28th October 2024, Kathmandu
Citizens Bank International Ltd. recently concluded its 18th Annual General Meeting (AGM) under the chairmanship of Mr. Prabal Jung Pandey, Chairman of the Board of Directors, on October 28, 2024 (Kartik 12, 2081 B.S.), at Amrit Bhog, Kalikasthan, Dilli Bazaar, Kathmandu.
Citizens Bank’s 18th AGM
The AGM reviewed the bank’s annual financial and performance reports for the fiscal year 2080/81 B.S., focusing on sustained growth, strategic initiatives, and enhanced customer reach.
At the AGM, the board’s annual report for the fiscal year 2080/81 was discussed and approved. Key documents presented included the auditor’s report and consolidated financial statements prepared in compliance with Nepal Financial Reporting Standards (NFRS) as of Ashadh 2081. The statements included the balance sheet, profit and loss statement, and cash flow summary.
One of the major highlights of the meeting was the announcement of dividend distribution. Shareholders unanimously approved a 4% bonus share (valued at NPR 56,80,38,960.23) and a cash dividend of 0.21% (NPR 2,98,96,787.38) for tax purposes, totaling NPR 59,79,35,747.61. This decision reflects the bank’s commitment to rewarding shareholders while maintaining a solid financial foundation for future growth.
In his address, Mr. Pandey assured shareholders of the bank’s dedication to continued progress and operational excellence, aligning with shareholder feedback and focusing on customer-centric improvements.
He emphasized Citizens Bank’s commitment to maintaining the highest standards of corporate governance and compliance. Plans include bolstering governance structures to ensure sustainable growth and resilience across all operations. Mr. Pandey also expressed gratitude for the ongoing support from stakeholders and the bank’s community, emphasizing the value of continued collaboration.
Citizens Bank International Ltd. continues to be a leading banking institution in Nepal, serving over 1.8 million customers across 60 districts. The bank operates a vast network that includes 197 branches, 162 ATMs, 3 extended counters, and 74 branchless banking units, providing customers with modern banking services nationwide.
Key Highlights of the 18th AGM:
Approval of the fiscal year 2080/81 annual report and financial statements
Dividend distribution: 4% bonus shares and 0.21% cash dividend
Focus on enhancing corporate governance and compliance standards
Nationwide service coverage with a robust network of branches, ATMs, and branchless units
This AGM underscores Citizens Bank’s commitment to financial growth, corporate responsibility, and the delivery of accessible, modern banking solutions to customers across Nepal. The bank remains dedicated to strengthening its market presence and fostering sustainable banking practices.
For more: Citizens Bank’s 18th AGM
