Brac Bank Ltd today said it has received consent from the Bangladesh Securities and Exchange Commission (BSEC) to give a 7.5 per cent stock dividend for 2022.

The BSEC has accorded its consent for raising the paid-up capital through the issuance of a 7.50 per cent stock dividend for the year that ended on December 31, said the private commercial bank in a filing on the Dhaka Stock Exchange.

Brac Bank has decided to increase the authorised capital from Tk 2,000 crore to Tk 5,000 crore.

The authorised capital is the maximum amount of share capital that a company is allowed to issue to its shareholders as per its constitutional documents.

The bank clocked a Tk 601.63 crore profit in the last financial year of 2022, up 10.14 per cent year-on-year. The board of directors has recommended a 7.50 per cent cash and a 7.50 per cent stock dividend for the year.