5% Cash Dividend: Siddhartha Development Bank

28, Oct 2009

The BOD meeting of the Siddhartha Development Bank Ltd. has decided to give 5% cash dividend from the profit of fiscal year 2065/66 on subject to approval from NRB and its upcoming AGM. According to fourth quarter financial report of the bank, it has posted Rs. 42.389 millions as net profit and Rs. 56.446 operating profit. Just few weeks before, Nepal Rastra Bank has agreed in principle to allow Siddhartha Development Bank Ltd. to increase its capital base and upgrade it to a national level development bank. The development bank said it would soon move its headquarters to Kathmandu and start providing financial services at the national level. The bank has a client base of more than 25,000 and has a paid-up capital of Rs 645 million.

Source:  Jamb News Service