Country Development AGM on Baisakh 17; offers 12% cash, 4% bonus shares

ShareSansar, April 6:

Country Development Bank Limited is going to conduct its 7th Annual General Meeting on Baisakh 19, 2072.  

The company’s Board of Directors have proposed 12 percent cash dividend and 4 percent bonus shares for the shareholders from the net profit it earned in last fiscal year 2070/71.

The AGM will be held at Banepa Party Venue, Banepa, Kavre, at 10:30 am.

The other agendas of the meeting include financial highlights of 2070/71, appointment of an auditor, increment of capital and also to amend the article of association.

The article of association would be amended for converting 19% of the promoter shares, which currently stands at 70 percent, into ordinary shares.

After the conversion, promoter-public ratio at the bank will change to 51% to 49%.

Country Development Bank Limited had posted net profit of Rs. 10.62 million in its 2nd quarter of the fiscal year 2071/72. Meanwhile, in its yearly report, Country Development Bank has stated that it earned a net profit of Rs 3 crore 47 lakh 4 thousand in the fiscal year 2070/2071.

During the period, its deposits rose by 7.44% to Rs 1 arba 30 crore 91 lakh 33 thousand and its loans and advances increased by 10.31% to RS 125 crore 74 lakh 28 thousand.

The development bank’s non-performing loans stood at 1.93%.