Kathmandu, December 4:

The 20th AGM of Standard Chartered Bank Nepal Ltd (SCBNL) has approved the payment of cash dividend for the year ended 16 July 2006 at the rate of Rs 130 per share (i.e130 per cent) and bonus share of one for each 10 shares held.

The bank has recorded an impressive revenue growth despite the challenging environment facing the country with an increase in its net profit after tax by 23 per cent over the last year to Rs 658.75 million, according to a press release issued by the company. Earning per share has been Rs 175.84 as compared to Rs 143.14 last year.

The Standard Chartered Bank Nepal Ltd (SCBNL) AGM was chaired by Jaspal Bindra, chairman of SCBNL and general manager, South and South East Asia of Standard Chartered Bank.

Speaking on the occasion Bindra stated “Our commitment to our shareholders to deliver superior returns has been the motivation in driving our performance. It is a testimony of the resilience of our organisation in terms of our management, people and business.” The bank has been the recipient of one of the most prestigious awards in the country in this financial year, as the Best Commercial Bank by The boss Top Ten Business Excellence Award and its CEO, Sujit Mundul was conferred with the award, ‘Manager of the Year-2005’ by the Management Association of Nepal (MAN).

Standard Chartered Group holds 75 per cent and the Nepalese public hold 25 per cent shares in Standard Chartered Bank Nepal Ltd.