Himalayan News Service

Kathmandu, May 10:

Agriculture Development Bank, Nepal (ADB-N) has been able to recover Rs 627.3 million as principal and interest from its offices in Sagarmatha zone during the first nine months of the current fiscal year 2004-05. Of the recovered loan, Rs 506.6 million is the principal amount, while the remaining Rs 120.07 million is interests receipt. According to figures, the bank attained 119 per cent of its target in loan recovery.

The bank also distributed loans to the tune of Rs 613.8 million during the period, achieving more than 125 per cent of its target. Branch managers of 26 ADB-N offices in the zone participated in the meeting. According to the bank, ADB-N has been able to reduce non-performing loans by 11 per cent.

The achievement has been attributed to a strong recovery system.