United Commercial Bank convenes 513th board meeting

United Commercial Bank PLC (UCB) has recently convened its "513th Board Meeting", marking a milestone in the institution's ongoing transformation journey.

According to a press release, the board reviewed and approved the audited financial statements for the year ending 2024, alongside the unaudited financial results for the first quarter (Q1) of 2025.

Sharif Zahir, chairman of UCB, presided over the meeting as the chief guest at the bank's head office in Dhaka.

In a strategic demonstration of its commitment to transparency and financial resilience, the board resolved not to declare any dividend for 2024.

Instead, UCB will allocate its entire operating profit towards provisions for non-performing loans (NPLs), adopting a forward-looking strategy focused on long-term value creation, regulatory compliance, and balance sheet strength.

Amid continued growth in deposits and increasing market confidence, the board also approved the issuance of rights shares to bolster the bank's capital base.

This initiative is intended to support asset expansion and facilitate the replacement of legacy NPLs with high-quality, performing assets — thereby reinforcing UCB's competitive standing in the banking sector.

Recognising that full recovery is a gradual process, the board reiterated its commitment to a disciplined, transparent roadmap. With strong alignment at the leadership level and a unified strategic vision, UCB aims to establish itself as one of the most resilient and trusted financial institutions in Bangladesh.

Mohammad Mamdudur Rashid, managing director and chief executive officer, was present at the meeting, alongside board directors and independent directors.