City Bank profits drop by 13% in 2022
The City Bank has posted 13.1% lower profits for 2022 compared to the previous year.
Its consolidated earnings per share (EPS) stood at Tk3.98, down from Tk4.58 in the previous year, according to a price sensitive information disclosure.
The net asset value per share increased to Tk28.21 at the end of last December.
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The consolidated figures include that of subsidiary companies.
The top tier private sector bank's board of directors recommended 10% cash and 2% stock dividends for 2022, down from 12.5% cash and 12.5% stock in the previous year.
The bank also will increase its authorized capital to Tk2,000 crore from Tk1,500 crore to create headroom for its higher paid up capital in coming years.
Also, the company name of The City Bank Limited will become City Bank PLC as all the listed companies are set to adopt the suffix PLC as said in the amended Companies Act.
The City Bank shares with a face value of Tk10, closed at the floor price of Tk21.8 in the Dhaka Stock Exchange on Tuesday.
