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Published : 04 May 2025, 02:34 AM
A total of 19 listed banks have failed to declare dividends despite holding board meetings at the end of the fiscal year due to the absence of final approval from Bangladesh Bank on their annual financial reports.
Listed on the capital market, these banks could not finalise their financial reports for the 2024 accounting year, preventing them from preparing unaudited statements for the first quarter of 2025.
As a result, investors remain unaware of the banks' year-end dividends and financial performance.
With over seven months having passed since the last available reports for the third quarter, the latest financial data remain unavailable.
According to officials from both the central bank and the relevant banks, the reports failed to secure approval due to multiple issues.
These include inadequate provisioning against actual defaulted loans and the failure to disclose the full extent of such loans.
Officials also cited the absence of Bangladesh Bank chief Ahsan H Mansur, who was abroad until Apr 30, as a reason for the delay.
The governor returned from the United States last Thursday after attending an International Monetary Fund (IMF) meeting, and bankers now seek guidance once his office resumes normal operations.
A central bank official told bdnews24.com, “To avoid legal complications for the extended period, ministry-level approval may also be required. That may take another couple of days.”
Apr 30 marked the final day for banks to finalise their 2024 annual reports and declare dividends based on them.
Consequently, 17 out of 36 listed banks scheduled board meetings on the last day.
Many opted for late evening meetings, but several of them concluded without decisions as they did not receive the required No Objection Certificate (NOC) from the central bank, even after waiting into the night.
Islami Bank Bangladesh had initially scheduled its board meeting for Apr 28 to finalise the annual and Q1 reports. Failing to receive the NOC, it rescheduled the meeting for Apr 30.
That session also ended without a decision due to the continued absence of approval.
“We hope to receive it,” said Omar Faruk Khan, acting managing director of Islami Bank, speaking to bdnews24.com.
“Without a NOC, we can’t finalise the accounts. If we cannot finalise them, we cannot say anything.”
He said the matter has been reported to the Bangladesh Securities and Exchange Commission (BSEC) and the Dhaka Stock Exchange (DSE).
AB Bank’s Company Secretary Jasim Uddin echoed a similar situation. “We have received no decision from the central bank.
“Since the accounts were not approved, we could not present them before the board. Once we receive approval, we will hold the meeting.”
He said the matter has been communicated to BSEC via a letter.
Dhaka Bank Company Secretary Shahjahan Miah also confirmed the inability to make decisions during the board meeting.
EXIM Bank’s board meeting on Apr 30 concluded without any outcome as well
The bank’s Chairman Md Nazrul Islam Swapan told bdnews24.com, “Once the central bank informs us, we will be able to make a decision.”
Global Islami Bank held its meeting on Apr 29.
Its Company Secretary Manjur Hossain said they could not decide on dividends due to the lack of approval and are now awaiting the central bank’s instructions.
