Kailash Bikas Bank marks first year

KATHMANDU, APR 27 -

Kailash Bikas Bank completed its first year of operations in its new avatar on Thursday. Founded in 1993, it was formerly known as Annapurna Finance Company. Speaking at the anniversary function, CEO Krishna Raj Lamichhane said that the bank posted an operational profit of Rs 115.3 million as of mid-April 2013. It collected deposits of Rs 5.75 billion and sanctioned loans amounting to Rs 5.22 billion in the same period. “Compared to the same period last year when we were still a finance company, deposits have increased by 30 percent. Likewise, lending and operational profit have increased by 35 percent and 43 percent respectively,” Lamichhane said. The bank has been successful in gaining the trust of its customers following its upgradation into a development bank, he added. The bank currently offers services through 22 branch offices and 10 ATM outlets across the country. It also maintains evening counters besides providing 365-day banking service and internet and SMS banking services.

Source: The Kathmandu Post