Standard Chartered profit remains almost stagnant; earns Rs 1.29 billion in 71/72 FY
Sun, Aug 16, 2015 12:00 AM on Others,
ShareSansar, August 16:
Standard Chartered Bank Nepal Limited (SCB) net profits decline by 3.12% in the fourth quarter of the last fiscal year 2071/72.
Publishing the unaudited financial results, the bank stated that its net profit fell to Rs 1.29 arba in the last fiscal year, down from Rs 1.33 arba in the corresponding period of the previous fiscal year 2070/71.
Net Interest income of the bank decline to Rs 1.91 arba, down from Rs 2 arba in the previous fiscal year.
The foreign exchange income of the bank rises to Rs 61.39 crore, up from Rs 47.77 crore. The bank provisioned Rs 17.51 crore last year for the possible losses.
Last year, the bank mobilized a total of Rs 57.28 arba in deposit which is higher by Rs 10.98 arba in comparison to the previous year quarter end. Similarly, it extended a total of Rs 28 arba of loan, up by Rs 1.67 arba in comparison to the loan it floated in the previous year. The bank’s unable to maintain the same growth rate of loan and advances as compared to growth rate of deposit which results higher interest expenses for the company.
The bank’s net interest spread is 5.27 percent, which is higher than the 5 percent cap fixed by the NRB for the commercial banks to be mandatorily enforced from last fiscal year.
The EPS of the bank is Rs 57.59, P/E ratio 33.74 times and net worth per share stands at Rs 284.02.
