Kathmandu, September 18:

Board of Directors of the Everest Bank Ltd (EBL) has announced 10 per cent cash dividend and 30 per cent bonus shares to its shareholders from the profit EBL has registered during the fiscal year 2006-07.

The board meeting also approved profit and loss accounts. EBL announced the financial results for the fiscal year 2006-07 that ended on July 16. The bank said it posted an increase in operating profit by 31.9 per cent to Rs 597.9 million, compared to Rs 453.1 million during the last fiscal year.

The Bank has also increased its deposits by 31.8 per cent and advances by 39 per cent during the year. However, the announcement is subject to the permission from Nepal Rastra Bank. From the earlier paid-up capital of shareholders at Rs 378 million, it now has increased to almost Rs 1060 million with core capital base of Rs 1171.1 million, states a bank press release.

During the last financial year, EBL has opened three new branches at - Balaju in Kathmandu, Nepalgunj and Birtamod. The bank has also opened a branch at Baglung recently. EBL’s branch network currently stands at 22. EBL has the largest branch network among the private sector banks. It has also received a permission from NRB to open a branch at Gwarko in the valley. EBL is, in a near future, opening three more branches outside valley in — Tulsipur of Dang, Lekhnath of Pokhara and Narayanghat.