Bank of Asia and NIC to operate as NIC Asia from today
Sun, Jun 30, 2013 12:00 AM on Others,
ShareSansar, June 30:
Nepal Industrial and Commercial Bank and Bank of Asia will being operation as one entity from Sunday (today). The new entity has been named NIC Asia Bank Limited.
The coming together of the two banks has set a successful precedent for the merger of two A class institutions, a first in Nepal’s banking history.
The promoters of Bishal Group and Triven Group have majority shares in both NIC and Bank of Asia. NIC’s Jagadish Prasad Agrawal will be the chairman of NIC Asia while, while Shasin Joshi has been appointed the CEO of the bank.
After the merger, NIC Asia will have 65 branches, but the bank plans to move one of the two offices in the vicinity to other areas.
The transactions on the banks’ shares, halted while the merger process was under way, will begin after the merged entity will formally call on the Nepal Rastra Bank to lift the ban.
NIC and BoA initiated merger talks after the central bank adopted a policy to nudge banks run by same promoters to unite.
With the merger, the number of commercial banks in Nepal has come down to 31.
2069/70 THIRD QUARTER FINANCIAL HIGHLIGHTS OF BOTH COMPANIES
Rs In '000'
|
Particulars |
Bank of Asia Nepal Limited |
Nepal Industrial And Co.Bank |
|
Paid Up Capital |
Rs.2,000,000.00 |
Rs.1,311,552.00 |
|
Reserve & Surplus |
Rs.297,420.00 |
Rs.1,148,275.00 |
|
Debenture & Bond |
Rs.0.00 |
Rs.200,000.00 |
|
Deposits |
Rs.15,771,982.00 |
Rs.23,362,271.00 |
|
Foreign Currency |
Rs.136,337.00 |
Rs.533,005.00 |
|
Total Assets |
Rs.22,277,682.00 |
Rs.28,168,580.00 |
|
Loan & Advances |
Rs.14,179,621.00 |
Rs.18,818,439.00 |
|
Net Interest Income |
Rs.565,616.00 |
Rs.762,440.00 |
|
Operating Profit |
Rs.184,295.00 |
Rs.627,673.00 |
|
Provision for Possible Losses |
Rs.258,688.00 |
Rs.49,565.00 |
|
Write Back Provision for Possible Losses |
Rs.0.00 |
Rs.1,306.00 |
|
Net Profit |
Rs.120,409.00 |
Rs.400,557.00 |
|
Net Write Back |
Rs. (258,688.00) |
Rs. (48,259.00) |
|
Capital Adequacy |
13.66% |
11.64% |
|
NPA |
3.54% |
1.09% |
|
Cost of Fund |
7.17% |
6.78% |
|
CD Ratio |
76.25% |
75.76% |
|
Base Rate |
9.69% |
9.37% |
|
Net Interest Spread |
NA |
3.99% |
|
Return on Assets |
0.72% |
1.99% |
|
Return on Equity |
6.99% |
21.70% |
|
Networth per Share |
Rs.114.87 |
Rs.187.55 |
|
EPS |
Rs.8.02 |
Rs.40.72 |
|
P/E Ratio |
19.93 |
15.32 |
|
PB Ratio |
1.39 |
2.49 |
|
Market Capitalization |
4,100,000,000.00 |
6,662,674,000.00 |
LIST OF NEWLY RELOCATED BRANCHES:
