Kathmandu, July 25:

Kumari Bank Ltd (KBL) has opened its ninth branch at Kantipur Mall, New Bus Park Gongabu in Kathmandu amid a function here today.

Noor Pratap JB Rana, chairman of KBL inaugurated the branch. On the occasion, the bank management also announced the financial result for the fiscal year 2006-07, posting the operating profit up by 64 per cent to Rs 300 million. The bank also announced the net profit of Rs 170.5 million for the just completed fiscal year, which is an increase by 69 per cent in comparison to the last fiscal year.

The bank’s customer base has reached 30,000 at the end of the last fiscal with the total deposit standing at Rs 10.5 billion. KBL’s total loan and advances stood at Rs 9 billion, states a press release issued here by the bank. The bank’s authorised capital stands at one billion rupees and the paid up capital at Rs 750 million.

The bank has recently launched ‘Kumari Remit’, a new remittance service to facilitate money transfer from all over the world. The deposit product of the bank Bankma Balance Haatma Ghar has received an overwhelming response from the customers and the final winner of this scheme will be announced in August.

KBL has also announced expansion of its branch network.