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Nepal Investment Bank to help build old age home

The Nepal Weekly Tuesday, Jan 15, 2019 242
Chairman of Nepal Investment Bank Prithvi Bahadur Pandey has said that the bank will among other things give priority in building old age home under its corporate social responsibility. Chairman Pandey said so while addressing the bank’s 32nd Annual General Meeting in Kathmandu on Sunday. The bank’s AGM, after thorough discussion, endorsed the financial report of the bank prepared on the basis of Nepal Financial Reporting Standards (NFRS) as per the guidelines of the Nepal Rastra Bank.
The AGM also approved 18 percent bonus share and 22 percent cash dividends from the profit generated from the fiscal year 2074-75 B.S., according to a press release issued by the bank on Sunday. The bank’s paid up capital has reached Rs. 12.58 billion (including recently announced 18 percent bonus share). The shareholders’ fund has reached Rs. 24.87 billion, which is highest among the commercial banks operating in the country.
The operating profit of the bank for the year 2074-75 has reached Rs. 4.95 billion, whereas the net profit has reached Rs. 3.65 billion. The bank has collected Rs. 140 billion (11.45 percent increase) as deposit and its lending has reached 120 billion (14.44 percent increase ) in the previous fiscal year. However the proportion of the bank’s bad debt is 1.36 percent.
The bank has expanded its branches as per the direction of the national bank with the opening og 16 new counters within and outside Kathmandu valley over the past one year period. The bank currently operates its business through 78 branches including 23 branches within Kathmandu valley and 55 branches in outside districts. The bank provides its services through its 109 ATC counters, 47 branchless banking facilities and eight extension counters.
Through merging NIBL Capital Market and Ace Capital Ltd. the bank has ecently established NIBL Ace Capital Ltd. as a merchant banker with Rs. 27 crore paid up capital.
The five time recipient of Bank of the Year award, NIBL has received Euromoney award for excellence “Best Bank 2018” award from Euromoney, an international magazine for its excellent service and outstanding business performances. Similarly, the bank’s credit rating has also gone up from A to A+ this year.