Uttara Bank PLC has reported a record net profit of Tk 4.78 billion in 2024, marking a 51% year-on-year growth, driven by higher net interest income following the introduction of a market-based interest rate.

The private commercial bank’s earnings surged from Tk 3.17 billion in 2023, with consolidated earnings per share (EPS) increasing to Tk 5.79 in 2024 from Tk 3.84 a year earlier. The bank’s standalone profit also grew by 53%, reaching Tk 4.88 billion compared to Tk 3.20 billion in the previous year.

Despite economic challenges, including inflationary pressures, Uttara Bank’s profit growth was largely attributed to its effective management of deposit costs, expansion of its performing loan portfolio, and substantial earnings from net interest income. Investment income, however, remained relatively modest during the year.

In light of the strong financial performance, the bank’s board of directors has proposed a 35% dividend—comprising 17.5% cash and 17.5% stock—the highest since 2009 when it offered a 50% stock dividend. The decision reflects the bank’s commitment to financial stability and shareholder value.

The board also adopted the annual audited financial statements at the same meeting. The annual general meeting (AGM), scheduled for May 12, will seek shareholder approval for the proposed dividend and financial report. The record date for eligibility has been set for April 20.

Following the profit announcement, Uttara Bank’s shares closed at Tk 25.10 on the Dhaka Stock Exchange on Tuesday, marking a 0.40% increase from the previous day.