NDB announces final dividend payment for 2023

The National Development Bank (PLC) announced the approval of distribution to the shareholders by way of a final dividend of Rs. 5.00 to be paid per share on the Ordinary Shares in issue for the financial year ended 31 December 2023.
Accordingly, Rs. 2.00 will be in the form of cash dividend and the balance Rs. 3.00 will be in the form of scrip dividend.

In a filing to the Colombo Stock Exchange (CSE), NDB PLC confirmed that the final dividend of Rs 5.00 per ordinary share will be paid out of dividend received (free of tax) of Rs. 0.36, and out of current year’s profits of Rs.4.64.
The dividend received of Rs. 0.36 per share will be utilised to pay cash dividend.
In terms of Article 19 of the Articles of Association of the Bank, payment of any dividend is not subject to the approval of the shareholders.
The XD date shall be the 7th Market Day from and excluding the date of announcement (i.e 26 March 2024). The Record Date shall be the 2nd Market Day from and excluding the XD Date (i.e 28 March 2024). The Date of Dispatch of the Dividend Payment shall be within 12 Market Days from and excluding the Record Date (i.e by 18 April 2024).
The ratio for the final scrip dividend will be one scrip issue for every 24.890196836401 shares held for the financial year ended 31 December 2023. 
The number of shares to be issued on the aforesaid basis is 16,049,064 ordinary voting shares. 
The weighted average share price used for the calculations was Rs. 63.47. There will be no reserves to be capitalised as the total consideration amounting to Rs. 1,997,321,810 will be from the profits for the financial year ended 31 December 2023. 

The amount of scrip dividend to be paid from the tax liable profits is Rs. 1,198,393,086.00. Accordingly the amount considered for scrip dividend /amount to be capitalised (net of WHT) is Rs. 1,018,634,123.10.
The current stated capital of the bank is Rs. 20,738,231,258.78 whilst subsequent to the issue of the scrip dividend shares the Stated Capital will be Rs. 21,756,865,381.88.