Siddhartha Bank Ltd announced 12% bonus shares & 11.16% cash dividend for 2070/71

Siddhartha Bank Ltd has announced 23.6 percent dividend to its shareholders from the net profit it has earned in the last fiscal year 2070/71.
According to the bank, 217th meeting of its board of directors (BoD) held on Monday decided to propose 12 percent bonus shares and 11.16 percent cash dividend to their shareholders.

The decision of the BoD is, however, subject to approval from the NRB and bank’s upcoming AGM.

If the proposed bonus shares of the bank is approved, the bank will be able to maintain its paid up capital of Rs 2 arba as prescribed by the central regulatory bank.

After adjustment of 12 percent bonus shares, the bank’s paid-up capital will reach Rs 2.03 arba from current paid-up capital of Rs 1.81 arba.

Siddhartha Bank Ltd (SBL) has posted a profit rise of 64 percent in the last fiscal year 2070/70 thanks to the massive write back of the loan provisioned earlier.

According to the unaudited financial result of the bank, its net profit has jumped to Rs 79.15 crore, up from Rs 48.26 crore at the end of the previous fiscal year 2069/70.

The Bank had distributed 22% dividend --10.11 percent cash dividend and 12 percent bonus shares--to its shareholders from the net profit the commercial bank posted in the last fiscal year 2069/70. -SSN