CEDBL’s provision of Rs 10.12 crore triggers massive decline in profit; NPL almost 4%

ShareSansar, May 12:

Clean Energy Development Bank acknowledged 40 percent decrease 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 decreased to Rs 6.21 crore from Rs 10.25 crore as compared to the corresponding quarter of the last fiscal year 2069/70.

Even though the bank’s core business was good enough as their net interest income rose from Rs 19.06 crore to 23.92 crore the net profit declined due to large provision for possible loss. It reached Rs 10.12 crore from Rs 2.25 crore compared to the corresponding quarter.

Its NPL has also increased significantly to 3.93 percent up from 1.1 percent.

It mobilized Rs 8.78 arba in deposit and Rs 7.45 arba in loan in the third quarter as compared to Rs 6.19 arba in deposit and Rs 6 arba in loan in the corresponding quarter.

The EPS (annualized) of the bank stands at Rs 7.34 and the net worth per share at Rs 116.63.