Global IME profit doubles in Q3 — thanks to merger with Commerz and Trust

ShareSansar, April 24:

Global IME Bank Limited has reported a huge rise in profit in the third quarter of the current fiscal year 2070/71.

Publishing the unaudited quarterly report for the third quarter today, the commercial bank, with which Commerz and Trust Bank Nepal Limited has merged, has stated that it has posted a profit rise of 101.89 percent in the third quarter as its net profit rose to Rs 72.88 crore, up from Rs 36.10 crore in the corresponding quarter last fiscal year 2069/70.

But it must be noted here that the net profit in the third quarter also includes the net profit earned by Commerz and Trust while the net profit, and all other figures of the corresponding quarter represent those of Global IME only.

Global IME’s profit was largely propelled by the merger besides its core business, especially from fees commission and discount and foreign exchange gain.

Its net interest income has now surged to Rs 1.23 arba up from Rs 99.66 crore in the third quarter of the last fiscal year. Similarly, the bank also succeeded in mobilizing Rs 49.39 arba in deposit and Rs 41.28 arba in loan as compared to Rs 30.33 arba in deposit and Rs 24.90 arba in the corresponding quarter last year.

The bank’s non-performing loan has, however, slightly gone up from 2.3 percent in the third quarter of the last fiscal year to 2.30 as of now.

Its EPS stands at Rs 23.61 and its net worth per share stands at 147.16.