Dhaka, Bangladesh (BBN) - The board of directors of Al-Arafah Islami Bank Limited has recommended 15 percent cash and 5.0 percent stock dividend for the year ended on December 31, 2017.
The final approval of the dividend will come during the annual general meeting scheduled to be held on May 24 in Dhaka, according to an official disclosure, issued on Tuesday.
The record date for entitlement of dividend is on May 3.
The board of directors has also decided to issue Mudaraba Subordinated Bond (7 Years Redeemable) for BDT 5.0 billion to strengthen Tier II Capital of the bank as per requirement under Basel III in the name and style “AIBL 2nd Mudaraba Subordinated Bond” through private placement, subject to approval of the regulatory authorities.
The bank has also reported consolidated earnings per share (EPS) of BDT 3.15, consolidated net asset value (NAV) per share of BDT 20.87 and consolidated net operating cash flow per share (NOCFPS) of BDT 10.40 for the year ended on December 31, 2017 as against BDT 3.07, BDT 19.72 and BDT 11.18 in the year ended on December 31, 2106.
In 2016, the company also disbursed 20 percent cash dividend.
There will be no price limit on the trading of the shares of the bank today following its corporate declaration.
Each share of the bank, which was listed on the Dhaka bourse in 1998 closed at BDT 23.50 on Monday at the Dhaka Stock Exchange (DSE), remaining unchanged over the previous day.
The bank’s paid-up capital is BDT 9.94 billion and authorised capital is BDT 15 billion while the total number of securities is 994.30 million.
The sponsor-directors own 41.63 percent stake in the bank, while the institutional investors 13.91 percent, foreign 3.08 percent and the general public 41.38 percent as on February 28, 2018, the DSE data shows.
BBN/SSR/AD