The City Bank Ltd, a private commercial bank on Wednesday revised its previously issued disclosure saying its board approved the proposal for joining a consortium of nine commercial banks who together will apply for a digital bank in the name of ‘Digi10 Bank Plc’.
The private commercial bank will own an 11.11 stake as a sponsor shareholder in the proposed digital bank by investing Tk 13.88 crore, while the proposed digital bank’s total paid-up capital will be Tk 125 crore, as per a filing posted on the Dhaka Stock Exchange (DSE) website.
The proposed bank will come into operation upon receiving the regulatory approvals.
Earlier on Tuesday, The City Bank through a DSE filing said it was going to invest Tk 27.78 crore in a proposed digital bank as a sponsor shareholder, which is 11.12 per cent of the paid-up capital of the proposed digital bank.
In June, the Bangladesh Bank had invited applications from entrepreneurs interested in establishing digital banks.
The City Bank has posted an 8.83 per cent rise in its earnings for the first Half in 2023.
Its earnings per share (EPS) rose to Tk 1.97 in January-June period of 2023 from Tk 1.81 recorded in the same period last year.
The net operating cash flow per share (NOCFPS) of the bank turned positive in the first half of the current year. Its net asset value (NAV) per share was Tk 29.96 as on June 30, 2023 and Tk 28.21 as on December 31, 2022.
City Bank share price remained unchanged at Tk 21.40 each on Wednesday. The price moved between Tk 21.40 and Tk 23.50 throughout the last one year.
The company has Tk 2620 crore in market capitalisation, Tk 1224 crore in paid-up capital and Tk 2012 crore in surplus reserve. It got listed with the capital market in 1986.
