Lumbini Bank endorses 8% bonus shares & .46% cash dividend

The 16th Annual General Meeting of Lumbini Bank Limited held on Friday has formally endorsed 8 percent bonus shares and 0.46 percent cash dividend to the shareholders from the net profit the commercial bank posted in the last fiscal year 2069/70.

During the AGM held at the Chitwan chapter of FNCCI in Narayangarh, the bank management also informed that bank's paid-up capital has soared to Rs 1.72 arba.

The commercial bank had posted a net profit of Rs 14.95 crore in the last fiscal year.

Notably, the bank had reported a nominal rise in net profit of 1.2 percent in the first quarter of the current fiscal year 2070/71 as it earned a net profit of Rs 2.48 crore, down from Rs 2.45 crore in the corresponding quarter of the last fiscal year.

Lumbini’s non performing loan has, however, marginally risen from 1.17 percent to 1.67 percent in the first quarter.

Its net worth per share stands at Rs 137.85 and its EPS (annualized) at Rs 6.20.

It may be noted that Manjushree Finance Institution Limited has signed a MoU to merge with Lumbini Bank Limited in December.

Manjushree had posted a net profit of Rs 2.73 crore in the last fiscal.-SSN