Islami Bank chairman to offload entire shareholding
Zubaidur Rahman, the
recently appointed chairman and independent director of Islami Bank Bangladesh
PLC, has announced his intention to sell his entire shareholding in the bank
through the Dhaka Stock Exchange (DSE).
According
to the disclosure filed with the DSE today (3 September), Rahman plans to
offload 1.49 lakh shares in the public market at prevailing prices within the
next 30 working days.
At
today's closing price of Tk42.80 per share, the total sale proceeds would
amount to nearly Tk64 lakh.
Islami Bank shares edged up by 0.47% on the day to close at Tk42.80 each.
Zubaidur Rahman appointed chairman of Islami Bank
Rahman,
who was elected chairman of Islami Bank's board on 23 July following the
resignation of former chairman Obayed Ullah-Al Masud, was earlier appointed to
the bank by Bangladesh Bank on 27 March and formally joined in April.
Interestingly,
the bank's monthly shareholding report for April showed Rahman holding no
shares in the institution. However, in the July report, his ownership of 1.49
lakh shares was reflected.
A
senior official from the bank's share department explained that Rahman had
purchased the shares more than a decade ago, but discrepancies in documentation
led to them being excluded from earlier reports.
The
issue was later resolved, and the shares were formally recorded in his name.
In
the first half of 2025, the bank reported an 81% year-on-year drop in
consolidated net profit, while default loans soared to 40%, compared to just 3%
in 2023.
This
unprecedented surge created a staggering provision shortfall of Tk69,770 crore.
Due to the shortfall, the bank was unable to declare any dividend for 2024 —
the first such instance in its 32-year history.
Its
consolidated net profit stood at Tk67.40 crore during the January–June period
of this year, down steeply from Tk356.92 crore in the same period a year
earlier. Earnings per share also plunged to Tk0.42 from Tk2.22 a year ago,
reflecting the worsening profitability.