DCBL changes name to Grand Bank

KATHMANDU, April 4: 

DCBL Bank, a category ´A´ financial institution, will be formally known as Grand Bank Nepal Limited from April 13. It follows permission from Company Registrar´s office to change its name in early February.

Established in July 2000 as Development Credit Bank Limited (DCBL), it started operation as a development bank or category ´B´ financial institution. It changed its name to DCBL Bank in March 2009 upon receiving permission from Nepal Rastra Bank to operate as commercial bank or category ´A´ financial institution.

“We had to change the name again to Grand Bank as the name DCBL gave many the impression that it is still a development bank,” Sudhir Khatri, CEO of DCBL Bank, said. Now since it will soon be known as Grand Bank, the bank is planning to conduct its businesses in a “grand way” to justify its name, according to Khatri.

In this regard, DCBL will introduce ´Grand Remittance´ on April 13. Under the service, DCBL will remit money from Australia and major Gulf countries like Saudi Arabia and Qatar - the hub of Nepali migrant workers.

“We will also introduce Internet and SMS banking services from April 13 and open four more branches in the next fiscal year to take the number of branches to 25,” Khatri said, adding “one of the branches will be located in Namche region with satellite branch in Lobuche in Khumbu region”.

The bank collected deposits of Rs 12 billion in the first eight months of the current fiscal year and loaned Rs 10.5 billion in the same period. The bank projects deposit collection to reach Rs 13 billion and loan portfolio to stand at Rs 12 billion by the end of the current fiscal year.

It also hopes to give away dividend of eight percent this fiscal year and 12-15 percent next fiscal year.

The bank, which has a paid-up capital of Rs 2 billion, has been continuously giving away dividends to its shareholders since its establishment. 

According to the bank, investors who bought shares during the bank´s inception period have pocketed a dividend of 79.08 percent, including cash and bonus shares.