Kathmandu: Siddhartha Bank Limited has proposed a dividend distribution for its ordinary and preference shareholders from the distributable profits and capital adjustment fund of Fiscal Year 2082/83.
The proposal was approved during the bank’s 482nd Board of Directors meeting held on Ashoj 1, 2083.
The bank has proposed a total dividend of 20 percent for its ordinary shareholders based on the existing paid-up capital. The proposed distribution consists of 10 percent bonus shares and 10 percent cash dividend.
Based on the current paid-up ordinary share capital of NPR 14,794,479,195, the bank has proposed 10 percent bonus shares worth NPR 1,479,447,920.
Similarly, a 10 percent cash dividend worth NPR 1,479,447,920 has been proposed. The cash dividend amount is inclusive of applicable taxes on the bonus shares and cash dividend.
8.25% Cash Dividend for Preference Shareholders
Siddhartha Bank has also proposed an 8.25 percent cash dividend on its NPR 3.50 billion preference share capital.
The proposed preference share dividend amounts to NPR 107,589,041. The dividend will be distributed proportionally based on the period from the preference shares’ allotment date to the end of Ashadh 2083. The proposed amount is inclusive of applicable taxes.
Dividend Subject to Regulatory and Shareholder Approval
The proposed dividends will be distributed only after receiving approval from Nepal Rastra Bank and endorsement by the bank’s upcoming Annual General Meeting.
Net Profit Reaches NPR 3.47 Billion
Siddhartha Bank reported a net profit of NPR 3.47 billion in FY 2082/83, an increase of NPR 110 million or 3.32 percent compared with the previous fiscal year.
Despite challenging market conditions, the bank maintained its non-performing loan ratio at 3.52 percent.
As of the end of Ashadh 2083, the bank’s paid-up ordinary share capital stood at NPR 14.79 billion, while preference share capital stood at NPR 3.50 billion. Its reserve funds amounted to NPR 18.58 billion.
Net Worth per Share Rises to NPR 224.89
The bank’s total net worth reached NPR 36.88 billion, representing an increase of NPR 5.91 billion compared with the previous fiscal year.
As a result, net worth per share rose to NPR 224.89 from NPR 219.77 in the previous fiscal year, marking a 2.33 percent increase.
The bank reported earnings per share of NPR 22.78, compared with NPR 22.76 in the previous fiscal year.
