Innovative Dev Bank announces 17.86% bonus shares; dividend first time after going into public

ShareSansar, October 21:

Innovative Development Bank Ltd has announced 17.86 percent bonus shares to its shareholders.

According to a disclosure made by the Nepse in its site, the Rupandehi based development bank’s board of directors (BOD) meeting held on last Monday decided to recommend 17.86 percent stock dividends to its shareholders plus 0.94 percent cash dividend for the tax purpose.


According to Tirtha Mani Kafle, company secretary of the bank, the dividend to the shareholders is the first time after the bank floated its shares to the public. The bank had floated its Initial Public OFfering (IPO) back on September 2012.

The decision is, however, subject to the approval of Nepal Rastra Bank (NRB) and bank’s upcoming annual general meeting.

Innovative Development Bank Limited has posted 78.8 percent rise in net profit in the last fiscal year 2070/71. According to the unaudited financial report for the fourth quarter, the development bank’s net profit surged to Rs 2.70 crore in the last fiscal year from Rs 1.51 crore in the previous fiscal year 2069/70.

The profit was mainly fueled by the core business of the company as the net interest income has jumped to Rs 6.39 crore up from Rs 4.29 crore.