The dividend was approved at the 7th annual general meeting (AGM) of the bank held at Officers Club Auditorium in Dhaka yesterday, says a press release.

Chairman of the bank M Syeduzzaman presided over the AGM. Among others, vice-chairmen A Rouf Chowdhury and Arifur Rahman Sinha, other directors and President and Managing Director Syed Anisul Haque were present.

The AGM was informed that the deposit of the bank increased 37 percent from Tk13.81 billion in 2004 to Tk18.50 in 2005 while the loans and advances increased by 51 percent to Tk17.86 billion in 2005 from Tk11.86 billion in the previous year. The operating profit increased by 22 percent to Tk801 million in 2005 from Tk659 million in 2004.

After making all requisite provisions, there remained a surplus of Tk285 million, out of which the declaration of stock dividend at the rate of 20 percent and cash dividend at 10 percent totaling 30 percent dividend was approved by the shareholders.

Monowara Haque, Murshed Sultan Chowdhury, Mir Shahjahan and Mahrina Chowdhury were elected new directors of the bank from the sponsors group in the meeting, the release added.