Global IME does it again; reports almost twofold profit in Q4, too

ShareSansar, July 27:

Global IME Bank Limited has reported a huge rise in profit at the end of the last fiscal year 2070/71.

Publishing the unaudited quarterly report for the fourth quarter, the commercial bank, with which Commerz and Trust Bank Nepal Limited has merged, has stated that it has posted a net profit rise of 98 percent in the fourth quarter as its net profit rose to Rs 1.01 arba, up from Rs 44.92 crore in the corresponding quarter last fiscal year 2069/70.

Besides the merger, Global IME’s profit was propelled by its business as well a huge sum of Rs 41.09 crore it managed to write back from the amount it had provisioned for possible loss.

Its net interest income surged to Rs 1.75 arba up from Rs 1.23 arba in the fourth quarter.

The bank had mobilized Rs 52.29 arba in deposit and Rs 43 arba in loan as compared to Rs 34.11 arba in deposit and Rs 26.99 arba in loan by the end of the corresponding quarter.

It has also provisioned Rs 33.19 crore for possible loss by the end of the fourth quarter.

The bank’s non-performing loan has, however, significantly gone up from 1.64 percent in the fourth quarter of the previous fiscal year to 2.37 percent.

Global IME Bank’s EPS now stands at Rs 24.41, P/E ratio at 28 and its net worth per share stands at 153.86.