25% dividend of Nepal Investment Bank

Share holders of Nepal Investment Bank Ltd (NIBL) today lost Rs 68 per unit share but the bank announced 25 per cent cash dividend amounting to Rs 602,274,425 to its shareholders for the fiscal year 2009-10. The board-meeting of the bank decided on the dividend amount that is subject to central bank and AGM's approval. NIBL will pay a total of Rs 180,682,326 to Rastriya Banijya Bank and Rastriya Beema Sansthan, its government stakeholders who together own a 30 per cent stake in bank.

The bank has also paid Rs 800 million to the government making it the highest tax payer among the Nepali banks and the fifth largest among Nepali corporates. "Overall, Nepal Investment Bank will contribute around Rs 981 million to state coffers, including the profit paid to its government shareholders," said general manager of the bank Jyoti Pandey. "The bank has continued its long term strategy to become the leading bank in the country by pursuing a strategy of growth and delivery of quality financial services."It has achieved remarkable growth over the past eight years. In 2002 it started with a total paid up capital of Rs 0.5 billion and the bank has a paid up capital of 2.4 billion ¿ one of the largest in the country ¿ at present. The bank has a deposit base of around Rs 50 billion and the total assets of the bank have increased to Rs 57 billion this year making it the largest lender in Nepal from Rs 4.9 billion in 2002.

Similarly, Nabil Bank lost Rs 39 per unit share. The bonus announcements and nearing book closure of the listed companies have pulled the Nepse down by 1.99 points to 402.44 points today. Except the shareholders of hydropower and hotels, all the shareholders lost today in the secondary market that saw 1,004 transactions worth Rs 27,540,241. A total of 75,430-unit shares changed hands today. Similarly, KIST Bank Ltd's board meeting decided to give five per cent cash dividend subject to approval from Nepal Rastra Bank and its AGM. Meanwhile, Uniliver Nepal has decided its book closure from September 24.

Source:
tht