NCC & Kumari Bank separate AGM today; To endorse 16% & 11% stock dividend respectively

Nepal Credit and Commerce Bank Limited (NCCB) is holding its 18th Annual General Meeting (AGM) today (Falgun 28, 2072). The AGM is going to be held at Nirvana Hotel, Siddhartha Nagar, Rupandehi at 10 AM. The main agenda of the AGM are:

• To endorse 16 percent bonus share and 0.84 percent cash dividend (for tax purpose) to its shareholders from the net profit earned in the last fiscal year 2071/72. The fractional bonus share will be rounded to the nearest whole number.
• As per 16^th& 17^th AGM decision of merger/acquisition, memorandum of understanding (MOU) was signed on Mangsir 11, 2072 to Poush 27, 2072, for the same purpose the article of association and memorandum of association will be amended after the completion of merger/acquisition process.

• Authorize BOD to amend article of association and memorandum of understanding as per directed by registrar officer or the Nepal Rastra Bank.

Other main agendas of the AGM include financial highlights of 2071/72 and appointment of auditor. NCCB has earned net profit of Rs 24.68 crore in the second quarter of the fiscal year 2072/73. It’s paid up capital remains at Rs 2.02 arba. After distributing 16 percent bonus share it’s paid up capital will rise to Rs.2.34 arba. Likewise, Kumari Bank Limited (KBL) is convening its 15^th Annual General Meeting (AGM) today. The AGM is going to be held at Lainchor Banquet, Nepal Scout Compound, Lainchor, Kathnmandu at 11:00 AM. The main agenda of the AGM is to endorse 11 percent bonus share and 0.58 percent cash dividend (for tax purpose) to its shareholders from the net profit earned in the last fiscal years 2071/72. To provide rights to BOD for the amendment of article of association as per requirement to achieve the objective of bank. The others agendas of the meeting includes financial highlights of 2071/72 and appointment of auditor. Kumari bank has earned net profit of Rs 21.01 crore in the second quarter of the fiscal year 2072/73. It’s paid up capital remains at Rs 2.43 arba and after distributing 11 percent bonus share it’s paid up capital will rise to Rs.2.69 arba. Kumari Bank, Infrastructure Development Bank Ltd, International Development Bank, Apex Development Bank Ltd, Supreme Development Bank and Nepal Credit and Commerce Bank have signed a memorandum of understanding (MoU) to enter into a merger process. If the current merger process goes as planned, the paid-up capital of the merged entity will reach Rs 8.21 arba.