Clean Energy Development Bank celebrating 8th anniversary

ShareSansar, September 7:

Clean Energy Development Bank Ltd (CEDBL) has completed its 8th year of operation.

The development bank was established in 2006 in a joint venture with FMO – Netherlands.

Headquartered at Kathmandu, the development bank has its nine branch offices.

CEDBL has also been recognized as one of the 25 most progressive banks of the world and becomes the only bank from Nepal and third bank from Asia to join the Global Alliance for Banking on Values (GABV).

“On the auspicious occasion of the eighth anniversary of the bank, we would like to express our sincere appreciation for the unfaltering support our customers, regulators, promoters and shareholders have given us over the years,” reads the notice of the bank.

According to the unaudited financial results of the bank, it earned the net profit of Rs 12.91 crore in the last fiscal year 2070/71, down from Rs 18.02 crore in the previous fiscal year 2069/70.

The bank’s net profit saw a massive decline last year due to the heavy provisioning of Rs 9.47 crore for the possible loss.

It mobilized Rs 8.65 arba in deposit and Rs 7.28 arba in loans last year, up from Rs 7.2 arba of deposit and Rs 6.45 arba of loans in the previous year.

Though the bank has not announce the dividend this year yet,it had distributed 10.523 percent dividend – 5 percent bonus share and 5.523 percent cash—to the shareholders last year.