Fueled by core business, Citizens Bank reports 134 % rise in profit in Q2

ShareSansar, January 21:

Citizens Bank International Limited has reported a hefty rise of 134 percent in its profit in the second quarter of the current fiscal year 2070/71, propelled by its core business.

The commercial bank’s net profit surged to Rs 23.64 crore in the second quarter compared to just Rs 10.09 crore in the corresponding quarter last fiscal year, according to the unaudited second quarterly report it has published today.

It mobilized Rs 2.41 arba in deposit and Rs 2.04 arba in loan compared to Rs 1.96 arba it had mobilized in deposit and Rs 1.68 arba in loan during the second quarter last year.

Citizens made a net interest income of Rs 50.70 crore in the second quarter, up from Rs 47.70 in the corresponding quarter.

Another good aspect of the quarterly report is that Citizen’s non-performing loan to the total loan has decreased to 2.46 percent, down from 3.60 percent in the corresponding quarter.

Citizen’s EPS now stands at Rs 22.50 in the second quarter, and its per share net worth stands at Rs 124.47.

It is one of the most sought after scrip for investment among low cap banking companies in the stock exchange.