Ace Dev Bank profit shoots through the roof to 2.6 times; earns Rs 12.98 crore in Q2

Ace Development Bank Limited (ACEDBL) has reported a 160% profit rise in the second quarter of the fiscal year 2073/74. As per its unaudited quarterly report published today, its net profit has increased to Rs 12.98 crore in Q2 from only Rs 5 crore in the corresponding quarter last year. In the same period, its net interest income has increased 28.37% to Rs 24.78 crore from Rs 19.30 crore. Its deposit base now stands at Rs 7.53 arba with loans worth Rs 6.76 arba disbursed. Its CCD ratio has decreased slightly to 76.97% from 77.59%. Its non-performing loan has also decreased from 3.87% to 1.12% till the end of Q2. It paid up capital now stands at Rs 1.20 arba with a reserve of Rs 34.15 crore. ACEDBL had distributed stock dividend of 20.25% for the FY 2072/73. Its annualized EPS is at Rs 21.59 with net worth of Rs 128.39 per share. Its trading is currently in halt as it is undergoing acquisition by Nepal Investment Bank Limited in a share swap of 100:41.