The dividend approval came at the sixth annual general meeting (AGM) of bank held at BDR Darbar Hall, Peelkhana in Dhaka yesterday, says a press release.

Chairman of Bank Asia M Syeduzzaman presided over the AGM. Vice-chairmen A Rouf Chowdhury and Arifur Rahman Sinha, other directors and President and Managing Director Syed Anisul Huq were also present at the meeting.

The accounts of the bank for the year ending on December 31, 2004 were placed in the meeting and the shareholders made a critical review of the performance of the bank. They were happy to note that the activities of the bank increased significantly during the year under review.

The deposit of the bank increased 29 percent, from Tk 10.431 billion in 2003 to Tk 13.471 billion in 2004, while the advances increased by 45 percent to Tk 11.861 billion in 2004 from Tk 8.190 billion in the previous year.

The operating profit increased to Tk 659 million in 2004 from Tk 419 million in 2003, registering an increase of 57 percent.

After making all requisite provisions, there remained a surplus of Tk 202 million, out of which the declaration of stock dividend at the rate of 25 percent was approved by the shareholders.