Kathmandu. The 42nd Annual General Meeting of Nabil Bank Limited has been completed. The meeting has approved a 15.80 percent dividend along with a proposed 5 percent bonus share.
The AGM of the bank held at Tribhuvan Army Officers Club, Bhadrakali, Kathmandu on Thursday under the chairmanship of its Chairman Nirvana Kumar Chaudhary approved the dividend proposed to the general shareholders from the profit of the financial year 2082/83. The meeting also approved an eight percent dividend for the unreleased reserve preference shareholders. In the inaugural AGM, a presentation was presented promoting the original culture for the first time.
The AGM had proposed to distribute 5 percent bonus shares and 10.80 percent cash dividend to the general shareholders from the accumulated profit up to the fiscal year 2082/83 after the recommendation of the Board of Directors and approval of Nepal Rastra Bank. After the proposed bonus shares from the profit of the review year, the bank’s paid-up capital has increased to Rs. 33.40 billion.
In the financial year 2082/83, the bank had a net profit of Rs. 7.91 billion. The bank had a deposit liability of Rs. 69.67 billion or 13.06 percent increase to Rs. 602.93 billion. During 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.
Speaking at 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 in a very alert and balanced manner respecting the rights and concerns of the country, society, shareholders, customers, regulatory bodies, employees and other stakeholders.
The paid up capital of Nabil Bank has increased by 960 times at present. The AGM has unanimously elected Nirvana Kumar Chaudhary, Malay Mukherjee and Syed Mansoor Mustafa 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 shareholders, regulators, customers, employees and other stakeholders for their support in conducting the AGM on time.
