Laxmi Bank held its 19th Annual General Meeting (AGM) in Kathmandu this week. The AGM approved the proposal of distribution of 10 percent Bonus Shares and 5 percent Cash Dividend on the bank’s current paid up capital. With this, the paid up capital shall grow up to Rs 9.81 billion (after the distribution of bonus shares). The AGM discussed and approved the Directors’ Report and the Financial Statements for 2018/019 (2075/76), and ratified the appointment of directors representing Promoter shareholders in the bank’s Board of Directors.
The bank closed the financial year 2018/19 with a balance sheet size of Rs 106 billion and net profit of Rs 1.59 billion. All key financial indicators are well within prudential and regulatory norms. The bank’s liquidity ratios remained well above the statutory requirement throughout FY 2018/19, reflecting the strength of its asset-liability management.
NMB pre-approved education loan
NMB Bank has rejuvenated its Education Loan offering by introducing a series of attractive features among which prominent offerings include pre-approval facility, 100 percent financing with up to 15 years tenure, and up to 4 years moratorium period. The bank has made key additions with the objective of ensuring customers/students do not face financial hurdles in their aspiration to study abroad.
The bank will now finance up to 100 percent education cost, living and travel expenses. Further, to provide flexibility to students on sponsorship for abroad study, the bank has widened the scope of sponsors covering both paternal and maternal grandparents, immediate in-laws, and uncles/aunts. Accordingly, the loan tenure has been increased to up to 15 years, whereas the criterion for moratorium period has been set at a low of four years or the entire course duration.