Press Release

Everest Bank Ltd. – Increase in Profit by 53%

September 16, 2004

The Board of Directors of Everest Bank Ltd. in its meeting held on 13th/14th September, 2004 approved the Financials of the Bank for the year 2060-61. As per the data approved, it was observed by the Board that despite constraints in economy the Bank was able to increase its deposits and advances in excess of 20 % during the year 2060-61 compared to the previous year. This resulted in increase in operating profit to approx. Rs.34.00 crore – an increase of almost 53% over last year.

The Board also resolved to recommend to the forthcoming Annual General Meeting of its share holders a cash dividend of 20% subject to the prior permission from Nepal Rastra Bank.