AB Bank Chairman quits

Muhammad Rumee Ali left the post of Chairman at AB Bank on Wednesday.He made the official announcement first in a letter to the bank's staff, then at the bank's annual general meeting (AGM) at Sonargaon Hotel in the capital on Wednesday (6 July)."The last three years have not been easy for the board of directors. The bank needs capital. I repeatedly asked the owners to increase the capital but they did not pay attention," Muhammad Rumee Ali told reporters.

"I cannot move the bank forward without fresh capital, so I decided to leave," he added.The Board of AB Bank Limited appointed Muhammad Rumee Ali as its Chairman on 20 April in 2019. AB Bank posted an 82% year-on-year growth in its consolidated net profit in 2021. According to its annual disclosure, the bank's consolidated profit increased to Tk71.68 crore, from Tk39.43 crore in 2020. Its earnings per share stood at Tk0.86 and net asset value per share at Tk30.59.During the January-March quarter of 2022, its consolidated profit grew 19% to Tk15.16 crore, which was Tk12.74 crore in the same time as the previous year.The bank also recommended 2% cash and 3% stock dividends for its shareholders.