Prabhu Bank has been honored with the prestigious international award ‘Bank of the Year’ from ‘The Banker’ magazine. The bank’s CEO, Ashok Sherchan, received the award at a program in London on Saturday.
This is the first time that Prabhu Bank has received this award. The ‘Bank of the Year’ award, given by ‘The Banker’ since 2000, is considered one of the most prestigious awards in global banking. Despite the challenges posed by the global economic downturn, Prabhu Bank has been recognized for providing financial services to more citizens, creating a competitive business environment among banks, and demonstrating strong financial performance.
‘The Banker’ selects one outstanding bank from more than 1,000 banks in over 120 countries for this award each year. In the ceremony held in the UK, Prabhu Bank’s Chairman Lilaprasad Sitaula and CEO Ashok Sherchan received the honor. More than 350 top executives, including CEOs, CFOs, and other senior managers from over 120 countries, participated in the award distribution ceremony.
After receiving the award, the chairman, Sitaula, stated that an additional milestone has been achieved in the success of Nepal’s banking system. He said, “This recognition of the current economic landscape has provided confidence in the banking sector. It will further help to provide fair returns to our services and shareholders.”
Similarly, after the award distribution event, CEO Sherchan stated that the hard work of Prabhu Bank’s management and employees, shareholders, service recipients, and well-wishers has contributed to the success. He said, “This joyful message is not just for our organization, shareholders, employees, service recipients, and well-wishers, but it is a testament to the success of Nepal’s banking sector. I am confident that such success will continue to grow in the Nepali banking sector in the coming days.” CEO Sherchan also expressed his commitment to making the bank’s services more effective.
Currently, Prabhu Bank is providing services to more than 3.1 million customers through over 300 branches nationwide, 71 extension counters, and 310 ATMs. In 2079 BS, Prabhu Bank started integrated operations by merging Century Bank into Prabhu Bank. With the merger of Century Bank, Bank of Development, and Financial Companies, a total of eight banks and financial institutions have been consolidated. Currently, Prabhu Bank’s capital is Rs. 23 billion, assets are nearly Rs. 333 billion, deposit collection is over Rs. 220 billion, and loan flow is Rs. 253 billion.