KAFL completes eleven years

Kathmandu, November 9:

Kathmandu Finance Ltd (KAFL) has entered 12th yea-rs of its operations. On the occasion of its 12th anniversary, KAFL has decided to distribute 10 per cent bonus share to its shareholders.

Hari Krishna Shrestha, CEO of KAFL, said that the company has been able to establish itself as one of the leading financial institutions in the last decade with its paid up capital touching Rs 30 million. It had Rs 20 million paid up capital in the beginning and plans to raise it to Rs 33 million.

The company made a net profit of Rs 10.2 million (before tax) during 2004-05 that ended on July 15. The fina-nce company also plans to increase its paid-up capital to Rs 50 million by 2007-08 just by issuing bonus shares from the annual profit.

“We will create the paid up capital of Rs 50 million as per the Nepal Rastra Bank’s directive within the stipulated timeframe without additional fund mobilisation from shareholders,” he informed.

KAFL has recently introduced a new special savings deposit scheme with 6.5 per cent interest, while it has been offering six per cent on regular savings deposit. In the fixed deposit, it offers up to nine per cent interest.