7.37%Cash Dividend: Professional Bikash Bank

The BOD meeting of the Professional Bikash Bank Ltd has decided to provide 7.37% cash dividend to share holder which is subject to approval from NRB & upcoming AGM.

Source:
nepalstock

10.14%Bonus Share & 11.06%Cash Dividend of Reliable Finance Ltd

The 81 the BOD meeting of the Reliable Finance Ltd dated 2068/07/06 has decided to provide 10.14 % bonus share and 11.06% cash dividend. The proposed dividend and bonus share is subject to approval from NRB and upcoming AGM

14% Cash Dividend of Araniko Development Bank Ltd.

The BOD meeting of the Araniko Development Bank Ltd dated 2068/07/03 has decided to give 14% cash dividend subject to approval from NRB and its upcoming AGM.

Source:
jamb

30% Cash Dividend & 40% Bonus Share of Chilime Hydropower Co. Ltd.

The 216th BOD meeting of the Chilime Hydropower Co. Ltd dated 2068/07/02 has decided to give 30% Cash Dividend and 40% Bonus share subject to approval from its upcoming AGM.

Source:
jamb

7.37% Cash Dividend of Bank Of Asia Nepal Ltd.

The 81th BOD meeting of Bank Of Asia Nepal Ltd dated 2068/7/6 has decided to provide 7.37% cash dividend to its share holders from the porfit of fiscal year 2067/068. The porposed dividend is subject ot approval from NRB and its upcoming AGM

Source:
Nepse News.

Commercial banks raise home loans rate

More than half a dozen commercial banks have hiked home loan rates by as much as 1.5 percentage points - a move which will disappoint borrowers deeply, citing increase in cost of capital. Banks like NMB Bank, Global Bank, Nepal Industrial and Commercial (NIC) Bank and KIST Bank have enforced the new rates from the new fiscal year, starting from Sunday this week. Following the change, NIC Bank´s home loans rate has jumped to as high as 16.49 percent. Similarly, rate of NMB Bank also stands at over 16 percent, while that of KIST Bank has gone up to the range of 14 to 16 percent.

The fresh hike has also jacked up the industry average rate of home loans to just over 16 percent. So far, the industry average rate was over 15 percent. "We had to raise the rates mainly because the central bank´s directives sought us to close the interest rate gap between different savings schemes to 2 percent or less. This raised our cost of capital," said Upendra Paudel, chief executive of NMB Bank. The central bank has asked the banks and financial institutions to bridge the gap in rate between different savings products, mainly as bankers, while luring fresh deposits, offered higher rates to new depositors only, leaving old accounts holders deprived of due interest return.

Banks were offering as high as 10 percent interest return to new depositors, whereas older depositors were offered as low as 3 percent. "This is not fair. The banks must bridge the gap to 2 percent or less," NRB had said in its directives. Though a few banks had instantly complied with the directives, most of the BFIs are just gearing up to implement it. As a result, sources told Republica that more banks may follow the suit and raise lending rates because they are ´left with no choice´ as they have raised the rate of minimal interest rate to bridge the gap.

"As liquidity problem has not faded away in a large number of banks, they cannot lower the higher rates. And the unwanted raise of lower savings rate has gone up to increase cost of capital," said the source. Interestingly, the latest hike in lending rate has come contrary to what Nepal Bankers´ Association (NBA) had announced about a month ago. With the ease in liquidity in leading banks, NBA had said they have lowered the interest return to corporate clients by as much as a percentage point. "We believe this will eventually lead to drop in lending rates," NBA president Ashok Rana had told Republica then.

Source:
myrepublica

No bonus for Rastriya Banijya Bank staff

Citing on the directive issued to Nepal Oil Corporation last August, the Commission for Investigation of Abuse of Authority (CIAA) said that the demand of receiving bonus of Rastriya Banijya Bank (RBB) staff could not be justifies. Appearing before State Affair Committee under legislature parliament today, CIAA secretary Bhagawati Prasad Kafle said that the bonus should not be distributed unless the bank recovers its accumulative loss. The anti-graft body last August had directed Nepal Oil Corporation (NOC) to revoke its decision of bonus distribution. "The corporation cannot distribute bonus citing profit for one year since it is reeling under accumulative loss," the CIAA had said.

The anti-graft body had also instructed the government not to distribute bonus at any other public entities suffering accumulative loss, even if they recorded profit in a specific fiscal year. "The directive issued to NOC should be taken an example for all the other public enterprises, if they are incurring accumulative loss," Kafle reiterated, adding that the decision will save state coffer.
Source:
tht

Chilime Hydro Power Co. Ltd Initial Share Allotment Result

Chilime Hydro Power Co. Ltd. Initial Share Allotment Result
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Purnima Development Bank Initial Share Allotment Result

>>> Purnima Development Bank Initial Share Allotment Result
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NIC Bank & Brihat Investment to promote home loan products

NIC Bank and Brihat Investment entered into and agreement today to promote home loan products. "The trained agents from Real Estate Marketing Agents (REMA) from Brihat Investment will be working as direct selling agents for the NIC Bank to sell home loan products," said Purnima Rajbhandari, CEO of Brihat Investment that has been advocating and lobbying with the banks, the government and Nepal Land and Housing Developers' Association (NLHDA) to establish REMA profession.

Brihat Investment has trained the REMA professionals for ethical buying and selling of houses, she said, adding that they have the expertise to asses and the ascertain quality of an asset and help buyers find good value for their investments. Under the agreement, REMA will facilitate the prospective buyers for acquiring home loan from NIC Bank for purchase of residential houses/apartments.

NIC Bank has demonstrated its leadership in the home loan league through its popular product NIC Ghar Subidha for its comprehensive product bundling. "The Bank believes that the arrangement with Brihat Investment-REMA, our customers will have better access to our services and quick turn around time in availing home loans," said the bank. The licensed agents for the real estate sector will help boost the sector as they can bring professionalism in the sector that has been facing slowdown recently, Rajbhandari said, adding that the NIC Bank and REMA both can work jointly to facilitate the home buyers.

Currently, the real estate and housing sector has around Rs 200 billion investment and the central bank has also been seriously working on to help the sector that creates employment. Though, the land plotting and land transaction has been discouraged, the central bank has also accepted contribution of the real estate and housing sector to gross domestic product (GDP). Meanwhile, the central bank governor has also urged the developers to build houses that are under common people's purchasing capacity. "The housing products should be within the purchasing capacity of the people," he said in an interaction recently.

Source:
tht