Print Edition - 2016-09-29 | MONEY
NIBL proposes 41pc dividend
Sep 29, 2016-
Nepal Investment Bank Limited (NIBL) has proposed a 20 percent stock dividend and 21 percent cash dividend to its shareholders from the profit it generated in fiscal year 2015-16.
After the issuance, the bank’s paid-up capital will reach Rs8.71 billion, which is the highest among all private commercial banks in Nepal.
This will also make NIBL the first private sector commercial bank to meet the Nepal Rastra Bank’s (NRB) minimum paid-up capital requirement of Rs8 billion.
The bank’s 30th Annual General Meeting (AGM) held on Tuesday endorsed the dividend proposal.
The AGM also elected Bhuwaneshwar Prasad Shah and Niranjan Man Shrestha as directors representing the public shareholders, and Binod Kumar Guragain as director representing the then Rastriya Banijya Bank promoter group.
In the last fiscal year, the bank’s net profit increased by 30.02 percent to Rs2.55 billion. According to the bank’s statement, its deposits increased by 19.86 percent to Rs108.63 billion, while total lending surged by 28.54 percent to Rs87.01 billion over the period. The bank will acquiring Ace Development Bank Ltd to provide consolidated service to further enhance customers’ need and expand nationwide reach, reach the statement.
Published: 29-09-2016 08:39