Everest Bank Ltd profits up 37 pc

REPUBLICA
KATHMANDU, Sept 10: Everest Bank Ltd (EBL) Thursday declared a net profit of Rs 638.7 million for 2008/09 fiscal year. This is an increase of 37 percent compared to the Rs 451.2 million it earned as net profit the preceding fiscal year. The bank also opened a branch and and an ATM counter in Thamel on Thursday.
A meeting of the bank´s board of directors held Thursday also decided to recommend distribution of bonus shares of 30 percent and dividend of 30 percent, EBL said in a statement issued Thursday.
Meanwhile, the bank´s operating profit went up to Rs 1.074 billion in the period up from Rs 818.2 million earned in 2007/08 fiscal year. The non-performing assets (NPA) dropped to 0.48 percent at the end of the period from 0.68 percent.
The bank also said it now has 35 branches, five revenue collection counters and 20 authorized representatives in VDCs through its Everest Ghar-Dailo Banking Sewa campaign plus 31 of its own ATM counters. "EBL debit card also has access to more than 350 ATMs in Nepal and more than 2,000 ATM locations in India," the bank said.