The New Nation - Internet Edition

BUSINESS REPORT

Eastern Bank Ltd, one of the leading private commercial banks of the country has declared 34 per cent Stock Dividend (Bonus Share) and one Right Issue against two existing shares at par for the year ended on December 31, 2007.

The declaration was made at the 16th annual general meeting (AGM) of the shareholders of EBL held on Sunday at the BDR Darbar Hall, Peelkhana, Dhaka.

AQI Chowdhury, OBE, Chairman of the Board of Directors of the company presided over the meeting and presented the Directors' Report and Financial Statements for the year 2007 before the shareholders. Ali Reza Iftekhar, Managing Director and CEO replied to various questions from the shareholders.

Amid intense competition among the existing banks, EBL continued to maintain its growth both in terms of business volume and profitability. The year 2007 saw an impressive growth in operating profit by about 37.72 per cent and total assets of the company stood at Tk.42.58 billion at the end of 2007 which is 18.37 per cent higher than the previous year.

During the year, the profit before tax (PBT) grew by 13.33 per cent to Tk 1,285.66 million.

The AGM was attended by a large numbers of shareholders, members of the Board of Directors and high officials of the bank.