Everest Bank Ltd. â€“ Increase in Net Profit by 37%September 10, 2009
The Board of Directors of Everest Bank Ltd. in its meeting held on 10th September, 2009 approved the Profit and Loss Account for the financial year ended 31st Asadh, 2066 and the Balance Sheet as on 31st Asadh, 2066. The Board noted with satisfaction that despite continuing constraints in economy of the country the Bank was able to increase its net profit by 37% compared to last year – from Rs.45.12 crores to Rs.63.87 crores. The operating profit has reached Rs. 107.35 crore compared to Rs.81.82 crores in the last financial year. The deposits increased by 31% and advances by 30% during the financial year. The Board also noted with satisfaction that the Asset quality has improved further. The NPA has further gone down to 0.48% from 0.68% in the previous year. The Board also resolved to recommend to declare a) Bonus share of 30% and b) Cash Dividend of 30% subject to the permission from Nepal Rastra Bank and Annual General Meeting of the shareholders.
The Bank had opened six branches during the financial year. These branches are located at Beshisahar (Lamjung District), Golfutar (Kathmandu District), Kirtipur (Kathmandu District), Kushma (Parbat District), Surkhet (Surkhet District), Lagankhel ( Lalitpur District). Since then during the current financial year the Bank has opened three more branches in Tulsipur (Dang District), Maitidevi and Thamel (Kathmandu District). The Board also noted with satisfaction that an innovative branchless banking was inaugurated by the Bank during the last financial year. This is being gradually extended to more Branches –eventually to cover most of the villages in the country having telephone connections.