UCB reports Tk 7,783cr in net deposits

United Commercial Bank PLC (UCB) has secured Tk 7,783 crore in net deposits and opened over 300,000 new accounts, a testament to the bank's dynamic leadership and the unwavering dedication of its employees.

These achievements were shared at the bank's 42nd annual general meeting (AGM), held recently at the Kurmitola Golf Club in Dhaka, according to a press release.

Sharif Zahir, chairman of United Commercial Bank PLC, presided over the meeting.

This year's AGM marks a significant milestone as the first convened under the board formed with the supervision of the Bangladesh Bank, symbolising a new chapter in UCB's journey.

With shareholder approval, the meeting endorsed a proposal to double the bank's authorised capital from Tk 2,500 crore to Tk 5,000 crore.

It also approved the issuance of right shares to increase paid-up capital and the allocation of new shares for strategic investors, key initiatives aimed at reinforcing the bank's future growth and financial stability.

Faruq Ahmad, chief financial officer, expressed sincere appreciation to the shareholders, regulators, and all stakeholders for their active participation, trust, and continued support.

Among others, Md Shazzad Hossoin, independent director and vice-chairman of the bank; Md Tanvir Khan, director and executive committee chairman; Obaidur Rahman, independent director and audit committee chairman; Md Yusuf Ali, independent director and risk management committee chairman; and Mohammad Mamdudur Rashid, managing director and CEO; were also present.