Standard Chartered proposes 16pc cash dividend; NIFRA's profit falls 20pc

Standard Chartered Bank has proposed a 16 percent cash dividend on paid-up capital for its shareholders.

The bank's board of directors, at a meeting held on Monday, decided to distribute this dividend from last fiscal year's profit. The bank said the proposed dividend includes the dividend tax. Shareholders will receive the amount only after approval from Nepal Rastra Bank and endorsement by the upcoming annual general meeting; the bank has not yet set a date for the AGM. The bank's paid-up capital stands at around Rs 10 billion. It had distributed a 19 percent cash dividend last year, and the year before that, 19 percent cash along with a 6.5 percent bonus share.

Separately, Nepal Infrastructure Bank (NIFRA)'s net profit fell by about 20 percent in the first quarter of the current fiscal year. According to the bank's unaudited financial report, NIFRA earned a net profit of around Rs 165 million in the first three months, down from about Rs 210 million in the same period last year. The report attributes the decline to net interest income falling nearly 8 percent to about Rs 340 million. NIFRA's annual earnings per share stand at about Rs 3, and net worth per share at about Rs 112. The bank's reserve fund holds around Rs 2.67 billion.