Shine Resunga Development Bank proposed 10% bonus share & 12% cash dividend for FY 070/71

Shine Resunga Development Bank has proposed 10 percent bonus share and 12 percent cash dividend to its shareholders for the last fiscal year 2070/71. A meeting of the Board of Directors of the development bank decided to pledge its dividend .

The dividends proposed by the development bank us, however, subject to the approval of Nepal Rastra Bank and its upcoming AGM.

Shine Resunga had reported 86 percent net profit rise in the last fiscal year. As per unaudited financial report for the fourth quarter, the development bank based in Tamghas, Gulmi has stated that its net profit rose to Rs 16.19 crore up from Rs 8.73 crore at the end of the previous fiscal year 2069/70.

It may be noted that the development bank, which was formed earlier last year after a merger between Shine Development Bank Limited and Resunga Bikas Bank Limited, had pledged 20 percent bonus shares to the shareholders from the net profit it earned in the last fiscal year. After the distribution of the bonus shares, it had also issued rights shares at the ratio of 2:1 of the paid-up capital.- SSN