Citizens Bank proposes 4 percent dividend to shareholders
Citizens Bank International Limited has proposed a total dividend of 4 percent for fiscal year 2082/83. This includes a 3.80 percent bonus share and a 0.20 percent cash dividend. The proposal will be distributed only after approval from Nepal Rastra Bank and endorsement by the bank's upcoming 20th Annual General Meeting.
Kathmandu. Citizens Bank International Limited has proposed a 4 percent dividend to shareholders for fiscal year 2082/83.
The proposal was made at the bank's 521st Board of Directors meeting held on Wednesday. The proposed dividend will be distributed only after approval from Nepal Rastra Bank and endorsement by the bank's upcoming 20th Annual General Meeting.
The bank has proposed a 3.80 percent bonus share, equivalent to Rs 589.283 million (Rs 58 crore 92 lakh 83 thousand 617), on its paid-up capital of Rs 15.50 billion (Rs 15 arba 50 crore 74 lakh 63 thousand 614) as of mid-July 2083 (Asar end).
Similarly, it has proposed a 0.20 percent cash dividend for tax purposes, amounting to Rs 31.014 million (Rs 3 crore 10 lakh 14 thousand 927). Including both bonus shares and cash dividend, the bank has proposed a total dividend distribution of Rs 620.298 million (Rs 62 crore 2 lakh 98 thousand 544).
According to the bank, Citizens Bank, which has been operating since 7 Baisakh 2064 (April 20, 2007), has been continuously distributing dividends to shareholders since fiscal year 2065/66, when it issued shares to the general public.
The bank's 20-year average dividend rate stands at 10.08 percent. Including the proposed dividend, the average dividend rate for the last 10 years will reach 9.24 percent, according to the bank.