Kathmandu. The 24th Annual General Meeting (AGM) of Mahalaxmi Bikas Bank has approved the dividend. The meeting held on Sunday approved the dividend given to the shareholders of the bank.

The bank had proposed a dividend of 10.37 per cent from the profit of the last fiscal year. The company has proposed 5.37 per cent cash dividend (including tax) and 5 per cent bonus shares. In the previous fiscal year, the bank had paid 7 percent dividend.

The meeting was presided over by Rajesh Upadhyaya, chairman of the board of directors of the bank.

The meeting has approved the financial statements related to the balance sheet up to Ashad end of 2082 and the profit or loss account for the fiscal year 2081÷082 as well as the cash flow statement÷, profit and loss allocation account, changes in equity and other financial statements for the same period.

The overall financial indicators of the bank at the end of FY 2081÷÷82 have seen a positive change compared to FY 208081. At the end of FY 2080÷81, the base rate was 9.39 percent, which was 6.94 percent at the end of FY 2081÷82.

The capital fund adequacy ratio has improved significantly from 14.93 percent to 17.06 percent. At the end of FY 2081÷82, the bank’s deposit stood at Rs 56.22 billion, while loans and loans stood at Rs 47.21 billion.

As per the AGM, Rajesh Upadhyaya, Sanjay Giri and Sagar Malla have been elected from the promoter shareholder group (A) and 3 from the general public.

Similarly, Shyam Sundar Rungta, Rahul Agrawal and Shalik Ram Aryal have been elected from the Public Shareholders Group (B). The newly elected Board of Directors has elected Rajesh Upadhyay as the Chairman of the Board of Directors.