Kathmandu, October 24

The 31st annual general meeting (AGM) of Nepal Investment Bank Ltd (NIBL) held here today has decided to distribute 40 per cent dividend — 15 per cent stock dividend and 25 per cent cash dividend — on its total paid-up capital to the shareholders.

The AGM also elected Kabi Kumar Tibrewal, Prajanya Raj Bhandari, Surya Prakash Lal Shrestha and Prithivi Bahadur Pande as directors representing promoter group, as per a media release.

In fiscal year 2016-17, NIBL earned operating profit of Rs 5.24 billion before provision as compared to Rs 4.13 billion recorded in the previous year. The net profit of the bank grew by 22.1 per cent to reach Rs 3.11 billion against Rs 2.55 billion of the previous year.

NIBL’s paid-up capital will reach Rs 10.62 billion (after issue of 15 per cent bonus shares in fiscal 2016-17). NIBL’s deposits increased by 15.7 per cent to reach Rs 125.66 billion, while total lending of the bank surged by 22.6 per cent to Rs 106.68 billion in the review period.

The bank has been striving for growth, enhancing customer service experience and strengthening relationship with all its stakeholders. NIBL has acquired Ace Development Bank to provide consolidated service to further enhance customers’ need and expand nationwide reach. The bank has a customer base of over  836,000 being served through a network of 61 branches, 99 ATMs and four extension counters. To provide enhanced customer service to its customers, NIBL jointly with Nepal Electricity Authority (NEA) has agreed to make all payments of electricity bills through any NIBL branch and online banking services from this year.

Moreover, as an initiative to attain financial inclusion, NIBL will be opening branches in deprived and unreached sectors of the country, will be using highest level of technologies to provide easy, enhanced and excellent banking services and will be working towards development of the whole nation, the statement adds.

The bank had also recently added MasterCard to its network in both the ATM and POS to provide enhanced service to its cardholders. Also, NIBL has been certified with Payment Card Industry Data Security Standard (PCI DSS) Version 3.2 in view to facilitate added security for its more than 400,000 cardholders. PCI DSS is the highest-level of card data security standard worldwide to enhance safety and security of card data environment of all branded cards.

NIBL has been awarded with the prestigious ‘Bank of the Year’ title awarded by ‘The Banker’, Financial Times, based in London, five times, and has also been continuously receiving an ICRA Nepal Credit Rating ‘A’ since 2010-11.