It is my pleasure to welcome you at the 34th annual general meeting and to present the annual report along with audited financial statements for the year 2016 of Pubali bank limited. Our bank showed sustainable growth in 2016, despite different challenging conditions persists. Our commitments to continual play a vital role in the country's economic wellbeing, address economic challenges and overcome them as well as sustainable growth are well reflected in the annual report.
Despite facing formidable challenges, the bank has continued to deliver consistent financial performance in spite of low interest rate. Board has recommended cash @ 5 percent as stock @ 8 percent dividend per share (DPS) for the year 2016 which is higher than the previous year.
As a responsible corporate citizen, we consider ourselves integral to the fabric of the society. We operate in, generating growth and contributing to economy. In everything we do, we aim not only to create values for our clients, shareholders and employees but also to meet environmental and social challenges. Pubali bank limited always pays corporate tax on time. Like previous year our bank continues to contribute to the government's revenue line by depositing excise duty, withheld tax and vat to government exchequer on time. During the calendar year 2016 we contributed BDT 3394.52 million to national exchequer as tax, vat and excise duty. The bank has also been engaged in a number of CSR and benevolent causes all through the year focusing on the areas of health, education, sports, art and culture.
Finally, I express my sincere gratitude to all our stakeholders, shareholders, customers and also the government of Bangladesh, the ministry of finance and regulators especially Bangladesh bank and Bangladesh securities and exchange commission, office of the registrar of joint stock companies and firms, the Dhaka stock exchange limited (DSE) and the Chittagong stock exchange limited (CSE) for their continued support and judicious guidance. I am grateful to my fellow members of the board of directors of their invaluable support and constant cooperation. My thanks are also due to the team of Pubali bank limited and particularly to Mr. Md. Abdul Halim Chowdhury, Managing Director & CEO for their passion to perform, commitment and initiatives to take on new challenges and handling the same successfully. We believe people are our core brand: they drive our journey to the excellence and new horizon.
With best regards