Everest Bank amends it’s dividend as 30% stock & 5 % cash dividend

Everest Bank Limited (EBL) announces 30% stock dividend and 5 % cash dividend for its shareholders from the profit earned in the last fiscal year. BOD meeting of the bank held today has decided to propose 30% stock dividend and 5 % cash dividend to its shareholders which subject to the approval of the Nepal Rastra bank (NRB) and its upcoming AGM. Earlier the commercial bank had declared 6.58% cash dividend to its shareholders along with 30% bonus share. NRB through its latest Monetary Policy has ordained that all “A” class commercial Banks must have Capital of Rs. 800.00 crores within the next two financial years. Accordingly, with a view to strengthen the Capital base of the Bank, the cash dividend has been restricted to 5% as opposed to 6.58 % declared earlier in the month. Few Facts about Everest Bank At present the bank has a paid up capital of Rs 2.13 arba whereas after the issuance of bonus share its paid up capital will reach to Rs 2.77arba. In-spite of this background the net profit after making all provisions including tax has increased to Rs. 157.43 lacs (compared to Rs.154.97 crore during the financial year 2070/71). The net profit has been arrived at after providing provision for Gratuity amounting Rs. 17.22 Crore and additional increase in salary and prequisites from Falgun’2071 to approximately Rs.4.43 crore due to the fresh Agreement with the Union. The bank had provided 62 percent of dividend-which included 12 percent bonus shares and 50 percent cash dividend- to its shareholders from the net profit earned in the fiscal year 2070/71. EBL’s Highest EPS stand at 78.05% among all the banks in the country.It has the highest reserve of 245.60 % of the paid up capital.