Business Report :
The 29th annual general meeting of Southeast Bank PLC was held on Wednesday virtually by using digital platform.
Md Akikur Rahman, vice chairman, MA Kashem, founder chairman and sponsor director, Azim Uddin Ahmed, former chairman and sponsor director, Duluma Ahmed, sponsor director, Jusna Ara Kashem, sponsor director and other directors Rehana Rahman, Nasir Uddin Ahmed, Md. Rafiqul Islam (nominee of Asia Insurance Limited), independent director Mohammad Delwar Husain took part in the meeting virtually.
Nuruddin Md. Sadeque Hossain, managing director, and AKM Nazmul Haider, company secretary of the bank also participated in the meeting.
Bank’s sponsors and a large number of shareholders took part in the meeting through the digital platform.
Nuruddin Md. Sadeque Hossain, managing director of the bank, in his welcome address highlighted the Bank’s operational performance in 2023 and outlined the future plans and strategies to further augment operational efficiency and asset quality of the Bank.
The bank earned an operating profit of Tk8,857.63 million in 2023 (consolidated).
As on 31st December, 2023 Bank’s total deposits amounted to Tk386,402.44 million and its total assets reached Tk510,864.24 million, Earning Per Share (EPS) was Tk1.66 (consolidated), Net Asset Value per share was Tk24.92 (consolidated).
The Price Earnings Ratio of the Bank was 8.18 times in 2023.
The Capital and Reserves of the Bank soared to a record high of Tk45,940.17 million as on 31st December 2023.
Southeast Bank PLC. is considered as one of the most efficient Banks in the industry in terms of cost efficiency.
Its cost to income ratio stood at 47.21%. Banks per employee profit was Tk0.67 million and per Branch profit was Tk15.49 million in 2023.
Credit Rating Information and Services Limited (CRISL) rated the Bank AA (Double A) for the long term and ST-2 for the short term based on the audited financial statements up to 31st December, 2023 and un-audited financial statements up to 30th June, 2024 of the Bank.
In the 29th (Virtual) Annual General Meeting, the shareholders by their unanimous votes approved 6% Cash Dividend and 4% Stock Dividend and the audited financial statements of the Bank for the year 2023.
Alamgir Kabir, chairman of the bank, highly appreciated the shareholders for their continuous co-operation and active support for sustainable growth of the Bank