Nabil Bank's 42nd AGM Concludes, 15.80 Percent Dividend Passed
The 42nd Annual General Meeting of Nabil Bank Limited has passed a total dividend of 15.80 percent for ordinary shareholders from the profit of fiscal year 2082/83, comprising 5 percent bonus shares and 10.80 percent cash dividend. The meeting also approved an 8 percent dividend for non-redeemable cumulative preference shareholders. The bank earned a net profit of Rs. 7 arba 91 crore, achieving double-digit growth in deposits and loans.
Kathmandu. The 42nd Annual General Meeting of Nabil Bank Limited was held on Thursday at the Tribhuvan Army Officers Club, Bhadrakali, Kathmandu. The meeting, chaired by bank Chairman Nirvana Kumar Chaudhary, passed a total dividend of 15.80 percent for ordinary shareholders from the profit of fiscal year 2082/83, comprising 5 percent bonus shares and 10.80 percent cash dividend. Additionally, the meeting also passed an 8 percent dividend for non-redeemable cumulative preference shareholders. For the first time, the AGM opening ceremony featured a presentation promoting indigenous culture.
After the recommendation of the Board of Directors and approval from Nepal Rastra Bank, a proposal was made to distribute 5 percent bonus shares and 10.80 percent cash dividend to ordinary shareholders from the accumulated profit up to fiscal year 2082/83. After the proposed bonus shares, the bank's paid-up capital has exceeded Rs. 33 arba 40 crore.
In fiscal year 2082/83, the bank earned a net profit of Rs. 7 arba 91 crore. The bank reported that deposit liabilities increased by Rs. 69 arba 67 crore, or 13.06 percent, compared to the previous fiscal year, reaching Rs. 6 kharba 2 arba 93 crore. Similarly, during the same period, loans and advances increased by Rs. 51 arba 68 crore, or 12.15 percent, reaching Rs. 4 kharba 76 arba 87 crore. According to the bank, the balance sheet size grew by 15.38 percent to Rs. 7 kharba 34 arba 76 crore in fiscal year 2082/83.
At the meeting, Chairman Chaudhary stated that Nabil Bank has been modernizing and expanding banking services while prioritizing institutional governance and customer satisfaction. He mentioned that the bank has been working with great vigilance and balanced behavior, respecting the rights and concerns of various stakeholders including the country, society, shareholders, customers, regulatory bodies, and employees, and is also active in social responsibility.
The paid-up capital of Nabil Bank at the time of its establishment has now increased 960 times. The AGM unanimously elected Nirvana Kumar Chaudhary, Malay Mukherjee, and Said Mansur Mustafa to the Board of Directors from the founding shareholders' side.
Nabil Bank has been providing services through 262 branches and 316 ATMs across the country. The bank has been providing banking services to more than 2.8 million customers and believes in moving forward together with all its stakeholders.
Nabil Bank, which has been providing quality banking services for four decades, has recently embraced the concept of sustainable banking and launched eNBank for digital banking. The bank has set a goal to become an AI-ready bank by 2030. It has also changed its vision and mission statement and advanced the concept of five Ts based on the five elements: Trust, Transparency, Talent, Technology, and Transformation.
Nabil Bank has expressed gratitude to shareholders, regulatory bodies, customers, bank employees, and other related agencies for their support in completing the AGM on time.