UCBL

The Bank has informed that it has credited the stock dividend for the year 2002, 2003, 2004, 2005 and 2006 to the respective shareholders' BO Accounts.

The Bank has informed that the Board of Directors of the Bank has decided to recommend to increase the Authorized Capital from Tk. 200.00 crore to Tk. 800.00 crore subject to consent of regulatory authorities. The Board approved the annual audited financial statement for the financial year ended on 31st December, 2009 and also recommended stock dividend @ 30% out of the profit for the financial year ended on 31st December, 2009. The Board also recommended stock dividend @ 25% out of the profit for the financial year ended on 31st December, 2008. It is pertinent to mention here that Board was unable to recommend the dividend for the said financial year in the same meeting where it had approved the financial statement of the said financial year as litigation was pending before the Hon'ble Appellate Division of the Supreme Court of Bangladesh. The Board also reconfirmed the earlier recommended stock dividend @ 50% for the financial year ended on 31st December, 2007. All the above mentioned recommended dividends are subject to approval of increasing the Authorized Capital in the Extraordinary General Meeting as well as consent of regulatory authorities and shall have effect on cumulative basis. The Bank has also reported basic EPS of Tk. 311.79, basic NAV per share of Tk. 1,906.88 and basic Net Operating Cash Flow per share of Tk. 1,392.22 for the year ended on December 31, 2009. The Bank has also reported diluted EPS of Tk. 52.10, diluted NAV per share of Tk. 318.61 and diluted Net Operating Cash Flow per share of Tk. 232.62 for the year ended on December 31, 2009 (considering Bonus shares for the year 2002 to 2007). It is further to mention here that the Board is unable to declare the Date of AGMs and related Record Dates as the application of condonation of delay of holding AGMs for the financial years 2007 and 2008 is pending before the Hon'ble High Court Division.

SEC has issued a letter to the Bank on June 28, 2010 regarding compliance of SEC notification dated 01.06.2009 where SEC has stated that at this stage, the Bank may defer taking of Board decisions in respect of (a) fixing date of relevant Annual General Meetings; and (b) fixing date of relevant entitlement of dividend (record date), subject to the following condition: "The persons mentioned in the SEC notification No. SEC/CMRRCD/2001-26/32/Admin/01-43 dated March 23, 2010, published in Bangladesh Gazette on April 26, 2010, shall be barred from the deals mentioned therein until finalization of the above date(s) by the Board of Directors of the company."

145% stock is decleared.
Right is knocking.
Split is a major issue.
2 nd generation Bank....EPS will be similiar to uttara..DBBL.

It is a good buy for mid term