Mahalaxmi Bikas Bank successfully concludes 23rd AGM

KATHMANDU: Mahalaxmi Bikas Bank Limited held its 23rd Annual General Meeting (AGM) today, Jan 13 (Poush 29), under the chairmanship of the Bank’s Board of Directors Chair, Mr. Rajesh Upadhyay, at Alice Reception, Suwarna Shamsher Marg, Gairidhara, Kathmandu.

During the AGM, the financial statements for the fiscal year 2080/81, including the balance sheet as of the end of Ashadh 2081, profit and loss account, cash flow statement, profit distribution details, equity changes, and other associated financial statements, were discussed and approved.

The AGM also approved the proposal of a 7% dividend, as recommended by the Board of Directors.

This includes a 4% cash dividend (including tax purposes) and a 3% bonus share distribution from the distributable profits of FY 2080/81.

The bank demonstrated significant improvement in key financial indicators compared to the previous fiscal year 2079/80.

The net profit increased by 33%, reaching Rs 500.3 million in FY 2080/81 from Rs 377.5 million in FY 2079/80.

As of the end of FY 2080/81:

• Earnings per share stood at Rs 12.
• The capital adequacy ratio was 14.93%.
• Return on shareholders’ equity reached 7.42%.
• The dividend payout rate was 7%.

Chair Mr. Rajesh Upadhyay expressed gratitude to the shareholders for their valuable advice and feedback, emphasizing the bank’s commitment to enhancing customer satisfaction and delivering optimum returns on investments.

He assured that the bank would continue to improve its operational efficiency and provide high-quality financial services with even greater dedication.

The Chair also extended heartfelt thanks to all stakeholders, shareholders, and related parties for their unwavering support and cooperation in the bank’s journey toward excellence.