Mega Bank proposes nine percent cash dividend

ShareSansar, December 3:

Mega Bank Nepal Limited has proposed nine percent cash dividend to the shareholders from the net profit it earned in the last fiscal year 2069/70.

The 83rd BOD meeting of the young commercial bank has just taken the decision to this effect. However the proposed dividend is subject to the approval from Nepal Rastra Bank and the upcoming AGM of Mega Bank.

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.

One of the newest commercial bank also mobilized Rs 13.92 arba in deposit and Rs 12.99 in loan in the first quarter.

It had mobilized Rs 10.66 arba in deposit and Rs 10.22 arba in loan in the first quarter of the last fiscal year.

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.