Prime Bank shareholders approve 15% cash dividend

The shareholders of Prime Bank Limited have approved a 15% cash dividend for the financial year 2020.

The approval came at the bank's annual general meeting (AGM) held on 20 May through a digital platform.

At the AGM, 299 general shareholders were present along with the bank's directors.

The shareholders also approved the directors' report and audited financials, their appointments and reappointments, and statutory and compliance auditors.

The meeting was chaired by the bank's Chairman Tanjil Chowdhury.

Its executive committee Chairman Zaeem Ahmed, audit committee Chairman Shamsuddin Ahmad, NRC and risk management committee Chairman Dr GM Khurshid Alam, former chairman and President of the Bangladesh Association of Publicly Listed Companies Azam J Chowdhury, and Managing Director and CEO Hassan O Rashid were present among others at the meeting.

Earlier, on 31 March, the board of directors of the bank recommended a 15% cash dividend to the shareholders for the 2020 financial year.

Despite the pandemic-driven congested economy in 2020, the bank posted a 38% growth in its earnings per share (EPS) to Tk1.61, compared to the financial year 2019.

The bank also reported a massive 191% EPS growth to Tk1.34 in the first quarter of the current financial year.

Following the EPS growth, its share price rose by 32% to Tk26 each in four trading days at the Dhaka Stock Exchange.

But on Thursday, its share price fell by 7.31% to Tk24.10 each as the investors sold shares to book quick profits.