Nepal SBI Bank invites journalists to present on its fiscal highlights; Anything new from the bank?

Nepal SBI Bank Ltd. has organized a press meet on 7th January 2019 and shared its Annual Progress for the FY 2074/75 with the media. The media were informed about the improvement in the Bank's key efficiency parameters including other major achievements made by the Bank during the FY 2074/75 as under.

 The Bank's Net Interest Income grew from Rs. 299.72 crore to Rs. 414.50 crore during the year, registering a growth of 38.30%.

 The Operating Profit of the Bank registered an increase of 24.41% during the year. In absolute terms, the Operating Profit increased to Rs. 276.17 crore.

 The Bank posted net profit of Rs. 202.35 crore thereby registering a growth of 29.32%.

 The Bank's cost of funds contained at 5.45% (PY 3.54%).

 The expenditure ratio retained at 35.69% (PY 37.94%).

 Non-interest income grew from Rs. 109.58 crore to Rs. 122.81 crore during the year, registering an increase of 12.07%.

 Return on Assets increased to 1.97% from 1.57%.

 CCD Ratio (calculated as per NRB directives) is 74.38% at the end of the year.

 The Bank's Capital Adequacy Ratio (CAR) reached to 15.15% as against regulatory stipulation of 11%.

 The Bank also exhibited significant improvement in quality of assets thereby achieving net NPA ratio of 0.20%.

 The Bank opened 123,584 net new saving accounts during the year.

 The number of total deposit accounts reached to a level of 8.32 lakh showing an increase of 15.39% over the previous years.

 E-banking users of the Bank reached to 66 thousand thereby registering the growth of 16.63%.

 Issuance of Cards over 6.71 lacs with the penetration of over 83% at the end of FY 2074/ 2075.

 The Bank extended advance of Rs. 240.84 crore under SME Business portfolio.

 The Bank mobilized total deposit of Rs. 8,422.73 crore and extended loans and advance of Rs. 7,523.59 crore as at the close of the year.

During the meet, the media personnel were also briefed about Bank's strategy for growth. The bank has attained the present position in banking gradually but steadily in the past 25 years.

The Bank will leverage its position to expand the customer base by exploring new market segments and expanding delivery channels for its products, while at the same time, providing customer service of high standard by enabling its employees. Bank's large network of branches and ATMs will help serve people residing in all areas of Nepal. This wide range of presence helps the bank build up larger customer base with low cost deposit.

It was further informed that the Board of the Bank has already decided for distribution of dividend @15.79% (Bonus Shares @5.00% and Cash Dividend @ 10.79%, including the dividend tax applicable to Bonus Shares and Cash Dividend) out of the net profit earned last year and the profit earned during previous years, subject to approval of the upcoming 25th AGM.

The Bank's Statements of Financial Position for the FY 2074/75(2017/18) are being moved to the Annual General meeting of the Shareholders slated to be held on 14th January, 2019 ( 2075 Poush 30), Monday at Tribhuban Army Officer's Club, Bhadrakali, Kathmandu.