ICB Islamic Bank declares ‘no dividends’

ICB Islamic Bank Ltd, formerly Oriental Bank, has reported a net loss of Tk 25.25 crore for the year ended on December 31, 2022.

The Board of Directors of the bank recommended no dividends for the year after evaluating the company’s financial performance.

The bank’s earnings per share (EPS) for the year was negative Tk 0.38, and the net asset value (NAV) per share was negative Tk 18.51, while the net operating cash flow per share (NOCFPS) was negative Tk 0.88.

This is in contrast to the EPS of negative Tk 0.59, NAV per share of negative Tk 18.13 and NOCFPS of Tk 0.44 reported for the year ended December 31, 2021.

There will be no price limit on Wednesday’s trading session but the floor price shall be applicable accordingly, as stated in the company’s corporate declaration.

The EPS for July-September, 2022 was negative Tk 0.13 as compared to negative Tk 0.15 for the same period of 2021.

The EPS for January-September, 2022 was negative Tk 0.11, compared to negative Tk 0.47 for the same period of the previous year. The NAV per share was negative Tk 18.25 as on September 30, 2022 and negative Tk 18.01 in the same period of 2021. Before the financial crisis of 2008, there were no major banking crises in the country except for the crisis of Oriental Bank in 2006. However, the central bank intervened by dissolving the board of directors and appointing an administrator.