Sindhu Bikas Bank’s financial condition improves

. KATHMANDU: The financial condition of Sindhu Bikas Bank, which has a corporate office at Banepa of Kavrepalanchok district, has improved significantly. The financial condition of the bank has improved after the appointment of veteran banker Suresh Devkota as the Chief Executive Officer of the bank last year.

The financial indicators of the bank have improved in the financial indicators of the financial year 2081/82 as compared to the previous fiscal year 2080/081. The bank’s earnings per share was Rs. This year, it was Rs. 5.46. It is 31.76. Similarly, the net worth per share of the bank was Rs. The net worth per share increased from Rs. 63.50 in mid-July 2082. It has reached 97.24.

} The improvement in the financial indicators of the bank seems to be mainly due to the significant improvement in the recovery of non-performing loans. The non-performing loan ratio of the bank has also decreased to 6.08 percent in mid-July 2020 from 10.63 percent in the last fiscal year. Similarly, the bank’s capital fund ratio has strengthened to 13.07 percent in mid-July 2082.

The central bank has taken corrective action as the capital fund ratio was around 6 percent in the past but now the capital fund ratio is above the prescribed limit.TAG_OPEN_div_13 The bank has submitted its financial statements for the fiscal year 2081/82 to Nepal Rastra Bank for approval for the purpose of presenting it to the Annual General Meeting (AGM). Despite the significant improvement in net worth, the bank has not proposed to distribute any dividend this year due to the accumulated losses of the previous years.

Currently, the bank has jurisdiction in five districts at the provincial level and has been serving 1.5 lakh customers through its 25 branches and one extension counter in Sindhupalchowk, Kavrepalanchowk, Dolakha, Makwanpur and Chitwan.TAG_OPEN_div_11