The New Nation - Internet Edition

BUSINESS REPORT

The 13th Annual General Meeting of Southeast Bank Ltd. was held on April 28 at Bangladesh-China Friendship Conference Centre, Sher-e-Bangla Nagar in the city. A large number of sponsors and shareholders attended the meeting. Alamgir Kabir, FCA, chairman of the bank presided over the meeting.

Neaz Ahmed, managing director of the bank in his address of welcome highlighted the bank's operational performance in 2007 and outlined the future plans and programs undertaken by the bank to boost up operational efficiency and profitability of the bank. The AGM witnessed a lively discussion on the bank's operational performance, i.e. good operating profit and excellent growth in business. The bank earned operating profit of Tk 291.62 crore in 2007. As on December 31, 2007 bank's total deposits amounted to Tk 5547.40 crore, its total assets reached Tk 6437.07 crore, earning per share (EPS) was Tk 53.60 and capital and reserves of the bank soared to a record high of Tk 646.84 crore. The bank maintained a capital adequacy ratio at 13 per cent as on 31.12.2007 against requirement of 10 per cent set by Bangladesh Bank. The Credit Rating Agency of Bangladesh (CRAB) upgraded the credit rating of the bank for the long term from A2 to Al based on the financial statements of the bank for the year 2007. Banks rated in this category are considered to be strong banks .

In the 13th annual general meeting, the shareholders unanimously approved financial statements of the bank for the year 2007 and 15 per cent cash and 25 per cent stock dividend to the shareholders.

Alamgir Kabir appreciated the shareholders for their continuous support and cooperation to the growth of the bank. He assured them of implementing gradually the constructive suggestions put forward by them in the meeting to enhance bank's income, performance and image.

A good number of shareholders spoke in the meetings and highly appreciated the board of directors and the management of the bank for excellent performance, declaration of very good dividend to the shareholders and bringing out a most informative Annual Report-2007 of the bank..