Century Bank reports hefty net profit rise of 162 % in Q3

ShareSansar, May 7:

Sustaining high growth rate, Century Commercial Bank Limited has reported an impressive profit rise of 161.92 percent in the third quarter of the current fiscal year 2070/71.

Publishing the unaudited quarterly report for the second quarter today, the youngest commercial bank has stated that its net profit rose to Rs 6.26 crore, up from Rs 2.39 crore in the corresponding quarter last fiscal year.

It had posted a profit rise of 5.71 percent in the second quarter.

Century’s profit in the third quarter, too, was largely fuelled by its core business and a write back of Rs 2.83 crore it had provisioned for possible losses.

Its net interest income has surged to Rs 28.27 crore up from Rs 22.03 crore in the third quarter last fiscal year.

Similarly, the bank also succeeded in mobilizing Rs 16.70 arba in deposit and Rs 14.37 arba in loan as compared to just Rs 9.32 arba in deposit and Rs 8.21 arba in loan in the corresponding quarter last year.

Century has managed to post such a high turnover despite provisioning Rs 12.32 crore for possible losses.

The bank’s non-performing loan has also dropped from 1.19 percent in the third quarter of the last fiscal year to 0.67 percent as of now.

The bank, which recently issued its Initial Public Offering, has stated that its EPS (annualized) now stands at Rs 4.18 while its return on equity and assets (annualized) stand at 3.91 percent and 0.43 percent respectively.

Its liquidity ratio is at 22.89 percent.