Himalayan Bank Holds AGM, Reports Financial Growth and Plans for Future Expansion
Wed, Jan 15, 2025 9:53 AM on Latest, AGM/Special AGM, Corporate,
The AGM of HBL, chaired by Mr. Prachanda Bahadur Shrestha, endorsed the consolidated financial statement for FY 2080/81. The Chairman highlighted key developments, including the relocation of the Thamel Branch to a newly constructed building and the opening of a new branch at Durbar Marga.
He also discussed plans to relocate a branch due to the retrofitting of the EPF building and the construction of a new building at New Road for future branch operations.
The Bank reported a net profit of Rs. 1,238.30 million, with a net profit of Rs. 1,023.90 million including other comprehensive income for FY 2023/024. It allocated 20% of the net profit, Rs. 247.66 million, to the Statutory General Reserve Fund.
The Bank's total deposit increased by 6.89% to Rs. 297.72 billion, while loans and advances grew by 1.79% to Rs. 247.11 billion. Total assets increased by 6.42% to Rs. 355.73 billion.
The Bank also wrote off loans amounting to Rs. 1,124.348 million but recovered Rs. 10.418 million. The Chairman assured that profits will improve with the recovery of non-performing loans and confirmed plans for future attractive dividend distribution to shareholders.