Everest Bank’s profit rise by 7.16%, thanks to its core business

ShareSansar, November 13:

Everest Bank Limited has posted a growth in its net profit of 7.16 percent in the first quarter of the current fiscal year 2070/71. This is a very good performance as compared to most other banks of its category, going by the first quarterly reports.

An unaudited report for the first quarter of the commercial bank published today shows that the bank earned a net profit of Rs 35.10 crore in the first quarter, up from Rs 32.76 crore in the corresponding quarter of the last fiscal year.

The profit was largely propelled by its core business, as its net interest income increased by 13.95% -- from Rs 57.37 crore to Rs 65.37 crore.

Everest Bank has also posted an operational profit of Rs 55.03 crore in the first quarter compared to Rs 51.35 crore in the corresponding quarter.

It also mobilized Rs 58.69 arba in deposit and Rs 45.12 arba in loan in the first quarter, up from 50.05 arba in deposit and Rs 37.81 arba in loan in the first quarter last year.

Its non performing loan has also dropped from 0.71 percent to 0.60 percent.

Everest Bank’s net worth per share stands at Rs 280.86 and its EPS (annualized) at Rs 77.97.