Kathmandu, December 15, 2013
The fourth AGM of one of the newest commercial banks has endorsed 8.42 percent dividend, including 3 percent bonus shares, to the shareholders from the net profit it posted in the last fiscal year 2069/70.
After the issuance of the bonus shares, Janata Bank’s paid-up capital will rise to Rs 2.06 arba.
The fact that Janata Bank offered 8.42 percent dividend has come as a relief to the shareholders who were worried about the dividend since the bank had reported a significant loss in its first quarterly report published a few days back.
Janata Bank had reported a whopping 320 percent loss in its net profit releasing its unaudited first quarter report on November 17.
The commercial bank suffered a loss of Rs 5.98 crore in the first quarter of the current fiscal year 2070/71 compared to Rs 2.71 crore net profit in earned in the corresponding quarter last year.
Despite earning a net interest income of Rs 11.9 crore in the first quarter as against just 9.39 crore in the corresponding quarter, the profit was negated by a staggering foreign exchange loss of 8.82 crore.
However, it has posted a net profit of Rs 19.73 crore in the last fiscal year.
Its current EPS (annualized) stands at Rs -11.97 and net worth per share at Rs 108.40
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