Everest Bank bags 'Bank of the Year 2006' award
The Banker, a publication of Financial Times, London, has awarded "Bank of the Year-2006, Nepal" to the Everest Bank Ltd.
The award is given on the basis of commendable performance, recording consistent and good business growth, improved asset quality, good governance and attractive return to shareholders.
"Our customers are the moving force and our products, services and processes are tuned to meet their needs and requirement. We believe, our effective teamwork, integrity, hard work and continuous innovation towards customer satisfaction have earned us this prestigious award and we resolve to strive even better in the days to come," said Jaspal Singh Jass, Executive Director of the bank after receiving the award.
The disposable net profit of the bank for the last fiscal year was Rs.237 million compared to Rs. 170.8 million in the previous year. The deposits in the bank increased by 36 percent and advances by 28 percent. Similarly, the bank recorded a growth of 21 percent in operating profit reaching Rs. 453 million from Rs. 375 million in the previous year.
The shareholders' fund in the bank has increased to over Rs. 1.1 billion with core capital base of Rs.816 million.
During the last financial year, the Bank opened two branches at Itahari (north of Biratnagar) and Chabahil in Kathmandu Valley. The Bank has now 18 branches and is proceeding to open two more branches at Nepalgunj and Balaju in Kathmandu Valley during the current financial year in the next few months.
The Bank launched its own Web based online remittance product “Everest Remit” from UAE Qatar for the benefit of Nepalese residing in the region. nepalnews.com ia Dec 05 06
