Western Dev. Bank proposes 10% stock dividend; Paid up capital to reach Rs 34.51 crore

Western Development Bank Limited (WDBL) has decided to distribute 10 percent stock dividend to its shareholders. As per the notice published in NEPSE today, the BOD meeting held today has proposed bonus share of Rs 3.13 crore (10 percent on current capital of Rs 31.39 crore) and 0.52 percent cash dividend for tax purpose to its shareholders from the net profit it earned in the last fiscal year 2072/73. The decision is subjected to approval from Nepal Rastra Bank and the development bank’s upcoming Annual General Meeting (AGM). Last year, WDBL had distributed 20 percent stock dividend and had issued 100% right share to its shareholders. Western Development Bank had earned net profit of Rs. 2.64 crore in the second quarter of the current fiscal year 2073/74. Its paid up capital stands at Rs 31.38 crore after issuance of 100% right shares. Also, after issuance of 10% bonus shares its paid up capital will reach Rs 34.51 crore. WDBL has been auctioning its 2.25 lakh units unsubscribed right shares from March 26 to April 2, 2017.