Subhechha Bikash Bank pledges 14.34% bonus share, 11.66% cash dividend

ShareSansar, October 30:

Subhechha Bikash Bank Ltd has announced 14.34 percent bonus shares and 11.66 percent cash dividend to its shareholders.

According to a notice published in Nepse’s website, the development bank’s 163rd meeting of the board of directors (BoD) held on Kartik 11 decided to propose the abovementioned dividend to its shareholders from the net profit it earned in the last fiscal year.

The dividend is, however, subject to the approval of Nepal Rastra Bank and its upcoming annual general meeting.

According to the unaudited financial statement of Chitwan-based development bank, its net profit has surged by 117 percent in the fourth quarter of the last fiscal year 2070/71 in comparison the previous fiscal year 2069/70.

Its net profit went up to Rs 3.87 crore, up from Rs 1.78 crore in the corresponding period of the previous fiscal year2069/70.

The heavy profit surge was mainly due to a heavy sum of money that the bank has able to manage to write back of provision set aside for the possible loss in the earlier years