Friday, September 22, 2017

First Private Bank AGM: dividends announced

First Private Bank announced last week at its annual general meeting that it had paid dividends to shareholders worth K4937 per share, said Dr Sein Maung, the bank’s chairman.

The meeting was held on November 29 at the Myanmar Banks’ Association building in Yangon.

At the same meeting, Dr Sein Maung said the bank had earmarked a further K50 million for the establishment of an online banking system, bringing the total for that program to K163 million, with more than K113 million set aside the previous year.

A banking network committee will set up a network between the Central Bank of Myanmar and all other banks, both private and public.

Under the plan, each bank will electronically send daily reports of their transactions throughout the day directly to the Central Bank, said U Thura, the assistant general manager of Myanma Economic Bank.

Once that initial system is up and running, it will be upgraded to allow the public to remit money online, he said.

Dr Sein Maung said that he was hopeful that the bank would be granted an international commercial banking licence, which would allow it to open letters of credit for trading, accept international remittances, use cheques, accept travellers’ cheques and do business abroad.

That, Dr Sein Maung said, would increase the company’s profits and increase shareholder dividends.

Dr Sein Maung also said the bank had raised its paid-up capital from K5 billion in 2007 to K10 billion at the end of 2008 by issuing 500,000 shares in three batches: 200,000 in the first issue and 150,000 in the following two, said U Myint Zaw, the bank’s general manager.

“We’ve sold a total of 521,021 shares to 5357 shareholders,” Dr Sein Maung said.

Each share was sold for K15,000 including a share premium of K5000 and dividends for 2008-09 were K4937 per share, he said.

Dr Sein Maung said the bank is working hard to keep a lid on its non-performing loans – those loans in default or seen as likely to default – capping them at 0.08 percent of capital over the past three years.

He said during the meeting that even though the Central Bank of Myanmar does not put any restrictions on such loans, low levels are seen as critical to the good overall performance of a bank.

The bank was established in 1992 and has 440 staff working in 16 branches across the country. Taunggyi and Kalay branches will also be opened this year, he said.