Brac Bank Limited published its financial statements for the year 2022 on Tuesday, posting profit growth of 10.1% amid a challenging global economic outlook.
The company management reported earnings per share of Tk4.02 last year along with a recommendation to distribute 7.50% cash and 7.50% stock dividend, according to the announcement on the exchange websites.
In the same board meeting, the company decided to increase its authorized capital from Tk2,000 crore to Tk5,000 crore, said the press release.
Additionally, the meeting proposed the amendment of clause 6 of the memorandum of association and clause 4 of the articles of association of the company, which will be subject to the approval of shareholders and regulatory bodies.
The bank has been focussing on its balance sheet in recent years and performed well in the last year, according to an equity research report of UCB Stock Brokerage Limited.
During the calendar year, the bank's outstanding loans grew by 27.9% while the deposit base witnessed a hike of 22.2%.
The subsidiary of the bank, Bkash, has also seen profit for the year after reporting losses over the previous three consecutive years, added the report.
According to the financial statements, the mobile financial service provider made a profit of Tk17.2 crore last year in contrast with Tk123 crore losses in the previous year.
The record date for the cash dividend has been set on May 9.
The date for the annual general meeting has been fixed on May 31.
Brac Bank was listed with the bourses in the year 2007.
