Investment Bank declares 20pc cash dividend

KATHMANDU, Aug 25: The meeting of Board of Directors of Nepal Investment Bank, the largest private sector bank in terms of deposit and lending volumes, has proposed 20 percent cash dividend to its shareholders. However, the proposed dividend is subject to the approval of Nepal Rastra Bank (NRB) and Annual General Meeting (AGM) of the NIBL, stated a press release issued by the bank on Monday.The proposed 20 percent dividend amounts to Rs 481.41 million, which volume wise is among the highest in Nepal, the release added. It further stated that the bank has managed to earn a net profit of Rs 900.61 million at the end of 2008/09 fiscal year and the amount was an increment of 29.26 percent as compared to last fiscal year while increasing its paid-up capital to Rs 2.407 billion from Rs 1.203 billion, an increment of 99.92 percent.As of the forth quarter of fiscal year 2008/09, the banks´s lending, deposit and customer base were Rs 36.83 billion, Rs 46.7 billion and 270,000 respectively, while the Non Performing Asset (NPA) of the bank has decreased to 0.58% from 1.12%, stated the statement. - REPUBLICA