Bank Asia to Form Subsidiary for Digital Banking

The Board of Directors of Bank Asia Ltd has agreed to set up a subsidiary company to perform digital banking operations subject to the requisite approval from regulators.

In general, the Board of the Bank agreed to apply to Bangladesh Bank (BB) for a license to establish a subsidiary shortly, according to official disclosure on Tuesday.

Every share of Bank Asia, which was listed on the Dhaka Stock Exchange in 2004, closed on Monday at Tk 16.40.

The Board of Directors of the Bank recently recommended 10% cash for the year ending 31 December 2019.

The annual general meeting (AGM) will be held on July 12 at 11:00 am through a digital platform.

The bank has reported consolidated earnings per share ( EPS) of Tk 1.68, consolidated net asset value ( NAV) per share of Tk 21.09 and consolidated net operating cash flow per share (NOCFPS) of Tk 22.94 for the year ended 31 December 2019, compared to Tk 1.92 (restated), Tk 19.89 and Tk 3.00 for the same duration of the previous year.

The bank also has informed that NOCFPS has been increased substantially mainly due to deposit inflow in terms of the previous year.

In 2018, the bank disbursed 5.0 percent cash and 5.0 percent stock dividend.

The bank’s paid-up capital is Tk 11.65 billion, authorized capital is Tk 15 billion and the total number of securities is 116 billion.

Sponsor-directors own 51.20 percent stake in the bank while the institutional investors own 33.64 percent, foreign 0.37 percent and general public 14.79 percent as on February 29, 2020, the DSE data showed.