City Bank PLC, a renowned listed bank in the country, has declared a 15 per cent cash and 10 per cent stock dividends to its shareholders at its 41st Annual General Meeting (AGM).
The declaration came following the recommendation of its Board of Directors (BoD) which then received approval from the shareholders during the AGM held via virtual platform on Thursday, according to a press release.
The bank’s Chairman Aziz Al Kaiser presided over the meeting and mentioned that the bank’s profit after tax (PAT), on a consolidated basis, reached a record high of Tk 638 crore in the year 2023.
This marks a 33.5 per cent growth over the PAT recorded at Tk 478 crore in 2022.
The release claimed that Kaiser highlighted the bank’s CASA mix in its deposits, which has risen to 51 per cent in December of 2023 from 36 per cent recorded about four years ago.
He also praised the popularity of the CityTouch digital banking app, which handled a total transaction volume of over Tk 60,000 crore in the previous year.
The shareholders, at the AGM, made various observations and suggestions regarding the bank’s performance. Managing Director and CEO Mashrur Arefin addressed all questions from the shareholders concerning the bank’s current and future prospects, added the release.
Vice Chairman Hossain Khaled; Directors Rubel Aziz, Savera H Mahmood, Hossain Mehmood, Rajibul Huq Chowdhury, Syeda Shaireen Aziz, Rebecca Brosnan; Independent Directors Salim Mahmud, Matiul Islam Nowshad; Company Secretary Md Kafi Khan, along with a large number of shareholders and senior officials of the bank, also attended the virtual meeting.
