Uttara Bank’s profit jumps 22% due to increased revenue

Uttara Bank Ltd- has announced a 22% year-on-year increase in profit amounting to Tk 271 crore for 2022. The reason behind is, higher income from its export-import business. The bank’s net profit in 2021 was Tk 221 crore.

According to a company disclosure issued Tuesday, its consolidated earnings per share (EPS) for 2022 was Tk 4.20, rising from Tk 3.45 of the previous year.

Based on the increased profit, the bank’s board of directors recommended 14 per cent cash dividend along with 14 per cent stock dividend for the year 2022.

The bank stated that a stock dividend was recommended in order to strengthen its capital base and support business growth. It will be paid out of the company’s profits.

It stated that stock dividends are not declared from capital reserves, revaluation reserves, any unrealised gain or profit earned prior to the company’s incorporation, nor by reducing paid up capital, or by doing anything else that causes the post-dividend retained earnings to become negative or a debit balance.

The recommendation was made during a board meeting on Monday. The dividend will be approved in its entirety at the annual general meeting (AGM) on May 18. The record date is set to April 26.

In addition, the bank reported consolidated net asset value (NAV) per share of Tk 31.79 and consolidated net operating cash flow per share (NOCFPS) of negative Tk 14.32 for 2022, compared to the NAV per share of Tk 28.80 and NOCFPS of negative Tk 0.83 for the previous year.

Meanwhile, the first generation bank’s share rose 3.39% to Tk 24.40 on Tuesday.