Agriculture development bank Limited ( ADBL ) has announced dividend to the shareholders of the bank.
The bank has proposed to distribute 21.0526 percent from the profits of the last fiscal year 2077/78.
A meeting of the Board of Directors held on Thursday, proposed to distribute 20 percent bonus share of the paid up capital and 1.0526 percent cash for tax purposes and distribute a total of 21.0526 percent dividend.
Company Secretary Himlal Poudel informed that the government of Nepal has decided to pay 6 percent annual cash dividend on the existing non-refundable preference share capital. The government has been taking 6 percent dividend every year from the investment of around Rs 5.5 billion.
The dividend declared by the bank is the third largest among the commercial banks. Only Nabil Bank and Himalayan Bank have proposed to distribute more dividends than Agriculture Development Bank for the fiscal year 2077/78.
The dividend proposed by the bank will be distributed to the investors only after approved by the regulatory body Nepal Rastra Bank and pass by the next annual general meeting of the bank.
Earlier, the bank had distributed 15 percent bonus shares and 0.78 percent cash dividend for tax purposes from the previous fiscal year 2076/77. The bank’s proposed dividend is 5.27 percent higher than the previous year.