Everest Bank Limited has published an unaudited financial results quarterly as at fourth quarter of the fiscal year 2067/68.
Everest Bank opened their 38th branch on Wednesday in Taulihawa, Kapilbastu. At the occasion the bank also installed its 36th ATM there. According to the press release issued by the bank it is opening its branch in Argakhanchi soon.
The bank’s debit card also has access at more than 650 ATMs of SCT network in Nepal and more than 4000 ATMs of Punjab National Bank in India whereby EBL customers going to India need not to carry cash and can withdraw cash through EBL debit cards from ATMs of PNB.
Everest Bank Ltd (EBL), a joint venture with Punjab National Bank, India, held its 16th Annual General Meeting (AGM) in the capital on Thursday. The AGM of the shareholders approved among others, the declaration of 30% bonus shares and 30% cash dividend. The AGM also approved the financial statements ending 32nd Asadh 2067. After providing provisions for income tax and statutory provisions there was a disposable net profit of Rs.83.18 crore compared to Rs. 63.87 crore last year- an increase of 30.2%.
The Bank was able to increase its deposits by more than 10.83% and advances by 15.07% during the year compared to the previous year. Similarly, the bank recorded a growth of 26.6% in operating profit to Rs. 134.91 crore from Rs. 106.60 crore in the previous year.
Against the Paid-Up Capital by shareholders of Rs 83.05 crore, the shareholders’ fund now amount to Rs 316.90 crore- with Core Capital base of Rs 255.90 crore. Earning Per Share has increased to Rs.100.16 from Rs. 99.99. The overall better performance has enhanced the image of the bank.
Asset quality improved by reduction of NPA to 0.16% from 0.48% in the previous year. This is one of the lowest NPA among the commercial banks in Nepal.
The Bank introduced in the country branchless banking to cover villages with telephone lines. To begin with, it has been introduced at Baglung in the western hills covering eight villages; at Bhaktapur in the valley covering five villages and at Nepalgunj covering six villages and Birtamode covering 11 villages. The Bank intends to cover more and more villages with this revolutionary new technology.
The Bank has now fully operative 37 branches, one of the largest networks among the private sector bank in the country.
The Nepal Stock Exchange witnessed a fall of 3.93 points on Monday pulled down by decreases in the sub-indices of five sectors. The NEPSE index settled at 459.52 points when the market closed for the day.
On Monday, hydropower was the only sector to post a gain of 0.97 point while the others sector led the loser’s list by shedding 10.58 points.
Likewise, insurance companies, development banks, commercial banks and finance companies lost 3.89 points, 3.01 points, 2.95 points and 2.51 points respectively.
However, groups representing manufacturing and processing companies, trading and hotels did not see a change in their sub-indices.
Of the 59 companies on the trading floor, share prices of 37 companies went down, nine companies registered a gain and 13 companies did not see a change in their prices.
The secondary market registered a turnover of Rs. 16.88 million through the trading of 40,394 shares in 737 transactions.
The Nepal Stock Exchange (NEPSE) posted a marginal gain of 0.50 point on Wednesday after two straight days of double-digit losses. The benchmark index settled at 480.48 points when the market closed for the day.
The rise in the index of the others, hydropower, insurance and finance company groups pushed up the benchmark index. The others group posted a double-digit growth of 21.15 points, followed by the hydropower, insurance and finance companies sectors with increases of 7.03 points, 5.51 points and 0.51 point respectively.
The bank and development bank groups shed 5.93 points and 3.35 points respectively. The index of the manufacturing and processing sectors remained constant. Shares of companies from the trading sector did not witness any trading.
Nepal Doorsanchar Company posted a gain of 18 points to raise the index of the others sector. Similarly, the hydropower index was pushed by Butwal Power Company which gained 16 points.
Out of the 21 commercial banks on the trading floor, only six companies registered gains while 13 companies shed points. Nepal SBI Bank and Siddhartha Bank topped the group by adding 8 points. Heavyweights like Standard Chartered Bank, Everest Bank, the Bank of Kathmandu and Nabil Bank lost heavily, pulling down the group.
In the development bank group that witnessed trading of 16 companies, Triveni Bikash Bank topped the group with a gain of 10 points while Sanima Bikash Bank shed the most, 12 points.
Out of the 64 companies on the trading floor, 30 companies posted gains while 29 companies lost points. The market witnessed a turnover of Rs. 28.30 million through 873 transactions of 57,622 shares.
Everest Bank has launched a new saving product Saugat Bachat Khata aiming to attract new customers who want a high yield on savings.
A press statement issued by the bank said the product was a blend of normal savings and fixed deposit.
Under the scheme, a customer can enjoy up to 10 percent interest on deposits. Minimum deposit for the account is Rs. 5,000. After a certain deposit, amounts in multiples of Rs. 25,000 will be automatically transferred to fixed deposit on which interest rate is up to 10 percent, the bank said.
A customer can withdraw balance at any time without any hassle through a cheque. The bank is providing the services through its 36 branch network which is spread throughout the nation.
The capital market witnessed a four-year low in its turnover on Sunday as share trading began after a week’s break due to the Maoist general strike.
The market witnessed a turnover of just Rs. 9.6 million which is the lowest since May 27, 2007 when the share market had seen a turnover of just Rs. 3.05 million. A total of 30,536 shares were traded through 615 transactions on Sunday.
The volume of trading used to be worth Rs. 20-25 million daily during the last few years.
NEPSE saw a decline of 6.26 points to 413.02 points on Sunday. All the sectors that witnessed trading of shares lost points. The per share price of Standard Chartered Bank went down by Rs. 75, the highest on Sunday, followed by Everest Bank which dropped Rs. 51.
Bank of Kathmandu, Vibor Bikas Bank, PCBL, Everest Bank and Citizens Bank International were the companies seeing the highest turnover on Sunday.
Everest Bank has established its first regional office in Pokhara. Ashutosh Updhaya, who has been with the bank for 15 years, has been designated regional manager and will look after the branches in Pokhara, Kusma, Lekhnath, Baglung and Beshisahar, said a press statement issued by the bank.
The regional office at Pokhara will monitor all the activities of the above branches. It will facilitate quick decision-making and better customer focus.