Fewa & Gandaki Bikas Bank profit surges by 64.63% & 61.99% respectively in Q2

Fewa Bikas Bank Limited (FBBL) has posted 64.63 percent rise in profit for the second quarter of the fiscal year 2073/74. As per the unaudited report for the 2^nd quarter published today, the bank’s net profit rose to Rs 18.15 crore in the second quarter of fiscal year 2073/74, up from Rs 11.02 crore reported in the same quarter of the fiscal year 2072/73. Fewa Bikas Bank has collected 12.59 arba in deposit and extended a total of Rs 11.13 arba in loans and advances in Q2 of fiscal year 2073/74. In the previous quarter of fiscal year 2072/73, the bank deposits stood at Rs 10.53 arba and loan and advances at 8.83 arba. Its net interest income surged to Rs 34.78 crore in Q2 up from Rs 25.11 crore in the corresponding quarter. It’s paid up capital remains at Rs 1.19 arba with reserve of Rs 46.55 crore. FBBL’s Non-Performing Loan (NPL) declined to 0.84 percent from 1.59 percent in the previous quarter. Annualized Earning per Share (EPS) of the bank stands at Rs 30.26 and net worth per share is at Rs 138.80.Its P?E ratio remains at 25.67 times. Likewise, Gandaki Bikas Bank Limited (GDBL) has reported 61.99% growth in net profit for the second quarter of the current fiscal year 2073/74. Publishing the unaudited financial report for the second quarter today, the development has stated that its net profit rose to Rs 9.33 crore in Q2 up from Rs 5.75 crore reported in the corresponding quarter of the previous fiscal year 2073/74. Gandaki Bikas Bank has collected deposits of Rs 5.87 arba in Q2 compared to Rs 5.03 arba in the corresponding quarter last year. Likewise, it extended loans of Rs 5.17 arba, up from Rs 4.05 arba. GDBL’s net interest income has risen from Rs 17.11 crore in the corresponding quarter last year to Rs 11.61 crore in the second quarter of fiscal year 2073/74. It’s paid up capital remains at Rs 64.39 crore and has reserve of Rs 20.36 crore in Q2. The development bank non-performing loan (NPL) remains constant at 0.22%. Its  Earning Per Share (EPS) now stands at Rs 28.98, net worth per share at Rs 131.63 and P/E ratio at 17.44  times. Fewa Bikas Bank Limited and Gandaki Bikas Bank Limited are merging with each other. Both companies signed Memorandum of Understanding (MOU) on Bhadra 24, 2073 for the merger process. After the merger process, the company’s name will be Gandaki Bikas Bank Limited.