Astounding profit growth of Citizens & NIC Asia Bank by 138.15% & 65.85% respectively in Q1

Citizens Bank International Limited (CZBIL) has registered net profit rise by 138.15 percent in the first quarter (Q1) of the fiscal year 2073/74. As per the unaudited report for the first quarter published today, the bank’s net profit doubled to Rs 34 crore in the first quarter of fiscal year 2073/74, up from Rs 14.27 crore reported in the same quarter of the fiscal year 2072/73. In the first quarter, Citizen’s net interest income has risen to Rs 43.63 crore, up from Rs 30.77 crore in the previous corresponding quarter. The bank has collected Rs 50.31 arba in deposits and disbursed Rs 43.73 arba in loans in Q1 as compared to Rs 36.94 arba in deposits and Rs 31.88 arba in loans in the corresponding quarter last year. Due to huge amount in write back and growth in business income led in increment in net profit. The bank has collected Rs 44.58 crore in write back in Q1 as compared to Rs 7.83 crore. CZBIL has paid up capital of Rs 5.53 arba with reserve of Rs 1.65 arba. The commercial bank CD ratio stands at 77.40% and non-performing loan (NPL) dropped to 1.73% from 2.35% in Q1. Its Earning per Share (EPS) stands at Rs 24.93, net worth per share is at Rs 129.77 and P/E ratio at 23.26 times. Likewise, NIC Asia Bank Limited (NICA) has posted impressive profit growth of 65.85 percent for the first quarter of the fiscal year 2073/74 According to the unaudited financial report published by the commercial bank today, its net profit has increased to Rs 26.10 crore in the first quarter up from Rs.1 5.73 crore in the corresponding quarter of the previous fiscal year 2072/73. NIC Asia Bank’s net interest income increased to Rs 56 crore in Q1 up from Rs 37.31 Crore in the corresponding quarter of the previous fiscal year. It’s paid up capital remains at Rs 5.81 arba and has reserve of Rs 2.18 arba. The bank amassed huge amount of deposits in the Q1 of the ongoing fiscal year. Deposits collection reached Rs 72.47 arba in Q1 from Rs 53.84 arba in the corresponding period last year. Likewise, it has extended loans and advances of Rs 61.01 arba in Q1 whereas in the same period last year the figure stood at Rs 44.24 arba. Its non-performing loan has decreased to 0.90 percent in Q1 from 1.83 percent in the first quarter. NICA’s earning per share (EPS) stand at Rs 17.9, net worth per share at Rs 137.59, and the P/E ratio at 36.78 times.