Banks' annual general meetings conclude, dividend proposals passed

The annual general meetings of Machhapuchchhre Bank, Kumari Bank and Citizens Bank International have passed proposals to distribute dividends from fiscal year 2082/83 profits.

The 28th AGM of Machhapuchchhre Bank, held in Pokhara, approved a 6 percent dividend including tax on paid-up capital, comprising 3 percent cash and 3 percent bonus shares. After the bonus shares, the bank's ordinary paid-up capital will reach Rs 12.45 billion, and Rs 15.45 billion including preference shares.

The meeting elected Roshan KC, Mukunda Mahat and Kriti Mahato as directors from the promoter shareholders' side, and Bishwa Prakash Gautam from the general public side, unanimously. The subsequent board meeting re-elected KC as chairman for the next four years.

The 26th AGM of Kumari Bank, held in Kathmandu on Asoj 28, passed a dividend of about 2.11 percent including tax.

The 20th AGM of Citizens Bank approved a 4 percent dividend comprising 3.80 percent bonus shares and 0.20 percent cash for tax purposes. Accordingly, the bank will distribute dividend worth around Rs 620 million. The meeting was held under the chairmanship of board chairman Prabal Jung Pandey. The bank said it has been distributing dividends continuously since fiscal year 2065/66.