Brac Bank gets approval to issue stock dividend

Brac Bank Limited said on Monday that the securities regulator Bangladesh Securities and Exchange Commission (BSEC) gave it the approval to issue a 7.5 per cent stock dividend to its shareholders for the year ended in December 2022.

The BSEC approved the issuance of stock dividend following the listed private commercial bank’s request to raise its paid-up capital base, as per a filing available on the Dhaka Stock Exchange (DSE) website.

The bank also released its first quarterly (January-March) financial report of the current year yesterday.

The lender, as per its financial report, posted a 25 per cent jump in net profit in the first quarter of 2023.

Its earnings per share (EPS) rose to Tk 0.96 for the January-March quarter this year from Tk 0.77 for the same quarter a year ago.

The bank’s board of directors recommended a 7.50 per cent cash dividend and a 7.50 per cent stock dividend for the year ended in December 2022.