Sunrise Bank endorses 11% bonus share; elects public directors

ShareSansar, May 5:

Sunrise Bank Limited held its 6th Annual General Meeting in Kathmandu yesterday.

The annual event held at the City Hall in the Exhibition Road formally endorsed 11 percent bonus share and 0.57 percent cash dividend to its shareholders from the net profit the commercial bank posted in the last fiscal year 2069/70.

The bank had announced the book closure for the bonus shares on April 10. This means that those who hold the shares of the company till April 9 will be entitled for the bonus shares.

The AGM also elected two public directors to represent ordinary shareholders in the bank’s Board of Directors, besides reappointing Shreenivas Sharada to the BoD.Dipak Prasad Bhattarai and Dipak Nepal have been elected unopposed as the public directors.

The bank has also decided to issue 10 percent right shares after the bonus shares adjustment in balance sheet.

After the issuance of the bonus shares, the bank’s existing paid-up capital of Rs 2.01 arba will rise to Rs 2.23 arba and it will further rise to Rs 2.46 arba after the right issue.  

The AGM also endorsed a plan to convert 19 percent promoters share to ordinary share.

Addressing the function, chairman of the bank Motilal Dugar informed that the bank registered an operational profit of Rs 3.90 arba by the end of the second quarter, up from just Rs 2.90 arba in the corresponding quarter of the last fiscal year.

He also informed that the commercial bank with 51 branches will open yet another branch in Lahan in the current fiscal year.

Sunrise Bank had posted a net profit of Rs 32 crore (approx.) in the last fiscal year whereas till the second quarter of this fiscal year its net profit is Rs.20.58 crore, which signals that the bank is able to make a healthy growth in its net profit in this fiscal year too.

It may be noted that Sunrise Bank had distributed 5.26 percent cash dividend for the previous fiscal year 2068/69.