Kathmandu. Prabhu Bank has received the 'Bank of the Year' award for the year 2023. Prabhu Bank, which has been upgraded from a finance company to a commercial bank through Bikas Bank, has received this award for the first time.

Prabhu Bank has been awarded the Bank of the Year 2023 award by The Banker, a magazine published by the London-based Financial Times. On Thursday, the bank's chairman Leelaprakash Sitaula and chief executive officer Ashok Sherchan accepted the award at a program held in London.

The award was given in recognition of Prabhu Bank's small and micro enterprises as well as technology-based banking. After receiving the award, Ashok Sherchan, the chief executive officer of the bank, said that the internationally renowned award will further help Prabhu Bank in expanding its service delivery. He explained it as a success in Nepal's banking sector. Similarly, Chairman Sitaula said that this award has succeeded in adding a brick to the success of Nepal's banking system.

The magazine has given awards to banks from more than 150 countries this year. According to the website of the magazine, this award is given to the best financial performance among the commercial banks of each country. The magazine has been distributing such awards for 24 years.