Nepal SBI Bank earns a net profit of Rs 202 crore

Nepal SBI Bank, a subsidiary of State Bank of India, has posted a net profit of Rs 202.35 crore in 2017-18 and mobilised total deposit of Rs 8,422.73 crore, the bank announced at its Annual General Meeting concluded here on Monday.

During the 25th Annual General Meeting, the bank announced 10.79 per cent cash dividends and 5 per cent bonus shares to its shareholders out of the profit earned last year.

"The bank has attained the present position in banking gradually but steadily in the past 25 years," said a statement issued by the bank on the occasion.

The bank, said, it 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.

"The 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 said.

The bank posted net profit of Rs 202.35 crore, registering a growth of 29.32 per cent in the year 2017-18. The bank's operating profit increased to Rs 276.17 crore.

The bank has succeeded in opening 123,584 net new saving accounts during the year, according to the statement. The total number of deposit account has reached 8.32 lakh.

E-banking users has reached 66 thousand, registering the growth of 16.63 per cent. The bank mobilised total deposit of Rs 8,422.73 crore and extended loans and advance of Rs 7,523 crore as at the close of the year.