Citizens posts 36% net profit growth in Q4, thanks to write back of Rs 28.7 crore

ShareSansar, July 23:

Citizens Bank International Limited has reported 36 percent net profit growth in the last fiscal year 2070/71.

Publishing the unaudited report for the fourth quarter today, the commercial bank has stated that its net profit surged from Rs 41.32 crore up from Rs 56.12 crore in the corresponding quarter of the previous fiscal year 2069/70.

The profit was largely propelled by Rs 28.70 crore it was able to write back to the provision for possible losses even though its net interest income, too, rose from Rs 1.03 arba to Rs 1.07 arba in the review period.

Citizens mobilized Rs 27.96 arba in deposit and Rs 23.17 arba in loan in the last fiscal year as compared to Rs 22.74 arba in deposit and Rs 17.95 arba in loan by the end of the previous fiscal year.

It was able to post an impressive profit even after provisioning Rs 43.77 lakh for possible losses.

However, its non-performing loan has slightly increased from 2.01 percent to 2.40 percent.

Citizens EPS now stands at Rs 26.68, per share net worth at Rs 139.92 and P/E ratio at 20.19 percent.