Fewa Dev Bank reports outstanding profit growth of 90.38% in Q3;appoints Bindu Kumar Thapa as the Chairman

Fewa Bikas Bank Limited (FBBL) has reported 90.38 percent rise in profit for the third quarter of the fiscal year 2072/73. As per the unaudited report for the third quarter published today, the bank’s net profit rose to Rs 16.48 crore in the third quarter of fiscal year 2072/73, up from Rs 8.65 crore reported in the same quarter of the fiscal year 2071/72. Fewa Bikas Bank has collected 10.63 arba in deposit and extended a total of Rs 9.33 arba in loans and advances in the third quarter of fiscal year 2072/73. In the previous quarter of fiscal year 2071/72, the bank deposits stood at Rs 4.45 arba and loan and advances at 3.90 arba. Its net interest income surged to Rs 39.26 crore in Q3 up from Rs 16.88 crore in the corresponding quarter. FBBL non-performing loans (NPL) has decline to 2.99 percent  from 0.20 percent in the previous quarter, its paid up capital remains at Rs 99.50 crore with reserve of Rs 35.42 crore. The bank reported a CD ratio of 78.02 percent. Annualized earning Per Share (EPS) of the bank stands at Rs  22.09, net worth per share is at Rs 135.61 and P/E ratio at  17.84 times. Meanwhile, Fewa Bikas Bank Limited has elected Mr Bindu Kumar Thapa as the chairman of the development bank. The 8^th Annual General Meeting of the development bank held on Chaitra 30, 2072 elected Mr Thapa as the chairman for the upcoming four years. The development bank also elected members from public and promoter shareholders for the BOD. Mr Resham Bahadur Thapa, CEO of the development bank said, ‘In the 3^rd quarter of the FY 2072/73, Fewa Bikas Bank has collected Rs 10.63 arba in deposits and disbursed Rs 9.33 arba in loans and advances. The operating profit has reached to Rs 26 crore.’ At present the bank has 27 branch offices. In addition the bank provides ABBS, ATM, SMS Banking Service, Locker Service, Gold Loan Service, Remittance Service and 365 days Banking Service.