The shareholders of Southeast Bank Ltd by their unanimous votes approved 15 per cent cash dividend and 5 per cent stock dividend to the shareholders and the financial statements of the Bank for 2011. They also re-elected directors and approved appointment of external auditors for the year 2012, says a press release.

The approval came at the 17th annual general meeting (AGM) of the Bank that was held on Thursday at Officers’ Club, Dhaka. Bank’s directors, sponsors and large number of shareholders attended the meeting. Alamgir Kabir, chairman of the Bank, presided over the meeting.

Mahbubul Alam, managing director of the Bank, highlighted the Bank’s operational performance in 2011 and outlined the future plans and programmes to be undertaken by the Bank to boost up operational efficiency and profitability of the Bank.

The AGM witnessed a lively discussion on the Bank’s operational performance. The Southeast Bank earned an operating profit of Tk 6,085.66 million in 2011. As on December 31, 2011 Bank’s total deposits amounted to Tk 127,178.22 million, its total assets reached Tk 158,078.59 million, Earning Per Share was Tk 2.33, Net Asset Value per share was Tk 23.30 and Net Operating Cash Flow per share was Tk 14.40.The Price Earning Ratio of the Bank was 12.88.

The capital and reserves of the Bank soared to a record high of Tk 19,000.06 million as on December 31, 2011. The Bank maintained a capital adequacy ratio at 11.46 per cent as on 31st December, 2011 against requirement of 10 per cent set by Bangladesh Bank.

Credit Rating Information and Services Limited rated the Bank AA- (Double A Minus) for the long term and ST-2 for the short term based on the financial statements of the Bank for 2010.

The Daily Independent/Bangladesh/ 16th March 2012