Nepal SBI post 13% growth in net profit at Rs 229.25 crore for FY19

Nepal SBI Bank, a subsidiary of State Bank of India, has posted a Rs 229.25 crore net profit for 2018-19, registering a growth of 13.29 per cent.

The bank mobilised total deposit of Rs 9,72.44 crore and extended loans and advances of Rs 8,864.47 crore at the closing of the year, according to a statement issued by the bank ahead of its Annual General Meeting.

Speaking at a press briefing, Nepal SBI Managing Director Anukul Bhatnagar said that the banking sector of Nepal should jointly fight against possible cyber attack as leakage of information of one bank could jeopardize the performance of the entire banking system.

The bank has decided to distribute 16.84 per cent bonus including 6 per cent bonus share and 10.84 per cent cash dividends from the last year's profit and accumulated profits of the past, he informed.

The bank will organise its 26th AGM on December 15 in Kathmandu.

The bank succeeded in opening 76,568 new saving accounts during the last fiscal year.

The bank will leverage its position to expand the customer base by exploring new market segments and expanding delivery channels for its products, the statement said.