Mahalaxmi Bikas Bank Limited held its 24th Annual General Meeting (AGM) on Monday in Kathmandu. Chaired by Rajesh Upadhyay, Chairman of the Board, the meeting took place at Tribhuvan Army Officers Club, Bhadrakali, and approved the total dividend of 10.37 percent proposed by the board of directors.
The AGM sanctioned a dividend distribution from the profit of FY 2081/82, comprising 5% bonus shares based on the paid-up capital and 5.37% cash dividend, including amounts for tax purposes. Last year, the bank had distributed a 7% dividend.
Shareholders unanimously approved the annual report, profit and loss statement, and other financial statements for the previous fiscal year. According to the bank, key financial indicators showed significant improvement this year. The base rate declined from 9.39% in the previous year to 6.94%, while the capital adequacy ratio increased from 14.93% to 17.06%. By the end of FY 2081/82, the bank’s total deposits reached Rs 56.22 arba, and loan investments stood at Rs 47.21 arba.
The AGM also elected a new board of directors for the next four years. From the founder group, Rajesh Upadhyay, Sanjay Giri, and Sagar Malla were elected, while Shyamsundar Rungta, Rahul Agrawal, and Shalik Ram Aryal were elected from the general public group.
In the first meeting of the newly elected board, Rajesh Upadhyay was re-elected as chairman. Chairman Upadhyay expressed commitment to incorporating shareholders’ suggestions and delivering high-quality banking services in the coming days.
This article was originally published on https://bajarkochirfar.com. Translated with the help of AI and reviewed by our editorial team.
