Civil Bank AGM on January 7; to explore joint venture with foreign banks; 5.75% dividend confirmed

ShareSansar, December 22:

Civil Bank Limited is holding its third Annual General Meeting on January 7.

According to a public notice issued by the young commercial bank today, the AGM will endorse 5.75 percent cash dividend to the shareholders from the net profit it posted in the last fiscal year 2069/70.

The AGM is also scheduled to give full mandate to the BoD to carry forward merger with other BFIs and even explore possibilities of joint venture with foreign banks.

Civil Bank had posted a net profit of Rs.12.12 crore in the last fiscal year 2069/70.

Its EPS (annualized) stands at Rs 2.49 and net worth per share at Rs 939.

The bank, which is entering into a merger with Axis Development Bank and Civil Merchant Finance Company, is expected to offer much better dividend from the current fiscal year.
 
Since October Nepal Stock Exchange Limited has suspended the trading of the shares of Civil Bank Limited, Civil Merchant and Axis Development Bank for the merger.
 
Civil Bank and Civil Merchant Bittiya Sanstha are owned by the Civil Group while Axis Development Bank was formed following the merger of Pashupati Development Bank and Udyam Development Bank.
 
Civil Bank has a paid-up capital of Rs 2 arba, reserve and surplus of Rs 15.3 crore. It had posted a net profit of Rs 12.12 crore in the last fiscal year.