City Bank to issue Tk 5.0 billion bond - Share market analysis of dhaka stock exchange, Bangladesh

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17 November, 2016 10:11 AM Source: The Financial Express Bangladesh

The Board of Directors of City Bank Limited has decided to issue subordinated debt (bond) worth Tk 5.0 billion, said an official disclosure on Wednesday.

"The bank will issue the bond for raising fund to meet capital requirement under Basel III and to strengthen the regulatory capital base of the bank," said the disclosure.

The issuance of bond is subject to approval from the regulatory authorities - Bangladesh Bank (BB) and Bangladesh Securities and Exchange Commission (BSEC), the disclosure added.

Each share of the bank, which was listed on the Dhaka bourse in 1986, hovered between Tk 23.20 and Tk 23.50, before closing at Tk 23.30 on Wednesday.

Paid-up capital of the bank is Tk 10,000 million and its authorised capital is Tk 8,757.98 million while total number of its securities is 875,798,031, according to the available DSE statistics.

The bank's total market cap stood at Tk 20,406.09 million as of Wednesday.

The sponsor-directors own 30.91 per cent stake in the City Bank while institutional investors own 19.41 per cent, foreign investors 5.95 per cent and the general public 43.73 per cent as of October 31, 2016.

In nine months from January to September-2016, consolidated earnings per share (EPS) of the bank stood at Tk 2.78 as against Tk 2.63 for January-September, 2015.

Consolidated net operating cash flow per share (NOCFPS) was Tk (0.83) for January-September, 2016 as against Tk 18.80 for January-September, 2015 while consolidated net asset value (NAV) per share was Tk 26.18 as of September 30, 2016 and Tk 28.07 as of September 30, 2015.

The bank disbursed 22 per cent cash dividend for the year ended on December 31, 2015.

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