NSBL holds its 31st Annual General Meeting

KATHMANDU: Nepal SBI Bank Limited successfully conducted its 31st Annual General Meeting today at Tribhuvan Army Officers’ Club, Bhadrakali, Kathmandu.

The AGM approved the Report of the Board of Directors of the Bank for FY 2080/81 (2023-24) and Audited Annual Financial Statements of the Bank for FY 2080/81 (2023-24) (Statement of Financial Position as of Ashad end 2081, Statement of Profit or Loss for FY 2080/81, Statement of Cash Flow of such period, and all the related schedules) accompanying the auditor’s report.

The meeting also approved the bank’s consolidated financial statements, including the audited financial statements of the bank’s subsidiary, i.e., Nepal SBI Merchant Banking Limited, for FY 2080/81 (2023-24).

The meeting resolved to approve the distribution of a dividend of 10.65% of the paid-up capital (bonus shares at 3.80% and cash dividends at 6.85%, including applicable tax for bonus shares and cash dividends) to its shareholders.

The meeting has appointed M/s PKF T R Upadhya & Co., Chartered Accountants, as Statutory Auditor of the Bank for FY 2081/82 (2024-25) and fixed their fees.

The meeting has also approved amendments proposed under various clauses of the Memorandum of Association and Articles of Association of the Bank.

The meeting has also approved the resolution to authorize the Board of Directors to enter into necessary MOUs or agreements for merger with or to acquire other suitable banks and financial institutions, as well as to perform all necessary functions required for merger/acquisition.

The meeting has also approved or adopted other resolutions as proposed.