Prabhu Bank re-proposes 8% bonus for shareholders after meeting regulatory requirement; Paid-up capital to reach Rs 8.89 arba

As per the notice published in NEPSE today, Prabhu bank (PRVU) has proposed 8% bonus shares and 0.42% cash dividend (for tax purposes) from the profit of FY 2074/75.

Prabhu bank, from its 135th Board meeting, had endorsed 5% bonus and 5.263% cash for the shareholders. However, upon seeking approval from NRB they were asked to add Rs 17,04,60,679 into regulatory reserve requirement before distributing the dividend.

Hence, after adding the said amount, the distributable profit of Prabhu Bank stands at Rs 75,51,17,042. Based on this figure, the bank has proposed 8% bonus shares (worth Rs 65,87,15,882) and cash dividend of Rs 3,46,69,257 for tax purposes.

The decision of the bank is subject to approval from the upcoming AGM and Nepal Rastra Bank (NRB).

After the adjustment of 8% bonus shares, the paid-up capital of the bank will reach Rs 8.89 arba.

The PRVU has reported  73.32% growth in the net profit in the second quarter of the FY 2075/76.

The net profit of the bank stands at Rs 1.04 arba and free profit at Rs 1.08 arba till this quarter.