Following merger, Lumbini Bank starts distributing new share certificates
Thu, Jul 3, 2014 12:00 AM on Share Certificate,
ShareSansar, July 3:
Lumbini Bank Limited has started distributing new share certificates to the shareholders following the merger of Navadurga Finance Limited.
Issuing a notice Lumbini Bank Limited has informed that the new share certificates can be collected from the office of Citizens Investment Trust at New Baneshwore in Kathmandu from today.
It has also urged the shareholders of erstwhile Navadurga Finance to submit their share certificates to CIT to get the new certificate of Lumbini Bank.
CIT is the RTS of Lumbini Bank.
The emerged BFI had started the integrated trading from June 29 soon after Nepal Rastra Bank gave the final approval for the merger.
Both the BFIs had applied for the final approval of the central bank immediately after holding their special general meeting on May 23.
The merger has not only increased the number of branches and outreach of Lumbini, but also shored up its capital base.
Even before the merger, Lumbini Bank had reported 24.48 percent in its net profit in the third quarter of the current fiscal year 2070/71, owing to sound core business besides a huge write back amount.
Its net profit rose to Rs 14.54 crore by the end of third quarter, up from Rs 11.68 crore it posted in the corresponding quarter of the last fiscal year 2069/70.
The profit was largely fuelled by a massive write back of Rs 12.32 crore by the end of the third quarter though its net interest income increased almost marginally to Rs 36.17 crore as compared to Rs 35.04 crore at the end of the corresponding quarter end.
At the same time, Lumbini Bank has also provisioned Rs 16.75 crore for the possible losses in the quarter.
It mobilized Rs 13.40 arba in deposit and Rs 12 arba in loan as compared to Rs 9.66 arba in deposit and Rs 8.98 arba in loan in the corresponding quarter of the last fiscal.
Its EPS has now risen to Rs 11.21, net worth per share stands at Rs 134.22 and the P/E ratio is 24.98.
The bank had reported a slight rise of 9 percent in its net profit in the second quarter.
