Kathmandu, December 4:

Everest Bank Ltd has been awarded ‘Bank of the Year 2006, Nepal’ by The Banker, a publication of the Financial Times, London. The bank has earned the award due to its consistent business growth, improved asset quality and attractive returns to shareholders, claimed a press release of the bank.

“We will always endeavour to gain market leadership, taking optimum advantage of market opportunities and maintaining a competitive edge, thus growing shareholder value through execution of our strategies,” said the bank’s executive director, Jaspal Singh Jass.

According to the release, the bank’s performance in the fiscal 2062-63 has been commendable. After providing for income tax and statutory provisions there was a disposable net profit of Rs 237.3 million, a 39 per cent increase from last year’s Rs 170.8 million.

The bank has been able to increase its deposits by more than 36 per cent and advances by 28 per cent from that of the corresponding period last year. Moreover, the bank has succeeded in bringing down the non-performing assets to 1.27 per cent from 1.66 per cent in the previous year.

This is one of the lowest NPA among commercial banks.