NIBL to dis­trib­ute 40 per­cent div­i­dend

People's Review - - COMMENTARY - By Our Re­porter

The 31st an­nual general meet­ing (AGM) of Nepal In­vest­ment Bank Ltd (NIBL) held on Tues­day (24 Oc­to­ber) has de­cided to dis­trib­ute 40 per cent div­i­dend — 15 per cent share div­i­dend and 25 per cent cash div­i­dend — on its to­tal paidup cap­i­tal to the share­hold­ers. The AGM also elected Kabi Ku­mar Ti­bre­wal, Pra­janya Raj Bhan­dari, Surya Prakash Lal Shrestha and Prithivi Ba­hadur Pande as di­rec­tors rep­re­sent­ing pro­moter group, ac­cord­ing to a press re­lease is­sued by the Bank. In fis­cal year 2016-17, NIBL earned oper­at­ing profit of Rs 5.24 bil­lion be­fore pro­vi­sion as com­pared to Rs 4.13 bil­lion recorded in the pre­vi­ous year. The net profit of the bank grew by 22.1 per cent to reach Rs 3.11 bil­lion against Rs 2.55 bil­lion of the pre­vi­ous year. NIBL's paid-up cap­i­tal will reach Rs 10.62 bil­lion (af­ter is­sue of 15 per cent bonus shares in fis­cal 2016-17). NIBL's de­posits in­creased by 15.7 per cent to reach Rs 125.66 bil­lion, while to­tal lend­ing of the bank surged by 22.6 per cent to Rs 106.68 bil­lion in the re­view pe­riod. The bank has been striv­ing for growth, en­hanc­ing cus­tomer ser­vice ex­pe­ri­ence and strength­en­ing re­la­tion­ship with all its stake­hold­ers. NIBL has ac­quired Ace Devel­op­ment Bank to pro­vide con­sol­i­dated ser­vice to fur­ther en­hance cus­tomers' need and ex­pand na­tion­wide reach. The bank has a cus­tomer base of over 836,000 be­ing served through a net­work of 61 branches, 99 ATMs and four ex­ten­sion counters. To pro­vide en­hanced cus­tomer ser­vice to its cus­tomers, NIBL jointly with Nepal Elec­tric­ity Au­thor­ity (NEA) has agreed to make all pay­ments of elec­tric­ity bills through any NIBL branch and on­line bank­ing ser­vices from this year.

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