PHOTO: CITY BANK

STAR BUSINESS DESK

City Bank PLC has declared a 25 percent dividend, including a 12.5 percent cash dividend, for the year 2024.

The announcement was made during the bank’s 42nd annual general meeting (AGM), which was held virtually on Sunday, according to a press release.

Aziz Al Kaiser, chairman of the bank, presided over the meeting.

In his welcome address, Kaiser stated that the bank’s consolidated profit after tax reached a record high of Tk 1,014 crore in 2024, reflecting a 58.9 percent increase from the Tk 638 crore recorded in 2023.

He also highlighted an improvement in the bank’s current account and savings account deposit mix, which rose from 42 percent approximately four years ago to 45 percent as of December 2024.

“City Bank has once again demonstrated resilience and agility amid a challenging economic climate. I extend my sincere gratitude to all our shareholders, customers, regulators, and employees for their steadfast support,” Kaiser said.

The AGM was attended by Hossain Khaled, vice-chairman; Rubel Aziz, Savera H Mahmood, Hossain Mehmood, Rajibul Huq Chowdhury, Syeda Shaireen Aziz, and Rebecca Brosnan, directors; and Matiul Islam Nowshad, independent director.

A substantial number of shareholders participated in the meeting, offering various observations and recommendations concerning the bank’s performance.

Mashrur Arefin, managing director and chief executive officer, responded to all shareholder queries relating to the bank’s current standing and future outlook.

“In 2024, we prioritised sustainable and inclusive growth,” he said. “We introduced several digital-first initiatives, diversified our retail and SME portfolios, and upheld strong asset quality.”

“As we move into 2025, we are guided by a clear roadmap focused on expansion, innovation, and deeper customer engagement,” he added.

Md Kafi Khan, company secretary, was also present, alongside senior officials of the bank.