Mega Bank elects two BoD members unanimously ahead of AGM on January 13

ShareSansar, January 8:

Mega Bank Nepal Limited has elected a couple of members to its Board of Directors unanimously.

Though the third Annual General Meeting of the young commercial bank is slated for January 13, the bank got two BoD members from the public after there were only three applications for the BoD berths and one of the even withdrew recently, according to bank officials.

The unanimously elected BoD members are Chet Narayan Pandey and Dipendra Agrawal.

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.

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.