Everest Bank Approves 15 Percent Dividend at 32nd AGM

Everest Bank Limited has formally endorsed a 15 percent dividend for its shareholders from the profits of the fiscal year 2082/83, following deliberations at its 32nd annual general meeting.

The commercial lender held the annual meeting in Kathmandu on Wednesday, Ashoj 14, according to reporting by Setopati and Onlinekhabar. During the session, shareholders passed a resolution approving the distribution of a 5 percent bonus share alongside a 10 percent cash dividend. The approved cash component includes the amount necessary to cover the applicable tax liabilities on the newly issued bonus shares, Makalu Khabar and Nepal Khabar reported.

Because the issuance of the 5 percent bonus equity directly expands the institution's paid-up capital base, the assembly also adopted a special resolution to amend the bank's memorandum and articles of association. According to coverage from Setopati and Nepal Khabar, the legal amendments are designed to formally harmonize the corporate charter with the bank's enlarged capital structure.

In addition to the dividend approval and capital restructuring, the meeting adopted the bank's annual financial report for the fiscal year 2082/83, along with the accompanying auditor's report, Onlinekhabar noted. The assembly unanimously approved the appointment of G.P. Rajbahak & Co. as the statutory external auditor for the fiscal year 2083/84, according to reports from Onlinekhabar and Makalu Khabar.

Commercial banks in Nepal routinely hold annual general meetings in the first quarter of each fiscal year to finalize dividend distributions and obtain shareholder sign-off on balance sheets, income statements, and executive appointments. The capital boost achieved through the capitalization of profits as bonus shares helps domestic lenders strengthen their capital adequacy buffers under regulatory norms established by Nepal Rastra Bank.