The South Bangla Agriculture & Commerce Bank has recommended an 8 per cent dividend – 4 per cent stock and 4 per cent cash – for its shareholders for the year ended on December 31, 2020.
The board of directors of the newly listed bank made the recommendation at a meeting held on Tuesday, the bank said in an official disclosure.
The final approval of the dividend will come during the annual general meeting (AGM) scheduled to be held on October 21, while the record date was set on September 28.
The fourth-generation bank reported earnings per share (EPS) of Tk 1.39 for the year ended on December 31, 2020, against Tk 1.41 of the previous year.
It also reported consolidated net asset value ((NAV) per share of Tk 13.59 and net operating cash flow per share (NOCFPS) of negative Tk 0.42 for the year 2020.
Each share of the bank, which was listed on the Dhaka bourse on August 11, closed at Tk 22.20 on Tuesday.
As a new comer to the capital market, the bank carries out share trading under N-category.
The initial public offering (IPO) subscription of the SBAC Bank hit 14 times high.
Investors applied for the bank’s IPO from July 5 to July 12. As per the allocation, a primary investor got a minimum of 66 IPO shares of the bank in exchange for Tk 10,000.
On May 9, the Bangladesh Securities and Exchange Commission (BSEC) allowed the bank to raise funds from the capital market.
The paid-up capital of the bank is Tk 784.64 crore, when the authorised capital is Tk 1,000 crore. The total number of shares of the bank is Tk 78.46 crore.
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