April 3: Kankrebihar Development Bank has achieved annual investment target for the fiscal year 2072/73 in 3rd quarter. The bank made public the information at its 7th AGM held in Surkhet, Birendranagar on Saturday.

Chabilal Rana, Chairman of the bank informed that the total investment has reached Rs 415.3 million till date. The bank has set investment target of Rs 527.2 million for the current FY. Similarly, the bank’s deposit has totaled Rs 794 million by the end of Magh which that bank has aimed at Rs 765.2 million for the current FY. Chairman Rana presenting the annual growth report of the bank, also informed on increasing paid-up capital to Rs 500 million by the end of Asadh.

He said that the bank has plans to reduce average interest rate, initiate and implement new deposit schemes, expansion of branches in new areas, improve quality of loan and increase investments in agricultural as well as small and cottage industries. The AGM chaired by Rana, had Jahar Singh Thapa as the Chief Guest. Kankrebihar Bank earned Rs 18.931 million in net profit in the FY 2071/72, up Rs 1.4 million more than the previous FY. However, the bank saw decline in its net interest income in the current fiscal compared to the previous FY.