The 25th Annual General Meeting of Southeast Bank Limited was held on Wednesday by using digital platform.
Alamgir Kabir, FCA, Chairman of the Bank, presided over the meeting while Bank’s Vice-Chairperson Duluma Ahmed, Directors- M A Kashem, Azim Uddin Ahmed, Jusna Ara Kashem, Rehana Rahman, Md. Akikur Rahman and Independent Directors- Syed Sajedul Karim, Dr. Quazi Mesbahuddin Ahmed, Mohammad Delwar Husain, Managing Director M. Kamal Hossain and Bank’s Advisor Zakir Ahmed Khan participated in the meeting virtually via link. Bank’s Sponsors and a large number of Shareholders took part in the meeting through digital platform.
M. Kamal Hossain, Managing Director of the Bank in his welcome address highlighted the Bank’s operational performance in 2019 and outlined the future plans and strategies to further augment operational efficiency and asset quality of the Bank.
He made special mention about the impact of the sudden outbreak of COVID-19 since the beginning of 2020 and the re-orientation of strategies of the Bank to minimize the loss in line with Government’s policies.
The AGM witnessed a lively discussion on the Bank’s operational performance. The Bank earned an operating profit of BDT 8,982.98 million in 2019 (consolidated).
As on 31st December, 2019 Bank’s total deposits amounted to Tk 329,250.27 million and its total assets reached Tk 422,312.71million, Earning Per Share (EPS) was BDT2.16 (consolidated), Net Asset Value per share was Tk 26.29 (consolidated) and Net Operating Cash Flow per share was Tk 11.68(consolidated). The Price Earnings Ratio of the Bank was 6.16 times in 2019. The Capital and Reserves of the Bank soared to a record high of Tk 36,093.33 million as on 31st December 2019. Southeast Bank is considered as one of the most efficient Banks in the industry in terms of cost efficiency. Its cost to income ratio stood at 37.58%. Bank’s per employee profit was Tk 0.87 million and per Branch profit was Tk 18.58 million in 2019.
In the 25thAnnual General Meeting, the shareholders by their unanimous votes approved 7.5% Cash Dividend and 2.5% Stock Dividend to the shareholders and the audited financial statements of the Bank for the year 2019.
Alamgir Kabir, FCA, Chairman of the Bank, highly appreciated the shareholders for their continuous co-operation and active support for sustainable growth of the Bank.
He assured them of implementing gradually the valuable suggestions put forward by them in the virtual meeting to accelerate the operational performance of the Bank including its brand image. The shareholders forwarded their comments/queries online during the meeting where they appreciated the Board and the Management of the Bank for excellent performance, declaration of stable dividend to the shareholders and bringing out a most informative, comprehensive and impressive Annual Report-2019 of the Bank, with adequate disclosures for Stakeholders.