Century Bank Q1 net profit crosses Rs 2 crore - thanks to huge operating profit

ShareSansar, November 15:

Century Commercial Bank Limited has stated that its net profit rise has risen by 1,213 percent in the first quarter.

According to its unaudited first quarter report made public today, the young commercial bank with a relatively small base, has posted a net profit of Rs 2.39 crore in the first quarter, up from merely Rs 18.19 lakh in the corresponding quarter last year.

Its operating profit has increased from Rs 3.5 crore, up from Rs 26.28 lakh in the corresponding quarter — despite provisioning Rs 1.9 crore for possible losses.

The sound growth in operating profit was propelled by impressive earning in fees, commission and discount, other operating income and foreign exchange gains.

The bank’s net interest income has increased from Rs 5.86 crore in the corresponding quarter to Rs 6.73 crore in the first quarter.

However, the bank has got non performing loan of 0.63 percent in the first quarter though it did not have any NPL in the corresponding quarter.

Century mobilized Rs 12.92 arba in deposit and Rs 9.92 arba in loan in the first quarter compared to Rs 6.99 arba in deposit and Rs 6.4 arba in loan in the corresponding quarter.