Agriculture Dev. Bank to reach paid up capital of 8 arba in one shot; 49th Anniversary on Magh 07
Agricultural Development Bank (ADBL) is celebrating its 49th Anniversary on tomorrow, Magh 07, 2072. It was established on Magh 07, 2024 BS. The bank has successfully completed 48th year of operation since its establishment.
Mr. Lila Prakash Sitaula, CEO of ADBL,highlighted the achievements of the bank in a press meet organized yesterday.
The bank has floated loan and advances of Rs 85.47 arba in the FY 2071/72. It has collected deposit of Rs 76.90 arba in FY 2071/72.It has an operating profit of Rs 1.71 arba in FY 2071/72. Among the loan and advances 32.67% are in the agricultural sector of Nepal.
The bank has a total paid up capital of Rs 9.86 arba including preference shares in which general share capital is of Rs 3.42 arba. The remaining Rs 6.43 arba of the paid up capital is non-cumulative irredeemable preference shares of Nepal Government.
After the Nepal Rastra Bank (NRB) disallowed the preference shares to meet the new paid up capital requirement, ADBL is short of nearly Rs 4.58 araba to reach paid up capital of Rs 8 arba. Mr. Sitaula said, " Our bank will reach the required paid up capital of Rs 8 arba at one shot. We have received all necessary approval from Ministry of Finance."
The bank has conducted Special Audit to divest 30% of 51% shares owned by the Nepal Government. The bank has been looking for suitable domestic or international strategic partner.
ADBL has cleared all its past tax liabilities till the fiscal year 2068/69. The bank has been involved in various CSR activities including donating more than Rs 3.61 crore to help the earthquake victims.
The bank has 255 network throughout the country. Core Banking System is installed in 121 branches, Locker Service is available in 23 branches, and Online banking from 186 branches. Internet Banking, Expansion of ATM service, issuance of VISA card and SMS and Mobile Banking has been introduced. The bank aims to launch branch less banking in near future.
