Manaslu Bikas Bank proposed 10.05% Bonus share & 0.5% cash dividend

Manaslu Bikas Bank Ltd has propose 10.05 percent Bonus share and 0.5% cash dividend (for tax purpose) to its shareholders from the net profit it posted in the last fiscal year 2071/72.

A meeting of Board of Directors of the development bank based in Gorkha took the decision to this effect today.

It is an impressive dividend considering the fact that it is a new development bank, which had floated its Initial Public Offering (IPO) just a year ago.

The dividend is, however, subject to the approval of Nepal Ratra Bank and its upcoming AGM.

Manaslu had reported a massive profit growth of 294 percent by the end of the fourth quarter of the last fiscal year 2070/71

According to the unaudited financial report for the fourth quarter, the development bank has stated that its profit has risen from merely Rs 38.31 lakh to Rs 1.51 crore in the previous fiscal year 2069/70.

Owing to sound business, its net interest income has risen to Rs 4.08 crore up from Rs 2.10 crore.

It has managed such an impressive profit despite provisioning Rs 31.87 lakh for possible loss at the end of the fourth quarter. It also has reported no non-performing loan in the last fiscal year as in the previous one.- SSN