Citizens Bank to start credit card service

Citizens Bank International on Wednesday announced that it would start credit card service by mid-July.

“We are introducing credit card service as a part of our objective of providing modern banking services to our clients,” said Rajan Singh Bhandari, CEO of the bank.

Speaking at a function organized to celebrate fourth anniversary of the bank, Bhandari also informed that the bank was adding branches in six places -- Bhaktapur, Janakpur, Itahari, Charikot and Simikot of Humla - within fiscal year 2010/11. This will increase the number of branches in the bank´s network to 32.

“We are expanding our network to increase our presence even outside the capital,” Bhandari said, adding, “Our focus will be on opening branches in remote areas so that people there also get access to quality banking service.” He also unveiled the plan of reaching to all 14 zones in the country within the current fiscal year.

As a part of its corporate social responsibility, the bank handed over Rs 100,000 to Nepal Kidney Centre on the day. “We have been continuing our CSR activities in a bid to contribute to the society, especially in the sectors of health and education,” Bhandari added.

The bank also provided Rs 75,000 to Bal Bikas Samaj -- a children home - to finance education of 10 underprivileged students. It also organized blood and eye donation programs to celebrate its 4th anniversary.

Citizens Bank International reported net profit of Rs 170 million during the first nine months of fiscal year 2010/11. “We have become successful in earning high profit despite operating with lower spread rate,” Bhandari said.

The bank collected deposits of Rs 13.86 million and issued loans amounting to Rs 12.60 billion during the period. It has total assets worth Rs 17.73 billion and primary capital of Rs 2.5 billion. The bank plans to increase its paid-up capital to Rs 2 billion soon.

The bank also awarded three branches each in the capital - Koteshwar, Bouddha and New Road - and outside the capital - Biratnagar, Narayanghat and Birgunj - with best performance award.