Muktinath pledges 38% bonus share, 1.9% cash; Purnima 25% bonus share

ShareSansar, September 14:

Muktinath Bikas Bank Limited has proposed awesome 38 percent bonus shares and 1.9 percent cash to cover the taxes on the bonus shares to its shareholders from the net profit it posted in the last fiscal year 2070/71.

A meeting of the Board of Directors of the Pokhara-based development bank has just taken the decision to this effect.

Muktinath has been lavishing rewarding its shareholders over the recent years.

Apart from doling out 27.5 percent dividend –20 percent bonus shares and 7.5 percent cash—to the shareholders from the net profit it earned in the previous fiscal year 2069/70, it had also pledged 10:3 right shares.

According to the fourth quarterly report, Muktinath has posted 55 percent rise in net profit in the last fiscal year 2070/71.

One of the most-sought-after development banks has stated that its net profit rose to Rs 15.19 crore by the fourth quarter end, up from Rs 9.80 crore in the corresponding quarter of the previous fiscal year 2069/70.  The profit was by and large fuelled by its core business.

Meanwhile, the Bhairahawa-based Purnima Bikas Bank Limited has also proposes 25 percent bonus share to its share holders.

Purnima had earned an operating profit of Rs 5 crore 53 lakh 58 thousands in the last fiscal year, which is 104.7 percent rise in the profit as compared to the previous fiscal year.

Purnima had offered 14 percent dividend, including 10 percent bonus share for the previous fiscal year.

The dividends proposed by these two BFIs are, however, subject to the approval of the central bank and the upcoming AGM of the banks.