Summit Microfinance to hold its 6th AGM today; 38.95% dividend to be approved

Summit Microfinance Development Bank Limited (SMFDB) is convening its 6th annual general meeting (AGM) today. The AGM is schedule to starts at 8:30 AM at Agrasan Building, Birtamod, Jhapa.

It has already proposed 38.95 percent dividend – 26 percent bonus share and 12.95 percent cash – to its shareholders from the profit it earned in the last fiscal year 2070/71.The decision, however, is subject to the approval of Bank’s AGM.

The major agendas for the AGM are approval of financial statement of FY 2070/71 and approval of dividend declared by the BOD.

Summit Microfinance has earned net profit of Rs 1.4 crore and has paid up capital of Rs 2.8 crore.
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Nepal Investment to start distributing 15% bonus share certificate from Sunday

Nepal Investment Bank Limited (NIBL), one of the blue-chip companies, is distributing bonus share certificate to its shareholders from Poush 27.
 
NIB had endorsed 25 percent cash and 15 percent bonus shares to the shareholders from the net profit it earned in the last fiscal year 2070/71.
 
NIB already distributed 25 percent cash dividend to its shareholders back in Kartik, 2071.
 
The cash dividend would be distributed from 09:30 AM to 3:00 PM Sunday through Thursday and from 09:30 AM to 01:00 PM on Friday at its RTS, NIBL Capital Limited located in Lazimpat, Kathmandu, according to a notice issued by the bank today.
 
The company has published the list stating the distribution date as per the shareholders numbers.

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NRB again collecting Rs 10 billion from BFI’s; last auction rate stood at 0.1561%

Nepal Rastra Bank (NRB) is again collecting Rs 10 billion from the banks and financial institutions (BFIs) through deposit auction instrument for 3 month period. This is the eight time NRB is using this instrument to absorb liquidity.

On January 7, 2015 only NRB collected Rs 10 billion from BFI’s. The weighted average deposit auction stands at 0.1561 percent. This rate clearly signals that BFI’s is flooded with liquidity.

The central regulatory bank had introduced this new instrument through its Monetary Policy for Fiscal Year 2014/15 after its other short-term instruments, including frequent reverse repos, failed to resolve the liquidity surplus problem in the banking system.

Though BFIs can count their deposit in NRB as the statutory liquidity ratio (SLR), the returns to them have remained negligible so far due to the competitive bidding process.

The interest rates of the deposit auction are fixed through the auction.

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