City reports 38% net profit rise in Q3; Triveni, too, posts 41.6 % net growth

ShareSansar, April 16:

City Development Bank Limited and Triveni Bikas Bank Limited – the first development banks to announce their financial reports for the third quarter—have reported hefty net profit rise.

City has reported 38 percent profit rise by the third quarter of the current fiscal year 2070/71.

Its net profit has surged to Rs 6.40 crore up from Rs 4.63 crore in the corresponding quarter of the previous fiscal year 2069/70.

The profit was fuelled by core business as its net interest income rose to Rs 12.03 crore up from Rs 9.4 crore.

It is interesting to note that the development bank pulled off such an impressive growth without writing back a single penny from the amount provisioned for losses.

It mobilized Rs 3.61 arba in deposit as compared to Rs 2.76 arba in the corresponding quarter, and Rs 2.72 arba in loan, up from Rs 2.18 arba.

However, City Development Bank’s non-performing loan has increased by more than a percent – from 0.61 percent in the corresponding quarter end to 1.66 percent by the end of the third quarter.

Similarly, Triveni Bikas Bank Limited has also reported an impressive net profit growth of 41.62 percent in the third quarter.

Its net profit has risen from Rs 3.63 crore in the corresponding quarter to Rs 5.14 crore by the end of the third quarter.

Triveni’s net interest income has surged from Rs 9.35 crore in the corresponding quarter to Rs 12.53 crore.

Notably, its NPL to the total loan has also increased 2.98 from 2.27.

Its EPS (annualized) now stands at Rs 19 and net worth per share at 125.