Syed Asif Nizamuddin, a director of NCC Bank, plans to buy 1 million shares within 30 days to increase his stake, according to a disclosure to the Chittagong Stock Exchange. NCC Bank shares recently closed at Tk10.20, down 1.92%. Earlier, the bank’s chairman, Nurun Newaz, announced plans to buy 21.7 million shares (1.95% of the bank). NCC Bank reported a modest 1.12% consolidated net profit increase to Tk232.67 crore for the year, with EPS rising slightly to Tk2.10, driven by higher interest income and government securities returns. However, profits were constrained by provisions for classified loans, which rose 36% year-on-year to Tk1,759 crore (7.30% of total loans). The bank’s net profit for Q1 surged 67% to Tk28.22 crore.
Syed Asif Nizamuddin, a director of NCC Bank, has announced his intention to purchase 1 million shares of the bank within the next 30 days to bolster his current stake.
As per a disclosure filed with the Chittagong Stock Exchange (CSE) yesterday, he will buy these shares at the prevailing market price through the Dhaka Stock Exchange (DSE).
On the day, NCC Bank shares ended 1.92% lower at Tk10.20 on the Dhaka bourse.
On May 6, Newaz International Limited, owned by NCC Bank Chairman Nurun Newaz, announced plans to purchase 21.7 million shares, representing about 1.95% of the bank.
Last year, NCC Bank distributed a 13% cash dividend to its shareholders.
The bank reported a consolidated net profit of Tk232.67 crore for the year, marking a modest 1.12% increase compared to the previous year. Its consolidated earnings per share (EPS) rose slightly to Tk2.10 from Tk2.07.
According to the financial statement, profit growth was mainly driven by higher interest income and increased returns from investments in government securities. However, overall profits fell short of expectations due to significant provisions set aside for classified loans.
In the first quarter of this year, the bank’s net profit surged 67% to Tk28.22 crore compared to the same period last year.
As of December 2024, NCC Bank’s total classified loans stood at Tk1,759 crore, accounting for about 7.30% of total loans disbursed—a 36% increase from the previous year.
