South Bangla Agriculture & Commerce (SBAC) Bank Limited clocked a 9 per cent year-on-year increase in profit to Tk 59.34 crore in the financial year that ended on December 31.
It made a profit of Tk 54.39 crore in 2021.
Thus, the private commercial bank reported consolidated earnings per share of Tk 0.72 for 2022 against Tk 0.66 in 2021.
Its consolidated net asset value per share improved to Tk 13.27 in the last financial year from Tk 13.02 in 2021 while the consolidated net operating cash flow per share surged to Tk 3.02 from a negative Tk 4.38 during the period.
The board of directors of the bank has recommended a 3.50 per cent cash dividend for 2022, according to a filing on the Dhaka Stock Exchange today.
The board has also decided to hold an extraordinary general meeting to pass special resolutions to amend the memorandum and articles of association in order to change the name of the company from "South Bangla Agriculture and Commerce Bank Limited" to "SBAC Bank PLC".
A PLC is a public company and is the equivalent of a US publicly traded company that carries the Inc. or corporation designation.
The use of the PLC abbreviation after the name of a company communicates to investors and to anyone dealing with the company that it is a publicly traded corporation.
In Bangladesh, the companies are switching to the PLC suffix in order to comply with the amended Company Act 1994. The amendment was made in 2020.
The board of the bank also decided to raise the authorised capital from Tk 1,000 crore to Tk 2,000 crore in order to enhance the capital base, said the filing.
Authorised share capital refers to the maximum number of shares a company is legally allowed to issue or offer based on its corporate charter.
Comment :