KATHMANDU, JAN 14 - Nepal Investment Bank Limited (NIBL) has decided to provide 20 per cent stock dividend to its shareholders from the profits of the fiscal year that ended on mid-July, 2003.
According to an NIBL press release issued here today, the decision was endorsed by the 17th annual general meeting of the bank held on Tuesday.
The bank’s net profit increased by more than 100 per cent to Rs 117 million as of mid-July 2003. The deposit mobilisation of the bank rose to Rs 7.92 billion, an increment of 89.8 per cent compared to the previous year during the year ending on mid-July. Similarly, the lending of the bank also went up to Rs 5.77 billion, recording an increase of 125.1 per cent, during the year ending on mid-July 2003.
According to the release, the bank has been able to lower the non-performing asset (NPA) to 2 per cent from 4.8 per cent of the previous year. NPA is one of the major problems being faced by the commercial banks in Nepal.
The number of NIBL branches has doubled from 6 to 12 since the new management took over the bank in May 2002, adds the release.Posted on: 2004-01-15 03:35

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