GIBL’s 17th Annual General Meeting held

KATHMANDU: The 17th Annual General Meeting (AGM) of Global IME Bank Limited (GIBL) was held in Kathmandu on Thursday.

The General Assembly passed a proposal to pay a total dividend of 9% from the overall profit of the fiscal year 2079/080, which the bank gave to its shareholders in the form of an 8% cash dividend and a 1% bonus.

The General Assembly approved the annual report and integrated financial statement presented by the bank’s chair, Chandra Prasad Dhakal, on behalf of the board of directors, as well as the proposal to distribute bonus shares and cash dividends to bank shareholders from the bank’s total profit in fiscal year 2079/80.

The bank accomplished an operational profit of 1,269 million rupees and a profit after tax of 669 million rupees in fiscal year 2079/80.

The bank’s paid-up capital will be 3,612 million 87 thousand rupees after the planned bonus share distribution.

Dhakal, the bank’s chair, stated during the general meeting that Global IME Bank is committed to paying acceptable dividends to its shareholders in accordance with the policies declared by the Government of Nepal and Nepal Rastra Bank.

He stated that the bank would continue to expand in other areas of company expansion in a balanced manner in the future days in accordance with its business strategy plan.

Similarly, the General Assembly elected six directors, three from the original shareholders group and three from the general shareholders group.

From among the original shareholders, Chandra Prasad Dhakal, Ram Bahadur Bhandari, and Radhesh Pant were chosen, while Narayan Prasad Poudel, Madanlal Joshi, and Krishna Prasad Sharma were elected from among the common shareholders. All board members were chosen without opposition.

In the financial year 2079-80, the net interest income of the bank has increased by 6 billion 81 crore rupees compared to the previous year.

The bank’s net profit increased by 34.99 percent compared to the previous year and stood at 66.9 million rupees. In the same period, the bank collected deposits of more than 439 million rupees and invested more than 374 million rupees in loans.

Global IME Bank is the country’s first private-sector commercial bank, having branches in every district. It has been offering financial services from around 1100 service facilities in all 77 districts of the country, including a 355 branch network and three overseas contact offices.

The bank employs around 4,000 people. Around 4.5 million consumers have received direct services from the bank.