Citizens Bank Intnl makes a modest growth in Q1; earns net profit of Rs 11.03 crore

ShareSansar, October 27:

Citizens Bank International Lts has posted a profit growth of 6.3 percent in the first quarter of the current fiscal year.

According to an unaudited financial statement published today, the bank disclosed that it achieved a net profit of Rs 11.03 crore in the first quarter of the current fiscal year compared to the net profit of Rs 10.38 crore in the corresponding period of last fiscal year 2070/71.

The bank’s net interest income reached Rs 30.06 crore in the first quarter this year, which is a growth by Rs 7.27 crore compared to the income of the same period last year.

While the bank was required to provision Rs 9.67 crore in the first quarter this year for the possible losses, it could not manage to write back a single penny that it had provisioned in the previous years for possible losses.

Citizens Bank observed a healthy growth in terms of deposit collection and loan supply during the review period. While the bank mobilized Rs 29.61 arba on deposit in the first quarter this year, it extended a total of Rs 24.97 arba on loans.

It had mobilized a total of Rs 29.61 arba on deposit and Rs 19.34 on loans in the corresponding period of the last fiscal year 2070/71.

The bank also managed to slash its non performing loan (NPL) to 2.35 percent in the first quarter from 2.66 percent in the corresponding period of last year.

The annualized earning per share (EPS) and the net worth per share of the bank stand at Rs 18.55 and Rs 120.51 respectively. The P/E ratio remained 24.42 percent.