Ace Dev bank profit upsurges by 343.60%; NPL dropped to 3.23 %

Ace Development Bank Limited (ACEDBL) net profit has enlarged by 343.60% in Q1. The development bank has made net profit of Rs3.98 crore in Q1 increasing from 89.72 lakh in the corresponding quarter of the previous fiscal year. As per the unaudited financial report published today, the bank has reported an operating profit of Rs 2.5 crore in Q1 elevating from 23.57 lakh in the corresponding quarter of the previous fiscal year. ACEDBL‘s net interest income increased to Rs 8.43 crore from 5.78 crore in Q1. Ace Development Bank has a paid up capital of Rs 88.53 crore with the reserve of Rs 31.36 crore in Q1 . Its NPL dropped to 3.23% from 4.79 % in Q1.The bank’s CD ratio increased by 78.77% from 69.78% in Q1.