Nepal Investment Bank Limited (NIBL) has become the first private commercial bank to have a paid-up capital of over NRs 3 billion. The bank revealed the record in its 25th Annual General Meeting after it distributed 25 per cent cash dividends and 25 per cent bonus shares to its shareholders from its last fiscal year's (2010/11) profits.
The bank earned a profit of NRs 1.17 billion in the last fiscal year. NIBL, which started operations with a paid-up capital of NRs 30 million, has now become the bank with the largest paid-up capital in Nepal.
According to the bank's statement, NIBL had one of the largest remittance transfers among commercial banks in Nepal, dispersing around $ 199 million in 2010-11.
The asset base of the bank stands at NRs. 59.10 billion. NIBL has been serving more than 425,000 customers through 41 branches with 877 staffs along with 67 ATMs across the country. In the past 25 years, the bank has paid NRs 2.45 billion as dividends to its shareholders and NRs 2.79 billion as income tax to the government.
Meanwhile, the bank has also won the Bank of the Year award for Nepal, awarded by the banker magazine of the Financial Times four times in eight years.