City Bank approves 12.50% cash and 12.50% stock dividend

The 39^th Annual General Meeting (AGM) of City Bank was held on Sunday, 12 June over a virtual platform. Aziz Al Kaiser, Chairman of the Bank, presided over the meeting. Vice Chairman Hossain Khaled; Directors: Tabassum Kaiser, Savera H. Mahmood, Hossain Mehmood, Rajibul Huq Chowdhury, Syeda Shaireen Aziz, Rebecca Brosnan, Independent Director Dr. Salim Mahmud, MD and CEO Mashrur Arefin, Additional MD and CFO Md. Mahbubur Rahman and large number of shareholders and the Bank’s senior officials also attended the meeting on virtual platform.

In his welcome speech, Chairman Aziz Al Kaiser mentioned the bank’s strategy, as manifested in the several transformation initiatives of the year 2021. This strategy is built on the pillars of financial inclusion and digital innovation. He informed that, Profit After Tax of the bank in 2021 increased by taka 73 crore or 18.2% from 2021 and stood at taka 474 crore. As a result, return on equity increased to 15.8% in 2021 from 14.8% in 2020.

The Audited Financial Statements for the Bank for the year ended December 31, 2021 were placed before the AGM and a number of shareholders discussed the performance of the Bank. The shareholders made various observations and suggestions on performance of the Bank for the year 2021.

Managing Director and CEO, Mashrur Arefin talked in his speech about the growth trajectory of the bank, its core strategies and its need for higher capital adequacy to support of that growth.

The shareholders also asked various questions regarding the Bank’s progress and performance, and these questions were answered in detail by the Chairman and MD & CEO.

Following the Board of Directors’ recommendation, 12.50% cash and 12.50% Stock dividend were been declared. Those were approved by the shareholders.