Laxmi Bank's AGM

 Laxmi Bank’s 14th annual general meeting (AGM) was held in Kathmandu, on Tuesday, and chaired by Rajendra Khetan, chairman of the bank. The AGM discussed and approved the Directors’ Report and the Financial Statements for financial year 2013-14. The AGM approved the proposed 20 per cent bonus shares and 1.05 per cent cash dividend for the financial year 2013-14. It also approved 30 per cent (three shares for every 10 shares) rights issue on the capital after issuance of the bonus shares. The bank has increased its authorised capital to Rs five billion. The bank closed the financial year 2013-14 with a balance sheet of Rs 35 billion and operating profit of Rs 735 million. All key financial indicators are well within prudential and regulatory norms, including credit-to-deposit ratio at 75.5 per cent and capital adequacy at 11.91 per cent, according to the bank. The bank’s liquidity ratios remained well above the statutory requirement throughout 2013-14 reflecting the strength of its asset-liability management. The bank has consistently produced the lowest levels of non-performing assets, which stood at 1.15 per cent.

source:the himalayan times,12 Nov 2014
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