EBL proposes 20pc bonus Kathmandu, September 26: A meeting of board of directors of Everest Bank Ltd (EBL) today approved the profit and loss accounts and balance sheet for the fiscal year 2004-05. The board also resolved to recommend bonus shares of 20 per cent at the forthcoming annual general meeting of its shareholders. The meeting noted with satisfaction the bank’s performance for being able to increase its deposits by more than 25 per cent and advances by almost 30 per cent during the year compared to the previous year, states a press release issued today. This resulted in an increase in operating profit from Rs 316.5 million to Rs 375.2 million, an increase of 18.9 per cent over the last year. After providing provisions for income tax and statutory provisions, the bank posted a net profit of Rs 170.8 million compared to Rs 143.6 million last year. EBL had opened two branches during the last financial year at Pokhara and Dry Port at Birgunj, and opened two more branches during the current year at Itahari in Morang district and Chabahil in Kathmandu Valley. The EBL management is now preparing a five years’ strategic plan so as to increase the deposit base to Rs 2,500 crore or more and consequent increase in lending and profit.