“We are floating a total of 6 million shares with a face value of Rs 100 each for the public,” Anal Bhattarai, CEO of the bank, said. “Of this, five percent of the shares has been allocated for mutual funds and another five percent of shares has been allotted to bank staff.”[break]
Coinciding with floatation of shares for the public, the bank has also launched IPO account which will provide five percent annual yield on deposits.
The bank collected Rs 9 billion in deposits and issued Rs 8.27 billion in loans till Feb 11. The bank had generated an operating profit of Rs 65 million in the first half of the current fiscal year to mid-January.
“One of our biggest strengths is that we are highly efficient,” Bhattarai said. “Our management cost is lowest among newly established banks, while average deposit collection and loan issuance of each of our branch is higher than that of our contemporaries.”
The bank is currently extending services through 14 branch offices.
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