Siddhartha Bank is deeply committed to embodying the principles of responsible banking as a cornerstone of its operations, with a steadfast focus on fostering a sustainable future. This commitment permeates every aspect of the Bank’s activities, guiding strategic decision-making and operational initiatives. With an unwavering dedication to environmental, social, and governance (ESG) principles, Siddhartha Bank prioritizes sustainability in its lending practices, investment decisions, and internal operations. The Bank recognizes its role as a steward of the environment and society, striving to minimize its environmental footprint through initiatives such as renewable energy adoption, reduced paper usage, and responsible waste management. Moreover, Siddhartha Bank actively supports sustainable development initiatives, investing in projects that promote economic growth, social inclusion, and environmental protection. By championing responsible banking practices, Siddhartha Bank aims to create long-term value for its stakeholders while contributing to a more sustainable and equitable future for generations to come.
ANNUAL REPORT 2022-23
In this Annual Report, Siddhartha Bank provides its stakeholders with a
comprehensive
view of the Bank’s financial and non-financial position and its strategies for
long-term
value creation. The report provides insights into the Bank’s
primary activities, its strategic priorities, the risks it is exposed to and its
mitigants, governance structure, financial standing well as other key indicators.
This
report discloses matters that substantially impact or affect the Bank’s ability to
create value and could influence the decisions of providers of financial capital.
This report contains statements that relate to future operations and performance of the Bank. Actual results may differ materially from those suggested by such forward-looking statements due to certain risks associated with our expectations relating to the future circumstances such as technological changes, the impact of changes in banking regulations, other regulatory changes in the country, natural calamities, inflation, deflation, unanticipated fluctuation in interest rates, foreign exchange rates, equity prices or other rates or prices, the performance of the financial markets in Nepal and globally, among others.
The content of this report has been reviewed by the management of the Bank and
approved by the Board of Directors to ensure accuracy, completeness, and relevance
of the information presented.
REPORTING PRINCIPLES AND FRAMEWORK
This report covers the period from 17 July 2022 to 16 July 2023. The financial statements
presented comply with the requirements of:
- Companies Act, 2006
- Nepal Financial Reporting Standards
- Banking and Financial Institution Act, 2017
- Securities Act, 2006
- Income Tax Act, 2002
- Regulations, Directives, and Circulars issued by Nepal Rastra Bank (the Central Bank of Nepal)
- Other applicable laws, regulations, and guidelines.
