City Bank approves 15pc cash, 10pc stock dividends 

City bank logoCourtesy

City Bank has approved a 15 per cent cash and 10 per cent stock dividends for its shareholders, thanks to its outstanding performance.  

The approval came at a virtual annual general meeting (AGM) on Thursday, read a press release.  

With chairman Aziz Al Kaiser in the chair, vice chairman Hossain Khaled, directors Rubel Aziz, Savera H Mahmood, Hossain Mehmood, Rajibul Huq Chowdhury, Syeda Shaireen Aziz, Rebecca Brosnan, independent directors Salim Mahmud, Matiul Islam Nowshad, managing director and chief executive officer Mashrur Arefin, company secretary Kafi Khan attended the programme. 

Apart from them, shareholders and senior officials joined the meeting. The board of directors recommended the dividend and the shareholders approved it. 

In his speech, Aziz Al Kaiser reported a record profit after tax (PAT) of Tk 6.38 billion for 2023, marking a 33.5 per cent growth from Tk 4.78 billion in 2022. 

He also highlighted the bank’s improved current account savings account (CASA) mix, which rose from 36 per cent four years ago to 51 per cent in December 2023. Besides, he praised the CityTouch digital banking app, which handled over Tk. 600 billion in transactions last year.

Mashrur Arefin responded to various shareholder questions and addressed the bank's current performance and future prospects.