Kumari Bank endorses 14% bonus share

Kumari Bank Limited’s 13 Annual General Meeting has formally endorsed 14 percent bonus shares and 0.74 percent cash dividend to the shareholders from the net profit it posted in the last fiscal year 2069/70.

The AGM held in the capital has also elected four directors among the promoter shareholders and one public director.

Incumbent chairman Noor Pratap Rana and directors Uttam Prasad Bhattarai and Naresh Dugar have been relected to the Board of Directors from among the promoters.
Similarly, Santosh Kumar Lama has also been elected as a new director from among the promoters.

Puna Ram Bhandari has been elected as the public director.

The tenure of the promoter directors will be four years at the most and the tenure of the public director to be elected through the AGM will be three years at the most in line with the tenure of the two public directors earlier elected to the board.

Kumari Bank Limited had posted 5.82 percent growth in profit in the last fiscal year.

The bank made profits of Rs 29.15 crore, a slight growth over Rs 27.55 crore reported in the previous fiscal year.

It has also posted notable profit by the end of the third quarter

It posted 14 percent net profit by the end of the third quarter, especially from the write back of Rs 3.45 crore and non operating income of Rs 34.58 lakh though the bank’s net interest income has decreased from Rs69.36 crore to Rs 58.71 crore by the end of the third quarter.

During the AGM, the bank officials informed that they plan to mobilize Rs 29.34 arba in deposit and Rs 24.57 arba in loan by the end of the fiscal year.

The bank with 28 branches, two extension counters and 39 ATMs also plans to add eight more branches in near future. It is also building its own building at Naxal in Kathmandu.

Kumari Bank Limited had posted 5.82 percent growth in profit in the last fiscal year. -SSN

Mount Makalu Development Bank floats its IPO

Mount Makalu Development Bank has issued its Initial Public Offering (IPO) of Rs 60 lakh from 11th April 2014.

Of the total 60,000 units of primary shares being floated, 3,000 units have been earmarked for the mutual fund, 1,200 units for the staff and the rest for the general public.

The IPO will close on April 16 at the earliest if oversubscribed otherwise it will continue till April 25.

Growmore Merchant Banker Limited is managing the IPO.

This IPO is also expected to attract many inventors due to its sound financial statement.

The bank’s net worth per share during last fiscal year is Rs.140 and earning per share is Rs.13.43 which indicates sound financial statement.

After the issuance of IPO, the bank’s paid-up capital will be Rs.2 crore. Credit rating for this IPO is not necessary due to its capital which is less than 2 crore.

Securities Board of Nepal had approved of the IPO in February 17.

Mount Makalu Development Bank is based in Basantapur VDC of Terhathum District.

The Bank was registered in Company Registrar Office on 2066 Mangsir 19th as a Public Limited Company with limited liability on shares.

Similarly it received permission from Nepal Rastra Bank to conduct financial transaction on 2067 Ashad 30th with financial institution of "B" Class (One District) with its activities in Terhathum district.

The bank has started its financial transaction on 2067 Shrawan 5th from its head office at Basantapur, Terhathum.- SSN

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Laxmi Bank likely to offers 25% right shares along with15% bonus shares

Laxmi Bank Limited has decided to offer 25 percent right shares, besides 15 percent bonus shares it had pledged to the shareholders from the net profit it posted in the last fiscal year 2069/70.

A meeting of the Board of Directors of the commercial bank held today took the decision also to offer the right shares so as to raise its paid-up capital, a highly placed source privy of the development told.

Century Commercial Bank IPO allotted @ 7.95 & 3.09%; View Online Results

The Initial Public Offering (IPO) worth Rs 92 crore issued by Century Commercial Bank Limited has been allotted today at the office of the commercial bank at Putalisadak in Kathmandu.

The IPO was allotted at 10:00 AM at 7.90percent to retail investors who had applied up to Rs 50,000 and at  just 3.09 percent to big investors.

This means that the smaller investors have benefitted more from the allotment as has been the policy of the regulator and the key stakeholders in the market.

The allotment model was designed in such way also because there were more applicants who applied for more than Rs 50,000.

Century Commercial Bank IPO allotment: 7.9% to small group, 3.09% to big ones; upto Rs 12k in lottery

The Initial Public Offering (IPO) worth Rs 92 crore issued by Century Commercial Bank Limited will be allotted on March 3 at the office of the commercial bank in Kathmandu, according to highly placed sources privy of the development.

The reliable sources also informed that the IPO allotment model is such that the IPO will be allotted at an impressive 7.90percent to retail investors who had applied up to Rs 50,00 and at  just 3.09 percent to big investors.