Kathmandu, November 27:

Everest Bank Ltd (EBL), a joint venture bank with Punjab National Bank, India, has announced 25 per cent cash dividend, which has been approved by its annual general meeting (AGM). The 12th AGM has also approved the financial statement of this fiscal year, states a press release issued here by the bank today.

EBL registered a net profit of Rs 237.30 million this year in comparison to Rs 170.80 million during the last fiscal year. The bank has also increased its profit by 39 per cent in this fiscal year.

Similarly, it also increased its deposit by more than 36 per cent and advances by almost 28 per cent during the year compared to the previous fiscal year.

The bank also recorded a growth of 21 per cent in its operating profit to Rs 453.10 million from Rs 375.10 million, states the release. Earnings per share have also surged to Rs 62.78 from Rs 54.22.

The overall better performance has enhanced the image of the bank, claims the press statement. It has also reduced its NPA to 1.27 per cent from 1.66 per cent. “This is one of the lowest NPA among the commercial banks in Nepal,” states the release.

The anual general meeting has decided to issue convertible preference share of Rs 200 million at a premium of Rs 100 each, which is convertible on each third year at the rate of 20 per cent.