NIBL holds annual meeting

Kathmandu, November 8:

Nepal Investment Bank Ltd (NIBL) held its 21st annual general meeting (AGM) in the valley today. On the occasion, Prithivi Bahadur Pandé, chairman and chief executive director presented the Board of Director’s report, balance sheet and profit and loss account for the financial year 2006-2007.

The AGM unanimously approved the Board of Director’s proposal of 25 per cent bonus share and five per cent cash dividend from the profit of the fiscal year 2006-07. The AGM also approved board’s proposal to issue 20 per cent right shares — one share for each five share — on banks paid up capital after issuance of bonus share.

NIBL has increased its deposits from Rs 18,927 millions to Rs 24,488 millions — a growth of 29.39 per cent — in fiscal year 2006-2007, states a press release. Similarly, during the year, loans and advances of the bank grew from Rs 13,178 million to Rs 17,769 million — a growth of 34.84 per cent.

The bank claims that its net profit under review is Rs 501 million — a growth of 43.25 per cent — over last year. The bank — which has 17 branches — is linked online to all the branches through ABBS and provide complete banking services.

It was awarded the ‘Best Presented Accounts award – 2006’, in the banking sector by The Institute of Chartered Accountants of Nepal and was also selected for this honour among other competing banks for meeting the stringent benchmark criteria.

NIBL has launched 1 rupee Saving Scheme called ‘Afnai Bachat Khata’ from August 17.