Kathmandu, December 10: The 33rd AGM of Standard Chartered Bank Nepal Limited, chaired by Mr. Jitender Arora, Chairman of the Bank, was successfully held on Monday, December 9, at the Tribhuvan Army Officer’s Club in the capital.
The Bank recorded an Operating Profit of Rs. 3.48 billion and Net Profit of Rs. 2.43 billion in the Financial Year 2018/19. At the close of this Financial Year, its Risk Assets posted a healthy growth of 19 percent compared to the previous year to reach Rs. 56 billion.
The Bank also achieved a deposit growth of over 13 percent vis-à-vis the previous financial year to reach Rs. 76.24 billion. As proposed by the Board of Directors, the AGM approved payment of cash dividend of 22.50 percent to the shareholders of the Bank for the financial year ended 16 July 2019.
Speaking on the occasion, Chairman Arora said that the key businesses of the bank are growing well, and it is encouraged by our start to the financial year 2076-77.
“There are still significant untapped opportunities in Nepal and we believe that our franchise is capable of much more here. Due to the stable economic growth and a young population, we remain excited over the prospects for Nepal given that our international network across markets,” he further said, adding, “Our major focus, however, remains in revenue growth, improving our efficiency through the cost management process and exploring digital solutions.”
Standard Chartered Group holds 70.21 percent and the general public hold 29.79 percent shares in Standard Chartered Bank Nepal Limited.
