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