SBAC Bank’s profits grow by nine per cent in 2022

South Bangla Agriculture & Commerce Bank Limited (SBAC Bank) reported a 9 per cent increase in net profit to Tk 59.34 crore in the year 2022 than Tk 54.39 crore in 2021.

The bank’s consolidated earnings per share (EPS) stood at Tk 0.72 for 2022, while its consolidated net asset value (NAV) per share increased to Tk 13.27.

The lender’s consolidated net operating cash flow per share (NOCFPS) reached Tk 3.02 for the year ended December 31, 2022, according to a DSE filing.

The bank’s board of directors recommended a 3.50 per cent cash dividend for its shareholders for the year ended Decem-ber 31, 2022.

The bank’s board has also decided to hold an EGM to pass special resolutions to amend the Memorandum and Articles of Association of the company.

According to the DSE filing, the changes include changing the name of the bank from ‘South Bangla Agriculture and Com-merce Bank Limited’ to ‘SBAC Bank PLC’, increasing the authorised capital from Tk 1,000 crore to Tk 2,000 crore, and adopting an amended version of the Memorandum and Articles of Association of the Company.

The bank’s had no price limit for the trading of its shares on Thursday following its corporate declaration.

The private commercial bank’s sponsor-director hold a 69.11 per cent stake, while institutional investors own 15.74 per cent, and the general public 15.15 per cent.