended December 2021. The bank’s consolidated earnings per share (EPS) stood at Tk 0.88 for July-September of 2022 against Tk 0.46 for the same period of the last year.

Its consolidated EPS stood at Tk 2.47 for the first nine months (January-September) this year versus Tk 2.27 for the same period of the last year.

It reported a consolidated net operating cash flow per share (NOCFPS) of Tk 1.28 for January-September this year against Tk 6 for January-September of 2021.

The bank’s NOCFPS dropped this year due to the purchase of government securities and an increase in loans and advances, the DSE disclosure read.

It reported earnings per share (EPS) of Tk 2.87 for the year 2021 against Tk 1.61 in the previous year. Its consolidated net asset value (NAV) per share stood at Tk 26.26 at the end of 2021. With an authorised capital of Tk 2500 crore, the bank has a paid-up capital base of Tk 1,132 crore. The shares of the bank which got listed in 2000 closed at Tk 19 per share on Sunday.