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After two years of steady rise, City Bank Ltd, a top-tier private commercial bank, witnessed a decline in its net profit in the year 2022.
The listed bank posted Tk 477.84 crore in net profit in 2022, which was 13 per cent lower than the profit of Tk 549.41 crore in the previous year, as per a filing posted on the Dhaka Stock Exchange (DSE) website on Wednesday.
The lender hand a profit after tax of Tk 436.41 crore in 2020. The bank did not provide any statement about why its profit dipped last year.
According to its latest financial report, the bank’s consolidated earnings per share (EPS) fell to Tk 3.98 for 2022 from Tk 4.58 for the previous year.
When contacted, the bank’s Media Chief Mirza Ghulam Yahya declined to detail about its profit fall in the last year.
The bank’s board of directors recommended 10 per cent cash and two per cent stock dividend for 2022, down from the 12.5 per cent cash and the same percentage of stock dividends for 2021.
City Bank aims to raise its authorised capital from Tk 1,500 crore to Tk 2,000 crore to make a room for higher paid-up capital in the coming years.
According to the DSE filing, stock dividend was recommended to strengthen the company’s capital base in order to support future business growth and to improve certain regulatory ratios.
City bank shares closed at Tk 21.8 per shares on the DSE trading floor on Wednesday.
