Standard Chartered makes modest profit growth of 4.65%, earns Rs.347.9 million in Q1

ShareSansar, November 11:

Standard Chartered Bank Nepal Limited (SCB) was able to report a modest profit rise of 4.65 percent in the first quarter of the current fiscal year 2071/72.

As per the unaudited first quarter report of one of the leading commercial banks published today, Standard Chartered’s net profit has increased to Rs 34.97 crore, up from Rs 33.42 crore in the corresponding quarter of the last fiscal year 2070/71.

Due to the decrease in the core business of the bank, its net interest income has decline to Rs 49.80 crore from Rs 52.60 crore by the end of the first quarter.

SCB has collected Rs 52.16 arba in deposits and mobilized Rs 29.55 arba in loans and advances as compared to Rs 40.01 arba deposits and Rs 22.80 crore loans in the corresponding quarter of last FY.

The bank has provisioned Rs 3.88 crore for possible losses while it has able to write back Rs 5.78 crore by the end of the first quarter of FY 71/72.

Standard Chartered’s non-performing loan has come downfrom 0.83 percent to 0.25 percent.

Its EPS (annualized) now stands at 62.30 and its net worth per share at Rs 242.13.