34th annual general meeting of SCBN held

KATHMANDU: The 34th annual general meeting (AGM) of Standard Chartered Bank Nepal Ltd (SCBN), chaired by Jitender Arora, chairman of the Bank, was successfully held on Friday.

Considering the COVID-19 situation this year, the AGM was conducted in a hybrid model from The Everest Hotel, as per a media release.

Standard Chartered recorded an operating profit and net profit of Rs 2.85 billion and Rs 1.99 billion, respectively, for the financial year 2019-20. As at the close of fiscal 2019-20, the bank was able to post a growth of 3.1 per cent on its risk assets over the previous year to reach Rs 58 billion.

The bank also achieved a deposit growth of 30.2 per cent over previous fiscal to reach Rs 99.27 billion. As proposed by the board of directors, the AGM approved payment of cash dividend of 4.84 per cent and bonus shares of seven per cent to the shareholders of the bank for financial year ended July 15, 2020.

The 407th meeting of the board, held same day, also appointed Zarin Daruwala as the chairperson to the board of Nepal effective January 9, 2020, the release adds. Daruwala has been chief executive officer of Standard Chartered Bank, India since 2016. In a career spanning over 31 years she has worked across all areas of banking.