Kamana Bikas Bank declares 21.58% stock dividend; Paid up to reach Rs 80.43 crore

Kamana Bikas Bank Limited (KMBL) has decided to distribute 21.58 percent stock dividend to its shareholders. As per the notice published in Nepal Stock Exchange (NEPSE) yesterday, the company’s BOD meeting held on Poush 4, 2073 has proposed 21.58 percent bonus share to its shareholders from the net profit it earned in FY 2072/73. The decision is subjected to approval from Nepal Rastra Bank and the development bank’s upcoming Annual General Meeting (AGM). KMBL had distributed 22.6 percent bonus share to its shareholders from the profit it made in the fiscal year 2071/72. Kamana Bikas Bank has earned net profit of Rs 3.58 crore in the first quarter of the current fiscal year 2073/74 as per unaudited report. It’s paid up capital remains at Rs 66.16 crore. After the issuance of 21.58 percent bonus share the paid up capital will rise to Rs 80.43 crore. Kamana Bikas Bank  and Sewa Bikas Bank Limited (SEWA) had signed Memorandum of Understanding (MOU) for merger process on Mangsir 10, 2073. Trading of both development banks has been halted in Nepal Stock Exchange Limited (NEPSE). Sewa Bikas Bank has paid up capital of Rs 42.55 crore. The development bank has earned net profit of Rs 2.64 crore in the first quarter of the current fiscal year 2073/74. SEWA has been issuing 120% (51, 06, 662 units) right share to its existing shareholders from Mangsir 23, 2073 till Poush 27, 2073. On Ashwin 17, 2073 Sewa Bikas Bank had proposed 19% bonus share to its shareholders from the profit it earned in the FY 2072/73. Also, Kamana Bikas Bank Limited (KMBL) has decided to distribute 30 percent right share to its shareholders. Earlier, Kamana Bikas Bank and Kaski Finance had merged to form a national level development bank, Kamana Bikas Bank Limited.