Banking News – The 42nd Annual General Meeting of Nabil Bank Limited has concluded. The Annual General Meeting passed a proposal to distribute a total of 15.80 percent dividend 5 percent bonus shares and 10.80 percent cash to ordinary shareholders from the profit of fiscal year 2082/83.

The Annual General Meeting held on Thursday at the Tribhuvan Army Officers Club, Bhadrakali, under the chairmanship of bank Chairman Nirvana Kumar Chaudhary, passed the proposal to distribute the said dividend after the recommendation of the Board of Directors and approval of Nepal Rastra Bank. The meeting also passed a proposal to provide 8 percent dividend to irredeemable cumulative preference shareholders.

After the distribution of bonus shares, the bank’s paid-up capital has reached more than Rs 33 arab 40 crore, according to the bank. In fiscal year 2082/83, Nabil Bank earned a net profit of Rs 7 arab 91 crore. During the review period, the bank’s deposit liabilities increased by Rs 69 arab 67 crore, or 13.06 percent, to reach Rs 6 kharb 2 arab 93 crore.

Similarly, the bank’s loans and advances increased by Rs 51 arab 68 crore, or 12.15 percent, to reach Rs 4 kharb 76 arab 87 crore. The bank’s total balance sheet size also increased by 15.38 percent to reach Rs 7 kharb 34 arab 76 crore.

At the Annual General Meeting, Chairman Chaudhary stated that Nabil Bank has been modernizing and expanding banking services, keeping institutional governance and customer satisfaction as high priorities. He stated that the bank has been playing an active role in social responsibility as well, respecting the rights and concerns of its shareholders, customers, regulatory bodies, employees, and other stakeholders.

The Annual General Meeting unanimously elected Nirvana Kumar Chaudhary, Malay Mukherjee, and Syed Mansur Mustafa to the Board of Directors from the founder shareholder side. According to the bank, Nabil currently provides banking services to more than 28 lakh customers through 262 branches and 316 ATMs across the country. Nabil Bank, which has been providing banking services for four decades, has recently prioritized sustainable and digital banking and brought “NBank” into operation. The bank has also set the goal of becoming an “AI Ready Bank” by 2030.

Similarly, the bank has stated that it has revised its vision and mission and moved forward with the concept of five “T”s based on the five elements —Trust, Transparency, Talent, Technology, and Transformation. During the inauguration of the Annual General Meeting, the bank also organized a cultural presentation with the objective of promoting original culture. The bank has expressed gratitude to shareholders, regulatory bodies, customers, employees, and all concerned for their support in successfully concluding the Annual General Meeting.