Shangrila Development amends dividend plan; cash dividend reduced to 6.3%; bonus shares unchanged

ShareSansar, February 19:

Shangri-la Development Bank has made a slight alteration on its dividend plan after an informal meeting with Nepal Rastra Bank.   

The 145th BOD meeting of Shangrila Development Bank Limited (SADBL) had proposed 15 percent bonus shares and 10 percent cash dividend to its shareholders from the net profit earned in the last fiscal year 2070/71. Shangri-la’s BOD meeting held on Poush 28 had decided to recommend the dividends for its shareholders.

While the NRB left the bank’s plan to provide 15 percent bonus shares untouched, it had asked the bank to cut down the cash dividend from the proposed 10 percent to 6.3 percent after tax.

After the adjustment, Shangri-la’s shareholders will now get a total dividend of 21.30% compared to 25% proposed by the bank earlier.

Meanwhile, the special general meeting held on Asoj 10 has already approved the agenda to issue 4:1 right share to its shareholders.

As per the unaudited financial report for the second quarter of the fiscal year 2071/72, the bank earned a net profit of Rs 76.74 million. Similarly, it mobilized Rs 6.94 arba in deposits and disbursed loans of Rs 5.98 arba, of which 1.27% was said to be non-performing.

The bank’s paid up capital is Rs 64 crore and its reserve and surplus stood at Rs 33.30 crore.