NBL reports 54.3% profit rise in Q3, writes back Rs 20.7 crore; NPL 5.33%

ShareSansar, May 15:

Nepal Bank Limited, the oldest bank in the country, has reported a massive profit rise of 54.34 percent in the third quarter of the current fiscal year 2070/71.

According to the unaudited financial statement for the third quarter published by the commercial bank, its net profit has risen from Rs 24.88 crore in the corresponding quarter of the last fiscal year to Rs 38.40 crore by the end of the second quarter.

NBL had reported 572 percent in the second quarter.

The profit in the third quarter was largely propelled Rs 20.74 crore it was able to write back even as its core business has also improved a bit.

Its net interest income has risen to Rs 1.85 arba in the third quarter from Rs 1.50 arba in the corresponding quarter.

NBL mobilized Rs 65.90 arba in deposit and Rs 38.60 arba in loan as compared to Rs 57.06 arba in deposit and Rs 35.20 arba in loan in the corresponding quarter.

The bank’s profit and loss account is still worrisome in that it has provisioned Rs 13.98 crore for the possible losses, and that its non-performing loan has also risen to 5.33 percent up from 5.19 percent.

NBL’s EPS still stands at Rs 12.91, net worth per share is priced at Rs 12.98 and the P/E ratio (annualized) stands at 24.70.