Kathmandu, January 1:

Madhyamanchal Gramin Bikas Bank (MGBB) has posted Rs 2.7 million profit in the current fiscal year, according to a press release issued here today.

Presenting the annual report of MGBB, Tula Raj Bashyal, president of the organising committee said, “The bank has registered a gross profit of Rs 56.4 million and it spend Rs 53.7 million during 2004-05.”

“Though the bank has re-corded operating profits for the last two fiscal years, it is still short of Rs 27.4 million due to it’s loss two years ago,” he said adding that the bank helped more than 40,000 economically deprived households in 300 VDCs of 14 districts under the micro-finance programmes. The programmes has been operated by 39 branches of the banks.

“Under the social mobilisation programme, the bank gives training on loan management, literacy, tree plantation and more.”