Mahalaxmi Development Bank Limited successfully held its 24th Annual General Meeting (AGM) on Monday at the Tribhuvan Army Officers Club, Bhadrakali, Kathmandu, chaired by the bank’s chairman, Rajesh Upadhyay. The meeting reviewed and approved the bank’s financial statements for FY 2081/82, including profit and loss accounts, cash flow, equity changes, and other annual financial details.
The AGM approved a total dividend distribution of 10.37%, comprising 5.37% cash dividend and 5% bonus shares. Last fiscal year, the bank had distributed a 7% dividend.
The bank showed positive financial indicators for FY 2081/82. The base rate dropped from 9.39% to 6.94%, and the capital adequacy ratio increased from 14.93% to 17.06%. Total deposits reached NPR 56.22 billion, while loans and advances amounted to NPR 47.21 billion.
In the board of directors’ elections, three members from the founders’ group (A) — Rajesh Upadhyay, Sanjay Giri, and Sagar Mall representing Growing Pvt. Ltd.; and three from the public group (B) — Shyam Sundar Rungta, Rahul Agrawal, and Shalik Ram Aryal — were elected.
Chairman Upadhyay emphasized that the bank is committed to enhancing customer satisfaction, providing fair returns on investment, and delivering high-quality financial services. He also expressed gratitude to all shareholders and stakeholders for their continued support.
