BoK’s 21st AGM held

KATHMANDU: The 21st annual general meeting (AGM) of Bank of Kathmandu (BoK) was held on Tuesday, with the meeting approving distribution of 26 per cent bonus share and 1.3684211 per cent cash dividend for tax purpose on proposed bonus shares to its valued shareholders. The bank managed to earn operating profit of Rs 131 million, out of which net profit stood at Rs 334 million during the fiscal year 2014-15. While highlighting the bank’s overall progress in the fiscal 2014-15, BoK Chairman Satya Narayan Manandhar stated that the total deposits at the end of the fiscal year summed to Rs 39.46 billion, an increment of 15.65 per cent in comparison to corresponding figure of previous fiscal. Similarly, loans and advances increased by 15.66 per cent at the end of the fiscal year 2014-15 with total lending of Rs 33.39 billion. The AGM also approved the proposal of merger between BoK and Lumbini Bank Ltd, further to which the bank will be renamed as ‘Bank of Kathmandu Lumbini Ltd’ post-merger. Similarly, the swap ratio of share between the two banks has been finalised and approved where one share of Lumbini Bank Ltd equalises 0.8281 of BoK.