Crisis-ridden NCC Bank reports net profit drop of 28% in Q3

ShareSansar, May 8:

Nepal Credit & Commerce Bank Limited has reported a massive dip in net profit in the third quarter of the current fiscal year 2070/71.

Publishing the unaudited financial report for the third quarter today, the crisis-ridden commercial bank has stated that its net profit dropped by 27.97 percent, to Rs 17.20 crore down from Rs 23.88 crore as of the corresponding quarter of the last fiscal year 2069/70.

Shrinking core business as well as Rs 19.41 crore provisioned for the possible losses stemmed the growth for NCC, which is being governed by Nepal Rastra Bank for the past few months following a series of scams and corporate poor governance.

NCC’s net interest income has dropped from Rs 59.74 crore to Rs 53.71 crore by the end of the third quarter.

The bank, however, mobilized Rs 22.06 arba in deposit and Rs 17.15 arba in loan as compared to Rs 18.53 arba in deposit and Rs 15.91 arba in loan in the corresponding quarter.

Its non-performing loan has also marginally reduced to 3.40 percent down from 3.69 by the end of the third quarter.

Its EPS (annualized) now stands at 18.26, net worth per share at 166.78 and P/E ratio at 23.11.