Shareholders of Agricultural Development Bank Ltd (ADBL) will receive 31.58 per cent dividend from the bank’s first ever dividend payout.
The annual general meeting of the bank endorsed the bank’s proposal of distributing Rs 31.58 per unit to shareholders. The bank has 212,000 shareholders at present.
ADBL had earned Rs 2.29 billion as net profit in fiscal year 2012-13, which was a 24 per cent jump from the amount it had earned a year earlier.
The bank has cited its policy of improving its quality of loans, expansion of income source and proper cost management as reasons for better performance.
Following the approval, this is the first time ever that the largest Nepali bank in terms of paid-up capital will distribute dividend to shareholders. The bank had not been in a position to propose dividend to shareholders since it issued shares to the public in April 2010.
Last year also, the bank had announced distribution of 5.6 per cent cash dividend to ordinary shareholders and six per cent cash dividend to its preference stocks. However, the decision was struck down by Nepal Rastra Bank as ADBL did not convert some Rs 160 million issued capital as paid-up capital. This time, NRB had already approved the proposed dividend in late March.
source: the himalayan times,23 may 2014
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The annual general meeting of the bank endorsed the bank’s proposal of distributing Rs 31.58 per unit to shareholders. The bank has 212,000 shareholders at present.
ADBL had earned Rs 2.29 billion as net profit in fiscal year 2012-13, which was a 24 per cent jump from the amount it had earned a year earlier.
The bank has cited its policy of improving its quality of loans, expansion of income source and proper cost management as reasons for better performance.
Following the approval, this is the first time ever that the largest Nepali bank in terms of paid-up capital will distribute dividend to shareholders. The bank had not been in a position to propose dividend to shareholders since it issued shares to the public in April 2010.
Last year also, the bank had announced distribution of 5.6 per cent cash dividend to ordinary shareholders and six per cent cash dividend to its preference stocks. However, the decision was struck down by Nepal Rastra Bank as ADBL did not convert some Rs 160 million issued capital as paid-up capital. This time, NRB had already approved the proposed dividend in late March.
source: the himalayan times,23 may 2014
LINK
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