Biz Briefs

NIC posts 35pc growth

KATHMANDU: NIC Bank posted a 35 per cent growth in operating profit to Rs 529 million and 30 per cent growth in net profit to Rs 317 million in comparison to the same period last year. Its Non performing loans currently stands at a mere 0.9 per cent, said the bank. The bank has a network of 21 branches with three more at Narayanghat, Teku and Malangwa being opened shortly. — HNS

NBL’s record profit

KATHMANDU: Nepal Bank Ltd (NBL) posted a record profit of Rs 794.4 million in the fiscal year 2008-09, which is 232 per cent more than previous year’s Rs 239.2 million. NBL collected Rs 44.62 billion and invested Rs 19.48 billion in the period. It has also reduced its NPA from 12.38 per cent to 5.91 in the fiscal year 2008-09 by recovering bad debts equal to Rs 1.3 billion. — HNS

New energy drink

KATHMANDU: Jay Bhole Baba International Pvt Ltd has introduced BACCHUS-D brand energy drink in Nepali market. According to the company, the energy drink helps to improve liver function along with enhancing memory and concentration. It is the best-selling energy drink in South Korea and the United States of America, it said. — HNS

Milk price hike call

KATHMANDU: Central Dairy Cooperative Association Limited Nepal (CACAN) on Tuesday has demanded that Nepal Dairy Development Corporation (DDC) implement revised milk price. The Ministry of Agriculture and Cooperatives (MoAC) increased the milk price by Rs 4 per litre dividing the benefit in two sectors — Rs 2.76 for farmers and Rs 1.24 for dairy industries. Protesting that DDC seems reluctant to implement the new rates, CDCAN has threatened to stage a four-day long protest programme from August 18. — HNS

MBL’s news ATM

SYANGJA: Machhapuchchhre Bank started the first ATM service in Waling, the commercial centre of the district. Shiba Nath Pandey, chief manager of Nepal Rastra Bank, Pokhara, inaugurated the service on Monday. Senior manager of the bank, Arjun Thapa, said this is the 35th ATM. — HNS