Nepal Bank aiming expansion

Kathmandu, Jan. 13

Nepal Bank Limited (NBL) on Wednesday said that with the easing of COVID-19 restrictions and opening of economy, the bank was set to achieve higher profits and expand the business.

"The pandemic is gradually coming under control and business activities have taken pace. We are hopeful that the bank will achieve better results than it did in the first quarter of the current fiscal year," Chairman of NBL Bashudev Adhikari said while addressing the 61^st General Assembly of the bank.

By the end of the first quarter of the current fiscal, the bank has mobilized Rs. 146.48 billion in deposits and Rs. 112.39 billion in loans. It invested Rs. 29.1 billion by mid-October last year.

"We will develop new products that will address the demand of the sectors affected by the pandemic and need of the businesses and industries. The bank will move ahead with the aim of meeting the aspirations of the shareholders of the company," said Adhikari.

Loan and deposit mobilisation of the bank has increased in the last fiscal year 2019/2020 by 11.83 per cent and 20.90 per cent.

According to the statistics it published on the occasion of its 61^st General Assembly, the bank's loan mobilisation increased to Rs. 109.2 billion in the last fiscal from Rs. 97.6 billion a year earlier. Likewise, deposits increased from Rs. 118.2 billion in FY 2018/19 to Rs. 142.9 billion last year.

At the same time, investment has almost doubled from Rs. 16.4 billion to Rs. 32.5 billion.

However, the profits of the bank were shrunk due to the COVID-19 and lockdown. The profits in the last FY were down by 10.16 per cent to Rs. 2.33 billion.

The bank is planning to expand its branch network to all 77 districts by the next fiscal. Currently, it has 203 branches in 68 districts, 38 extension counters and 139 ATMs. We will add 32 new branches of the bank in the current fiscal year, said Chief Executive Officer of the bank Krishna Bahadur Adhikari.

Published in The Rising Nepal daily on 14 January 2021.