Dividend Payout Ratio
लाभांश भुक्तानी अनुपात
Also called Payout Ratio
Formula
Dividend payout ratio = Total dividends / Net profit after tax × 100 = Dividend per share / EPS × 100
- Numerator
- Total dividends declared (or dividend per share)
- Denominator
- Net profit after tax (or EPS)
The dividend payout ratio is the share of net profit that a company distributes to shareholders as dividends.
What the value tells you
A higher payout rewards shareholders now but leaves less to build capital; a lower payout signals retention for growth or capital needs.
Explained
The payout ratio is calculated as total dividends divided by net profit for the same period, or equivalently dividend per share divided by EPS. The remaining portion, one minus the payout ratio, is the retention ratio, which shows how much profit is kept to grow the business.
A mature, stable company often pays out a large share of profit, while a fast-growing company retains more. For banks, dividends are constrained by regulation. Profit must first be transferred to statutory reserves such as the general reserve and regulatory reserve, and banks that fall short of the required capital adequacy ratio are restricted from distributing dividends. In Nepal, bank dividends usually combine cash dividend and bonus (stock) dividend; cash dividend is needed to pay tax on the bonus shares.
Growth in retained earnings strengthens core capital, so a lower payout can help a bank meet capital requirements without issuing new shares.
Example
EPS Rs 25 and dividend per share Rs 15 (cash plus bonus). Payout = 15 / 25 × 100 = 60%; retention ratio = 40%.
कम्पनीले खुद नाफाको कति अंश शेयरधनीलाई लाभांशका रूपमा वितरण गर्छ भन्ने देखाउने अनुपात लाभांश भुक्तानी अनुपात हो।
अनुपातले के देखाउँछ
उच्च भुक्तानीले शेयरधनीलाई तत्काल प्रतिफल दिन्छ तर पुँजी निर्माणका लागि कम बचाउँछ; न्यून भुक्तानीले वृद्धि वा पुँजी आवश्यकताका लागि सञ्चय देखाउँछ।
व्याख्या
लाभांश भुक्तानी अनुपात = कुल लाभांश / सोही अवधिको खुद नाफा (वा प्रतिशेयर लाभांश / EPS)। बाँकी अंश (१ − भुक्तानी अनुपात) लाई सञ्चय अनुपात भनिन्छ।
बैंकको लाभांश नियमनमा बाँधिएको हुन्छ। नाफाबाट पहिले साधारण जगेडा र नियामकीय जगेडा जस्ता वैधानिक कोषमा रकम छुट्याउनुपर्छ र पुँजी पर्याप्तता अनुपात नपुगेमा लाभांश वितरणमा रोक लाग्छ। नेपालमा बैंकहरूले प्रायः नगद र बोनस शेयर दुवै दिन्छन्; बोनस शेयरको कर तिर्न नगद लाभांश दिइन्छ। कम भुक्तानीले प्राथमिक पुँजी बलियो बनाउँछ।
उदाहरण
EPS रु २५ र प्रतिशेयर लाभांश रु १५ भए भुक्तानी अनुपात = १५ / २५ × १०० = ६०%; सञ्चय अनुपात ४०%।
Related
Sources
Updated