Kumari Bank approved cash dividend

Kumari Bank’s 13th AGM held

April 30, 2014, 5:45 p.m. Published in Magazine Issue: Vol: 07 No. -20 April 18- 2014 (Baishakh 5, 2071)

The 13th Annual General Meeting (AGM) of Kumari Bank Limited held recently and approved 14% bonus share and 0.74% cash dividend to its shareholders as proposed by the Board of Directors.

Amongst Founder Shareholders,  Noor Pratap J.B. Rana, Santosh Kumar Lama, Uttam Prasad Bhattarai and  Naresh Dugar; and from General Shareholders,  Punaram Bhandari have been elected unopposed respectively.

While talking about the overall progress of the Bank, the Chairman,  Noor Pratap J.B. Rana stated that the Bank has had a significant increment in the financial business. Analyzing the financial statement of review period, the Bank has continually grown  because of which, compared to the previous FY, the Bank’s balance sheet size has grown by 12.30% reaching Rs. 28.22 billion.

During the review period, the Bank has gained significant growth in loans, investments and deposits which reached NPR 20 billion, NPR 4 billion and NPR 25 billion which is a growth of 11.15%, 40.62% and 15.16% respectively. Operating Profit before Provision for Loan Loss has increased by 26.73%. The Bank paid NPR 123 million as corporate tax to the Government during the review period.

According to the press release of Kumari Bank, from the meeting, the chairman assured the Bank’s commitment in continuously providing quality products and services to its customers, special focus in good corporate governance, excellent management and overall progress and growth of the Bank.

The Bank presently has 28 branches, 2 extension counters, 39 ATMs and the Bank plans on adding 8 more branches.

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