Shareholders of Prime Bank Limited approved the Financial Statement of the Bank for the year 2010 and declared 35 per cent stock dividend, 5 per cent cash dividend at the 16th Annual General Meeting held on Sunday at the Winter Garden of Hotel Sheraton. Azam J Chowdhury, chairman of the board of directors presided over the AGM. The AGM started with observance of one minute silence in respect of the memory of the martyrs of the Liberation War 1971. Azam J Chowdhury thanked the shareholders for their continuous support and confidence shown on the bank.
He informed that the bank continued to remain strong in all key areas of capital adequacy, asset quality, earning and liquidity. Chairman also said that the bank made satisfactory progress in all areas of its operations during 2010.
The bank earned net profit after tax (audited) of Tk 300 crore. Bank’s deposit rose to 12,452 crore at the end of the year 2010 as against Tk 10,696 crore in 2009 registering a growth of 16 per cent, while loan portfolio increased to 11,117 crore  as on December 31, 2010 from Tk 8,925 crore in 2009 registering 25 per cent growth.
The foreign exchange business volume also increased by 42 per cent to reach at Tk 28,308 crore as on December 31, 2010 from Tk 19,900 crore in the preceding year.
Capital Adequacy Ratio stood at 11.69 per cent against the statutory requirement of 9 per cent at the Balance Sheet date.
The ratio of non-performing loans to total credit also remained in comfortable position at 1.23 per cent in the year 2010. Return on asset was 2.16 per cent, thus bank’s performance of 2010 may be termed as excellent in comparison to industry average.

News: the independent/ Bangladesh/ Mar-29-2011