Bank of Bhutan
{{short description|Bank in Bhutan}}
{{Infobox company
| name = Bank of Bhutan
| logo = Bank of Bhutan logo.svg
| type = Public sector Undertaking
| founded = {{start date and age|May 1968}}
| hq_location = Norzin Lam
| hq_location_city = Thimphu
| hq_location_country = Bhutan
| num_locations = 47
| area_served = Worldwide
| key_people = {{Unbulleted list|Mr. Karma Yonten (Chairman){{Cite web|last=eSolutions|first=Green|title=Board of Directors|url=https://www.bob.bt/about-bob/board-of-directors/|access-date=2021-11-09|website=Bank of Bhutan|language=en}}|Mr. Dorji Kadin (CEO)}}{{Cite web|last=eSolutions|first=Green|title=Management Team|url=https://www.bob.bt/about-bob/management-team/|access-date=2021-11-09|website=Bank of Bhutan|language=en}}
| services = {{Unbulleted list|Retail banking|Corporate banking|Investment banking|Mortgage loans| Private banking|Wealth management|Credit cards|Finance and Insurance}}
| revenue = {{Increase}} US$18,657,123.79 (June 2021){{Cite web|title=Half Yearly Accounts June 2021|url=https://www.bob.bt/wp-content/uploads/2021/09/Half-Yearly-Accounts-30.06.21.pdf|url-status=live|access-date=2021-11-09|website=Bank of Bhutan|archive-url=https://web.archive.org/web/20211109181039/https://www.bob.bt/wp-content/uploads/2021/09/Half-Yearly-Accounts-30.06.21.pdf |archive-date=2021-11-09 }}
| net_income = US$2,023,483.97
| net_income_year = June 2021
| equity = {{Increase}} US$99,789,161.77 (June 2021){{Cite web|title=RMA Macro Prudential Quarterly Disclosure 3rd Quarter 2021|url=https://www.bob.bt/wp-content/uploads/2021/11/RMA-Macro-Prudential-Quarterly-Disclosure.-3rd-Quarter-2021.pdf|url-status=live|access-date=2021-11-09|website=Bank of Bhutan|archive-url=https://web.archive.org/web/20211109181039/https://www.bob.bt/wp-content/uploads/2021/11/RMA-Macro-Prudential-Quarterly-Disclosure.-3rd-Quarter-2021.pdf |archive-date=2021-11-09 }}
| equity_year = June 2021
| parent = Druk Holding & Investments (DHI) and State Bank of India
| website = [https://www.bob.bt www.bob.bt]
}}
Bank of Bhutan (BoB) is the largest and oldest commercial bank in Bhutan. It was established under the provision of the royal charter of May 1968.{{Cite book |url=https://www.worldcat.org/oclc/1264391166 |title=The Statesman's yearbook 2022 : the politics, cultures and economies of the world. |date=2022 |isbn=978-1-349-96045-3 |location=London |pages=202–205 |oclc=1264391166}} It was also the only central bank before the Royal Monetary Authority of Bhutan in 1982. It is registered under the Companies Act of Bhutan, 2000 as a public sector commercial bank.{{Cite web|last=eSolutions|first=Green|title=Bank of Bhutan|url=https://www.bob.bt/about-bob/|access-date=2021-11-09|website=Bank of Bhutan|language=en}}
History
File:Paro Bank of Bhutan ATM Van 2 (23193116433).jpg
Founded in 1968, the bank has presence in every Dzongkhang or districts with over 47 branches all over Bhutan. It also introduced ATMs, Point of Sales and Internet Banking services in the country.{{Cite web|title=Royal Monetary Authority|url=https://www.rma.org.bt/|access-date=2021-11-09|website=www.rma.org.bt}}
As of July 1, 2017, the bank's assets reached 47.7 million Ngultrum (about US$750 thousand). 55% of them consist of loans, primarily consumer loans to the population and mortgages. The bank remains the largest bank in the kingdom. It accounts for 41% of deposits and 32% of loans to the economy.{{Cite web|title=124015626|url=https://viaf.org/viaf/124015626/|access-date=2021-11-09|website=viaf.org}}
Investments
The owners of Bank of Bhutan are Druk Holding & Investments Ltd. , which owns 80% of the authorized capital, and the State Bank of India, which accounts for 20% of the capital.{{Cite web|title=DHI Controlled Companies - DHI|url=https://dhi.wright.selise.site/en/dhi-controlled-companies|access-date=2021-11-09|website=dhi.wright.selise.site|language=en}} Until 2007, the Bank was operated by the Ministry of Finance of Bhutan. It is managed by Druk Holding & Investments, which also manages other public sector companies.
Druk Holding & Investments is a holding company owned by the Government of Bhutan, whose task is to manage state property. The Ministry of Finance of Bhutan is the sole shareholder of the holding company. Druk Holding & Investments owns 10 state-owned companies in Bhutan, it owns at least 51% of the capital in 4 more subsidiaries, including the Bank, and minority stakes in 5 other companies.
Foreign exchange
Bank of Bhutan is an authorized dealer of foreign exchange in Bhutan. It is authorized to trade the following currencies-{{Cite web|last=eSolutions|first=Green|title=Foreign Exchange Services|url=https://www.bob.bt/international-banking/foreign-exchange-services/|access-date=2021-11-09|website=Bank of Bhutan|language=en}}