Laxmi’s 19th AGM

KATHMANDU: Laxmi Bank organised its 19th annual general meeting in Kathmandu, on Sunday.

The AGM approved the proposal of distribution of 10 per cent bonus shares and five per cent cash dividend on the current paid-up capital of the bank. With this, the paid-up capital of the bank will grow to Rs 9.81 billion after distribution of the bonus shares approved by the AGM.

The AGM discussed and approved the directors’ report and the financial statements for the financial year 2018-019. The AGM also ratified the appointment of directors representing promoter shareholders in the board of directors of the bank.

Laxmi Bank closed the financial year 2018-19 with a balance sheet size of Rs 106 billion and net profit of Rs 1.59 billion. All key financial indicators are well within prudential and regulatory norms, the bank said in a statement.

The bank’s liquidity ratios remained well above the statutory requirement throughout fiscal year 2018-19 reflecting the strength of its asset-liability management.