StanChart Bank Nepal holds 33rd AGM

Kathmandu, December 9

The 33rd annual general meeting (AGM) of Standard Chartered Bank Nepal Ltd, chaired by Jitender Arora, chairman of the bank, was successfully held here today.

Standard Chartered recorded operating profit of Rs 3.48 billion and net profit of Rs 2.43 billion for the financial year 2018-19, as per a media release.

At the close of fiscal year, the bank was able to post a healthy growth of 19 per cent on its risk assets over the previous year to reach Rs 56 billion.

The bank also achieved a deposit growth of over 13 per cent vis-à-vis previous financial year to reach Rs 76.24 billion.

As proposed by the board of directors, the AGM approved payment of cash dividend of 22.50 per cent to the shareholders of the bank for financial year ended on July 16, 2019.

“There are still significant untapped opportunities in Nepal and we believe that our franchise is capable of much more here. Due to the stable economic growth and a young population, we remain excited over the prospects for Nepal given our international network across markets,” Arora has been quoted as saying.

“Our major focus, however, remains in revenue growth, improving our efficiency through the cost management process and exploring digital solutions.”

Standard Chartered Group holds 70.21 per cent and the general public has 29.79 per cent stake in Standard Chartered Bank Nepal Ltd.