Nepal SBI Bank’s declare 27 pc bonus; issuing Rs. 260 cr right shares in premium

The 386th meeting of the Board of Directors of Nepal SBI Bank Ltd. held on 17.12.2015 has approved the complete Financial Statement for the financial year 2071/72(2014-15). During the year the Bank has been able to record an operating profit (before possible loan loss provision) of Rs.1,746,973,780.00 and net profit of Rs.1,065,436,141.00. The Bank achieved 15.43% growth in net profit compared to the previous fiscal year.

The meeting resolved to approve distribution of Bonus Shares @27.00 % and Cash Dividend @ 1.42 %(for tax purpose) out of the net profit earned last year and the profit earned during previous years, subject to approval of NRB and upcoming 22nd AGM of the Bank.Further the meeting has also decided to move a Special Resolution to the forthcoming AGM for issuance of right shares upto face value of Rs. 260 crore and 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.

Nepal SBI Bank Ltd. Brief Profile: Nepal SBI Bank Ltd. is the first Indo-Nepal joint-venture bank promoted by State Bank of India and Employees Provident Fund (EPF). The Bank is rendering its services through 66 business outlets (including 3 Regional Offices once each in Biratnagar, Nepalgunj and Kathmandu) and 677 dedicated team of staff. The Bank has total 78 ATMs in different parts of the country. Bank's Performance Indicators (As on Ashad End 2072 B.S.): • Total Deposit: Rs.5,162.82 crores • Total Loans and Advances: Rs.4,047.18 crores • Net Profit: Rs.106.54 crores • Operating Profit (before Loan Loss Provision): Rs.174.69 crores • Capital Fund to Risk Weighted Assets (RWA): 14.03% • Non Performing Loans (NPL) to Total Loans: 0.19 % • Number of Accounts (Deposit & Advances): 568856