Net profit at the bank increased by 43% to $75.9m, signifying the highest volume growth in the industry. Return on equity increased to 26.7%.
In the past 15 months, NIB has expanded its customer base by 73%, or 66,000, increasing its market share of deposits to 8.87% and market share of loans to 11%. It has also launched e-commerce activities, online bill payments, co-branded cards and online pre-paid shopping products. The bank issued 64,000 new debit cards in 2008 bringing the total debit card base to 135,000. NIB now owns 34 ATMs.
“We follow a strategy to reinvest profits and issue rights shares creating a stronger institution. This has allowed for longer term growth potential for our shareholders,” says chairman and executive director Prithivi Pande. “We have delivered the best track record within Nepal for the past six years with the highest growth rate in terms of deposits, loans and profits and a market capitalisation increase of 1000%. We intend to be the largest bank in Nepal and we are fast arriving at our strategic destination.”
