Everest Bank earns Rs 97.15 crore in Q2; EPS drops to Rs 42.93 after bonus

Everest Bank Limited (EBL), a joint venture of Punjab National Bank, India, has registered a profit rise of 28.89 percent in the second quarter (Q2) of the current fiscal year 2073/74. Publishing the unaudited financial report for the second quarter today, the net profit of EBL rose to Rs 97.15 crore in Q2, up from Rs 75.37 crore in the corresponding quarter of the previous fiscal year 2072/73. Everest Bank has a paid up capital of Rs 4.60 arba with reserve of Rs 4.87 arba. Its net interest income has risen to Rs 1.76 arba in Q2 up from Rs 1.44 arba in the corresponding quarter. The bank has also collected Rs 90.43 arba in deposits and disbursed Rs 72.61 arba in loans as in second quarter compared to Rs 76.04 arba in deposits and Rs 55.04 arba in loans in the previous fiscal year’s corresponding quarter. The commercial bank’s Non-Performing Loan (NPL) has increased slightly to 0.70% from 0.67% in this period. Everest Bank’s Earning Per Share (EPS) has decreased to Rs 42.93 in Q2 from Rs 57.48 in the previous corresponding quarter. Its net worth per share stands at Rs 207.79 while its P/E ratio is at 44.84 times. It had distributed 70% bonus share for the FY 2072/73 and has proposed a further 33.33% right. After the issuance of right shares, its paid up capital will reach Rs 6.14 arba. As per NRB’s directive for all commercial banks to maintain a minimum paid up capital of Rs 8 arba by the end of FY 2073/74, EBL will need to increase its capital by a further 23.23%.