Mega Bank AGM on January 13; nine percent dividend guaranteed

ShareSansar, December 23:

Mega Bank Nepal Limited has decided to holds its third Annual General Meeting on January 13.

The AGM of the young commercial bank is due to endorse 9 percent cash dividend to the shareholders from the net profit it earned in the last fiscal year 2069/70.

The AGM to be held at Nepal Academy Hall is also scheduled to elect two directors from among the ordinary shareholders.

Incepted less than two years ago, Mega Bank had posted an impressive net profit of Rs.17.73 in the last fiscal year.

Mega Bank Nepal Limited had gone on to post an astounding 291 percent growth in net profit in the first quarter of the current fiscal year 2070/71.

Its net profit has surged to Rs 10.18 crore from Rs 2.60 crore in the corresponding quarter of the last fiscal year.

The profit was largely propelled by its core business as shown by its net interest income, which rose to Rs 19.54 crore in the first quarter, up from Rs 1.39 crore in the corresponding quarter.

However, its non performing loan has increased to 1.68 percent from 0.97 percent in the corresponding quarter of last fiscal year.

Its EPS annualized stand at Rs 16.98 and per share net worth at Rs 118.61.