Kathmandu. The 42nd Annual General Meeting of Nabil Bank Limited has approved a proposal of 15.80 percent dividend along with five percent bonus shares.
The AGM of the bank held at Tribhuvan Army Officers Club, Bhadrakali, Kathmandu on Thursday under the chairmanship of Nirvana Kumar Chaudhary, Chairman of the Bank, approved the dividend proposed for the general shareholders from the profit of the financial year 2082/83. The meeting also approved an eight percent dividend for the shareholders of the unreleased reserve preference shares. For the first time, a presentation was made promoting the original culture in the inaugural session.
The AGM had proposed to distribute 5 percent bonus shares and 10.80 percent cash dividend to the ordinary shareholders from the accumulated profit up to the financial year 2082-83 after the recommendation of the Board of Directors and approval of the Nepal Rastra Bank. After the proposed bonus shares from the profit of the review year, the paid up capital of the bank has increased to Rs. 33.40 billion.
In the financial year 2082-83, the bank earned Rs. 7.91 billion in net profit. The bank had a deposit liability of Rs. 69.67 billion or 13.06 percent increase in the previous financial year. It reached Rs. 602.93 billion. In the same period, loans and loans increased by Rs. 51.68 billion or 12.15 percent to Rs. 476.87 billion. According to the bank, the balance sheet size increased by 15.38 percent to Rs. 734.76 billion in the financial year 2082-83.
In the meeting, Chairman Chaudhary said that Nabil Bank has been modernizing and expanding its banking services keeping corporate governance and customer satisfaction as high priority. Chairman Chaudhary said that the bank has been working with the belief in a very alert and balanced behavior respecting the rights and concerns of the country, society, shareholders, customers, regulatory bodies, employees and various stakeholders.
The paid-up capital of Nabil Bank has increased by 960 times since the inception of the bank. The AGM elected Nirvana Kumar Chaudhary, Malay Mukherjee and Syed Mansoor Mustafa unopposed to the board of directors on behalf of the promoter shareholders. Nabil Bank has been providing services through 262 branches and 316 ATMs across the country. The bank hopes to move forward with all its stakeholders by providing banking services to more than 28 lakh customers.
Nabil Bank, which has been providing quality banking services for the last four decades, has recently adopted the concept of sustainable banking and launched Nbank for digital banking. The bank aims to become an AI-ready bank by 2030. It has also changed the vision mission statement of the bank and has taken forward the concept of five Ts based on five elements: Trust, Transparency, Talent, Technology and Transformation.
Nabil Bank would like to express its gratitude to all the shareholders, regulators, customers, employees and other stakeholders for their support in conducting the AGM on time.
