Laxmi Bank concludes its 6th Annual General Meeting
December 8, 2006
Laxmi Bank held its 6th Annual General Meeting today
at Birgunj, the registered head office of the Bank.
The AGM discussed the Directors’ report and approved
the financial statements for the year 2005/06 (BS 2062/63).
The Bank has achieved a sound growth during year and was
successful in increasing the Operating Profit by more
than 50% over the previous year. Further the Bank’s
lending and deposit volumes also grew by 57% and 46% respectively.
The AGM also approved the proposal to increase the Paid
up Capital of the Bank from NPR 610M to NPR 800M and amend
to the Memorandum and Articles. As a first step towards
this, it was decided that the Bank would issue Rights
Share at a ratio of 5:1 which will result in a Paid Up
Capital of NPR 732M during the running financial year.
Lastly the AGM further re-appointed T.R. Upadhyay &
Co. as the statutory auditors for financial year 2006/07
and also approved the Directors’ travel allowances.
Our 8th branch opens today at Teku
December 6, 2006
Come experience the modern banking
Laxmi Bank formally opened the doors of its 8th
branch today at Teku, Kathmandu. This is the Bank’s
3rd branch inside Kathmandu valley, after Hattisar
and Pulchowk.
This marks the 3rd new branch for the Bank within
the last 4 months reflecting the “growth strategy”
the Bank has adopted, not only in terms of business
size but also reach and distribution points.
Laxmi Bank’s Teku branch is located within
the premises of National Trading Limited, one of
the most prominent landmarks in the area.
“Although we are known as a technologically driven
Bank and actively promote the usage of remote banking
channels such as internet and SMS banking, we are also
continuing to increase our distribution footprints to
augment our suites of products and services with increased
customer base as part of our “bricks and clicks”
strategy” says Suman Joshi, Chief Executive Officer,
Laxmi Bank. “Teku/Kalimati area is one of the major
commercial hubs of the valley which will support our trade
finance and commercial lending activities. Apart from
the business establishments, the surrounding residential
pockets such as Kalimati, Tahachal, Kuleshwor etc. offer
exciting opportunities for the Bank to continue growing
our retail banking base” adds Joshi.
Apart from normal branch banking services, Teku will
also host Laxmi Bank’s workforce remittance centre.
Laxmi Bank is poised to become a major player in the workforce
remittance area and is focusing on the Gulf and South
East Asia markets.
