Shareholders of Nepal Investment Bank Ltd (NIBL) will be receiving 35 per cent dividend from the profit earned by the bank in the last fiscal year.
The largest bank in terms of capital base had earned Rs 1.91 billion profit in fiscal year 2012-13. The bank’s annual general meeting (AGM) held today approved the bank’s decision to distribute 25 per cent cash dividend and 10 per cent stock dividend to the existing shareholders. Last year, the bank had distributed 30 per cent dividend.
According to the approved dividend, shareholders will get Rs 25 per share and for every 10 shares they own they will get one additional share. NIBL’s shares are being traded at around Rs 1030. The bank’s share price shot up from around Rs 850 per unit after the proposed dividend was announced. The price rise was also supported by the ongoing bullish rally of the stock market as a whole.
Following the dividend distribution, NIBL’s paid up capital will be Rs 4.14 billion. The bank had earned Rs 3.10 billion as net operating profit last fiscal year which stood at Rs 2.10 billion the previous year. Its deposit and lending stand at Rs 62.4 billion and Rs 47.7 billion, respectively, as of mid-July 2013. NIBL’s non-performing assets have also come down to 1.91 per cent from 3.32 per cent a year ago.
Last year, the bank added a new product by issuing Medicash Card to facilitate Nepalis travelling to India for medical purposes.
NIBL serves more than 500,000 customers through its 44 branches and 73 ATMs throughout the country. NIBL has been rated ‘A’ grade by the Indian Credit Rating Agency (ICRA) for the past four years for its creditworthiness as the leading bank in Nepal.
The bank was established as a joint venture bank — Nepal Indosuez Bank — in 1986 between Indosuez Bank, Rastriya Banijya Bank, Rastriya Beema Sansthan and public stakeholders. After French banking group Credit Agricole took over Indosuez Bank Group in 2002, the French party sold its stake in the bank to a Nepali group who rebranded the bank as Nepal Investment Bank.
At present, promoters hold 50 per cent stake in the bank while two government institutions — Rastriya Banijya Bank and Rastriya Beema Sansthan — hold 15 per cent equity stake each, while the remaining 20 per cent is held by the general public.
Last fiscal year, the bank supported three schools and four sports clubs under its corporate social responsibility. In addition, it also provided financial support to different cultural and social organisations.
source: the himalayan times,26 Dec 2013
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The largest bank in terms of capital base had earned Rs 1.91 billion profit in fiscal year 2012-13. The bank’s annual general meeting (AGM) held today approved the bank’s decision to distribute 25 per cent cash dividend and 10 per cent stock dividend to the existing shareholders. Last year, the bank had distributed 30 per cent dividend.
According to the approved dividend, shareholders will get Rs 25 per share and for every 10 shares they own they will get one additional share. NIBL’s shares are being traded at around Rs 1030. The bank’s share price shot up from around Rs 850 per unit after the proposed dividend was announced. The price rise was also supported by the ongoing bullish rally of the stock market as a whole.
Following the dividend distribution, NIBL’s paid up capital will be Rs 4.14 billion. The bank had earned Rs 3.10 billion as net operating profit last fiscal year which stood at Rs 2.10 billion the previous year. Its deposit and lending stand at Rs 62.4 billion and Rs 47.7 billion, respectively, as of mid-July 2013. NIBL’s non-performing assets have also come down to 1.91 per cent from 3.32 per cent a year ago.
Last year, the bank added a new product by issuing Medicash Card to facilitate Nepalis travelling to India for medical purposes.
NIBL serves more than 500,000 customers through its 44 branches and 73 ATMs throughout the country. NIBL has been rated ‘A’ grade by the Indian Credit Rating Agency (ICRA) for the past four years for its creditworthiness as the leading bank in Nepal.
The bank was established as a joint venture bank — Nepal Indosuez Bank — in 1986 between Indosuez Bank, Rastriya Banijya Bank, Rastriya Beema Sansthan and public stakeholders. After French banking group Credit Agricole took over Indosuez Bank Group in 2002, the French party sold its stake in the bank to a Nepali group who rebranded the bank as Nepal Investment Bank.
At present, promoters hold 50 per cent stake in the bank while two government institutions — Rastriya Banijya Bank and Rastriya Beema Sansthan — hold 15 per cent equity stake each, while the remaining 20 per cent is held by the general public.
Last fiscal year, the bank supported three schools and four sports clubs under its corporate social responsibility. In addition, it also provided financial support to different cultural and social organisations.
source: the himalayan times,26 Dec 2013
LINK
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