Global IME Q2 result: Profit Growth limit to 1.8%, earns Rs 54.18 crore

Global IME Bank Limited has posted a profit growth of meager 1.8 percent in the second quarter of the current fiscal year 2071/72.

According to an unaudited financial statement published today, the bank disclosed that it achieved a net profit of Rs 54.28 crore in the second quarter of the current fiscal year compared to the net profit of Rs 53.28 crore in the corresponding period of last fiscal year 2071/72.

The bank’s net interest income reached Rs 1.15 arba in the second quarter this year, which is a growth of 46.11 percent compared to the income of the same period last year.

While the bank was required to provision Rs 28.91 crore in the second quarter this year for the possible losses, it could manage to write back only Rs 17.84 crore that it had provisioned in the previous years for possible losses.

Global IME Bank observed a satisfactory growth in terms of deposit collection and loan supply during the review period. While the bank mobilized Rs 55.20 arba on deposit in the second quarter this year, it extended a total of Rs 47.56 arba on loans.

It had mobilized a total of Rs 36.97 arba on deposit and Rs 30.11 arba on loans in the corresponding period of the last fiscal year 2071/72.

The bank also managed to slash its non performing loan (NPL) to 2.57 percent in the second quarter from 3.22 percent in the corresponding period of last year.

The annualized earning per share (EPS) and the net worth per share of the bank stand at Rs 21.57 and Rs 137.75 respectively. The P/E ratio remained 24.48 times. 

ShareSansar, January 26:

Soaltee Hotel Limited is distributing 17.89% Cash Dividend warrant to its shareholders from (9th Magh, 2071).

Soaltee Hotel Limited is distributing 17.89% Cash Dividend warrant to its shareholders from (9th Magh, 2071).

Mega Bank conducting 4th AGM today; 12% bonus in offing

Mega Bank Limited is convening its 4th annual general meeting (AGM) today. The AGM is schedule to starts at 11:00 AM at Army Officer Club, Bhadrakali, Kathmandu.

It has already proposed 12 percent bonus share 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, appointment and approval of dividend declared by the BOD.

Mega Bank Limited has earned Rs 305.53 million net profit in the fiscal year 2070/71.

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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Allotment of NIBL Samriddhi Fund-I, 100% up to Rs 50,000 & 34.77% to rest

The allotment of ‘NIBL Samriddhi Fund-I’ -promoted by the Nepal Investment Bank and operated by Bank’s subsidiary NIBL Capital Limited- took place yesterday.

According to the NIBL Capital, it has allotted 100 percent to those who applied up to Rs 50,000 units and 34.77 percent for those who applied more.

The seven-year closed end NIBL Samriddhi Fund-1, the first mutual fund launched by NIBL Capital Limited and managed by Nepal Investment Bank Limited, has been oversubscribed by more than 3 times. The issue was closed on 21st Mangsir, 2071.

The mutual fund was originally offered 80 million units, but following a high number of applications for the mutual fund units priced at Rs 10, the fund manager allotted units worth Rs 1,000 million as allowed by the Mutual Fund Regulations 2067.

Out of total 100,000,000 units, 15,000,000 units or 15 percent of the total sold units has been allotted for the Nepal Investment Bank and NIBL Capital Ltd. together and the remaining 85,000,000 units was set aside for the general public.
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