UCB sees 33% drop in quarterly profits
Final approval of 5 percent cash and 5 percent stock dividends will come during the annual general meeting slated for September 9
United Commercial Bank Ltd (UCB) has posted a 33 percent drop in its consolidated net profit in the second quarter that ended on June 30 this year.
The bank's earnings per share (EPS) decreased to Tk0.42 during the period because of reduced banking hours during the countrywide general holidays imposed in April and May to curb the spread of the novel coronavirus in the country.
In the first half of 2020, the bank posted a 25 percent drop in net profit and its consolidated earnings per share stood at Tk0.76.
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UCB has declared 5 percent cash and 5 percent stock dividends for its shareholders for the 2019 financial year. However, the final approval of the dividends will come during the annual general meeting slated for September 9 this year.
According to the Dhaka Stock Exchange (DSE), the bank reported consolidated earnings per share of Tk2.46 in the 2019 financial year.
The bank's paid-up capital is Tk1,159 crore.
As of February this year, sponsors and directors jointly owned 34.67 percent shares, the government held 0.81 percent, institutional investors had 20.95 percent, foreign investors held 1.40 percent, and general investors owned 42.17 percent shares of UCB.
The closing price of each of the bank's shares was Tk11.90 on Monday at the DSE.
