Vibor reports Rs 97.5m net profit

KATHMANDU, Jan 26 :

Vibor Development Bank Ltd, which was posting loss for past few years, has reported profit in 2014/15.

The development bank earned Rs 97.5 million net profit in the second quarter of the current fiscal year. Issuing a statement on Friday, Vibor said it has been able to significantly increase business volume during the review period.

 According to the statement, the bank mobilized Rs 4 billion in deposits and invested Rs 3.27 billion in loans as at second quarter of 2014/15. “The bank has reduced operating cost by adopting austerity measures. Our interest expenses and cost of funds have also gone down,” the statement added.

The bank´s non-performing loan (NPL) also came down to 4.4 percent, which the bank says, will lift the regulatory restriction in opening its new branches and accept institutional deposit in the coming days.

Source: Republica