Uttara Bank MD to buy one lakh shares

Uttara Bank Limited’s Managing Director Mohammed Rabiul Hossain announced to purchase 1 lakh shares of the company through the Dhaka Stock Exchange Limited’s (DSE) public or block market at the current market price.

The purchase, as per a DSE disclosure, will be made within the next 30 working days.

Uttara Bank reported a strong financial performance, with a 19.72 per cent year-on-year increase in profit in the January-March quarter of the current financial year. Besides, the lender’s profit surged by 22 per cent year to Tk 271 crore in 2022, owing to higher income from export-import business.

The board of directors of Uttara Bank recommended a 14 per cent cash and a 14 per cent stock dividend for 2022, continuing its trend of dividend payouts.

The bank had disbursed a similar dividend for 2021 as well.

With a total number of outstanding securities standing of 64 crore, on Sunday’s DSE trading floor, Uttara Bank shares closed at Tk 22 each. As on April 30 this year, the sponsor-director held a 30.56 per cent stake in the company, while institutional shares accounted for 32.03 per cent, foreign investors owned 0.72 per cent, and the general public 36.69 per cent.