Ace's net profit rise by whopping 286.50% amid 5.67% NPL

ShareSansar, May 9:

Ace Development Bank Limited stated astounding increase of 286.50 percent in its net profit for the third quarter of the current fiscal year 2070/71.

In the unaudited financial report for the third quarter published today, the bank has stated that its net profit has increased to Rs 4.83 crore from a loss of Rs 2.59 crore as compared to the corresponding quarter of the last fiscal year 2069/70.

The net profit of the bank was mainly fueled by the net interest income which has increased to Rs 19.60 crore from Rs 16.63 crore and the decrease in provision for possible loss to Rs  8.12 crore from Rs 14.48 crore as compared to the corresponding quarter.

The bank has mobilized Rs 5.96 arba in deposits as compared to Rs 5.55 arba of corresponding quarter whereas the loan has decreased to Rs 4.34 arba from 4.55 arba in this quarter.

Its non performing loan has increased to 5.67 percent as compared to the corresponding quarter of last year which was 5.32 percent.

The EPS stands at Rs 7.79, the net worth per share at Rs 118.82 and the P/E ratio is 23.50 times.