NNFC in verse to be Development Bank

The first AGM of Narayani National Finance has been completed after the merger of Narayani Finance and National Finance. Both companies have presented their financial statement separately as they merge to become Narayani National Finance in 17 Kartik.

It was declared that Narayani Finance and National Finance have made Rs. 42.254 million and Rs. 34.040 million net profit respectively.

The AGM also concluded to distribute the dividend separately as the merger has been took place after the end of fiscal year. The shareholder of Narayani Finance will entitled to get 12.63% dividend and National finance will provide 13.68 % dividend.

After the merger of two companies, it is decide to give 2:1 right share. The present total paid up capital of the company is Rs. 433.30 million which will be increased to Rs. 650 million. The AGM has also appointed the new management team as Ram Krishna Manandhar, Mahesh Lal Pradhan, Laxmi Das Manandhar and Suresh Krishna Pudashini were appointed.

At the end of first quarter of current fiscal year the company has collected total deposit of Rs. 1.8464 billion, total loan was Rs. 1.9324 billion and operational profit is Rs. 26.311 million. The finance company is operating through 5 regional offices after the merger. In this coming fiscal year it is decided to open 3 new branches inside the Kathmandu valley and 2 outside the Kathmandu valley. Similarly, it is planning to buy new software and aspire to provide ABBS as well as ATM services to its customer.
Source:Jamb News Service