Nepal Investment bags ‘Nepal's Best Bank' award

Kathmandu, July 19

Nepal Investment Bank Ltd (NIBL) has won the award of ‘Nepal's Best Bank' from Euromoney magazine's Awards for Excellence 2018, one of the most significant accolades in financial services.

Euromoney, first published in 1969, is an English-language monthly magazine focused on business and finance. It is the flagship production of Euromoney Institutional Investor plc.

The Euromoney awards evaluate levels of service, financial performance and other achievements across the banking industry. This year, the organisers received almost 1,500 submissions from banks around the world competing for global, regional and national titles.

Bhuwaneshwar Prasad Shah, director of NIBL, accepted the ‘Nepal's Best Bank' award on behalf of NIBL, amidst the special gala dinner event in Hong Kong. There were almost 500 leading banks from around Asia..

“This award is a very fulfilling testimonial of NIBL's strategic achievements,” a media release issued here today has quoted Shah as saying.

With the acquisition of Ace Development Bank, NIBL's paid-up capital reached Rs 10.65 billion with Rs 20.94 billion core capital and assets worth more than $1.5 billion.

The bank delivered a third quarter net profit of Rs 2.84 billion, with a deposit base of Rs 130.2 billion and a lending base of Rs 118.8 billion - the highest lending base among private sector banks.

It also has 57 branchless banking counters across remote parts of Nepal. The bank disbursed Rs 3.7 billion micro credit loans to the deprived sector that has helped in the sustainable development of rural communities.

The bank has more than 870,000 customers catered through its 77 branches and seven extension counters across the country. NIBL has a network of 104 ATMs and leads a consortium of 14 Visa associate banks and seven NPN member banks.

There are almost 1.5 million cards issued by its network, along with 790 ATMs and 2,597 POS terminals, the release says.

NIBL is the only bank in the country to have received the ‘Bank of the Year Award' five times from Financial Times Group's The Banker, a UK-based bank magazine and has received a credit rating [ICRANP-IR] A+ from ICRA Nepal (International Credit Rating Agency-Nepal).