Press Release

Everest Bank Records 50% Growth In Profits

August 12, 2004

As per the provisional yearly results for the period ending Asadh 2061 Everest Bank has shown a record growth of 50% in its operating profit over last year reaching a figure of Rs.323 million. The Bank’s average credit has grown by 29% reaching a figure of Rs.6099 million. The average deposits of the Bank have increased by 23% touching Rs.8064 million over the preceding year. This spectacular growth of the Bank is attributable to its strong systems and procedures, professional approach and quality lending. Bank continuous to maintain strict control over its Non Performing Assets (NPA) which remain less than 2% in gross value. The Bank’s net NPA have become nil as at the close of the financial year.

Continuing it pioneering role in the retail lending segment, Everest Bank (EBL) has now introduced a new scheme for lending against life insurance policies. This scheme shall benefit individuals for availing finance against their life insurance policies obtained from established insurance companies approved by the Bank. The loan shall be available upto a maximum of 90% of the surrender value of life insurance policy at an affordable interest rate of 8.5% p.a. payable quarterly. The loan can be availed for meeting any personal requirements of the intending borrower.

With the launching of this scheme, EBL has now 8 schemes specially formulated for individuals under its retail lending umbrella and the Bank remains committed to work on new schemes for the benefit of the society at large.