Niranjan K Tibrewala was elected to the board of Standard Chartered Bank Nepal Limited (SCBNL) to replace the outgoing Hari K Shrestha at the bank's 17th annual general meeting on 8 January. Net profit after tax amounted to Rs 507 million earned in the fiscal year 2002-03, a 5.8 percent growth. Shareholders approved the appropriations of the profits and cash dividend of 110 percent and bonus share in the ratio of one bonus share for every 10 proposed by the board of directors.