Neco & NB Insurance stated impressive rise of net profit by 44.44% & 112.5% to Rs 3.61 crore & Rs 1.20 crore respectively

Neco Insurance Limited (NIL) has reported impressive rise in its net profit by 44.44 % in the first quarter of the ongoing fiscal year 2074/75. Publishing the financial report today, it stated net profit of Rs 3.61 crore in Q1 of the FY 2074/75, up from Rs 2.51 crore in the corresponding quarter of the FY 2073/74. While its income from net premium has also increased from Rs 17.46 crore to Rs 23.62 crore at the end of Q1 this year, its income from reinsurance commission has increased to Rs 4.39 crore. Its paid up capital stand at Rs 71.28 crore and after issuance of 10% bonus and 50% right share its capital will reach Rs 1.17 arba. As per the new guideline, non-life insurance companies should have a minimum paid up capital of Rs 1 arba by the end of FY 2074/75 and NIL will meet the requirement after issuance of bonus and right share. Its annualized earning per share stands at Rs 20.30, net worth per share at Rs 177.44 and P/E ratio at 45.91 times. NB Insurance Limited (NBIL) has reported massive rise in its net profit by 112.5 % in the first quarter of the ongoing fiscal year 2074/75. Publishing the financial report today, it stated net profit of Rs 2.55 crore in Q1 of the FY 2074/75, up from Rs 1.20 crore in the corresponding quarter of the FY 2073/74. While its income from net premium has also increased from Rs 7.51 crore to Rs 8.99 crore at the end of Q1 this year, its income from reinsurance commission has increased to Rs 2.26 crore. Its paid up capital stands at Rs 54 crore and after the issuance of 80 percent right share its capital will reach Rs 97.20 crore. Thus to meet the capital requirement of Rs 1 arba, it should hike its capital by Rs 2.8 crore (around 2.88%). Its annualized earning per share stands at Rs 18.93, net worth per share at Rs 123.87 and P/E ratio at 62.07 times.