Pokhara BFIs post impressive profit

POKHARA, Nov 19:

Banks and Financial institutions (BFIs) in Pokhara have posted better profit in the first quarter of current fiscal year, compared to profit figures of the same period of 2013/14.

Eleven Pokhara-based BFIs posted collective profit of Rs 185 million inthe review quarter.“

"Business activities in Pokhara have increased over the past few years. It is one of the reasons behind impressive profits posted by the BFIs," Chabindra Sharma, acting CEO of Gandaki Development Bank (GDB) said.

GDB has posted profit of Rs 13.5 million in the first three months 2014/15.

Bishwo Mohan Adhakari, CEO of City Development Bank attributed the impressive rise in profit to surge in deposits collection and lending. "Local BFIs are benefiting from the boom in tourism industry of this tourist town," he added.

City posted profit of Rs 18.2 million in the review quarter.

Muktinath Development Bank led the local BFIs in terms of profit generation in the first three months of the current fiscal year. The bank posted profit worth Rs 43.4 million. The bank has been putting focus on micro-finance and agriculture sector in recent years.

Garima Development Bank has posted profit of Rs 26.8 million, while Om Finance, Kamana Development Bank, Metro Development Bank and Kaski Finance have reported profit of Rs 17.7 million, Rs 15.3 million, Rs 9.7 million and Rs 7 million respectively.

Source: Republica