Kathmandu: Muktinath Development Bank concluded its 19th Annual General Meeting (AGM) in Pokhara on Saturday, approving an 18.20 percent dividend for fiscal year 2023/24 and authorizing the board to pursue an upgrade to full commercial banking status.
Shareholders endorsed the distribution, comprising 13.53 percent bonus shares and 4.67 percent cash dividend (inclusive of tax on both). The bank also greenlit a capital expansion to Rs 9.003 billion through bonus share issuance, with corresponding amendments to its Articles of Association.
A key special resolution empowered the Board of Directors to initiate all necessary procedures—per Nepal Rastra Bank guidelines—for conversion into a Class A commercial bank following the capital hike.
The AGM, chaired by Board Chairman Khim Prakash Malla, also:
Ratified the annual report for FY 2024/25.
Appointed auditors for FY 2025/26.
Addressed shareholder queries on performance and strategy.
Director Bharat Prasad Lamsal delivered the welcome address, while CEO Pradyumna Pokharel presented the bank’s current position and future roadmap. Shareholders raised suggestions on the FY 2024/25 report, which were clarified by the Chairman and CEO.
The decisions mark a pivotal step in Muktinath’s evolution from a leading national-level development bank toward joining Nepal’s competitive commercial banking landscape.
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