Mercantile, Prime, Uttara banks declare 2023 dividends
The Mercantile Bank board proposed a cash dividend of 10% and Prime Bank 17.50%, whereas Uttara Bank opted for a combination of a 17.50% cash dividend and a 17.50% stock dividend.
Mercantile Bank, Prime Bank and Uttara Bank declared their 2023 dividends to shareholders via the Dhaka Stock Exchange (DSE) yesterday.
According to the announcements, the Mercantile Bank board proposed a cash dividend of 10% and Prime Bank 17.50%, whereas Uttara Bank opted for a combination of a 17.50% cash dividend and a 17.50% stock dividend.
The three banks will convene their annual general meetings (AGMs) on 30 May via digital platforms to ratify dividends and review audited accounts. Additionally, Prime Bank and Uttara Bank have set the record dates for 7 May, while Mercantile Bank has scheduled for 8 May.
Uttara Bank in its statement said the stock dividend has been recommended to strengthen the capital base of the bank and to support business growth.
In its report, Mercantile Bank stated that its consolidated earnings per share fell by 12% to Tk1.86 compared to the previous year.
At the end of last year, its consolidated net asset value per share was Tk23.91, and the net operating cash flow per share was Tk4.80.
According to the Prime Bank's statement, its consolidated net profit in 2023 stood at Tk480 crore, reflecting a 20% jump from the previous year. Its consolidated earnings per share stood at Tk4.24 last year, which was Tk3.53 in the preceding year.
The consolidated net assets value per share of the bank stood at Tk30.76 and the net operating cash flow per share was Tk10.09 at the end of the last year.
Its share price fell by 1.63% to close at Tk12.10 each at the DSE yesterday.
Prime Bank said its profit has increased due to growth in net interest income and investment income. Net operating cash flow has been increased due to growth in deposits from customers.
Despite declaring a double-digit dividend and achieving robust profit, its share price fell by 0.46% to settle at Tk21.90 each at the DSE yesterday.
Meanwhile, Uttara Bank's consolidated net profit rose by 17% to reach Tk317 crore in 2023 compared to the previous year.
At the end of FY23, its consolidated net asset value per share stood at Tk30.91, while the net operating cash flow per share was recorded at a negative Tk14.12.
The closing price of its shares was at Tk25.80 each at the DSE yesterday.