BoK's projects 20 pc increase of profit

BoK's projects 20 pc increase of profit; gives priority to small investors
Nepalnews.com, 18-April-2007

Bank of Kathmandu (BoK) has informed that its operating profit this year is set to grow by 20 percent compared with the previous fiscal year.

A press statement by the bank, issued on the occasion of 13th anniversary of the establishment of the bank, states that while it posted profit of Rs 400 million last fiscal year, the same for the first nine months of the current fiscal year has already crossed Rs 330 million.

Likewise, the total deposits and lending amount of the bank has increased from Rs 10.49 billion and Rs 7.49 billion, respectively, last year, to Rs 12.03 billion and 8.94 billion till mid-April this year. The bank also distributed 18 percent cash and 30 percent bonus share dividend to its shareholders last year, the press statement adds.

"The BoK's target group does not only include urban customers, big businesses and projects. General public, small and medium-scale entrepreneurs and rural areas comprise the bank's priority service area," adds the statement.

The bank has 80,000 customers and it also operates BoK Money Transfer – a remittance service – through 180 outlets across the country.

In order to shoulder the Corporate Social Responsibility, the BoK has continued to contribute to health, education and environment sector, the statement says.

It added that the BoK wishes to contribute to the building of new Nepal and be able to face international competition in future when banking sector will be opened up.