In the fiscal year 2023, Eastern Bank PLC demonstrated robust financial performance, reporting a noteworthy profit of Tk 612.06 crore. This marked a substantial 20 percent increase compared to the preceding year, where the private commercial lender recorded a profit of Tk 511.86 crore in 2022. The company disclosed these financial highlights in a filing on the Dhaka Stock Exchange, providing shareholders with a comprehensive overview of its fiscal health.
One key indicator of the bank’s prosperity is the rise in earnings per share (EPS), which climbed from Tk 4.24 in the previous year to Tk 5.07 in the most recent fiscal period. This surge reflects the bank’s ability to generate higher returns for its investors, underscoring its effective management and strategic financial decisions.
To reward its shareholders, the board of Eastern Bank PLC proposed a 12.50 percent cash dividend and an additional 12.50 percent stock dividend. This move aims to distribute profits to shareholders while concurrently fortifying the bank’s capital base. The decision to recommend a stock dividend is strategically aligned with the bank’s objectives, intending to enhance its capital strength to support anticipated business growth and bolster regulatory ratios.
The forthcoming annual general meeting, scheduled for April 29, will serve as a platform for shareholders to engage with the management, discuss the financial results, and vote on the proposed dividends. The bank’s proactive communication through such meetings fosters transparency and accountability, contributing to a healthy and trusting relationship with its stakeholders.
As of the latest trading day, shares of Eastern Bank PLC exhibited positive momentum, closing at Tk 31.60 with a modest increase of 0.32 percent. This uptrend reflects investor confidence in the bank’s performance and strategic direction. Overall, Eastern Bank PLC’s financial achievements in 2023, coupled with the proposed dividends, position the institution favorably for sustained growth and continued success in the dynamic banking sector.