ICB Islami Bank’s losses double in 2021
The bank failed to declare any dividend for 2021 due to its losses
The net loss of ICB Islami Bank Limited — a second-generation private bank — more than doubled in 2021 to Tk39.22 crore from Tk18.61 crore a year ago.
Owing to deepening losses, the bank has declared no dividend for 2021, according to the bank's disclosure on the Dhaka Stock Exchange (DSE) website on Sunday.
Also, its DSE share price fell by 6.1% to Tk4.6 per share on the day compared to the previous trading session as the bank's financial disclosure for 2021 disappointed the investors.
Its loss per share for 2021 stood at Tk0.59, which was Tk0.28 in 2020.
The bank — a member of Switzerland-based ICB Financial Group Holding AG — has been incurring substantial losses for several years and thus failed to pay any dividend to its shareholders.
According to the disclosure, the bank's annual general meeting (AGM) will be held on 14 July through a digital platform and the record date has been fixed for 11 May.
ICB Islami Bank is a member of the Switzerland-based ICB Financial Group Holding AG. The bank carries out all kinds of banking, financial, and business activities within the principles of Islamic law (Shariah).
The bank was formerly known as the Oriental Bank Limited which was incorporated in 1987. ICB Islami Bank got listed on the DSE in 1990.
As of February, sponsor-directors held 52.76%, government 0.17%, institutional investors 22.35%, and the general public 24.72% of the bank's total shares.
