Author: Earnmoney.com.np

  • Laxmi Sunrise Bank Limited: Driving Growth Amidst Financial Performance Challenges

    Laxmi Sunrise Bank Limited: Driving Growth Amidst Financial Performance Challenges


    Laxmi Sunrise Bank Limited (LSL) has recently unveiled its third-quarter fiscal report for the year 2080/81, showcasing notable achievements amidst challenges in the banking landscape. Despite facing hurdles, the bank reported a remarkable 27.70% increase in net profit, reaching Rs 1.61 Arba.

    Maintaining a robust financial position, LSL boasts a total paid-up capital of Rs. 23.18 Arba and reserves of Rs. 17.84 Arba, underscoring its stability in the market. However, concerns arise from negative retained earnings at Rs 1.24 Arba, indicating areas for improvement in financial management.

    During the quarter, LSL witnessed impressive growth in both deposits, totaling Rs 3.11 Kharba, and loans and advances to customers, reaching Rs 2.49 Kharba. A noteworthy achievement is the substantial 103.49% rise in Net Interest Income, reaching Rs. 8.53 Arba. However, the bank also experienced increased expenditures, including personnel costs of Rs. 2.75 Arba and a significant increase of 265.44% in impairment charges to Rs. 4 Arba.

    Financial metrics for the third quarter reflect an annualized EPS of Rs 9.29 and a net worth per share of Rs 171.59, indicating positive fundamentals. However, concerns arise as Non-Performing Loans (NPL) spiked to 5.49%, signaling the need for effective risk management strategies. Additionally, the bank disclosed a negative distributable profit of Rs. 1.24 Arba, highlighting the importance of sustainable financial practices.

    As LSL charts its course in Nepal’s banking sector, stakeholders must remain vigilant in navigating challenges and leveraging opportunities for growth. By focusing on enhancing operational efficiency, optimizing costs, and addressing NPL concerns, LSL aims to position itself for long-term success and contribute positively to the financial ecosystem.

     

  • Nepali Gold Market Witnesses Significant Rise in Rates, Reflecting Global Trends

    Nepali Gold Market Witnesses Significant Rise in Rates, Reflecting Global Trends


    Today, the price of the precious yellow metal has soared by Rs. 700 per tola compared to yesterday’s trading figures, according to the Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA).

    The current rate for fine gold stands at Rs. 1,37,500 per tola, marking a notable increase from yesterday’s trading rate of Rs. 1,36,800 per tola. Similarly, Tejabi gold is now priced at Rs. 1,36,850 per tola, indicating a Rs. 700 surge from yesterday’s price of Rs. 1,36,150 per tola.

    April 12th, 2024, saw a historic peak for fine gold, hitting an all-time high of Rs. 1,39,000 per tola. Concurrently, silver also reached a record high of Rs. 1,750.

    Moreover, silver has experienced an uptick of Rs. 15 per tola, with the current market value at Rs. 1,715 per tola, compared to yesterday’s closing rate of Rs. 1,700 per tola.

    While domestic markets witness an upward trajectory in prices, international market dynamics play a significant role. As per the latest updates, the current gold rate stands at $2,355.10 per ounce. Internationally, silver is also demonstrating positive momentum, with prices reaching $28.17 per ounce.

  • Nepali Banks’ Interest Rate Review: Baisakh 2081 Update

    Nepali Banks’ Interest Rate Review: Baisakh 2081 Update


    In the most recent financial update, twenty commercial banks have announced revisions to their interest rates for the month of Baisakh. Interestingly, a majority of these banks, totaling 13, have opted to decrease their interest rates. However, notable exceptions to this trend include NMB Bank (NMB) and Everest Bank (EBL), which have instead chosen to raise their interest rates. Additionally, five banks have maintained their interest rates at the same level as the previous month of Chaitra.

    NMB Bank has attracted attention by offering the highest fixed deposit (FD) rate of 7.97% for individual fixed deposits in Baisakh, marking a significant increase from the 7% rate observed in the preceding month. Similarly, the average interest rate for institutional fixed deposits has seen an uptick from 6% to 6.97% during the same period.

    A closer examination of the comparison between Baisakh and Chaitra months reveals strategic shifts among various banks. Notably, NIC Asia Bank has taken the lead in reducing FD rates across the board. The bank has successfully decreased the maximum interest rate on individual fixed deposits by 0.80% and implemented a 0.85% reduction in the maximum interest rate on institutional fixed deposits.

    While some banks have maintained consistency in their interest rates for institutional fixed deposits, such as Citizens Bank International, Rastriya Banijya Bank, and Prabhu Bank, they have chosen to decrease rates for individual fixed deposits by 0.25%, 0.45%, and 0.50%, respectively.

    Amidst these fluctuations, the Agricultural Development Bank stands out with the lowest interest rates, offering a maximum of 5.661% on individual fixed deposits and 4.01% on institutional fixed deposits.

     

  • Garima Bikas Bank Welcomes Nepali New Year 2081 with Exciting Cashback Scheme

    Garima Bikas Bank Welcomes Nepali New Year 2081 with Exciting Cashback Scheme


    As Nepal eagerly awaits the arrival of New Year 2081, Garima Bikas Bank Limited (GBBL) delights its customers with a special cashback scheme, promising enticing rewards for debit and credit card users. With the aim of promoting cashless transactions and enhancing customer satisfaction, GBBL introduces a generous cashback offer of 20.81%, allowing users to earn up to Rs. 200 in cashback.

    This exclusive scheme, scheduled to run from Baishakh 1 to Baishakh 3, 2081, offers customers the opportunity to maximize their savings while enjoying the convenience of digital banking. By incentivizing cashless payments, GBBL aims to foster a culture of financial inclusion and encourage the adoption of modern banking practices among Nepali consumers.

    In addition to the cashback scheme, Garima Bikas Bank introduces credit card installment services, further enhancing the shopping experience for its valued customers. With flexible installment options, shoppers can now make purchases conveniently and manage their expenses effectively, reflecting GBBL’s commitment to delivering innovative and customer-centric financial solutions.

    Headquartered in Lazimpat, Kathmandu, Garima Bikas Bank has established itself as a trusted provider of simple, secure, and high-quality financial services. Through its extensive network comprising 123 branch offices, 1 extension counter, and 51 ATMs nationwide, including 22 in the Kathmandu Valley, GBBL ensures accessibility and convenience for customers across the country.

  • Celebrate New Year 2081 with FD Motors: Exclusive Offer on F5 A Pro Scooter

    Celebrate New Year 2081 with FD Motors: Exclusive Offer on F5 A Pro Scooter


    As the New Year 2081 dawns upon us, FD Motors extends warm wishes to all Nepalis, spreading joy, peace, and prosperity worldwide. To mark this auspicious occasion, FD Motors is delighted to announce an exclusive offer for its esteemed customers, providing an exciting opportunity to own the highly acclaimed F5 A Pro scooter.

    This special offer is extended to the first 20 customers who purchase the F5 A Pro scooter, ensuring a rewarding start to the New Year. As an added bonus, each purchase includes a complimentary fast charger, enhancing convenience and efficiency for riders.

    The F5 A Pro model from FD Motors boasts an array of impressive features, designed to elevate the riding experience to new heights. With its Side Drive 3K (PMSM) Motor, LFP Battery, and 120 KM Range, the F5 A Pro ensures superior performance and reliability on every journey. Additionally, its sleek and sporty design, coupled with 200mm ground clearance and 16″ front & 14″ rear tires, exudes style and functionality.

    For those interested in availing this exclusive offer, Granth Electric Vehicles Pvt Ltd, the official dealer of FD Motors, is available to assist with inquiries and purchases in Kathmandu, Nepal. Customers can reach out to Granth Electric Vehicles Pvt Ltd for further details and to seize this exciting opportunity.

  • RIDI Initiates Auction of Unclaimed Right Shares: Opportunity for Public Participation

    RIDI Initiates Auction of Unclaimed Right Shares: Opportunity for Public Participation


    Ridi Power Company Limited (RIDI) has initiated the auction of the unclaimed portion of its right shares starting from the 29th of Chaitra, 2080, with the auction set to conclude on the 9th of Baisakh, 2081. The company aims to sell 11,35,657 units of ordinary right shares, representing the unclaimed segment from its recent rights offering.

    During the rights offering period, which ran from the 18th of Falgun to the 8th of Chaitra, 2080, RIDI issued shares at a ratio of 1:0.50 to its existing shareholders. However, out of the total right shares issued, only 66,08,849 units (85.34%) were allotted to eligible shareholders, indicating that 14.66% of the shares remained unclaimed.

    Therefore, the company has decided to make these unsold right shares available to the general public starting from today. Individuals and institutions alike have the opportunity to participate in the auction and bid for these shares.

    Muktinath Capital Limited has been appointed as the issue manager for this right share auction. The minimum bid rate for the auction is set at Rs. 100, with a minimum bid quantity of 100 units. While bidders have the option to bid for the entire issue, they must adhere to the regulatory board’s guidelines to ensure that the specified quantity of shares per entity is not exceeded.

  • AHPC Successfully Allots 1:1 Right Shares: Unclaimed Shares to be Auctioned Soon

    AHPC Successfully Allots 1:1 Right Shares: Unclaimed Shares to be Auctioned Soon


    Arun Valley Hydropower Development Company Limited (AHPC) recently completed the allotment of its right shares at a 1:1 ratio on the 27th of Chaitra, 2080. Following the allotment process, shares were distributed to eligible applicants, while those who were not allotted shares will receive their refunds starting from the 30th of Chaitra, 2080.

    During the issuance period, which ran from the 17th of Falgun to the 7th of Chaitra, 2080, a total of 1,86,79,626 units of right shares were made available. The company declared the book closure date for its rights offering on Magh 15, ensuring that investors who held shares before this date were eligible to apply for the additional shares.

    Out of the total issuance, 1,66,87,492 shares were allotted to 33,714 valid applicants. However, there were 19,92,134 (10.66%) shares that remained unclaimed by eligible investors. These unclaimed shares will soon be auctioned off to the general public and institutions.

    Overall, the completion of the right shares allotment signifies an important step for AHPC in its efforts to raise capital and further its hydropower development initiatives.

  • Prabhu Insurance Company Endorse 5% Dividend for FY 2079/80

    Prabhu Insurance Company Endorse 5% Dividend for FY 2079/80


    Prabhu Insurance Company Limited (PRIN) has announced its 28th Annual General Meeting (AGM) scheduled for the 20th of Baishakh, 2081. The AGM will convene at the Prabhu Complex in Tinkune, Kathmandu, commencing at 10 am on the designated day.

    Among the key agendas on the table, the AGM will endorse a 5% dividend for the fiscal year 2079/80. The decision was made during the 433rd meeting of the board of directors held on Falgun 20. The proposed dividend includes 4.75% bonus shares amounting to Rs. 6.53 crores and 0.25% cash dividend (for tax) totaling slightly over Rs. 34.40 lakhs, based on the paid-up capital of Rs. 1.37 Arba.

    Additionally, the AGM will address crucial matters such as endorsing the auditor’s report along with PL statements, financial reports, and cash flow reports. The appointment of an auditor for the fiscal year 2080/81 and the formation of a board of directors with specific diversity criteria, including the inclusion of at least one female director and one independent director among a total of 7 directors, will also be deliberated.

    The book closure date for shareholders entitled to the dividend payout and AGM participation is set for Baishakh 7, 2081. Investors who maintain shares before this date are eligible for the benefits outlined in the AGM agenda.

    As of the latest update, PRIN’s Last Traded Price (LTP) stands at Rs. 795.00.

  • End of Lock-in Period: VLUCL Notifies Investors Regarding Mutual Fund Shares

    End of Lock-in Period: VLUCL Notifies Investors Regarding Mutual Fund Shares


    Vision Lumbini Urja Company Limited (VLUCL) has informed its investors and stakeholders about the impending end of the lock-in period for 95,625 unit shares held by Mutual Funds. This lock-in period, in accordance with the latest directives from the Securities Board of Nepal (SEBON), is scheduled to expire on the 4th Jestha, 2081.

    VLUCL, with a total of 19,125,000 units of shares listed on the Nepal Stock Exchange (NEPSE), reserved 5 percent of these shares exclusively for Mutual Funds. Consequently, 95,625 unit shares were issued and are currently under the lock-in period.

    In compliance with SEBON’s directives, these 95,625 units were subjected to a lock-in period, which is set to conclude on the 4th Jestha, 2081, as communicated to investors and stakeholders.

    As of the previous trading day, VLUCL closed at Rs. 507.00.

  • Electricity Disruption Crisis: Dillichaur Hydropower Project Failure Leaves Hundreds in Darkness

    Electricity Disruption Crisis: Dillichaur Hydropower Project Failure Leaves Hundreds in Darkness


    Nearly 800 households in the district have faced a harrowing experience of being plunged into darkness for two consecutive days due to an electricity disruption. This disruption stemmed from the failure of the Dillichaur hydropower project to generate power, caused by a significant setback in its water supply system.

    The halt in power generation was attributed to damage sustained by the canal feeding water to the hydropower plant, resulting from a landslide that impacted a 25-meter stretch of the canal. Since Sunday, residents have been grappling with the absence of electricity, highlighting the critical dependence of these communities on the hydropower project for their daily needs.

    Krishna Bahadur Budha, Chairman of Vidyut Cooperatives, expressed regret over the situation, emphasizing the failure to address earlier notices regarding cracks in the canal walls. Technicians estimate the reconstruction of the damaged canal to require Rs. 600 thousand, underscoring the financial burden posed by the unforeseen disaster.

    The affected households, primarily located in ward numbers 4, 5, and 6 of Patarasi rural municipality, have not only endured the inconvenience of living without electricity but also faced disruptions in the operations of government offices, banks, and financial institutions.

    In response to the crisis, the rural municipality has allocated Rs. 300 thousand for the reconstruction of the hydropower canal. Purna Singh Bohara, Chairperson of the rural municipality, has assured residents that concerted efforts are underway to restore power supply at the earliest.

  • GBBL Urges Shareholders to Collect Uncollected Dividends: Important Notice for Investors

    GBBL Urges Shareholders to Collect Uncollected Dividends: Important Notice for Investors


    Garima Bikas Bank Limited (GBBL), formerly known as Subhechha Bikas Bank Limited, Nilgiri Bikas Bank Limited, and Sahara Bikas Bank Limited, has issued a notice urging its shareholders to collect unclaimed dividends.

    According to the notice, some investors have yet to collect dividends for the fiscal year 2074/75. These dividends were due in the fiscal year 2074/75 when the bank distributed cash dividends to its shareholders.

    The bank has appealed to investors who have not yet claimed their share of dividends to visit NIMB Ace Capital Limited, Lazimpat, Kathmandu, with valid identification within the next 35 days to claim their dividends.

    As of the latest update, GBBL has a Last Traded Price (LTP) of Rs. 369.00, reflecting its current market value.

  • Kumari Bank Limited Auctions Promoter Shares of Sagarmatha Lumbini Insurance Company Limited: Opportunity for Investors

    Kumari Bank Limited Auctions Promoter Shares of Sagarmatha Lumbini Insurance Company Limited: Opportunity for Investors


    Kumari Bank Limited (KBL) has initiated the auction of promoter shares of Sagarmatha Lumbini Insurance Company Limited (SALICO), commencing from today, 28th Chaitra, until 1st Jestha, 2080. This auction presents an opportunity for investors to acquire shares in SALICO, a prominent insurance company in Nepal.

    A total of 1,14,612 unit promoter shares of SALICO are being auctioned, with promoter shareholders eligible to participate in the bidding process. The minimum bid rate for SALICO’s auction is set at Rs. 275, with a minimum bid quantity of 1,000 units for promoter shares. While bidders have the option to bid for the entire issue, they must adhere to the regulations set by the Nepal Rastra Bank, ensuring that the specified quantity of shares per entity is not exceeded.

    The auction is managed by Kumari Capital, providing a transparent and efficient platform for investors to participate. As of the latest update, SALICO’s Last Traded Price (LTP) stands at Rs. 667.00, indicating the current market value of the company’s shares.