Lumbini Bank to give 8 % bonus shares, AGM on Jan 10

Lumbini Bank Limited is holding its 16th Annual General Meeting on January 10. The AGM to be held in Narayanghat is due to endorse eight percent bonus shares to the shareholders from the net profit the commercial bank posted in the last fiscal year 2069/70.

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 on Wednesday.

Following the decision of these two BFIs to merge, Nepal Stock Exchange Limited has even suspended the trading of Manjushree’s shares from Thursday.

“We will decide about the swap ratio only after we prepare the DDA report,” said a senior official with the commercial bank.

Manjushree had posted a net profit of Rs 2.73 crore in the last fiscal year 2069/70.- sharesansar