Increase In Profit By 47% During First QuarterNovember 25, 2004
Based on the first three months, ending Ashwin 2061, unaudited accounts, the Bank’s operating profit has shown an increase by 47% over last year reaching a figure of Rs.106.38 million for thefirst three months of this fiscal year.The Bank’s credit has grown to Rs.6736 million posting a growth of 22% over the last year. The Bank continues to maintain a very low level of Non-Performing Assets (NPA) with net NPA being NIL.The 10th Annual General Meeting (AGM) of the Bank was held on Thursday (10th Mangsir, 2061) wherein the Balance Sheet and the Profit & Loss A/c of the Bank for the year ended 31st Asadh, 2061 were approved. The Bank’s decision to pay cash dividend of 20% to its shareholders was also approved by the AGM.Sh. B. K. Shrestha, Chairman while presenting the Annual Report for the fiscal year informed that the Bank has been able to maintain Capital Adequacy Ratio of over 11%, the benchmark fixed by Nepal Rastra Bank which speaks of good health of the Bank.EBL has added one more branch at Dry Port, Birgunj and an Extension Counter at Customs Point, Birgunj during the fiscal raising the number of branches to 15. The Bank is planning to open its 16th branch at Pokhara soon.Continuing its thrust on introducing new products the Bank has come out with “Home Equity Loan Scheme” under its retail lending segment and has also launched schemes of granting loans against Shares as also Life Insurance Policies”.The Bank has already installed ATMs at its branches at a) New Baneshwor and b) New Road. The Bank is installing further ATMs at a) Pulchowk and b) Tribhuvan International Airport. Permission has been received from Nepal Rastra Bank and Reserve Bank of India to enable EBL and PNB to share their ATMs (PNB already has more than 600 ATMs in India). This will enable the ATM cardholders of the Bank to use all the ATMs of PNB. Likewise PNB cardholders while visiting Kathmandu will be able to use our ATMs. The technical points regarding switch sharing arrangement is being finalized.