Business Report :
The Bangladesh Securities and Exchange Commission (BSEC) has allowed Social Islami Bank to issue 5% stock dividends for its shareholders for the year 2023, the private lender said in a public disclosure on Sunday.
On 25 April, the board of directors of the bank declared a total of 10% dividends for 2023, including a 5% cash and a 5% stock, for its shareholders.
The bank recommended stock dividends with a view to utilising its retained amount as capital for business expansion. The stock dividends were subject to the approval of the stock market regulator.
According to its annual report, the Social Islami Bank reported a profit of Tk238.70 crore for 2023, 6.39% up from Tk238.46 crore profits posted in 2022.
In 2022, the bank paid the same dividends to its shareholders.
The record date for the entitlement of stock dividends has been fixed on 28 May, according to the disclosure posted on the websites of the stock exchanges.
As per its quarterly financials, during the January-March quarter of the calendar year 2024, the bank made a profit of Tk31.14 crore, marking a 22.50% growth over the same period last year.