NIBL AGM approves dividend proposal

Published On: September 27, 2016 07:30 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, Sept 27: The 30th Annual General Meeting (AGM) of Nepal Investment Bank Ltd (NIBL) held in Kathmandu on Tuesday approved a proposal to distribute 20 percent stock dividend and 21 percent cash dividend to the bank's shareholders.

"The year has been exceptional for NIBL as it became the first private sector commercial bank in Nepal to meet the Nepal Rastra Bank's new paid-up capital requirement of Rs 8 billion," the bank said in a statement, adding that it has raised the paid-up capital to Rs 8.71 billion.

The AGM also elected Bhuwaneshwar Prasad Shah and Niranjan Man Shrestha as board directors representing public shareholders, and Binod Kumar Guragain, representing the then Rastriya Banijya Bank Promoter Group.

"NIBL posted operating profit of Rs 4.13 billion before provisioning in the last fiscal year compared to Rs 3.11 billion in 2014/15.

The net profit of the bank grew by 30.02 percent  (Rs 589.03 million) to reach Rs 2.55 billion against Rs 1.96 billion a year ago," it added. 

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