NMB Bank reports stellar financial Performance in Q4 of FY 73/74; earning surges by impressive 39.5% to NPR 1.61 billion

NMB Bank Limited has posted an impressive net profit of NPR 1.61 Billion year on year (YOY) growth of 39.5% for the fourth quarter of FY 2016/17. Issuing a press statement published by the bank today, NMB Bank’s operating profit grew by 60% to NPR 1.98 billion, the major contributor to this being non-fund based income and strong treasury income. The bank was able to maintain consistent performances through each quarter in the difficult market environment, During the review period, Shareholder’s fund of the bank increased by 55% from NPR 6.91 billion to NPR 10.73 billion, whilst the risk assets of NMB Bank stood at NPR 62.6 billion, a growth of 15.5% from the previous year. Similarly, deposits mobilization increased by 13% to reach NPR 73.2 Billion at the fiscal year end. The bank was able to conclude the single largest foreign investment in the history of Nepalese Banking by increasing shareholding of FMO, Netherlands to 20%. In March 2017, the Bank successfully hosted the 9th GABV Annual Conference in Nepal. The theme of the 2017 Annual Conference “Shifting the Financial Paradigm – Courage to Act Together” captured in essence the work of the GABV and its members and partners aimed at changing the world of finances to put people before profit. The bank's “NMB Ek Ghar Ek Khata” campaign was successful in attracting the unbanked /population from the remote areas to mainstream Banking. NMB continued its successful run, with the launch of a one of its kind “Channel Financing Program” for SME segment, targeting financing to dealers, catering to both backward and forward supply chain linkages. By the end of Fiscal 2073/74, the bank’s footprints increased to 80 branches, 4 extension counters, 68 ATMs and two subsidiary companies- NMB Capital and NMB Microfinance Bittiya Sanstha.