No Dividend for Shareholders of Sindhu Bikas Bank This Year

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Sindhu Bikas Bank

Sindhu Bikas Bank will not distribute dividend This Year

Shareholders of Sindhu Bikas Bank will not receive any dividend from the bank’s profit of the last fiscal year. The bank’s board of directors has made this decision in a meeting held on 29th poush.

The bank has not given any reason for not distributing dividend to its shareholders. The bank has only stated that it will submit its financial statement to the Nepal Rastra Bank, the central bank of Nepal, without any dividend proposal.

Sindhu Bikas Bank is the first development bank of Sindhupalchok district of Nepal. It started its operation in 2010 and has 28 branches across the country. The bank offers various products and services such as home loan, hire purchase loan, education loan, business term loan, and different types of saving accounts.

According to the Income Tax Act of Nepal, the rate of withholding tax applicable on dividend payment is 5%, except in some cases where it is limited to no withholding tax. The dividend payment procedure in Nepal involves the company proposing the dividend, the shareholders approving it, and the company paying it within 45 days of the approval. However, Sindhu Bikas Bank has decided to skip this procedure and not pay any dividend to its shareholders this year.
Published: Jan 15, 2024
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