Axis Development Bank Limited AGM today, 7.35% cash dividend, merger in the pipeline

ShareSansar, November 7:

Axis Development Bank Limited is holding its 10th Annual General Meeting today.

The AGM being held at Dhulikhel, Kavrepalanchowk will approve of 7.37 percent cash dividend to its shareholders from the net profit it registered in the last fiscal year 2069/70.

It is also expected to authorize its Board of Directors to go ahead with the possible merger with other BFIs.

The development bank is distributing the dividend despite a significant loss in the last fiscal year.

The bank’s profit fell to Rs 2.03 crore from Rs 5.75 crore reported in previous fiscal year, a slide of 64.6 percent.

The bank’s deposits had, however, increased by 51.47 percent to Rs 1.57 arba and loans and advances grew by 54.11 percent.