Kathmandu, August 16:

Nepal Industrial and Commercial (NIC) Bank Ltd has recorded a 66 per cent increase in net profits, riding on a 34 per cent growth in operating profit in the fiscal year 2004-05. Based on un-audited accounts, the bank earned operating profits of Rs 202 million, while its net profit stood at Rs 114 million. The bank achieved this on the back of a growth of 29 per cent in deposits and borrowings to reach Rs 6,691 million and 31 per cent in lending to Rs 4,909 million. Boosted by a better balance sheet and foreign exchange management, targeted marketing, better risk profiling both on assets and liabilities, management of costs, improv-ed credit management pr-ocesses and reduction in loan loss provisioning by 20 per cent, the bank has achieved this momentum, says a press release. In the fiscal 2003-04, it had registered a 51 per cent growth in operating profit and 158 per cent net profit growth which were one of the highest growths.