NIC posts 57pc profits

KATHMANDU: NIC Bank has posted a whopping 57 per cent growth in its net profit to Rs 249 million. “It was achieved due to significant increase in non-interest income and significant reduction in loan loss provision,” states a press release. The Non Performing Loan stands at a mere 0.9 per cent of the total loan. The ‘Bank of the Year – 2007’ has a branch at Battisputali among a network of 16 branches countrywide including five in Kathmandu Valley. — HNS

New SBL counter

KATHMANDU: Siddhartha Bank Ltd has opened its extension counter on B & B Hospital premises. The bank — with seven branches, three here and four out of Kathmandu — has posted Rs 286 million operating profits, 64 per cent more than the last fiscal year, says a bank press release. — HNS

Poverty alleviation

SINDHULIMADHI: A review seminar on Poverty Alleviation Programme launched by the Poverty Alleviation Fund (PAF), Kathmandu, was organised in Sindhulimadhi recently. District based leaders and cadres of political parties and concerned organisations participated. PAF’s Bikram Karki said the programme was running in 32 VDCs with an investment of Rs 242.86 million. — RSS

Contraband seized

CHAUTARA: Police on Wednesday impounded a bus at Sangachowk on Aaraniko Highway in Sindhupalchowk for carrying goods from China and dodging the customs point. The Barhabise-Kathmandu bus was carrying illegal goods worth Rs 500,000. Police also arrested bus driver Badri Thapa and helper Subas Khadka. The goods included mainly readymade garments. Bus owner Gokul Timilsena of Ramche VDC managed to flee. DSP Suraj KC said the goods would be handed over to the Revenue Investigation Department. — RSS