SCBN holds 31st AGM

KATHMANDU: The 31st annual general meeting (AGM) of Standard Chartered Bank Nepal (SCBN), chaired by Jitender Arora, chairman of the bank, was successfully held on Wednesday.

Standard Chartered has recorded an operating profit and net profit of Rs 1.98 billion and Rs 1.42 billion, respectively, for the financial year ended 2016-17, as per a press statement.

As at the close of fiscal year-end 2016-17, the bank was able to post a healthy growth of 25 per cent on its risk assets over the previous year to reach Rs 39.73 billion.  The bank also achieved a decent deposit growth of over 14.62 per cent vis-à-vis the previous financial year to reach Rs 63.87 billion.

As proposed by the board of directors, the AGM approved payment of cash dividend of 5.26 per cent (for tax purposes) and bonus shares at the rate of 100 per cent respectively to the shareholders of the bank for financial year ended July 15, 2017.