The decision taken by 383rd meeting of the bank´s board of directors was approved by 26th annual general meeting of the bank held on Thursday, says a statement issued by the bank.[break]
Despite fall in net interest income by Rs 14.8 million in the last fiscal year, the bank managed to post a growth of Rs 49.8 million in operating profit before provision. “However, due to rise in loan loss provision on real estate loans, the net profit declined by 11.7 percent to reach Rs 1.03 billion in the last fiscal year, as against net profit of Rs 1.17 billion recorded in the previous fiscal year,” says the statement.
During the year, the bank also managed to expand its total assets by 12.7 percent to Rs 65.75 billion. The total deposits and lending of the bank also grew by 13.7 percent and 2.4 percent, respectively, to reach Rs 57.01 billion and Rs 42.90 billion during the period.
The bank has a paid-up capital of more than Rs 3.76 billion, including proposed bonus shares. "This proves to be the highest paid up capital amongst the private sector banks in the country, and is almost twice the minimum paid up capital prescribed by Nepal Rastra Bank," says the statement.
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