8th AGM of SBAC Bank held

The 8th Annual General Meeting (AGM) of South Bangla Agriculture and Commerce (SBAC) Bank Limited was held virtually on Thursday.

During the meeting, the bank approved 4 per cent stock and 4 per cent cash dividend for the year ended on December 31, 2020, said an SBAC press release.

According to the bank, the total assets of the bank stood at Tk 8,840 crore in 2020, up from Tk 8,456 crore in the previous year.

At the end of the year, the bank's total deposits stood at Tk 7,145 crore and loans and investments stood at Tk 5,740 crore. In 2020, the bank's net profit stood at Tk 95 crore and earnings per share stood at Tk 1.39.

At the meeting, the bank's Chairman Abdul Qadir Mollah said that the past two years have been extremely challenging for the banking sector due to the slowdown in trade and commerce in the Coronavirus epidemic.

Abdul Qadir said, "SBAC Bank's efficient management authority is working to address the situation. As a result, our profit streak continues."

Managing Director and CEO of the Bank Mosleh Uddin Ahmed said, "The AGM is a milestone for us. Because from this year we have been listed in the capital market. Now the shareholders of this bank have increased from 56 to about one and a half lakh."

SBAC's Board Directors SM Amzad Hossian, Captain M Moazzem Hossain, Engr Moklesur Rahman, AZM Shofiuddin (Shamim), Begum Sufia Amjad, Mst Nasima Begum, Mohammad Nawaz, Al-Haj Mizanur Rahman, Sk Shyedujjaman, Hafizur Rahman Babu, Md Anwar Hussain, Tahmina Afroz, Kamrun Nahar, Shakhawat Hossain, Mohammad Ayub; Independent Directors Syed Hafizur Rahman, Md Sazidur Rahman and Mohammad Moqbul Hossain Bhuiyan; Company Secretary Md. Mokaddess Ali along with other high-end SBAC officials were also present during the meeting.