The board of AB Bank Limited approved 7 percent stock and 5 percent cash dividend for its shareholders for the year ended on 31st December 2014.

The approval came at the 32nd Annual General Meeting (AGM) of the bank at Bashundhara Convention Centre-2 in Dhaka on Monday.

Meanwhile, the annual report and the audited financial statements of the bank for the year 2013 were approved at the AGM.

M Wahidul Haque, Chairman of the bank, presided over the meeting.

Vice-Chairman Salim Ahmed, Directors, President and Managing Director Shamim A Chaudhury attended the function.

Earlier an Extra-Ordinary General Meeting (EGM) of the bank was also held.

A special resolution was approved in the EGM for issuance of ‘AB Bank Subordinated Bond’ up to Tk 2.5 billion for raising Tier-II capital subject to approval of the concerned regulatory authorities.

Total capital of bank now stands at Tk 19.15 billion. The bank completed its 32nd year of successful banking on April 12, 2014.

Net Asset Value (NAV) stood at Tk 17.31 billion in 2013 which is 7 percent higher than 2012.

Total Asset of the bank stood at Tk 209.75 billion at the end of 2013, reflecting a growth of 20 percent over last year.

During the AGM, Salim Ahmed was elected Director of AB Bank Limited by bagging a total of 11.40 crore votes against his contestant Sajedur Seraj, who secured 57,000 votes.

The election of director was held at to comply with the provisions of SEC 15(10) of Bank Company (Amendment) Act-2013 that bars two persons of a same family to hold the post of Director at the same time.

For this, contest between Salim Ahmed and Sajedur Seraj was resolved through secret ballot.