Industry

DBH: Shareholders approve 25% dividend, propose for name change

The shareholders of Delta Brac Housing Finance Corporation Ltd. (DBH) unanimously approved a 25% dividend (15% cash & 10% Stock) for the year ending December 31 last year as proposed by the Board of Directors, says a press release.

The shareholders also approved two special resolutions for changing its name from ‘Delta Brac Housing Finance Corporation Ltd.’ to ‘DBH Finance PLC’ and increasing its authorized capital from Tk. 200 crore to Tk. 400 crore.

The approvals were given at the 26th annual general meeting (AGM) of the company held on Sunday by using a digital platform with its Chairman, Nasir A Choudhury in the chair.

In the meeting, Managing Director and CEO Nasimul Baten highlighted the achievement of the highest credit rating ‘AAA’ for the 16th consecutive year with lowest level of Non-Performing Loan.

He also mentioned that as a specialized housing finance institution, DBH registered 18% growth in Operating Profit in 2021 compared to previous year. The NPL ratio is only 0.63% of the total loan portfolio, which is one of the best in the country’s financial sector.

Besides, the chairman of the company Nasir A Choudhury said that the profit after tax of the Company reached to Tk. 104 crore for 2021 which is 17% higher than previous year, mentioning that Company’s total assets increased to Tk. 6,028 crore.

Expressing satisfaction over the performance of DBH, Nasir Choudhury said despite the difficult operating conditions and overall slowdown in the economy due to Covid-19, the company’s performance demonstrated its resilience and strength.

The initiatives undertaken by the management to improve the risk management and service quality contributed positively to continue its profit, he said, hoping that this trend will continue in future also.

Source: United News of Bangladesh