NRB Bank is gearing up for its trading debut on Tuesday, February 27, listed under the “N” category on the Dhaka Stock Exchange (DSE). The trading code assigned to the company is “NRBBANK,” as announced by the Dhaka bourse.
In the initial public offering (IPO) phase, general investors were allotted 255 shares each, while non-resident Bangladeshis (NRBs) received 209 shares against a Tk10,000 deposit. The DSE distributed the IPO shares on a pro-rata basis.
The IPO witnessed significant oversubscription, reaching 3.61 times, according to a DSE press release. Approval from the Bangladesh Securities and Exchange Commission (BSEC) for the bank’s plan to raise Tk100 crore through issuing new shares at Tk10 each was granted on November 9.
Allocating the funds raised, the bank plans to invest Tk92 crore in government securities, Tk4.17 crore in the secondary market, and Tk3.83 crore to cover IPO expenses.
As of the financial report spanning January to September 2023, NRB Bank reported a consolidated net profit after tax of Tk16 crore, with earnings per share at Tk0.27. This was a notable decrease from Tk55 crore and Tk0.94, respectively, in 2022. The net asset value per share stood at Tk12.72 as of September 30, 2023.
The bank’s non-performing loan (NPL) ratio was reported at 6.10% of the total outstanding as of September 2023, compared to 3.22% a year ago. Established in 2013, NRB Bank offers a diverse range of products and services in retail banking, SME banking, NRB banking, corporate banking, and e-banking.
