WMBFL’s new savings schemes

Kathmandu, August 28:

World Merchant Banking and Finance Ltd (WMBFL) has introduced three new savings schemes

on the occasion of its fourth anniversary. The newly introduced schemes are ‘World High Yield Saving, World Easy Savings and the World Children’s Savings’. Interest rates on these schemes are six per cent, 5.25 per cent and six per cent respectively. Nir Shanker Shrestha, chairman of the Hetauda-based finance company announced the new schemes at a programme here yesterday. The company also started its new branch office at Putalisadak, Kathmandu from today. All the services will be available from the new branch, said Binit Upadhaya, chief executive officer of WMBFL.

According to him, the company has been able to increase its operating profit by 19 per cent in tune of over Rs 13.8 million during the last fiscal year. The net profit stands at Rs 8.5 million, a 20 per cent increment over the previous fiscal year. As of the end of fiscal year 2004-05, the company’s deposit reached to Rs 425.67 million, whereas loan and investment of WMBFL touched Rs 399.27 million. Besides merchant banking services, WMBFL has been lending on hire purchase, home loan, educational loan, industrial loan and business loan at an interest rates that varies from 12 to 15 per cent.