Laxmi Bank’s 20th Annual General Meeting

Kathmandu :Laxmi Bank’s 20th Annual General Meeting (AGM) was held today 12th January 2021 at it’s head office at Hattisar, Kathmandu.

The AGM approved the proposal of distribution of 9% Bonus Shares and 2.5% Cash Dividend on the current paid up capital of the bank. With this, the paid up capital of the bank shall grow up to NPR 10.69 Billion after distribution of the bonus shares approved by the AGM.

The AGM discussed and approved the Directors’ Report and the Financial Statements for the financial year 2019/020 (2076/77). The AGM unanimously elected Mr. Vishawa Karan Jain and Mrs. Swati Roongta as directors of the bank representing public shareholders.

Financial Highlights 2019/20

Laxmi Bank closed the financial year 2019/20 with a balance sheet size of NPR 128 billion and net profit of NPR 1.41 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 2019/20 reflecting the strength of its asset-liability management.

About Laxmi Bank

Laxmi Bank was established in 2002. Today, through its branches and a host of IT enabled channels, the Bank serves a wide range of customers. Despite a relatively short history, Laxmi Bank has emerged as a major player across all business lines – retail, corporate and treasury. The Bank is widely recognized as one of the best-managed banks in Nepal with high standards of corporate governance culture, risk-management systems and a strong technology.

The Bank now operates directly in 48 districts with over 1200 employees. Complementing this ‘brick and mortar’ network, Laxmi Bank has championed the use of electronic banking in Nepal. The Bank introduced the first complete internet banking services in the country in 2002 and Mobile Money in 2009.

Laxmi Bank is a green company. The Bank is in a position to offer green friendly banking products and channels by leveraging on technologies such as internet, cards and mobile phones.

Laxmi Bank’s investment banking subsidiary – Laxmi Capital Market Limited has been in operation since February 2009. A second subsidiary – Laxmi Laghubitta Bittiya Sanstha Limited commenced business in June 2012.

Laxmi Bank has also successfully launched three mutual fund schemes under the name of Laxmi Value Fund I, Laxmi Equity Fund and Laxmi Unnati Kosh.