Shangri-la Bank proposes 11% dividend

KATHMANDU, Feb 27:

Pokhara-based Shangri-la Development Bank has proposed to give away 11 percent cash dividend from the profit generated in the fiscal year 2011/12, says a statement issued by the bank. The proposal, which has already been endorsed by the bank´s board of directors, will now be forwarded to Nepal Rastra Bank for approval. The proposal will then have to be approved by the bank´s annual general meeting.

The bank, which has a paid-up capital of Rs 320 million, had given away 10 percent cash dividend in the fiscal year 2010/11, reads the statement. The bank collected deposits of Rs 2.77 billion and extended loans of Rs 2.41 billion till the first half of the current fiscal year to mid-January. The bank generated an operating profit of Rs 52.3 million during the period.

Source: Republica