BoKL AGM held

KATHMANDU: The 22nd annual general meeting of Bank of Kathmandu Lumbini Ltd (BoKL) has approved the proposal to distribute 23 per cent bonus shares to its shareholders.

After merger of erstwhile Bank of Kathmandu Ltd and Lumbini Bank Ltd last financial year, the bank has been successful in booking operating profit of Rs 992.6 million and net profit of Rs 655.2 million in fiscal year 2015-16.

Total deposit at the end of fiscal 2015-16 reached Rs 67.84 billion whereas net loan reached Rs 58.22 billion.

To comply with the condition of Nepal Rastra Bank (NRB) that required the bank to propose a suitable name acceptable to NRB and have it ratified in the AGM, a special proposal to change its name from ‘Bank of Kathmandu Lumbini Ltd’ to ‘Bank of Kathmandu Ltd’ has also been approved.

Further, to raise shareholding of promoters to minimum 51 per cent, a special resolution for issuance of additional promoter share of 6.28 million units was also approved.