Six months after pledging it, PCBL starts distributing 10% bonus shares

ShareSansar, June 19:

The long wait is finally getting over. Prime Commercial Bank starts distributing 10 percent bonus share certificates to the shareholders from the net profit it posted in the last fiscal year 2069/70.

Though the bank’s Annual General Meeting held back in January had endorsed 15 percent dividend, including 10 percent bonus shares, to the shareholders, the bonus shares were delayed to various reasons, including too many issues being handled by Civil Capital Market Limited, the issue manager.

The commercial bank had posted a hefty growth in profit in the fiscal year of 2069/70 — a 78.06 percent rise compared to the net profit it made in the previous fiscal year of 2068/69.

The bank earned a profit of Rs 47.97 crore in the last fiscal year as against Rs 26.94 crore reported in the previous fiscal year.

The bonus shares are expected to be listed for trading toward the first week of July, according to officials concerned.