With this issuance, the total paid-up capital of the bank will be Rs 1 billion, which will be the highest paid-up capital among development banks in Nepal. Currently, the bank has a total paid up capital of Rs 700 million, said a press releases issued at a program organized on Tuesday. [break]
It has also launched a new deposit scheme “Manakamana Share Account” with no minimum balance requirement, as there is a regulatory requirement of applying shares through bank account for shares above Rs 50,000. This scheme holds an attractive interest rate and the account enables easy access to invest in any initial public offerings (IPOs) in the days ahead.
The bank has recorded net profit of Rs 92 million in the second quarter of fiscal year 2009/10. This is a remarkable growth of 570 percent over the figure of the same period of previous fiscal year, claimed the release.
The bank is also doing well with capital adequacy ratio of 34.69 percent, which is above the Nepal Rastra Bank´s minimum requirement of 11 per cent set for development banks.
The bank has also been successful in reducing its non-performing loan to 8.74 per cent in the second quarter of 2009/10. This is a sharp decrease from the non-performing loan of 73.58 per cent in the same period of 2008/09.
The bank plans to come up with new customer-oriented and innovative products and services. It has also entered into an agreement with National Payment Network for ATM services.
It is also in the process of opening four branches in this fiscal year. By next fiscal year, the bank plans to increase its paid-up capital to Rs 2 billion and upgrade to class “A” commercial bank.
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