Joint Operation of Garima and Nilgiri within this fiscal year; receives final nod from NRB

ShareSansar July 8:

Nepal Rastra Bank has given the final approval for the merger of Garima Bikas Bank and Nilgiri Bikas Bank. The merger entity will be named Garima Bikas Bank, and will start the integrated business within this fiscal year, i.e. within the next few days.

The merged entity will be publishing combined quarterly report in the upcoming quarter after their joint operation starts.

Mr. Bimal Pandey, Director of Nilgiri Bikas Bank said, “The joint operation of Garima Bikas Bank and Nilgiri Bikas Bank will start within this fiscal year”.

The paid up capital of Garima Bikas Bank stands at Rs 56 crore and 10 lakhs, whereas, paid up capital of Nilgiri Bikas Bank is Rs 15 crore. After the merger the total paid up capital will be Rs 71 crore and 10 lakhs.

Garima Bikas Bank Limited has reported 60.89% rise in profit for the third quarter of the current fiscal year 2071/72. According to unaudited financial statement published on Baisak 9, its net profit has increased to Rs 9.98 crore, Its EPS is at Rs 23.94 and net worth per share at Rs 131.42.

Meanwhile, Beni-based Nilgiri Bikas Bank’s third quarter profit for the fiscal year 2071/2072 surged by 72.22% to Rs 1.69 crore, up from 94.04 lakhs posted in the corresponding quarter of the previous fiscal year 2070/71. Its annualized earning per share is at Rs 18 and net worth per share is at Rs 127.73.