Nepal Investment Bank becomes largest lender

Nepal Investment Bank Limited (NIBL), a leading private commercial bank, has become the largest lender among Nepali financial institutions by investing over Rs 29 billion and has the largest ATM network with 34 ATM machines in operation.

Talking to the media at a branch inauguration ceremony in Battisputali, Monday, Chairman and Chief Executive Director Pritivi Bahadur Pande said that the bank is planning to open 30 more branches in the next three years with special focus on expanding banking services to rural areas. We aim to expand micro credit to the hilly and rural areas, he said, adding that the bank will soon expand its capital base to Rs 2.40 billion to enable it to compete with emerging challenges in the banking sector.

According to a press statement, the newly branch is the bank's 19th in the country, the 8th in the Kathmandu valley, and will be linked through any-branch-banking services to the other 18. Foreign exchange, 365 days banking, retail banking, letters of credit, among others, are the key services provided by the bank, the statement said. In the coming years, it plans to have presence in remote hilly markets like Jumla, Lukla, Jomsong and other potential markets as well, the bank said.

Highlighting its major financial achievements, the release said that the bank made a net profit of Rs 696 million during Fiscal Year 2007/08. Likewise, it mobilized deposits worth Rs 34.45 billion in the year, a whopping growth of over 40 percent. Similarly, total loans and advances touched Rs 27 billion in 2007/08, a magnificent growth of 56 percent while total investments stood at Rs 6.87 billion. The non-performing loans of the bank is well within control at 1.12 percent, stated the release.
Source: eKantipur