Core business helps City post 36 % net profit rise by Q4

ShareSansar, July 30:

City Development Bank Limited has reported 36 percent profit rise by the fourth quarter of the last fiscal year 2070/71.

Its net profit has surged to Rs 9.81crore up from Rs 7.24 crore in the corresponding quarter of the previous fiscal year 2069/70.

As in the case of most of the development banks based in Pokhara, City’s profit was fuelled by core business as its net interest income rose to Rs 17.99 crore up from Rs 14.53 crore.

The development bank pulled off such an impressive growth without writing back a single penny from the amount provisioned for loss.

It mobilized Rs 4.06 arba in deposit as compared to Rs 2.97 arba in the corresponding quarter, and Rs 3.14 arba in loan, up from Rs 2.27 arba.

City’s non-performing loan has also decreased from 0.36 percent in the corresponding quarter end to 0.32 percent by the end of the fourth quarter.