Nabil Bank posts 13pc growth in profit

Kathmandu, August 10:

As per Nabil Bank’s provisional results for fiscal year 2004-05, the bank’s net profit after tax has been registered at Rs 517 million, which is a 13.6 per cent growth over last year.

According to a press statement issued by the bank today, following the release

of bank’s progress, Anil Shah, chief executive officer of the bank commented that

the recently concluded financial year has seen much turbulence and instability on the macro level, but we are pleased to state that the bank has come through this period with a sound performance.

The bank’s interest income also increased which comes to Rs 1,063 million, which is an increase of six per cent compared to last year.

As per the statement, despite an extremely competitive market, the bank has been able to grow with a few new projects and expansion plans, Shrawan Maskay, country head Business Bank, was quoted as saying in the press statement.

The bank’s officials commented in the press statement that the bank’s focus has been on NabilAuto, which has seen an unprecedented growth, adding considerable value to the retail risk asset base of the bank.

The bank’s statement has said that there has also been a decrease of Rs 40 million on interest expense, a reduction of 14.1 per cent over the last year.

The bank’s net interest income increased by Rs 101 million to Rs 820 million in the fiscal year 2004-05, a growth of around 14 per cent, thanks to bank’s competitive rate of interest.