GIBL approves 9 per cent dividend

 Kathmandu, Dec. 14

The Global IME Bank Limited has passed the proposal to distribute 9 per cent dividend – 8 per cent cash and 1 per cent bonus share - from the profit of the Fiscal Year 2022/23.

Seventeenth Annual General Meeting (AGM) of the bank held in Kathmandu on Thursday has approved the proposal made by the company to distribute the dividend to its shareholders.

In the last FY 2022/23, the bank earned an operating profit of Rs. 12.69 billion making profit after tax at Rs. 6.69 billion. After the proposed bonus share distribution, the bank's paid-up capital will reach Rs. 36.12 billion.

Presenting the annual report of the bank at the AGM, Chairman of the Bank, Chandra Prasad Dhakal, said that Global IME Bank is determined to provide reasonable dividends to its shareholders in compliance with the policies announced by the Government of Nepal and Nepal Rastra Bank. He said that in the coming days, the bank will continue to grow in a balanced manner in other areas of business expansion as per its strategic plan.

Likewise, the AGM elected six directors unopposed, including three from the founding shareholders group and three from the general shareholders group. Chandra Prasad Dhakal, Ram Bahadur Bhandari and Radhesh Pant have been elected from the founding shareholders, while Narayan Prasad Poudel, Madan Lal Joshi and Krishna Prasad Sharma have been elected from the common shareholders.

Meanwhile, the first meeting of the Board of Directors held on Thursday reelected Chandra Prasad Dhakal as the Chairman of the bank. Dhakal is the president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI).

The bank's net interest income last year increased by Rs. 6.81 billion compared to the previous year. The bank's net profit increased by 34.99 per cent compared to the previous year, and stood at Rs. 6.69 billion rupees. In the same period, the bank collected deposits of more than Rs. 439 billion and mobilised more than Rs. 374 billion in loans.

GIBL has been providing banking services from more than 1100 service centers including 355 branch network in all 77 districts of the country, and 3 international contact offices. 

Published in The Rising Nepal daily on 15 December 2023.