Rupali Bank has been downgraded to the Z category in the Dhaka Stock Exchange effective from May 5th, following its failure to declare dividends for two consecutive years. The bank, previously categorized as “B,” was downgraded in compliance with the Bangladesh Securities and Exchange Commission’s directive issued on February 15th. Rupali Bank opted not to distribute dividends to its shareholders for the years 2022 and 2023. Despite this, the bank’s consolidated earnings per share (EPS) surged to Tk1.35 by the end of December 31, 2023, compared to Tk0.61 in 2022, as indicated by its financial reports. In response to this downgrade, the DSE has urged stockbrokers and merchant bankers to refrain from extending loan facilities for the purchase of Rupali Bank PLC shares.
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