BIZ BRIEFS

NMB declares profit

KATHMANDU: NMB Bank Ltd has announced a profit of Rs 46.6 million (before tax) in the first quarter of the fiscal year 2008-09. The bank achieved a strong growth of 83 per cent in its deposits compared to the same period last fiscal year. It also recorded an increase of 51 per cent in loans and advances. The bank has a capital adequacy ration of 28.57 per cent. — HNS

NIC riding high

KATHMANDU: NIC Bank posted 84 per cent increase in its net profit to Rs 96 million and 68 per cent increase in its operating profit to Rs 152 million in the first quarter (Q1) compared to the same period last year. The bank’s lending also increased by 27 per cent to Rs 11.8 billion and deposits by 21 per cent to Rs 12.8 billion. Its non-performing loans currently stand at a mere 0.9 per cent of the total loan. ‘NIC Super Deposit’, with nine per cent per annum interest is currently the highest by any bank on a fixed deposit which has the facility of a savings account, has been welcomed by the market. — HNS

GDBN’s new branch

KATHMANDU: Gurkha Development Bank (Nepal) Ltd inaugurated its third branch at New Road on Sunday. A press statement said the bank received a deposit of Rs 120 million on the first day of its establishment. The bank has paid up capital of Rs 480 million. It is in the planning phase to start banking services outside Kathmandu Valley also. — HNS