Nepal Industrial and Commercial bank’s profit up 57pc

Nepal Industrial and Commercial (NIC) Bank said it recorded a 57 percent rise in net profit in 2007/08. Issuing a statement, the bank said its net profit for the year was Rs 249 million. The bank has attributed the rise in profit to a significant increase in non-interest income and a decline in loan loss provisions. “The bank’s non-performing loans currently stand at 0.9 percent of the total loans,” the statement said. NIC Bank, recipient of the Bank of the Year 2007 award, recently opened a branch at Battisputali, raising its total network of branches to 16 across the country.