KATHMANDU, Aug 26: Manakamana Development Bank has opened its first branch at Abu Kahireni. The bank´s new branch was inaugurated by Laxman Babu Shrestha, chairman of the bank amid a special function.
According to the press statement issued by the bank, the bank has recorded a net profit of Rs 124 million in the fiscal year 2009/10 with the growth of 13.5 percent. The loan and advances of the bank has been recorded at Rs 1,928 million and has been increased by 297 percent from the figures of the previous fiscal year.
Likewise, the deposit of the bank has increased by 306 percent to Rs 1,768 million and it has been successful to reduce non-performing loan to 4.09 percent from 73.58 percent.
“The bank plans to open 10 branches to expand its network in this fiscal year,” the statement said.