Fuelled by core business, Citizens Bank reports 33 % rise in net profit in Q3

ShareSansar, April 20:

Citizens Bank International Limited has reported a rise of 33 percent in its net profit in the third quarter of the current fiscal year 2070/71, propelled by its core business.

The bank was expected to report still much better third quarterly report after announcing 134 percent net growth in the second quarter.

According to the unaudited financial report for the third quarter Citizens has published today, its net profit has surged from Rs 22.85 crore in the third quarter of the previous fiscal to Rs 30.40 crore.

Citizens made a net interest income of Rs 77.56 crore in the second quarter, up from Rs 75.64 crore in the corresponding quarter.

It has managed to register an impressive profit despite provisioning Rs 30.27 crore for possible losses by the end of the third quarter.

It mobilized Rs 2.50 arba in deposit and Rs 2.17 arba in loan compared to Rs 2.14 arba it had mobilized in deposit and Rs 1.8 arba in loan during the third quarter last year.

Another good aspect of the quarterly report is that Citizen’s non-performing loan to the total loan has further decreased in the third quarter to 2.39 percent, down from 2.45 percent in the corresponding quarter.

Citizen’s EPS now stands at Rs 19.29 in the second quarter, and its per share net worth stands at Rs 127.69.

This is the first third quarterly report to be published by any commercial bank this year.

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