Kumari Bank AGM today to endorse 14% bonus share, elect 5 directors

ShareSansar, April 30:

Kumari Bank Limited is holding its Annual General Meeting today.

The 13th AGM is due to endorse 14 percent bonus shares to the shareholders from the net profit it posted in the last fiscal year 2069/70.

The bank has also pledged 0.74 percent cash dividend to cover the taxes on the pledged bonus share.

The AGM will also elect four directors among the promoter shareholders and one public director.

The tenure of the promoter directors will be four years at the most and the tenure of the public director to be elected through the AGM will be three years at the most in line with the tenure of the two public directors earlier elected to the board.

Kumari Bank Limited had posted 5.82 percent growth in profit in the last fiscal year.

The bank made profits of Rs 29.15 crore, a slight growth over Rs 27.55 crore reported in the previous fiscal year.

It has also posted notable profit by the end of the third quarter
 
It posted 14 percent net profit by the end of the third quarter, especially from the write back of Rs 3.45 crore and non operating income of Rs 34.58 lakh though the bank’s net interest income has decreased from Rs69.36 crore to Rs 58.71 crore by the end of the third quarter.

Its non performing loan has decreased from 4.83 to 3.69.