Lumbini Bank announced 6% bonus shares & 5% cash dividend for FY 2070/71

According to the bank, its board of directors (BoD) meeting held on Thursday proposed 6 percent bonus shares and 5 percent cash dividend to its shareholders from the net profit that it has earned in the last fiscal year 2070/71.

The decision of the BoD is however subject to the approval of the bank’s upcoming annual general meeting and Nepal Rastra Bank.

Lumbini Bank Ltd has posted a massive profit growth of 63 percent in the last fiscal year 2070/71 thanks to the heavy amount that it managed to write back by the fiscal year end.

According to the fourth quarterly report of the bank published recently, the net profit of the bank soared to Rs 24.33 crore, up from Rs 14.96 crore in the corresponding period of the previous fiscal year 2069/70.

The bank’s paid-up capital was below NRBs prescribed level of Rs 2 arba. However, after the adjustment of the proposed bonus shares, its paid up capital will rise to Rs 2,000,787,100 from the current Rs 1,887,535,000. - SSN