Everest Bank increases profit by 39pc

Kathmandu, September 27 :

Everest Bank Ltd has declared that its profit after tax increased by 39 per cent as per the financial statement ending July 16, 2006, says a press statement issued today.

The board of directors of the bank in a meeting held today approved the profit and loss account for the financial year ending July16, 2006 and also the balance sheet ending July 16, 2006.

The bank said that despite constraints in the economy, the bank was able to increase its deposits by more than 36 per cent and advances by almost 28 per cent during the year compared to the previous year. This has resulted in a after-tax-profit of Rs 23.73 crore compared to Rs 17.08 crore last year, which is an increment of 39 per cent, according to the statement.

The board of the bank also resolved to recommend the forthcoming annual general meeting of its shareholders a cash dividend of 25 per cent subject to the prior permission from Nepal Rastra Bank (NRB).

Against the paid-up capital by shareholders of Rs 37.8 crore, shareholders’ funds now amount to almost Rs 120 crore, with a core capital base of Rs 77 crore approximately, says the bank.

The bank’s branch at ICD (dry port) at Birgunj is fully functional now and has exclusive arrangement for collection of customs revenue.