Everest Bank Ltd (EBL), a joint-venture with Punjab National Bank (PNB), reported an impressive rise of 52 percent in its net profits in the first nine months of the current fiscal year.
It earned a net profit of Rs 299.40 million during the period, the bank stated in a statement in a press conference Thursday. The bank said it recorded a rise of 31 percent in deposits to Rs 22.47 billion, and 33.5 percent in credit to Rs 17.28 billion.
The bank, meanwhile, is going to open a branch in Bhaktapur on Friday, the 26th branch of the bank in the country. The bank is also in the process of opening branches in Tulsipur, Besisahar, Kirtipur and Golfutar, states the statement.
Dr KC Chakrabarty, chairman and managing director of PNB, said the PNB has a vast experiencing in syndicating assignments in various sectors including power. “PNB has a wide expertise in mergers and acquisitions,” he said, pointing to possible necessity of Nepali banks to undertake mergers and acquisitions. BK Shrestha, chairman of the EBL, said the bank would continue introducing innovative products and services just as it had introduced retail lending for the first time in Nepal.
Source: eKantipur
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Friday, June 6, 2008
EBL reports 52pc rise in profits
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