Nepal SBI Bank to launch merchant arm; 22nd AGM endorses 27% stock dividend & right shares of Rs 2.6 arba

Nepal SBI Bank Limited successfully held its 22^nd Annual General Meeting today at Tribhuvan Army Officers' Club, Bhadrakali, Kathmandu. The AGM approved the Directors Report, Profit and Loss Appropriation Account along with Annual Financial Statements for FY 2071/72. During the year the Bank has been able to record an operating profit of Rs.1,630,332,826.00 and net profit of Rs.1,065,436,141.00. The meeting resolved to approve distribution of Bonus Shares @27.00 % and Cash Dividend @1.42% to its shareholders. Further, the meeting among others, adopted a Special Resolution for issuance of Right Shares up to face value of Rs.260 crore and resolved to delegate the authority to the Bank's Board to (a) fix premium price for the rights issue within the ceiling of net-worth per share as per the last audited financial statements (b) approve the ratio for issuance of shares on rights basis, issuance price and number of tranches for the rights issue keeping in view the strategic considerations and business opportunities at the time of issue of right shares. It was also informed to the shareholders in the AGM that the Bank has already decided to open a Merchant Banking Subsidiary under the style of 'Nepal SBI Merchant Banking Ltd.', the registration process of which has since been started.