Fuelled by core business, Siddhartha Bank's profit rises by 109 % in Q2

ShareSansar, January 30:

Siddhartha Bank Limited has reported a huge profit rise of 108.87 percent in the second quarter of the current fiscal year 2070/71.

Publishing the unaudited quarterly report for the second quarter today, the commercial bank has stated that its net profit rose to Rs 24.25 crore, up from Rs 11.61 crore in the corresponding quarter last fiscal year.

Siddhartha’s massive profit was largely propelled by its core business.

Its net interest income has surged to Rs 55.92 crore up from Rs 47.04 crore in the second quarter last fiscal year.

The bank has  mobilized Rs 31.41 arba in deposit and Rs 24.72 arba in loan as compared to Rs 26.71 arba in deposit and Rs 21.57 arba in the corresponding quarter last year.

The bank’s non-performing loan has, however, slightly gone up from 3.1 percent  in the second quarter of the last fiscal year to 3.52 as of now.

Its EPS (annualized) stands at Rs 26.75 and its net worth per share stands at 151.35.