Citizens Bank likely to offer 15 percent bonus share for the last fiscal year

ShareSansar, July 24:

Citizens Bank International Limited is likely to offer 15 percent bonus shares to the shareholders from the net profit it earned in the last fiscal year 2070/71.

According a reliable source at the commercial bank, the Board of Directors is proposing 15 percent bonus share for the last fiscal year.

“With 36 percent rise in net profit, and all other fundamentals strong, we can easily offer that much bonus shares to our shareholders,” the source added.

The proposed dividend, however, is always subject to the approval of the central bank and the upcoming Annual General Meeting of the commercial bank.

Publishing the unaudited report for the fourth quarter yesterday, the commercial bank has stated that its net profit surged from Rs 41.32 crore to Rs 56.12 crore in the corresponding quarter of the previous fiscal year 2069/70.

The profit was largely propelled by Rs 28.70 crore it was able to write back to the provision for possible losses even though its net interest income, too, rose from Rs 1.03 arba to Rs 1.07 arba in the review period.

Citizens mobilized Rs 27.96 arba in deposit and Rs 23.17 arba in loan in the last fiscal year as compared to Rs 22.74 arba in deposit and Rs 17.95 arba in loan by the end of the previous fiscal year.

It was able to post an impressive profit even after provisioning Rs 43.77 lakh for possible losses.

However, its non-performing loan has slightly increased from 2.01 percent to 2.40 percent.

Citizens EPS now stands at Rs 26.68, per share net worth at Rs 139.92 and P/E ratio at 20.19 percent.