Kathmandu, October 26:

Following an approval from Nepal Rastra Bank, the management of Laxmi Bank Ltd, has upgraded its Hattisar office into a full-fledged branch and its corporate office, states a press release.

Earlier, the office of HISEF at Hattisar was converted into a Laxmi Bank office in May 2004, following the merger of these two institutions. Laxmi Bank started its operation in mid 2002 as a regional bank headquartered in Birgunj. It has branches in Pokhara and Banepa as well. After having its branch office in Kathmandu, the bank’s paid-up capital stands at Rs 610 million, deposits Rs 3,500 million and lending Rs 3,050 million. The bank expects to make an operating profit of Rs 100 million during the current fiscal year.

The bank has claimed that its NPA stands at 1.3 per cent of the total loan portfolio. In July 2005, Laxmi Bank was awarded with ‘Best Presented Accounts’ by the Institute of Chartered Accountants of Nepal. This is the first instance that a 100 per cent Nepali bank won this award.

During last three years, the bank has built a strong foundation and an excellent organisational culture, which will enable the bank to take full advantage of the first full-fledged branch in Kathmandu and register sound business growth, Suman Joshi, CEO of the bank was quoted as saying in a press release.