First Business News Portal in English from Nepal
KATHMANDU: Global IME Bank Limited wrapped up its 17th Annual General Meeting on Thursday, showcasing a series of key decisions and financial achievements.
During the meeting, the bank’s proposal for an 8% cash dividend and a 1% bonus in shares, stemming from the fiscal year 2022-23 profits, received unanimous approval. Chairman Chandra Prasad Dhakal presented the annual report, consolidated financial details, and the approved proposal for bonus shares and cash dividends.
In his address, Chairman Dhakal underscored the bank’s unwavering commitment to aligning its operations with the policies set forth by the Nepal government and the Nepal Rastra Bank.
He emphasized the bank’s dedication to providing equitable dividends to its shareholders and outlined strategic plans for balanced sectoral growth.
The election process saw the appointment of three directors from the founder shareholders’ group and three from the general shareholders’ group, including prominent figures such as Chandra Prasad Dhakal, Ram Bahadur Bhandari, Radhesh Pant, Narayan Prasad Poudel, Madan Lal Joshi, and Krishna Prasad Sharma. Notably, all members of the Executive Committee were elected unopposed.
Financially, the bank reported an impressive operational profit of NPR 12.69 billion and a net profit of NPR 6.69 billion for the fiscal year 2022-23.
Following the distribution of bonus shares, the bank’s capital is expected to reach NPR 36.12 billion. Chairman Dhakal also highlighted the bank’s substantial growth, with interest income soaring by 34.99% to NPR 6.81 billion, and a robust increase in net profit by 74.15% over the previous fiscal year.
Global IME Bank, being the pioneering commercial bank in the private sector, boasts an extensive network of 355 branches and three international contact offices across 77 districts in the country.
With a workforce of around 4,000 employees, the bank directly serves approximately 4.5 million customers. The success of the Annual General Meeting underscores the bank’s commitment to transparency, strategic planning, and sustainable growth, reads the statement.
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