15th AGM Decleared 30% cash Dividend and 30% Bonus ShareNovember 8, 2009
Everest Bank Ltd, a joint venture with Punjab National Bank, India, held its 15th Annual General Meeting at City Hall, Exhibition Marg, Kathmandu. The Annual General Meeting of the Shareholders approved among others, the declaration of 30% bonus shares and 30% cash dividend. The AGM also approved the financial statements ending 31st Asadh 2066. After providing provisions for income tax and statutory provisions there was a disposable net profit of Rs.63.87 crore compared to Rs. 45.12 crore last year- an increase of 41.60 %. The Bank was able to increase its deposits by more than 39% and advances by almost 30% during the year compared to the previous year. Similarly, the bank recorded a growth of 30.30% in operating profit to Rs. 107.35 crore from Rs. 82.39 crore in the previous year. Against the Paid-Up Capital by shareholders of Rs 63.88 crore, the shareholders’ fund now amount to Rs 262 crore- with Core Capital base of Rs 149.69 crore. Earning Per Share has surged to Rs99.99 from Rs 91.82. The overall better performance has enhanced the image of the bank. Asset quality improved by reduction of NPA to 0.48% from 0.68% in the previous year. This is one of the lowest NPA among the commercial banks in Nepal. The net NPA of the bank is minus 1.90% after provisioning. The Bank introduced in the country the branchless banking to cover villages with telephone lines. To begin with this has been introduced at Baglung in the western hills covering eight villages; at Bhaktapur in the valley covering five villages and at Nepalgunj with the terai covering six villages. The Bank intends to cover more and more villages with this revolutionary new technology. The Bank has received in principle approval from Nepal Rastra Bank to open an international branch in New Delhi. The Bank has now fully operative 35 branches, one of the largest network among the private sector bank in the country.