Century Bank posts 152.5% profit growth in Q2, thanks to NII of Rs 31.73 crore

ShareSansar, January 20:

Century Commercial Bank Limited (CCBL) has reported outstanding 152.5 percent net profit growth in the second quarter of the current fiscal year 2071/72.

Publishing the unaudited report for the second quarter today, the commercial bank has stated that its net profit rises to 9.99 crore from Rs 3.95 crore in the corresponding quarter of the previous fiscal year 2070/71.

The profit was largely propelled by the increase in its core business activities which result higher net interest income of Rs 31.73 crore compared to Rs 16.32 crore of the last fiscal year same quarter.

Century Bank’s collected Rs 23.38 arba in deposit and mobilized Rs 19.77 arba in loan in the last fiscal year as compared to Rs 14.28 arba in deposit and Rs 12.33 arba in loan by the end of the last previous fiscal year second quarter.

It was able to post an impressive profit even after provisioning Rs 10.62 crore for possible losses.

However, its non-performing loan has slightly decreased from 0.91 percent to 0.34 percent.

Century Bank annualized EPS now stands at Rs 9.98, per share net worth at Rs 116.27 and P/E ratio at 29.05 percent.

Earlier, Century Bank has proposed to distribute 6 percent bonus share and 3.47 percent cash dividend to its shareholders from the profit of the fiscal year 2070/71. Its AGM date is still not finalized yet.