SBL doubles its profit

Kathmandu, January 17:

The fourth annual general meeting of Siddhartha Bank Ltd (SBL) was held in Kathmandu today.

Chiranjee Lal Agrawal, chairman, board of directors, presented the financial report for fiscal year 2004-05.

Compared to the previous fiscal year, the bank has reported an increment of 90.65 per cent in its deposit collection, 68.06 in loan and 42.52 per cent in its investment. SBL recorded a profit of Rs 90.7 million which is twice compared to the previous year, states a press release issued here today.

Despite the challenges in economic sector, the bank has witnessed a considerable growth in the first five months of the current fiscal year. The bank has collected a saving of Rs 2.084

billion and sanctioned a loan of Rs 3.05 billion, adds the release.

With the new branch at New Road, SBL now has a total of four branches, with one each at

Birgunj and Biratnagar.